# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0001752724-23-031798
**Filing Date:** 2023-2
**Character Count:** 1757445
**Document Hash:** bcb895f5ecf79d7fdb93e41e26cc8501
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-031798.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-031798

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercer Funds
- **CENTRAL INDEX KEY:** 0001320615
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21732
- **FILM NUMBER:** 23647834

**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 Opportunistic Fixed Income Fund (Series ID: S000041478)

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

## Nport-Ex

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** |
|  | **Basic Materials — 2.4%** | **Basic Materials — 2.4%** |
| &nbsp;&nbsp; 15442 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315658 |
| &nbsp;&nbsp; 81974 | Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4130670 |
| 183721 | DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12608772 |
| &nbsp;&nbsp; 41136 | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350116 |
| &nbsp;&nbsp; 35209 | International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219288 |
| &nbsp;&nbsp; 34068 | Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494563 |
| &nbsp;&nbsp; 44456 | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2098323 |
| &nbsp;&nbsp; 10390 | Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27586896 |
|  | **Communications — 15.2%** | **Communications — 15.2%** |
| 112885 | Airbnb, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9651668 |
| &nbsp;&nbsp; 75000 | Alphabet, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6617250 |
| 269864 | Alphabet, Inc. Class C\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23945033 |
| 385941 | Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32419044 |
| 222945 | AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4104417 |
| &nbsp;&nbsp;&nbsp; 8258 | Charter Communications, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800288 |
| 185100 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8818164 |
| 253794 | Comcast Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8875176 |
| 131049 | Liberty Global Plc Class C\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2546282 |
| 544713 | Lumen Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2843402 |
| &nbsp;&nbsp;&nbsp; 4361 | MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3690453 |
| &nbsp;&nbsp; 55433 | Meta Platforms, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6670807 |
| &nbsp;&nbsp; 38900 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10024919 |
| &nbsp;&nbsp; 63750 | Netflix, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18798600 |
| &nbsp;&nbsp; 16921 | Spotify Technology SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335913 |
| &nbsp;&nbsp; 67606 | T-Mobile US, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9464840 |
| &nbsp;&nbsp; 33139 | Trade Desk, Inc. (The) Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485621 |
| 165677 | Uber Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4097192 |
| 211300 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8325220 |
| 138349 | Walt Disney Co. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12019761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 178534050 |
|  | **Consumer, Cyclical — 10.0%** | **Consumer, Cyclical — 10.0%** |
| &nbsp;&nbsp; 43436 | Alaska Air Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865142 |
| &nbsp;&nbsp; 21871 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674881 |
| &nbsp;&nbsp;&nbsp; 1190 | AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2934754 |
| &nbsp;&nbsp; 23338 | Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983463 |
| &nbsp;&nbsp; 17632 | Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414263 |
| &nbsp;&nbsp;&nbsp; 1790 | Chipotle Mexican Grill, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2483607 |
| &nbsp;&nbsp; 11954 | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5457001 |
| &nbsp;&nbsp; 23171 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3205244 |
| &nbsp;&nbsp; 87198 | Delta Air Lines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865326 |
| &nbsp;&nbsp; 40645 | Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10008831 |
| &nbsp;&nbsp; 61400 | Dollar Tree, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8684416 |
| &nbsp;&nbsp;&nbsp; 5230 | Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1811672 |
| &nbsp;&nbsp; 19523 | DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740280 |
| 115955 | Dr. Ing. h.c. F. Porsche AG, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217528 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| 105244 | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3540408 |
| &nbsp;&nbsp;&nbsp; 8341 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2634588 |
| &nbsp;&nbsp;&nbsp; 5224 | Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472772 |
| &nbsp;&nbsp;&nbsp; 8066 | Lithia Motors, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1651433 |
| &nbsp;&nbsp; 23352 | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247230 |
| &nbsp;&nbsp; 13281 | Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646107 |
| &nbsp;&nbsp; 11884 | Lululemon Athletica, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3807396 |
| &nbsp;&nbsp; 53868 | LVMH Moet Hennessy Louis Vuitton SE, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7803857 |
| &nbsp;&nbsp; 25595 | Magna International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437927 |
| &nbsp;&nbsp; 18000 | Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2680020 |
| &nbsp;&nbsp; 14119 | MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473410 |
| &nbsp;&nbsp; 77762 | NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9098932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 | NVR, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2836737 |
| &nbsp;&nbsp; 97054 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4418869 |
| &nbsp;&nbsp; 11270 | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1679681 |
| &nbsp;&nbsp; 58446 | Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7199378 |
| 194500 | TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15482200 |
| &nbsp;&nbsp; 10257 | Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 116908308 |
|  | **Consumer, Non-cyclical — 22.6%** | **Consumer, Non-cyclical — 22.6%** |
| 125986 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13832003 |
| 217981 | Adyen NV, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3008138 |
| &nbsp;&nbsp; 10808 | Align Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2279407 |
| 158765 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7257148 |
| &nbsp;&nbsp; 18812 | Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4940784 |
| 105900 | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9832815 |
| &nbsp;&nbsp; 25799 | AstraZeneca Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1749172 |
| 224443 | Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11439860 |
| &nbsp;&nbsp; 37949 | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730431 |
| &nbsp;&nbsp; 54762 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4209555 |
| &nbsp;&nbsp; 32069 | Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10625742 |
| 348689 | Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13494264 |
| 139513 | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13001216 |
| &nbsp;&nbsp; 15881 | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4215135 |
| &nbsp;&nbsp; 62739 | DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1997610 |
| &nbsp;&nbsp; 34037 | DexCom, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3854350 |
| &nbsp;&nbsp; 24831 | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9084173 |
| &nbsp;&nbsp; 12445 | Estee Lauder Cos., Inc. (The) Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3087729 |
| &nbsp;&nbsp; 29600 | Gartner, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9949744 |
| &nbsp;&nbsp; 27364 | Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2717792 |
| &nbsp;&nbsp; 75050 | GSK Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637257 |
| 287841 | Haleon Plc, ADR\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2302728 |
| &nbsp;&nbsp; 10668 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2559893 |
| 131256 | Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9819261 |
| &nbsp;&nbsp; 26129 | Horizon Therapeutics Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973480 |
| &nbsp;&nbsp; 36200 | Illumina, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7319640 |
| &nbsp;&nbsp; 16619 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627499 |
| &nbsp;&nbsp; 13601 | Intuitive Surgical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3609025 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| &nbsp;&nbsp; 17151 | Jazz Pharmaceuticals Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2732326 |
| &nbsp;&nbsp; 68211 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12049473 |
| &nbsp;&nbsp; 79472 | Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3542862 |
| &nbsp;&nbsp;&nbsp; 7086 | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2658100 |
| &nbsp;&nbsp; 32994 | Medtronic Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2564294 |
| &nbsp;&nbsp; 94200 | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10451490 |
| &nbsp;&nbsp; 36129 | Novo Nordisk AS, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4889699 |
| &nbsp;&nbsp; 87276 | PayPal Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6215797 |
| &nbsp;&nbsp; 57168 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2929288 |
| &nbsp;&nbsp; 34366 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5376217 |
| &nbsp;&nbsp; 10816 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3622711 |
| &nbsp;&nbsp; 41176 | Syneos Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510336 |
| &nbsp;&nbsp; 16843 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9275272 |
| &nbsp;&nbsp; 36426 | Tyson Foods, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2267519 |
| &nbsp;&nbsp; 32195 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17069145 |
| &nbsp;&nbsp; 13197 | Vertex Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3811030 |
| 146230 | Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627540 |
| &nbsp;&nbsp; 40253 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5899077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 264648027 |
|  | **Energy — 4.5%** | **Energy — 4.5%** |
| &nbsp;&nbsp; 98674 | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4606102 |
| 113428 | BP Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3962040 |
| &nbsp;&nbsp; 37654 | Canadian Natural Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090927 |
| &nbsp;&nbsp; 14800 | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2656452 |
| 115642 | ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13645756 |
| &nbsp;&nbsp; 44159 | Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716220 |
| 122574 | Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2216138 |
| 161170 | Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4362872 |
| &nbsp;&nbsp; 87379 | Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10170042 |
| &nbsp;&nbsp; 55910 | Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988948 |
| &nbsp;&nbsp; 52143 | Shell Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2969544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52385041 |
|  | **Financial — 17.2%** | **Financial — 17.2%** |
| &nbsp;&nbsp; 62482 | AerCap Holdings NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3643950 |
| 262369 | American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16592216 |
| &nbsp;&nbsp; 20632 | American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4371096 |
| &nbsp;&nbsp;&nbsp; 6072 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1890639 |
| 142536 | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4720792 |
| &nbsp;&nbsp; 73148 | Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3329697 |
| &nbsp;&nbsp; 14091 | Berkshire Hathaway, Inc. Class B\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4352710 |
| &nbsp;&nbsp; 12993 | Boston Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878067 |
| &nbsp;&nbsp;&nbsp; 3630 | Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337445 |
| &nbsp;&nbsp; 42194 | Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3513072 |
| 306548 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13865166 |
| &nbsp;&nbsp; 31766 | Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123557 |
| 119763 | Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11716414 |
| 120940 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3470978 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 132900 | Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7841100 |
| 221949 | Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3562281 |
| &nbsp;&nbsp; 19450 | Howard Hughes Corp. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1486369 |
| &nbsp;&nbsp; 41980 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5629518 |
| 225144 | KeyCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3922008 |
| &nbsp;&nbsp; 30279 | KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1405551 |
| &nbsp;&nbsp; 58420 | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3407639 |
| &nbsp;&nbsp; 58132 | Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20214240 |
| 141883 | MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268073 |
| &nbsp;&nbsp;&nbsp; 3909 | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332343 |
| 277965 | New York Community Bancorp, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390499 |
| &nbsp;&nbsp;&nbsp; 9664 | Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811003 |
| &nbsp;&nbsp; 16354 | Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1626569 |
| &nbsp;&nbsp; 51444 | Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3215250 |
| &nbsp;&nbsp; 13069 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1856974 |
| &nbsp;&nbsp; 21311 | Simon Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2503616 |
| 122532 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4026402 |
| 185500 | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7982065 |
| 183700 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8011157 |
| &nbsp;&nbsp; 98293 | Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20421354 |
| 167663 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6922805 |
| 197407 | Weyerhaeuser Co. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6119617 |
| &nbsp;&nbsp; 12536 | Willis Towers Watson Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3066055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 201828287 |
|  | **Industrial — 5.9%** | **Industrial — 5.9%** |
| 259934 | Amcor Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3095814 |
| &nbsp;&nbsp; 71502 | Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4639050 |
| &nbsp;&nbsp; 10438 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955703 |
| &nbsp;&nbsp; 42712 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3511353 |
| &nbsp;&nbsp; 64997 | Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8801244 |
| &nbsp;&nbsp; 20124 | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3485477 |
| &nbsp;&nbsp; 46799 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10029026 |
| &nbsp;&nbsp;&nbsp; 4136 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861157 |
| &nbsp;&nbsp; 67829 | Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3165579 |
| &nbsp;&nbsp; 29573 | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16135324 |
| 103589 | Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10454202 |
| &nbsp;&nbsp;&nbsp; 7312 | Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514096 |
| 117505 | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2271372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68919397 |
|  | **Technology — 16.2%** | **Technology — 16.2%** |
| &nbsp;&nbsp; 34030 | Accenture Plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9080565 |
| &nbsp;&nbsp; 53693 | Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18069305 |
| 119323 | Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15503637 |
| &nbsp;&nbsp;&nbsp; 5399 | ASML Holding NV, ADR NYRS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2950014 |
| &nbsp;&nbsp; 20848 | Atlassian Corp., Ltd. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2682721 |
| &nbsp;&nbsp; 51188 | Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9565502 |
| &nbsp;&nbsp; 24896 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13920101 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** | **Technology — continued** |
| 149555 | Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8553050 |
| &nbsp;&nbsp; 14719 | Crowdstrike Holdings, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549764 |
| &nbsp;&nbsp; 65959 | DocuSign, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3655448 |
| &nbsp;&nbsp; 11248 | Fair Isaac Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6732828 |
| &nbsp;&nbsp; 89252 | Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6055748 |
| 157043 | HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4219745 |
| &nbsp;&nbsp;&nbsp; 6701 | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526478 |
| &nbsp;&nbsp; 28779 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438374 |
| 119831 | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28737870 |
| &nbsp;&nbsp; 68054 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9945412 |
| &nbsp;&nbsp;&nbsp; 4933 | NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779562 |
| 158618 | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12965435 |
| &nbsp;&nbsp; 95722 | salesforce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12691780 |
| &nbsp;&nbsp; 29946 | ServiceNow, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11627133 |
| &nbsp;&nbsp; 12181 | Snowflake, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1748461 |
| &nbsp;&nbsp; 31626 | Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2762531 |
| &nbsp;&nbsp;&nbsp; 7450 | Zebra Technologies Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1910255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 189671719 |
|  | **Utilities — 1.5%** | **Utilities — 1.5%** |
| 193646 | Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12319759 |
| &nbsp;&nbsp; 76051 | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3189579 |
| &nbsp;&nbsp; 49704 | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17351865 |
|  | TOTAL COMMON STOCKS (COST $1,079,231,858) | 1117833590 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **Short-Term Investment — 0.1%** | **Short-Term Investment — 0.1%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.1%** | **Mutual Fund - Securities Lending Collateral — 0.1%** |
| 1582845 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1582845 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $1,582,845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1582845 |
|  | **TOTAL INVESTMENTS — 95.6**% <br>(Cost $1,080,814,703)<br>| &nbsp;&nbsp; 1119416435 |
|  | Other Assets and Liabilities (net) — 4.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50956826 |
|  | **NET ASSETS — 100.0%** | **$1170373261** |

---

&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) | The rate disclosed is the 7-day net yield as of December 31, 2022. |
| (c) | Represents an investment of securities lending cash collateral. |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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 |  |  |  |  |
| &nbsp;&nbsp; 144 | S&P 500 E-mini Index | Mar 2023 | $27799200 | $(880805) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7 | S&P Mid 400 E-mini Index | Mar 2023 | &nbsp;&nbsp;&nbsp; 1709820 | &nbsp;&nbsp;&nbsp; (30715) |
|  |  |  |  | $(911520) |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| NYRS |  | New York Registry Shares |
| REIT |  | Real Estate Investment Trust |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Large Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Common Stocks | &nbsp;&nbsp; 95.5 |
| Futures Contracts | &nbsp;&nbsp; (0.1) |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.1 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 4.5 |
|  | 100.0% |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.1%** | **COMMON STOCKS — 96.1%** |
|  | **Basic Materials — 2.7%** | **Basic Materials — 2.7%** |
| 102471 | Axalta Coating Systems, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2609936 |
| &nbsp;&nbsp; 42800 | Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310536 |
| &nbsp;&nbsp; 17400 | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417056 |
| 320761 | Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5834643 |
| &nbsp;&nbsp; 40662 | FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5074618 |
| &nbsp;&nbsp; 80900 | Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223132 |
| &nbsp;&nbsp; 20900 | Ingevity Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472196 |
| &nbsp;&nbsp; 39900 | Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125180 |
| &nbsp;&nbsp; 46900 | Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980210 |
| &nbsp;&nbsp; 48900 | Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145243 |
| &nbsp;&nbsp; 22329 | Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3726710 |
| &nbsp;&nbsp; 17400 | Reliance Steel & Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3522456 |
| &nbsp;&nbsp; 51971 | RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064574 |
| &nbsp;&nbsp; 39300 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3839610 |
| &nbsp;&nbsp; 18800 | Trinseo Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426948 |
| &nbsp;&nbsp; 81300 | Tronox Holdings Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41887671 |
|  | **Communications — 2.2%** | **Communications — 2.2%** |
| &nbsp;&nbsp; 47900 | AMC Networks, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750593 |
| 108300 | Audacy, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24378 |
| &nbsp;&nbsp;&nbsp; 5627 | Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4005636 |
| &nbsp;&nbsp; 96447 | Ciena Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4916868 |
| 101067 | ePlus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4475247 |
| &nbsp;&nbsp; 23830 | F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3419843 |
| &nbsp;&nbsp;&nbsp; 3067 | Gray Television, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34320 |
| 105318 | Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365963 |
| 113737 | Liberty Latin America, Ltd. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856440 |
| &nbsp;&nbsp; 73256 | Liberty Latin America, Ltd. Class C\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556746 |
| 125300 | Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654066 |
| &nbsp;&nbsp; 14200 | Nexstar Media Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485426 |
| &nbsp;&nbsp; 15080 | Nice, Ltd., ADR\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2899884 |
| &nbsp;&nbsp; 48540 | Okta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3316738 |
| &nbsp;&nbsp;&nbsp; 9700 | Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807913 |
| 101724 | Yelp, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2781134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35351195 |
|  | **Consumer, Cyclical — 16.9%** | **Consumer, Cyclical — 16.9%** |
| &nbsp;&nbsp; 44521 | Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6545923 |
| &nbsp;&nbsp; 42870 | Alaska Air Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840838 |
| &nbsp;&nbsp; 62800 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2612480 |
| 133400 | American Axle & Manufacturing Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1043188 |
| &nbsp;&nbsp; 19044 | Asbury Automotive Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3413637 |
| 289194 | BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19133075 |
| &nbsp;&nbsp; 89400 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1798728 |
| &nbsp;&nbsp; 58700 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2362675 |
| &nbsp;&nbsp; 45975 | BRP, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3510191 |
| &nbsp;&nbsp; 23500 | Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1693880 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| &nbsp;&nbsp; 23706 | Burlington Stores, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806628 |
| &nbsp;&nbsp; 62564 | Carter's, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4667900 |
| &nbsp;&nbsp; 19052 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4274316 |
| &nbsp;&nbsp; 21235 | Cavco Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4804419 |
| 155830 | Cheesecake Factory, Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4941369 |
| &nbsp;&nbsp; 21320 | Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4507688 |
| &nbsp;&nbsp; 35067 | Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071168 |
| &nbsp;&nbsp; 15300 | Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1658979 |
| &nbsp;&nbsp; 29329 | Deckers Outdoor Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11706964 |
| &nbsp;&nbsp; 13200 | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1587828 |
| &nbsp;&nbsp; 46262 | Dorman Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3741208 |
| &nbsp;&nbsp; 98459 | Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17414443 |
| &nbsp;&nbsp; 49900 | Foot Locker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1885721 |
| &nbsp;&nbsp; 23500 | Genesco, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081470 |
| &nbsp;&nbsp; 52541 | Gentherm, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3430402 |
| &nbsp;&nbsp; 33600 | GMS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1673280 |
| 102000 | Goodyear Tire & Rubber Co. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035300 |
| &nbsp;&nbsp; 11500 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2074255 |
| &nbsp;&nbsp; 45000 | Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872000 |
| &nbsp;&nbsp; 47600 | Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423240 |
| &nbsp;&nbsp; 33000 | Hibbett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251260 |
| &nbsp;&nbsp; 92815 | IAA, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3712600 |
| &nbsp;&nbsp; 10800 | Johnson Outdoors, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714096 |
| &nbsp;&nbsp; 47700 | Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204425 |
| &nbsp;&nbsp; 61300 | La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398866 |
| 242612 | Leslie's, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962292 |
| &nbsp;&nbsp; 41443 | Light & Wonder, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2428560 |
| &nbsp;&nbsp; 20884 | Lithia Motors, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275790 |
| 178771 | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9548159 |
| &nbsp;&nbsp; 65900 | Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1360835 |
| &nbsp;&nbsp; 28200 | MDC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891120 |
| &nbsp;&nbsp; 40100 | Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293225 |
| &nbsp;&nbsp; 15000 | MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225500 |
| &nbsp;&nbsp; 14237 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3979811 |
| 183647 | National Vision Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7118158 |
| &nbsp;&nbsp; 21000 | Nu Skin Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885360 |
| &nbsp;&nbsp; 39500 | ODP Corp. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1798830 |
| &nbsp;&nbsp; 50491 | Planet Fitness, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3978691 |
| &nbsp;&nbsp; 81527 | Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8234227 |
| &nbsp;&nbsp;&nbsp; 9473 | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2863972 |
| &nbsp;&nbsp; 43500 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980555 |
| &nbsp;&nbsp; 26500 | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1870635 |
| 109000 | Qurate Retail, Inc. Series A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177670 |
| 139811 | Red Rock Resorts, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5593838 |
| &nbsp;&nbsp; 28211 | REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356023 |
| &nbsp;&nbsp; 57600 | Sally Beauty Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721152 |
| &nbsp;&nbsp; 36400 | ScanSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1063608 |
| &nbsp;&nbsp; 26156 | SiteOne Landscape Supply, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3068622 |
| &nbsp;&nbsp; 57808 | Skechers USA, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425046 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| &nbsp;&nbsp; 29584 | Sleep Number Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768592 |
| &nbsp;&nbsp; 19800 | Sonic Automotive, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975546 |
| 171870 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6544810 |
| 114610 | Texas Roadhouse, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10423779 |
| &nbsp;&nbsp; 15000 | Thor Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132350 |
| &nbsp;&nbsp; 47400 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2366208 |
| 105600 | Tri Pointe Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963104 |
| &nbsp;&nbsp; 40174 | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7753180 |
| &nbsp;&nbsp; 27700 | United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044290 |
| 139817 | Univar Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4446181 |
| &nbsp;&nbsp; 14380 | Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3427473 |
| &nbsp;&nbsp; 11600 | Veritiv Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411836 |
| &nbsp;&nbsp; 31158 | Visteon Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4076401 |
| &nbsp;&nbsp; 43160 | WESCO International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5403632 |
| &nbsp;&nbsp; 21200 | Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998952 |
| &nbsp;&nbsp; 11300 | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298596 |
| &nbsp;&nbsp; 23200 | Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1222640 |
| 124923 | World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3414145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 265667834 |
|  | **Consumer, Non-cyclical — 23.5%** | **Consumer, Non-cyclical — 23.5%** |
| 125679 | Acadia Healthcare Co., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10345895 |
| 157500 | ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880425 |
| 479830 | Alight, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4011379 |
| &nbsp;&nbsp; 35030 | Apellis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1811401 |
| &nbsp;&nbsp; 58898 | Ascendis Pharma AS, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7193213 |
| 175600 | Avantor, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3703404 |
| &nbsp;&nbsp; 28867 | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5224927 |
| &nbsp;&nbsp; 67812 | Axonics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4240284 |
| &nbsp;&nbsp; 36452 | Azenta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122235 |
| 123021 | Bausch + Lomb Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1908056 |
| &nbsp;&nbsp; 22371 | Bio-Rad Laboratories, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9406782 |
| &nbsp;&nbsp; 41791 | Blueprint Medicines Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830864 |
| &nbsp;&nbsp; 58070 | Booz Allen Hamilton Holding Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6069476 |
| &nbsp;&nbsp; 29587 | Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866940 |
| &nbsp;&nbsp; 27900 | Bunge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2783583 |
| 205753 | Catalent, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9260943 |
| &nbsp;&nbsp; 85500 | Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3308850 |
| &nbsp;&nbsp; 37648 | CONMED Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3337119 |
| 513147 | CoreCivic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5931979 |
| &nbsp;&nbsp;&nbsp; 5490 | CRA International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672141 |
| &nbsp;&nbsp; 29400 | DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195298 |
| &nbsp;&nbsp; 43400 | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736932 |
| &nbsp;&nbsp; 73613 | Driven Brands Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010371 |
| 341510 | Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4186913 |
| &nbsp;&nbsp; 22100 | Emergent BioSolutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261001 |
| &nbsp;&nbsp; 89849 | Envista Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3025216 |
| &nbsp;&nbsp; 95578 | EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3094816 |
| &nbsp;&nbsp; 87600 | Exelixis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1405104 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| &nbsp;&nbsp; 70750 | Fate Therapeutics, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713867 |
| &nbsp;&nbsp; 28356 | FTI Consulting, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4502933 |
| 140278 | Globus Medical, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10418447 |
| &nbsp;&nbsp; 25144 | Grand Canyon Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2656715 |
| &nbsp;&nbsp; 59700 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179647 |
| 178318 | Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10146294 |
| &nbsp;&nbsp; 40700 | Herbalife Nutrition, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605616 |
| &nbsp;&nbsp; 47270 | Hologic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3536269 |
| &nbsp;&nbsp; 76372 | Horizon Therapeutics Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8691134 |
| &nbsp;&nbsp; 35470 | ICON Plc, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6890047 |
| &nbsp;&nbsp; 15496 | ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2440310 |
| &nbsp;&nbsp; 26400 | Incyte Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2120448 |
| &nbsp;&nbsp; 55808 | Ingles Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5383240 |
| &nbsp;&nbsp; 39200 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3838856 |
| &nbsp;&nbsp; 64600 | Innoviva, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855950 |
| &nbsp;&nbsp; 14890 | Inspire Medical Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750493 |
| &nbsp;&nbsp; 22391 | Insulet Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6591686 |
| &nbsp;&nbsp; 48523 | Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3321885 |
| &nbsp;&nbsp; 67909 | Intra-Cellular Therapies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3593744 |
| 247100 | Ironwood Pharmaceuticals, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061569 |
| &nbsp;&nbsp; 61585 | Jazz Pharmaceuticals Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9811106 |
| &nbsp;&nbsp;&nbsp; 6700 | JM Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061682 |
| &nbsp;&nbsp;&nbsp; 9090 | Karuna Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1786185 |
| 117271 | Krispy Kreme, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210237 |
| &nbsp;&nbsp; 27189 | Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5364390 |
| &nbsp;&nbsp; 76670 | Lantheus Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3907103 |
| &nbsp;&nbsp; 36181 | LivaNova Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009493 |
| &nbsp;&nbsp; 27500 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288275 |
| &nbsp;&nbsp; 24440 | MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6816072 |
| &nbsp;&nbsp; 12957 | Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4278661 |
| 172213 | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8872414 |
| &nbsp;&nbsp; 19608 | Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4246897 |
| &nbsp;&nbsp; 72003 | Neurocrine Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8600038 |
| &nbsp;&nbsp; 65033 | Pacira BioSciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510924 |
| &nbsp;&nbsp; 86393 | Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2421596 |
| 333416 | Paya Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2623984 |
| &nbsp;&nbsp; 70809 | Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13755356 |
| 122502 | Pediatrix Medical Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1820380 |
| &nbsp;&nbsp; 67600 | Perdoceo Education Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939640 |
| 165797 | Performance Food Group Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9680887 |
| &nbsp;&nbsp; 38300 | Pilgrim's Pride Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908859 |
| 208238 | Premier, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7284165 |
| &nbsp;&nbsp; 25700 | Prestige Consumer Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1608820 |
| &nbsp;&nbsp; 17670 | Prometheus Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943700 |
| &nbsp;&nbsp; 71118 | PTC Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714574 |
| &nbsp;&nbsp; 60900 | Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1442112 |
| &nbsp;&nbsp; 12100 | Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1892924 |
| &nbsp;&nbsp; 39700 | Rent-A-Center, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895235 |
| &nbsp;&nbsp; 17940 | Repligen Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3037421 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| 154921 | Rocket Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3031804 |
| &nbsp;&nbsp; 34590 | Sarepta Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4482172 |
| &nbsp;&nbsp; 70300 | Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745549 |
| 129412 | Simply Good Foods Co. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921538 |
| &nbsp;&nbsp; 41700 | SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261008 |
| &nbsp;&nbsp; 74000 | Sprouts Farmers Market, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395380 |
| &nbsp;&nbsp; 35580 | Syneos Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305074 |
| &nbsp;&nbsp; 63680 | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3613840 |
| &nbsp;&nbsp; 53100 | Triton International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3652218 |
| &nbsp;&nbsp; 31800 | United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8843262 |
| &nbsp;&nbsp; 19400 | Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2733266 |
| &nbsp;&nbsp; 77466 | Vericel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2040454 |
| &nbsp;&nbsp; 31961 | Viad Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779529 |
| 122700 | Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365651 |
| &nbsp;&nbsp;&nbsp; 5600 | Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460824 |
| &nbsp;&nbsp; 52836 | WEX, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8646611 |
| 254735 | WillScot Mobile Mini Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11506380 |
| 118921 | Xencor, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3096703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 369739090 |
|  | **Energy — 4.6%** | **Energy — 4.6%** |
| &nbsp;&nbsp; 98000 | APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574640 |
| 268930 | ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7796281 |
| &nbsp;&nbsp; 17168 | Chesapeake Energy Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620144 |
| &nbsp;&nbsp; 55050 | Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7529739 |
| 103064 | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347991 |
| 325599 | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7635297 |
| 162000 | Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4385340 |
| &nbsp;&nbsp; 60223 | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3447164 |
| 183609 | NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3835592 |
| 206826 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10488146 |
| &nbsp;&nbsp; 47300 | PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3002604 |
| 439372 | Permian Resources Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4130097 |
| 177147 | ProPetro Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1837014 |
| 177661 | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6187933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71817982 |
|  | **Financial — 17.0%** | **Financial — 17.0%** |
| &nbsp;&nbsp; 62239 | Agree Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4414612 |
| &nbsp;&nbsp; 61500 | Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503675 |
| &nbsp;&nbsp; 57000 | American Assets Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510500 |
| 102407 | American Equity Investment Life Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4671807 |
| &nbsp;&nbsp; 40118 | American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5507399 |
| &nbsp;&nbsp; 44750 | Annaly Capital Management, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943330 |
| 128400 | Apple Hospitality REIT, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026152 |
| 107300 | Ares Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1981831 |
| &nbsp;&nbsp; 77090 | Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5276040 |
| &nbsp;&nbsp; 43424 | Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289693 |
| 155400 | Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3588186 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 115564 | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4060919 |
| &nbsp;&nbsp; 91515 | Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4957367 |
| &nbsp;&nbsp; 78509 | Axos Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000614 |
| &nbsp;&nbsp; 35400 | Bank of NT Butterfield & Son, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055274 |
| 257200 | Braemar Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1057092 |
| 177700 | Brandywine Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1092855 |
| &nbsp;&nbsp; 80900 | Brixmor Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834003 |
| &nbsp;&nbsp;&nbsp; 6897 | C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401888 |
| 298662 | Cannae Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6167370 |
| &nbsp;&nbsp; 65200 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659508 |
| &nbsp;&nbsp; 99300 | Chimera Investment Corp. REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546150 |
| &nbsp;&nbsp; 50200 | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976374 |
| 154000 | City Office REIT, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290520 |
| &nbsp;&nbsp; 58560 | CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475917 |
| 157800 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3605730 |
| &nbsp;&nbsp; 51500 | Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3442775 |
| &nbsp;&nbsp; 35970 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4809189 |
| 196699 | Easterly Government Properties, Inc. REIT Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2806895 |
| &nbsp;&nbsp; 24973 | EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3697502 |
| &nbsp;&nbsp; 41000 | EPR Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546520 |
| &nbsp;&nbsp; 77200 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215640 |
| &nbsp;&nbsp; 30300 | Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178064 |
| &nbsp;&nbsp;&nbsp; 7865 | Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857914 |
| &nbsp;&nbsp;&nbsp; 3678 | F&G Annuities & Life, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50043 |
| &nbsp;&nbsp; 54100 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035242 |
| &nbsp;&nbsp; 35600 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168036 |
| &nbsp;&nbsp; 35500 | Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864780 |
| &nbsp;&nbsp; 33000 | First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1727220 |
| &nbsp;&nbsp; 63802 | First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577185 |
| 105300 | FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1374165 |
| 209166 | Franklin Street Properties Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571023 |
| 131708 | FS KKR Capital Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2304890 |
| 912540 | Genworth Financial, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4827337 |
| 136839 | Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6762583 |
| &nbsp;&nbsp; 99100 | Global Net Lease, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245687 |
| &nbsp;&nbsp; 44642 | Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2851731 |
| &nbsp;&nbsp; 38500 | Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863015 |
| &nbsp;&nbsp; 66600 | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1648350 |
| &nbsp;&nbsp; 32800 | Heritage Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59040 |
| 138200 | Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770342 |
| &nbsp;&nbsp; 86500 | Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1304420 |
| &nbsp;&nbsp; 87600 | Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1405980 |
| 173407 | Independence Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923642 |
| &nbsp;&nbsp; 69000 | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650480 |
| &nbsp;&nbsp; 64000 | Industrial Logistics Properties Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209280 |
| &nbsp;&nbsp; 28500 | Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420725 |
| &nbsp;&nbsp; 87500 | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999500 |
| 159800 | KeyCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2783716 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| &nbsp;&nbsp; 35955 | Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9402952 |
| &nbsp;&nbsp; 52020 | Kite Realty Group Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095021 |
| &nbsp;&nbsp; 37700 | Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158144 |
| &nbsp;&nbsp; 23193 | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5013631 |
| 200100 | Medical Properties Trust, Inc. REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2229114 |
| 176200 | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290600 |
| &nbsp;&nbsp; 53974 | National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949541 |
| 139500 | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294775 |
| 221300 | Necessity Retail REIT, Inc. (The) REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312309 |
| 154400 | New Mountain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909928 |
| 185497 | New York Community Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595274 |
| 238634 | Newmark Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1901913 |
| 102104 | NMI Holdings, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2133974 |
| 224825 | Oaktree Specialty Lending Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544548 |
| &nbsp;&nbsp; 55083 | Office Properties Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735358 |
| &nbsp;&nbsp; 73500 | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025660 |
| &nbsp;&nbsp; 46100 | Omega Healthcare Investors, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1288495 |
| &nbsp;&nbsp; 26400 | OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879384 |
| 107328 | Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3387272 |
| &nbsp;&nbsp; 27581 | Palomar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245558 |
| 210429 | Physicians Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3044908 |
| 122100 | Piedmont Office Realty Trust, Inc. REIT Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1119657 |
| &nbsp;&nbsp; 77806 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5710960 |
| &nbsp;&nbsp; 36768 | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786826 |
| &nbsp;&nbsp; 25500 | Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1691160 |
| 184708 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3522382 |
| 156700 | Redwood Trust, Inc. REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059292 |
| 125700 | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710092 |
| &nbsp;&nbsp; 30595 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4347244 |
| 117600 | Sabra Health Care REIT, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461768 |
| &nbsp;&nbsp; 33500 | Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1180205 |
| &nbsp;&nbsp; 59600 | Service Properties Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434484 |
| &nbsp;&nbsp; 29296 | Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3375485 |
| &nbsp;&nbsp; 73987 | StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862993 |
| 295739 | Summit Hotel Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135236 |
| &nbsp;&nbsp; 78908 | Sun Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11283844 |
| 147000 | Tanger Factory Outlet Centers, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637180 |
| 172600 | Uniti Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954478 |
| &nbsp;&nbsp; 72400 | Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766716 |
| &nbsp;&nbsp; 77500 | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3179825 |
| &nbsp;&nbsp; 45100 | Victory Capital Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210033 |
| 127699 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7852211 |
| &nbsp;&nbsp; 88156 | Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250571 |
| &nbsp;&nbsp; 73600 | Western Union Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013472 |
| &nbsp;&nbsp;&nbsp; 6791 | White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9604715 |
| &nbsp;&nbsp; 77100 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3790236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 268300738 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Government — 0.1%** | **Government — 0.1%** |
| &nbsp;&nbsp; 68600 | Banco Latinoamericano de Comercio Exterior SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111320 |
|  | **Industrial — 17.8%** | **Industrial — 17.8%** |
| &nbsp;&nbsp; 16000 | Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2649760 |
| &nbsp;&nbsp; 54242 | Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4446217 |
| &nbsp;&nbsp; 43010 | Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3689398 |
| &nbsp;&nbsp; 42800 | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5935932 |
| 396098 | Air Transport Services Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10290626 |
| &nbsp;&nbsp; 42100 | Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871766 |
| &nbsp;&nbsp; 23256 | AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557695 |
| &nbsp;&nbsp; 18100 | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267724 |
| &nbsp;&nbsp; 97039 | Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3578798 |
| &nbsp;&nbsp; 70829 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4858161 |
| &nbsp;&nbsp; 26450 | Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2765877 |
| 179330 | Atkore, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20339609 |
| &nbsp;&nbsp; 38007 | Axon Enterprise, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6306502 |
| &nbsp;&nbsp; 44700 | Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2701221 |
| &nbsp;&nbsp; 21600 | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483272 |
| 112335 | Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5292102 |
| &nbsp;&nbsp; 35579 | Coherent Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248823 |
| &nbsp;&nbsp; 90022 | Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2923014 |
| &nbsp;&nbsp; 72103 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8297613 |
| &nbsp;&nbsp;&nbsp; 7600 | Crane Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763420 |
| &nbsp;&nbsp; 40027 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5317587 |
| &nbsp;&nbsp; 43350 | Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5963226 |
| &nbsp;&nbsp; 44800 | Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1503040 |
| &nbsp;&nbsp; 31034 | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456115 |
| &nbsp;&nbsp; 40796 | Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4042476 |
| 112094 | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5209008 |
| 134600 | Flex, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2888516 |
| &nbsp;&nbsp; 26350 | Forward Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2763852 |
| 327332 | Gates Industrial Corp. Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3734858 |
| &nbsp;&nbsp; 77364 | Gibraltar Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3549460 |
| &nbsp;&nbsp; 33500 | Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246510 |
| &nbsp;&nbsp; 40491 | HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6221037 |
| 148608 | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8745581 |
| &nbsp;&nbsp; 31100 | Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327037 |
| &nbsp;&nbsp;&nbsp; 6400 | Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476352 |
| &nbsp;&nbsp; 24650 | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5628334 |
| 189621 | Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9907697 |
| &nbsp;&nbsp; 53500 | Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3648700 |
| &nbsp;&nbsp; 62423 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9019499 |
| &nbsp;&nbsp; 22100 | Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1308320 |
| 145821 | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4424209 |
| &nbsp;&nbsp; 20725 | Middleby Corp. (The)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2775077 |
| &nbsp;&nbsp; 72305 | Modine Manufacturing Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1435977 |
| &nbsp;&nbsp;&nbsp; 9900 | Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011978 |
| &nbsp;&nbsp; 31900 | Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2799544 |
| &nbsp;&nbsp; 95398 | Napco Security Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2621537 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| &nbsp;&nbsp; 27799 | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608378 |
| &nbsp;&nbsp; 48300 | O-I Glass, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800331 |
| &nbsp;&nbsp; 38200 | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3258460 |
| &nbsp;&nbsp; 10100 | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291891 |
| &nbsp;&nbsp; 66000 | Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1448040 |
| 123993 | Ranpak Holdings Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715440 |
| &nbsp;&nbsp; 47210 | RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9883413 |
| &nbsp;&nbsp; 19400 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621258 |
| &nbsp;&nbsp; 26020 | Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5455874 |
| &nbsp;&nbsp; 38000 | Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177020 |
| 102750 | Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2404350 |
| &nbsp;&nbsp; 31600 | Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638144 |
| &nbsp;&nbsp; 12200 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2787578 |
| &nbsp;&nbsp; 85360 | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8084446 |
| &nbsp;&nbsp; 12355 | Teledyne Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4940888 |
| &nbsp;&nbsp; 29315 | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4256245 |
| &nbsp;&nbsp; 14600 | Timken Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031782 |
| &nbsp;&nbsp; 48680 | Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5510576 |
| &nbsp;&nbsp; 55578 | TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541734 |
| &nbsp;&nbsp; 64448 | Trimble, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3258491 |
| 107400 | TTM Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619592 |
| &nbsp;&nbsp; 81767 | Universal Logistics Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734288 |
| &nbsp;&nbsp; 15053 | Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4977576 |
| 120700 | Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2603499 |
| 175968 | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3401461 |
| &nbsp;&nbsp; 58900 | Westrock Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 280414736 |
|  | **Technology — 9.9%** | **Technology — 9.9%** |
| 203390 | ACI Worldwide, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4677970 |
| &nbsp;&nbsp; 46600 | Alpha & Omega Semiconductor, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1331362 |
| &nbsp;&nbsp; 23600 | Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145240 |
| 136400 | Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3270872 |
| &nbsp;&nbsp; 79185 | Avid Technology, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2105529 |
| &nbsp;&nbsp; 24210 | Bill.com Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637922 |
| 151903 | Box, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4728740 |
| &nbsp;&nbsp; 15642 | Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2082889 |
| &nbsp;&nbsp; 36900 | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110680 |
| &nbsp;&nbsp; 32310 | CyberArk Software, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4188991 |
| &nbsp;&nbsp; 30300 | Donnelley Financial Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171095 |
| &nbsp;&nbsp; 78381 | DXC Technology Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2077097 |
| &nbsp;&nbsp; 20400 | Ebix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407184 |
| &nbsp;&nbsp; 36518 | Endava Plc, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793627 |
| 101705 | Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6670831 |
| &nbsp;&nbsp; 77979 | Evolent Health, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2189650 |
| &nbsp;&nbsp; 26803 | ExlService Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541232 |
| &nbsp;&nbsp; 87800 | Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4066896 |
| &nbsp;&nbsp; 30311 | Globant SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5097098 |
| &nbsp;&nbsp; 28811 | HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8330124 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** | **Technology — continued** |
| 102256 | KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5399117 |
| &nbsp;&nbsp; 57319 | Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6958527 |
| &nbsp;&nbsp; 81258 | MaxLinear, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2758709 |
| &nbsp;&nbsp; 21720 | MongoDB, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275365 |
| &nbsp;&nbsp; 14882 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5262424 |
| 200244 | NCR Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4687712 |
| &nbsp;&nbsp; 32340 | Nova, Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2641531 |
| &nbsp;&nbsp; 59810 | Parsons Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2766213 |
| &nbsp;&nbsp; 78100 | Photronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314423 |
| &nbsp;&nbsp; 73555 | Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5275365 |
| &nbsp;&nbsp; 76128 | Procore Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3591719 |
| 208694 | Pure Storage, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5584651 |
| &nbsp;&nbsp; 18100 | Qorvo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640584 |
| &nbsp;&nbsp; 58272 | Rapid7, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980083 |
| &nbsp;&nbsp; 85240 | RingCentral, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3017496 |
| &nbsp;&nbsp; 41400 | Seagate Technology Holdings Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2178054 |
| &nbsp;&nbsp; 53741 | Semtech Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541829 |
| &nbsp;&nbsp; 55958 | Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7591822 |
| 103300 | SMART Global Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537104 |
| &nbsp;&nbsp; 47727 | Synaptics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541701 |
| 112850 | Tenable Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4305227 |
| &nbsp;&nbsp;&nbsp; 9282 | Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992610 |
| &nbsp;&nbsp; 29700 | Ultra Clean Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984555 |
| &nbsp;&nbsp; 32628 | Verra Mobility Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451245 |
| &nbsp;&nbsp; 75400 | Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100840 |
| &nbsp;&nbsp; 15994 | Zebra Technologies Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4101022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 155104957 |
|  | **Utilities — 1.4%** | **Utilities — 1.4%** |
| &nbsp;&nbsp; 44382 | IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786598 |
| &nbsp;&nbsp; 24700 | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563510 |
| &nbsp;&nbsp; 94200 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997444 |
| &nbsp;&nbsp; 74607 | Portland General Electric Co.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3655743 |
| &nbsp;&nbsp; 37543 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2323161 |
| 295829 | Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6863233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22189689 |
|  | TOTAL COMMON STOCKS (COST $1,430,629,540) | 1511585212 |

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **Short-Term Investment — 0.2%** | **Short-Term Investment — 0.2%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.2%** | **Mutual Fund - Securities Lending Collateral — 0.2%** |
| 3057340 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3057340 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $3,057,340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3057340 |
|  | **TOTAL INVESTMENTS — 96.3**% <br>(Cost $1,433,686,880)<br>| &nbsp;&nbsp; 1514642552 |
|  | Other Assets and Liabilities (net) — 3.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57672742 |
|  | **NET ASSETS — 100.0%** | **$1572315294** |

---

&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) | The rate disclosed is the 7-day net yield as of December 31, 2022. |
| (c) | 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 |  |  |  |  |
| &nbsp;&nbsp; 190 | Russell 2000 E-mini Index | Mar 2023 | $16823550 | $(479618) |
| &nbsp;&nbsp;&nbsp;&nbsp; 61 | S&P Mid 400 E-mini Index | Mar 2023 | &nbsp;&nbsp; 14899860 | &nbsp;&nbsp; (338090) |
|  |  |  |  | $(817708) |

---

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

---

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

---

See accompanying Notes to the Schedule of Investments

------

**Mercer US Small/Mid Cap Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Common Stocks | &nbsp;&nbsp; 96.1 |
| Futures Contracts | &nbsp;&nbsp; (0.1) |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.2 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 3.8 |
|  | 100.0% |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 94.7%** | **COMMON STOCKS — 94.7%** |
|  | **Australia — 5.0%** | **Australia — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 223606 | AGL Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27662 | Ampol, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8702 | Ansell, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229100 | ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3675916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187820 | APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370503 |
| &nbsp;&nbsp; 3071169 | Aurizon Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7768520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 681000 | Bank of Queensland, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3186559 |
| &nbsp;&nbsp; 2331500 | Beach Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 304077 | BHP Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9409354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 492960 | BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5629626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 848057 | Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9615837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225700 | Elders, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1552013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 194900 | Fortescue Metals Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2710836 |
| &nbsp;&nbsp; 2410818 | Glencore Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16019456 |
| &nbsp;&nbsp; 1558600 | Harvey Norman Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4365264 |
| &nbsp;&nbsp; 1256900 | Helia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 731800 | Inghams Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419333 |
| &nbsp;&nbsp; 1524346 | Metcash, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4114266 |
| &nbsp;&nbsp; 1454500 | Mirvac Group REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35640 | Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186587 |
| &nbsp;&nbsp; 1626284 | Orora, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3187278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12381 | OZ Minerals, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 810700 | Perenti, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90636 | Rio Tinto Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6321332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 238213 | Rio Tinto Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16960766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 258182 | Rio Tinto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20381776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30174 | Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613261 |
| &nbsp;&nbsp; 1086423 | South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947031 |
| &nbsp;&nbsp; 1011400 | Stockland REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2489748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 345218 | Super Retail Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2507314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310296 | Treasury Wine Estates, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2863915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56133 | Viva Energy Group, Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259136 | Whitehaven Coal, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 587107 | Woodside Energy Group, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14110316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 371188 | Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8447762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210551 | Yancoal Australia, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 164324101 |
|  | **Austria — 0.3%** | **Austria — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 119931 | ams-OSRAM AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 145742 | OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7481622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9905 | Raiffeisen Bank International AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107300 | Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2583478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11102350 |
|  | **Belgium — 0.7%** | **Belgium — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66300 | Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2930823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143260 | Anheuser-Busch InBev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8603355 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Belgium — continued** | **Belgium — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79250 | Anheuser-Busch InBev SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4758170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10411 | Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21907 | Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34200 | Solvay SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3447784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7137 | UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21339432 |
|  | **Brazil — 1.0%** | **Brazil — 1.0%** |
| &nbsp;&nbsp; 1219100 | Petroleo Brasileiro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6474466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242278 | Petroleo Brasileiro SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2580261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 292819 | Petroleo Brasileiro SA, Preferred ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 352400 | Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5932348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 140403 | Wheaton Precious Metals Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5481618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 217206 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9494356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32683338 |
|  | **Canada — 2.0%** | **Canada — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 130094 | Agnico Eagle Mines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6755536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 255230 | Canadian Pacific Railway, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19015808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20100 | Canadian Tire Corp., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2099081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 177660 | Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24200676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300608 | GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8786772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30500 | Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2694904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103100 | Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3268124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66820901 |
|  | **China — 1.3%** | **China — 1.3%** |
| &nbsp;&nbsp; 1919500 | 3SBio, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041249 |
| &nbsp;&nbsp; 1310000 | Bank of China, Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476672 |
| 12534000 | China Construction Bank Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7852870 |
| &nbsp;&nbsp; 1310000 | China Medical System Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47500 | China Merchants Bank Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265649 |
| &nbsp;&nbsp; 3542000 | China Resources Cement Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1878792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50500 | CITIC Securities Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 706000 | Hengan International Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3749377 |
| &nbsp;&nbsp; 4087000 | Industrial & Commercial Bank of China, Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2105041 |
| &nbsp;&nbsp; 3714000 | Jiangnan Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 370500 | Kingboard Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179626 |
| &nbsp;&nbsp; 1940000 | Lee & Man Paper Manufacturing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855047 |
| &nbsp;&nbsp; 1247000 | Li Ning Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10824445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126500 | Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 628600 | Shanghai Pharmaceuticals Holding Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 949000 | Shenzhen International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931376 |
| &nbsp;&nbsp; 1915000 | Xinyi Glass Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3567492 |
| &nbsp;&nbsp; 2782600 | Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2821605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42257722 |
|  | **Denmark — 2.3%** | **Denmark — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 | AP Moller - Maersk AS Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3165 | AP Moller - Maersk AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7095058 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Denmark — continued** | **Denmark — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 181400 | Danske Bank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3574448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71900 | DFDS AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50555 | Jyske Bank AS\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3274392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297914 | Novo Nordisk AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40104671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248756 | Novozymes AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12563020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47900 | Pandora AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67035 | Sydbank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2814992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76281398 |
|  | **Finland — 0.8%** | **Finland — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12946 | Kone OYJ Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667342 |
| &nbsp;&nbsp; 1658619 | Nokia OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7659484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 232117 | Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2484699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 796647 | Nordea Bank Abp (Stockholm Exchange) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8538753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97800 | TietoEVRY OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2768078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 108800 | Valmet OYJ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2921498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25039854 |
|  | **France — 11.7%** | **France — 11.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85883 | Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12135597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000 | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2864668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 146709 | AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 521041 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29611301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 158600 | Bouygues SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4746212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 570810 | Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14992331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 132754 | Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22095252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 475873 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7943169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98400 | Cie de Saint-Gobain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4794042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270602 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7504464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 361100 | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 484202 | Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17309022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 506456 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7236414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126888 | EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22913260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52300 | Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5609624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56600 | IPSOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3533770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5190 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2633806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242399 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19355950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32081 | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11421941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30689 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22268643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125400 | Metropole Television SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2054338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36500 | Nexity SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015157 |
| &nbsp;&nbsp; 1822824 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18055332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126217 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24752050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35500 | Quadient SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180000 | Rexel SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3542415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 179896 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17248734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78979 | Sanofi, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3824953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44300 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3023502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309094 | Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7745592 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** | **France — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | Sopra Steria Group SACA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2712521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8630 | Technip Energies NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219200 | Television Francaise 1<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1673849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80900 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10300420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 886358 | TotalEnergies SE<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55480856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 101207 | TotalEnergies SE, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6282931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 385207214 |
|  | **Georgia — 0.0%** | **Georgia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45361 | Bank of Georgia Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421412 |
|  | **Germany — 8.4%** | **Germany — 8.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35719 | adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4858914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82588 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17707728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41700 | Aurubis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 433044 | Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22334172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73999 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8466163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263310 | BMW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23431237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6807 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82700 | Covestro AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3225959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84800 | Daimler Truck Holding AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2619602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85592 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14743571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 355244 | Deutsche Lufthansa AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2943975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 171100 | Deutsche Pfandbriefbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 328206 | Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12322769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 857862 | Deutsche Telekom AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17064073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 134914 | E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1343974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247500 | Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4737427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23299 | Fresenius Medical Care AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 349710 | Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9797231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180991 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7378810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29462 | Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 332880 | Infineon Technologies AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10100213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72715 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3960962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46031 | LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 417849 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27381278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15346 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4978915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 173295 | Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10486609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16390 | Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3254427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103209 | RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4581128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99065 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10191033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3075 | Siemens AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27377 | Siltronic AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202622 | Symrise AG Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21981633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192768 | TAG Immobilien AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42000 | Talanx AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 106800 | United Internet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199155 | Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4680309 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58776 | Zalando SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2076946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 275226145 |
|  | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
| &nbsp;&nbsp; 1472600 | AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16377002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213000 | Pacific Basin Shipping, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72047 |
| &nbsp;&nbsp; 9510000 | Tongda Group Holdings, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157181 |
| &nbsp;&nbsp; 1834000 | United Laboratories International Holdings, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151397 |
| &nbsp;&nbsp; 8982000 | WH Group, Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5224669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22982296 |
|  | **Hungary — 0.1%** | **Hungary — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 384700 | MOL Hungarian Oil & Gas Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2667763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95800 | Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786912 |
|  | **India — 0.5%** | **India — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 646460 | HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12736973 |
| &nbsp;&nbsp; 1172100 | Redington, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2557284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15294257 |
|  | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp; 1687400 | Bank Negara Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999921 |
| &nbsp;&nbsp; 7888300 | Golden Agri-Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1470381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470302 |
|  | **Ireland — 0.6%** | **Ireland — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 687863 | Bank of Ireland Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6533681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 166702 | CRH Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6584546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79729 | Ryanair Holdings Plc, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5960540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19078767 |
|  | **Israel — 0.4%** | **Israel — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 209233 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 316972 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2632974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | Delek Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42386 | ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 | Israel Corp., Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249942 | Israel Discount Bank, Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47772 | Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12764 | Nice, Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210300 | Teva Pharmaceutical Industries, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4594 | ZIM Integrated Shipping Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12316488 |
|  | **Italy — 2.2%** | **Italy — 2.2%** |
| &nbsp;&nbsp; 3024100 | A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4018199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88540 | Assicurazioni Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68743 | BPER Banca | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94000 | Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 717504 | Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3851752 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp; 1575973 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22346473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7282 | Eni SpA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55810 | Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11924552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 989706 | Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8513482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340700 | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3266689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 574748 | UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8141039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 704000 | Unipol Gruppo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3424625 |
| &nbsp;&nbsp; 1274300 | UnipolSai Assicurazioni SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72767922 |
|  | **Japan — 20.2%** | **Japan — 20.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 144900 | ADEKA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2376472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | AEON REIT Investment Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2927356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247000 | AGC, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8227405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10500 | Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900 | Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 119300 | Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95700 | Alpen Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12900 | Alps Alpine Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53400 | Amada Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107400 | Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 106600 | Asahi Group Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3327791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85400 | ASKA Pharmaceutical Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343400 | Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5222116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187600 | BayCurrent Consulting, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5850726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 184900 | Brother Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2812492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 272200 | Canon, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5890842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13500 | Canon, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 686994 | Chiba Bank, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5008816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 397100 | Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4099058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700 | Chudenko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82900 | Chugai Pharmaceutical Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2116088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700 | Cosmo Energy Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 261600 | Credit Saison Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3372478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 615900 | Daicel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4457801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 354500 | Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8044056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 118900 | Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2738543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Denka Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65600 | DIC Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20400 | Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5836523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52800 | Eagle Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 275800 | EDION Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2688081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99200 | Electric Power Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575832 |
| &nbsp;&nbsp; 1251100 | ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4247928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16200 | Enplas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 118300 | Ezaki Glico Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98300 | FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4935674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48700 | Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20200 | Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2696752 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 195000 | Fukuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4441055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87100 | Furukawa Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28700 | Futaba Industrial Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 398194 | Hachijuni Bank, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1656815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 166500 | Haseko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 326100 | Hazama Ando Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17200 | Hino Motors, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98800 | Hirose Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12430028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 132800 | Hokkaido Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469020 |
| &nbsp;&nbsp; 1171400 | Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26917919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26620 | Honda Motor Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20100 | Horiba, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41200 | Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3967153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69900 | Ichinen Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12800 | Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 477000 | Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5046739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 256000 | Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100600 | Ito En, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3652082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 278600 | ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8754220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62400 | Jaccs Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90800 | Japan Airlines Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 153300 | Japan Aviation Electronics Industry, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 108700 | Japan Petroleum Exploration Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3167619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 739300 | Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6216631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 271300 | Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4772347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42700 | Japan Tobacco, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | JTEKT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500 | Kaken Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 106500 | Kamigumi Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2168824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 278400 | Kandenko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1816684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | Kaneka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282500 | Kanematsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3211565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46200 | Kansai Electric Power Co., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190900 | Kansai Paint Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2342393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126300 | Kao Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16200 | Kato Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 411300 | Kawasaki Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9632173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 272500 | Kawasaki Kisen Kaisha, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5755864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 142200 | KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4291488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33300 | Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12977271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 294600 | Kirin Holdings Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4490057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15500 | Kissei Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69000 | Kobayashi Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4722195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 267600 | Kobe Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1302052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76200 | Kohnan Shoji Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31200 | Konica Minolta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91886 | Kose Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10042034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343600 | K's Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2937442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 147700 | Kuraray Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1184331 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35700 | KYB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86400 | Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4290369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270300 | Lion Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3101551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 513700 | Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5898333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63400 | Maxell, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 918100 | Mebuki Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11500 | MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 513900 | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34300 | Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190500 | Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1896410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196500 | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 682200 | Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253200 | Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10043949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53000 | Mitsubishi Materials Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38500 | Mitsubishi Motors Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148812 |
| &nbsp;&nbsp; 1183300 | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7972668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 257300 | Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7513562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67400 | Mitsui Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 505500 | Mitsui OSK Lines, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12604456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 613900 | Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8635404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91200 | Mizuho Leasing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2305142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32800 | Mochida Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 577500 | MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8127762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 131000 | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4193747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16100 | Nachi-Fujikoshi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800 | Nagase & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24400 | NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22200 | NGK Insulators, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11800 | NHK Spring Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265900 | Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11148272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | Nippon Electric Glass Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12400 | NIPPON EXPRESS HOLDINGS, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49200 | Nippon Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30300 | Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126900 | Nippon Soda Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4154822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 324100 | Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5629900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 347400 | Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9905027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 216900 | Nippon Yusen KK<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 134500 | Nishio Rent All Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3175319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 | Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29300 | Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1698776 |
| &nbsp;&nbsp; 1934900 | Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7165047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287700 | Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6792114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 596941 | North Pacific Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4600 | NS Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 389700 | Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18400 | Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2706764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30500 | Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 221900 | Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5184870 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 594400 | ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9543646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169800 | Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2741097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72000 | Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2349161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30200 | Prima Meat Packers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209500 | Rengo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441707 |
| &nbsp;&nbsp; 1766300 | Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9681217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160500 | Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1224931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 | Rohm Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 696000 | Rohto Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12237826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 149600 | Sanki Engineering Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1756265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53700 | Sankyu, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 525300 | Santen Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | Sanyo Chemical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40100 | Sawai Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100200 | Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5728209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 165600 | Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2417262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 145900 | Seino Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43500 | Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26300 | SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 397900 | Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11293611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64800 | Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7968320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20900 | Shizuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 378600 | SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1391648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21400 | SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9014453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28600 | Sohgo Security Services Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 345840 | Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6586805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 173900 | Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7723324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 145000 | Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2228106 |
| &nbsp;&nbsp; 1016300 | SUMCO Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13533208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19600 | Sumitomo Bakelite Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93000 | Sumitomo Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 137200 | Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2283461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 134400 | Sumitomo Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2693195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 182300 | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7317146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 158100 | Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5497463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10100 | Sumitomo Pharma Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330400 | Sumitomo Rubber Industries, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2884693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11700 | Sumitomo Seika Chemicals Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89300 | Taiheiyo Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1392172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | Takara Standard Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211500 | Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6589689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190638 | Takeda Pharmaceutical Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2973953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 440100 | Teijin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4296099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31000 | Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8600 | Toagosei Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285200 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6111660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 195800 | Tokuyama Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 425400 | Tokyo Electric Power Co. Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534658 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17900 | Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5274561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308400 | Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6042018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Tokyo Seimitsu Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100 | Topcon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34300 | TOPPAN, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 113400 | Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16900 | Tosoh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72800 | Towa Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54200 | Toyo Ink SC Holdings Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100 | Toyo Seikan Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213300 | Toyo Suisan Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8244572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11600 | Toyo Tanso Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000 | Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40400 | Trend Micro, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1879995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251500 | TS Tech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2887737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16600 | Tsubakimoto Chain Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15500 | UACJ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 152200 | UBE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35100 | Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 123700 | Ushio, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25700 | Valor Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26900 | Warabeya Nichiyo Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200 | Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 145000 | Yamaha Motor Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3307818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36200 | Yamaichi Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 241500 | Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3852799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199400 | Yokohama Rubber Co., Ltd. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3110123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 665024749 |
|  | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88596 | ArcelorMittal SA, ADR NYRS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2322987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 257068 | ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6742291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9065278 |
|  | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp; 1152700 | Tenaga Nasional Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2519978 |
|  | **Netherlands — 5.3%** | **Netherlands — 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 249996 | ABN AMRO Bank NV CVA, GDR 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3448495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7779 | Adyen NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10696469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 666700 | Aegon NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52134 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28031425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10298 | ASML Holding NV, ADR NYRS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5626827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76928 | ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92567 | Euronext NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6832461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7467 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338300 | ING Groep NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4111643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 318100 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9111967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93068 | Koninklijke DSM NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11353051 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Netherlands — continued** | **Netherlands — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 116900 | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1747160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29743 | Koninklijke Philips NV, ADR NYRS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 318729 | NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12980634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39200 | Randstad NV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382989 |
| &nbsp;&nbsp; 1118642 | Shell Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31299004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 433634 | Shell Plc (Amsterdam Exchange) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12254830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 645190 | Universal Music Group NV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15499907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93121 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9715716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 173125053 |
|  | **Norway — 0.5%** | **Norway — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89196 | Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2753477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100400 | Austevoll Seafood ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172500 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3404997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 113576 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4056039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29191 | Equinor ASA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 377400 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2717770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14879083 |
|  | **Philippines — 0.0%** | **Philippines — 0.0%** |
| &nbsp;&nbsp; 3939800 | Vista Land & Lifescapes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116651 |
|  | **Portugal — 0.2%** | **Portugal — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 773869 | EDP - Energias de Portugal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3845443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 244499 | Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16514 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7491578 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp; 3792080 | Gazprom PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 113778 | LUKOIL PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8430 | MMC Norilsk Nickel PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18119 | Novatek PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169349 | Rosneft Oil Co. PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6960 |
| &nbsp;&nbsp; 1092670 | Sberbank of Russia PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296674 | Tatneft PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265656 |
|  | **Singapore — 0.2%** | **Singapore — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 954000 | IGG, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 259300 | United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5935364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 112800 | Venture Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7724642 |
|  | **South Africa — 0.6%** | **South Africa — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17400 | Anglo American Platinum, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 469307 | Anglo American Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18271000 |
| &nbsp;&nbsp; 1003000 | Old Mutual, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20342234 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — 1.3%** | **South Korea — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150 | Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17839 | Hanwha Aerospace Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65212 | Hyundai Doosan Infracore Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496 | Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17844 | Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2130838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143403 | Kia Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6725028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49548 | KT&G Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3585324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 611479 | Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26741628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53489 | SK Telecom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42962148 |
|  | **Spain — 2.1%** | **Spain — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 153694 | Amadeus IT Group SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7963649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 384863 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2314137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48347 | Banco Bilbao Vizcaya Argentaria SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290565 |
| &nbsp;&nbsp; 2390079 | Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7148647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 102501 | Banco Santander SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 409353 | CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1604230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 326727 | Cellnex Telecom SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10781780 |
| &nbsp;&nbsp; 1565400 | Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18260449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20191 | Let's GOWEX SA\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1599120 | Mapfre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3089055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 481400 | Mediaset Espana Comunicacion SA\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1702647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 885118 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14027930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 599123 | Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2164416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69649883 |
|  | **Sweden — 2.2%** | **Sweden — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 129900 | Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4877717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 542089 | Electrolux AB Class B <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7324276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 356144 | Epiroc AB Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6489173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 285144 | Essity AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7479232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 395573 | H & M Hennes & Mauritz AB Class B <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 812354 | Hexagon AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8498161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 178400 | Husqvarna AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11549 | Investor AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 490442 | Securitas AB Class B <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4093175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 370500 | SKF AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 156290 | SSAB AB Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136597 | SSAB AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 298578 | Svenska Cellulosa AB SCA Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3781119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250447 | Swedbank AB Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261649 |
| &nbsp;&nbsp; 2081586 | Telia Co. AB<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5326079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 390400 | Volvo AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7062008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72138429 |
|  | **Switzerland — 5.7%** | **Switzerland — 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76200 | Adecco Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 169909 | Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11602735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 | Bucher Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2215780 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Switzerland — continued** | **Switzerland — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2558290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51132 | Cie Financiere Richemont SA Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6626380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 358000 | Credit Suisse Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12195 | Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5740297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2605 | Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7976616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2912884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 170047 | Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9899191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30215 | Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14797251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 593253 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53599242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45719 | Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8593314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4020 | SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9341764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58446 | Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14005056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8585 | Swatch Group AG (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2440397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25598 | Swatch Group AG (The) (SIX Swiss Exchange) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9646 | Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4971047 |
| &nbsp;&nbsp; 1270494 | UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23626080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 185813686 |
|  | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| &nbsp;&nbsp; 1758000 | ASE Technology Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5370864 |
| &nbsp;&nbsp; 1513000 | Chipbond Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2825599 |
| &nbsp;&nbsp; 1714000 | Compeq Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481593 |
| &nbsp;&nbsp; 1210650 | Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2217618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 780000 | Hon Hai Precision Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2535244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201000 | Novatek Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160395 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11947824 |
| &nbsp;&nbsp; 2199000 | United Microelectronics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2911919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34285732 |
|  | **Thailand — 0.0%** | **Thailand — 0.0%** |
| 10006800 | Quality Houses PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664520 |
|  | **Turkey — 0.4%** | **Turkey — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 663400 | BIM Birlesik Magazalar AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4851596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280700 | Coca-Cola Icecek AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3064990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 161943 | Haci Omer Sabanci Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 564485 | Turk Hava Yollari AO\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4248828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 588361 | Turkiye Garanti Bankasi AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13499572 |
|  | **United Kingdom — 8.5%** | **United Kingdom — 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 397907 | 3i Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6420989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180900 | Associated British Foods Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3429450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 155020 | AstraZeneca Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20918611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 504900 | Aviva Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2689321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 485400 | BAE Systems Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4998080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 482200 | Balfour Beatty Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1958210 |
| &nbsp;&nbsp; 4950607 | Barclays Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9440004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288541 | Barclays Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250620 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 280200 | Barratt Developments Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54979 | Bellway Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261511 |
| &nbsp;&nbsp; 1124647 | BP Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6424629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 630841 | BP Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22035276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235600 | British American Tobacco Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9299881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88731 | British American Tobacco Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3547465 |
| &nbsp;&nbsp; 1821700 | BT Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2455378 |
| &nbsp;&nbsp; 2196700 | Centrica Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2550456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 614500 | CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3688598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 262400 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4190893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 518680 | Compass Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11963674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208800 | Crest Nicholson Holdings Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45710 | Croda International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3631182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 992500 | Currys Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 368962 | Diageo Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16199596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216 | Diageo Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 455973 | Experian Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15429027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270159 | Hiscox, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3540596 |
| &nbsp;&nbsp; 3094800 | HSBC Holdings Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19250929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 653255 | IMI Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10121113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229500 | Imperial Brands Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5717320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143809 | Intertek Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6978332 |
| &nbsp;&nbsp; 1581400 | J Sainsbury Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4141235 |
| &nbsp;&nbsp; 1756600 | Kingfisher Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4988828 |
| &nbsp;&nbsp; 7342700 | Lloyds Banking Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 515100 | Man Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324115 |
| &nbsp;&nbsp; 1180848 | Marks & Spencer Group Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 681500 | Mitchells & Butlers Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 938321 | NatWest Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2993330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 123169 | Ocado Group Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 492348 | Paragon Banking Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3337304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 424064 | QinetiQ Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 181531 | Reckitt Benckiser Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12564648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 332100 | Redrow Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192666 | RELX Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5302623 |
| &nbsp;&nbsp; 1031090 | Segro Plc REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9470920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 523712 | Smith & Nephew Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6989555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60163 | Smith & Nephew Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45353 | Spirax-Sarco Engineering Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5791029 |
| &nbsp;&nbsp; 1350500 | Taylor Wimpey Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1651322 |
| &nbsp;&nbsp; 1767600 | Tesco Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4767045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125400 | Vistry Group Plc<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 280504027 |
|  | **United States — 8.0%** | **United States — 8.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47348 | Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7085628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80554 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13213273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21078 | ANSYS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5092234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103481 | Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7072926 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49509 | Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7953126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94340 | CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18409927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 860624 | GSK Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14882682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 441614 | GSK Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15518316 |
| &nbsp;&nbsp; 2592883 | Haleon Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10209981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92600 | Holcim AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4792140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63270 | ICON Plc, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12290197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81612 | Janus Henderson Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1919514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 674400 | JBS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2808856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235675 | Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27291634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 158292 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49701498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65560 | Roche Holding AG, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2566674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 323100 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45075958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 155300 | Signify NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5201042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 177711 | Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 255527 | Stellantis NV (EN Paris Exchange)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3618876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39890 | Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3728585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70070 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72563 | Tenaris SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 264717887 |
|  | TOTAL COMMON STOCKS (COST $3,229,221,903) | 3116191597 |
|  | **INVESTMENT COMPANY — 0.4%** | **INVESTMENT COMPANY — 0.4%** |
|  | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 296255 | iShares MSCI Eurozone ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11694666 |
|  | TOTAL INVESTMENT COMPANY (COST $11,712,092) | &nbsp;&nbsp;&nbsp;&nbsp; 11694666 |
|  | **PREFERRED STOCKS — 0.9%** | **PREFERRED STOCKS — 0.9%** |
|  | **Brazil — 0.2%** | **Brazil — 0.2%** |
| &nbsp;&nbsp; 1162400 | Petroleo Brasileiro SA, 42.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393967 |
|  | **Germany — 0.7%** | **Germany — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5781 | BMW AG, 7.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37871 | Henkel AG & Co. KGaA, 2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2627966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67437 | Porsche Automobil Holding SE, 5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3687851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 414900 | Schaeffler AG, 7.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2818434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 105214 | Volkswagen AG, 22.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13072754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22697810 |
|  | **South Korea — 0.0%** | **South Korea — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44830 | Samsung Electronics Co., Ltd., 2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790364 |
|  | TOTAL PREFERRED STOCKS (COST $41,163,596) | &nbsp;&nbsp;&nbsp;&nbsp; 29882141 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **WARRANT — 0.0%** | **WARRANT — 0.0%** |
|  | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 236912 | Cie Financiere Richemont SA Expires 11/22/23\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197171 |
|  | TOTAL WARRANT (COST $—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197171 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 2.9%** | **SHORT-TERM INVESTMENT — 2.9%** |
|  | **Mutual Fund - Securities Lending Collateral — 2.9%** | **Mutual Fund - Securities Lending Collateral — 2.9%** |
| 97215006 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97215006 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $97,215,006) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97215006 |
|  | **TOTAL INVESTMENTS — 98.9**% <br>(Cost $3,379,312,597)<br>| &nbsp;&nbsp; 3255180581 |
|  | Other Assets and Liabilities (net) — 1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35565644 |
|  | **NET ASSETS — 100.0%** | **$3290746225** |

---

&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 <br> the 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 $265,656 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at December 31, 2022 was $30,137,646.<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 $265,656 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at December 31, 2022 was $29,569,045.<br>|
| (e) | The rate disclosed is the 7-day net yield as of December 31, 2022. |
| (f) | 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 $8,777,086 which represents 0.3% 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>|
| Buy |  |  |  |  |
| 835 | MSCI EAFE Index | Mar 2023 | $81387450 | $(1672568) |

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| CVA |  | Certificaten Van Aandelen |
| GDR |  | Global Depository Receipt |
| NYRS |  | New York Registry Shares |
| REIT |  | Real Estate Investment Trust |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Consumer, Non-cyclical | &nbsp;&nbsp; 24.8 |
| Financial | &nbsp;&nbsp; 15.6 |
| Industrial | &nbsp;&nbsp; 14.1 |
| Consumer, Cyclical | &nbsp;&nbsp; 11.5 |
| Basic Materials | &nbsp;&nbsp;&nbsp; 9.5 |
| Energy | &nbsp;&nbsp;&nbsp; 7.5 |
| Technology | &nbsp;&nbsp;&nbsp; 7.4 |
| Communications | &nbsp;&nbsp;&nbsp; 3.2 |
| Utilities | &nbsp;&nbsp;&nbsp; 2.0 |
| Investment Company | &nbsp;&nbsp;&nbsp; 0.4 |
| Diversified | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 2.9 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 1.1 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>|  | **Description** | **Value ($)** |
|  |  | **DEBT OBLIGATIONS — 99.9%** | **DEBT OBLIGATIONS — 99.9%** |
|  |  | **Asset Backed Securities — 12.5%** | **Asset Backed Securities — 12.5%** |
| &nbsp;&nbsp; 201000 |  | &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund ABS I, Ltd., Series 2020-1A, Class A, 3.20%, due 12/20/30 <br> 144A<br>| &nbsp;&nbsp; 183300 |
| 2559000 |  | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A | 2190857 |
| 2660000 |  | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75%, due <br> 08/15/27<br>| 2602496 |
| &nbsp;&nbsp; 107156 |  | AmeriCredit Automobile Receivables Trust, Series 2019-1, Class C, 3.36%, due 02/18/25 | &nbsp;&nbsp; 106541 |
| &nbsp;&nbsp; 336423 |  | AmeriCredit Automobile Receivables Trust, Series 2019-2, Class C, 2.74%, due 04/18/25 | &nbsp;&nbsp; 333123 |
| &nbsp;&nbsp; 600000 |  | AmeriCredit Automobile Receivables Trust, Series 2019-3, Class C, 2.32%, due 07/18/25 | &nbsp;&nbsp; 589331 |
| &nbsp;&nbsp; 318057 |  | AmeriCredit Automobile Receivables Trust, Series 2020-1, Class B, 1.48%, due 01/21/25 | &nbsp;&nbsp; 315881 |
| &nbsp;&nbsp; 400000 |  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27 | &nbsp;&nbsp; 363915 |
| &nbsp;&nbsp; 400000 |  | AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27 | &nbsp;&nbsp; 360459 |
| &nbsp;&nbsp; 179000 |  | AMSR Trust, Series 2020-SFR4, Class A, 1.36%, due 11/17/37 144A | &nbsp;&nbsp; 160297 |
| 1350000 |  | AMSR Trust, Series 2021-SFR1, Class A, 1.95%, due 06/17/38<sup>(b)</sup> 144A | 1114024 |
| 1529000 |  | AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A | 1311195 |
| 2742000 |  | AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A | 2535132 |
| 3500000 |  | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 7, Ltd., Series 2015-7A, Class AR2, 5.46% (3 mo. USD LIBOR <br> + 1.09%), due 01/28/31<sup>(c)</sup> 144A<br>| 3451161 |
| &nbsp;&nbsp; 488070 |  | &nbsp;&nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due <br> 06/05/49 144A<br>| &nbsp;&nbsp; 481107 |
| &nbsp;&nbsp; 176275 |  | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A | &nbsp;&nbsp; 161276 |
| &nbsp;&nbsp; 756585 |  | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | &nbsp;&nbsp; 642509 |
| 1245848 |  | ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, due 08/15/28 144A | 1242678 |
| 3500000 |  | &nbsp;&nbsp;&nbsp; Atlas Static Senior Loan Fund CLO I, Ltd., Series 2022-1A, Class A, 5.10% (3 mo. <br> TSFR + 2.60%), due 07/15/30<sup>(c)</sup> 144A<br>| 3457111 |
| &nbsp;&nbsp; 696000 |  | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.36%, due <br> 03/20/26 144A<br>| &nbsp;&nbsp; 648484 |
| &nbsp;&nbsp; 470000 |  | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A, 2.33%, due <br> 08/20/26 144A<br>| &nbsp;&nbsp; 435490 |
| 1838000 |  | BA Credit Card Trust, Series, 2022-A2, Class A2, 5.00%, due 04/17/28 | 1857422 |
| 2500000 | EUR | &nbsp;&nbsp;&nbsp; Barings Euro CLO DAC, Series 2015-1A, Class ARR, 2.52% (3 mo. EURIBOR + <br> 0.98%), due 07/25/35<sup>(c)</sup> 144A<br>| 2543661 |
| &nbsp;&nbsp; 198000 |  | BMW Vehicle Lease Trust, Series 2022-1, Class A3, 1.10%, due 03/25/25 | &nbsp;&nbsp; 191605 |
| 1250000 | EUR | &nbsp;&nbsp;&nbsp; BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 1.98% (3 mo. EURIBOR + <br> 0.60%), due 04/15/31<sup>(c)</sup> 144A<br>| 1290104 |
| &nbsp;&nbsp; 267932 |  | &nbsp;&nbsp;&nbsp; BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A, 3.28%, due <br> 09/26/33 144A<br>| &nbsp;&nbsp; 251912 |
| &nbsp;&nbsp; 366000 |  | Capital Automotive REIT, LP, Series 2020-1A, Class B1, 4.17%, due 02/15/50 144A | &nbsp;&nbsp; 334387 |
| 1750000 | EUR | &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO, Ltd., Series 2014-2A, Class AR1, 2.55% (3 <br> mo. EURIBOR + 0.75%), due 11/15/31<sup>(c)</sup> 144A<br>| 1805432 |
| &nbsp;&nbsp; 282000 |  | &nbsp;&nbsp;&nbsp; Carlyle US CLO, Ltd., Series 2019-2A, Class A1R, 5.20% (3 mo. USD LIBOR + <br> 1.12%), due 07/15/32<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 275649 |
| &nbsp;&nbsp; 400000 |  | CarMax Auto Owner Trust, Series 2020-4, Class C, 1.30%, due 08/17/26 | &nbsp;&nbsp; 365139 |
| &nbsp;&nbsp; 300000 |  | CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, due 02/16/27 | &nbsp;&nbsp; 271371 |
| &nbsp;&nbsp; 310000 |  | CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27 | &nbsp;&nbsp; 274967 |
| &nbsp;&nbsp; 300000 |  | CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27 | &nbsp;&nbsp; 264155 |
| &nbsp;&nbsp; 400000 |  | CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27 | &nbsp;&nbsp; 362873 |
| &nbsp;&nbsp; 200000 |  | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28 | &nbsp;&nbsp; 174282 |
| &nbsp;&nbsp; 595000 |  | CarMax Auto Owner Trust, Series 2022-4, Class A3, 5.34%, due 08/16/27 | &nbsp;&nbsp; 601186 |
| 1401510 |  | CF Hippolyta LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | 1252516 |
| &nbsp;&nbsp; 841321 |  | CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A | &nbsp;&nbsp; 728617 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 843317 | &nbsp;&nbsp;&nbsp; CIFC Funding CLO, Ltd., Series 2014-2RA, Class A1, 5.37% (3 mo. USD LIBOR + <br> 1.05%), due 04/24/30<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 833698 |
| 1500000 | &nbsp;&nbsp;&nbsp; CIFC Funding CLO, Ltd., Series 2015-1A, Class ARR, 5.43% (3 mo. USD LIBOR + <br> 1.11%), due 01/22/31<sup>(c)</sup> 144A<br>| 1481205 |
| 1200000 | Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30 | 1159888 |
| &nbsp;&nbsp; 812225 | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | &nbsp;&nbsp; 704563 |
| &nbsp;&nbsp; 626731 | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A | &nbsp;&nbsp; 535441 |
| &nbsp;&nbsp; 563734 | CLI Funding VIII LLC, Series 2022-1A, Class A1, 2.72%, due 01/18/47 144A | &nbsp;&nbsp; 479989 |
| &nbsp;&nbsp; 158566 | &nbsp;&nbsp;&nbsp; Commonbond Student Loan Trust, Series 2017-BGS, Class A1, 2.68%, due 09/25/42 <br> 144A<br>| &nbsp;&nbsp; 146052 |
| 2250000 | &nbsp;&nbsp;&nbsp; Crown City CLO I, Series 2020-1A, Class A1AR, 5.43% (3 mo. USD LIBOR + 1.19%), <br> due 07/20/34<sup>(c)</sup> 144A<br>| 2181078 |
| 1250000 | &nbsp;&nbsp;&nbsp; Crown Point CLO 11, Ltd., Series 2021-11A, Class A, 5.20% (3 mo. USD LIBOR + <br> 1.12%), due 01/17/34<sup>(c)</sup> 144A<br>| 1224014 |
| &nbsp;&nbsp; 359000 | DataBank Issuer, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A | &nbsp;&nbsp; 311613 |
| 2332440 | DB Master Finance LLC, Series 2021-1A, Class A23, 2.79%, due 11/20/51 144A | 1803806 |
| 1142460 | DB Master Finance LLC, Series 2021-1A, Class A2I, 2.05%, due 11/20/51 144A | &nbsp;&nbsp; 978905 |
| &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp; Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87193 |
| &nbsp;&nbsp; 757238 | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2017-1A, Class A23, 4.12%, due 07/25/47 <br> 144A<br>| &nbsp;&nbsp; 696582 |
| 3392340 | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 <br> 144A<br>| 2831866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10182 | Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, due 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10168 |
| &nbsp;&nbsp; 473565 | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | &nbsp;&nbsp; 393187 |
| &nbsp;&nbsp; 480150 | Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A | &nbsp;&nbsp; 382366 |
| &nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp; Elmwood CLO IV, Ltd., Series 2020-1A, Class A, 5.32% (3 mo. USD LIBOR + 1.24%), <br> due 04/15/33<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 452088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670 | FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 |
| &nbsp;&nbsp; 416075 | FirstKey Homes Trust, Series 2021-SFR1, Class A, 1.54%, due 08/17/38 144A | &nbsp;&nbsp; 361273 |
| &nbsp;&nbsp; 401000 | FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A | &nbsp;&nbsp; 337492 |
| 1104752 | FirstKey Homes Trust, Series 2022-SFR1, Class A, 4.15%, due 05/17/39 144A | 1037794 |
| 2632959 | FirstKey Homes Trust, Series 2022-SFRA, Class A, 3.10%, due 03/17/39 144A | 2364332 |
| &nbsp;&nbsp; 396975 | Five Guys Funding LLC, Series 2017-1A, Class A2, 4.60%, due 07/25/47 144A | &nbsp;&nbsp; 372816 |
| &nbsp;&nbsp; 300000 | Ford Credit Auto Owner Trust, Series 2020-C, Class C, 1.04%, due 05/15/28 | &nbsp;&nbsp; 276091 |
| &nbsp;&nbsp; 153000 | Ford Credit Auto Owner Trust, Series 2022-A, Class A3, 1.29%, due 06/15/26 | &nbsp;&nbsp; 145553 |
| &nbsp;&nbsp; 300000 | Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, due 07/15/29 | &nbsp;&nbsp; 274716 |
| 2282000 | Ford Credit Auto Owner Trust, Series 2022-B, Class A4, 3.93%, due 08/15/27 | 2222916 |
| &nbsp;&nbsp; 818000 | Ford Credit Floorplan Master Owner Trust, Series 2019-2, Class A, 3.06%, due 04/15/26 | &nbsp;&nbsp; 793876 |
| &nbsp;&nbsp; 698000 | Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06%, due 09/15/27 | &nbsp;&nbsp; 628144 |
| 1000000 | &nbsp;&nbsp;&nbsp; Generate CLO-2, Ltd., Series 2A, Class AR, 5.47% (3 mo. USD LIBOR + 1.15%), due <br> 01/22/31<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 987548 |
| 3500000 | &nbsp;&nbsp;&nbsp; Generate CLO-4, Ltd., Series 4A, Class A1R, 5.33% (3 mo. USD LIBOR + 1.09%), due <br> 04/20/32<sup>(c)</sup> 144A<br>| 3453611 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2021-1, Class C, 1.04%, <br> due 05/17/27<br>| &nbsp;&nbsp; 274477 |
| &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2021-4, Class A3, 0.68%, <br> due 09/16/26<br>| &nbsp;&nbsp; 155005 |
| &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding, Ltd., Series 2020-1A, Class A2, 3.21%, due <br> 01/22/29 144A<br>| &nbsp;&nbsp; 434322 |
| &nbsp;&nbsp; 434000 | &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding, Ltd., Series 2021-1A, Class A2, 2.77%, due <br> 04/20/29 144A<br>| &nbsp;&nbsp; 392931 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 2500000 | EUR | &nbsp;&nbsp;&nbsp; Grosvenor Place, Series, 2022-1A, Class A, 4.34% (3 mo. EURIBOR + 2.00%), due <br> 11/24/35 144A<br>| 2657118 |
| &nbsp;&nbsp; 476000 |  | HI-FI Music IP Issuer, LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A | &nbsp;&nbsp; 427394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76275 |  | Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, due 12/26/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 75095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63958 |  | Hilton Grand Vacations Trust, Series 2018-AA, Class A, 3.54%, due 02/25/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 61865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80114 |  | &nbsp;&nbsp;&nbsp; Home Equity Asset Trust, Series 2003-8, Class M1, 5.47% (1 mo. USD LIBOR + <br> 1.08%), due 04/25/34<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77376 |
| &nbsp;&nbsp; 279000 |  | Honda Auto Receivables Owner Trust, Series 2021-2, Class A4, 0.55%, due 08/16/27 | &nbsp;&nbsp; 257965 |
| &nbsp;&nbsp; 238000 |  | &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2022-A, Class A3, 1.16%, due 01/15/25 <br> 144A<br>| &nbsp;&nbsp; 229752 |
| &nbsp;&nbsp; 818000 |  | Hyundai Auto Receivables Trust, Series, 2022-C, Class A3, 5.39%, due 06/15/27 | &nbsp;&nbsp; 826998 |
| 2000000 | EUR | &nbsp;&nbsp;&nbsp; Invesco Euro CLO I DAC, Series 1A, Class A1R, 2.03% (3 mo. EURIBOR + 0.65%), <br> due 07/15/31<sup>(c)</sup> 144A<br>| 2071593 |
| &nbsp;&nbsp; 191588 |  | Jack In The Box Funding LLC, Series 2019-1A, Class A23, 4.97%, due 08/25/49 144A | &nbsp;&nbsp; 169961 |
| &nbsp;&nbsp; 486590 |  | Jack In The Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, due 02/26/52 144A | &nbsp;&nbsp; 423654 |
| &nbsp;&nbsp; 174975 |  | JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, due 02/26/29 144A | &nbsp;&nbsp; 164979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28200 |  | &nbsp;&nbsp;&nbsp; Laurel Road Prime Student Loan Trust, Series 2017-C, Class A2B, 2.81%, due 11/25/42 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27654 |
| 1000000 | EUR | &nbsp;&nbsp;&nbsp; Madison Park Euro Funding CLO XIV DAC, Series 14A, Class A1R, 2.18% (3 mo. <br> EURIBOR + 0.80%), due 07/15/32<sup>(c)</sup> 144A<br>| 1034382 |
| 3500000 |  | &nbsp;&nbsp;&nbsp; Madison Park Funding CLO XXXIII, Ltd., Series 2019-33A, Class AR, 5.15% (3 mo. <br> TSFR + 1.29%), due 10/15/32<sup>(c)</sup> 144A<br>| 3427525 |
| 2000000 |  | &nbsp;&nbsp;&nbsp; Madison Park Funding CLO XXXVIII, Ltd., Series 2021-38A, Class A, 5.20% (3 mo. <br> USD LIBOR + 1.12%), due 07/17/34<sup>(c)</sup> 144A<br>| 1953666 |
| &nbsp;&nbsp; 500000 |  | Mercedes-Benz Auto Receivables Trust, Series, 2022-1, Class A3, 5.21%, due 08/16/27 | &nbsp;&nbsp; 504667 |
| &nbsp;&nbsp; 741126 |  | &nbsp;&nbsp;&nbsp; MidOcean Credit CLO III, Series 2014-3A, Class A1R, 5.40% (3 mo. USD LIBOR + <br> 1.12%), due 04/21/31<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 727132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61803 |  | &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC10, Class M1, 5.41% (1 mo. <br> USD LIBOR + 1.02%), due 10/25/33<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17904 |  | &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC7, Class M1, 5.44% (1 mo. <br> USD LIBOR + 1.05%), due 06/25/33<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50368 |  | &nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, Series 2016-AA, Class A2A, 3.91%, due 12/15/45 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48758 |
| &nbsp;&nbsp; 276602 |  | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Student Loan Trust, Series 2019-FA, Class A2, 2.60%, <br> due 08/15/68 144A<br>| &nbsp;&nbsp; 256131 |
| &nbsp;&nbsp; 380594 |  | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Student Loan Trust, Series 2020-HA, Class A, 1.31%, <br> due 01/15/69 144A<br>| &nbsp;&nbsp; 341855 |
| &nbsp;&nbsp; 407918 |  | Neighborly Issuer, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A | &nbsp;&nbsp; 324987 |
| &nbsp;&nbsp; 707230 |  | Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A | &nbsp;&nbsp; 568832 |
| &nbsp;&nbsp; 148757 |  | &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.42% (1 mo. USD <br> LIBOR + 0.72%), due 10/25/33<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 139681 |
| &nbsp;&nbsp; 785000 |  | &nbsp;&nbsp;&nbsp; New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due <br> 10/20/61 144A<br>| &nbsp;&nbsp; 664736 |
| &nbsp;&nbsp; 203000 |  | &nbsp;&nbsp;&nbsp; New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due <br> 10/20/61 144A<br>| &nbsp;&nbsp; 167309 |
| 2643000 |  | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust, Series 2022-1A, Class A2, 2.80%, due <br> 03/15/27 144A<br>| 2492004 |
| 1500000 |  | &nbsp;&nbsp;&nbsp; Northwoods Capital CLO 22, Ltd., Series 2020-22A, Class AR, 5.85% (3 mo. TSFR + <br> 1.45%), due 09/01/31<sup>(c)</sup> 144A<br>| 1482454 |
| &nbsp;&nbsp; 106024 |  | &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due <br> 07/25/26 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92700 |
| 1828576 |  | &nbsp;&nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund, Series 2021-1A, Class A1, 1.48%, due <br> 01/20/51 144A<br>| 1598787 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 728231 | &nbsp;&nbsp;&nbsp; Oak Street Investment Grade Net Lease Fund, Series 2021-2A, Class A1, 2.38%, due <br> 11/20/51 144A<br>| &nbsp;&nbsp; 640126 |
| 1250000 | &nbsp;&nbsp;&nbsp; OCP CLO, Ltd., Series 2015-9A, Class A1R2, 5.11% (3 mo. TSFR + 1.25%), due <br> 01/15/33<sup>(c)</sup> 144A<br>| 1228097 |
| &nbsp;&nbsp; 272000 | &nbsp;&nbsp;&nbsp; OCP CLO, Ltd., Series 2020-19A, Class AR, 5.39% (3 mo. USD LIBOR + 1.15%), due <br> 10/20/34<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 265708 |
| 1000000 | &nbsp;&nbsp;&nbsp; OFSI BSL XI CLO, Ltd., Series 2022-11A, Class A1, 6.03% (3 mo. TSFR + 2.10%), <br> due 07/18/31<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 996379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68453 | Oxford Finance Funding LLC, Series 2019-1A, Class A2, 4.46%, due 02/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 67925 |
| 2340084 | &nbsp;&nbsp;&nbsp; OZLM Funding IV CLO, Ltd., Series 2013-4A, Class A1R, 5.57% (3 mo. USD LIBOR <br> + 1.25%), due 10/22/30<sup>(c)</sup> 144A<br>| 2311093 |
| &nbsp;&nbsp; 247297 | &nbsp;&nbsp;&nbsp; OZLM XI CLO, Ltd., Series 2015-11A, Class A1R, 5.66% (3 mo. USD LIBOR + <br> 1.25%), due 10/30/30<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 243997 |
| 2500000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd., Series 2015-1A, Class A1A4, 5.81% (3 mo. USD LIBOR + <br> 1.13%), due 05/21/34<sup>(c)</sup> 144A<br>| 2448795 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd., Series 2018-2A, Class A1A, 5.18% (3 mo. USD LIBOR + <br> 1.10%), due 07/16/31<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 740591 |
| 2000000 | &nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO, Ltd., Series 2018-1A, Class A1A4, 5.24% (3 <br> mo. USD LIBOR + 1.00%), due 10/20/31<sup>(c)</sup> 144A<br>| 1955712 |
| 2492000 | PFS Financing Corp., Series 2022-A, Class A, 2.47%, due 02/15/27 144A | 2342795 |
| 1329000 | Progress Residential Trust, Series 2019-SFR4, Class A, 2.69%, due 10/17/36 144A | 1259290 |
| 1017171 | Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, due 04/17/37 144A | &nbsp;&nbsp; 928137 |
| 1362782 | Progress Residential Trust, Series 2021-SFR2, Class A, 1.55%, due 04/19/38 144A | 1192035 |
| &nbsp;&nbsp; 246000 | Progress Residential Trust, Series 2021-SFR8, Class B, 1.68%, due 10/17/38 144A | &nbsp;&nbsp; 203742 |
| 1570000 | Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 | 1389189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3542 | Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 4.93%, due 08/25/35<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3430 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Romark CLO II, Ltd., Series 2018-2A, Class A1, 5.53% (3 mo. USD LIBOR + 1.18%), <br> due 07/25/31<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 245719 |
| &nbsp;&nbsp; 739000 | Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, due 04/20/45 144A | &nbsp;&nbsp; 689705 |
| &nbsp;&nbsp; 117730 | Santander Drive Auto Receivables Trust, Series 2020-2, Class C, 1.46%, due 09/15/25 | &nbsp;&nbsp; 117356 |
| &nbsp;&nbsp; 265615 | Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12%, due 01/15/26 | &nbsp;&nbsp; 263251 |
| &nbsp;&nbsp; 250850 | Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, due 01/15/26 | &nbsp;&nbsp; 248345 |
| &nbsp;&nbsp; 400000 | Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90%, due 06/15/26 | &nbsp;&nbsp; 389196 |
| &nbsp;&nbsp; 800000 | Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, due 07/15/27 | &nbsp;&nbsp; 748378 |
| &nbsp;&nbsp; 700000 | Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95%, due 09/15/27 | &nbsp;&nbsp; 673493 |
| &nbsp;&nbsp; 900000 | Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, due 02/16/27 | &nbsp;&nbsp; 855835 |
| &nbsp;&nbsp; 600000 | Santander Drive Auto Receivables Trust, Series 2022-1, Class C, 2.56%, due 04/17/28 | &nbsp;&nbsp; 573551 |
| &nbsp;&nbsp; 653000 | &nbsp;&nbsp;&nbsp; Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, due 01/26/32 <br> 144A<br>| &nbsp;&nbsp; 615618 |
| &nbsp;&nbsp; 483750 | Sesac Finance LLC, Series 2019-1, Class A2, 5.22%, due 07/25/49 144A | &nbsp;&nbsp; 448653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31376 | &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, Series 2019-1A, Class A, 3.20%, due <br> 01/20/36 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30181 |
| &nbsp;&nbsp; 395113 | &nbsp;&nbsp;&nbsp; Silver Creek CLO, Ltd., Series 2014-1A, Class AR, 5.48% (3 mo. USD LIBOR + <br> 1.24%), due 07/20/30<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 391886 |
| &nbsp;&nbsp; 324664 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2019-B, Class A2A, 2.84%, due 06/15/37 <br> 144A<br>| &nbsp;&nbsp; 303747 |
| &nbsp;&nbsp; 584332 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.34%, due 03/17/53 <br> 144A<br>| &nbsp;&nbsp; 512367 |
| &nbsp;&nbsp; 482473 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | &nbsp;&nbsp; 430031 |
| &nbsp;&nbsp; 355500 | Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A | &nbsp;&nbsp; 284555 |
| &nbsp;&nbsp; 650087 | Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, due 02/25/44 144A | &nbsp;&nbsp; 634686 |
| &nbsp;&nbsp; 547000 | Stack Infrastructure Issuer LLC, Series 2019-2A, Class A2, 3.08%, due 10/25/44 144A | &nbsp;&nbsp; 512464 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 2178000 | Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A | 1884545 |
| &nbsp;&nbsp; 184215 | Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A | &nbsp;&nbsp; 147239 |
| 1004850 | Taco Bell Funding LLC, Series 2021-1A, Class A2I, 1.95%, due 08/25/51 144A | &nbsp;&nbsp; 852214 |
| 1874070 | Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, due 08/25/51 144A | 1511077 |
| 1000000 | &nbsp;&nbsp;&nbsp; TCW CLO, Ltd., Series 2019-2A, Class A1R, 5.24% (3 mo. TSFR + 1.28%), due <br> 10/20/32<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 976796 |
| &nbsp;&nbsp; 279278 | TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A | &nbsp;&nbsp; 232164 |
| 1204000 | &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2019-1A, Class A, 2.56%, due 11/25/31 <br> 144A<br>| 1160910 |
| &nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, due 05/25/33 <br> 144A<br>| &nbsp;&nbsp; 333275 |
| &nbsp;&nbsp; 417000 | Toyota Auto Receivables Owner Trust, Series 2022-A, Class A3, 1.23%, due 06/15/26 | &nbsp;&nbsp; 395617 |
| &nbsp;&nbsp; 714000 | Toyota Auto Receivables Owner Trust, Series, 2022-D, Class A3, 5.30%, due 09/15/27 | &nbsp;&nbsp; 722747 |
| 1527118 | Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A | 1400564 |
| 2663416 | Tricon Residential Trust, Series 2022-SFR2, Class A, 4.85%, due 07/17/40 144A | 2510441 |
| 1500000 | &nbsp;&nbsp;&nbsp; Trimaran Cavu CLO, Ltd., Series 2021-1A, Class A, 5.53% (3 mo. USD LIBOR + <br> 1.21%), due 04/23/32<sup>(c)</sup> 144A<br>| 1468969 |
| &nbsp;&nbsp; 632443 | &nbsp;&nbsp;&nbsp; Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 <br> 144A<br>| &nbsp;&nbsp; 542262 |
| &nbsp;&nbsp; 570338 | &nbsp;&nbsp;&nbsp; Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 <br> 144A<br>| &nbsp;&nbsp; 476649 |
| 1433057 | U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | 1359714 |
| &nbsp;&nbsp; 876181 | U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | &nbsp;&nbsp; 831651 |
| 1146823 | U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | 1073178 |
| &nbsp;&nbsp; 472364 | U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | &nbsp;&nbsp; 444657 |
| &nbsp;&nbsp; 399369 | U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | &nbsp;&nbsp; 372881 |
| 2017731 | U.S. Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44 | 1802571 |
| &nbsp;&nbsp; 840767 | U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | &nbsp;&nbsp; 699306 |
| 2011420 | U.S. Small Business Administration, Series 2022-25A, Class 1, 2.04%, due 01/01/47 | 1690668 |
| 2485422 | U.S. Small Business Administration, Series 2022-25D, Class 1, 3.50%, due 04/01/47 | 2286428 |
| 1706820 | U.S. Small Business Administration, Series 2022-25E, Class 1, 3.94%, due 05/01/47 | 1615995 |
| 2711000 | U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47 | 2582126 |
| 2281000 | U.S. Small Business Administration, Series, 2022-25J, Class 1, 5.04%, due 10/01/47 | 2296738 |
| 2357000 | &nbsp;&nbsp;&nbsp; Vantage Data Centers Issuers LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 <br> 144A<br>| 2081611 |
| 1204000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | &nbsp;&nbsp; 991706 |
| &nbsp;&nbsp; 112848 | VCP RRL ABS I, Ltd., Series 2021-1A, Class A, 2.15%, due 10/20/31 144A | &nbsp;&nbsp; 102376 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Venture XIX CLO, Ltd., Series 2014-19A, Class ARR, 5.34% (3 mo. USD LIBOR + <br> 1.26%), due 01/15/32<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 487957 |
| 2372000 | Verizon Master Trust, Series 2021-2, Class A, 0.99%, due 04/20/28 | 2212999 |
| &nbsp;&nbsp; 454176 | VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A | &nbsp;&nbsp; 378646 |
| &nbsp;&nbsp; 164553 | VSE VOI Mortgage LLC, Series 2017-A, Class A, 2.33%, due 03/20/35 144A | &nbsp;&nbsp; 157549 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Wellfleet CLO, Ltd., Series 2018-3A, Class A1A, 5.49% (3 mo. USD LIBOR + 1.25%), <br> due 01/20/32<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 488753 |
| &nbsp;&nbsp; 526890 | Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A | &nbsp;&nbsp; 486737 |
| 2024175 | Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A | 1640784 |
| &nbsp;&nbsp; 115664 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp; 89257 |
| &nbsp;&nbsp; 484303 | World Omni Select Auto Trust, Series 2019-A, Class B, 2.17%, due 12/15/25 | &nbsp;&nbsp; 481738 |
| &nbsp;&nbsp; 200000 | World Omni Select Auto Trust, Series 2019-A, Class C, 2.38%, due 12/15/25 | &nbsp;&nbsp; 197718 |
| &nbsp;&nbsp; 200000 | World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27 | &nbsp;&nbsp; 182185 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 449313 | Zaxby's Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363425 |
|  |  | 159315115 |
|  | **Corporate Debt — 33.7%** | **Corporate Debt — 33.7%** |
| &nbsp;&nbsp; 225000 | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201769 |
| &nbsp;&nbsp; 770000 | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625159 |
| 1546000 | AbbVie, Inc., 3.20%, due 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1397200 |
| &nbsp;&nbsp; 300000 | AbbVie, Inc., 3.80%, due 03/15/25<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292637 |
| &nbsp;&nbsp; 450000 | AbbVie, Inc., 4.25%, due 11/21/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375762 |
| 2268000 | AbbVie, Inc., 4.50%, due 05/14/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2108987 |
| &nbsp;&nbsp; 640000 | AbbVie, Inc., 4.55%, due 03/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600741 |
| &nbsp;&nbsp; 170000 | AbbVie, Inc., 4.70%, due 05/14/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151827 |
| &nbsp;&nbsp; 290000 | AbbVie, Inc., 4.75%, due 03/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261863 |
| &nbsp;&nbsp; 200000 | Abu Dhabi National Energy Co. PJSC, 2.00%, due 04/29/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178060 |
| &nbsp;&nbsp; 323000 | Adani Ports & Special Economic Zone, Ltd., 3.10%, due 02/02/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237422 |
| &nbsp;&nbsp; 203000 | AdaptHealth LLC, 5.13%, due 03/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173076 |
| &nbsp;&nbsp; 436000 | Advantage Sales & Marketing, Inc., 6.50%, due 11/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333095 |
| 1340000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1102250 |
| &nbsp;&nbsp; 150000 | AECOM, 5.13%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144620 |
| &nbsp;&nbsp; 400000 | AEP Texas, Inc., 3.80%, due 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292649 |
| &nbsp;&nbsp; 260000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203828 |
| &nbsp;&nbsp; 205000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, due 10/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189230 |
| &nbsp;&nbsp; 482000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, due 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424570 |
| 2036000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, due 10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1783003 |
| &nbsp;&nbsp; 432000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.88%, due 08/14/24<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409273 |
| 1600000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1528988 |
| &nbsp;&nbsp; 322000 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280477 |
| &nbsp;&nbsp; 370000 | Aetna, Inc., 4.75%, due 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327807 |
| &nbsp;&nbsp; 137000 | Affinity Gaming, 6.88%, due 12/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116325 |
| &nbsp;&nbsp; 124735 | Air Canada Pass Through Trust, 3.70%, due 07/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113864 |
| &nbsp;&nbsp; 623126 | Air Canada Pass Through Trust, 3.60%, due 09/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563285 |
| &nbsp;&nbsp; 158098 | Air Canada Pass Through Trust, 4.13%, due 11/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144799 |
| &nbsp;&nbsp; 298000 | Air Lease Corp., 2.10%, due 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243255 |
| &nbsp;&nbsp; 219000 | Air Lease Corp., 3.63%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198457 |
| &nbsp;&nbsp; 270000 | Air Lease Corp., (MTN), 2.88%, due 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250115 |
| 1750000 | Aker BP ASA, 2.00%, due 07/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1547942 |
| &nbsp;&nbsp; 250000 | Aker BP ASA, 3.00%, due 01/15/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237243 |
| &nbsp;&nbsp; 473000 | Aker BP ASA, 3.10%, due 07/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389091 |
| 2065000 | Aker BP ASA, 3.75%, due 01/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1821128 |
| &nbsp;&nbsp; 842000 | Aker BP ASA, 4.00%, due 01/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739982 |
| &nbsp;&nbsp; 134084 | Alaska Airlines Pass Through Trust, 8.00%, due 02/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134040 |
| &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons, LP/Albertsons LLC, 3.50%, due <br> 03/15/29 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273387 |
| &nbsp;&nbsp; 200000 | Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, due 10/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178646 |
| 2895000 | Alexandria Real Estate Equities, Inc. REIT, 2.00%, due 05/18/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2224372 |
| &nbsp;&nbsp; 229162 | Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174540 |
| &nbsp;&nbsp; 847000 | Ally Financial, Inc., 5.13%, due 09/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839193 |
| &nbsp;&nbsp; 326000 | Ally Financial, Inc., 7.10%, due 11/15/27<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332217 |
| &nbsp;&nbsp; 224000 | Altera Infrastructure, LP/Teekay Offshore Finance Corp., 8.50%, due 07/15/23<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6160 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 210000 | Altria Group, Inc., 3.40%, due 05/06/30 | &nbsp;&nbsp; 179970 |
| 2540000 | Amazon.com, Inc., 4.10%, due 04/13/62 | 2111461 |
| &nbsp;&nbsp; 291000 | American Airlines Pass Through Trust, 2.88%, due 01/11/36 | &nbsp;&nbsp; 235044 |
| &nbsp;&nbsp; 280939 | American Airlines Pass Through Trust, 3.15%, due 08/15/33 | &nbsp;&nbsp; 233262 |
| 1294778 | American Airlines Pass Through Trust, 3.38%, due 11/01/28 | 1082290 |
| &nbsp;&nbsp; 337992 | American Airlines Pass Through Trust, 3.50%, due 08/15/33 | &nbsp;&nbsp; 257070 |
| &nbsp;&nbsp; 249413 | American Airlines Pass Through Trust, 3.60%, due 04/15/31 | &nbsp;&nbsp; 195269 |
| &nbsp;&nbsp; 269286 | American Airlines Pass Through Trust, 3.65%, due 08/15/30 | &nbsp;&nbsp; 240212 |
| &nbsp;&nbsp; 183629 | American Airlines Pass Through Trust, 3.70%, due 11/01/24 | &nbsp;&nbsp; 181673 |
| &nbsp;&nbsp; 164000 | American Airlines Pass Through Trust, 3.95%, due 01/11/32 | &nbsp;&nbsp; 130575 |
| &nbsp;&nbsp; 101257 | American Airlines Pass Through Trust, 4.00%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 81462 |
| &nbsp;&nbsp; 367896 | American Airlines Pass Through Trust, 4.10%, due 07/15/29 | &nbsp;&nbsp; 300722 |
| &nbsp;&nbsp; 700000 | American Express Co., 3.40%, due 02/27/23 | &nbsp;&nbsp; 699507 |
| &nbsp;&nbsp; 348000 | American Express Co. REIT, 1.60%, due 04/15/26 | &nbsp;&nbsp; 309806 |
| &nbsp;&nbsp; 232000 | American Homes 4 Rent, LP REIT, 4.25%, due 02/15/28 | &nbsp;&nbsp; 214924 |
| &nbsp;&nbsp; 365000 | American Tower Corp. REIT, 3.55%, due 07/15/27 | &nbsp;&nbsp; 338569 |
| &nbsp;&nbsp; 754000 | American Tower Corp. REIT, 3.80%, due 08/15/29 | &nbsp;&nbsp; 685642 |
| &nbsp;&nbsp; 365000 | AmeriGas Partners, LP/AmeriGas Finance Corp., 5.50%, due 05/20/25 | &nbsp;&nbsp; 351267 |
| &nbsp;&nbsp; 250000 | AmeriGas Partners, LP/AmeriGas Finance Corp., 5.88%, due 08/20/26 | &nbsp;&nbsp; 237815 |
| &nbsp;&nbsp; 490000 | AmerisourceBergen Corp., 2.80%, due 05/15/30 | &nbsp;&nbsp; 416735 |
| 1120000 | Amgen, Inc., 2.80%, due 08/15/41 | &nbsp;&nbsp; 780269 |
| 2908000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | 2658249 |
| &nbsp;&nbsp; 725000 | Anheuser-Busch InBev Worldwide, Inc., 4.60%, due 04/15/48 | &nbsp;&nbsp; 633696 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners, LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29 <br> 144A<br>| &nbsp;&nbsp; 238053 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners, LP/Antero Midstream Finance Corp., 7.88%, due 05/15/26 <br> 144A<br>| &nbsp;&nbsp; 253425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94000 | Antero Resources Corp., 5.38%, due 03/01/30<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 87275 |
| &nbsp;&nbsp; 750000 | Apple, Inc., 3.85%, due 08/04/46 | &nbsp;&nbsp; 640694 |
| &nbsp;&nbsp; 770000 | Apple, Inc., 4.10%, due 08/08/62 | &nbsp;&nbsp; 644776 |
| &nbsp;&nbsp; 980000 | AptarGroup, Inc., 3.60%, due 03/15/32 | &nbsp;&nbsp; 813161 |
| 1515000 | Aptiv Plc/Aptiv Corp., 3.25%, due 03/01/32 | 1243158 |
| &nbsp;&nbsp; 291000 | APX Group, Inc., 5.75%, due 07/15/29 144A | &nbsp;&nbsp; 241381 |
| &nbsp;&nbsp; 225000 | Aquarion Co., 4.00%, due 08/15/24<sup>(e)</sup> 144A | &nbsp;&nbsp; 221126 |
| &nbsp;&nbsp; 178000 | Arconic Corp., 6.13%, due 02/15/28 144A | &nbsp;&nbsp; 167317 |
| &nbsp;&nbsp; 614000 | Ares Capital Corp., 2.15%, due 07/15/26 | &nbsp;&nbsp; 520571 |
| &nbsp;&nbsp; 389000 | Ares Capital Corp., 2.88%, due 06/15/28 | &nbsp;&nbsp; 312544 |
| &nbsp;&nbsp; 448000 | Ares Capital Corp., 3.88%, due 01/15/26 | &nbsp;&nbsp; 411048 |
| &nbsp;&nbsp; 350000 | Ares Capital Corp., 4.20%, due 06/10/24 | &nbsp;&nbsp; 338068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 46410 |
| &nbsp;&nbsp; 200000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | &nbsp;&nbsp; 167539 |
| &nbsp;&nbsp; 710000 | Ascension Health, 2.53%, due 11/15/29 | &nbsp;&nbsp; 610108 |
| &nbsp;&nbsp; 150000 | Ascension Health, 3.11%, due 11/15/39 | &nbsp;&nbsp; 115822 |
| &nbsp;&nbsp; 441000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29 144A | &nbsp;&nbsp; 393782 |
| &nbsp;&nbsp; 247000 | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | &nbsp;&nbsp; 191264 |
| &nbsp;&nbsp; 290000 | Ashtead Capital, Inc., 4.38%, due 08/15/27 144A | &nbsp;&nbsp; 271414 |
| 2569000 | AT&T, Inc., 2.30%, due 06/01/27 | 2288753 |
| &nbsp;&nbsp; 122000 | AT&T, Inc., 2.55%, due 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 94116 |
| 1672000 | AT&T, Inc., 3.50%, due 06/01/41 | 1253390 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1140000 | AT&T, Inc., 3.50%, due 09/15/53 | &nbsp;&nbsp; 774556 |
| &nbsp;&nbsp; 998000 | AT&T, Inc., 3.65%, due 06/01/51 | &nbsp;&nbsp; 707414 |
| &nbsp;&nbsp; 410000 | AT&T, Inc., 3.65%, due 09/15/59<sup>(e)</sup> <br>| &nbsp;&nbsp; 276319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | AT&T, Inc., 4.30%, due 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 23599 |
| &nbsp;&nbsp; 115000 | AT&T, Inc., 4.50%, due 05/15/35 | &nbsp;&nbsp; 104943 |
| &nbsp;&nbsp; 700000 | AT&T, Inc., 5.92% (3 mo. USD LIBOR + 1.18%), due 06/12/24<sup>(c)(e)</sup> <br>| &nbsp;&nbsp; 705159 |
| &nbsp;&nbsp; 106000 | Atento Luxco 1 SA, 8.00%, due 02/10/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 57240 |
| &nbsp;&nbsp; 276000 | Athene Holding, Ltd., 3.50%, due 01/15/31 | &nbsp;&nbsp; 227266 |
| &nbsp;&nbsp; 198551 | Atlantica Transmision Sur SA, 6.88%, due 04/30/43 144A | &nbsp;&nbsp; 180185 |
| &nbsp;&nbsp; 168000 | Autodesk, Inc., 2.85%, due 01/15/30 | &nbsp;&nbsp; 144820 |
| &nbsp;&nbsp; 249000 | AutoNation, Inc., 4.75%, due 06/01/30 | &nbsp;&nbsp; 222723 |
| 1300000 | Bacardi, Ltd., 4.70%, due 05/15/28 144A | 1243597 |
| &nbsp;&nbsp; 696000 | BAE Systems Holdings, Inc., 3.85%, due 12/15/25 144A | &nbsp;&nbsp; 671786 |
| 1309000 | BAE Systems Plc, 3.40%, due 04/15/30 144A | 1158114 |
| &nbsp;&nbsp; 175000 | Ball Corp., 3.13%, due 09/15/31 | &nbsp;&nbsp; 140775 |
| &nbsp;&nbsp; 200000 | Banco Santander SA, 1.85%, due 03/25/26 | &nbsp;&nbsp; 176753 |
| &nbsp;&nbsp; 380000 | Banco Santander SA, 4.38%, due 04/12/28 | &nbsp;&nbsp; 357241 |
| &nbsp;&nbsp; 265000 | Bank of America Corp., 1.66% (SOFR + 0.91%), due 03/11/27<sup>(c)</sup> <br>| &nbsp;&nbsp; 234743 |
| 1310000 | Bank of America Corp., 2.30% (SOFR + 1.22%), due 07/21/32<sup>(c)</sup> <br>| 1011990 |
| &nbsp;&nbsp; 617000 | Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 503862 |
| 1965000 | Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32<sup>(c)</sup> <br>| 1577472 |
| &nbsp;&nbsp; 730000 | Bank of America Corp., 3.85% (5 yr. CMT + 2.00%), due 03/08/37<sup>(c)</sup> <br>| &nbsp;&nbsp; 606360 |
| &nbsp;&nbsp; 877000 | Bank of America Corp., 4.24% (3 mo. USD LIBOR + 1.81%), due 04/24/38<sup>(c)</sup> <br>| &nbsp;&nbsp; 748215 |
| 1945000 | Bank of America Corp., 4.95% (SOFR + 2.04%), due 07/22/28<sup>(c)</sup> <br>| 1902793 |
| &nbsp;&nbsp; 160000 | Bank of America Corp., 5.13% (3 mo. USD LIBOR + 3.29%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 148191 |
| 1036000 | Bank of America Corp., 6.30% (3 mo. USD LIBOR + 4.55%)<sup>(c)(g)</sup> <br>| 1033486 |
| 2590000 | Bank of America Corp., (MTN), 2.09% (SOFR + 1.06%), due 06/14/29<sup>(c)</sup> <br>| 2184033 |
| &nbsp;&nbsp; 610000 | Bank of America Corp., (MTN), 2.50% (3 mo. USD LIBOR + 0.99%), due 02/13/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 497110 |
| &nbsp;&nbsp; 160000 | Bank of America Corp., (MTN), 2.88% (3 mo. USD LIBOR + 1.19%), due 10/22/30<sup>(c)</sup> <br>| &nbsp;&nbsp; 134187 |
| &nbsp;&nbsp; 584000 | Bank of America Corp., (MTN), 3.25%, due 10/21/27 | &nbsp;&nbsp; 540201 |
| &nbsp;&nbsp; 755000 | Bank of America Corp., (MTN), 3.59% (3 mo. USD LIBOR + 1.37%), due 07/21/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 696237 |
| &nbsp;&nbsp; 783000 | Bank of America Corp., (MTN), 3.95%, due 04/21/25 | &nbsp;&nbsp; 762710 |
| &nbsp;&nbsp; 210000 | Bank of America Corp., (MTN), 4.27% (3 mo. USD LIBOR + 1.31%), due 07/23/29<sup>(c)</sup> <br>| &nbsp;&nbsp; 196221 |
| &nbsp;&nbsp; 213000 | Bank of America Corp., (MTN), 4.33% (3 mo. USD LIBOR + 1.52%), due 03/15/50<sup>(c)</sup> <br>| &nbsp;&nbsp; 175753 |
| &nbsp;&nbsp; 256000 | Barclays Plc, 1.01% (1 yr. CMT + 0.80%), due 12/10/24<sup>(c)</sup> <br>| &nbsp;&nbsp; 243780 |
| &nbsp;&nbsp; 575000 | Barclays Plc, 3.93% (3 mo. USD LIBOR + 1.61%), due 05/07/25<sup>(c)</sup> <br>| &nbsp;&nbsp; 557897 |
| &nbsp;&nbsp; 446000 | Barclays Plc, 4.38% (5 yr. CMT + 3.41%)<sup>(c)(e)(g)</sup> <br>| &nbsp;&nbsp; 341190 |
| &nbsp;&nbsp; 400000 | Barclays Plc, 4.97% (3 mo. USD LIBOR + 1.90%), due 05/16/29<sup>(c)</sup> <br>| &nbsp;&nbsp; 376376 |
| 1032000 | Barclays Plc, 5.30% (1 yr. CMT + 2.30%), due 08/09/26<sup>(c)</sup> <br>| 1025310 |
| &nbsp;&nbsp; 265000 | Barclays Plc, 8.00% (5 yr. CMT + 5.43%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 248438 |
| &nbsp;&nbsp; 390000 | BAT Capital Corp., 3.56%, due 08/15/27 | &nbsp;&nbsp; 356909 |
| &nbsp;&nbsp; 270000 | Bayer US Finance II LLC, 4.20%, due 07/15/34 144A | &nbsp;&nbsp; 234785 |
| &nbsp;&nbsp; 209000 | Beacon Roofing Supply, Inc., 4.13%, due 05/15/29 144A | &nbsp;&nbsp; 173944 |
| &nbsp;&nbsp; 605000 | Berkshire Hathaway Energy Co., 3.70%, due 07/15/30 | &nbsp;&nbsp; 552682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 88545 |
| 1312000 | Berkshire Hathaway Energy Co., 6.13%, due 04/01/36 | 1381972 |
| 1408000 | Blackstone Holdings Finance Co. LLC, 1.63%, due 08/05/28 144A | 1148608 |
| 1015000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | &nbsp;&nbsp; 593051 |
| &nbsp;&nbsp; 542000 | Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A | &nbsp;&nbsp; 489292 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 596000 | Blackstone Private Credit Fund, 2.35%, due 11/22/24 | &nbsp;&nbsp; 545890 |
| &nbsp;&nbsp; 373000 | Blackstone Private Credit Fund, 2.70%, due 01/15/25 | &nbsp;&nbsp; 344887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88000 | Blackstone Private Credit Fund, 3.25%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 74210 |
| &nbsp;&nbsp; 517000 | Blackstone Private Credit Fund, 4.00%, due 01/15/29 | &nbsp;&nbsp; 427455 |
| &nbsp;&nbsp; 140000 | Block, Inc., 3.50%, due 06/01/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 111888 |
| &nbsp;&nbsp; 304000 | BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A | &nbsp;&nbsp; 252715 |
| &nbsp;&nbsp; 700000 | BNP Paribas SA, 1.68% (SOFR + 0.91%), due 06/30/27<sup>(c)</sup> 144A | &nbsp;&nbsp; 610021 |
| &nbsp;&nbsp; 260000 | BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29<sup>(c)(e)</sup> 144A | &nbsp;&nbsp; 212418 |
| &nbsp;&nbsp; 200000 | BNP Paribas SA, 2.22% (SOFR + 2.07%), due 06/09/26<sup>(c)(e)</sup> 144A | &nbsp;&nbsp; 183805 |
| &nbsp;&nbsp; 455000 | BNP Paribas SA, 3.13% (SOFR + 1.56%), due 01/20/33<sup>(c)(e)</sup> 144A | &nbsp;&nbsp; 360385 |
| &nbsp;&nbsp; 220000 | BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)<sup>(c)(g)</sup> 144A | &nbsp;&nbsp; 229911 |
| &nbsp;&nbsp; 210000 | BOC Aviation USA Corp., 1.63%, due 04/29/24 144A | &nbsp;&nbsp; 199433 |
| 2080000 | Boeing Co. (The), 2.20%, due 02/04/26 | 1892111 |
| &nbsp;&nbsp; 282000 | Boeing Co. (The), 3.20%, due 03/01/29 | &nbsp;&nbsp; 247846 |
| &nbsp;&nbsp; 190000 | Boeing Co. (The), 3.90%, due 05/01/49 | &nbsp;&nbsp; 134207 |
| &nbsp;&nbsp; 295000 | Boeing Co. (The), 3.95%, due 08/01/59 | &nbsp;&nbsp; 199391 |
| 3094000 | Boeing Co. (The), 5.15%, due 05/01/30 | 3026216 |
| &nbsp;&nbsp; 470000 | Boeing Co. (The), 5.81%, due 05/01/50 | &nbsp;&nbsp; 438167 |
| &nbsp;&nbsp; 574000 | Booking Holdings, Inc., 4.63%, due 04/13/30 | &nbsp;&nbsp; 555767 |
| &nbsp;&nbsp; 388000 | BPCE SA, 4.50%, due 03/15/25 144A | &nbsp;&nbsp; 373000 |
| &nbsp;&nbsp; 222000 | Braskem Idesa SAPI, 6.99%, due 02/20/32 144A | &nbsp;&nbsp; 158888 |
| &nbsp;&nbsp; 527000 | Braskem Netherlands Finance BV, 5.88%, due 01/31/50<sup>(e)</sup> 144A | &nbsp;&nbsp; 409198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Bristol-Myers Squibb Co., 4.13%, due 06/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 49173 |
| &nbsp;&nbsp; 115751 | British Airways Pass Through Trust, 4.13%, due 03/20/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 96638 |
| &nbsp;&nbsp; 113887 | British Airways Pass Through Trust, 4.25%, due 05/15/34 144A | &nbsp;&nbsp; 102198 |
| &nbsp;&nbsp; 122573 | British Airways Pass Through Trust, 4.63%, due 12/20/25 144A | &nbsp;&nbsp; 119072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70735 | British Airways Pass Through Trust, 8.38%, due 11/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 69555 |
| 1055000 | Brixmor Operating Partnership, LP REIT, 2.50%, due 08/16/31 | &nbsp;&nbsp; 809417 |
| &nbsp;&nbsp; 249000 | Broadcom, Inc., 3.14%, due 11/15/35 144A | &nbsp;&nbsp; 183842 |
| &nbsp;&nbsp; 605000 | Broadcom, Inc., 3.19%, due 11/15/36 144A | &nbsp;&nbsp; 436460 |
| &nbsp;&nbsp; 821000 | Broadcom, Inc., 3.42%, due 04/15/33 144A | &nbsp;&nbsp; 660483 |
| 1966000 | Broadcom, Inc., 4.11%, due 09/15/28 | 1832173 |
| 1828000 | Broadcom, Inc., 4.75%, due 04/15/29 | 1745089 |
| &nbsp;&nbsp; 350000 | Broadcom, Inc., 4.93%, due 05/15/37 144A | &nbsp;&nbsp; 306585 |
| 1171000 | Brookfield Finance, Inc., 2.72%, due 04/15/31 | &nbsp;&nbsp; 942033 |
| &nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 5.00%, due <br> 06/15/29 144A<br>| &nbsp;&nbsp; 127181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | Builders FirstSource, Inc., 5.00%, due 03/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 28407 |
| &nbsp;&nbsp; 235000 | Builders FirstSource, Inc., 6.38%, due 06/15/32 144A | &nbsp;&nbsp; 221040 |
| &nbsp;&nbsp; 750000 | Calpine Corp., 3.75%, due 03/01/31 144A | &nbsp;&nbsp; 604842 |
| &nbsp;&nbsp; 636000 | Canadian Pacific Railway Co., 3.00%, due 12/02/41 | &nbsp;&nbsp; 482178 |
| &nbsp;&nbsp; 509000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15<sup>(h)</sup> <br>| &nbsp;&nbsp; 514256 |
| &nbsp;&nbsp; 556000 | Cantor Fitzgerald, LP, 4.88%, due 05/01/24 144A | &nbsp;&nbsp; 545803 |
| &nbsp;&nbsp; 504000 | Capital One Financial Corp., 1.34% (SOFR + 0.69%), due 12/06/24<sup>(c)</sup> <br>| &nbsp;&nbsp; 482685 |
| 1595000 | Capital One Financial Corp., 3.30%, due 10/30/24 | 1540530 |
| &nbsp;&nbsp; 221000 | Capital One Financial Corp., 4.93% (SOFR + 2.06%), due 05/10/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 214296 |
| &nbsp;&nbsp; 113000 | CCM Merger, Inc., 6.38%, due 05/01/26 144A | &nbsp;&nbsp; 106628 |
| &nbsp;&nbsp; 475000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, due 03/01/23 144A | &nbsp;&nbsp; 473227 |
| &nbsp;&nbsp; 220000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33 144A | &nbsp;&nbsp; 169234 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 160000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | &nbsp;&nbsp; 145044 |
| &nbsp;&nbsp; 134000 | CDW LLC/CDW Finance Corp., 3.25%, due 02/15/29 | &nbsp;&nbsp; 114364 |
| &nbsp;&nbsp; 450000 | CDW LLC/CDW Finance Corp., 5.50%, due 12/01/24 | &nbsp;&nbsp; 450747 |
| &nbsp;&nbsp; 204000 | Celulosa Arauco y Constitucion SA, 3.88%, due 11/02/27 | &nbsp;&nbsp; 191253 |
| &nbsp;&nbsp; 340000 | Cemex SAB de CV, 3.88%, due 07/11/31 144A | &nbsp;&nbsp; 287657 |
| &nbsp;&nbsp; 279000 | Cemex SAB de CV, 5.20%, due 09/17/30 144A | &nbsp;&nbsp; 260771 |
| &nbsp;&nbsp; 140000 | Cenovus Energy, Inc., 3.75%, due 02/15/52<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 98936 |
| &nbsp;&nbsp; 240000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | &nbsp;&nbsp; 215819 |
| &nbsp;&nbsp; 454000 | Centene Corp., 3.00%, due 10/15/30 | &nbsp;&nbsp; 373190 |
| &nbsp;&nbsp; 209000 | Centene Corp., 3.38%, due 02/15/30 | &nbsp;&nbsp; 177154 |
| &nbsp;&nbsp; 103000 | Centene Corp., 4.25%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 96827 |
| &nbsp;&nbsp; 335000 | CenterPoint Energy, Inc., 3.70%, due 09/01/49<sup>(e)</sup> <br>| &nbsp;&nbsp; 250215 |
| &nbsp;&nbsp; 391000 | Century Communities, Inc., 3.88%, due 08/15/29 144A | &nbsp;&nbsp; 307932 |
| &nbsp;&nbsp; 475000 | CGI, Inc., 1.45%, due 09/14/26 | &nbsp;&nbsp; 420693 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.30%, due 02/01/32<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92370 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.80%, due 04/01/31<br>| &nbsp;&nbsp; 585604 |
| &nbsp;&nbsp; 857000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.90%, due 06/01/52<br>| &nbsp;&nbsp; 541223 |
| 1229000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 4.80%, due 03/01/50<br>| &nbsp;&nbsp; 897032 |
| &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.38%, due 05/01/47<br>| &nbsp;&nbsp; 212868 |
| 1021000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.75%, due 04/01/48<br>| &nbsp;&nbsp; 840079 |
| 1964000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.38%, due 10/23/35<br>| 1921364 |
| 1025000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.48%, due 10/23/45<br>| &nbsp;&nbsp; 928673 |
| &nbsp;&nbsp; 679000 | Cheniere Energy Partners, LP, 4.00%, due 03/01/31 | &nbsp;&nbsp; 578990 |
| &nbsp;&nbsp; 568000 | Cheniere Energy Partners, LP, 4.50%, due 10/01/29 | &nbsp;&nbsp; 512039 |
| &nbsp;&nbsp; 643000 | Chevron Corp., 2.00%, due 05/11/27 | &nbsp;&nbsp; 578445 |
| &nbsp;&nbsp; 290000 | Choice Hotels International, Inc., 3.70%, due 12/01/29 | &nbsp;&nbsp; 253189 |
| &nbsp;&nbsp; 295000 | Choice Hotels International, Inc., 3.70%, due 01/15/31 | &nbsp;&nbsp; 250795 |
| 1485000 | Cigna Corp., 3.40%, due 03/01/27 | 1395120 |
| &nbsp;&nbsp; 701000 | Cimpress Plc, 7.00%, due 06/15/26 144A | &nbsp;&nbsp; 485709 |
| &nbsp;&nbsp; 859000 | Citigroup, Inc., 2.56% (SOFR + 1.17%), due 05/01/32<sup>(c)</sup> <br>| &nbsp;&nbsp; 680198 |
| &nbsp;&nbsp; 863000 | Citigroup, Inc., 3.20%, due 10/21/26 | &nbsp;&nbsp; 799583 |
| 3626000 | Citigroup, Inc., 3.40%, due 05/01/26 | 3441199 |
| &nbsp;&nbsp; 625000 | Citigroup, Inc., 3.52% (3 mo. USD LIBOR + 1.15%), due 10/27/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 571280 |
| &nbsp;&nbsp; 310000 | Citigroup, Inc., 3.67% (3 mo. USD LIBOR + 1.39%), due 07/24/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 285189 |
| 1585000 | Citigroup, Inc., 3.89% (3 mo. USD LIBOR + 1.56%), due 01/10/28<sup>(c)</sup> <br>| 1483387 |
| 1400000 | Citigroup, Inc., 4.08% (3 mo. USD LIBOR + 1.19%), due 04/23/29<sup>(c)</sup> <br>| 1290743 |
| &nbsp;&nbsp; 180000 | Citigroup, Inc., 4.40%, due 06/10/25 | &nbsp;&nbsp; 176839 |
| &nbsp;&nbsp; 440000 | Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 405073 |
| 1228000 | Citigroup, Inc., 4.70% (SOFR + 3.23%)<sup>(c)(g)</sup> <br>| 1023785 |
| &nbsp;&nbsp; 596000 | Citigroup, Inc., 6.25% (3 mo. USD LIBOR + 4.52%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 579610 |
| &nbsp;&nbsp; 875000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | &nbsp;&nbsp; 761578 |
| &nbsp;&nbsp; 524000 | Cleveland Clinic Foundation (The), 4.86%, due 01/01/14<sup>(h)</sup> <br>| &nbsp;&nbsp; 448560 |
| &nbsp;&nbsp; 194000 | CNA Financial Corp., 2.05%, due 08/15/30 | &nbsp;&nbsp; 153210 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 197000 | CNO Financial Group, Inc., 5.25%, due 05/30/25 | &nbsp;&nbsp; 195619 |
| &nbsp;&nbsp; 710000 | CNO Financial Group, Inc., 5.25%, due 05/30/29 | &nbsp;&nbsp; 677950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91000 | CNX Resources Corp., 7.38%, due 01/15/31<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 87348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Comcast Corp., 2.89%, due 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 11642 |
| &nbsp;&nbsp; 429000 | Comcast Corp., 3.30%, due 04/01/27 | &nbsp;&nbsp; 404937 |
| 1007000 | Comcast Corp., 3.40%, due 04/01/30 | &nbsp;&nbsp; 920638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Comcast Corp., 3.97%, due 11/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Comcast Corp., 6.50%, due 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5583 |
| &nbsp;&nbsp; 600000 | Comision Federal de Electricidad, 4.69%, due 05/15/29 144A | &nbsp;&nbsp; 533309 |
| &nbsp;&nbsp; 969000 | CommonSpirit Health, 2.76%, due 10/01/24 | &nbsp;&nbsp; 929716 |
| &nbsp;&nbsp; 357000 | CommonSpirit Health, 4.19%, due 10/01/49<sup>(e)</sup> <br>| &nbsp;&nbsp; 279366 |
| &nbsp;&nbsp; 350000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | &nbsp;&nbsp; 289336 |
| &nbsp;&nbsp; 280000 | Consensus Cloud Solutions, Inc., 6.50%, due 10/15/28 144A | &nbsp;&nbsp; 257899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | &nbsp;&nbsp;&nbsp;&nbsp; 52420 |
| &nbsp;&nbsp; 350000 | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | &nbsp;&nbsp; 301289 |
| &nbsp;&nbsp; 385000 | Constellation Brands, Inc., 2.25%, due 08/01/31 | &nbsp;&nbsp; 306806 |
| &nbsp;&nbsp; 141000 | Continental Resources, Inc., 4.50%, due 04/15/23 | &nbsp;&nbsp; 140982 |
| &nbsp;&nbsp; 269000 | Continental Resources, Inc., 4.90%, due 06/01/44 | &nbsp;&nbsp; 199900 |
| &nbsp;&nbsp; 332000 | Coruripe Netherlands BV, 10.00%, due 02/10/27 144A | &nbsp;&nbsp; 266430 |
| &nbsp;&nbsp; 571000 | CoStar Group, Inc., 2.80%, due 07/15/30 144A | &nbsp;&nbsp; 467609 |
| &nbsp;&nbsp; 970000 | Cox Communications, Inc., 2.60%, due 06/15/31 144A | &nbsp;&nbsp; 774845 |
| 2971000 | Cox Communications, Inc., 3.35%, due 09/15/26 144A | 2781725 |
| &nbsp;&nbsp; 320000 | Credit Agricole SA, 2.81%, due 01/11/41<sup>(i)</sup> <br>| &nbsp;&nbsp; 198698 |
| &nbsp;&nbsp; 786000 | Credit Agricole SA, 3.25%, due 01/14/30 144A | &nbsp;&nbsp; 644030 |
| &nbsp;&nbsp; 250000 | Credit Agricole SA, 3.75%, due 04/24/23 144A | &nbsp;&nbsp; 248930 |
| &nbsp;&nbsp; 380000 | Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)<sup>(c)(g)</sup> 144A | &nbsp;&nbsp; 377741 |
| 2278000 | Credit Suisse Group AG, 1.31% (SOFR + 0.98%), due 02/02/27<sup>(c)</sup> 144A | 1825096 |
| &nbsp;&nbsp; 238000 | Crown Castle, Inc. REIT, 3.80%, due 02/15/28 | &nbsp;&nbsp; 221610 |
| &nbsp;&nbsp; 270000 | CSC Holdings LLC, 3.38%, due 02/15/31 144A | &nbsp;&nbsp; 176518 |
| &nbsp;&nbsp; 247000 | CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25<sup>(e)</sup> 144A | &nbsp;&nbsp; 231335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | CSI Compressco, LP/CSI Compressco Finance, Inc., 7.50%, due 04/01/25 144A | &nbsp;&nbsp;&nbsp;&nbsp; 67434 |
| &nbsp;&nbsp; 234364 | &nbsp;&nbsp;&nbsp; CSI Compressco, LP/CSI Compressco Finance, Inc., 10.00% (10.00% Cash or 7.25% <br> plus 3.50% PIK), due 04/01/26 144A<br>| &nbsp;&nbsp; 193798 |
| &nbsp;&nbsp; 203000 | CVS Health Corp., 4.30%, due 03/25/28 | &nbsp;&nbsp; 196729 |
| &nbsp;&nbsp; 470000 | CVS Health Corp., 4.78%, due 03/25/38 | &nbsp;&nbsp; 430014 |
| &nbsp;&nbsp; 451000 | CVS Health Corp., 5.05%, due 03/25/48 | &nbsp;&nbsp; 407089 |
| &nbsp;&nbsp; 130000 | CVS Health Corp., 5.13%, due 07/20/45 | &nbsp;&nbsp; 119118 |
| 1040266 | CVS Pass-Through Trust, 5.77%, due 01/10/33 144A | 1017101 |
| &nbsp;&nbsp; 555842 | CVS Pass-Through Trust, 6.94%, due 01/10/30 | &nbsp;&nbsp; 566185 |
| 1548991 | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 1612760 |
| &nbsp;&nbsp; 229000 | DAE Funding LLC, 2.63%, due 03/20/25 144A | &nbsp;&nbsp; 214550 |
| &nbsp;&nbsp; 375000 | Dana, Inc., 4.50%, due 02/15/32 | &nbsp;&nbsp; 300408 |
| &nbsp;&nbsp; 422000 | DaVita, Inc., 4.63%, due 06/01/30 144A | &nbsp;&nbsp; 340361 |
| &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp; DCP Midstream Operating, LP, 5.85% (3 mo. USD LIBOR + 3.85%), due 05/21/43<sup>(c)</sup> <br> 144A<br>| &nbsp;&nbsp; 221017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 67872 |
| &nbsp;&nbsp; 386000 | Dell International LLC/EMC Corp., 5.30%, due 10/01/29 | &nbsp;&nbsp; 378390 |
| &nbsp;&nbsp; 224000 | Dell International LLC/EMC Corp., 5.85%, due 07/15/25 | &nbsp;&nbsp; 226594 |
| 1231546 | Delta Air Lines Pass Through Trust, 2.00%, due 12/10/29 | 1050633 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 834000 |  | Delta Air Lines, Inc., 2.90%, due 10/28/24 | &nbsp;&nbsp; 791473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 |  | Delta Air Lines, Inc., 3.80%, due 04/19/23 | &nbsp;&nbsp;&nbsp;&nbsp; 84302 |
| &nbsp;&nbsp; 445000 |  | Delta Air Lines, Inc., 4.38%, due 04/19/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 397387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86000 |  | Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.50%, due 10/20/25 144A | &nbsp;&nbsp;&nbsp;&nbsp; 83947 |
| &nbsp;&nbsp; 392525 |  | Delta Air Lines, Inc./SkyMiles IP, Ltd., 4.75%, due 10/20/28 144A | &nbsp;&nbsp; 369566 |
| &nbsp;&nbsp; 739000 |  | Deutsche Bank AG, 0.96%, due 11/08/23 | &nbsp;&nbsp; 711257 |
| &nbsp;&nbsp; 427000 |  | Deutsche Bank AG, 2.31% (SOFR + 1.22%), due 11/16/27<sup>(c)</sup> <br>| &nbsp;&nbsp; 362588 |
| &nbsp;&nbsp; 305000 | EUR | DH Europe Finance II SARL, 1.35%, due 09/18/39 | &nbsp;&nbsp; 222591 |
| &nbsp;&nbsp; 321000 |  | Diamondback Energy, Inc., 3.13%, due 03/24/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 266586 |
| &nbsp;&nbsp; 865000 |  | Diamondback Energy, Inc., 3.25%, due 12/01/26 | &nbsp;&nbsp; 805745 |
| &nbsp;&nbsp; 373000 |  | Digital Realty Trust, LP REIT, 3.60%, due 07/01/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 333944 |
| 1121000 |  | Digital Realty Trust, LP REIT, 3.70%, due 08/15/27<sup>(e)</sup> <br>| 1042040 |
| &nbsp;&nbsp; 158000 |  | Discover Financial Services, 4.10%, due 02/09/27 | &nbsp;&nbsp; 148907 |
| 1060000 |  | Dollar Tree, Inc., 4.20%, due 05/15/28 | 1015850 |
| &nbsp;&nbsp; 115000 |  | Dominion Energy, Inc., 2.85%, due 08/15/26 | &nbsp;&nbsp; 106162 |
| &nbsp;&nbsp; 311000 |  | Dominion Energy, Inc., 3.38%, due 04/01/30 | &nbsp;&nbsp; 274775 |
| &nbsp;&nbsp; 285000 |  | DPL, Inc., 4.13%, due 07/01/25 | &nbsp;&nbsp; 268248 |
| &nbsp;&nbsp; 850000 |  | DTE Electric Co., 2.25%, due 03/01/30 | &nbsp;&nbsp; 716349 |
| 1595038 |  | DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27 | 1504873 |
| 1740000 |  | DTE Energy Co., 1.05%, due 06/01/25 | 1577557 |
| &nbsp;&nbsp; 411000 |  | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | &nbsp;&nbsp; 330818 |
| &nbsp;&nbsp; 420000 |  | Duke Energy Florida LLC, 3.40%, due 10/01/46 | &nbsp;&nbsp; 303626 |
| &nbsp;&nbsp; 195000 |  | Duke Energy Progress LLC, 3.70%, due 10/15/46 | &nbsp;&nbsp; 148574 |
| &nbsp;&nbsp; 787000 |  | eBay, Inc., 2.70%, due 03/11/30 | &nbsp;&nbsp; 670309 |
| &nbsp;&nbsp; 213000 |  | Ecopetrol SA, 6.88%, due 04/29/30 | &nbsp;&nbsp; 193642 |
| &nbsp;&nbsp; 167000 |  | Edgewell Personal Care Co., 4.13%, due 04/01/29 144A | &nbsp;&nbsp; 142605 |
| &nbsp;&nbsp; 152000 |  | Edgewell Personal Care Co., 5.50%, due 06/01/28 144A | &nbsp;&nbsp; 142424 |
| &nbsp;&nbsp; 546000 |  | EIG Pearl Holdings SARL, 3.55%, due 08/31/36 144A | &nbsp;&nbsp; 459531 |
| &nbsp;&nbsp; 190000 |  | El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32 | &nbsp;&nbsp; 215530 |
| &nbsp;&nbsp; 300000 |  | Elevance Health, Inc., 3.60%, due 03/15/51 | &nbsp;&nbsp; 225731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |  | Elevance Health, Inc., 5.10%, due 01/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42000 |  | Embraer Netherlands Finance BV, 5.05%, due 06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 40834 |
| &nbsp;&nbsp; 250000 |  | Embraer Overseas, Ltd., 5.70%, due 09/16/23 144A | &nbsp;&nbsp; 250443 |
| &nbsp;&nbsp; 450000 |  | Emera US Finance, LP, 3.55%, due 06/15/26 | &nbsp;&nbsp; 422075 |
| &nbsp;&nbsp; 457000 |  | Enbridge, Inc., 5.50% (3 mo. USD LIBOR + 3.42%), due 07/15/77<sup>(c)</sup> <br>| &nbsp;&nbsp; 404750 |
| &nbsp;&nbsp; 470000 |  | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(c)</sup> <br>| &nbsp;&nbsp; 426157 |
| &nbsp;&nbsp; 442000 |  | Enbridge, Inc., 6.25% (3 mo. USD LIBOR + 3.64%), due 03/01/78<sup>(c)</sup> <br>| &nbsp;&nbsp; 402840 |
| &nbsp;&nbsp; 148000 |  | Encompass Health Corp., 4.50%, due 02/01/28 | &nbsp;&nbsp; 134673 |
| &nbsp;&nbsp; 126000 |  | Encompass Health Corp., 4.63%, due 04/01/31 | &nbsp;&nbsp; 108501 |
| &nbsp;&nbsp; 225000 |  | Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28 144A | &nbsp;&nbsp; 215809 |
| &nbsp;&nbsp; 230000 |  | Energean Israel Finance, Ltd., 4.50%, due 03/30/24<sup>(j)</sup> 144A | &nbsp;&nbsp; 222468 |
| &nbsp;&nbsp; 365000 |  | Energean Israel Finance, Ltd., 4.88%, due 03/30/26<sup>(j)</sup> 144A | &nbsp;&nbsp; 338793 |
| &nbsp;&nbsp; 106000 |  | Energean Israel Finance, Ltd., 5.38%, due 03/30/28<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 95400 |
| &nbsp;&nbsp; 185000 |  | Energean Israel Finance, Ltd., 5.88%, due 03/30/31<sup>(j)</sup> 144A | &nbsp;&nbsp; 162222 |
| &nbsp;&nbsp; 302000 |  | Energy Transfer, LP, 4.20%, due 04/15/27 | &nbsp;&nbsp; 285465 |
| &nbsp;&nbsp; 580000 |  | Energy Transfer, LP, 5.15%, due 03/15/45 | &nbsp;&nbsp; 482502 |
| &nbsp;&nbsp; 150000 |  | Energy Transfer, LP, 5.30%, due 04/01/44 | &nbsp;&nbsp; 127270 |
| &nbsp;&nbsp; 450000 |  | Energy Transfer, LP, 5.30%, due 04/15/47 | &nbsp;&nbsp; 376603 |
| &nbsp;&nbsp; 501000 |  | Energy Transfer, LP, 5.40%, due 10/01/47 | &nbsp;&nbsp; 426611 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1352000 | Energy Transfer, LP, 5.50%, due 06/01/27 | 1344567 |
| &nbsp;&nbsp; 340000 | Energy Transfer, LP, 6.25%, due 04/15/49 | &nbsp;&nbsp; 317794 |
| &nbsp;&nbsp; 545000 | Energy Transfer, LP, 6.50% (5 yr. CMT + 5.69%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 470063 |
| &nbsp;&nbsp; 302000 | Enova International, Inc., 8.50%, due 09/15/25 144A | &nbsp;&nbsp; 280476 |
| 1100000 | Enterprise Products Operating LLC, 4.90%, due 05/15/46 | &nbsp;&nbsp; 961740 |
| &nbsp;&nbsp; 939000 | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 5.25% (3 mo. USD LIBOR + 3.03%), due <br> 08/16/77<sup>(c)</sup> <br>| &nbsp;&nbsp; 756492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | EQM Midstream Partners, LP, 7.50%, due 06/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 78447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56000 | EQM Midstream Partners, LP, 7.50%, due 06/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 54034 |
| &nbsp;&nbsp; 115000 | EQT Corp., 5.68%, due 10/01/25 | &nbsp;&nbsp; 114598 |
| &nbsp;&nbsp; 442000 | EQT Corp., 7.00%, due 02/01/30<sup>(d)</sup> <br>| &nbsp;&nbsp; 459150 |
| 1215000 | Equifax, Inc., 5.10%, due 12/15/27<sup>(e)</sup> <br>| 1201481 |
| &nbsp;&nbsp; 226000 | Equinix, Inc. REIT, 1.80%, due 07/15/27 | &nbsp;&nbsp; 193787 |
| &nbsp;&nbsp; 460000 | Essential Utilities, Inc., 2.70%, due 04/15/30 | &nbsp;&nbsp; 386853 |
| &nbsp;&nbsp; 925000 | Essex Portfolio, LP REIT, 1.70%, due 03/01/28 | &nbsp;&nbsp; 771657 |
| 1320000 | Eversource Energy, 2.90%, due 10/01/24 | 1273311 |
| 1250000 | Eversource Energy, 2.90%, due 03/01/27 | 1152719 |
| 1066000 | Exelon Corp., 3.35%, due 03/15/32<sup>(k)</sup> <br>| &nbsp;&nbsp; 928790 |
| &nbsp;&nbsp; 285000 | Exelon Corp., 4.70%, due 04/15/50 | &nbsp;&nbsp; 249752 |
| 1128000 | Exelon Corp., 5.10%, due 06/15/45 | 1054579 |
| &nbsp;&nbsp; 375000 | Expedia Group, Inc., 2.95%, due 03/15/31 | &nbsp;&nbsp; 302434 |
| &nbsp;&nbsp; 509000 | Expedia Group, Inc., 4.63%, due 08/01/27 | &nbsp;&nbsp; 489138 |
| &nbsp;&nbsp; 632000 | Expedia Group, Inc., 5.00%, due 02/15/26 | &nbsp;&nbsp; 624397 |
| 1000000 | Fairfax Financial Holdings, Ltd., 5.63%, due 08/16/32 144A | &nbsp;&nbsp; 941458 |
| &nbsp;&nbsp; 600000 | Falabella SA, 4.38%, due 01/27/25 144A | &nbsp;&nbsp; 582867 |
| 1328000 | Ferguson Finance Plc, 3.25%, due 06/02/30 144A | 1129188 |
| 2130000 | Ferguson Finance Plc, 4.50%, due 10/24/28 144A | 1989359 |
| &nbsp;&nbsp; 219000 | Fifth Third Bancorp, 5.10% (3 mo. USD LIBOR + 3.03%)<sup>(c)(e)(g)</sup> <br>| &nbsp;&nbsp; 208598 |
| &nbsp;&nbsp; 135000 | First Quantum Minerals, Ltd., 6.88%, due 03/01/26<sup>(e)</sup> 144A | &nbsp;&nbsp; 128048 |
| &nbsp;&nbsp; 245000 | First Quantum Minerals, Ltd., 6.88%, due 10/15/27 144A | &nbsp;&nbsp; 230369 |
| &nbsp;&nbsp; 200000 | First Quantum Minerals, Ltd., 7.50%, due 04/01/25<sup>(e)</sup> 144A | &nbsp;&nbsp; 195080 |
| &nbsp;&nbsp; 194000 | FirstEnergy Corp., 2.65%, due 03/01/30 | &nbsp;&nbsp; 158520 |
| &nbsp;&nbsp; 117000 | FirstEnergy Corp., 3.40%, due 03/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 77404 |
| 1815000 | Florida Power & Light Co., 2.45%, due 02/03/32 | 1517098 |
| &nbsp;&nbsp; 270000 | Flowserve Corp., 3.50%, due 10/01/30 | &nbsp;&nbsp; 225742 |
| &nbsp;&nbsp; 196000 | Ford Motor Co., 3.25%, due 02/12/32 | &nbsp;&nbsp; 147337 |
| &nbsp;&nbsp; 175000 | Ford Motor Co., 4.75%, due 01/15/43 | &nbsp;&nbsp; 126008 |
| &nbsp;&nbsp; 215000 | Ford Motor Credit Co. LLC, 4.00%, due 11/13/30 | &nbsp;&nbsp; 176903 |
| &nbsp;&nbsp; 606000 | Ford Motor Credit Co. LLC, 4.13%, due 08/17/27 | &nbsp;&nbsp; 543761 |
| &nbsp;&nbsp; 720000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | &nbsp;&nbsp; 653616 |
| &nbsp;&nbsp; 273000 | Freedom Mortgage Corp., 8.13%, due 11/15/24 144A | &nbsp;&nbsp; 251591 |
| &nbsp;&nbsp; 493000 | Freeport-McMoRan, Inc., 4.25%, due 03/01/30 | &nbsp;&nbsp; 448475 |
| &nbsp;&nbsp; 350000 | Freeport-McMoRan, Inc., 4.63%, due 08/01/30 | &nbsp;&nbsp; 326576 |
| &nbsp;&nbsp; 584000 | Freeport-McMoRan, Inc., 5.45%, due 03/15/43 | &nbsp;&nbsp; 528108 |
| &nbsp;&nbsp; 826000 | Fresenius Medical Care US Finance III, Inc., 2.38%, due 02/16/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 607562 |
| &nbsp;&nbsp; 163000 | Full House Resorts, Inc., 8.25%, due 02/15/28 144A | &nbsp;&nbsp; 144509 |
| 1463000 | GA Global Funding Trust, 3.85%, due 04/11/25 144A | 1401451 |
| &nbsp;&nbsp; 100000 | Gap, Inc. (The), 3.63%, due 10/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 70673 |
| &nbsp;&nbsp; 100000 | Gap, Inc. (The), 3.88%, due 10/01/31<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 69909 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 145000 | Garda World Security Corp., 6.00%, due 06/01/29 144A | &nbsp;&nbsp; 118008 |
| &nbsp;&nbsp; 125000 | Gartner, Inc., 3.63%, due 06/15/29 144A | &nbsp;&nbsp; 109991 |
| &nbsp;&nbsp; 203000 | GCI LLC, 4.75%, due 10/15/28 144A | &nbsp;&nbsp; 170868 |
| &nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp; GEMS MENASA Cayman, Ltd./GEMS Education Delaware LLC, 7.13%, due 07/31/26 <br> 144A<br>| &nbsp;&nbsp; 224335 |
| &nbsp;&nbsp; 440000 | General Motors Co., 5.00%, due 04/01/35 | &nbsp;&nbsp; 380271 |
| &nbsp;&nbsp; 596000 | General Motors Co., 5.40%, due 10/15/29 | &nbsp;&nbsp; 570085 |
| &nbsp;&nbsp; 205000 | General Motors Co., 5.40%, due 04/01/48 | &nbsp;&nbsp; 168425 |
| &nbsp;&nbsp; 450000 | General Motors Co., 6.25%, due 10/02/43 | &nbsp;&nbsp; 417981 |
| 1736000 | General Motors Financial Co., Inc., 2.40%, due 10/15/28 | 1442651 |
| &nbsp;&nbsp; 605000 | General Motors Financial Co., Inc., 2.90%, due 02/26/25 | &nbsp;&nbsp; 573516 |
| &nbsp;&nbsp; 430000 | General Motors Financial Co., Inc., 3.10%, due 01/12/32 | &nbsp;&nbsp; 337984 |
| 1474000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | 1243740 |
| &nbsp;&nbsp; 182000 | GFL Environmental, Inc., 4.38%, due 08/15/29 144A | &nbsp;&nbsp; 154468 |
| &nbsp;&nbsp; 275000 | Global Infrastructure Solutions, Inc., 5.63%, due 06/01/29 144A | &nbsp;&nbsp; 216073 |
| &nbsp;&nbsp; 325000 | Globo Comunicacao e Participacoes SA, 4.88%, due 01/22/30 144A | &nbsp;&nbsp; 272775 |
| &nbsp;&nbsp; 239000 | GLP Capital, LP/GLP Financing II, Inc. REIT, 3.25%, due 01/15/32 | &nbsp;&nbsp; 191398 |
| &nbsp;&nbsp; 211000 | GLP Capital, LP/GLP Financing II, Inc. REIT, 4.00%, due 01/15/30 | &nbsp;&nbsp; 185171 |
| 1000000 | GLP Capital, LP/GLP Financing II, Inc. REIT, 4.00%, due 01/15/31 | &nbsp;&nbsp; 859575 |
| &nbsp;&nbsp; 582000 | GLP Capital, LP/GLP Financing II, Inc. REIT, 5.38%, due 04/15/26<sup>(e)</sup> <br>| &nbsp;&nbsp; 571930 |
| 1350000 | Goldman Sachs Group, Inc. (The), 0.86% (SOFR + 0.61%), due 02/12/26<sup>(c)</sup> <br>| 1221738 |
| &nbsp;&nbsp; 975000 | Goldman Sachs Group, Inc. (The), 1.43% (SOFR + 0.80%), due 03/09/27<sup>(c)</sup> <br>| &nbsp;&nbsp; 856068 |
| 1100000 | Goldman Sachs Group, Inc. (The), 1.54% (SOFR + 0.82%), due 09/10/27<sup>(c)</sup> <br>| &nbsp;&nbsp; 950274 |
| &nbsp;&nbsp; 720000 | Goldman Sachs Group, Inc. (The), 2.38% (SOFR + 1.25%), due 07/21/32<sup>(c)</sup> <br>| &nbsp;&nbsp; 560393 |
| 1755000 | Goldman Sachs Group, Inc. (The), 2.62% (SOFR + 1.28%), due 04/22/32<sup>(c)</sup> <br>| 1403807 |
| &nbsp;&nbsp; 566000 | Goldman Sachs Group, Inc. (The), 2.65% (SOFR + 1.26%), due 10/21/32<sup>(c)</sup> <br>| &nbsp;&nbsp; 448308 |
| &nbsp;&nbsp; 890000 | Goldman Sachs Group, Inc. (The), 3.10% (SOFR + 1.41%), due 02/24/33<sup>(c)</sup> <br>| &nbsp;&nbsp; 724977 |
| 1200000 | Goldman Sachs Group, Inc. (The), 3.27% (3 mo. USD LIBOR + 1.20%), due 09/29/25<sup>(c)</sup> <br>| 1157154 |
| &nbsp;&nbsp; 140000 | Goldman Sachs Group, Inc. (The), 3.50%, due 01/23/25 | &nbsp;&nbsp; 135349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Goldman Sachs Group, Inc. (The), 3.75%, due 02/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; 81918 |
| 1131000 | Goldman Sachs Group, Inc. (The), 3.80%, due 03/15/30 | 1019351 |
| &nbsp;&nbsp; 815000 | Goldman Sachs Group, Inc. (The), 3.81% (3 mo. USD LIBOR + 1.16%), due 04/23/29<sup>(c)</sup> <br>| &nbsp;&nbsp; 745902 |
| &nbsp;&nbsp; 325000 | Goldman Sachs Group, Inc. (The), 3.85%, due 01/26/27 | &nbsp;&nbsp; 309918 |
| &nbsp;&nbsp; 370000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | &nbsp;&nbsp; 316712 |
| &nbsp;&nbsp; 275000 | Graphic Packaging International LLC, 4.13%, due 08/15/24<sup>(e)</sup> <br>| &nbsp;&nbsp; 270607 |
| &nbsp;&nbsp; 120000 | Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A | &nbsp;&nbsp; 101773 |
| &nbsp;&nbsp; 500000 | H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A | &nbsp;&nbsp; 426773 |
| &nbsp;&nbsp; 389000 | HCA, Inc., 4.13%, due 06/15/29 | &nbsp;&nbsp; 355935 |
| &nbsp;&nbsp; 410000 | HCA, Inc., 4.38%, due 03/15/42 144A | &nbsp;&nbsp; 328247 |
| &nbsp;&nbsp; 418000 | HCA, Inc., 5.25%, due 04/15/25 | &nbsp;&nbsp; 415933 |
| &nbsp;&nbsp; 332000 | HCA, Inc., 5.25%, due 06/15/26 | &nbsp;&nbsp; 328419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | HCA, Inc., 5.38%, due 02/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24990 |
| &nbsp;&nbsp; 275000 | HCA, Inc., (MTN), 7.75%, due 07/15/36 | &nbsp;&nbsp; 300465 |
| &nbsp;&nbsp; 646000 | Healthpeak Properties, Inc. REIT, 3.25%, due 07/15/26 | &nbsp;&nbsp; 610602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89000 | Hess Midstream Operations, LP, 4.25%, due 02/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 76208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | Hess Midstream Operations, LP, 5.50%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 39397 |
| &nbsp;&nbsp; 150000 | Hilcorp Energy I, LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A | &nbsp;&nbsp; 133608 |
| &nbsp;&nbsp; 200000 | Hilcorp Energy I, LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | &nbsp;&nbsp; 172877 |
| &nbsp;&nbsp; 167000 | Hillenbrand, Inc., 3.75%, due 03/01/31 | &nbsp;&nbsp; 137157 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower <br> Escrow, Inc., 4.88%, due 07/01/31 144A<br>| &nbsp;&nbsp; 173300 |
| &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower <br> Escrow, Inc., 5.00%, due 06/01/29 144A<br>| &nbsp;&nbsp; 228238 |
| &nbsp;&nbsp; 777000 | Home Depot, Inc. (The), 3.30%, due 04/15/40 | &nbsp;&nbsp; 621867 |
| &nbsp;&nbsp; 588000 | Home Depot, Inc. (The), 3.63%, due 04/15/52 | &nbsp;&nbsp; 456977 |
| &nbsp;&nbsp; 597000 | Host Hotels & Resorts, LP REIT, 3.38%, due 12/15/29 | &nbsp;&nbsp; 500326 |
| &nbsp;&nbsp; 350000 | Host Hotels & Resorts, LP REIT, 3.50%, due 09/15/30 | &nbsp;&nbsp; 289628 |
| &nbsp;&nbsp; 260000 | Host Hotels & Resorts, LP REIT, 4.50%, due 02/01/26 | &nbsp;&nbsp; 249442 |
| 1368000 | HSBC Holdings Plc, 7.39% (SOFR + 3.35%), due 11/03/28<sup>(c)</sup> <br>| 1440132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Hudbay Minerals, Inc., 4.50%, due 04/01/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 62760 |
| &nbsp;&nbsp; 368000 | Huntington Ingalls Industries, Inc., 4.20%, due 05/01/30 | &nbsp;&nbsp; 334865 |
| &nbsp;&nbsp; 390000 | Huntsman International LLC, 2.95%, due 06/15/31 | &nbsp;&nbsp; 303579 |
| &nbsp;&nbsp; 870000 | Huntsman International LLC, 4.50%, due 05/01/29 | &nbsp;&nbsp; 783078 |
| &nbsp;&nbsp; 248000 | Hyatt Hotels Corp., 6.00%, due 04/23/30<sup>(d)(e)</sup> <br>| &nbsp;&nbsp; 243174 |
| &nbsp;&nbsp; 517000 | Hyundai Capital America, 1.00%, due 09/17/24 144A | &nbsp;&nbsp; 477989 |
| &nbsp;&nbsp; 220000 | Hyundai Capital America, 1.80%, due 10/15/25 144A | &nbsp;&nbsp; 198091 |
| &nbsp;&nbsp; 235000 | Hyundai Capital America, 2.38%, due 10/15/27 144A | &nbsp;&nbsp; 201420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | IHS Markit, Ltd., 4.75%, due 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 19252 |
| &nbsp;&nbsp; 126000 | Infor, Inc., 1.75%, due 07/15/25 144A | &nbsp;&nbsp; 113955 |
| &nbsp;&nbsp; 200000 | Instituto Costarricense de Electricidad, 6.38%, due 05/15/43 144A | &nbsp;&nbsp; 159072 |
| &nbsp;&nbsp; 223000 | Intesa Sanpaolo SpA, 4.20% (1 yr. CMT + 2.60%), due 06/01/32<sup>(c)</sup> 144A | &nbsp;&nbsp; 164294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 71258 |
| &nbsp;&nbsp; 106000 | Iron Mountain Information Management Services, Inc. REIT, 5.00%, due 07/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 88207 |
| &nbsp;&nbsp; 210000 | Iron Mountain, Inc. REIT, 4.88%, due 09/15/29 144A | &nbsp;&nbsp; 183515 |
| &nbsp;&nbsp; 221000 | Iron Mountain, Inc. REIT, 5.25%, due 07/15/30 144A | &nbsp;&nbsp; 192547 |
| &nbsp;&nbsp; 125000 | Jacobs Entertainment, Inc., 6.75%, due 02/15/29 144A | &nbsp;&nbsp; 112991 |
| &nbsp;&nbsp; 107000 | JB Poindexter & Co., Inc., 7.13%, due 04/15/26 144A | &nbsp;&nbsp; 103424 |
| 1050000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.00%, due 02/02/29 <br> 144A<br>| &nbsp;&nbsp; 871305 |
| &nbsp;&nbsp; 347000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.63%, due 01/15/32 <br> 144A<br>| &nbsp;&nbsp; 281571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, due 12/01/31 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78039 |
| &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.13%, due 02/01/28 <br> 144A<br>| &nbsp;&nbsp; 210733 |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, due 04/01/33 <br> 144A<br>| &nbsp;&nbsp; 578549 |
| &nbsp;&nbsp; 310850 | JetBlue Pass Through Trust, 2.75%, due 11/15/33 | &nbsp;&nbsp; 255863 |
| 2000000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(c)</sup> <br>| 1673851 |
| &nbsp;&nbsp; 709000 | JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 581731 |
| &nbsp;&nbsp; 460000 | JPMorgan Chase & Co., 2.58% (SOFR + 1.25%), due 04/22/32<sup>(c)</sup> <br>| &nbsp;&nbsp; 369589 |
| &nbsp;&nbsp; 405000 | JPMorgan Chase & Co., 2.96% (SOFR + 1.26%), due 01/25/33<sup>(c)</sup> <br>| &nbsp;&nbsp; 330686 |
| &nbsp;&nbsp; 790000 | JPMorgan Chase & Co., 2.96% (SOFR + 2.52%), due 05/13/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 652664 |
| 3605000 | JPMorgan Chase & Co., 3.78% (3 mo. USD LIBOR + 1.34%), due 02/01/28<sup>(c)</sup> <br>| 3373343 |
| &nbsp;&nbsp; 608000 | JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.25%), due 01/29/27<sup>(c)</sup> <br>| &nbsp;&nbsp; 580262 |
| &nbsp;&nbsp; 625000 | JPMorgan Chase & Co., 3.96% (3 mo. USD LIBOR + 1.38%), due 11/15/48<sup>(c)</sup> <br>| &nbsp;&nbsp; 490433 |
| &nbsp;&nbsp; 585000 | JPMorgan Chase & Co., 4.00% (SOFR + 2.75%)<sup>(c)(e)(g)</sup> <br>| &nbsp;&nbsp; 502369 |
| &nbsp;&nbsp; 340000 | JPMorgan Chase & Co., 4.01% (3 mo. USD LIBOR + 1.12%), due 04/23/29<sup>(c)</sup> <br>| &nbsp;&nbsp; 315161 |
| 2450000 | JPMorgan Chase & Co., 4.20% (3 mo. USD LIBOR + 1.26%), due 07/23/29<sup>(c)</sup> <br>| 2287547 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1207000 | JPMorgan Chase & Co., 4.49% (SOFR + 3.79%), due 03/24/31<sup>(c)</sup> <br>| 1130131 |
| &nbsp;&nbsp; 551000 | JPMorgan Chase & Co., 4.60% (SOFR + 3.13%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 486946 |
| &nbsp;&nbsp; 180000 | JPMorgan Chase & Co., 5.00% (SOFR + 3.38%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 164800 |
| &nbsp;&nbsp; 843000 | JPMorgan Chase & Co., 6.75% (3 mo. USD LIBOR + 3.78%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 840273 |
| &nbsp;&nbsp; 103000 | JW Aluminum Continuous Cast Co., 10.25%, due 06/01/26 144A | &nbsp;&nbsp; 105024 |
| &nbsp;&nbsp; 780000 | Kaiser Foundation Hospitals, 2.81%, due 06/01/41 | &nbsp;&nbsp; 568316 |
| &nbsp;&nbsp; 200000 | KazMunayGas National Co. JSC, 4.75%, due 04/24/25 144A | &nbsp;&nbsp; 194260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81000 | KB Home, 7.25%, due 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 78808 |
| &nbsp;&nbsp; 175000 | Ken Garff Automotive LLC, 4.88%, due 09/15/28 144A | &nbsp;&nbsp; 146678 |
| &nbsp;&nbsp; 383000 | Kinder Morgan Energy Partners, LP, 7.75%, due 03/15/32 | &nbsp;&nbsp; 425462 |
| &nbsp;&nbsp; 640000 | Kinder Morgan, Inc., 3.60%, due 02/15/51 | &nbsp;&nbsp; 443616 |
| &nbsp;&nbsp; 991000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43<sup>(e)</sup> 144A | &nbsp;&nbsp; 915747 |
| &nbsp;&nbsp; 257000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | &nbsp;&nbsp; 177308 |
| &nbsp;&nbsp; 283000 | KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A | &nbsp;&nbsp; 180305 |
| &nbsp;&nbsp; 335000 | KLA Corp., 4.10%, due 03/15/29 | &nbsp;&nbsp; 323953 |
| &nbsp;&nbsp; 120000 | Kraft Heinz Foods Co., 4.88%, due 10/01/49 | &nbsp;&nbsp; 104774 |
| &nbsp;&nbsp; 244000 | Kraft Heinz Foods Co., 5.00%, due 06/04/42 | &nbsp;&nbsp; 221806 |
| &nbsp;&nbsp; 115000 | Kraft Heinz Foods Co., 5.20%, due 07/15/45 | &nbsp;&nbsp; 106668 |
| &nbsp;&nbsp; 256000 | Kraft Heinz Foods Co., 5.50%, due 06/01/50 | &nbsp;&nbsp; 246071 |
| &nbsp;&nbsp; 397000 | Lam Research Corp., 2.88%, due 06/15/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 267128 |
| &nbsp;&nbsp; 100000 | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 88455 |
| &nbsp;&nbsp; 325000 | Lamb Weston Holdings, Inc., 4.38%, due 01/31/32 144A | &nbsp;&nbsp; 284422 |
| &nbsp;&nbsp; 251000 | Lazard Group LLC, 4.38%, due 03/11/29 | &nbsp;&nbsp; 232320 |
| &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86% (3 mo. USD LIBOR + <br> 0.84%)<sup>(c)(f)(g)(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 890000 | Lehman Brothers Holdings, Inc., 6.50%, due 07/19/17<sup>(f)(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 270000 | Lehman Brothers Holdings, Inc., (MTN), 6.75%, due 12/28/17<sup>(f)(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 614000 | Level 3 Financing, Inc., 3.40%, due 03/01/27 144A | &nbsp;&nbsp; 519896 |
| &nbsp;&nbsp; 511000 | Leviathan Bond, Ltd., 6.50%, due 06/30/27<sup>(j)</sup> 144A | &nbsp;&nbsp; 497459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Leviathan Bond, Ltd., 6.75%, due 06/30/30<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 65296 |
| &nbsp;&nbsp; 230000 | Liberty Mutual Group, Inc., 3.95%, due 10/15/50<sup>(e)</sup> 144A | &nbsp;&nbsp; 161413 |
| &nbsp;&nbsp; 329000 | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(c)</sup> 144A | &nbsp;&nbsp; 268451 |
| &nbsp;&nbsp; 254000 | Liberty Mutual Group, Inc., 4.25%, due 06/15/23 144A | &nbsp;&nbsp; 252229 |
| 2679000 | Liberty Mutual Group, Inc., 4.57%, due 02/01/29<sup>(e)</sup> 144A | 2509547 |
| 2434000 | Lincoln National Corp., 3.40%, due 01/15/31<sup>(e)</sup> <br>| 2018936 |
| &nbsp;&nbsp; 343000 | Lions Gate Capital Holdings LLC, 5.50%, due 04/15/29 144A | &nbsp;&nbsp; 199316 |
| &nbsp;&nbsp; 129000 | Lithia Motors, Inc., 3.88%, due 06/01/29 144A | &nbsp;&nbsp; 106239 |
| &nbsp;&nbsp; 129000 | Lithia Motors, Inc., 4.38%, due 01/15/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 105184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | Lithia Motors, Inc., 4.63%, due 12/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 57834 |
| &nbsp;&nbsp; 175000 | Live Nation Entertainment, Inc., 4.75%, due 10/15/27 144A | &nbsp;&nbsp; 156078 |
| 1150000 | Lloyds Banking Group Plc, 2.44% (1 yr. CMT + 1.00%), due 02/05/26<sup>(c)</sup> <br>| 1071567 |
| 1455000 | Lloyds Banking Group Plc, 4.45%, due 05/08/25 | 1428456 |
| &nbsp;&nbsp; 421000 | Lloyds Banking Group Plc, 7.50% (5 yr. USD swap + 4.76%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 409002 |
| &nbsp;&nbsp; 712000 | Lockheed Martin Corp., 2.80%, due 06/15/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 482829 |
| &nbsp;&nbsp; 386000 | Lowe's Cos., Inc., 3.70%, due 04/15/46 | &nbsp;&nbsp; 287493 |
| &nbsp;&nbsp; 953000 | Lowe's Cos., Inc., 5.63%, due 04/15/53<sup>(e)</sup> <br>| &nbsp;&nbsp; 917712 |
| &nbsp;&nbsp; 284000 | LSC Communication Escrow, Inc., 8.75%, due 10/15/23<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp; 720000 | Lubrizol Corp. (The), 6.50%, due 10/01/34 | &nbsp;&nbsp; 824715 |
| &nbsp;&nbsp; 150000 | LYB International Finance BV, 4.88%, due 03/15/44 | &nbsp;&nbsp; 125675 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 380000 | LYB International Finance III LLC, 4.20%, due 05/01/50 | &nbsp;&nbsp; 282630 |
| &nbsp;&nbsp; 168000 | M&T Bank Corp., 5.13% (3 mo. USD LIBOR + 3.52%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 145013 |
| &nbsp;&nbsp; 320000 | Macquarie Bank, Ltd., 3.62%, due 06/03/30 144A | &nbsp;&nbsp; 259419 |
| &nbsp;&nbsp; 416000 | Macquarie Bank, Ltd., 4.88%, due 06/10/25 144A | &nbsp;&nbsp; 407289 |
| &nbsp;&nbsp; 943000 | Macquarie Group, Ltd., 1.34% (SOFR + 1.07%), due 01/12/27<sup>(c)</sup> 144A | &nbsp;&nbsp; 822865 |
| 1484000 | Macquarie Group, Ltd., 4.15% (3 mo. USD LIBOR + 1.33%), due 03/27/24<sup>(c)</sup> 144A | 1478716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74000 | Macy's Retail Holdings LLC, 5.88%, due 04/01/29<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 65629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Macy's Retail Holdings LLC, 5.88%, due 03/15/30<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 21730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46000 | Macy's Retail Holdings LLC, 6.13%, due 03/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 38732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Magellan Midstream Partners, LP, 4.25%, due 09/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 41810 |
| &nbsp;&nbsp; 200000 | Magellan Midstream Partners, LP, 5.15%, due 10/15/43 | &nbsp;&nbsp; 175295 |
| 2101000 | Manulife Financial Corp., 3.70%, due 03/16/32 | 1878329 |
| &nbsp;&nbsp; 420000 | MARB BondCo Plc, 3.95%, due 01/29/31 144A | &nbsp;&nbsp; 323244 |
| &nbsp;&nbsp; 458000 | Marriott International, Inc., 4.63%, due 06/15/30 | &nbsp;&nbsp; 428467 |
| &nbsp;&nbsp; 960000 | Marriott International, Inc., 5.00%, due 10/15/27 | &nbsp;&nbsp; 948924 |
| &nbsp;&nbsp; 400000 | Martin Marietta Materials, Inc., 2.50%, due 03/15/30 | &nbsp;&nbsp; 330434 |
| &nbsp;&nbsp; 733000 | Marvell Technology, Inc., 2.45%, due 04/15/28 | &nbsp;&nbsp; 621690 |
| &nbsp;&nbsp; 175000 | Masonite International Corp., 3.50%, due 02/15/30 144A | &nbsp;&nbsp; 141790 |
| &nbsp;&nbsp; 460000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14<sup>(h)</sup> <br>| &nbsp;&nbsp; 394610 |
| 1255000 | Massachusetts Mutual Life Insurance Co., 3.38%, due 04/15/50<sup>(i)</sup> <br>| &nbsp;&nbsp; 873181 |
| &nbsp;&nbsp; 915000 | Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52 144A | &nbsp;&nbsp; 911361 |
| &nbsp;&nbsp; 224000 | MasTec, Inc., 4.50%, due 08/15/28<sup>(e)</sup> 144A | &nbsp;&nbsp; 201039 |
| &nbsp;&nbsp; 132000 | Match Group Holdings II LLC, 3.63%, due 10/01/31 144A | &nbsp;&nbsp; 101398 |
| &nbsp;&nbsp; 162000 | Match Group Holdings II LLC, 4.13%, due 08/01/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 132539 |
| &nbsp;&nbsp; 311000 | MC Brazil Downstream Trading SARL, 7.25%, due 06/30/31 144A | &nbsp;&nbsp; 257060 |
| &nbsp;&nbsp; 900000 | McDonald's Corp., (MTN), 4.20%, due 04/01/50 | &nbsp;&nbsp; 753494 |
| &nbsp;&nbsp; 202000 | MDC Holdings, Inc., 2.50%, due 01/15/31 | &nbsp;&nbsp; 146100 |
| &nbsp;&nbsp; 240000 | Mercedes-Benz Finance North America LLC, 3.50%, due 08/03/25 144A | &nbsp;&nbsp; 231196 |
| &nbsp;&nbsp; 475000 | MetLife, Inc., 6.40%, due 12/15/66 | &nbsp;&nbsp; 459973 |
| 3677000 | Metropolitan Life Global Funding I, 3.30%, due 03/21/29 144A | 3300154 |
| &nbsp;&nbsp; 200000 | Mexico City Airport Trust, 5.50%, due 07/31/47<sup>(e)</sup> 144A | &nbsp;&nbsp; 154469 |
| &nbsp;&nbsp; 638000 | MGM Resorts International, 4.75%, due 10/15/28 | &nbsp;&nbsp; 557905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Michaels Cos, Inc. (The), 7.88%, due 05/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 19429 |
| 1430000 | Micron Technology, Inc., 4.19%, due 02/15/27 | 1356020 |
| 1346000 | Micron Technology, Inc., 5.33%, due 02/06/29 | 1294809 |
| &nbsp;&nbsp; 100000 | MidAmerican Energy Co., 4.25%, due 07/15/49 | &nbsp;&nbsp;&nbsp;&nbsp; 85350 |
| &nbsp;&nbsp; 825000 | Mid-Atlantic Interstate Transmission LLC, 4.10%, due 05/15/28 144A | &nbsp;&nbsp; 777872 |
| &nbsp;&nbsp; 483000 | Midwest Connector Capital Co. LLC, 3.90%, due 04/01/24 144A | &nbsp;&nbsp; 467893 |
| &nbsp;&nbsp; 252000 | &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| &nbsp;&nbsp; 214745 |
| &nbsp;&nbsp; 234900 | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | &nbsp;&nbsp; 224986 |
| &nbsp;&nbsp; 300000 | Mohegan Gaming & Entertainment, 8.00%, due 02/01/26 144A | &nbsp;&nbsp; 281106 |
| &nbsp;&nbsp; 950000 | Moody's Corp., 3.25%, due 05/20/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 660942 |
| 1529000 | Morgan Stanley, 2.19% (SOFR + 1.99%), due 04/28/26<sup>(c)</sup> <br>| 1422158 |
| &nbsp;&nbsp; 998000 | Morgan Stanley, 2.48% (SOFR + 1.36%), due 09/16/36<sup>(c)</sup> <br>| &nbsp;&nbsp; 725935 |
| 1478000 | Morgan Stanley, 2.94% (SOFR + 1.29%), due 01/21/33<sup>(c)</sup> <br>| 1199495 |
| &nbsp;&nbsp; 945000 | Morgan Stanley, 3.59% (3 mo. USD LIBOR + 1.34%), due 07/22/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 868289 |
| &nbsp;&nbsp; 947000 | Morgan Stanley, 4.21% (SOFR + 1.61%), due 04/20/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 902139 |
| &nbsp;&nbsp; 520000 | Morgan Stanley, 6.34% (SOFR + 2.56%), due 10/18/33<sup>(c)</sup> <br>| &nbsp;&nbsp; 546522 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1936000 | Morgan Stanley, (MTN), 2.24% (SOFR + 1.18%), due 07/21/32<sup>(c)</sup> <br>| 1489924 |
| &nbsp;&nbsp; 785000 | Morgan Stanley, (MTN), 2.70% (SOFR + 1.14%), due 01/22/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 650368 |
| 1301000 | Morgan Stanley, (MTN), 3.13%, due 07/27/26 | 1215213 |
| 1311000 | Morgan Stanley, (MTN), 3.62% (SOFR + 3.12%), due 04/01/31<sup>(c)</sup> <br>| 1147468 |
| &nbsp;&nbsp; 620000 | Morgan Stanley, (MTN), 3.77% (3 mo. USD LIBOR + 1.14%), due 01/24/29<sup>(c)</sup> <br>| &nbsp;&nbsp; 568836 |
| &nbsp;&nbsp; 419000 | Morgan Stanley, (MTN), 3.88%, due 01/27/26 | &nbsp;&nbsp; 406082 |
| &nbsp;&nbsp; 809000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | &nbsp;&nbsp; 634434 |
| &nbsp;&nbsp; 624000 | Motorola Solutions, Inc., 2.75%, due 05/24/31 | &nbsp;&nbsp; 500419 |
| &nbsp;&nbsp; 207000 | Motorola Solutions, Inc., 4.60%, due 05/23/29 | &nbsp;&nbsp; 197455 |
| &nbsp;&nbsp; 385000 | MPLX, LP, 4.00%, due 03/15/28 | &nbsp;&nbsp; 358780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87000 | MPLX, LP, 4.13%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 82301 |
| &nbsp;&nbsp; 297000 | MPLX, LP, 4.25%, due 12/01/27 | &nbsp;&nbsp; 281152 |
| &nbsp;&nbsp; 250000 | MPLX, LP, 4.50%, due 04/15/38 | &nbsp;&nbsp; 211515 |
| &nbsp;&nbsp; 290000 | MPLX, LP, 4.95%, due 09/01/32 | &nbsp;&nbsp; 272783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | MPLX, LP, 5.20%, due 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 21332 |
| 1168000 | MPLX, LP, 6.88% (3 mo. USD LIBOR + 4.65%)<sup>(c)(g)</sup> <br>| 1156320 |
| &nbsp;&nbsp; 250000 | MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 171893 |
| &nbsp;&nbsp; 300000 | MPT Operating Partnership, LP/MPT Finance Corp. REIT, 5.00%, due 10/15/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 252828 |
| &nbsp;&nbsp; 330000 | MSCI, Inc., 3.63%, due 11/01/31 144A | &nbsp;&nbsp; 273380 |
| &nbsp;&nbsp; 145000 | MTN Mauritius Investment, Ltd., 4.76%, due 11/11/24 144A | &nbsp;&nbsp; 141564 |
| &nbsp;&nbsp; 450000 | Mylan, Inc., 5.40%, due 11/29/43 | &nbsp;&nbsp; 357902 |
| &nbsp;&nbsp; 141000 | Nationstar Mortgage Holdings, Inc., 5.13%, due 12/15/30 144A | &nbsp;&nbsp; 109089 |
| &nbsp;&nbsp; 158000 | Nationstar Mortgage Holdings, Inc., 5.50%, due 08/15/28 144A | &nbsp;&nbsp; 129092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | Nationstar Mortgage Holdings, Inc., 6.00%, due 01/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 55588 |
| &nbsp;&nbsp; 265000 | NatWest Group Plc, 3.75% (5 yr. CMT + 2.10%), due 11/01/29<sup>(c)</sup> <br>| &nbsp;&nbsp; 245972 |
| &nbsp;&nbsp; 210000 | NatWest Group Plc, 5.08% (3 mo. USD LIBOR + 1.91%), due 01/27/30<sup>(c)</sup> <br>| &nbsp;&nbsp; 198249 |
| &nbsp;&nbsp; 430000 | NatWest Group Plc, 6.00% (5 yr. CMT + 5.63%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 398157 |
| &nbsp;&nbsp; 714000 | NatWest Markets Plc, 1.60%, due 09/29/26 144A | &nbsp;&nbsp; 620879 |
| &nbsp;&nbsp; 329000 | NBM US Holdings, Inc., 6.63%, due 08/06/29 144A | &nbsp;&nbsp; 318325 |
| &nbsp;&nbsp; 439000 | Netflix, Inc., 4.88%, due 06/15/30 144A | &nbsp;&nbsp; 410149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Netflix, Inc., 5.38%, due 11/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 57335 |
| &nbsp;&nbsp; 574000 | Netflix, Inc., 5.88%, due 11/15/28 | &nbsp;&nbsp; 583201 |
| &nbsp;&nbsp; 271000 | New York Life Insurance Co., 3.75%, due 05/15/50 144A | &nbsp;&nbsp; 208558 |
| &nbsp;&nbsp; 435000 | Newmont Corp., 2.25%, due 10/01/30 | &nbsp;&nbsp; 350633 |
| &nbsp;&nbsp; 225000 | Newmont Corp., 2.80%, due 10/01/29 | &nbsp;&nbsp; 191758 |
| &nbsp;&nbsp; 150000 | Newmont Corp., 5.45%, due 06/09/44 | &nbsp;&nbsp; 143522 |
| &nbsp;&nbsp; 228000 | News Corp., 3.88%, due 05/15/29 144A | &nbsp;&nbsp; 198094 |
| &nbsp;&nbsp; 136000 | News Corp., 5.13%, due 02/15/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 123957 |
| &nbsp;&nbsp; 661000 | NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30 | &nbsp;&nbsp; 545078 |
| &nbsp;&nbsp; 342000 | NextEra Energy Operating Partners, LP, 3.88%, due 10/15/26 144A | &nbsp;&nbsp; 313612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | NextEra Energy Operating Partners, LP, 4.50%, due 09/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 68924 |
| &nbsp;&nbsp; 738000 | Nippon Life Insurance Co., 2.75% (5 yr. CMT + 2.65%), due 01/21/51<sup>(c)</sup> 144A | &nbsp;&nbsp; 593247 |
| &nbsp;&nbsp; 545000 | Nippon Life Insurance Co., 5.10% (5 yr. USD swap + 3.65%), due 10/16/44<sup>(c)</sup> 144A | &nbsp;&nbsp; 533241 |
| &nbsp;&nbsp; 311000 | NiSource, Inc., 3.60%, due 05/01/30 | &nbsp;&nbsp; 277649 |
| &nbsp;&nbsp; 239000 | Nissan Motor Acceptance Co. LLC, 1.13%, due 09/16/24 144A | &nbsp;&nbsp; 217926 |
| &nbsp;&nbsp; 482000 | Nissan Motor Co., Ltd., 3.52%, due 09/17/25 144A | &nbsp;&nbsp; 448201 |
| &nbsp;&nbsp; 200000 | Nomura Holdings, Inc., 2.61%, due 07/14/31 | &nbsp;&nbsp; 155155 |
| &nbsp;&nbsp; 970000 | Norfolk Southern Corp., 4.84%, due 10/01/41 | &nbsp;&nbsp; 895759 |
| &nbsp;&nbsp; 195000 | Northern States Power Co., 3.60%, due 09/15/47 | &nbsp;&nbsp; 151126 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 942000 | Northrop Grumman Corp., 5.25%, due 05/01/50 | &nbsp;&nbsp; 933150 |
| &nbsp;&nbsp; 300000 | NOVA Chemicals Corp., 4.88%, due 06/01/24 144A | &nbsp;&nbsp; 290937 |
| &nbsp;&nbsp; 621000 | Novelis Corp., 4.75%, due 01/30/30 144A | &nbsp;&nbsp; 551957 |
| &nbsp;&nbsp; 531000 | NRG Energy, Inc., 2.45%, due 12/02/27 144A | &nbsp;&nbsp; 440786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | NRG Energy, Inc., 3.38%, due 02/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 40398 |
| &nbsp;&nbsp; 194000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | &nbsp;&nbsp; 147832 |
| &nbsp;&nbsp; 474000 | NRG Energy, Inc., 3.88%, due 02/15/32 144A | &nbsp;&nbsp; 356910 |
| &nbsp;&nbsp; 303000 | NRG Energy, Inc., 4.45%, due 06/15/29 144A | &nbsp;&nbsp; 268566 |
| &nbsp;&nbsp; 125000 | NRG Energy, Inc., 5.25%, due 06/15/29 144A | &nbsp;&nbsp; 110553 |
| &nbsp;&nbsp; 525000 | NRG Energy, Inc., 5.75%, due 01/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 493658 |
| &nbsp;&nbsp; 250000 | NSTAR Electric Co., 3.10%, due 06/01/51 | &nbsp;&nbsp; 173038 |
| &nbsp;&nbsp; 315000 | Nutrien, Ltd., 4.90%, due 06/01/43 | &nbsp;&nbsp; 278524 |
| 2136000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25 | 2012614 |
| &nbsp;&nbsp; 715000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 3.88%, due 06/18/26 | &nbsp;&nbsp; 680131 |
| &nbsp;&nbsp; 262000 | Occidental Petroleum Corp., 6.45%, due 09/15/36 | &nbsp;&nbsp; 267831 |
| &nbsp;&nbsp; 215000 | Occidental Petroleum Corp., 6.60%, due 03/15/46 | &nbsp;&nbsp; 221718 |
| 3517000 | Occidental Petroleum Corp., 6.98%, due 10/10/36<sup>(n)</sup> <br>| 1763670 |
| &nbsp;&nbsp; 325000 | OneMain Finance Corp., 6.63%, due 01/15/28 | &nbsp;&nbsp; 299839 |
| &nbsp;&nbsp; 129000 | OneMain Finance Corp., 6.88%, due 03/15/25 | &nbsp;&nbsp; 124215 |
| &nbsp;&nbsp; 200000 | OneMain Finance Corp., 8.25%, due 10/01/23 | &nbsp;&nbsp; 201893 |
| &nbsp;&nbsp; 655000 | ONEOK, Inc., 3.10%, due 03/15/30 | &nbsp;&nbsp; 550329 |
| &nbsp;&nbsp; 390000 | ONEOK, Inc., 4.45%, due 09/01/49<sup>(e)</sup> <br>| &nbsp;&nbsp; 291455 |
| &nbsp;&nbsp; 200000 | ONEOK, Inc., 4.95%, due 07/13/47 | &nbsp;&nbsp; 161999 |
| 1200000 | Oracle Corp., 1.65%, due 03/25/26 | 1075643 |
| 1281000 | Oracle Corp., 2.95%, due 04/01/30 | 1095076 |
| 1106000 | Oracle Corp., 3.95%, due 03/25/51 | &nbsp;&nbsp; 792804 |
| &nbsp;&nbsp; 425000 | Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, due 04/30/28 144A | &nbsp;&nbsp; 377039 |
| &nbsp;&nbsp; 342000 | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A | &nbsp;&nbsp; 296731 |
| &nbsp;&nbsp; 208000 | Oriflame Investment Holding Plc, 5.13%, due 05/04/26 144A | &nbsp;&nbsp; 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Ovintiv, Inc., 7.20%, due 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 66332 |
| &nbsp;&nbsp; 391000 | Owens Corning, 3.95%, due 08/15/29 | &nbsp;&nbsp; 356207 |
| &nbsp;&nbsp; 350000 | Owens Corning, 4.30%, due 07/15/47 | &nbsp;&nbsp; 270841 |
| &nbsp;&nbsp; 110000 | Owens-Brockway Glass Container, Inc., 6.63%, due 05/13/27<sup>(e)</sup> 144A | &nbsp;&nbsp; 106893 |
| &nbsp;&nbsp; 265000 | PacifiCorp, 2.70%, due 09/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 228517 |
| &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc., 4.38%, due <br> 10/15/28 144A<br>| &nbsp;&nbsp; 174462 |
| &nbsp;&nbsp; 406000 | &nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, due <br> 10/15/27 144A<br>| &nbsp;&nbsp; 360792 |
| &nbsp;&nbsp; 197000 | Parkland Corp., 4.50%, due 10/01/29 144A | &nbsp;&nbsp; 164438 |
| &nbsp;&nbsp; 190000 | Parkland Corp., 4.63%, due 05/01/30 144A | &nbsp;&nbsp; 157500 |
| &nbsp;&nbsp; 415000 | PECO Energy Co., 3.05%, due 03/15/51 | &nbsp;&nbsp; 285718 |
| &nbsp;&nbsp; 205000 | PECO Energy Co., 3.70%, due 09/15/47 | &nbsp;&nbsp; 161240 |
| &nbsp;&nbsp; 580000 | Pennsylvania Electric Co., 3.60%, due 06/01/29 144A | &nbsp;&nbsp; 521857 |
| 2450000 | Penske Truck Leasing Co., LP/PTL Finance Corp., 3.90%, due 02/01/24 144A | 2399328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 | Petroleos Mexicanos, 6.35%, due 02/12/48 | &nbsp;&nbsp;&nbsp;&nbsp; 46636 |
| &nbsp;&nbsp; 270000 | Petroleos Mexicanos, 6.50%, due 03/13/27 | &nbsp;&nbsp; 246864 |
| &nbsp;&nbsp; 255000 | Petroleos Mexicanos, 6.50%, due 06/02/41 | &nbsp;&nbsp; 166547 |
| &nbsp;&nbsp; 338000 | Petroleos Mexicanos, 6.75%, due 09/21/47 | &nbsp;&nbsp; 216416 |
| &nbsp;&nbsp; 380000 | Petroleos Mexicanos, 6.88%, due 08/04/26 | &nbsp;&nbsp; 359745 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 233000 | Petroleos Mexicanos, 8.75%, due 06/02/29 | &nbsp;&nbsp; 218802 |
| 2275997 | PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32 | 2158413 |
| &nbsp;&nbsp; 827000 | PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38 | &nbsp;&nbsp; 768930 |
| 2169000 | PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39 | 2066179 |
| &nbsp;&nbsp; 797000 | Phillips 66 Co., 3.61%, due 02/15/25 144A | &nbsp;&nbsp; 772205 |
| &nbsp;&nbsp; 145000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | &nbsp;&nbsp; 133189 |
| &nbsp;&nbsp; 575000 | Pilgrim's Pride Corp., 5.88%, due 09/30/27 144A | &nbsp;&nbsp; 558725 |
| &nbsp;&nbsp; 855000 | Plains All American Pipeline, LP/PAA Finance Corp., 3.55%, due 12/15/29 | &nbsp;&nbsp; 743193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | PNC Financial Services Group, Inc. (The), 3.15%, due 05/19/27<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 58926 |
| &nbsp;&nbsp; 722000 | PNC Financial Services Group, Inc. (The), 3.40% (5 yr. CMT + 2.60%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 573990 |
| &nbsp;&nbsp; 357000 | PNC Financial Services Group, Inc. (The), 4.85% (3 mo. USD LIBOR + 3.04%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 336696 |
| 2074000 | PNC Financial Services Group, Inc. (The), 5.35% (SOFR + 1.62%), due 12/02/28<sup>(c)</sup> <br>| 2094059 |
| &nbsp;&nbsp; 699000 | PNC Financial Services Group, Inc. (The), 8.12% (3 mo. USD LIBOR + 3.68%)<sup>(c)(g)</sup> <br>| &nbsp;&nbsp; 699698 |
| &nbsp;&nbsp; 292000 | Post Holdings, Inc., 5.50%, due 12/15/29 144A | &nbsp;&nbsp; 264844 |
| &nbsp;&nbsp; 201000 | &nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, due <br> 09/01/29<sup>(e)</sup> 144A<br>| &nbsp;&nbsp; 148479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 44103 |
| &nbsp;&nbsp; 136000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A | &nbsp;&nbsp; 124062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp; 84458 |
| &nbsp;&nbsp; 277000 | Prudential Financial, Inc., 5.13% (5 yr. CMT + 3.16%), due 03/01/52<sup>(c)</sup> <br>| &nbsp;&nbsp; 252447 |
| &nbsp;&nbsp; 195000 | Public Service Electric & Gas Co., (MTN), 2.70%, due 05/01/50 | &nbsp;&nbsp; 126859 |
| &nbsp;&nbsp; 445000 | Public Service Electric & Gas Co., (MTN), 3.00%, due 05/15/27 | &nbsp;&nbsp; 416264 |
| &nbsp;&nbsp; 315000 | Public Service Electric & Gas Co., (MTN), 3.20%, due 05/15/29 | &nbsp;&nbsp; 286436 |
| 1700000 | Public Service Enterprise Group, Inc., 2.88%, due 06/15/24 | 1642695 |
| &nbsp;&nbsp; 515000 | Public Storage REIT, 2.25%, due 11/09/31 | &nbsp;&nbsp; 414341 |
| &nbsp;&nbsp; 379000 | Puget Energy, Inc., 2.38%, due 06/15/28 | &nbsp;&nbsp; 323151 |
| &nbsp;&nbsp; 900000 | Qatar Energy, 1.38%, due 09/12/26<sup>(e)</sup> 144A | &nbsp;&nbsp; 799399 |
| &nbsp;&nbsp; 275000 | Qatar Energy, 2.25%, due 07/12/31 144A | &nbsp;&nbsp; 228300 |
| &nbsp;&nbsp; 255000 | Qorvo, Inc., 1.75%, due 12/15/24 144A | &nbsp;&nbsp; 235174 |
| &nbsp;&nbsp; 282000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | &nbsp;&nbsp; 227070 |
| &nbsp;&nbsp; 130000 | Radian Group, Inc., 4.50%, due 10/01/24 | &nbsp;&nbsp; 125616 |
| &nbsp;&nbsp; 133000 | Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, due 09/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 55945 |
| 1761000 | Raytheon Technologies Corp., 1.90%, due 09/01/31 | 1387045 |
| &nbsp;&nbsp; 120000 | Realty Income Corp. REIT, 2.85%, due 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 97655 |
| &nbsp;&nbsp; 330000 | Realty Income Corp. REIT, 3.25%, due 01/15/31 | &nbsp;&nbsp; 286987 |
| &nbsp;&nbsp; 408000 | Renesas Electronics Corp., 1.54%, due 11/26/24 144A | &nbsp;&nbsp; 374341 |
| &nbsp;&nbsp; 340000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 241649 |
| &nbsp;&nbsp; 346000 | RHP Hotel Properties, LP/RHP Finance Corp. REIT, 4.50%, due 02/15/29 144A | &nbsp;&nbsp; 298899 |
| &nbsp;&nbsp; 405000 | Roper Technologies, Inc., 1.40%, due 09/15/27 | &nbsp;&nbsp; 343248 |
| &nbsp;&nbsp; 217000 | Royalty Pharma Plc, 1.75%, due 09/02/27 | &nbsp;&nbsp; 184002 |
| &nbsp;&nbsp; 415000 | RPM International, Inc., 2.95%, due 01/15/32 | &nbsp;&nbsp; 328054 |
| &nbsp;&nbsp; 232000 | Sabine Pass Liquefaction LLC, 4.20%, due 03/15/28 | &nbsp;&nbsp; 218491 |
| &nbsp;&nbsp; 662000 | Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30 | &nbsp;&nbsp; 615191 |
| &nbsp;&nbsp; 231000 | Sabine Pass Liquefaction LLC, 5.00%, due 03/15/27 | &nbsp;&nbsp; 226854 |
| &nbsp;&nbsp; 288000 | Sabine Pass Liquefaction LLC, 5.88%, due 06/30/26 | &nbsp;&nbsp; 291741 |
| &nbsp;&nbsp; 247000 | Sabre GLBL, Inc., 7.38%, due 09/01/25 144A | &nbsp;&nbsp; 237786 |
| &nbsp;&nbsp; 320000 | Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25<sup>(e)</sup> <br>| &nbsp;&nbsp; 308758 |
| &nbsp;&nbsp; 290000 | San Diego Gas & Electric Co., 4.15%, due 05/15/48 | &nbsp;&nbsp; 243460 |
| &nbsp;&nbsp; 466000 | Santander Holdings USA, Inc., 2.49% (SOFR + 1.25%), due 01/06/28<sup>(c)</sup> <br>| &nbsp;&nbsp; 400438 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1209000 | Santander Holdings USA, Inc., 3.24%, due 10/05/26 | 1123655 |
| 1093000 | Santander Holdings USA, Inc., 3.45%, due 06/02/25 | 1042497 |
| &nbsp;&nbsp; 620000 | Santander Holdings USA, Inc., 3.50%, due 06/07/24 | &nbsp;&nbsp; 602684 |
| &nbsp;&nbsp; 199000 | Santander Holdings USA, Inc., 4.40%, due 07/13/27 | &nbsp;&nbsp; 190100 |
| &nbsp;&nbsp; 437000 | Sasol Financing USA LLC, 5.50%, due 03/18/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 356384 |
| &nbsp;&nbsp; 200000 | Sasol Financing USA LLC, 5.88%, due 03/27/24 | &nbsp;&nbsp; 196149 |
| &nbsp;&nbsp; 200000 | Sasol Financing USA LLC, 6.50%, due 09/27/28 | &nbsp;&nbsp; 182019 |
| &nbsp;&nbsp; 186000 | SBA Tower Trust REIT, 6.60%, due 01/15/28 144A | &nbsp;&nbsp; 186799 |
| &nbsp;&nbsp; 411000 | SBL Holdings, Inc., 5.00%, due 02/18/31 144A | &nbsp;&nbsp; 324114 |
| 1666000 | Schlumberger Holdings Corp., 3.90%, due 05/17/28 144A | 1555274 |
| &nbsp;&nbsp; 115000 | Sensata Technologies, Inc., 3.75%, due 02/15/31<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 94780 |
| &nbsp;&nbsp; 254000 | Service Corp. International, 4.00%, due 05/15/31 | &nbsp;&nbsp; 214292 |
| &nbsp;&nbsp; 950000 | Shell International Finance BV, 5.50%, due 03/25/40 | &nbsp;&nbsp; 972403 |
| &nbsp;&nbsp; 850000 | Simon Property Group, LP REIT, 6.75%, due 02/01/40 | &nbsp;&nbsp; 921655 |
| &nbsp;&nbsp; 344000 | Sirius XM Radio, Inc., 4.00%, due 07/15/28 144A | &nbsp;&nbsp; 300044 |
| &nbsp;&nbsp; 593000 | Sirius XM Radio, Inc., 5.00%, due 08/01/27 144A | &nbsp;&nbsp; 549451 |
| &nbsp;&nbsp; 220000 | SMBC Aviation Capital Finance DAC, 2.30%, due 06/15/28 144A | &nbsp;&nbsp; 180819 |
| 1130000 | Societe Generale SA, 1.79% (1 yr. CMT + 1.00%), due 06/09/27<sup>(c)</sup> 144A | &nbsp;&nbsp; 973577 |
| &nbsp;&nbsp; 710000 | Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28<sup>(c)</sup> 144A | &nbsp;&nbsp; 622149 |
| &nbsp;&nbsp; 810000 | Societe Generale SA, 4.84% (SOFR + 1.05%), due 01/21/26<sup>(c)</sup> 144A | &nbsp;&nbsp; 782223 |
| &nbsp;&nbsp; 514000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(c)(g)</sup> 144A | &nbsp;&nbsp; 417695 |
| &nbsp;&nbsp; 281000 | Societe Generale SA, 6.22% (1 yr. CMT + 3.20%), due 06/15/33<sup>(c)</sup> 144A | &nbsp;&nbsp; 263579 |
| &nbsp;&nbsp; 200000 | Sotheby's, 7.38%, due 10/15/27<sup>(e)</sup> 144A | &nbsp;&nbsp; 187842 |
| &nbsp;&nbsp; 570000 | Southern California Edison Co., 3.45%, due 02/01/52 | &nbsp;&nbsp; 408240 |
| &nbsp;&nbsp; 335000 | Southern California Edison Co., 4.00%, due 04/01/47 | &nbsp;&nbsp; 263343 |
| 1318000 | Southern Co. (The), 3.25%, due 07/01/26 | 1240994 |
| 1260000 | Southern Co. Gas Capital Corp., 2.45%, due 10/01/23 | 1232958 |
| &nbsp;&nbsp; 755000 | Southwest Airlines Co., 2.63%, due 02/10/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 628087 |
| &nbsp;&nbsp; 144000 | Southwestern Energy Co., 4.75%, due 02/01/32 | &nbsp;&nbsp; 123338 |
| 1701000 | Spirit Realty, LP REIT, 2.10%, due 03/15/28 | 1389780 |
| &nbsp;&nbsp; 300000 | Sprint LLC, 7.13%, due 06/15/24 | &nbsp;&nbsp; 306522 |
| &nbsp;&nbsp; 598000 | Stagwell Global LLC, 5.63%, due 08/15/29 144A | &nbsp;&nbsp; 494220 |
| &nbsp;&nbsp; 118000 | Standard Industries, Inc., 3.38%, due 01/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 89041 |
| &nbsp;&nbsp; 590000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | &nbsp;&nbsp; 482036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Standard Industries, Inc., 4.75%, due 01/15/28<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 22534 |
| &nbsp;&nbsp; 175000 | Starwood Property Trust, Inc. REIT, 3.63%, due 07/15/26 144A | &nbsp;&nbsp; 153343 |
| &nbsp;&nbsp; 200000 | State Grid Overseas Investment BVI, Ltd., 3.50%, due 05/04/27 144A | &nbsp;&nbsp; 191018 |
| &nbsp;&nbsp; 330000 | State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31<sup>(c)</sup> <br>| &nbsp;&nbsp; 291215 |
| &nbsp;&nbsp; 920000 | Steel Dynamics, Inc., 3.45%, due 04/15/30 | &nbsp;&nbsp; 811056 |
| 2695000 | Stellantis Finance US, Inc., 1.71%, due 01/29/27 144A | 2316181 |
| &nbsp;&nbsp; 605000 | Stellantis Finance US, Inc., 2.69%, due 09/15/31 144A | &nbsp;&nbsp; 463049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 | Sunoco, LP/Sunoco Finance Corp., 4.50%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 67463 |
| &nbsp;&nbsp; 297000 | Sunoco, LP/Sunoco Finance Corp., 4.50%, due 04/30/30 | &nbsp;&nbsp; 258212 |
| &nbsp;&nbsp; 455000 | Take-Two Interactive Software, Inc., 3.30%, due 03/28/24 | &nbsp;&nbsp; 444581 |
| &nbsp;&nbsp; 257000 | Take-Two Interactive Software, Inc., 3.55%, due 04/14/25 | &nbsp;&nbsp; 247553 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 <br> 144A<br>| &nbsp;&nbsp; 194857 |
| &nbsp;&nbsp; 740000 | Targa Resources Corp., 4.95%, due 04/15/52 | &nbsp;&nbsp; 588772 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 467000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.00%, due <br> 01/15/32<br>| &nbsp;&nbsp; 393560 |
| &nbsp;&nbsp; 150000 | Taylor Morrison Communities, Inc., 5.13%, due 08/01/30 144A | &nbsp;&nbsp; 130201 |
| &nbsp;&nbsp; 110000 | Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A | &nbsp;&nbsp; 105803 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.63%, due <br> 03/01/24 144A<br>| &nbsp;&nbsp; 149573 |
| &nbsp;&nbsp; 926000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | &nbsp;&nbsp; 761586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A | &nbsp;&nbsp;&nbsp;&nbsp; 37602 |
| 1125000 | Teledyne Technologies, Inc., 2.75%, due 04/01/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 922655 |
| &nbsp;&nbsp; 700000 | Telefonica Emisiones SA, 5.21%, due 03/08/47 | &nbsp;&nbsp; 565011 |
| &nbsp;&nbsp; 163000 | Telesat Canada/Telesat LLC, 5.63%, due 12/06/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 75187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Tenet Healthcare Corp., 4.38%, due 01/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 43366 |
| &nbsp;&nbsp; 223000 | Tenet Healthcare Corp., 4.63%, due 07/15/24 | &nbsp;&nbsp; 217808 |
| &nbsp;&nbsp; 125000 | Tenet Healthcare Corp., 6.13%, due 06/15/30 144A | &nbsp;&nbsp; 119319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | T-Mobile USA, Inc., 2.88%, due 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 41384 |
| &nbsp;&nbsp; 521000 | T-Mobile USA, Inc., 3.38%, due 04/15/29 | &nbsp;&nbsp; 459884 |
| 2019000 | T-Mobile USA, Inc., 3.50%, due 04/15/25 | 1943432 |
| &nbsp;&nbsp; 742000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 | &nbsp;&nbsp; 673855 |
| 1000000 | T-Mobile USA, Inc., 4.50%, due 04/15/50 | &nbsp;&nbsp; 827086 |
| 1595000 | Toll Brothers Finance Corp., 4.35%, due 02/15/28 | 1451904 |
| 1475000 | Toronto-Dominion Bank (The), 1.95%, due 01/12/27<sup>(e)</sup> <br>| 1316334 |
| &nbsp;&nbsp; 321000 | Total Play Telecomunicaciones SA de CV, 6.38%, due 09/20/28<sup>(e)</sup> 144A | &nbsp;&nbsp; 251100 |
| &nbsp;&nbsp; 548000 | Total Play Telecomunicaciones SA de CV, 7.50%, due 11/12/25<sup>(e)</sup> 144A | &nbsp;&nbsp; 481177 |
| 1453000 | Toyota Motor Credit Corp., (MTN), 3.00%, due 04/01/25 | 1396490 |
| &nbsp;&nbsp; 251000 | TransCanada PipeLines, Ltd., 4.25%, due 05/15/28 | &nbsp;&nbsp; 238066 |
| &nbsp;&nbsp; 140000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | &nbsp;&nbsp; 107128 |
| &nbsp;&nbsp; 500000 | Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48 | &nbsp;&nbsp; 417953 |
| &nbsp;&nbsp; 270000 | TransDigm, Inc., 5.50%, due 11/15/27 | &nbsp;&nbsp; 254092 |
| &nbsp;&nbsp; 175000 | Travel + Leisure Co., 4.63%, due 03/01/30 144A | &nbsp;&nbsp; 145437 |
| &nbsp;&nbsp; 166000 | Travel + Leisure Co., 6.60%, due 10/01/25<sup>(d)</sup> <br>| &nbsp;&nbsp; 163389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Trident TPI Holdings, Inc., 6.63%, due 11/01/25 144A | &nbsp;&nbsp;&nbsp;&nbsp; 48045 |
| &nbsp;&nbsp; 170000 | TriNet Group, Inc., 3.50%, due 03/01/29 144A | &nbsp;&nbsp; 139995 |
| &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp; Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, due 04/01/29 <br> 144A<br>| &nbsp;&nbsp; 150573 |
| &nbsp;&nbsp; 342000 | Tutor Perini Corp., 6.88%, due 05/01/25<sup>(e)</sup> 144A | &nbsp;&nbsp; 299789 |
| &nbsp;&nbsp; 532000 | Uber Technologies, Inc., 4.50%, due 08/15/29 144A | &nbsp;&nbsp; 464505 |
| &nbsp;&nbsp; 285000 | Uber Technologies, Inc., 7.50%, due 05/15/25 144A | &nbsp;&nbsp; 285209 |
| &nbsp;&nbsp; 765000 | UBS Group AG, 1.49% (1 yr. CMT + 0.85%), due 08/10/27<sup>(c)</sup> 144A | &nbsp;&nbsp; 659114 |
| &nbsp;&nbsp; 375000 | UBS Group AG, 2.10% (1 yr. CMT + 1.00%), due 02/11/32<sup>(c)</sup> 144A | &nbsp;&nbsp; 283181 |
| 1897000 | UBS Group AG, 4.13%, due 04/15/26 144A | 1821933 |
| &nbsp;&nbsp; 305000 | UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)<sup>(c)(g)</sup> 144A | &nbsp;&nbsp; 300829 |
| &nbsp;&nbsp; 492500 | United Airlines Pass Through Trust, 3.45%, due 01/07/30 | &nbsp;&nbsp; 415550 |
| &nbsp;&nbsp; 306062 | United Airlines Pass Through Trust, 3.65%, due 07/07/27 | &nbsp;&nbsp; 277345 |
| &nbsp;&nbsp; 529511 | United Airlines Pass Through Trust, 3.75%, due 03/03/28 | &nbsp;&nbsp; 488059 |
| 2090258 | United Airlines Pass Through Trust, 4.00%, due 10/11/27 | 1945102 |
| &nbsp;&nbsp; 390926 | United Airlines Pass Through Trust, 4.55%, due 02/25/33 | &nbsp;&nbsp; 329621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74666 | United Airlines Pass Through Trust, 4.60%, due 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 68299 |
| &nbsp;&nbsp; 194310 | United Airlines Pass Through Trust, 4.88%, due 07/15/27 | &nbsp;&nbsp; 185083 |
| 1523069 | United Airlines Pass Through Trust, 5.88%, due 04/15/29 | 1503770 |
| &nbsp;&nbsp; 307000 | United Airlines, Inc., 4.38%, due 04/15/26 144A | &nbsp;&nbsp; 285088 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 85500 |
| &nbsp;&nbsp; 150000 | United Rentals North America, Inc., 3.75%, due 01/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 122570 |
| &nbsp;&nbsp; 251000 | United Rentals North America, Inc., 3.88%, due 11/15/27 | &nbsp;&nbsp; 232707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | United Rentals North America, Inc., 3.88%, due 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 31100 |
| &nbsp;&nbsp; 245000 | United Rentals North America, Inc., 4.88%, due 01/15/28 | &nbsp;&nbsp; 232714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 32947 |
| &nbsp;&nbsp; 390000 | UnitedHealth Group, Inc., 3.05%, due 05/15/41 | &nbsp;&nbsp; 294663 |
| &nbsp;&nbsp; 155000 | UnitedHealth Group, Inc., 3.25%, due 05/15/51 | &nbsp;&nbsp; 111670 |
| &nbsp;&nbsp; 433000 | Universal Health Services, Inc., 1.65%, due 09/01/26 | &nbsp;&nbsp; 371689 |
| &nbsp;&nbsp; 430000 | Universal Health Services, Inc., 2.65%, due 10/15/30 | &nbsp;&nbsp; 343222 |
| &nbsp;&nbsp; 120000 | University of Chicago (The), 2.76%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 90146 |
| &nbsp;&nbsp; 350000 | University of Southern California, 2.95%, due 10/01/51 | &nbsp;&nbsp; 236265 |
| &nbsp;&nbsp; 122000 | Univision Communications, Inc., 4.50%, due 05/01/29 144A | &nbsp;&nbsp; 102252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | Univision Communications, Inc., 7.38%, due 06/30/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 41147 |
| 1018877 | US Airways Pass Through Trust, 4.63%, due 12/03/26 | &nbsp;&nbsp; 929546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67307 | US Airways Pass Through Trust, 5.90%, due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp; 65164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66968 | US Airways Pass Through Trust, 6.25%, due 10/22/24 | &nbsp;&nbsp;&nbsp;&nbsp; 66935 |
| &nbsp;&nbsp; 179854 | US Airways Pass Through Trust, 7.13%, due 04/22/25 | &nbsp;&nbsp; 180962 |
| 1481000 | US Bancorp, 5.73% (SOFR + 1.43%), due 10/21/26<sup>(c)</sup> <br>| 1510027 |
| &nbsp;&nbsp; 355000 | Valvoline, Inc., 3.63%, due 06/15/31 144A | &nbsp;&nbsp; 291750 |
| &nbsp;&nbsp; 125000 | Valvoline, Inc., 4.25%, due 02/15/30 144A | &nbsp;&nbsp; 121475 |
| &nbsp;&nbsp; 413000 | Var Energi ASA, 8.00%, due 11/15/32 144A | &nbsp;&nbsp; 426988 |
| &nbsp;&nbsp; 165000 | Varex Imaging Corp., 7.88%, due 10/15/27 144A | &nbsp;&nbsp; 164231 |
| &nbsp;&nbsp; 325000 | Vector Group, Ltd., 5.75%, due 02/01/29 144A | &nbsp;&nbsp; 282272 |
| &nbsp;&nbsp; 180000 | Ventas Realty, LP REIT, 3.50%, due 02/01/25 | &nbsp;&nbsp; 173014 |
| &nbsp;&nbsp; 148000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | &nbsp;&nbsp; 129760 |
| &nbsp;&nbsp; 219000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | &nbsp;&nbsp; 186971 |
| &nbsp;&nbsp; 285000 | VeriSign, Inc., 2.70%, due 06/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 232822 |
| &nbsp;&nbsp; 207000 | VeriSign, Inc., 5.25%, due 04/01/25 | &nbsp;&nbsp; 206649 |
| &nbsp;&nbsp; 878000 | Verisk Analytics, Inc., 3.63%, due 05/15/50 | &nbsp;&nbsp; 609739 |
| 1300000 | Verizon Communications, Inc., 2.55%, due 03/21/31 | 1072275 |
| &nbsp;&nbsp; 578000 | Verizon Communications, Inc., 2.88%, due 11/20/50 | &nbsp;&nbsp; 364866 |
| 1224000 | Verizon Communications, Inc., 3.55%, due 03/22/51<sup>(e)</sup> <br>| &nbsp;&nbsp; 877612 |
| &nbsp;&nbsp; 190000 | Viatris, Inc., 2.30%, due 06/22/27 | &nbsp;&nbsp; 162625 |
| &nbsp;&nbsp; 325000 | Viatris, Inc., 3.85%, due 06/22/40 | &nbsp;&nbsp; 218940 |
| &nbsp;&nbsp; 501000 | Viatris, Inc., 4.00%, due 06/22/50 | &nbsp;&nbsp; 310415 |
| &nbsp;&nbsp; 106000 | VICI Properties, LP REIT, 5.13%, due 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 98355 |
| &nbsp;&nbsp; 305000 | VICI Properties, LP/VICI Note Co., Inc. REIT, 3.88%, due 02/15/29 144A | &nbsp;&nbsp; 267753 |
| &nbsp;&nbsp; 219000 | VICI Properties, LP/VICI Note Co., Inc. REIT, 4.13%, due 08/15/30 144A | &nbsp;&nbsp; 192029 |
| &nbsp;&nbsp; 319000 | VICI Properties, LP/VICI Note Co., Inc. REIT, 4.63%, due 12/01/29 144A | &nbsp;&nbsp; 290826 |
| 1400000 | Virginia Electric & Power Co., 3.15%, due 01/15/26 | 1332932 |
| &nbsp;&nbsp; 460000 | Vistra Operations Co. LLC, 3.55%, due 07/15/24 144A | &nbsp;&nbsp; 441454 |
| 1026000 | Vistra Operations Co. LLC, 3.70%, due 01/30/27 144A | &nbsp;&nbsp; 936204 |
| &nbsp;&nbsp; 881000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | &nbsp;&nbsp; 794496 |
| &nbsp;&nbsp; 135000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | &nbsp;&nbsp; 125590 |
| &nbsp;&nbsp; 432000 | Vodafone Group Plc, 7.00% (5 yr. USD swap + 4.87%), due 04/04/79<sup>(c)</sup> <br>| &nbsp;&nbsp; 434933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | Volcan Cia Minera SAA, 4.38%, due 02/11/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 62121 |
| &nbsp;&nbsp; 340000 | WakeMed, 3.29%, due 10/01/52 | &nbsp;&nbsp; 225740 |
| &nbsp;&nbsp; 576000 | Warnermedia Holdings, Inc., 5.05%, due 03/15/42 144A | &nbsp;&nbsp; 442728 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2493000 | Warnermedia Holdings, Inc., 5.14%, due 03/15/52 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1821952 |
| 1237000 | Waste Management, Inc., 4.15%, due 04/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1180695 |
| &nbsp;&nbsp; 490000 | Wells Fargo & Co., 3.07% (SOFR + 2.53%), due 04/30/41<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351324 |
| 1497000 | Wells Fargo & Co., 5.88% (3 mo. USD LIBOR + 3.99%)<sup>(c)(e)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1448348 |
| &nbsp;&nbsp; 765000 | Wells Fargo & Co., (MTN), 2.57% (SOFR + 1.26%), due 02/11/31<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635138 |
| 1082000 | Wells Fargo & Co., (MTN), 2.88% (3 mo. TSFR + 1.43%), due 10/30/30<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921368 |
| &nbsp;&nbsp; 389000 | Wells Fargo & Co., (MTN), 3.35% (SOFR + 1.50%), due 03/02/33<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328737 |
| 6015000 | Wells Fargo & Co., (MTN), 4.81% (SOFR + 1.98%), due 07/25/28<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5884737 |
| &nbsp;&nbsp; 662000 | Western Digital Corp., 4.75%, due 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624875 |
| &nbsp;&nbsp; 350000 | William Carter Co. (The), 5.63%, due 03/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336329 |
| &nbsp;&nbsp; 477000 | Williams Cos., Inc. (The), 3.75%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449732 |
| 1065000 | Williams Cos., Inc. (The), 4.55%, due 06/24/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1053963 |
| &nbsp;&nbsp; 416000 | Williams Cos., Inc. (The), 4.65%, due 08/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388483 |
| &nbsp;&nbsp; 324000 | WMG Acquisition Corp., 3.88%, due 07/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279652 |
| &nbsp;&nbsp; 300000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227709 |
| &nbsp;&nbsp; 988000 | Workday, Inc., 3.50%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924848 |
| &nbsp;&nbsp; 665000 | WP Carey, Inc. REIT, 2.25%, due 04/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494428 |
| &nbsp;&nbsp; 140000 | Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | XHR, LP REIT, 4.88%, due 06/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80402 |
| &nbsp;&nbsp; 610000 | Yale University, 2.40%, due 04/15/50<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390079 |
| 1070000 | Yamana Gold, Inc., 2.63%, due 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801452 |
| 1220000 | Yara International ASA, 4.75%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1124074 |
| &nbsp;&nbsp; 201000 | Yum! Brands, Inc., 3.63%, due 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168963 |
| &nbsp;&nbsp; 153000 | Yum! Brands, Inc., 4.75%, due 01/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140635 |
|  |  | 431300346 |
|  | **Mortgage Backed Securities - Private Issuers — 10.0%** | **Mortgage Backed Securities - Private Issuers — 10.0%** |
| &nbsp;&nbsp; 125985 | &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust CMO, Series 2020-R1, Class A1, 0.99%, due 04/25/53<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117770 |
| &nbsp;&nbsp; 196298 | Angel Oak Mortgage Trust CMO, Series 2021-2, Class A1, 0.99%, due 04/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162052 |
| &nbsp;&nbsp; 379706 | Angel Oak Mortgage Trust CMO, Series 2021-4, Class A1, 1.04%, due 01/20/65<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300455 |
| &nbsp;&nbsp; 380363 | Angel Oak Mortgage Trust CMO, Series 2021-5, Class A1, 0.95%, due 07/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312071 |
| 1800000 | &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due <br> 05/15/53 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1515836 |
| 2500000 | &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due <br> 06/15/54 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1998079 |
| &nbsp;&nbsp; 226925 | Arroyo Mortgage Trust CMO, Series 2021-1R, Class A1, 1.18%, due 10/25/48<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179314 |
| &nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.72%, <br> due 11/05/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110526 |
| 1015885 | BANK, Series 2019-BN20, Class A2, 2.76%, due 09/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882671 |
| &nbsp;&nbsp; 850000 | BANK, Series 2019-BN23, Class A2, 2.67%, due 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729566 |
| 1806000 | BANK, Series 2020-BN26, Class A2, 2.04%, due 03/15/63 | &nbsp;&nbsp;&nbsp;&nbsp; 1588097 |
| 1800000 | BANK, Series 2020-BN26, Class A3, 2.16%, due 03/15/63 | &nbsp;&nbsp;&nbsp;&nbsp; 1486104 |
| &nbsp;&nbsp; 869000 | BANK, Series 2020-BN30, Class A4, 1.93%, due 12/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687836 |
| 3000000 | BANK, Series 2021-BN32, Class A4, 2.35%, due 04/15/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2481910 |
| 2300000 | BANK, Series 2021-BN34, Class A4, 2.16%, due 06/15/63 | &nbsp;&nbsp;&nbsp;&nbsp; 1851940 |
| &nbsp;&nbsp; 200000 | BBCMS Mortgage Trust, Series 2015-SRCH, Class D, 4.96%, due 08/10/35<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169673 |
| 3000000 | &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2018-TALL, Class A, 5.04% (1 mo. USD LIBOR + <br> 0.72%), due 03/15/37<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2777404 |
| 2000000 | BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp; 1662945 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19543 | &nbsp;&nbsp;&nbsp; Bellemeade Re, Ltd. CMO, Series 2019-3A, Class M1B, 5.99% (1 mo. USD LIBOR + <br> 1.60%), due 07/25/29<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 214779 | &nbsp;&nbsp;&nbsp; Bellemeade Re, Ltd. CMO, Series 2021-2A, Class M1A, 5.13% (SOFR 30-day average <br> + 1.20%), due 06/25/31<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 212797 |
| &nbsp;&nbsp; 1350000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1166778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | &nbsp;&nbsp; 493334 |
| &nbsp;&nbsp; 1200000 | Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53 | 1084066 |
| &nbsp;&nbsp; 1800000 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | 1675106 |
| &nbsp;&nbsp; 3039000 | Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54 | 2730934 |
| &nbsp;&nbsp; 1700000 | Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54 | 1346132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54 | &nbsp;&nbsp; 772091 |
| &nbsp;&nbsp; 1750000 | Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54 | 1447231 |
| &nbsp;&nbsp; 1250000 | Benchmark Mortgage Trust, Series 2021-B28, Class ASB, 1.98%, due 08/15/54 | 1042406 |
| &nbsp;&nbsp; 1800000 | Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, due 12/15/54 | 1464866 |
| &nbsp;&nbsp; 1800000 | Benchmark Mortgage Trust, Series 2022-B33, Class A5, 3.46%, due 03/15/55 | 1596113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 628000 | &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, 6.11% (1 mo. TSFR + <br> 1.77%), due 05/15/39<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 616650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp; BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, 6.65% (1 mo. TSFR + <br> 2.32%), due 05/15/39<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 131385 |
| &nbsp;&nbsp; 1038000 | &nbsp;&nbsp;&nbsp; BPR Trust, Series 2022-OANA, Class A, 6.23% (1 mo. TSFR + 1.90%), due 04/15/37<sup>(c)</sup> <br> 144A<br>| 1015426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 213347 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust CMO, Series 2021-NQM1, Class A1, 0.94%, due <br> 02/25/49<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 177899 |
| &nbsp;&nbsp; 1277263 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2019-XL, Class A, 5.37% (1 mo. TSFR + <br> 1.03%), due 10/15/36<sup>(c)</sup> 144A<br>| 1262384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 379271 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2020-VKNG, Class A, 5.38% (1 mo. TSFR + <br> 1.05%), due 10/15/37<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 370544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.17% (1 mo. USD <br> LIBOR + 0.85%), due 11/15/38<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 342088 |
| &nbsp;&nbsp; 1531000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-CIP, Class A, 5.24% (1 mo. USD LIBOR <br> + 0.92%), due 12/15/38<sup>(c)</sup> 144A<br>| 1479736 |
| &nbsp;&nbsp; 1516000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 5.02% (1 mo. USD <br> LIBOR + 0.70%), due 09/15/36<sup>(c)</sup> 144A<br>| 1462504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VOLT, Class C, 5.42% (1 mo. USD <br> LIBOR + 1.10%), due 09/15/36<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 321902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 876000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 5.33% (1 mo. TSFR + <br> 0.99%), due 01/17/39<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 839958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 427000 | BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A | &nbsp;&nbsp; 418908 |
| &nbsp;&nbsp; 1200000 | CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57 | 1028208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 983164 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25<sup>(b)</sup> 144A | &nbsp;&nbsp; 924092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 585267 | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58 | &nbsp;&nbsp; 544980 |
| &nbsp;&nbsp; 2349356 | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49 | 2148864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233000 | CFK Trust CMO, Series 2020-MF2, Class A, 2.39%, due 03/15/39 144A | &nbsp;&nbsp; 201025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 516432 | CIM Trust CMO, Series 2020-INV1, Class A2, 2.50%, due 04/25/50<sup>(b)</sup> 144A | &nbsp;&nbsp; 428927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 330000 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | &nbsp;&nbsp; 284731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761000 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.15%, due <br> 01/10/36 144A<br>| &nbsp;&nbsp; 742340 |
| 27500000 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, (IO), Series 2014-GC21, Class XB, 0.44%, due <br> 05/10/47<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 158755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 351324 | &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust CMO, Series 2021-2, Class A1, 0.92%, due 08/25/66<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 278884 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 487729 | &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust CMO, Series 2021-3, Class A1, 0.96%, due 09/27/66<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 379449 |
| &nbsp;&nbsp; 352978 | &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust CMO, Series 2021-HX1, Class A1, 1.11%, due 10/25/66<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 283321 |
| &nbsp;&nbsp; 528295 | COLT Trust CMO, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65<sup>(b)</sup> 144A | &nbsp;&nbsp; 450624 |
| &nbsp;&nbsp; 235000 | Commercial Mortgage Trust, Series 2013-300P, Class D, 4.39%, due 08/10/30<sup>(b)</sup> 144A | &nbsp;&nbsp; 208916 |
| &nbsp;&nbsp; 862644 | Commercial Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48 | &nbsp;&nbsp; 820915 |
| &nbsp;&nbsp; 862000 | Commercial Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48 | &nbsp;&nbsp; 820184 |
| &nbsp;&nbsp; 150000 | Commercial Mortgage Trust, Series 2017-PANW, Class A, 3.24%, due 10/10/29 144A | &nbsp;&nbsp; 140184 |
| &nbsp;&nbsp; 223000 | Commercial Mortgage Trust, Series 2020-CBM, Class A2, 2.90%, due 02/10/37 144A | &nbsp;&nbsp; 205755 |
| &nbsp;&nbsp; 415181 | &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust CMO, Series 2022-R03, Class 1M1, 6.03% (SOFR <br> 30-day average + 2.10%), due 03/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 412504 |
| &nbsp;&nbsp; 176256 | &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust CMO, Series 2022-R04, Class 1M1, 5.93% (SOFR <br> 30-day average + 2.00%), due 03/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 175717 |
| &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, 5.92% (1 mo. <br> USD LIBOR + 1.60%), due 05/15/36<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 347965 |
| &nbsp;&nbsp; 260944 | Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.26%, due 08/15/37 144A | &nbsp;&nbsp; 233433 |
| &nbsp;&nbsp; 233832 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust CMO, Series 2018-RPL9, Class A, 3.85%, due 09/25/57<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 219534 |
| &nbsp;&nbsp; 260397 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust CMO, Series 2020-RPL6, Class A1, 2.69%, due <br> 03/25/59<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 247300 |
| &nbsp;&nbsp; 222642 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust CMO, Series 2021-NQM2, Class A1, 1.18%, due <br> 02/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 185421 |
| &nbsp;&nbsp; 203864 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust CMO, Series 2021-NQM3, Class A1, 1.02%, due <br> 04/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 161281 |
| &nbsp;&nbsp; 219270 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust CMO, Series 2021-NQM5, Class A1, 0.94%, due <br> 05/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 170217 |
| &nbsp;&nbsp; 360836 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust CMO, Series 2021-NQM6, Class A1, 1.17%, due <br> 07/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 282167 |
| 1064571 | CSAIL Commercial Mortgage Trust, Series 2017-C8, Class A3, 3.13%, due 06/15/50 | &nbsp;&nbsp; 957576 |
| &nbsp;&nbsp; 775000 | CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50 | &nbsp;&nbsp; 711944 |
| 1050000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | &nbsp;&nbsp; 897024 |
| 1819967 | CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, due 03/15/54 | 1520087 |
| &nbsp;&nbsp; 337687 | &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust CMO, Series 2021-1, Class A1, 0.80%, due <br> 02/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 277004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82156 | &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust CMO, Series 2021-2, Class A1, 0.93%, due <br> 06/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63597 |
| 1134288 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-2, Class MA, 3.50%, <br> due 11/25/57<br>| 1078507 |
| &nbsp;&nbsp; 411264 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class MA, 3.50%, <br> due 08/25/57<sup>(b)</sup> <br>| &nbsp;&nbsp; 390439 |
| 1650582 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-4, Class MA, 3.50%, <br> due 03/25/58<br>| 1576327 |
| &nbsp;&nbsp; 693095 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class MA, 3.50%, <br> due 07/25/58<br>| &nbsp;&nbsp; 655794 |
| 1260902 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-2, Class MA, 3.50%, <br> due 08/25/58<br>| 1189803 |
| &nbsp;&nbsp; 957842 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class MA, 3.00%, <br> due 02/25/59<br>| &nbsp;&nbsp; 888194 |
| &nbsp;&nbsp; 865281 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class MA, 2.50%, <br> due 08/25/59<br>| &nbsp;&nbsp; 790297 |
| 2261677 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2022, Class MA, 3.00%, due <br> 04/25/62<br>| 2053454 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 2166285 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2022-1, Class MAU, 3.25%, <br> due 11/25/61<br>| 2001032 |
| &nbsp;&nbsp; 594192 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA1, <br> Class M1A, 4.93% (SOFR 30-day average + 1.00%), due 01/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 579245 |
| &nbsp;&nbsp; 460849 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA2, <br> Class M1A, 5.23% (SOFR 30-day average + 1.30%), due 02/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 453400 |
| &nbsp;&nbsp; 437000 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA2, <br> Class M1B, 6.33% (SOFR 30-day average + 2.40%), due 02/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 425577 |
| &nbsp;&nbsp; 567531 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA3, <br> Class M1A, 5.93% (SOFR 30-day average + 2.00%), due 04/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 564959 |
| &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA3, <br> Class M1B, 6.83% (SOFR 30-day average + 2.90%), due 04/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 653107 |
| &nbsp;&nbsp; 543844 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA4, <br> Class M1A, 6.13% (SOFR 30-day average + 2.20%), due 05/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 542420 |
| &nbsp;&nbsp; 429000 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA4, <br> Class M1B, 7.28% (SOFR 30-day average + 3.35%), due 05/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 431887 |
| &nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA5, <br> Class M1B, 8.43% (SOFR 30-day average + 4.50%), due 06/25/42<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 553876 |
| &nbsp;&nbsp; 279899 | Flagstar Mortgage Trust CMO, Series 2020-2, Class A2, 3.00%, due 08/25/50<sup>(b)</sup> 144A | &nbsp;&nbsp; 233615 |
| &nbsp;&nbsp; 480604 | Flagstar Mortgage Trust CMO, Series 2021-1, Class A2, 2.50%, due 02/01/51<sup>(b)</sup> 144A | &nbsp;&nbsp; 388694 |
| 1335662 | &nbsp;&nbsp;&nbsp; Flagstar Mortgage Trust CMO, Series 2021-6INV, Class A4, 2.50%, due 08/25/51<sup>(b)</sup> <br> 144A<br>| 1076908 |
| &nbsp;&nbsp; 223405 | GCAT Trust CMO, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp; 188583 |
| &nbsp;&nbsp; 171437 | GCAT Trust CMO, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp; 134084 |
| &nbsp;&nbsp; 271611 | GCAT Trust CMO, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp; 217332 |
| &nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2020-UPTN, Class A, 2.75%, due 02/10/37 <br> 144A<br>| &nbsp;&nbsp; 179249 |
| &nbsp;&nbsp; 445385 | &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2021-RENT, Class A, 5.05% (1 mo. USD <br> LIBOR + 0.70%), due 11/21/35<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 415115 |
| &nbsp;&nbsp; 828873 | GS Mortgage Securities Trust, Series 2015-GC28, Class A4, 3.14%, due 02/10/48 | &nbsp;&nbsp; 794508 |
| 2636551 | GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.12%, due 05/10/50 | 2499594 |
| 1600000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1309422 |
| 1062000 | GS Mortgage Securities Trust, Series 2020-GSA2, Class A5, 2.01%, due 12/12/53 | &nbsp;&nbsp; 834915 |
| 1143000 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | &nbsp;&nbsp; 975911 |
| 1900000 | GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, due 12/15/54 | 1514520 |
| &nbsp;&nbsp; 116451 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust CMO, Series 2021-NQM1, Class A1, <br> 1.02%, due 07/25/61<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 96063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48202 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust CMO, Series 2020-NQM1, Class A1, 1.38%, due <br> 09/27/60<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42236 |
| 1712962 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust CMO, Series 2021-PJ2, Class A2, 2.50%, due <br> 07/25/51<sup>(b)</sup> 144A<br>| 1383247 |
| &nbsp;&nbsp; 290312 | &nbsp;&nbsp;&nbsp; Home RE, Ltd. CMO, Series 2021-2, Class M1A, 5.18% (SOFR 30-day average + <br> 1.25%), due 01/25/34<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 289416 |
| &nbsp;&nbsp; 161639 | &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust CMO, Series 2021-NQM1, Class A1, 1.07%, due <br> 06/25/56<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 131258 |
| &nbsp;&nbsp; 170000 | IMT Trust, Series 2017-APTS, Class CFX, 3.50%, due 06/15/34<sup>(b)</sup> 144A | &nbsp;&nbsp; 160299 |
| &nbsp;&nbsp; 707000 | &nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2022-STAY, Class A, 6.82% (1 mo. TSFR + 2.49%), <br> due 08/15/39<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 704137 |
| &nbsp;&nbsp; 335000 | Irvine Core Office Trust, Series 2013-IRV, Class A2, 3.17%, due 05/15/48<sup>(b)</sup> 144A | &nbsp;&nbsp; 331196 |
| &nbsp;&nbsp; 272033 | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class A3, 3.67%, due <br> 04/15/47<br>| &nbsp;&nbsp; 271409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2015-C32, Class A2, 2.82%, due <br> 11/15/48<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1112 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due <br> 06/15/49<br>| &nbsp;&nbsp; 651905 |
| &nbsp;&nbsp; 936966 | &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due <br> 03/15/50<br>| &nbsp;&nbsp; 874346 |
| &nbsp;&nbsp; 680743 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, <br> 2.56%, due 08/15/49<br>| &nbsp;&nbsp; 622811 |
| &nbsp;&nbsp; 779049 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, <br> 3.11%, due 07/15/50<br>| &nbsp;&nbsp; 751225 |
| &nbsp;&nbsp; 836188 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, <br> 3.15%, due 06/13/52<br>| &nbsp;&nbsp; 809414 |
| &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, <br> 2.81%, due 01/16/37 144A<br>| &nbsp;&nbsp; 241550 |
| 1500745 | JPMorgan Mortgage Trust CMO, Series 2021-3, Class A3, 2.50%, due 07/25/51<sup>(b)</sup> 144A | 1213747 |
| &nbsp;&nbsp; 193000 | &nbsp;&nbsp;&nbsp; KNDL Mortgage Trust, Series 2019-KNSQ, Class D, 5.67% (1 mo. USD LIBOR + <br> 1.35%), due 05/15/36<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 188266 |
| &nbsp;&nbsp; 561785 | &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust CMO, Series 2019-PR1, Class A1, 6.86%, due 09/25/59<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 558859 |
| &nbsp;&nbsp; 202233 | &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust CMO, Series 2020-GS1, Class A1, 2.88%, due 10/25/59<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 200929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80022 | &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust CMO, Series 2021-GS1, Class A1, 1.89%, due 10/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73517 |
| &nbsp;&nbsp; 378444 | &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class A, 5.02% (1 mo. USD LIBOR + 0.70%), <br> due 03/15/38<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 366927 |
| &nbsp;&nbsp; 418745 | &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class D, 5.72% (1 mo. USD LIBOR + 1.40%), <br> due 03/15/38<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 397572 |
| 1028000 | &nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2022-BMR2, Class A1, 5.63% (1 mo. TSFR + 1.30%), due <br> 05/15/39<sup>(c)</sup> 144A<br>| 1004103 |
| &nbsp;&nbsp; 379531 | &nbsp;&nbsp;&nbsp; MetLife Securitization Trust CMO, Series 2020-INV1, Class A2A, 2.50%, due <br> 05/25/50<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 319559 |
| &nbsp;&nbsp; 138050 | MFA Trust CMO, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65<sup>(b)</sup> 144A | &nbsp;&nbsp; 119774 |
| 1737000 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, <br> 3.31%, due 04/15/48<br>| 1647279 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, <br> 3.73%, due 05/15/48<br>| &nbsp;&nbsp; 761347 |
| 2204000 | Morgan Stanley Capital I Trust, Series 2015-UBS8, Class A4, 3.81%, due 12/15/48 | 2084928 |
| 1562383 | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 1406329 |
| 2600000 | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 2306598 |
| &nbsp;&nbsp; 980000 | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | &nbsp;&nbsp; 789691 |
| 1725000 | Morgan Stanley Capital I Trust, Series 2021-L5, Class A4, 2.73%, due 05/15/54 | 1438457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2018-285M, Class D, 3.79%, due <br> 11/15/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80233 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due <br> 01/15/43<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 139235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71740 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust CMO, Series 2018-4A, Class A1S, 5.14% (1 mo. <br> USD LIBOR + 0.75%), due 01/25/48<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69051 |
| &nbsp;&nbsp; 181042 | NYMT Loan Trust CMO, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A | &nbsp;&nbsp; 162532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96863 | OBX Trust CMO, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 77115 |
| &nbsp;&nbsp; 309745 | OBX Trust CMO, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61<sup>(b)</sup> 144A | &nbsp;&nbsp; 237314 |
| &nbsp;&nbsp; 399932 | OBX Trust CMO, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61<sup>(b)</sup> 144A | &nbsp;&nbsp; 302607 |
| &nbsp;&nbsp; 338618 | &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust CMO, Series 2020-F1, Class A2, 2.00%, due <br> 01/25/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 290722 |
| 1737758 | PSMC Trust CMO, Series 2021-2, Class A3, 2.50%, due 05/25/51<sup>(b)</sup> 144A | 1502263 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Radnor RE, Ltd. CMO, Series 2020-1, Class M1B, 5.84% (1 mo. USD LIBOR + <br> 1.45%), due 01/25/30<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198342 |
| &nbsp;&nbsp; 295142 | Sequoia Mortgage Trust CMO, Series 2020-3, Class A4, 3.00%, due 04/25/50<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282832 |
| 1713347 | Sequoia Mortgage Trust CMO, Series 2021-1, Class A1, 2.50%, due 03/25/51<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1385692 |
| &nbsp;&nbsp; 380000 | SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283694 |
| &nbsp;&nbsp; 953000 | SMRT, Series 2022-MINI, Class A, 5.34% (1 mo. TSFR + 1.00%), due 01/15/39<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921187 |
| &nbsp;&nbsp; 418663 | &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust CMO, Series 2022-1, Class A1, 2.45%, due <br> 12/25/66<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352437 |
| &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2015-1, Class A5, 3.64%, due 10/25/53<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127714 |
| &nbsp;&nbsp; 202633 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2018-1, Class A1, 3.00%, due 01/25/58<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196042 |
| &nbsp;&nbsp; 210605 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2018-4, Class A1, 3.00%, due 06/25/58<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28187 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2018-5, Class A1A, 3.25%, due 07/25/58<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27152 |
| &nbsp;&nbsp; 153250 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2018-6, Class A1A, 3.75%, due 03/25/58<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149148 |
| &nbsp;&nbsp; 248597 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2019-1, Class A1, 3.72%, due 03/25/58<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235048 |
| &nbsp;&nbsp; 163590 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2019-4, Class A1, 2.90%, due 10/25/59<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33934 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2019-HY3, Class A1A, 5.39% (1 mo. USD <br> LIBOR + 1.00%), due 10/25/59<sup>(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33607 |
| &nbsp;&nbsp; 625947 | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69104 | Verus Securitization Trust CMO, Series 2020-5, Class A1, 1.22%, due 05/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62996 |
| &nbsp;&nbsp; 290915 | Verus Securitization Trust CMO, Series 2021-3, Class A1, 1.05%, due 06/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233735 |
| &nbsp;&nbsp; 170601 | Verus Securitization Trust CMO, Series 2021-4, Class A1, 0.94%, due 07/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132101 |
| &nbsp;&nbsp; 530934 | Verus Securitization Trust CMO, Series 2021-5, Class A1, 1.01%, due 09/25/66<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426421 |
| &nbsp;&nbsp; 135538 | &nbsp;&nbsp;&nbsp; Verus Securitization Trust CMO, Series 2021-R1, Class A1, 0.82%, due 10/25/63<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7205 | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass Through Certificates CMO, Series 2003-AR9, Class 1A7, 4.12%, <br> due 09/25/33<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6644 |
| 1490923 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due <br> 08/15/49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1344305 |
| 3000000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due <br> 11/15/49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2760375 |
| &nbsp;&nbsp; 917021 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due <br> 07/15/50<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840124 |
| 1011875 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due <br> 03/15/50<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934573 |
| 1605000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A3, 1.94%, due <br> 06/15/53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1483106 |
| 1900000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due <br> 04/15/54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1619289 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2021-C60, Class ASB, 2.13%, due <br> 08/15/54<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673493 |
| 1466000 | WFRBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.92%, due 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp; 1420948 |
|  |  | 127304381 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 27.6%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 27.6%** |
| &nbsp;&nbsp; 204105 | FHLMC Gold, Pool # A89870, 4.50%, due 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202677 |
| &nbsp;&nbsp; 136363 | FHLMC Gold, Pool # A96970, 4.00%, due 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131229 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 257956 | FHLMC Gold, Pool # C91908, 3.00%, due 01/01/37 | &nbsp;&nbsp; 239838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202279 | FHLMC Gold, Pool # G06231, 4.00%, due 12/01/40 | &nbsp;&nbsp; 194664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126186 | FHLMC Gold, Pool # G06409, 6.00%, due 11/01/39 | &nbsp;&nbsp; 132019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66653 | FHLMC Gold, Pool # G06875, 5.50%, due 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp; 69113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 233894 | FHLMC Gold, Pool # G07021, 5.00%, due 09/01/39 | &nbsp;&nbsp; 238919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 457677 | FHLMC Gold, Pool # G07816, 4.50%, due 09/01/42 | &nbsp;&nbsp; 454650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300935 | FHLMC Gold, Pool # G08537, 3.00%, due 07/01/43 | &nbsp;&nbsp; 274442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 182020 | FHLMC Gold, Pool # G08672, 4.00%, due 10/01/45 | &nbsp;&nbsp; 174839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 276748 | FHLMC Gold, Pool # G08726, 3.00%, due 10/01/46 | &nbsp;&nbsp; 248861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46639 | FHLMC Gold, Pool # G08735, 4.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 45912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23823 | FHLMC Gold, Pool # G08748, 3.50%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 22191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350075 | FHLMC Gold, Pool # G08749, 4.00%, due 02/01/47 | &nbsp;&nbsp; 335225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 182811 | FHLMC Gold, Pool # G08771, 4.00%, due 07/01/47 | &nbsp;&nbsp; 174990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 171459 | FHLMC Gold, Pool # G08786, 4.50%, due 10/01/47 | &nbsp;&nbsp; 168680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99492 | FHLMC Gold, Pool # G16177, 2.00%, due 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 90727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 683381 | FHLMC Gold, Pool # G16634, 3.00%, due 10/01/31 | &nbsp;&nbsp; 655808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 672051 | FHLMC Gold, Pool # G60722, 3.00%, due 10/01/46 | &nbsp;&nbsp; 603292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 305390 | FHLMC Gold, Pool # G60767, 3.50%, due 10/01/46 | &nbsp;&nbsp; 284387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 132874 | FHLMC Gold, Pool # G60788, 3.50%, due 12/01/46 | &nbsp;&nbsp; 123708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 660500 | FHLMC Gold, Pool # G60804, 4.50%, due 05/01/42 | &nbsp;&nbsp; 652784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 841008 | FHLMC Gold, Pool # G60934, 3.50%, due 06/01/45 | &nbsp;&nbsp; 788654 |
| &nbsp;&nbsp; 1003930 | FHLMC Gold, Pool # G60985, 3.00%, due 05/01/47 | &nbsp;&nbsp; 903359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 560508 | FHLMC Gold, Pool # G61748, 3.50%, due 11/01/48 | &nbsp;&nbsp; 522147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 276635 | FHLMC Gold, Pool # G61995, 4.00%, due 11/01/44 | &nbsp;&nbsp; 265541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190702 | FHLMC Gold, Pool # J24414, 2.50%, due 06/01/28 | &nbsp;&nbsp; 181734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 245565 | FHLMC Gold, Pool # J34888, 2.50%, due 07/01/31 | &nbsp;&nbsp; 230177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 550273 | FHLMC Gold, Pool # Q09224, 4.00%, due 07/01/42 | &nbsp;&nbsp; 533895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78855 | FHLMC Gold, Pool # Q11218, 3.50%, due 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 73971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175969 | FHLMC Gold, Pool # Q12052, 3.50%, due 10/01/42 | &nbsp;&nbsp; 165069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 490539 | FHLMC Gold, Pool # Q12862, 3.50%, due 11/01/42 | &nbsp;&nbsp; 460020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201889 | FHLMC Gold, Pool # Q17792, 3.50%, due 05/01/43 | &nbsp;&nbsp; 189252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 480227 | FHLMC Gold, Pool # Q36815, 4.00%, due 10/01/45 | &nbsp;&nbsp; 459611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 411240 | FHLMC Gold, Pool # Q41918, 3.50%, due 07/01/46 | &nbsp;&nbsp; 382914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 432307 | FHLMC Gold, Pool # Q42618, 3.00%, due 08/01/46 | &nbsp;&nbsp; 387807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 626017 | FHLMC Gold, Pool # Q44455, 3.50%, due 11/01/46 | &nbsp;&nbsp; 582182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 180449 | FHLMC Gold, Pool # Q44963, 3.50%, due 12/01/46 | &nbsp;&nbsp; 167852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 599885 | FHLMC Gold, Pool # Q45741, 3.50%, due 01/01/47 | &nbsp;&nbsp; 558056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48612 | FHLMC Gold, Pool # Q49494, 4.50%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 47736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 154084 | FHLMC Gold, Pool # Q52312, 4.00%, due 11/01/47 | &nbsp;&nbsp; 147301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 142226 | FHLMC Gold, Pool # Q54957, 4.00%, due 03/01/48 | &nbsp;&nbsp; 136076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 149516 | FHLMC Gold, Pool # V60565, 3.00%, due 06/01/29 | &nbsp;&nbsp; 144103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 384705 | FHLMC Gold, Pool # V60599, 3.00%, due 09/01/29 | &nbsp;&nbsp; 370767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 429434 | FHLMC Gold, Pool # V82292, 4.00%, due 04/01/46 | &nbsp;&nbsp; 412193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 188160 | FHLMC Gold, Pool # V82848, 3.00%, due 12/01/46 | &nbsp;&nbsp; 168676 |
| 11948795 | &nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K106, Class X1, <br> 1.35%, due 01/25/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 889685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40593 | FHLMC Reference REMIC CMO, Series R007, Class ZA, 6.00%, due 05/15/36 | &nbsp;&nbsp;&nbsp;&nbsp; 41681 |
| &nbsp;&nbsp; 1147063 | FHLMC REMIC CMO, Series 4710, Class KZ, 3.50%, due 08/15/47 | 1014759 |
| &nbsp;&nbsp; 1335358 | FHLMC REMIC CMO, Series 4739, Class Z, 3.50%, due 11/15/47 | 1199728 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 660109 | FNMA, Pool # BM4377, 3.22%, (12 mo. USD LIBOR + 1.88%), due 04/01/38<sup>(c)</sup> <br>| &nbsp;&nbsp; 673223 |
| &nbsp;&nbsp; 693564 | FNMA, Pool # BM6482, 3.52%, (12 mo. USD LIBOR + 1.58%), due 04/01/47<sup>(c)</sup> <br>| &nbsp;&nbsp; 710859 |
| &nbsp;&nbsp; 511347 | FNMA REMIC CMO, Series 2011-59, Class NZ, 5.50%, due 07/25/41 | &nbsp;&nbsp; 520398 |
| 1354543 | FNMA REMIC CMO, Series 2012-134, Class ZC, 2.50%, due 12/25/42 | 1029390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3894 | FNMA REMIC CMO, Series 2012-28, Class B, 6.50%, due 06/25/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38347 | FNMA-ACES, Series 2018-M10, Class A1, 3.36%, due 07/25/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 37880 |
| &nbsp;&nbsp; 277484 | GNMA I, Pool # 734152, 4.00%, due 01/15/41 | &nbsp;&nbsp; 267568 |
| 1776016 | GNMA I, Pool # 784369, 4.00%, due 08/15/45 | 1730065 |
| &nbsp;&nbsp; 195170 | GNMA I, Pool # 784605, 4.50%, due 01/15/42 | &nbsp;&nbsp; 194125 |
| &nbsp;&nbsp; 111859 | GNMA I, Pool # AL8626, 3.00%, due 08/15/45 | &nbsp;&nbsp; 100016 |
| &nbsp;&nbsp; 130570 | GNMA II, Pool # 004636, 4.50%, due 02/20/40 | &nbsp;&nbsp; 130437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23306 | GNMA II, Pool # 004678, 4.50%, due 04/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 23282 |
| &nbsp;&nbsp; 147477 | GNMA II, Pool # 004833, 4.00%, due 10/20/40 | &nbsp;&nbsp; 142634 |
| &nbsp;&nbsp; 136103 | GNMA II, Pool # 004977, 4.00%, due 03/20/41 | &nbsp;&nbsp; 131635 |
| &nbsp;&nbsp; 346487 | GNMA II, Pool # 004978, 4.50%, due 03/20/41 | &nbsp;&nbsp; 346135 |
| &nbsp;&nbsp; 532230 | GNMA II, Pool # 005055, 4.50%, due 05/20/41 | &nbsp;&nbsp; 531688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20277 | GNMA II, Pool # 783637, 3.00%, due 06/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 18539 |
| 3275006 | GNMA II, Pool # 785283, 2.50%, due 01/20/51 | 2801457 |
| &nbsp;&nbsp; 472666 | GNMA II, Pool # 796468, 4.00%, due 09/20/42 | &nbsp;&nbsp; 458291 |
| &nbsp;&nbsp; 735464 | GNMA II, Pool # AV9421, 3.50%, due 11/20/46 | &nbsp;&nbsp; 686199 |
| &nbsp;&nbsp; 465743 | GNMA II, Pool # AY7555, 3.50%, due 04/20/47 | &nbsp;&nbsp; 434166 |
| &nbsp;&nbsp; 201553 | GNMA II, Pool # MA0462, 3.50%, due 10/20/42 | &nbsp;&nbsp; 190082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29999 | GNMA II, Pool # MA0624, 3.00%, due 12/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 27416 |
| &nbsp;&nbsp; 135096 | GNMA II, Pool # MA0625, 3.50%, due 12/20/42 | &nbsp;&nbsp; 127410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76220 | GNMA II, Pool # MA0698, 3.00%, due 01/20/43 | &nbsp;&nbsp;&nbsp;&nbsp; 69658 |
| &nbsp;&nbsp; 258131 | GNMA II, Pool # MA0851, 3.00%, due 03/20/43 | &nbsp;&nbsp; 235903 |
| &nbsp;&nbsp; 207670 | GNMA II, Pool # MA0852, 3.50%, due 03/20/43 | &nbsp;&nbsp; 196152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43574 | GNMA II, Pool # MA1156, 3.00%, due 07/20/43 | &nbsp;&nbsp;&nbsp;&nbsp; 39821 |
| &nbsp;&nbsp; 142852 | GNMA II, Pool # MA1376, 4.00%, due 10/20/43 | &nbsp;&nbsp; 137875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62978 | GNMA II, Pool # MA1599, 3.00%, due 01/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 57557 |
| &nbsp;&nbsp; 130937 | GNMA II, Pool # MA2371, 3.50%, due 11/20/44 | &nbsp;&nbsp; 122423 |
| &nbsp;&nbsp; 106580 | GNMA II, Pool # MA2372, 4.00%, due 11/20/44 | &nbsp;&nbsp; 102620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95892 | GNMA II, Pool # MA2825, 3.00%, due 05/20/45 | &nbsp;&nbsp;&nbsp;&nbsp; 87637 |
| &nbsp;&nbsp; 221164 | GNMA II, Pool # MA3310, 3.50%, due 12/20/45 | &nbsp;&nbsp; 205828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89522 | GNMA II, Pool # MA3377, 4.00%, due 01/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 86197 |
| &nbsp;&nbsp; 132525 | GNMA II, Pool # MA3455, 4.00%, due 02/20/46 | &nbsp;&nbsp; 127597 |
| &nbsp;&nbsp; 254116 | GNMA II, Pool # MA3456, 4.50%, due 02/20/46 | &nbsp;&nbsp; 254956 |
| &nbsp;&nbsp; 217412 | GNMA II, Pool # MA3596, 3.00%, due 04/20/46 | &nbsp;&nbsp; 197898 |
| &nbsp;&nbsp; 415392 | GNMA II, Pool # MA3803, 3.50%, due 07/20/46 | &nbsp;&nbsp; 387788 |
| &nbsp;&nbsp; 306175 | GNMA II, Pool # MA3873, 3.00%, due 08/20/46 | &nbsp;&nbsp; 277132 |
| &nbsp;&nbsp; 497905 | GNMA II, Pool # MA3936, 3.00%, due 09/20/46 | &nbsp;&nbsp; 451178 |
| &nbsp;&nbsp; 142866 | GNMA II, Pool # MA4004, 3.50%, due 10/20/46 | &nbsp;&nbsp; 133369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85552 | GNMA II, Pool # MA4071, 4.50%, due 11/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 86203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74950 | GNMA II, Pool # MA4125, 2.50%, due 12/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 66161 |
| &nbsp;&nbsp; 118048 | GNMA II, Pool # MA4263, 4.00%, due 02/20/47 | &nbsp;&nbsp; 113325 |
| &nbsp;&nbsp; 185679 | GNMA II, Pool # MA4585, 3.00%, due 07/20/47 | &nbsp;&nbsp; 167976 |
| &nbsp;&nbsp; 175217 | GNMA II, Pool # MA4586, 3.50%, due 07/20/47 | &nbsp;&nbsp; 163610 |
| &nbsp;&nbsp; 448315 | GNMA II, Pool # MA4720, 4.00%, due 09/20/47 | &nbsp;&nbsp; 431944 |
| &nbsp;&nbsp; 127986 | GNMA II, Pool # MA4838, 4.00%, due 11/20/47 | &nbsp;&nbsp; 122999 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 514298 | GNMA II, Pool # MA5019, 3.50%, due 02/20/48 | &nbsp;&nbsp; 480147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62416 | GNMA II, Pool # MA5021, 4.50%, due 02/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 61513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21609 | GNMA II, Pool # MA5079, 4.50%, due 03/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 21299 |
| &nbsp;&nbsp; 251571 | GNMA II, Pool # MA5264, 4.00%, due 06/20/48 | &nbsp;&nbsp; 240515 |
| &nbsp;&nbsp; 145675 | GNMA II, Pool # MA5397, 3.50%, due 08/20/48 | &nbsp;&nbsp; 135798 |
| &nbsp;&nbsp; 146203 | GNMA II, Pool # MA5466, 4.00%, due 09/20/48 | &nbsp;&nbsp; 139667 |
| &nbsp;&nbsp; 120328 | GNMA II, Pool # MA5467, 4.50%, due 09/20/48 | &nbsp;&nbsp; 116881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51062 | GNMA II, Pool # MA5530, 5.00%, due 10/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 51286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86172 | GNMA II, Pool # MA5762, 3.50%, due 02/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 80564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82527 | GNMA II, Pool # MA5817, 4.00%, due 03/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 78959 |
| &nbsp;&nbsp; 290450 | GNMA II, Pool # MA5874, 3.00%, due 04/20/49 | &nbsp;&nbsp; 261859 |
| &nbsp;&nbsp; 563546 | GNMA II, Pool # MA6038, 3.00%, due 07/20/49 | &nbsp;&nbsp; 507393 |
| &nbsp;&nbsp; 520426 | GNMA II, Pool # MA6090, 3.50%, due 08/20/49 | &nbsp;&nbsp; 483433 |
| &nbsp;&nbsp; 200273 | GNMA II, Pool # MA6338, 3.00%, due 12/20/49 | &nbsp;&nbsp; 180308 |
| &nbsp;&nbsp; 464447 | GNMA II, Pool # MA6409, 3.00%, due 01/20/50 | &nbsp;&nbsp; 418015 |
| &nbsp;&nbsp; 390392 | GNMA II, Pool # MA7254, 2.00%, due 03/20/51 | &nbsp;&nbsp; 329464 |
| &nbsp;&nbsp; 398767 | GNMA II, Pool # MA7367, 2.50%, due 05/20/51 | &nbsp;&nbsp; 347135 |
| &nbsp;&nbsp; 475062 | GNMA II, Pool # MA7471, 2.00%, due 07/20/51 | &nbsp;&nbsp; 398744 |
| &nbsp;&nbsp; 349795 | GNMA II, Pool # MA7534, 2.50%, due 08/20/51 | &nbsp;&nbsp; 304197 |
| &nbsp;&nbsp; 634239 | GNMA II, Pool # MA7588, 2.00%, due 09/20/51 | &nbsp;&nbsp; 533922 |
| 1998932 | GNMA II, Pool # MA7589, 2.50%, due 09/20/51 | 1737281 |
| 2000952 | GNMA II, Pool # MA7650, 3.00%, due 10/20/51 | 1790065 |
| &nbsp;&nbsp; 456726 | GNMA II, Pool # MA7706, 3.00%, due 11/20/51 | &nbsp;&nbsp; 408875 |
| 1005957 | GNMA II, Pool # MA7936, 2.50%, due 03/20/52 | &nbsp;&nbsp; 872903 |
| &nbsp;&nbsp; 971124 | GNMA II, Pool # MA7988, 3.00%, due 04/20/52 | &nbsp;&nbsp; 866550 |
| 1999999 | GNMA II, Pool # MA8042, 2.50%, due 05/20/52 | 1734892 |
| 5969847 | GNMA II, Pool # MA8266, 3.50%, due 09/20/52 | 5490996 |
| 2995848 | GNMA II, Pool # MA8270, 5.50%, due 09/20/52 | 3019764 |
| 4500000 | GNMA TBA, 2.50%, due 01/23/53 | 3900721 |
| 2500000 | GNMA TBA, 3.00%, due 01/23/53 | 2226626 |
| 1500000 | GNMA TBA, 5.00%, due 01/23/53 | 1486563 |
| 2500000 | GNMA TBA, 5.50%, due 01/23/53 | 2514760 |
| 3939317 | UMBS, Pool # FS2616, 5.00%, due 08/01/52 | 3935641 |
| &nbsp;&nbsp; 818091 | UMBS, Pool # SD1517, 4.50%, due 09/01/52 | &nbsp;&nbsp; 794298 |
| &nbsp;&nbsp; 202116 | UMBS, Pool # 745148, 5.00%, due 01/01/36 | &nbsp;&nbsp; 206596 |
| &nbsp;&nbsp; 193186 | UMBS, Pool # 932807, 4.00%, due 09/01/40 | &nbsp;&nbsp; 185710 |
| &nbsp;&nbsp; 124836 | UMBS, Pool # 983471, 5.50%, due 05/01/38 | &nbsp;&nbsp; 129134 |
| &nbsp;&nbsp; 235856 | UMBS, Pool # 985184, 5.50%, due 08/01/38 | &nbsp;&nbsp; 244805 |
| &nbsp;&nbsp; 165562 | UMBS, Pool # 995245, 5.00%, due 01/01/39 | &nbsp;&nbsp; 166615 |
| &nbsp;&nbsp; 314857 | UMBS, Pool # AB6212, 3.00%, due 09/01/42 | &nbsp;&nbsp; 286843 |
| &nbsp;&nbsp; 503102 | UMBS, Pool # AB6802, 3.50%, due 11/01/42 | &nbsp;&nbsp; 471402 |
| &nbsp;&nbsp; 143213 | UMBS, Pool # AB7059, 2.50%, due 11/01/42 | &nbsp;&nbsp; 123628 |
| &nbsp;&nbsp; 284072 | UMBS, Pool # AB8703, 3.00%, due 03/01/38 | &nbsp;&nbsp; 255377 |
| &nbsp;&nbsp; 111039 | UMBS, Pool # AB9383, 4.00%, due 05/01/43 | &nbsp;&nbsp; 106753 |
| &nbsp;&nbsp; 890513 | UMBS, Pool # AB9659, 3.00%, due 06/01/43 | &nbsp;&nbsp; 811175 |
| 1879798 | UMBS, Pool # AC3668, 4.50%, due 10/01/39 | 1865267 |
| &nbsp;&nbsp; 183961 | UMBS, Pool # AD9153, 4.50%, due 08/01/40 | &nbsp;&nbsp; 182539 |
| &nbsp;&nbsp; 137354 | UMBS, Pool # AE0469, 6.00%, due 12/01/39 | &nbsp;&nbsp; 143324 |
| &nbsp;&nbsp; 377519 | UMBS, Pool # AH4404, 4.00%, due 01/01/41 | &nbsp;&nbsp; 362908 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 78421 | UMBS, Pool # AI1892, 5.00%, due 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp; 79272 |
| &nbsp;&nbsp; 385370 | UMBS, Pool # AI4815, 4.50%, due 06/01/41 | &nbsp;&nbsp; 381283 |
| &nbsp;&nbsp; 313305 | UMBS, Pool # AJ9278, 3.50%, due 12/01/41 | &nbsp;&nbsp; 293565 |
| &nbsp;&nbsp; 153938 | UMBS, Pool # AJ9317, 4.00%, due 01/01/42 | &nbsp;&nbsp; 147978 |
| &nbsp;&nbsp; 342635 | UMBS, Pool # AL0215, 4.50%, due 04/01/41 | &nbsp;&nbsp; 339984 |
| &nbsp;&nbsp; 641826 | UMBS, Pool # AL1895, 3.50%, due 06/01/42 | &nbsp;&nbsp; 602974 |
| &nbsp;&nbsp; 401224 | UMBS, Pool # AL2466, 4.00%, due 09/01/42 | &nbsp;&nbsp; 392259 |
| &nbsp;&nbsp; 401585 | UMBS, Pool # AL3000, 3.50%, due 12/01/42 | &nbsp;&nbsp; 376152 |
| &nbsp;&nbsp; 471940 | UMBS, Pool # AL3316, 3.50%, due 03/01/43 | &nbsp;&nbsp; 442090 |
| &nbsp;&nbsp; 644728 | UMBS, Pool # AL6663, 4.00%, due 03/01/39 | &nbsp;&nbsp; 619828 |
| &nbsp;&nbsp; 564209 | UMBS, Pool # AL7594, 3.50%, due 08/01/45 | &nbsp;&nbsp; 525522 |
| &nbsp;&nbsp; 548259 | UMBS, Pool # AL8191, 4.00%, due 12/01/45 | &nbsp;&nbsp; 530307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72786 | UMBS, Pool # AO4109, 4.00%, due 06/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 69966 |
| &nbsp;&nbsp; 190807 | UMBS, Pool # AQ7923, 3.00%, due 12/01/42 | &nbsp;&nbsp; 173812 |
| &nbsp;&nbsp; 328496 | UMBS, Pool # AS5133, 3.50%, due 06/01/45 | &nbsp;&nbsp; 305836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81338 | UMBS, Pool # AS6286, 4.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 77985 |
| &nbsp;&nbsp; 104904 | UMBS, Pool # AS6304, 4.00%, due 12/01/45 | &nbsp;&nbsp; 100580 |
| &nbsp;&nbsp; 167814 | UMBS, Pool # AS6452, 3.50%, due 01/01/46 | &nbsp;&nbsp; 156099 |
| &nbsp;&nbsp; 121864 | UMBS, Pool # AS7693, 2.00%, due 08/01/31 | &nbsp;&nbsp; 110985 |
| &nbsp;&nbsp; 190907 | UMBS, Pool # AS8073, 2.50%, due 10/01/46 | &nbsp;&nbsp; 164108 |
| &nbsp;&nbsp; 133038 | UMBS, Pool # AZ3743, 3.50%, due 11/01/45 | &nbsp;&nbsp; 123834 |
| &nbsp;&nbsp; 203014 | UMBS, Pool # BC9468, 3.00%, due 06/01/46 | &nbsp;&nbsp; 182301 |
| &nbsp;&nbsp; 429332 | UMBS, Pool # BD7043, 4.00%, due 03/01/47 | &nbsp;&nbsp; 410924 |
| &nbsp;&nbsp; 284459 | UMBS, Pool # BE7192, 4.00%, due 03/01/47 | &nbsp;&nbsp; 272841 |
| 3117252 | UMBS, Pool # BJ0104, 3.50%, due 10/01/47 | 2892171 |
| &nbsp;&nbsp; 450897 | UMBS, Pool # BK1023, 4.50%, due 02/01/48 | &nbsp;&nbsp; 442683 |
| &nbsp;&nbsp; 246270 | UMBS, Pool # BK7611, 4.50%, due 09/01/48 | &nbsp;&nbsp; 241291 |
| &nbsp;&nbsp; 619820 | UMBS, Pool # BM1573, 3.50%, due 07/01/47 | &nbsp;&nbsp; 575968 |
| &nbsp;&nbsp; 838602 | UMBS, Pool # BM1972, 3.50%, due 10/01/37 | &nbsp;&nbsp; 802409 |
| &nbsp;&nbsp; 473787 | UMBS, Pool # BM3033, 3.00%, due 10/01/47 | &nbsp;&nbsp; 424564 |
| &nbsp;&nbsp; 154370 | UMBS, Pool # BM3258, 3.00%, due 02/01/47 | &nbsp;&nbsp; 138380 |
| &nbsp;&nbsp; 171288 | UMBS, Pool # BM3286, 4.50%, due 11/01/47 | &nbsp;&nbsp; 171004 |
| 2591545 | UMBS, Pool # BM3325, 3.00%, due 10/01/46 | 2353489 |
| &nbsp;&nbsp; 360194 | UMBS, Pool # BM3332, 3.50%, due 01/01/48 | &nbsp;&nbsp; 334150 |
| &nbsp;&nbsp; 317541 | UMBS, Pool # BM3491, 4.50%, due 01/01/38 | &nbsp;&nbsp; 311228 |
| &nbsp;&nbsp; 530089 | UMBS, Pool # BM3641, 4.00%, due 04/01/48 | &nbsp;&nbsp; 506592 |
| &nbsp;&nbsp; 517312 | UMBS, Pool # BM4896, 3.00%, due 02/01/47 | &nbsp;&nbsp; 471277 |
| &nbsp;&nbsp; 689975 | UMBS, Pool # BM5213, 3.00%, due 07/01/45 | &nbsp;&nbsp; 622509 |
| &nbsp;&nbsp; 151887 | UMBS, Pool # BM5293, 3.50%, due 02/01/49 | &nbsp;&nbsp; 140746 |
| &nbsp;&nbsp; 288803 | UMBS, Pool # BM5694, 4.00%, due 06/01/48 | &nbsp;&nbsp; 275827 |
| &nbsp;&nbsp; 109848 | UMBS, Pool # BM5874, 4.00%, due 01/01/48 | &nbsp;&nbsp; 105322 |
| &nbsp;&nbsp; 166314 | UMBS, Pool # BM5950, 3.00%, due 11/01/48 | &nbsp;&nbsp; 149433 |
| &nbsp;&nbsp; 897056 | UMBS, Pool # BN6216, 4.50%, due 03/01/49 | &nbsp;&nbsp; 875386 |
| &nbsp;&nbsp; 166753 | UMBS, Pool # BO1420, 3.50%, due 09/01/49 | &nbsp;&nbsp; 153298 |
| &nbsp;&nbsp; 418114 | UMBS, Pool # BO5387, 3.50%, due 12/01/49 | &nbsp;&nbsp; 390929 |
| &nbsp;&nbsp; 276000 | UMBS, Pool # BP2898, 4.00%, due 03/01/50 | &nbsp;&nbsp; 262399 |
| &nbsp;&nbsp; 554137 | UMBS, Pool # BP3048, 3.00%, due 03/01/50 | &nbsp;&nbsp; 489846 |
| &nbsp;&nbsp; 376509 | UMBS, Pool # BP5462, 2.50%, due 06/01/50 | &nbsp;&nbsp; 324736 |
| &nbsp;&nbsp; 302134 | UMBS, Pool # BP5568, 3.00%, due 06/01/50 | &nbsp;&nbsp; 266799 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (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** |
| 1431687 | UMBS, Pool # BP6618, 2.50%, due 08/01/50 | 1219833 |
| 5627193 | UMBS, Pool # BP9250, 2.50%, due 07/01/50 | 4796850 |
| &nbsp;&nbsp; 755160 | UMBS, Pool # BQ3132, 2.00%, due 10/01/50 | &nbsp;&nbsp; 627003 |
| &nbsp;&nbsp; 519822 | UMBS, Pool # BQ3138, 2.50%, due 10/01/50 | &nbsp;&nbsp; 448333 |
| &nbsp;&nbsp; 680609 | UMBS, Pool # BT4696, 3.00%, due 08/01/51 | &nbsp;&nbsp; 598488 |
| &nbsp;&nbsp; 319292 | UMBS, Pool # BT7819, 3.00%, due 05/01/52 | &nbsp;&nbsp; 280701 |
| 3978245 | UMBS, Pool # BU1410, 3.00%, due 01/01/52 | 3496952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94107 | UMBS, Pool # BU3058, 2.50%, due 12/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 79909 |
| &nbsp;&nbsp; 999900 | UMBS, Pool # BU6553, 3.00%, due 11/01/51 | &nbsp;&nbsp; 879206 |
| &nbsp;&nbsp; 971021 | UMBS, Pool # BU8763, 3.00%, due 04/01/52 | &nbsp;&nbsp; 855269 |
| 2924901 | UMBS, Pool # BV5624, 3.00%, due 06/01/52 | 2570204 |
| &nbsp;&nbsp; 614406 | UMBS, Pool # BV7064, 3.50%, due 04/01/52 | &nbsp;&nbsp; 559387 |
| 1483010 | UMBS, Pool # BV8474, 3.00%, due 05/01/52 | 1317710 |
| &nbsp;&nbsp; 138990 | UMBS, Pool # BV9646, 3.50%, due 05/01/52 | &nbsp;&nbsp; 126443 |
| &nbsp;&nbsp; 524172 | UMBS, Pool # BW0046, 5.00%, due 07/01/52 | &nbsp;&nbsp; 519122 |
| &nbsp;&nbsp; 132863 | UMBS, Pool # BW7610, 3.50%, due 08/01/52 | &nbsp;&nbsp; 120882 |
| &nbsp;&nbsp; 883945 | UMBS, Pool # CA0623, 4.50%, due 10/01/47 | &nbsp;&nbsp; 870360 |
| &nbsp;&nbsp; 515285 | UMBS, Pool # CA0655, 3.50%, due 11/01/47 | &nbsp;&nbsp; 478134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47717 | UMBS, Pool # CA3828, 4.00%, due 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 45435 |
| &nbsp;&nbsp; 663153 | UMBS, Pool # CA3986, 5.00%, due 08/01/49 | &nbsp;&nbsp; 663375 |
| &nbsp;&nbsp; 295210 | UMBS, Pool # CA4149, 3.00%, due 09/01/49 | &nbsp;&nbsp; 261665 |
| &nbsp;&nbsp; 567950 | UMBS, Pool # CA4831, 4.50%, due 12/01/49 | &nbsp;&nbsp; 553309 |
| &nbsp;&nbsp; 492184 | UMBS, Pool # CA5229, 3.00%, due 02/01/50 | &nbsp;&nbsp; 435392 |
| 2987413 | UMBS, Pool # CA5354, 3.50%, due 03/01/50 | 2749214 |
| &nbsp;&nbsp; 399058 | UMBS, Pool # CA5571, 4.00%, due 04/01/50 | &nbsp;&nbsp; 378653 |
| 5121970 | UMBS, Pool # CA6097, 3.50%, due 06/01/50 | 4689638 |
| 3040088 | UMBS, Pool # CA6635, 2.50%, due 08/01/50 | 2624678 |
| 1230418 | UMBS, Pool # CA6738, 3.00%, due 08/01/50 | 1085947 |
| 1439815 | UMBS, Pool # CA6777, 4.50%, due 08/01/50 | 1395577 |
| &nbsp;&nbsp; 378825 | UMBS, Pool # CA6799, 2.00%, due 08/01/50 | &nbsp;&nbsp; 311461 |
| &nbsp;&nbsp; 627575 | UMBS, Pool # CA6871, 2.50%, due 08/01/35 | &nbsp;&nbsp; 575041 |
| 1433250 | UMBS, Pool # CA6872, 2.50%, due 08/01/35 | 1320223 |
| 3719572 | UMBS, Pool # CA8062, 2.50%, due 12/01/50 | 3182900 |
| &nbsp;&nbsp; 133554 | UMBS, Pool # CA8895, 2.50%, due 02/01/51 | &nbsp;&nbsp; 113388 |
| &nbsp;&nbsp; 161968 | UMBS, Pool # CA9090, 2.50%, due 02/01/51 | &nbsp;&nbsp; 137521 |
| 1487081 | UMBS, Pool # CA9227, 2.50%, due 02/01/51 | 1275096 |
| 2635913 | UMBS, Pool # CB0671, 2.50%, due 06/01/51 | 2273826 |
| &nbsp;&nbsp; 570975 | UMBS, Pool # CB2287, 2.50%, due 12/01/51 | &nbsp;&nbsp; 487360 |
| &nbsp;&nbsp; 481693 | UMBS, Pool # CB2858, 2.50%, due 02/01/52 | &nbsp;&nbsp; 411189 |
| &nbsp;&nbsp; 495314 | UMBS, Pool # CB3126, 3.50%, due 03/01/52 | &nbsp;&nbsp; 454478 |
| &nbsp;&nbsp; 903123 | UMBS, Pool # CB3865, 4.50%, due 06/01/52 | &nbsp;&nbsp; 876578 |
| 3430732 | UMBS, Pool # CB4088, 4.00%, due 07/01/52 | 3243568 |
| 1043642 | UMBS, Pool # CB4304, 4.50%, due 08/01/52 | 1006510 |
| 1674184 | UMBS, Pool # CB4395, 4.50%, due 08/01/52 | 1614618 |
| 3252912 | UMBS, Pool # CB4536, 2.50%, due 06/01/52 | 2761965 |
| 1949509 | UMBS, Pool # CB4908, 5.50%, due 10/01/52 | 1973902 |
| &nbsp;&nbsp; 759133 | UMBS, Pool # FM0030, 3.00%, due 02/01/49 | &nbsp;&nbsp; 680049 |
| &nbsp;&nbsp; 203819 | UMBS, Pool # FM1001, 3.50%, due 11/01/48 | &nbsp;&nbsp; 189124 |
| &nbsp;&nbsp; 209308 | UMBS, Pool # FM1266, 5.00%, due 07/01/49 | &nbsp;&nbsp; 209468 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 104863 | UMBS, Pool # FM1347, 3.00%, due 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 94520 |
| &nbsp;&nbsp; 589420 | UMBS, Pool # FM1467, 3.00%, due 12/01/47 | &nbsp;&nbsp; 533020 |
| &nbsp;&nbsp; 423800 | UMBS, Pool # FM1588, 3.00%, due 10/01/49 | &nbsp;&nbsp; 377855 |
| &nbsp;&nbsp; 209630 | UMBS, Pool # FM1715, 3.00%, due 12/01/45 | &nbsp;&nbsp; 188525 |
| &nbsp;&nbsp; 282096 | UMBS, Pool # FM1790, 3.00%, due 11/01/49 | &nbsp;&nbsp; 249996 |
| &nbsp;&nbsp; 206890 | UMBS, Pool # FM1864, 3.00%, due 11/01/49 | &nbsp;&nbsp; 183662 |
| 3188548 | UMBS, Pool # FM2217, 3.00%, due 03/01/47 | 2904742 |
| 2062275 | UMBS, Pool # FM2226, 3.00%, due 09/01/46 | 1878697 |
| &nbsp;&nbsp; 671763 | UMBS, Pool # FM2274, 4.00%, due 08/01/49 | &nbsp;&nbsp; 641160 |
| &nbsp;&nbsp; 416577 | UMBS, Pool # FM2336, 4.00%, due 01/01/50 | &nbsp;&nbsp; 396415 |
| &nbsp;&nbsp; 443697 | UMBS, Pool # FM2461, 3.50%, due 03/01/50 | &nbsp;&nbsp; 407483 |
| &nbsp;&nbsp; 607094 | UMBS, Pool # FM2570, 4.50%, due 04/01/48 | &nbsp;&nbsp; 602402 |
| &nbsp;&nbsp; 411614 | UMBS, Pool # FM2674, 4.00%, due 03/01/50 | &nbsp;&nbsp; 390567 |
| 1387373 | UMBS, Pool # FM3250, 3.50%, due 05/01/50 | 1278442 |
| &nbsp;&nbsp; 763354 | UMBS, Pool # FM4330, 2.50%, due 10/01/50 | &nbsp;&nbsp; 658820 |
| 1568952 | UMBS, Pool # FM4532, 3.00%, due 09/01/50 | 1382477 |
| 3073605 | UMBS, Pool # FM4765, 2.00%, due 11/01/50 | 2540539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31419 | UMBS, Pool # FM5035, 4.00%, due 07/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 29935 |
| 2536149 | UMBS, Pool # FM5721, 3.00%, due 12/01/40 | 2305116 |
| &nbsp;&nbsp; 703782 | UMBS, Pool # FM5875, 4.50%, due 04/01/50 | &nbsp;&nbsp; 688580 |
| 1107276 | UMBS, Pool # FM5996, 4.50%, due 03/01/49 | 1085698 |
| &nbsp;&nbsp; 844352 | UMBS, Pool # FM6273, 3.00%, due 12/01/34 | &nbsp;&nbsp; 804420 |
| 2096635 | UMBS, Pool # FM6497, 2.00%, due 03/01/51 | 1733076 |
| &nbsp;&nbsp; 919369 | UMBS, Pool # FM6585, 3.50%, due 11/01/40 | &nbsp;&nbsp; 853620 |
| &nbsp;&nbsp; 813825 | UMBS, Pool # FM7341, 4.00%, due 03/01/48 | &nbsp;&nbsp; 779461 |
| &nbsp;&nbsp; 278151 | UMBS, Pool # FM7441, 3.00%, due 05/01/51 | &nbsp;&nbsp; 245544 |
| 1245254 | UMBS, Pool # FM7785, 4.00%, due 05/01/49 | 1188554 |
| 1969284 | UMBS, Pool # FM7794, 4.00%, due 01/01/50 | 1875686 |
| 2073384 | UMBS, Pool # FM8216, 4.00%, due 11/01/48 | 1988757 |
| &nbsp;&nbsp; 978589 | UMBS, Pool # FM8422, 2.50%, due 08/01/51 | &nbsp;&nbsp; 832019 |
| &nbsp;&nbsp; 736232 | UMBS, Pool # FM8451, 2.50%, due 08/01/51 | &nbsp;&nbsp; 630818 |
| 1649622 | UMBS, Pool # FM8603, 4.00%, due 09/01/49 | 1575280 |
| 2813392 | UMBS, Pool # FM8968, 3.00%, due 04/01/48 | 2551989 |
| 1697645 | UMBS, Pool # FM9412, 2.50%, due 11/01/51 | 1453653 |
| 1545835 | UMBS, Pool # FM9461, 3.50%, due 11/01/51 | 1412156 |
| 1013153 | UMBS, Pool # FM9674, 3.50%, due 06/01/49 | &nbsp;&nbsp; 937474 |
| &nbsp;&nbsp; 808184 | UMBS, Pool # FM9726, 2.50%, due 11/01/51 | &nbsp;&nbsp; 693909 |
| 4219270 | UMBS, Pool # FM9728, 2.50%, due 11/01/51 | 3604705 |
| &nbsp;&nbsp; 461451 | UMBS, Pool # FM9977, 4.00%, due 02/01/50 | &nbsp;&nbsp; 439083 |
| 1138828 | UMBS, Pool # FS0027, 2.50%, due 11/01/51 | &nbsp;&nbsp; 977801 |
| 1269009 | UMBS, Pool # FS0065, 4.50%, due 12/01/50 | 1244672 |
| &nbsp;&nbsp; 932123 | UMBS, Pool # FS0194, 2.50%, due 01/01/52 | &nbsp;&nbsp; 794614 |
| 2187650 | UMBS, Pool # FS0248, 3.00%, due 02/01/50 | 1947131 |
| 2431891 | UMBS, Pool # FS0644, 3.00%, due 02/01/52 | 2148082 |
| &nbsp;&nbsp; 110418 | UMBS, Pool # FS0703, 4.00%, due 01/01/49 | &nbsp;&nbsp; 105426 |
| 1938693 | UMBS, Pool # FS0715, 3.00%, due 01/01/52 | 1714930 |
| 3668060 | UMBS, Pool # FS0731, 2.00%, due 02/01/52 | 3014571 |
| 2399027 | UMBS, Pool # FS1133, 4.00%, due 10/01/51 | 2272951 |
| &nbsp;&nbsp; 481984 | UMBS, Pool # FS1201, 3.00%, due 01/01/50 | &nbsp;&nbsp; 426471 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 643017 | UMBS, Pool # FS1205, 3.50%, due 04/01/52 | &nbsp;&nbsp; 586801 |
| 1426928 | UMBS, Pool # FS1228, 3.00%, due 03/01/52 | 1259846 |
| &nbsp;&nbsp; 482888 | UMBS, Pool # FS1285, 3.50%, due 02/01/52 | &nbsp;&nbsp; 445044 |
| &nbsp;&nbsp; 453422 | UMBS, Pool # FS1427, 3.00%, due 02/01/50 | &nbsp;&nbsp; 402514 |
| 1409823 | UMBS, Pool # FS1590, 2.50%, due 04/01/52 | 1201080 |
| &nbsp;&nbsp; 296073 | UMBS, Pool # FS1602, 4.00%, due 07/01/49 | &nbsp;&nbsp; 282822 |
| &nbsp;&nbsp; 438013 | UMBS, Pool # FS1624, 2.50%, due 10/01/51 | &nbsp;&nbsp; 374278 |
| &nbsp;&nbsp; 198903 | UMBS, Pool # FS1637, 4.00%, due 04/01/52 | &nbsp;&nbsp; 187947 |
| 3092959 | UMBS, Pool # FS1938, 2.50%, due 02/01/52 | 2639061 |
| 1178875 | UMBS, Pool # FS1976, 4.00%, due 08/01/51 | 1122847 |
| 2078439 | UMBS, Pool # FS2167, 4.50%, due 06/01/52 | 2013492 |
| 2228238 | UMBS, Pool # FS2238, 4.00%, due 03/01/51 | 2122583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63973 | UMBS, Pool # FS2354, 4.00%, due 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 60693 |
| &nbsp;&nbsp; 232947 | UMBS, Pool # FS2415, 4.50%, due 08/01/52 | &nbsp;&nbsp; 225394 |
| 1402863 | UMBS, Pool # FS2896, 4.50%, due 09/01/52 | 1365534 |
| &nbsp;&nbsp; 511342 | UMBS, Pool # FS3276, 4.50%, due 12/01/37 | &nbsp;&nbsp; 508456 |
| 1597688 | UMBS, Pool # FS3310, 4.50%, due 11/01/37 | 1590294 |
| 1476916 | UMBS, Pool # FS3359, 5.50%, due 12/01/52 | 1497632 |
| &nbsp;&nbsp; 565000 | UMBS, Pool # FS3405, 5.50%, due 12/01/52 | &nbsp;&nbsp; 577632 |
| &nbsp;&nbsp; 788000 | UMBS, Pool # FS3417, 5.00%, due 12/01/52 | &nbsp;&nbsp; 783131 |
| &nbsp;&nbsp; 878000 | UMBS, Pool # FS3434, 5.50%, due 12/01/52 | &nbsp;&nbsp; 888986 |
| &nbsp;&nbsp; 112116 | UMBS, Pool # MA2781, 2.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 96784 |
| 2719634 | UMBS, Pool # MA2863, 3.00%, due 01/01/47 | 2431273 |
| &nbsp;&nbsp; 341069 | UMBS, Pool # MA3058, 4.00%, due 07/01/47 | &nbsp;&nbsp; 326111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93954 | UMBS, Pool # MA3087, 3.50%, due 08/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 87222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94686 | UMBS, Pool # MA3155, 3.00%, due 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 90205 |
| &nbsp;&nbsp; 325460 | UMBS, Pool # MA3182, 3.50%, due 11/01/47 | &nbsp;&nbsp; 301544 |
| &nbsp;&nbsp; 151074 | UMBS, Pool # MA3211, 4.00%, due 12/01/47 | &nbsp;&nbsp; 144634 |
| &nbsp;&nbsp; 107141 | UMBS, Pool # MA3238, 3.50%, due 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 99452 |
| &nbsp;&nbsp; 273395 | UMBS, Pool # MA3332, 3.50%, due 04/01/48 | &nbsp;&nbsp; 253079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97922 | UMBS, Pool # MA3364, 3.50%, due 05/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 94263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61062 | UMBS, Pool # MA3385, 4.50%, due 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 59937 |
| &nbsp;&nbsp; 258523 | UMBS, Pool # MA3414, 3.50%, due 07/01/48 | &nbsp;&nbsp; 239454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81139 | UMBS, Pool # MA3442, 3.50%, due 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 75025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66503 | UMBS, Pool # MA3521, 4.00%, due 11/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 63408 |
| &nbsp;&nbsp; 659680 | UMBS, Pool # MA3871, 3.00%, due 12/01/49 | &nbsp;&nbsp; 584440 |
| &nbsp;&nbsp; 562538 | UMBS, Pool # MA3937, 3.00%, due 02/01/50 | &nbsp;&nbsp; 498319 |
| &nbsp;&nbsp; 135364 | UMBS, Pool # MA3960, 3.00%, due 03/01/50 | &nbsp;&nbsp; 119645 |
| &nbsp;&nbsp; 756977 | UMBS, Pool # MA4018, 2.00%, due 05/01/50 | &nbsp;&nbsp; 620285 |
| &nbsp;&nbsp; 493610 | UMBS, Pool # MA4048, 3.00%, due 06/01/50 | &nbsp;&nbsp; 436425 |
| &nbsp;&nbsp; 132372 | UMBS, Pool # MA4120, 2.50%, due 09/01/50 | &nbsp;&nbsp; 113127 |
| 1555935 | UMBS, Pool # MA4158, 2.00%, due 10/01/50 | 1277410 |
| &nbsp;&nbsp; 431517 | UMBS, Pool # MA4181, 1.50%, due 11/01/50 | &nbsp;&nbsp; 333931 |
| &nbsp;&nbsp; 351562 | UMBS, Pool # MA4204, 2.00%, due 12/01/40 | &nbsp;&nbsp; 299824 |
| &nbsp;&nbsp; 789614 | UMBS, Pool # MA4208, 2.00%, due 12/01/50 | &nbsp;&nbsp; 646568 |
| 3663007 | UMBS, Pool # MA4209, 1.50%, due 12/01/50 | 2834627 |
| &nbsp;&nbsp; 534172 | UMBS, Pool # MA4232, 2.00%, due 01/01/41 | &nbsp;&nbsp; 451261 |
| 1215378 | UMBS, Pool # MA4237, 2.00%, due 01/01/51 | &nbsp;&nbsp; 994916 |
| &nbsp;&nbsp; 550635 | UMBS, Pool # MA4268, 2.00%, due 02/01/41 | &nbsp;&nbsp; 469591 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 106640 | UMBS, Pool # MA4281, 2.00%, due 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 87217 |
| 3138701 | UMBS, Pool # MA4305, 2.00%, due 04/01/51 | 2566512 |
| &nbsp;&nbsp; 470211 | UMBS, Pool # MA4325, 2.00%, due 05/01/51 | &nbsp;&nbsp; 384412 |
| &nbsp;&nbsp; 302939 | UMBS, Pool # MA4333, 2.00%, due 05/01/41 | &nbsp;&nbsp; 258353 |
| &nbsp;&nbsp; 340967 | UMBS, Pool # MA4356, 2.50%, due 06/01/51 | &nbsp;&nbsp; 289235 |
| &nbsp;&nbsp; 449887 | UMBS, Pool # MA4380, 3.00%, due 07/01/51 | &nbsp;&nbsp; 395787 |
| &nbsp;&nbsp; 478902 | UMBS, Pool # MA4399, 2.50%, due 08/01/51 | &nbsp;&nbsp; 407177 |
| 1011549 | UMBS, Pool # MA4414, 2.50%, due 09/01/51 | &nbsp;&nbsp; 859952 |
| &nbsp;&nbsp; 971715 | UMBS, Pool # MA4437, 2.00%, due 10/01/51 | &nbsp;&nbsp; 793542 |
| 1942741 | UMBS, Pool # MA4493, 2.50%, due 12/01/51 | 1649176 |
| &nbsp;&nbsp; 482714 | UMBS, Pool # MA4512, 2.50%, due 01/01/52 | &nbsp;&nbsp; 410079 |
| &nbsp;&nbsp; 968632 | UMBS, Pool # MA4549, 3.00%, due 02/01/52 | &nbsp;&nbsp; 851436 |
| 1958512 | UMBS, Pool # MA4578, 2.50%, due 04/01/52 | 1661302 |
| &nbsp;&nbsp; 498525 | UMBS, Pool # MA4600, 3.50%, due 05/01/52 | &nbsp;&nbsp; 453388 |
| 1025155 | UMBS, Pool # MA4624, 3.00%, due 06/01/52 | &nbsp;&nbsp; 900749 |
| &nbsp;&nbsp; 984593 | UMBS, Pool # MA4644, 4.00%, due 05/01/52 | &nbsp;&nbsp; 924919 |
| 1484495 | UMBS, Pool # MA4653, 3.00%, due 07/01/52 | 1304482 |
| 1982704 | UMBS, Pool # MA4654, 3.50%, due 07/01/52 | 1803965 |
| &nbsp;&nbsp; 988756 | UMBS, Pool # MA4686, 5.00%, due 06/01/52 | &nbsp;&nbsp; 976010 |
| &nbsp;&nbsp; 247674 | UMBS, Pool # MA4782, 3.50%, due 10/01/52 | &nbsp;&nbsp; 225315 |
| &nbsp;&nbsp; 997205 | UMBS, Pool # MA4838, 3.50%, due 12/01/52 | &nbsp;&nbsp; 907185 |
| 1474952 | UMBS, Pool # QA6328, 3.00%, due 01/01/50 | 1322122 |
| 1175525 | UMBS, Pool # QA6367, 3.00%, due 01/01/50 | 1044642 |
| &nbsp;&nbsp; 831343 | UMBS, Pool # QA7234, 3.00%, due 02/01/50 | &nbsp;&nbsp; 736023 |
| &nbsp;&nbsp; 587318 | UMBS, Pool # QA8518, 3.00%, due 04/01/50 | &nbsp;&nbsp; 521353 |
| &nbsp;&nbsp; 211010 | UMBS, Pool # QB0220, 3.00%, due 06/01/50 | &nbsp;&nbsp; 186422 |
| &nbsp;&nbsp; 815012 | UMBS, Pool # QB4847, 2.50%, due 10/01/50 | &nbsp;&nbsp; 697720 |
| &nbsp;&nbsp; 776862 | UMBS, Pool # QB6476, 2.50%, due 12/01/50 | &nbsp;&nbsp; 671239 |
| &nbsp;&nbsp; 300012 | UMBS, Pool # QC0039, 2.50%, due 03/01/51 | &nbsp;&nbsp; 257944 |
| 1598280 | UMBS, Pool # QC4339, 2.00%, due 07/01/51 | 1321071 |
| &nbsp;&nbsp; 883068 | UMBS, Pool # QC5189, 2.50%, due 08/01/51 | &nbsp;&nbsp; 750654 |
| &nbsp;&nbsp; 450948 | UMBS, Pool # QC6357, 2.50%, due 09/01/51 | &nbsp;&nbsp; 383354 |
| &nbsp;&nbsp; 505205 | UMBS, Pool # QD6056, 3.00%, due 02/01/52 | &nbsp;&nbsp; 446705 |
| &nbsp;&nbsp; 770187 | UMBS, Pool # QD8966, 2.50%, due 03/01/52 | &nbsp;&nbsp; 653040 |
| &nbsp;&nbsp; 133432 | UMBS, Pool # QD9911, 2.50%, due 04/01/52 | &nbsp;&nbsp; 113169 |
| &nbsp;&nbsp; 952778 | UMBS, Pool # QE0375, 4.00%, due 04/01/52 | &nbsp;&nbsp; 902422 |
| 1980146 | UMBS, Pool # QE1044, 3.50%, due 04/01/52 | 1802618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60262 | UMBS, Pool # QE1497, 4.00%, due 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 56896 |
| &nbsp;&nbsp; 938469 | UMBS, Pool # QE4227, 3.50%, due 06/01/52 | &nbsp;&nbsp; 854425 |
| &nbsp;&nbsp; 140085 | UMBS, Pool # QE9653, 3.50%, due 08/01/52 | &nbsp;&nbsp; 127481 |
| 1565832 | UMBS, Pool # RA1776, 3.00%, due 12/01/49 | 1391430 |
| &nbsp;&nbsp; 977052 | UMBS, Pool # RA1860, 3.00%, due 12/01/49 | &nbsp;&nbsp; 865440 |
| &nbsp;&nbsp; 519790 | UMBS, Pool # RA2572, 3.50%, due 05/01/50 | &nbsp;&nbsp; 477478 |
| 1859274 | UMBS, Pool # RA2790, 2.50%, due 06/01/50 | 1585568 |
| 1853732 | UMBS, Pool # RA2853, 2.50%, due 06/01/50 | 1580841 |
| &nbsp;&nbsp; 698387 | UMBS, Pool # RA3206, 2.00%, due 08/01/50 | &nbsp;&nbsp; 574670 |
| &nbsp;&nbsp; 255026 | UMBS, Pool # RA5286, 2.50%, due 05/01/51 | &nbsp;&nbsp; 216583 |
| &nbsp;&nbsp; 213918 | UMBS, Pool # RA5502, 3.00%, due 06/01/51 | &nbsp;&nbsp; 188550 |
| 3875758 | UMBS, Pool # RA5767, 2.50%, due 09/01/51 | 3294324 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 266815 | UMBS, Pool # RA6432, 2.50%, due 12/01/51 | &nbsp;&nbsp; 226669 |
| 1496154 | UMBS, Pool # RA6944, 3.50%, due 03/01/52 | 1362491 |
| &nbsp;&nbsp; 517102 | UMBS, Pool # RA6951, 3.50%, due 03/01/52 | &nbsp;&nbsp; 473370 |
| 3491142 | UMBS, Pool # RA7195, 3.50%, due 04/01/52 | 3195460 |
| 2172370 | UMBS, Pool # RA7942, 5.50%, due 09/01/52 | 2206903 |
| 1516296 | UMBS, Pool # RA8248, 5.00%, due 11/01/52 | 1498272 |
| 1937483 | UMBS, Pool # RB5111, 2.00%, due 05/01/41 | 1652304 |
| 2903193 | UMBS, Pool # SB8189, 4.00%, due 11/01/37 | 2836137 |
| &nbsp;&nbsp; 306637 | UMBS, Pool # SB8199, 4.50%, due 12/01/37 | &nbsp;&nbsp; 304907 |
| &nbsp;&nbsp; 467946 | UMBS, Pool # SB8510, 2.00%, due 02/01/36 | &nbsp;&nbsp; 417942 |
| &nbsp;&nbsp; 729429 | UMBS, Pool # SD0100, 3.00%, due 10/01/49 | &nbsp;&nbsp; 648186 |
| 1865498 | UMBS, Pool # SD0499, 3.00%, due 08/01/50 | 1663214 |
| 1247809 | UMBS, Pool # SD0558, 2.50%, due 03/01/51 | 1072834 |
| 1332625 | UMBS, Pool # SD0619, 4.00%, due 07/01/50 | 1264514 |
| &nbsp;&nbsp; 844505 | UMBS, Pool # SD0742, 2.50%, due 11/01/51 | &nbsp;&nbsp; 722870 |
| &nbsp;&nbsp; 471454 | UMBS, Pool # SD0815, 3.00%, due 01/01/52 | &nbsp;&nbsp; 418176 |
| &nbsp;&nbsp; 491083 | UMBS, Pool # SD1050, 4.50%, due 07/01/52 | &nbsp;&nbsp; 475737 |
| &nbsp;&nbsp; 142773 | UMBS, Pool # SD1188, 3.50%, due 06/01/52 | &nbsp;&nbsp; 129885 |
| 3250181 | UMBS, Pool # SD1217, 2.00%, due 03/01/52 | 2668979 |
| 1191347 | UMBS, Pool # SD1446, 4.50%, due 08/01/52 | 1156330 |
| &nbsp;&nbsp; 300066 | UMBS, Pool # SD1454, 4.50%, due 08/01/52 | &nbsp;&nbsp; 291339 |
| 1520415 | UMBS, Pool # SD1475, 4.50%, due 08/01/52 | 1475727 |
| &nbsp;&nbsp; 758895 | UMBS, Pool # SD1606, 4.50%, due 09/01/52 | &nbsp;&nbsp; 735180 |
| &nbsp;&nbsp; 811485 | UMBS, Pool # SD1695, 5.00%, due 10/01/52 | &nbsp;&nbsp; 803466 |
| &nbsp;&nbsp; 402492 | UMBS, Pool # SD1944, 5.00%, due 12/01/52 | &nbsp;&nbsp; 400005 |
| &nbsp;&nbsp; 797000 | UMBS, Pool # SD2032, 5.00%, due 12/01/52 | &nbsp;&nbsp; 794043 |
| 3414022 | UMBS, Pool # SD7543, 2.50%, due 08/01/51 | 2932338 |
| 2686394 | UMBS, Pool # SD7548, 2.50%, due 11/01/51 | 2313021 |
| 1868195 | UMBS, Pool # SD7551, 3.00%, due 01/01/52 | 1658149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895 | UMBS, Pool # SD8025, 3.50%, due 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2666 |
| 1122025 | UMBS, Pool # SD8075, 3.50%, due 07/01/50 | 1029443 |
| 4472352 | UMBS, Pool # SD8090, 2.00%, due 09/01/50 | 3663116 |
| &nbsp;&nbsp; 822274 | UMBS, Pool # SD8104, 1.50%, due 11/01/50 | &nbsp;&nbsp; 636302 |
| &nbsp;&nbsp; 402665 | UMBS, Pool # SD8113, 2.00%, due 12/01/50 | &nbsp;&nbsp; 329574 |
| &nbsp;&nbsp; 404382 | UMBS, Pool # SD8121, 2.00%, due 01/01/51 | &nbsp;&nbsp; 331071 |
| &nbsp;&nbsp; 187586 | UMBS, Pool # SD8134, 2.00%, due 03/01/51 | &nbsp;&nbsp; 153450 |
| 3593582 | UMBS, Pool # SD8141, 2.50%, due 04/01/51 | 3056268 |
| 1443682 | UMBS, Pool # SD8183, 2.50%, due 12/01/51 | 1223692 |
| &nbsp;&nbsp; 983191 | UMBS, Pool # SD8205, 2.50%, due 04/01/52 | &nbsp;&nbsp; 833989 |
| &nbsp;&nbsp; 613672 | UMBS, Pool # SD8212, 2.50%, due 05/01/52 | &nbsp;&nbsp; 520389 |
| &nbsp;&nbsp; 501050 | UMBS, Pool # SD8214, 3.50%, due 05/01/52 | &nbsp;&nbsp; 456181 |
| 1457580 | UMBS, Pool # SD8220, 3.00%, due 06/01/52 | 1281367 |
| &nbsp;&nbsp; 997502 | UMBS, Pool # SD8221, 3.50%, due 06/01/52 | &nbsp;&nbsp; 907454 |
| &nbsp;&nbsp; 498196 | UMBS, Pool # SD8236, 3.50%, due 08/01/52 | &nbsp;&nbsp; 453221 |
| &nbsp;&nbsp; 498428 | UMBS, Pool # SD8243, 3.50%, due 09/01/52 | &nbsp;&nbsp; 453431 |
| &nbsp;&nbsp; 988711 | UMBS, Pool # SD8255, 3.50%, due 10/01/52 | &nbsp;&nbsp; 899450 |
| 1000000 | UMBS, Pool # SD8257, 4.50%, due 10/01/52 | &nbsp;&nbsp; 963492 |
| 1016800 | UMBS, Pool # SD8258, 5.00%, due 10/01/52 | 1003691 |
| &nbsp;&nbsp; 989666 | UMBS, Pool # SD8267, 5.00%, due 11/01/52 | &nbsp;&nbsp; 976907 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 819808 | UMBS, Pool # ZM1609, 3.50%, due 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766915 |
| &nbsp;&nbsp; 249666 | UMBS, Pool # ZS4727, 4.00%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238713 |
| &nbsp;&nbsp; 156102 | UMBS, Pool # ZS4760, 4.00%, due 03/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148637 |
| 1364894 | UMBS, Pool # ZS4763, 3.50%, due 04/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1265561 |
| &nbsp;&nbsp; 437390 | UMBS, Pool # ZT0657, 6.00%, due 07/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457178 |
| &nbsp;&nbsp; 201724 | UMBS, Pool # ZT1748, 5.00%, due 01/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202097 |
| 3500000 | UMBS TBA, 2.00%, due 01/12/53 | &nbsp;&nbsp;&nbsp;&nbsp; 2848752 |
| &nbsp;&nbsp; 500000 | UMBS TBA, 2.50%, due 12/25/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423492 |
| &nbsp;&nbsp; 500000 | UMBS TBA, 4.00%, due 01/17/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487479 |
| 1989000 | UMBS TBA, 4.50%, due 01/17/38 | &nbsp;&nbsp;&nbsp;&nbsp; 1976048 |
| 4000000 | UMBS TBA, 4.50%, due 01/12/53 | &nbsp;&nbsp;&nbsp;&nbsp; 3850275 |
| &nbsp;&nbsp; 500000 | UMBS TBA, 6.00%, due 01/12/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507534 |
|  |  | 353031526 |
|  | **Municipal Obligations — 1.2%** | **Municipal Obligations — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55841 |
| &nbsp;&nbsp; 165000 | Bay Area Toll Authority, 2.57%, due 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144709 |
| &nbsp;&nbsp; 300000 | Bay Area Toll Authority, 6.26%, due 04/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340990 |
| 1525000 | California Health Facilities Financing Authority, 4.19%, due 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1365004 |
| 1300000 | Dallas Fort Worth International Airport, 1.93%, due 11/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1097202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78169 |
| &nbsp;&nbsp; 250000 | Florida State Board of Administration Finance Corp., 1.71%, due 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217851 |
| &nbsp;&nbsp; 257000 | Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201227 |
| 1612000 | &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development <br> Authority, 3.62%, due 02/01/29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1563212 |
| &nbsp;&nbsp; 715000 | Michigan Finance Authority, 2.37%, due 09/01/49<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703264 |
| &nbsp;&nbsp; 550000 | Michigan State University, 4.17%, due 08/15/22<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406756 |
| &nbsp;&nbsp; 351000 | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376371 |
| &nbsp;&nbsp; 327000 | New Jersey Transportation Trust Fund Authority, 4.08%, due 06/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | New Jersey Transportation Trust Fund Authority, 4.13%, due 06/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20152 |
| &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, 5.77%, due <br> 08/01/36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1015954 |
| 1350000 | New York State Urban Development Corp., 5.77%, due 03/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 1387802 |
| 2195000 | Port Authority of New York & New Jersey, 1.09%, due 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 2156225 |
| &nbsp;&nbsp; 885000 | State of California, 7.50%, due 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1070835 |
| &nbsp;&nbsp; 555000 | State of California, 7.55%, due 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696060 |
| &nbsp;&nbsp; 935000 | State of Connecticut, 3.98%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886235 |
| &nbsp;&nbsp; 750000 | University of Michigan, 4.45%, due 04/01/22<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610270 |
| &nbsp;&nbsp; 595000 | University of Virginia, 2.58%, due 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389151 |
| &nbsp;&nbsp; 105000 | University of Virginia, 4.18%, due 09/01/17<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80374 |
|  |  | &nbsp;&nbsp; 15134966 |
|  | **Sovereign Debt Obligations — 0.3%** | **Sovereign Debt Obligations — 0.3%** |
| &nbsp;&nbsp; 960000 | Argentine Republic Government International Bond, 3.50%, due 07/09/41<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273206 |
| &nbsp;&nbsp; 200000 | Bermuda Government International Bond, 2.38%, due 08/20/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Corp. Andina de Fomento, 2.75%, due 01/06/23<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54949 |
| &nbsp;&nbsp; 215000 | Export-Import Bank of India, 3.88%, due 02/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199926 |
| &nbsp;&nbsp; 450000 | Indonesia Government International Bond, 3.50%, due 01/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428467 |
| &nbsp;&nbsp; 200000 | Japan Bank for International Cooperation, 3.38%, due 10/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197189 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Japan Finance Organization for Municipalities, 1.75%, due 09/05/24 144A | &nbsp;&nbsp;&nbsp;&nbsp; 189917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 290000 | Mexico Government International Bond, 3.50%, due 02/12/34 | &nbsp;&nbsp;&nbsp;&nbsp; 232803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | Peruvian Government International Bond, 2.78%, due 01/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135000 | Province of Alberta Canada, 1.30%, due 07/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 108179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Province of Alberta Canada, 3.30%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Province of Manitoba Canada, 2.13%, due 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | Province of Quebec Canada, 2.75%, due 04/12/27 | &nbsp;&nbsp;&nbsp;&nbsp; 206640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 568000 | Qatar Government International Bond, 5.10%, due 04/23/48 144A | &nbsp;&nbsp;&nbsp;&nbsp; 572198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 789000 | Saudi Government International Bond, 4.38%, due 04/16/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 780777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185000 | Uruguay Government International Bond, 4.98%, due 04/20/55 | &nbsp;&nbsp;&nbsp;&nbsp; 177442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Uruguay Government International Bond, 5.10%, due 06/18/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63969 |
|  |  | 3865930 |
|  | **U.S. Government and Agency Obligations — 14.6%** | **U.S. Government and Agency Obligations — 14.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 495000 | FNMA, 0.88%, due 08/05/30 | &nbsp;&nbsp;&nbsp;&nbsp; 393209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 170000 | FNMA, 2.38%, due 01/19/23 | &nbsp;&nbsp;&nbsp;&nbsp; 169857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210000 | FNMA, 2.50%, due 02/05/24 | &nbsp;&nbsp;&nbsp;&nbsp; 204982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310000 | FNMA, 6.63%, due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 363754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 210000 | Tennessee Valley Authority, 1.50%, due 09/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 164910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28983 |
| &nbsp;&nbsp; 6130000 | U.S. Treasury Bond, 1.13%, due 08/15/40 | &nbsp;&nbsp; 3810178 |
| 12003000 | U.S. Treasury Bond, 1.75%, due 08/15/41 | &nbsp;&nbsp; 8219945 |
| &nbsp;&nbsp; 4280000 | U.S. Treasury Bond, 1.88%, due 02/15/41 | &nbsp;&nbsp; 3027431 |
| &nbsp;&nbsp; 3849000 | U.S. Treasury Bond, 1.88%, due 02/15/51 | &nbsp;&nbsp; 2447648 |
| 13330000 | U.S. Treasury Bond, 2.00%, due 11/15/41 | &nbsp;&nbsp; 9524441 |
| &nbsp;&nbsp; 6585000 | U.S. Treasury Bond, 2.00%, due 08/15/51 | &nbsp;&nbsp; 4313947 |
| 11720000 | U.S. Treasury Bond, 2.25%, due 05/15/41 | &nbsp;&nbsp; 8817011 |
| &nbsp;&nbsp; 9069000 | U.S. Treasury Bond, 2.25%, due 02/15/52 | &nbsp;&nbsp; 6310040 |
| 18427000 | U.S. Treasury Bond, 2.38%, due 02/15/42 | 14078300 |
| 13120000 | U.S. Treasury Bond, 2.50%, due 02/15/46 | &nbsp;&nbsp; 9828725 |
| &nbsp;&nbsp; 1557000 | U.S. Treasury Bond, 3.00%, due 02/15/47 | &nbsp;&nbsp; 1276010 |
| 37772000 | U.S. Treasury Bond, 3.00%, due 08/15/52 | 31132391 |
| &nbsp;&nbsp; 7904000 | U.S. Treasury Bond, 3.38%, due 08/15/42 | &nbsp;&nbsp; 7066670 |
| &nbsp;&nbsp; 2835900 | U.S. Treasury Bond, 3.63%, due 08/15/43 | &nbsp;&nbsp; 2609693 |
| 12459000 | U.S. Treasury Bond, 4.00%, due 11/15/42<sup>(k)</sup> <br>| 12202033 |
| &nbsp;&nbsp; 2867000 | U.S. Treasury Bond, 4.00%, due 11/15/52<sup>(k)</sup> <br>| &nbsp;&nbsp; 2871928 |
| 12849000 | U.S. Treasury Bond, 4.13%, due 11/15/32 | 13115014 |
| &nbsp;&nbsp; 4866224 | U.S. Treasury Inflation Indexed Bonds, 0.13%, due 10/15/24 | &nbsp;&nbsp; 4686994 |
| &nbsp;&nbsp; 2385789 | U.S. Treasury Inflation Indexed Bonds, 0.13%, due 01/15/30 | &nbsp;&nbsp; 2144457 |
| &nbsp;&nbsp; 1240000 | U.S. Treasury Note, 2.75%, due 08/15/32 | &nbsp;&nbsp; 1129369 |
| &nbsp;&nbsp; 1495000 | U.S. Treasury Note, 2.88%, due 05/15/28<sup>(o)</sup> <br>| &nbsp;&nbsp; 1410965 |
| &nbsp;&nbsp; 5666000 | U.S. Treasury Note, 3.13%, due 08/31/27 | &nbsp;&nbsp; 5450205 |
| &nbsp;&nbsp; 9287000 | U.S. Treasury Note, 3.88%, due 11/30/27 | &nbsp;&nbsp; 9237663 |
| &nbsp;&nbsp; 6287000 | U.S. Treasury Note, 4.25%, due 10/15/25 | &nbsp;&nbsp; 6283071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 646000 | U.S. Treasury STRIPS, 4.14%, due 11/15/43<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 264589 |
| &nbsp;&nbsp; 5929000 | U.S. Treasury STRIPS, 4.63%, due 08/15/30<sup>(n)</sup> <br>| &nbsp;&nbsp; 4357196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 915000 | U.S. Treasury STRIPS, 5.74%, due 08/15/38<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 475847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 360000 | U.S. Treasury STRIPS, 5.80%, due 02/15/39<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 183514 |
| &nbsp;&nbsp; 2310000 | U.S. Treasury STRIPS, 5.96%, due 02/15/40<sup>(n)</sup> <br>| &nbsp;&nbsp; 1126613 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** | **U.S. Government and Agency Obligations — continued** |
| &nbsp;&nbsp; 2865000 | U.S. Treasury STRIPS, 6.09%, due 11/15/40<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350870 |
| &nbsp;&nbsp; 5195000 | U.S. Treasury STRIPS, 6.34%, due 11/15/41<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325634 |
| &nbsp;&nbsp; 1105000 | U.S. Treasury STRIPS, 6.48%, due 05/15/42<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481543 |
| &nbsp;&nbsp; 4620000 | U.S. Treasury STRIPS, 6.57%, due 02/15/43<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1952760 |
| &nbsp;&nbsp; 1750000 | U.S. Treasury STRIPS, 6.64%, due 11/15/42<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740860 |
| &nbsp;&nbsp; 2095000 | U.S. Treasury STRIPS, 6.80%, due 08/15/44<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 186410280 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,436,170,095) | &nbsp;&nbsp; 1276362544 |
|  | **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |
|  | **Mutual Fund - Securities Lending Collateral — 1.2%** | **Mutual Fund - Securities Lending Collateral — 1.2%** |
| 14651633 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(p)(q)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14651632 |
|  | **U.S. Government and Agency Obligation — 0.1%** | **U.S. Government and Agency Obligation — 0.1%** |
| &nbsp;&nbsp; 1623000 | U.S. Treasury Bill, 6.68%, due 03/28/23<sup>(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607150 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $16,258,782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16258782 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE TBA SALE** <br> **COMMITMENTS — 101.2%** <br>(Cost $1,452,428,877)<br>| &nbsp;&nbsp; 1292621326 |
|  | **TBA SALE COMMITMENTS — (1.1)%** | **TBA SALE COMMITMENTS — (1.1)%** |
| (3000000) | GNMA TBA, 5.50%, due 01/23/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3017712) |
| (2500000) | UMBS TBA, 3.00%, due 02/25/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2194595) |
| (6500000) | UMBS TBA, 3.50%, due 02/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5905999) |
| (1000000) | UMBS TBA, 4.50%, due 01/12/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (962569) |
| (1500000) | UMBS TBA, 5.00%, due 01/12/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1478301) |
|  | TOTAL TBA SALE COMMITMENTS (PROCEEDS $13,799,063) | &nbsp;&nbsp;&nbsp;&nbsp; (13559176) |
|  | **TOTAL INVESTMENTS NET OF TBA SALE** <br> **COMMITMENTS — 100.1%** <br>(Cost $1,438,629,814)<br>| &nbsp;&nbsp; 1279062150 |
|  | Other Assets and Liabilities (net) — (0.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1357066) |
|  | **NET ASSETS — 100.0%** | **$1277705084** |

---

&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 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>|
| (c) | Variable or floating rate note. Rate shown is as of December 31, 2022. |
| (d) | 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>|
| (e) | All or a portion of this security is out on loan. |
| (f) | Security is currently in default. |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| (g) | Security is perpetual and has no stated maturity date. |
| (h) | Year of maturity is greater than 2100. |
| (i) | 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 $1,071,879, which is 0.1% of net <br> assets. See details shown in the Restricted Securities table that follows.<br>|
| (j) | 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>|
| (k) | When-issued security. |
| (l) | Level 3 - significant unobservable inputs were used in determining the value of this security in <br> the Fund.<br>|
| (m) | 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 December 31, 2022 was $1,565,555.<br>|
| (n) | Interest rate presented is yield to maturity. |
| (o) | All or a portion of this security is pledged for open futures collateral. |
| (p) | The rate disclosed is the 7-day net yield as of December 31, 2022. |
| (q) | 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 $284,498,479 which represents 22.3% of <br> net assets.<br>|

---

At December 31, 2022, the Fund held the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Restricted Securities | Acquisition <br>Date<br>| Principal <br>Amount | Principal <br>Amount | Cost | Value |
| Credit Agricole SA, 2.81%, due 01/11/41 | 01/28/21 | USD | &nbsp;&nbsp; 320000 | $308435 | $198698 |
| &nbsp;&nbsp;&nbsp; Massachusetts Mutual Life Insurance Co., 3.38%, <br> due 04/15/50<br>| 04/13/20 | USD | 1255000 | &nbsp;&nbsp; 1287846 | &nbsp;&nbsp;&nbsp;&nbsp; 873181 |
|  |  |  |  |  | $1071879 |

---

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | 11622207 | EUR | 11164038 | 01/12/23 | JPMorgan Chase Bank N.A. | $(299320) |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| &nbsp;&nbsp; 245 | U.S. Treasury Note 10-Year | Mar 2023 | $27512734 | $(157818) |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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>|
| &nbsp;&nbsp; 263 | U.S. Treasury Note 2-Year | Mar 2023 | $53935547 | $41723 |
| &nbsp;&nbsp; 286 | U.S. Treasury Note 5-Year | Mar 2023 | &nbsp;&nbsp; 30867891 | &nbsp;&nbsp; (180193) |
| &nbsp;&nbsp; 114 | U.S. Ultra Bond | Mar 2023 | &nbsp;&nbsp; 15311625 | &nbsp;&nbsp; (451024) |
|  |  |  |  | $(747312) |
| Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2 | Euro-Bund | Mar 2023 | $283739 | $18925 |
| &nbsp;&nbsp; 357 | U.S. Long Bond | Mar 2023 | &nbsp;&nbsp; 44747719 | &nbsp;&nbsp;&nbsp; 123987 |
| &nbsp;&nbsp; 189 | U.S. Ultra 10-Year | Mar 2023 | &nbsp;&nbsp; 22355156 | &nbsp;&nbsp;&nbsp; 144754 |
|  |  |  |  | $287666 |

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ACES |  | Alternative Credit Enhancement Securities |
| CLO |  | Collateralized Loan Obligation |
| CMO |  | Collateralized Mortgage Obligation |
| CMT |  | Constant Maturity Treasury Index |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GNMA |  | Government National Mortgage Association |
| IO |  | Interest Only |
| LIBOR |  | London Interbank Offered Rate |
| MTN |  | Medium Term Note |
| PIK |  | Payment In Kind |
| REIT |  | Real Estate Investment Trust |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal of Securities |
| TBA |  | To Be Announced |
| TSFR |  | Term Secured Overnight Financing Rate |
| UMBS |  | Uniform Mortgage-Backed Securities are single-class securities backed by fixed-rate mortgage <br> loans purchased by either FHLMC or FNMA<br>|

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Debt Obligations | &nbsp;&nbsp; 99.9 |
| Futures Contracts | &nbsp;&nbsp; (0.1)\* |
| Forward Foreign Currency Contract | &nbsp;&nbsp; (0.9) |
| TBA Sale Commitments | &nbsp;&nbsp; (1.1) |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; 1.3 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 0.9 |
|  | 100.0 |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 94.0%** | **DEBT OBLIGATIONS — 94.0%** |
|  | **Asset Backed Securities — 6.3%** | **Asset Backed Securities — 6.3%** |
| &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; Aegis Asset Backed Securities Trust, Series 2005-5, Class M1, 5.03% (1 mo. USD <br> LIBOR + 0.65%), due 12/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 647058 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Aimco CLO 12, Ltd., Series 2020-12A, Class DR, 6.76% (3 mo. TSFR + 2.90%), due <br> 01/17/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 460444 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Alinea CLO, Ltd., Series 2018-1A, Class D, 7.34% (3 mo. USD LIBOR + 3.10%), due <br> 07/20/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 585832 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO, Ltd., Series 2014-3RA, Class E, 9.87% (3 mo. USD LIBOR + <br> 5.50%), due 01/28/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 248837 |
| 3640000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO, Ltd., Series 2021-17A, Class A1, 5.25% (3 mo. USD LIBOR + <br> 1.17%), due 07/15/34<sup>(b)</sup> 144A<br>| 3557343 |
| 1000000 | &nbsp;&nbsp;&nbsp; Apex Credit CLO, Ltd., Series 2019-1A, Class BR, 6.59% (3 mo. USD LIBOR + <br> 2.40%), due 04/18/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 918492 |
| &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; Apidos CLO XXII, Series 2015-22A, Class DR, 10.99% (3 mo. USD LIBOR + 6.75%), <br> due 04/20/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 375353 |
| &nbsp;&nbsp; 598950 | &nbsp;&nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.19%, due <br> 06/05/49 144A<br>| &nbsp;&nbsp; 590405 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Ares XXXIIR CLO, Ltd., Series 2014-32RA, Class C, 7.51% (3 mo. USD LIBOR + <br> 2.90%), due 05/15/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 222134 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1, <br> 2.74% (1 mo. USD LIBOR + 0.42%), due 07/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 608587 |
| &nbsp;&nbsp; 188170 | &nbsp;&nbsp;&nbsp; Asset Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE1, Class A4, <br> 3.66% (1 mo. USD LIBOR + 0.14%), due 12/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 181406 |
| &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due <br> 02/20/27 144A<br>| &nbsp;&nbsp; 366786 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO, Ltd., Series 2021-4A, Class D, 7.34% (3 mo. USD LIBOR + <br> 3.10%), due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 443063 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO, Ltd., Series 2022-2A, Class D1, 7.69% (3 mo. TSFR + <br> 3.65%), due 04/22/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 502347 |
| &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; Ballyrock CLO, Ltd., Series 2018-1A, Class C, 7.39% (3 mo. USD LIBOR + 3.15%), <br> due 04/20/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250031 |
| &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; Ballyrock CLO, Ltd., Series 2019-1A, Class A2R, 5.63% (3 mo. USD LIBOR + 1.55%), <br> due 07/15/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 399593 |
| 1560000 | &nbsp;&nbsp;&nbsp; Ballyrock CLO, Ltd., Series 2022-19A, Class D, 11.07% (3 mo. TSFR + 7.11%), due <br> 04/20/35<sup>(b)</sup> 144A<br>| 1394654 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Barings CLO, Ltd., Series 2013-IA, Class CR, 5.74% (3 mo. USD LIBOR + 1.50%), <br> due 01/20/28<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 244264 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Barings CLO, Ltd., Series 2016-2A, Class ER2, 10.74% (3 mo. USD LIBOR + 6.50%), <br> due 01/20/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 211793 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Bavarian Sky UK 5 CLO Plc, Series 2014-1A, Class CR2, 7.87% (3 mo. USD LIBOR + <br> 3.63%), due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 436226 |
| &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; BlueMountain CLO XXIX, Ltd., Series 2020-29A, Class ER, 11.22% (3 mo. USD <br> LIBOR + 6.86%), due 07/25/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 779555 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bristol Park CLO, Ltd., Series 2016-1A, Class ER, 11.08% (3 mo. USD LIBOR + <br> 7.00%), due 04/15/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 213814 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Buckhorn Park CLO, Ltd., Series 2019-1A, Class DR, 7.29% (3 mo. USD LIBOR + <br> 3.10%), due 07/18/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 581322 |
| &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; Canyon Capital CLO, Ltd., Series 2021-1A, Class E, 10.49% (3 mo. USD LIBOR + <br> 6.41%), due 04/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250175 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Canyon Capital CLO, Ltd., Series, 2020-1A, Class BR, 5.78% (3 mo. USD LIBOR + <br> 1.70%), due 07/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 478931 |
| &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; Canyon CLO, Ltd., Series 2021-4A, Class B, 5.78% (3 mo. USD LIBOR + 1.70%), due <br> 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 244108 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1300000 | &nbsp;&nbsp;&nbsp; Carlyle US CLO, Ltd., Series 2019-2A, Class DR, 10.58% (3 mo. USD LIBOR + <br> 6.50%), due 07/15/32<sup>(b)</sup> 144A<br>| 1163621 |
| 1475000 | &nbsp;&nbsp;&nbsp; Carlyle US CLO, Ltd., Series 2019-4A, Class A2R, 5.61% (3 mo. TSFR + 1.75%), due <br> 04/15/35<sup>(b)</sup> 144A<br>| 1380529 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Carlyle US CLO, Ltd., Series 2021-8A, Class B, 5.73% (3 mo. USD LIBOR + 1.65%), <br> due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 491984 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Catskill Park CLO, Ltd., Series 2017-1A, Class D, 10.24% (3 mo. USD LIBOR + <br> 6.00%), due 04/20/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 624160 |
| 1020000 | &nbsp;&nbsp;&nbsp; CBAM CLO, Ltd., Series 2018-6A, Class B2R, 6.23% (3 mo. TSFR + 2.36%), due <br> 01/15/31<sup>(b)</sup> 144A<br>| 1000096 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding CLO, Ltd., Series 2017-1A, Class D, 7.78% (3 mo. USD LIBOR + <br> 3.50%), due 04/23/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 238365 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; CIFC Funding CLO, Ltd., Series 2017-3A, Class C, 7.89% (3 mo. USD LIBOR + <br> 3.65%), due 07/20/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 652156 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Dryden 64 CLO, Ltd., Series 2018-64A, Class D, 6.84% (3 mo. USD LIBOR + 2.65%), <br> due 04/18/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 462006 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Dryden 70 CLO, Ltd., Series 2018-70A, Class E, 10.13% (3 mo. USD LIBOR + 6.05%), <br> due 01/16/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 814113 |
| &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; Eaton Vance CLO, Ltd., Series 2020-2A, Class ER, 10.58% (3 mo. USD LIBOR + <br> 6.50%), due 01/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 572945 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Elmwood CLO XI, Ltd., Series 2021-4A, Class B, 5.84% (3 mo. USD LIBOR + 1.60%), <br> due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 338091 |
| &nbsp;&nbsp; 321459 | Falcon Aerospace, Ltd., Series 2017-1, Class A, 4.58%, due 02/15/42 144A | &nbsp;&nbsp; 291903 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Fortress Credit BSL CLO XII, Ltd., Series 2021-4A, Class E, 11.21% (3 mo. USD <br> LIBOR + 7.13%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 220583 |
| 1290000 | &nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series, 2022-FL7, Class A, 6.81% (1 mo. TSFR + 2.90%), due <br> 10/19/39<sup>(b)</sup> 144A<br>| 1281142 |
| 1060000 | &nbsp;&nbsp;&nbsp; Generate CLO 7, Ltd., Series 7A, Class B1, 6.17% (3 mo. USD LIBOR + 1.85%), due <br> 01/22/33<sup>(b)</sup> 144A<br>| 1027177 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Gilbert Park CLO, Ltd., Series 2017-1A, Class D, 7.03% (3 mo. USD LIBOR + 2.95%), <br> due 10/15/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 234699 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO, Ltd., Series 2021-53A, Class E, 10.94% (3 mo. USD <br> LIBOR + 6.70%), due 07/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 335251 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Greenwood Park CLO, Ltd., Series 2018-1A, Class E, 9.03% (3 mo. USD LIBOR + <br> 4.95%), due 04/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 203714 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Greywolf CLO IV, Ltd., Series 2018-1A, Class D, 10.06% (3 mo. TSFR + 6.01%), due <br> 04/26/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 660394 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Greywolf CLO IV, Ltd., Series 2019-1RA, Class CR, 7.77% (3 mo. TSFR + 3.91%), due <br> 04/17/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 228185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78042 | &nbsp;&nbsp;&nbsp; GSAA Home Equity Trust, Series 2007-7, Class A4, 4.93% (1 mo. USD LIBOR + <br> 0.54%), due 07/25/37<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 74348 |
| &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; Halsey Point CLO I, Ltd., Series 2019-1A, Class F, 12.44% (3 mo. USD LIBOR + <br> 8.20%), due 01/20/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 242165 |
| &nbsp;&nbsp; 236566 | &nbsp;&nbsp;&nbsp; KeyCorp Student Loan Trust, Series 2005-A, Class 2C, 6.02% (3 mo. USD LIBOR + <br> 1.30%), due 12/27/38<sup>(b)</sup> <br>| &nbsp;&nbsp; 221638 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; KKR CLO 14, Ltd., Series 14, Class BR, 5.88% (3 mo. USD LIBOR + 1.80%), due <br> 07/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 389675 |
| &nbsp;&nbsp; 182439 | &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 5.66% (1 mo. USD LIBOR <br> + 1.28%), due 02/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 178572 |
| &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; Madison Park Funding CLO XLVIII, Ltd., Series 2017-25A, Class A2R, 6.01% (3 mo. <br> USD LIBOR + 1.65%), due 04/25/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 415775 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding CLO XXV, Ltd., Series 2021-48A, Class B, 5.68% (3 mo. USD <br> LIBOR + 1.45%), due 04/19/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 242327 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1405000 | &nbsp;&nbsp;&nbsp; Madison Park Funding CLO XXXIX, Ltd., Series 2021-39A, Class D, 7.37% (3 mo. <br> USD LIBOR + 3.05%), due 10/22/34<sup>(b)</sup> 144A<br>| 1331459 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Magnetite CLO XII, Ltd., Series 2015-12A, Class ER, 9.76% (3 mo. USD LIBOR + <br> 5.68%), due 10/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 363724 |
| 1435000 | &nbsp;&nbsp;&nbsp; Magnetite CLO XXIV, Ltd., Series 2019-24A, Class BR, 5.61% (3 mo. TSFR + 1.75%), <br> due 04/15/35<sup>(b)</sup> 144A<br>| 1345152 |
| 2160000 | &nbsp;&nbsp;&nbsp; Magnetite CLO XXVII, Ltd., Series 2020-27A, Class AR, 5.38% (3 mo. USD LIBOR + <br> 1.14%), due 10/20/34<sup>(b)</sup> 144A<br>| 2106780 |
| &nbsp;&nbsp; 595177 | Magnolia Financial X DAC, Series 2020-1, due 08/13/24<sup>(c)</sup> <br>| &nbsp;&nbsp; 581874 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Marathon CLO 14, Ltd., Series 2019-2A, Class BA, 7.54% (3 mo. USD LIBOR + <br> 3.30%), due 01/20/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 238265 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust, Series 2022-1A, Class B, 3.20%, due <br> 09/21/26 144A<br>| &nbsp;&nbsp; 366719 |
| &nbsp;&nbsp; 454647 | Mill City Solar Loan, Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A | &nbsp;&nbsp; 426544 |
| &nbsp;&nbsp; 650587 | Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.71%, due 12/20/46 144A | &nbsp;&nbsp; 553388 |
| 1018809 | &nbsp;&nbsp;&nbsp; National Collegiate Student Loan Trust, Series 2007-2, Class A4, 4.68% (1 mo. USD <br> LIBOR + 0.29%), due 01/25/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 954816 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, Series 2020-A, Class B, 3.16%, due 11/15/68 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 82810 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Student Loan Trust, Series 2018-CA, Class B, 4.22%, <br> due 06/16/42 144A<br>| &nbsp;&nbsp; 340146 |
| &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Student Loan Trust, Series 2020-GA, Class B, 2.50%, <br> due 09/16/69 144A<br>| &nbsp;&nbsp; 572206 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman CLO XVIII, Ltd., Series 2014-18A, Class DR2, 10.20% (3 mo. USD <br> LIBOR + 5.92%), due 10/21/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 225530 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 25, Ltd., Series, 2017-25A, Class DR, 7.04% (3 <br> mo. USD LIBOR + 2.85%), due 10/18/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 230960 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 33, Ltd., Series 2019-33A, Class DR, 6.98% (3 <br> mo. USD LIBOR + 2.90%), due 10/16/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 689891 |
| 2805000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 36, Ltd., Series 2020-36A, Class A1R, 5.49% (3 <br> mo. USD LIBOR + 1.25%), due 04/20/33<sup>(b)</sup> 144A<br>| 2762765 |
| &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 44, Ltd., Series 2021-44A, Class E, 10.08% (3 <br> mo. USD LIBOR + 6.00%), due 10/16/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 427208 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Ocean Trails CLO IX, Series 2020-9A, Class CR, 6.63% (3 mo. USD LIBOR + 2.55%), <br> due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 653404 |
| &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; Ocean Trails CLO X, Series 2020-10A, Class ER, 11.65% (3 mo. USD LIBOR + <br> 7.57%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 586297 |
| 1160000 | &nbsp;&nbsp;&nbsp; OCP CLO, Ltd., Series 2015-9A, Class BR2, 5.61% (3 mo. TSFR + 1.75%), due <br> 01/15/33<sup>(b)</sup> 144A<br>| 1095306 |
| &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Octagon Investment Partners CLO 35, Ltd., Series 2018-1A, Class C, 6.84% (3 mo. <br> USD LIBOR + 2.60%), due 01/20/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 288332 |
| &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding CLO 2, Ltd., Series 2019-2A, Class BR, 5.88% (3 mo. USD <br> LIBOR + 1.60%), due 04/21/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 265849 |
| 1000000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding CLO 4, Ltd., Series 2019-4A, Class BR, 5.97% (3 mo. USD <br> LIBOR + 1.65%), due 10/22/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 968569 |
| &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, Series 2005-3, Class M4, 5.32% (1 mo. USD LIBOR <br> + 0.93%), due 08/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 669193 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Owl Rock CLO III, Ltd., Series 2020-3A, Class A1L, 6.04% (3 mo. USD LIBOR + <br> 1.80%), due 04/20/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 244618 |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; OZLM CLO XXIII, Ltd., Series 2019-23A, Class B1R, 5.93% (3 mo. USD LIBOR + <br> 1.85%), due 04/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 567762 |
| 2335000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd., Series 2021-2A, Class A, 5.23% (3 mo. USD LIBOR + <br> 1.15%), due 07/15/34<sup>(b)</sup> 144A<br>| 2279336 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd., Series 2021-4A, Class B, 5.73% (3 mo. USD LIBOR + <br> 1.65%), due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 288556 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding CLO, Ltd., Series 2021-2A, Class A2, 5.93% (3 mo. USD <br> LIBOR + 1.25%), due 05/20/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 243781 |
| &nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding CLO, Ltd., Series 2022-3A, Class C, 9.41% (3 mo. TSFR <br> + 5.40%), due 04/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 868301 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Parallel CLO, Ltd., Series 2017-1A, Class CR, 6.24% (3 mo. USD LIBOR + 2.00%), <br> due 07/20/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 234718 |
| &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; Park Avenue Institutional Advisers CLO, Ltd., Series 2021-2A, Class B, 5.83% (3 mo. <br> USD LIBOR + 1.75%), due 07/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 540272 |
| &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Peace Park CLO, Ltd., Series 2021-1A, Class E, 10.24% (3 mo. USD LIBOR + 6.00%), <br> due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 345197 |
| &nbsp;&nbsp; 440450 | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2018-1A, Class A2II, 4.67%, due 09/05/48 <br> 144A<br>| &nbsp;&nbsp; 413966 |
| 1005000 | &nbsp;&nbsp;&nbsp; PPM CLO, Ltd., Series 2018-1A, Class B2, 5.93% (3 mo. USD LIBOR + 1.85%), due <br> 07/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 955818 |
| 1160000 | &nbsp;&nbsp;&nbsp; Residential Asset Securities Trust, Series 2006-KS2, Class M3, 5.00% (1 mo. USD <br> LIBOR + 0.62%), due 03/25/36<sup>(b)</sup> <br>| 1071359 |
| 1485000 | &nbsp;&nbsp;&nbsp; Rockford Tower CLO, Ltd., Series 2018-1A, Class A, 5.78% (3 mo. USD LIBOR + <br> 1.10%), due 05/20/31<sup>(b)</sup> 144A<br>| 1461938 |
| &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; Rockford Tower CLO, Ltd., Series 2021-3A, Class B, 5.99% (3 mo. USD LIBOR + <br> 1.75%), due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 308644 |
| &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; RR CLO 18, Ltd., Series 2021-18A, Class D, 10.33% (3 mo. USD LIBOR + 6.25%), <br> due 10/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 650951 |
| &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; Saranac CLO III, Ltd., Series 2014-3A, Class DR, 8.00% (3 mo. USD LIBOR + 3.25%), <br> due 06/22/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 146334 |
| &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; Sculptor CLO XXVI, Ltd., Series 26A, Class E, 11.49% (3 mo. USD LIBOR + 7.25%), <br> due 07/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 379294 |
| &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO XVIII, Ltd., Series 2021-18A, Class D, 7.14% (3 mo. USD LIBOR + <br> 2.90%), due 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 486687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 7.88%, due <br> 06/15/32<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 7.77%, due <br> 03/15/33<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50053 |
| &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 <br> 144A<br>| &nbsp;&nbsp; 611545 |
| 2600000 | &nbsp;&nbsp;&nbsp; Sound Point CLO XXVII, Ltd., Series 2020-2A, Class AR, 5.54% (3 mo. USD LIBOR <br> + 1.18%), due 10/25/34<sup>(b)</sup> 144A<br>| 2504788 |
| &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp; Southwick Park CLO LLC, Series 2019-4A, Class DR, 7.19% (3 mo. USD LIBOR + <br> 2.95%), due 07/20/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 865701 |
| &nbsp;&nbsp; 853492 | Stonepeak, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A | &nbsp;&nbsp; 737835 |
| &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Symphony CLO 37, Ltd., Series, 2022-37A, Class A1A, 6.55% (3 mo. TSFR + 2.30%), <br> due 10/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 930055 |
| &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; TCI-Symphony CLO, Ltd., Series 2016-1A, Class DR2, 7.04% (3 mo. USD LIBOR + <br> 3.10%), due 10/13/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 250451 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; TCI-Symphony CLO, Ltd., Series 2016-1A, Class ER2, 10.69% (3 mo. USD LIBOR + <br> 6.75%), due 10/13/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 660902 |
| 2710000 | &nbsp;&nbsp;&nbsp; Trinitas CLO XVI, Ltd., Series 2021-16A, Class A1, 5.42% (3 mo. USD LIBOR + <br> 1.18%), due 07/20/34<sup>(b)</sup> 144A<br>| 2644768 |
| &nbsp;&nbsp; 650000 | TSTAT, Ltd., Series, 2022-2A, Class C, 9.31%, due 01/20/31 144A | &nbsp;&nbsp; 638031 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Venture 43 CLO, Ltd., Series 2021-43A, Class D, 7.55% (3 mo. USD LIBOR + 3.47%), <br> due 04/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 427239 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; VERDE CLO, Ltd., Series 2019-1A, Class DR, 7.33% (3 mo. USD LIBOR + 3.25%), <br> due 04/15/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 460945 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Voya CLO, Ltd., Series 2016-3A, Class A1R, 5.38% (3 mo. USD LIBOR + 1.19%), due <br> 10/18/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246309 |
| &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; Voya CLO, Ltd., Series 2017-2A, Class A2AR, 5.73% (3 mo. USD LIBOR + 1.65%), <br> due 06/07/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638978 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Voya CLO, Ltd., Series 2017-3A, Class DR, 11.19% (3 mo. USD LIBOR + 6.95%), due <br> 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229592 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; Wellfleet CLO, Ltd., Series 2017-2A, Class C, 7.64% (3 mo. USD LIBOR + 3.40%), <br> due 10/20/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316546 |
| &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; Whitebox CLO I, Ltd., Series 2019-1A, Class ANBR, 6.02% (3 mo. USD LIBOR + <br> 1.70%), due 07/24/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248364 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; Whitebox CLO II, Ltd., Series 2020-2A, Class A1R, 5.54% (3 mo. USD LIBOR + <br> 1.22%), due 10/24/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251808 |
| &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; Whitehorse CLO XII, Ltd., Series 2018-12A, Class D, 7.73% (3 mo. USD LIBOR + <br> 3.65%), due 10/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353779 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Wind River CLO, Ltd., Series 2021-4A, Class B, 5.89% (3 mo. USD LIBOR + 1.65%), <br> due 01/20/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238893 |
| &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; Z Capital Credit Partners CLO, Ltd., Series 2021-1A, Class D, 8.28% (3 mo. USD <br> LIBOR + 4.20%), due 07/15/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393609 |
|  |  | 72564842 |
|  |  | **Bank Loans — 13.2%** |
| 1963160 | &nbsp;&nbsp;&nbsp; 19th Holdings Golf, LLC, 2022 Term Loan B, 7.28% (1 mo. SOFR + 3.00%), due <br> 02/07/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1806107 |
| &nbsp;&nbsp; 611842 | &nbsp;&nbsp;&nbsp; 8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, 8.14% (1 mo. USD <br> LIBOR + 3.75%), due 10/01/25<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515018 |
| 1205640 | &nbsp;&nbsp;&nbsp; ACProducts, Inc., 2021 Term Loan B, 8.98% (3 mo. USD LIBOR + 4.25%), due <br> 05/17/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907244 |
| &nbsp;&nbsp; 122722 | &nbsp;&nbsp;&nbsp; Acrisure, LLC, 2020 Term Loan B, 7.88% (1 mo. USD LIBOR + 3.50%), due <br> 02/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115487 |
| &nbsp;&nbsp; 994975 | &nbsp;&nbsp;&nbsp; Acrisure, LLC, 2021 First Lien Term Loan B, 8.63% (1 mo. USD LIBOR + 4.25%), due <br> 02/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965748 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; Acrisure, LLC, 2022 Incremental Term Loan, 9.92% (3 mo. SOFR + 5.75%), due <br> 02/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805444 |
| &nbsp;&nbsp; 632817 | EUR<br> Adevinta ASA, EUR Term Loan B, 5.20% (3 mo. EURIBOR + 3.00%), due 06/26/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662710 |
| &nbsp;&nbsp; 639681 | &nbsp;&nbsp;&nbsp; Adtalem Global Education Inc., 2021 Term Loan B, 8.39% (1 mo. USD LIBOR + <br> 4.00%), due 08/12/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635912 |
| &nbsp;&nbsp; 575651 | Air Canada, 2021 Term Loan B, 8.13% (3 mo. USD LIBOR + 3.50%), due 08/11/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570374 |
| &nbsp;&nbsp; 779928 | &nbsp;&nbsp;&nbsp; Allen Media, LLC, 2021 Term Loan B, 10.23% (3 mo. USD LIBOR + 5.50%), due <br> 02/10/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644050 |
| 1563695 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 8.17% (1 mo. USD <br> LIBOR + 3.75%), due 05/12/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1487270 |
| 1210850 | &nbsp;&nbsp;&nbsp; AllSpring Buyer LLC, Term Loan B, 7.75% (3 mo. USD LIBOR + 3.00%), due <br> 11/01/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1194706 |
| &nbsp;&nbsp; 137313 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings, LLC, 2020 2nd Lien Term Loan, 13.90% (3 <br> mo. USD LIBOR + 8.75%), due 01/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126328 |
| &nbsp;&nbsp; 262687 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings, LLC, 2020 2nd Lien Term Loan, 13.90% (6 <br> mo. USD LIBOR + 8.75%), due 01/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241672 |
| &nbsp;&nbsp; 686717 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings, LLC, 2022 Term Loan, 8.53% (3 mo. SOFR <br> + 4.00%), due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670407 |
| &nbsp;&nbsp; 606783 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings, LLC, 2022 Term Loan, 8.76% (3 mo. SOFR <br> + 4.00%), due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592372 |
| &nbsp;&nbsp; 123635 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings, LLC, Term Loan B, 8.72% (3 mo. USD <br> LIBOR + 4.00%), due 01/29/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121085 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 368516 | &nbsp;&nbsp;&nbsp; Amentum Government Services Holdings, LLC, Term Loan B, 8.73% (3 mo. USD <br> LIBOR + 4.00%), due 01/29/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 360915 |
| 1710562 | &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2021 Term Loan, 8.99% (3 mo. USD LIBOR + 4.75%), due <br> 04/20/28<sup>(b)</sup> <br>| 1705217 |
| 1288561 | &nbsp;&nbsp;&nbsp; AMG Advanced Metallurgical Group NV, 2018 Term Loan B, 7.88% (1 mo. USD <br> LIBOR + 3.50%), due 11/30/28<sup>(b)</sup> <br>| 1243462 |
| 1264986 | &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 2021 Term Loan B, 6.63% (1 mo. USD LIBOR + 2.25%), due <br> 02/19/28<sup>(b)</sup> <br>| 1243165 |
| &nbsp;&nbsp; 400177 | &nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc., 2018 1st Lien Term Loan, 8.88% (1 mo. USD LIBOR + <br> 4.50%), due 02/28/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 380168 |
| &nbsp;&nbsp; 345510 | &nbsp;&nbsp;&nbsp; Anticimex International AB, 2021 USD Term Loan B1, 8.23% (3 mo. USD LIBOR + <br> 3.50%), due 11/16/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 335145 |
| &nbsp;&nbsp; 186675 | &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., 2021 Incremental Term Loan B1, 7.89% <br> (1 mo. USD LIBOR + 3.50%), due 03/11/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 174541 |
| &nbsp;&nbsp; 426226 | &nbsp;&nbsp;&nbsp; AppLovin Corp., 2021 Term Loan B, 7.73% (3 mo. USD LIBOR + 3.00%), due <br> 10/25/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 405981 |
| 1382463 | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co., Ltd., 2nd Lien PIK Term Loan, 8.73% (3 mo. USD <br> LIBOR + 4.00%, 12.50% PIK), due 12/31/27<sup>(b)(e)</sup> <br>| 1181729 |
| 1315960 | EUR<br> &nbsp;&nbsp;&nbsp; Aruba Investments, Inc., 2020 EUR Term Loan, 5.89% (1 mo. EURIBOR + 4.00%), due <br> 11/24/27<sup>(b)</sup> <br>| 1355302 |
| &nbsp;&nbsp; 939344 | &nbsp;&nbsp;&nbsp; Aruba Investments, Inc., 2020 USD Term Loan, 8.14% (1 mo. USD LIBOR + 4.00%), <br> due 11/24/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 915078 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Asurion LLC, 2021 Second Lien Term Loan B4, 9.63% (1 mo. USD LIBOR + 5.25%), <br> due 01/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 704250 |
| &nbsp;&nbsp; 496752 | &nbsp;&nbsp;&nbsp; Asurion LLC, 2021 Term Loan B9, 7.63% (1 mo. USD LIBOR + 3.25%), due <br> 07/31/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 435403 |
| &nbsp;&nbsp; 111494 | Asurion, LLC, 2022 Term Loan B10, 8.68% (3 mo. SOFR + 4.00%), due 08/19/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 100135 |
| &nbsp;&nbsp; 601618 | &nbsp;&nbsp;&nbsp; At Home Group Inc., Term Loan B, 8.98% (3 mo. USD LIBOR + 4.25%), due <br> 07/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 476030 |
| &nbsp;&nbsp; 102096 | Athenahealth, Inc., 2022 Term Loan B, 7.82% (1 mo. SOFR + 3.50%), due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 92439 |
| 1484264 | &nbsp;&nbsp;&nbsp; Autokiniton US Holdings, Inc., 2021 Term Loan B, 8.79% (1 mo. USD LIBOR + <br> 4.50%), due 04/06/28<sup>(b)</sup> <br>| 1439736 |
| 1118000 | EUR<br> &nbsp;&nbsp;&nbsp; Belron Luxembourg SARL, 2021 EUR Term Loan B, 4.23% (3 mo. EURIBOR + <br> 2.50%), due 04/13/28<sup>(b)</sup> <br>| 1162236 |
| &nbsp;&nbsp; 279318 | &nbsp;&nbsp;&nbsp; Brown Group Holding, LLC, 2022 Incremental Term Loan B2, 8.13% (1 mo. SOFR + <br> 3.75%), due 07/02/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 278844 |
| &nbsp;&nbsp; 718182 | &nbsp;&nbsp;&nbsp; Brown Group Holding, LLC, 2022 Incremental Term Loan B2, 7.84% (3 mo. SOFR + <br> 3.75%), due 07/02/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 716964 |
| &nbsp;&nbsp; 119856 | &nbsp;&nbsp;&nbsp; Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 7.13% (1 mo. USD <br> LIBOR + 2.75%), due 12/23/24<sup>(b)</sup> <br>| &nbsp;&nbsp; 119738 |
| 1398331 | &nbsp;&nbsp;&nbsp; Caesars Resort Collection, LLC, 2020 Term Loan B1, 7.88% (1 mo. USD LIBOR + <br> 3.50%), due 07/21/25<sup>(b)</sup> <br>| 1396365 |
| &nbsp;&nbsp; 441194 | &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition, LLC, 2020 Incremental Term Loan B, 7.38% (1 mo. USD <br> LIBOR + 3.00%), due 10/30/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 435183 |
| &nbsp;&nbsp; 702814 | &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition, LLC, Term Loan B, 7.38% (1 mo. USD LIBOR + 3.00%), <br> due 10/30/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 694468 |
| 1777523 | Cano Health LLC, 2022 Term Loan, 8.42% (1 mo. SOFR + 4.00%), due 11/23/27<sup>(b)</sup> <br>| 1428684 |
| &nbsp;&nbsp; 562113 | &nbsp;&nbsp;&nbsp; Cardinal Parent, Inc., 2020 Term Loan B, 9.23% (3 mo. USD LIBOR + 4.50%), due <br> 11/12/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 528386 |
| &nbsp;&nbsp; 862871 | EUR<br> Carnival Corp., EUR Term Loan B, 5.65% (1 mo. EURIBOR + 3.75%), due 06/30/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 886940 |
| &nbsp;&nbsp; 483657 | &nbsp;&nbsp;&nbsp; Carnival Corp., 2021 Incremental Term Loan B, 7.63% (1 mo. USD LIBOR + 3.25%), <br> due 10/18/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 453832 |
| &nbsp;&nbsp; 798272 | &nbsp;&nbsp;&nbsp; Carriage Purchaser, Inc., 2021 Term Loan B, 8.63% (1 mo. USD LIBOR + 4.25%), due <br> 09/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 743724 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1000000<br> &nbsp;&nbsp;&nbsp; CDK Global, Inc., 2022 USD Term Loan B, 9.08% (3 mo. SOFR + 4.50%), due <br> 07/06/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 993203 |
| &nbsp;&nbsp; 883080<br> &nbsp;&nbsp;&nbsp; Chamberlain Group, Inc., Term Loan B, 7.63% (1 mo. USD LIBOR + 3.25%), due <br> 11/03/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 835431 |
| 1469524<br> &nbsp;&nbsp;&nbsp; Citadel Securities, LP, 2021 Term Loan B, 6.82% (1 mo. SOFR + 2.50%), due <br> 02/02/28<sup>(b)</sup> <br>| 1444496 |
| 1001110<br> &nbsp;&nbsp;&nbsp; City Brewing Company, LLC, Closing Date Term Loan, 7.79% (1 mo. USD LIBOR + <br> 3.50%), due 04/05/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 450499 |
| 1000000<br> &nbsp;&nbsp;&nbsp; Clarios Global, LP, 2021 USD Term Loan B, 7.64% (1 mo. USD LIBOR + 3.25%), due <br> 04/30/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 983333 |
| &nbsp;&nbsp; 977288<br> &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., Term Loan B, 7.91% (3 mo. USD LIBOR + <br> 3.50%), due 08/21/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 889882 |
| &nbsp;&nbsp; 380000<br> &nbsp;&nbsp;&nbsp; Cloudera, Inc., 2021 Second Lien Term Loan, 10.38% (1 mo. USD LIBOR + 6.00%), <br> due 10/08/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 318725 |
| &nbsp;&nbsp; 833604<br> &nbsp;&nbsp;&nbsp; ClubCorp Holdings, Inc., 2017 Term Loan B, 7.48% (3 mo. USD LIBOR + 2.75%), due <br> 09/18/24<sup>(b)</sup> <br>| &nbsp;&nbsp; 754933 |
| &nbsp;&nbsp; 726350<br> &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term Loan B, 8.60% (1 mo. SOFR + 4.18%), due <br> 04/13/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 693909 |
| &nbsp;&nbsp; 841108<br> &nbsp;&nbsp;&nbsp; CMG Media Corp., 2021 Term Loan, 8.23% (3 mo. USD LIBOR + 3.50%), due <br> 12/17/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 789439 |
| &nbsp;&nbsp; 284280<br> CNT Holdings I Corp., 2020 Term Loan, 7.24% (3 mo. SOFR + 3.50%), due 11/08/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 275751 |
| 2110852<br> &nbsp;&nbsp;&nbsp; CommScope, Inc., 2019 Term Loan B, 7.63% (1 mo. USD LIBOR + 3.25%), due <br> 04/06/26<sup>(b)</sup> <br>| 1995414 |
| &nbsp;&nbsp; 465240<br> CoreLogic, Inc., Term Loan, 7.94% (1 mo. USD LIBOR + 3.50%), due 06/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 389444 |
| &nbsp;&nbsp; 594902<br> CTC Holdings, LP, Term Loan B, 8.36% (3 mo. SOFR + 5.00%), due 02/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 571105 |
| &nbsp;&nbsp; 711858<br> DCert Buyer, Inc., 2019 Term Loan B, 8.70% (6 mo. SOFR + 4.00%), due 10/16/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 688723 |
| &nbsp;&nbsp; 915200<br> &nbsp;&nbsp;&nbsp; DCert Buyer, Inc., 2021 2nd Lien Term Loan, 11.70% (6 mo. USD LIBOR + 7.00%), <br> due 02/19/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 836264 |
| &nbsp;&nbsp; 844603<br> &nbsp;&nbsp;&nbsp; Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, 8.07% (1 mo. SOFR + <br> 3.75%), due 04/09/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 790496 |
| &nbsp;&nbsp; 288100<br> &nbsp;&nbsp;&nbsp; Deerfield Dakota Holding, LLC, 2021 USD 2nd Lien Term Loan, 11.13% (1 mo. USD <br> LIBOR + 6.75%), due 04/07/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 276036 |
| &nbsp;&nbsp; 850000<br> Del Monte Foods, Inc., 2022 Term Loan, 8.67% (1 mo. SOFR + 4.25%), due 05/16/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 826625 |
| 1950706<br> &nbsp;&nbsp;&nbsp; DirecTV Financing, LLC, Term Loan, 9.38% (1 mo. USD LIBOR + 5.00%), due <br> 08/02/27<sup>(b)</sup> <br>| 1900567 |
| 1664045<br> &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The), Term Loan, 7.64% (1 mo. USD LIBOR + 3.25%), due <br> 02/06/26<sup>(b)</sup> <br>| 1650525 |
| &nbsp;&nbsp; 352338<br> &nbsp;&nbsp;&nbsp; Electron BidCo Inc., 2021 Term Loan, 7.38% (1 mo. USD LIBOR + 3.00%), due <br> 11/01/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 343529 |
| &nbsp;&nbsp; 263185<br> Embecta Corp., Term Loan B, 7.79% (6 mo. SOFR + 3.00%), due 03/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 251671 |
| &nbsp;&nbsp; 412066<br> &nbsp;&nbsp;&nbsp; Empire Today, LLC, 2021 Term Loan B, 9.29% (3 mo. USD LIBOR + 5.00%), due <br> 04/03/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 311110 |
| &nbsp;&nbsp; 942664<br> Endure Digital Inc., Term Loan, 7.72% (1 mo. USD LIBOR + 3.50%), due 02/10/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 850755 |
| &nbsp;&nbsp; 339435<br> &nbsp;&nbsp;&nbsp; EP Purchaser, LLC, 2021 Term Loan B, 8.23% (3 mo. USD LIBOR + 3.50%), due <br> 11/06/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 336465 |
| &nbsp;&nbsp; 178404<br> &nbsp;&nbsp;&nbsp; Equinox Holdings, Inc., 2020 Term Loan B2, 13.73% (3 mo. USD LIBOR + 9.00%), <br> due 03/08/24<sup>(b)</sup> <br>| &nbsp;&nbsp; 143616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71936<br> &nbsp;&nbsp;&nbsp; EyeCare Partners, LLC, 2020 Term Loan, 8.48% (3 mo. USD LIBOR + 3.75%), due <br> 02/18/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 61205 |
| &nbsp;&nbsp; 440000<br> &nbsp;&nbsp;&nbsp; EyeCare Partners, LLC, 2021 2nd Lien Term Loan, 11.48% (3 mo. USD LIBOR + <br> 6.75%), due 11/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 369600 |
| &nbsp;&nbsp; 476400<br> &nbsp;&nbsp;&nbsp; EyeCare Partners, LLC, 2021 Incremental Term Loan, 8.48% (3 mo. USD LIBOR + <br> 3.75%), due 11/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 405337 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1000000 | &nbsp;&nbsp;&nbsp; EyeCare Partners, LLC, 2022 Incremental Term Loan, 9.18% (3 mo. SOFR + 4.50%), <br> due 11/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 877500 |
| &nbsp;&nbsp; 821700 | &nbsp;&nbsp;&nbsp; Fanatics Commerce Intermediate Holdco, LLC, Term Loan B, 7.63% (1 mo. USD <br> LIBOR + 3.25%), due 11/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 808347 |
| &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; First Brands Group, LLC, 2021 2nd Lien Term Loan, 11.87% (3 mo. USD LIBOR + <br> 8.50%), due 03/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 171950 |
| &nbsp;&nbsp; 304575 | &nbsp;&nbsp;&nbsp; First Brands Group, LLC, 2021 Term Loan, 8.37% (3 mo. SOFR + 5.00%), due <br> 03/30/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 290108 |
| &nbsp;&nbsp; 482877 | &nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC, 2021 Term Loan B4, 6.82% (1 mo. USD LIBOR + <br> 2.50%), due 06/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 475835 |
| &nbsp;&nbsp; 939081 | &nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP, Term Loan B, 7.74% (3 mo. USD LIBOR + 3.50%), <br> due 12/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 893594 |
| &nbsp;&nbsp; 113573 | EUR<br> &nbsp;&nbsp;&nbsp; Froneri International, Ltd., 2020 EUR Term Loan B1, 2.76% (6 mo. EURIBOR + <br> 2.13%), due 01/29/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 113521 |
| 2153864 | &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 8.73% (3 mo. USD LIBOR + 4.00%), due <br> 10/01/27<sup>(b)</sup> <br>| 2043478 |
| 2323926 | &nbsp;&nbsp;&nbsp; Garda World Security Corp., 2021 Term Loan B, 8.93% (3 mo. USD LIBOR + 4.25%), <br> due 10/30/26<sup>(b)</sup> <br>| 2267281 |
| &nbsp;&nbsp; 728175 | &nbsp;&nbsp;&nbsp; Garda World Security Corp., 2022 Term Loan B, 8.53% (3 mo. SOFR + 4.25%), due <br> 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 703295 |
| &nbsp;&nbsp; 994885 | &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., Term Loan, 6.73% (3 mo. USD LIBOR + 2.00%), due <br> 12/30/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 990815 |
| &nbsp;&nbsp; 326282 | &nbsp;&nbsp;&nbsp; Global Medical Response, Inc., 2020 Term Loan B, 8.42% (1 mo. USD LIBOR + <br> 4.25%), due 10/02/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 231388 |
| &nbsp;&nbsp; 170194 | &nbsp;&nbsp;&nbsp; Global Tel\*Link Corp., 2018 1st Lien Term Loan, 8.34% (3 mo. USD LIBOR + 4.25%), <br> due 11/29/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 148281 |
| &nbsp;&nbsp; 796624 | &nbsp;&nbsp;&nbsp; Graham Packaging Co. Inc., 2021 Term Loan, 7.38% (1 mo. USD LIBOR + 3.00%), due <br> 08/04/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 784078 |
| 2010844 | &nbsp;&nbsp;&nbsp; Gray Television, Inc., 2021 Term Loan D, 7.12% (1 mo. USD LIBOR + 3.00%), due <br> 12/01/28<sup>(b)</sup> <br>| 1955906 |
| 1494950 | &nbsp;&nbsp;&nbsp; Great Outdoors Group, LLC, 2021 Term Loan B1, 8.13% (1 mo. USD LIBOR + <br> 3.75%), due 03/06/28<sup>(b)</sup> <br>| 1441382 |
| &nbsp;&nbsp; 528369 | &nbsp;&nbsp;&nbsp; Greystone Select Financial, LLC, Term Loan B, 9.23% (3 mo. USD LIBOR + 5.00%), <br> due 06/16/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 509876 |
| &nbsp;&nbsp; 558618 | Griffon Corp., Term Loan B, 7.01% (3 mo. SOFR + 2.50%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 550065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262 | Griffon Corp., Term Loan B, 9.00% (PRIME + 1.50%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2227 |
| 1354533 | &nbsp;&nbsp;&nbsp; Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 6.38% (1 mo. USD <br> LIBOR + 2.00%), due 11/15/27<sup>(b)</sup> <br>| 1310511 |
| &nbsp;&nbsp; 379050 | Hayward Industries, Inc., 7.67% (1 mo. SOFR + 3.25%), due 05/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 363414 |
| &nbsp;&nbsp; 955200 | &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., 2022 USD Term Loan, 8.93% (3 mo. SOFR + 4.50%), due <br> 03/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 823382 |
| &nbsp;&nbsp; 662875 | &nbsp;&nbsp;&nbsp; Hornblower Sub, LLC, 2020 Repriced Term Loan B, 8.92% (3 mo. USD LIBOR + <br> 4.75%), due 04/27/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 467327 |
| &nbsp;&nbsp; 993439 | &nbsp;&nbsp;&nbsp; Hudson River Trading, LLC, 2021 Term Loan, 7.44% (1 mo. SOFR + 3.00%), due <br> 03/20/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 941017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30743 | &nbsp;&nbsp;&nbsp; Hyland Software, Inc., 2018 1st Lien Term Loan, 7.88% (1 mo. USD LIBOR + 3.50%), <br> due 07/01/24<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 30367 |
| 1298027 | II-VI, Inc., 2022 Term Loan B, 7.13% (3 mo. USD LIBOR + 2.75%), due 07/02/29<sup>(b)</sup> <br>| 1289265 |
| &nbsp;&nbsp; 503965 | &nbsp;&nbsp;&nbsp; Illuminate Buyer, LLC, 2021 Term Loan, 7.88% (1 mo. USD LIBOR + 3.50%), due <br> 06/30/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 483911 |
| &nbsp;&nbsp; 837250 | &nbsp;&nbsp;&nbsp; Ingram Micro Inc., 2021 Term Loan B, 8.22% (3 mo. USD LIBOR + 3.50%), due <br> 06/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 827046 |
| &nbsp;&nbsp; 698951 | &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2020 Term Loan B, 7.13% (1 mo. USD LIBOR + 2.75%), due <br> 02/05/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 693709 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 2072247 | &nbsp;&nbsp;&nbsp; Jazz Financing Lux SARL, USD Term Loan, 7.88% (1 mo. USD LIBOR + 3.50%), due <br> 05/05/28<sup>(b)</sup> <br>| 2057424 |
| 1946266 | Jump Financial, LLC, Term Loan B, 9.04% (3 mo. SOFR + 4.50%), due 08/07/28<sup>(b)</sup> <br>| 1853818 |
| &nbsp;&nbsp; 752400 | &nbsp;&nbsp;&nbsp; Knight Health Holdings, LLC, Term Loan B, 9.64% (1 mo. USD LIBOR + 5.25%), due <br> 12/23/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 451440 |
| &nbsp;&nbsp; 839019 | &nbsp;&nbsp;&nbsp; Lakeshore Intermediate, LLC, Term Loan, 8.23% (3 mo. USD LIBOR + 3.50%), due <br> 09/29/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 821714 |
| &nbsp;&nbsp; 315355 | &nbsp;&nbsp;&nbsp; Les Schwab Tire Centers, Term Loan B, 6.58% (3 mo. USD LIBOR + 3.25%), due <br> 11/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 312990 |
| &nbsp;&nbsp; 302386 | &nbsp;&nbsp;&nbsp; Leslie's Poolmart, Inc., 2021 Term Loan B, 6.88% (1 mo. USD LIBOR + 2.50%), due <br> 03/09/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 296874 |
| &nbsp;&nbsp; 222750 | LIDS Holdings, Inc., Term Loan, 9.93% (1 mo. SOFR + 5.50%), due 12/14/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 209385 |
| &nbsp;&nbsp; 932250 | LIDS Holdings, Inc., Term Loan, 10.15% (3 mo. SOFR + 5.50%), due 12/14/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 876315 |
| &nbsp;&nbsp; 476000 | EUR<br> &nbsp;&nbsp;&nbsp; Lonza Group AG, EUR Term Loan B, 6.20% (3 mo. EURIBOR + 4.00%), due <br> 07/03/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 463242 |
| &nbsp;&nbsp; 693000 | &nbsp;&nbsp;&nbsp; LRS Holdings, LLC, Term Loan B, 8.63% (1 mo. USD LIBOR + 4.25%), due <br> 08/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 674809 |
| &nbsp;&nbsp; 246250 | Madison IAQ, LLC, Term Loan, 7.99% (3 mo. USD LIBOR + 3.25%), due 06/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 229423 |
| &nbsp;&nbsp; 742500 | &nbsp;&nbsp;&nbsp; Magenta Buyer, LLC, 2021 USD 1st Lien Term Loan, 9.17% (3 mo. USD LIBOR + <br> 4.75%), due 07/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 639478 |
| &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; Magenta Buyer, LLC, 2021 USD 2nd Lien Term Loan, 12.67% (3 mo. USD LIBOR + <br> 8.25%), due 07/27/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 734700 |
| 2476152 | &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV, LLC, Term Loan B, 8.81% (3 mo. USD LIBOR + 4.00%), due <br> 06/01/28<sup>(b)</sup> <br>| 2336096 |
| &nbsp;&nbsp; 994850 | &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Corp., 2021 Term Loan B, 8.50% (1 mo. SOFR + 4.00%), <br> due 05/04/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 951680 |
| &nbsp;&nbsp; 943651 | &nbsp;&nbsp;&nbsp; McGraw-Hill Global Education Holdings, LLC, 2021 Term Loan, 8.32% (6 mo. USD <br> LIBOR + 4.75%), due 07/28/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 890806 |
| &nbsp;&nbsp; 798401 | &nbsp;&nbsp;&nbsp; Medline Borrower, LP, USD Term Loan B, 7.63% (1 mo. USD LIBOR + 3.25%), due <br> 10/23/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 760028 |
| &nbsp;&nbsp; 136622 | &nbsp;&nbsp;&nbsp; MH Sub I, LLC, 2020 Incremental Term Loan, 8.13% (1 mo. USD LIBOR + 3.75%), <br> due 09/13/24<sup>(b)</sup> <br>| &nbsp;&nbsp; 132926 |
| &nbsp;&nbsp; 802636 | &nbsp;&nbsp;&nbsp; Michaels Cos, Inc., 2021 Term Loan B, 8.98% (3 mo. USD LIBOR + 4.25%), due <br> 04/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 696688 |
| &nbsp;&nbsp; 242040 | &nbsp;&nbsp;&nbsp; Mister Car Wash Holdings, Inc., 2019 Term Loan B, 7.42% (1 mo. USD LIBOR + <br> 3.00%), due 05/14/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 239231 |
| 2010960 | &nbsp;&nbsp;&nbsp; MKS Instruments, Inc., 2022 USD Term Loan B, 7.17% (1 mo. SOFR + 2.75%), due <br> 08/17/29<sup>(b)</sup> <br>| 1991389 |
| 2982512 | NCR Corp., 2019 Term Loan, 6.92% (3 mo. USD LIBOR + 2.50%), due 08/28/26<sup>(b)</sup> <br>| 2905465 |
| &nbsp;&nbsp; 997733 | &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 2021 USD Term Loan B, 8.50% (3 mo. USD LIBOR <br> + 3.75%), due 11/09/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 960457 |
| &nbsp;&nbsp; 916050 | One Call Corp., 2021 Term Loan, 9.88% (3 mo. USD LIBOR + 5.50%), due 04/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 762612 |
| 1182000 | EUR<br> Organon & Co., EUR Term Loan B, 4.98% (3 mo. EURIBOR + 3.00%), due 06/02/28<sup>(b)</sup> <br>| 1240044 |
| 1036017 | Organon & Co., USD Term Loan, 7.75% (3 mo. USD LIBOR + 3.00%), due 06/02/28<sup>(b)</sup> <br>| 1028247 |
| &nbsp;&nbsp; 465833 | &nbsp;&nbsp;&nbsp; Oscar AcquisitionCo, LLC, Term Loan B, 9.18% (3 mo. SOFR + 4.50%), due <br> 04/29/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 441626 |
| &nbsp;&nbsp; 415843 | Pacific Bells, LLC, Term Loan B, 9.34% (1 mo. USD LIBOR + 4.50%), due 11/10/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 392972 |
| 1024433 | &nbsp;&nbsp;&nbsp; Parexel International Corp., 2021 1st Lien Term Loan, 7.63% (1 mo. USD LIBOR + <br> 3.25%), due 11/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 988862 |
| &nbsp;&nbsp; 265787 | &nbsp;&nbsp;&nbsp; Particle Investments SARL, Term Loan, 9.97% (3 mo. USD LIBOR + 5.25%), due <br> 02/18/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 259806 |
| &nbsp;&nbsp; 843331 | EUR<br> &nbsp;&nbsp;&nbsp; Paysafe Holdings (US) Corp., EUR Term Loan B2, 4.90% (1 mo. EURIBOR + 3.00%), <br> due 06/28/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 831792 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 1078978<br> &nbsp;&nbsp;&nbsp; PECF USS Intermediate Holding III Corp., Term Loan B, 8.63% (1 mo. USD LIBOR + <br> 4.25%), due 12/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 903532 |
| &nbsp;&nbsp; 563069<br> &nbsp;&nbsp;&nbsp; Peraton Corp., 2nd Lien Term Loan B1, 12.09% (1 mo. USD LIBOR + 7.75%), due <br> 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 538610 |
| 1501968<br> Peraton Corp., Term Loan B, 8.14% (1 mo. USD LIBOR + 3.75%), due 02/01/28<sup>(b)</sup> <br>| 1470320 |
| 2023876<br> &nbsp;&nbsp;&nbsp; PetSmart, Inc., 2021 Term Loan B, 8.13% (1 mo. USD LIBOR + 3.75%), due <br> 02/11/28<sup>(b)</sup> <br>| 1989723 |
| &nbsp;&nbsp; 994924<br> Planview Parent, Inc., Term Loan, 8.73% (3 mo. USD LIBOR + 4.00%), due 12/17/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 928595 |
| &nbsp;&nbsp; 897750<br> Polyconcept Holding BV, Term Loan B, 9.82% (1 mo. SOFR + 5.50%), due 05/18/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 843885 |
| &nbsp;&nbsp; 162448<br> &nbsp;&nbsp;&nbsp; Prime Security Services Borrower, LLC, 2021 Term Loan, 6.50% (3 mo. USD LIBOR + <br> 2.75%), due 09/23/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 161165 |
| &nbsp;&nbsp; 744375<br> &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 1st Lien Term Loan, 7.98% (3 mo. USD LIBOR + 3.25%), due <br> 08/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 717275 |
| &nbsp;&nbsp; 605425<br> &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 2021 Term Loan B1, 7.38% (1 mo. USD LIBOR + 3.00%), due <br> 06/11/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 601515 |
| &nbsp;&nbsp; 949316<br> &nbsp;&nbsp;&nbsp; Rackspace Technology Global, Inc., 2021 Term Loan B, 7.38% (3 mo. USD LIBOR + <br> 2.75%), due 02/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 597673 |
| &nbsp;&nbsp; 410034<br> &nbsp;&nbsp;&nbsp; Radiate Holdco, LLC, 2021 Term Loan B, 7.63% (1 mo. USD LIBOR + 3.25%), due <br> 09/25/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 335459 |
| &nbsp;&nbsp; 360962<br> &nbsp;&nbsp;&nbsp; Radiology Partners, Inc., 2018 1st Lien Term Loan B, 8.64% (1 mo. USD LIBOR + <br> 4.25%), due 07/09/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 304111 |
| &nbsp;&nbsp; 740000<br> &nbsp;&nbsp;&nbsp; Redstone Holdco 2 LP, 2021 2nd Lien Term Loan, 12.11% (3 mo. USD LIBOR + <br> 7.75%), due 04/27/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 373330 |
| &nbsp;&nbsp; 780125<br> &nbsp;&nbsp;&nbsp; Redstone Holdco 2 LP, 2021 Term Loan, 9.11% (3 mo. USD LIBOR + 4.75%), due <br> 04/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 545697 |
| &nbsp;&nbsp; 287241<br> &nbsp;&nbsp;&nbsp; Resolute Investment Managers, Inc., 2020 Term Loan C, 8.98% (3 mo. USD LIBOR + <br> 4.25%), due 04/30/24<sup>(b)</sup> <br>| &nbsp;&nbsp; 234819 |
| &nbsp;&nbsp; 948232<br> &nbsp;&nbsp;&nbsp; RVR Dealership Holdings, LLC, Term Loan B, 8.07% (1 mo. SOFR + 3.75%), due <br> 02/08/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 872374 |
| &nbsp;&nbsp; 995000<br> &nbsp;&nbsp;&nbsp; Scientific Games International, Inc., 2022 USD Term Loan, 7.42% (1 mo. SOFR + <br> 3.00%), due 04/14/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 984221 |
| 1020750<br> &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., 2018 Term Loan B, 7.63% (1 mo. USD <br> LIBOR + 3.25%), due 12/31/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 994958 |
| 1237780<br> &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., 2022 Term Loan B4, 8.17% (1 mo. SOFR + 3.75%), due <br> 04/21/29<sup>(b)</sup> <br>| 1181306 |
| &nbsp;&nbsp; 687749<br> &nbsp;&nbsp;&nbsp; SkyMiles IP, Ltd., 2020 Skymiles Term Loan B, 7.99% (3 mo. USD LIBOR + 3.75%), <br> due 10/20/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 702185 |
| 2225717<br> Solis IV BV, USD Term Loan B1, 7.86% (3 mo. SOFR + 3.50%), due 02/26/29<sup>(b)</sup> <br>| 1970594 |
| 1126487<br> &nbsp;&nbsp;&nbsp; Southwestern Energy Co., 2021 Term Loan, 7.04% (3 mo. SOFR + 2.50%), due <br> 06/22/27<sup>(b)</sup> <br>| 1116631 |
| &nbsp;&nbsp; 600012<br> &nbsp;&nbsp;&nbsp; Spencer Spirit IH LLC, Term Loan B, 10.17% (1 mo. USD LIBOR + 6.00%), due <br> 06/19/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 591537 |
| 1167075<br> SPX Flow, Inc., 2022 Term Loan, 8.92% (1 mo.SOFR + 4.50%), due 04/05/29<sup>(b)</sup> <br>| 1089027 |
| &nbsp;&nbsp; 490777<br> &nbsp;&nbsp;&nbsp; Station Casinos LLC, 2020 Term Loan B, 6.64% (1 mo. USD LIBOR + 2.25%), due <br> 02/08/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 480348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84333<br> &nbsp;&nbsp;&nbsp; Surf Holdings, LLC, USD Term Loan, 8.23% (3 mo. USD LIBOR + 3.50%), due <br> 03/05/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81969 |
| &nbsp;&nbsp; 470800<br> &nbsp;&nbsp;&nbsp; Telenet Financing USD LLC, 2020 USD Term Loan AR, 6.32% (1 mo. USD LIBOR + <br> 2.00%), due 04/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 458946 |
| &nbsp;&nbsp; 308269<br> &nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc., Term Loan, 9.23% (3 mo. USD LIBOR + 4.50%), due <br> 08/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 291314 |
| &nbsp;&nbsp; 748601<br> &nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc., Term Loan, 8.23% (3 mo. USD LIBOR + 3.50%), due <br> 03/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 698632 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| &nbsp;&nbsp; 182979 | &nbsp;&nbsp;&nbsp; TruGreen Limited Partnership, 2020 2nd Lien Term Loan, 13.43% (3 mo. USD LIBOR <br> + 8.50%), due 11/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135404 |
| &nbsp;&nbsp; 945643 | Tutor Perini Corp., Term Loan B, 9.13% (3 mo. USD LIBOR + 4.75%), due 08/18/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893042 |
| &nbsp;&nbsp; 630298 | &nbsp;&nbsp;&nbsp; Twin River Worldwide Holdings, Inc., 2021 Term Loan B, 7.54% (3 mo. USD LIBOR + <br> 3.25%), due 10/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587227 |
| 1891836 | &nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 2019 Term Loan B, 9.44% (1 mo. USD LIBOR + 5.00%), due <br> 06/26/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1065340 |
| &nbsp;&nbsp; 787059 | &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 2021 1st Lien Term Loan B, 8.23% (3 mo. USD LIBOR + <br> 3.50%), due 04/04/25<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787551 |
| 2014472 | &nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 2021 Term Loan B, 8.23% (3 mo. USD LIBOR + 3.50%), due <br> 02/25/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2013213 |
| 1060026 | &nbsp;&nbsp;&nbsp; UFC Holdings, LLC, 2021 Term Loan B, 7.11% (3 mo. USD LIBOR + 2.75%), due <br> 04/29/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1048348 |
| &nbsp;&nbsp; 697774 | &nbsp;&nbsp;&nbsp; Ultimate Software Group, Inc. (The), 2021 Term Loan, 7.00% (3 mo. USD LIBOR + <br> 3.25%), due 05/04/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664630 |
| 1657834 | &nbsp;&nbsp;&nbsp; United Airlines, Inc., 2021 Term Loan B, 8.11% (3 mo. USD LIBOR + 3.75%), due <br> 04/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1640564 |
| 1425600 | UST Holdings, Ltd., Term Loan, 8.14% (1 mo. USD LIBOR + 3.75%), due 11/20/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1407780 |
| 1722141 | &nbsp;&nbsp;&nbsp; Verscend Holding Corp., 2021 Term Loan B, 8.38% (1 mo. USD LIBOR + 4.00%), due <br> 08/27/25<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1715683 |
| 1250550 | &nbsp;&nbsp;&nbsp; Vertex Aerospace Services Corp., 2021 First Lien Term Loan, 7.88% (1 mo. USD <br> LIBOR + 3.50%), due 12/06/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1241953 |
| 1343147 | &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 2021 Term Loan B, 6.89% (1 mo. USD LIBOR + 2.75%), due <br> 03/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1299831 |
| &nbsp;&nbsp; 420000 | VFH Parent LLC, 2022 Term Loan B, 7.42% (1 mo. SOFR + 3.00%), due 01/13/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410813 |
| &nbsp;&nbsp; 537600 | &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, 2020 USD Term Loan Q, 7.57% (1 mo. USD LIBOR + <br> 3.25%), due 01/31/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532980 |
| 1649297 | &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, USD Term Loan N, 6.82% (1 mo. USD LIBOR + 2.50%), <br> due 01/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1624043 |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; Virgin Pulse, Inc., 2021 2nd Lien Term Loan, 11.63% (1 mo. USD LIBOR + 7.25%), <br> due 04/06/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257400 |
| 1363938 | &nbsp;&nbsp;&nbsp; Virgin Pulse, Inc., 2021 Term Loan, 8.38% (1 mo. USD LIBOR + 4.00%), due <br> 04/06/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1160200 |
| 2351460 | &nbsp;&nbsp;&nbsp; VM Consolidated, Inc., 2021 Term Loan B, 7.63% (1 mo. USD LIBOR + 3.25%), due <br> 03/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2341173 |
| &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; VT Topco, Inc., 2021 2nd Lien Term Loan, 11.13% (1 mo. USD LIBOR + 6.75%), due <br> 07/31/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12405 | &nbsp;&nbsp;&nbsp; VT Topco, Inc., 2021 Delayed Draw Term Loan, 3.75% (1 mo. USD LIBOR + 3.75%), <br> due 08/01/25<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12073 |
| &nbsp;&nbsp; 354374 | &nbsp;&nbsp;&nbsp; VT Topco, Inc., 2021 Incremental Term Loan, 8.13% (1 mo. USD LIBOR + 3.75%), due <br> 08/01/25<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344905 |
| &nbsp;&nbsp; 109027 | &nbsp;&nbsp;&nbsp; Western Dental Services, Inc., 2021 Delayed Draw Term Loan, 9.23% (3 mo. USD <br> LIBOR + 4.50%), due 08/18/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100259 |
| 1069200 | &nbsp;&nbsp;&nbsp; Western Dental Services, Inc., 2021 Term Loan B, 9.23% (3 mo. USD LIBOR + 4.50%), <br> due 08/18/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983218 |
| &nbsp;&nbsp; 732600 | &nbsp;&nbsp;&nbsp; Worldwide Express Operations, LLC, 2021 1st Lien Term Loan, 8.73% (3 mo. USD <br> LIBOR + 4.00%), due 07/26/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672161 |
| 1737567 | &nbsp;&nbsp;&nbsp; WP CPP Holdings, LLC, 2018 Term Loan, 8.17% (3 mo. USD LIBOR + 3.75%), due <br> 04/30/25<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1522543 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; WP CPP Holdings, LLC, 2019 2nd Lien Incremental Term Loan, 12.17% (3 mo. USD <br> LIBOR + 7.75%), due 04/30/26<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320150 |
|  |  | 151954732 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Convertible Debt — 0.8%** | **Convertible Debt — 0.8%** |
| &nbsp;&nbsp; 225000 |  | Airbnb, Inc., 6.42%, due 03/15/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 185738 |
| &nbsp;&nbsp; 480000 |  | Apollo Commercial Real Estate Finance, Inc. REIT, 5.38%, due 10/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 471600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 |  | Array Technologies, Inc., 1.00%, due 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35753 |
| &nbsp;&nbsp; 220000 |  | Bill.com Holdings, Inc., due 12/01/25<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 226160 |
| &nbsp;&nbsp; 410000 |  | Block, Inc., 0.13%, due 03/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 392062 |
| &nbsp;&nbsp; 155000 |  | Booking Holdings, Inc., 0.75%, due 05/01/25<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 207220 |
| &nbsp;&nbsp; 400000 |  | Carnival Corp., 5.75%, due 12/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 359200 |
| &nbsp;&nbsp; 975000 |  | Cloudflare, Inc., 5.91%, due 08/15/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 799500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 |  | Datadog, Inc., 0.13%, due 06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65775 |
| 1240000 |  | DISH Network Corp., 3.38%, due 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 779960 |
| &nbsp;&nbsp; 990000 |  | DraftKings Holdings, Inc., 10.82%, due 03/15/28<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 622215 |
| &nbsp;&nbsp; 215000 |  | Enphase Energy, Inc., due 03/01/28<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 252496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 |  | EQT Corp., 1.75%, due 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp; 221065 |
| &nbsp;&nbsp; 185000 |  | Expedia Group, Inc., 4.44%, due 02/15/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 162047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 |  | Gannett Co., Inc., 6.00%, due 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57203 |
| &nbsp;&nbsp; 245000 |  | Ionis Pharmaceuticals, Inc., 2.36%, due 04/01/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 227391 |
| &nbsp;&nbsp; 140000 |  | Liberty Latin America, Ltd., 2.00%, due 07/15/24 | &nbsp;&nbsp;&nbsp;&nbsp; 124950 |
| &nbsp;&nbsp; 470000 |  | Liberty Media Corp.-Liberty Formula One, 2.25%, due 08/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 451435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 |  | Liberty TripAdvisor Holdings, Inc., 0.50%, due 06/30/51 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64980 |
| &nbsp;&nbsp; 245000 |  | Live Nation Entertainment, Inc., 2.00%, due 02/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 241692 |
| &nbsp;&nbsp; 260000 |  | MercadoLibre, Inc., 2.00%, due 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 528190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 |  | Pioneer Natural Resources Co., 0.25%, due 05/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 175275 |
| &nbsp;&nbsp; 160000 |  | Pure Storage, Inc., 0.13%, due 04/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 172640 |
| &nbsp;&nbsp; 110000 |  | Sarepta Therapeutics, Inc., 1.50%, due 11/15/24 | &nbsp;&nbsp;&nbsp;&nbsp; 205755 |
| &nbsp;&nbsp; 185000 |  | Southwest Airlines Co., 1.25%, due 05/01/25<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 222879 |
| &nbsp;&nbsp; 280000 |  | Splunk, Inc., 1.13%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 237664 |
| &nbsp;&nbsp; 245000 |  | Uber Technologies, Inc., 5.95%, due 12/15/25<sup>(f)(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 207578 |
| &nbsp;&nbsp; 210000 |  | Vishay Intertechnology, Inc., 2.25%, due 06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 203196 |
| &nbsp;&nbsp; 380000 |  | Ziff Davis, Inc., 1.75%, due 11/01/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 380760 |
| &nbsp;&nbsp; 320000 |  | Zscaler, Inc., 0.13%, due 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 337600 |
|  |  |  | 8619979 |
|  |  | **Corporate Debt — 33.9%** | **Corporate Debt — 33.9%** |
| &nbsp;&nbsp; 950000 |  | Abercrombie & Fitch Management Co., 8.75%, due 07/15/25<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 932532 |
| &nbsp;&nbsp; 800000 | EUR | Abertis Infraestructuras Finance BV, 3.25% (5 yr. EUR swap annual + 3.69%)<sup>(b)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 724905 |
| &nbsp;&nbsp; 290000 |  | ABN AMRO Bank NV, 4.75%, due 07/28/25 144A | &nbsp;&nbsp;&nbsp;&nbsp; 281580 |
| &nbsp;&nbsp; 315000 |  | Abu Dhabi Crude Oil Pipeline, LLC, 4.60%, due 11/02/47 144A | &nbsp;&nbsp;&nbsp;&nbsp; 290651 |
| &nbsp;&nbsp; 427350 |  | Accelerate360 Holdings LLC, 8.00%, due 03/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 458700 |
| &nbsp;&nbsp; 290000 |  | Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, due 05/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 232851 |
| &nbsp;&nbsp; 370000 |  | AdaptHealth LLC, 4.63%, due 08/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 310264 |
| &nbsp;&nbsp; 270000 |  | AdaptHealth LLC, 6.13%, due 08/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 248587 |
| &nbsp;&nbsp; 245000 | EUR | Adevinta ASA, 3.00%, due 11/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 232224 |
| 1040000 | EUR | Adient Global Holdings, Ltd., 3.50%, due 08/15/24<sup>(h)</sup> <br>| &nbsp;&nbsp; 1068020 |
| &nbsp;&nbsp; 355000 |  | Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 322596 |
| 2045000 |  | Advanced Drainage Systems, Inc., 6.38%, due 06/15/30 144A | &nbsp;&nbsp; 1989805 |
| &nbsp;&nbsp; 580000 |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | &nbsp;&nbsp;&nbsp;&nbsp; 454840 |
| 1900000 |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, due 07/15/25 | &nbsp;&nbsp; 1927027 |
| &nbsp;&nbsp; 250000 |  | AES Corp. (The), 2.45%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 199465 |
| &nbsp;&nbsp; 685000 |  | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 596666 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 400000 |  | AFC Gamma, Inc. REIT, 5.75%, due 05/01/27 144A | &nbsp;&nbsp; 311088 |
| &nbsp;&nbsp; 240000 |  | Air Canada, 3.88%, due 08/15/26 144A | &nbsp;&nbsp; 212984 |
| 1015000 |  | Akbank TAS, 6.80%, due 02/06/26 144A | &nbsp;&nbsp; 983521 |
| &nbsp;&nbsp; 570000 |  | Akumin Escrow, Inc., 7.50%, due 08/01/28 144A | &nbsp;&nbsp; 347971 |
| &nbsp;&nbsp; 190000 |  | Akumin, Inc., 7.00%, due 11/01/25 144A | &nbsp;&nbsp; 136315 |
| 4110000 |  | Alibaba Group Holding, Ltd., 3.15%, due 02/09/51 | 2568005 |
| &nbsp;&nbsp; 410000 |  | Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, due 02/15/28 144A | &nbsp;&nbsp; 156448 |
| &nbsp;&nbsp; 910000 |  | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, due 07/15/26 <br> 144A<br>| &nbsp;&nbsp; 834525 |
| &nbsp;&nbsp; 240000 |  | Allison Transmission, Inc., 4.75%, due 10/01/27 144A | &nbsp;&nbsp; 222974 |
| 1900000 |  | Altice France Holding SA, 10.50%, due 05/15/27 144A | 1452835 |
| &nbsp;&nbsp; 490000 |  | Altria Group, Inc., 5.95%, due 02/14/49 | &nbsp;&nbsp; 437989 |
| &nbsp;&nbsp; 260000 |  | AMC Entertainment Holdings, Inc., 7.50%, due 02/15/29 144A | &nbsp;&nbsp; 140063 |
| 6650000 | MXN | America Movil SAB de CV, 7.13%, due 12/09/24 | &nbsp;&nbsp; 318436 |
| &nbsp;&nbsp; 340230 |  | American Airlines Pass Through Trust, 4.95%, due 02/15/25 | &nbsp;&nbsp; 320297 |
| &nbsp;&nbsp; 640000 |  | American Airlines, Inc., 11.75%, due 07/15/25 144A | &nbsp;&nbsp; 687891 |
| &nbsp;&nbsp; 580000 |  | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.50%, due 04/20/26 144A | &nbsp;&nbsp; 558773 |
| 1020000 |  | American Airlines, Inc./AAdvantage Loyalty IP, Ltd., 5.75%, due 04/20/29 144A | &nbsp;&nbsp; 934076 |
| &nbsp;&nbsp; 431639 |  | American News Co. LLC, 8.50% (8.50% Cash or 10.00% PIK), due 09/01/26 144A | &nbsp;&nbsp; 481817 |
| 1890000 |  | American Tower Corp. REIT, 2.70%, due 04/15/31 | 1542984 |
| 1055000 |  | Ameriprise Financial, Inc., 4.50%, due 05/13/32<sup>(g)</sup> <br>| 1024886 |
| &nbsp;&nbsp; 445000 |  | Anglo American Capital Plc, 2.88%, due 03/17/31 144A | &nbsp;&nbsp; 364419 |
| &nbsp;&nbsp; 365000 |  | Anglo American Capital Plc, 3.88%, due 03/16/29 144A | &nbsp;&nbsp; 328428 |
| &nbsp;&nbsp; 295000 |  | Anglo American Capital Plc, 3.95%, due 09/10/50 144A | &nbsp;&nbsp; 216887 |
| &nbsp;&nbsp; 685000 |  | AngloGold Ashanti Holdings Plc, 3.75%, due 10/01/30 | &nbsp;&nbsp; 594705 |
| &nbsp;&nbsp; 380000 |  | Antares Holdings, LP, 3.95%, due 07/15/26 144A | &nbsp;&nbsp; 329121 |
| 1645000 |  | Aon Corp./Aon Global Holdings Plc, 5.00%, due 09/12/32 | 1631841 |
| &nbsp;&nbsp; 470000 |  | Apollo Commercial Real Estate Finance, Inc. REIT, 4.63%, due 06/15/29 144A | &nbsp;&nbsp; 376794 |
| &nbsp;&nbsp; 164820 | EUR | ARD Finance SA, 5.00% (5.00% CASH/5.75% PIK), due 06/30/27<sup>(h)</sup> <br>| &nbsp;&nbsp; 119027 |
| &nbsp;&nbsp; 750000 |  | ARD Finance SA, 6.50% (6.50% Cash or 7.25% PIK), due 06/30/27 144A | &nbsp;&nbsp; 522834 |
| 1540000 |  | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance Plc, <br> 4.00%, due 09/01/29<sup>(g)</sup> 144A<br>| 1223380 |
| &nbsp;&nbsp; 210000 |  | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance Plc, <br> 6.00%, due 06/15/27 144A<br>| &nbsp;&nbsp; 205840 |
| &nbsp;&nbsp; 650000 |  | Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 5.25%, due 04/30/25 144A | &nbsp;&nbsp; 619637 |
| &nbsp;&nbsp; 809875 |  | Ardonagh Midco 2 Plc, 11.50% (11.50% Cash or 12.75% PIK), due 01/15/27 144A | &nbsp;&nbsp; 773431 |
| 1370000 |  | Ares Capital Corp., 2.88%, due 06/15/28 | 1100733 |
| &nbsp;&nbsp; 900000 |  | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | &nbsp;&nbsp; 696914 |
| &nbsp;&nbsp; 365000 |  | At Home Group, Inc., 4.88%, due 07/15/28<sup>(g)</sup> 144A | &nbsp;&nbsp; 257798 |
| &nbsp;&nbsp; 557000 |  | AT&T, Inc., 3.50%, due 09/15/53 | &nbsp;&nbsp; 378445 |
| 1110000 |  | AT&T, Inc., 3.55%, due 09/15/55 | &nbsp;&nbsp; 745632 |
| &nbsp;&nbsp; 450000 |  | AT&T, Inc., 3.65%, due 09/15/59 | &nbsp;&nbsp; 303277 |
| &nbsp;&nbsp; 275000 |  | AT&T, Inc., 3.80%, due 12/01/57 | &nbsp;&nbsp; 191007 |
| 1350000 |  | AthenaHealth Group, Inc., 6.50%, due 02/15/30 144A | &nbsp;&nbsp; 997390 |
| &nbsp;&nbsp; 390000 |  | &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group, Ltd., 2.95% (5 yr. CMT + 1.29%), due <br> 07/22/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 352927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 |  | AutoNation, Inc., 4.75%, due 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 53668 |
| &nbsp;&nbsp; 640000 |  | Aviation Capital Group LLC, 5.50%, due 12/15/24 144A | &nbsp;&nbsp; 629162 |
| &nbsp;&nbsp; 735000 |  | Avient Corp., 7.13%, due 08/01/30 144A | &nbsp;&nbsp; 719478 |
| &nbsp;&nbsp; 780000 |  | Avnet, Inc., 5.50%, due 06/01/32 | &nbsp;&nbsp; 722462 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 650000 |  | Avolon Holdings Funding, Ltd., 4.25%, due 04/15/26 144A | &nbsp;&nbsp; 589991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 |  | Avolon Holdings Funding, Ltd., 5.13%, due 10/01/23 144A | &nbsp;&nbsp;&nbsp;&nbsp; 49454 |
| &nbsp;&nbsp; 400000 |  | B3 SA - Brasil Bolsa Balcao, 4.13%, due 09/20/31<sup>(g)</sup> 144A | &nbsp;&nbsp; 337557 |
| 2265000 |  | Bain Capital Specialty Finance, Inc., 2.55%, due 10/13/26 | 1869029 |
| &nbsp;&nbsp; 330000 |  | Ball Corp., 3.13%, due 09/15/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 265462 |
| &nbsp;&nbsp; 200000 | EUR | Banco Bilbao Vizcaya Argentaria SA, 5.88% (5 yr. EUR swap annual + 5.66%)<sup>(b)(h)(i)</sup> <br>| &nbsp;&nbsp; 205659 |
| 1090000 |  | Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)<sup>(b)(i)</sup> 144A | &nbsp;&nbsp; 999695 |
| &nbsp;&nbsp; 800000 |  | Banco Santander SA, 4.18% (1 yr. CMT + 2.00%), due 03/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 743186 |
| 1200000 |  | Banco Santander SA, 7.50% (5 yr. USD ICE swap + 4.99%)<sup>(b)(h)(i)</sup> <br>| 1175928 |
| &nbsp;&nbsp; 220000 |  | Bank of America Corp., 2.48% (5 yr. CMT + 1.20%), due 09/21/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 162153 |
| 1645000 |  | Bank of America Corp., 6.25% (3 mo. USD LIBOR + 3.71%)<sup>(b)(i)</sup> <br>| 1583906 |
| 1175000 |  | Barclays Plc, 4.38% (5 yr. CMT + 3.41%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 898875 |
| &nbsp;&nbsp; 574000 |  | Barclays Plc, 5.25%, due 08/17/45 | &nbsp;&nbsp; 515581 |
| &nbsp;&nbsp; 505000 |  | Barclays Plc, 5.30% (1 yr. CMT + 2.30%), due 08/09/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 501726 |
| 1515000 |  | Barclays Plc, 6.13% (5 yr. CMT + 5.87%)<sup>(b)(i)</sup> <br>| 1384331 |
| &nbsp;&nbsp; 535000 | GBP | Barclays Plc, 6.38% (5 yr. UK Government Bond + 6.02%)<sup>(b)(h)(i)</sup> <br>| &nbsp;&nbsp; 591656 |
| &nbsp;&nbsp; 350000 |  | Barclays Plc, 8.00% (5 yr. CMT + 5.67%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 340937 |
| &nbsp;&nbsp; 700000 |  | Bath & Body Works, Inc., 5.25%, due 02/01/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 651161 |
| &nbsp;&nbsp; 290000 |  | Bath & Body Works, Inc., 6.63%, due 10/01/30 144A | &nbsp;&nbsp; 272633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 |  | Bausch Health Americas, Inc., 9.25%, due 04/01/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 21047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 |  | Bausch Health Cos., Inc., 5.00%, due 01/30/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 38526 |
| &nbsp;&nbsp; 420000 |  | Bausch Health Cos., Inc., 5.50%, due 11/01/25 144A | &nbsp;&nbsp; 357662 |
| &nbsp;&nbsp; 340000 |  | Bausch Health Cos., Inc., 6.13%, due 02/01/27<sup>(g)</sup> 144A | &nbsp;&nbsp; 234899 |
| &nbsp;&nbsp; 150000 |  | Bausch Health Cos., Inc., 7.00%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 72739 |
| &nbsp;&nbsp; 850000 |  | Bed Bath & Beyond, Inc., 5.17%, due 08/01/44 | &nbsp;&nbsp;&nbsp;&nbsp; 86381 |
| 2062000 |  | Berry Petroleum Co. LLC, 7.00%, due 02/15/26 144A | 1897072 |
| 2010000 |  | BGC Partners, Inc., 4.38%, due 12/15/25 | 1885568 |
| &nbsp;&nbsp; 840000 |  | BlackRock TCP Capital Corp., 2.85%, due 02/09/26 | &nbsp;&nbsp; 745817 |
| 1425000 |  | Blackstone Holdings Finance Co. LLC, 5.90%, due 11/03/27 144A | 1438127 |
| 2105000 |  | Blackstone Private Credit Fund, 2.63%, due 12/15/26 | 1744992 |
| 2680000 |  | Blackstone Secured Lending Fund, 2.85%, due 09/30/28 | 2085233 |
| &nbsp;&nbsp; 740000 |  | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/25 144A | &nbsp;&nbsp; 735411 |
| &nbsp;&nbsp; 850000 |  | BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29<sup>(b)</sup> 144A | &nbsp;&nbsp; 694443 |
| 2815000 |  | BNP Paribas SA, 4.50% (5 yr. CMT + 2.94%)<sup>(b)(g)(i)</sup> 144A | 2163588 |
| 1930000 |  | BNP Paribas SA, 4.63% (5 yr. CMT + 3.20%)<sup>(b)(i)</sup> 144A | 1592228 |
| 1820000 |  | BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%), due 12/31/99<sup>(b)</sup> 144A | 1801800 |
| 2075000 |  | Boeing Co. (The), 5.71%, due 05/01/40 | 1987540 |
| &nbsp;&nbsp; 280000 |  | Boeing Co. (The), 5.93%, due 05/01/60 | &nbsp;&nbsp; 256570 |
| 1200000 |  | Boyne USA, Inc., 4.75%, due 05/15/29 144A | 1063583 |
| &nbsp;&nbsp; 440000 |  | Braskem Netherlands Finance BV, 4.50%, due 01/10/28 144A | &nbsp;&nbsp; 395562 |
| 2325000 |  | Brighthouse Financial, Inc., 3.85%, due 12/22/51 | 1476338 |
| &nbsp;&nbsp; 805000 |  | British Telecommunications Plc, 9.63%, due 12/15/30<sup>(j)</sup> <br>| &nbsp;&nbsp; 966333 |
| 1075000 |  | Broadcom, Inc., 4.15%, due 04/15/32 144A | &nbsp;&nbsp; 946641 |
| 2555000 |  | Broadstone Net Lease LLC REIT, 2.60%, due 09/15/31 | 1921024 |
| 1620000 |  | Brunswick Corp., 2.40%, due 08/18/31 | 1194721 |
| &nbsp;&nbsp; 420000 |  | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | &nbsp;&nbsp; 341243 |
| &nbsp;&nbsp; 300000 |  | Burford Capital Global Finance LLC, 6.88%, due 04/15/30 144A | &nbsp;&nbsp; 268348 |
| 1460000 |  | Caesars Entertainment, Inc., 4.63%, due 10/15/29<sup>(g)</sup> 144A | 1190769 |
| &nbsp;&nbsp; 685000 |  | Caesars Entertainment, Inc., 8.13%, due 07/01/27<sup>(g)</sup> 144A | &nbsp;&nbsp; 674458 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 125000 |  | Callon Petroleum Co., 6.38%, due 07/01/26<sup>(g)</sup> <br>| &nbsp;&nbsp; 116703 |
| &nbsp;&nbsp; 205000 |  | Callon Petroleum Co., 8.00%, due 08/01/28<sup>(g)</sup> 144A | &nbsp;&nbsp; 195689 |
| &nbsp;&nbsp; 650000 |  | Carnival Corp., 10.50%, due 06/01/30 144A | &nbsp;&nbsp; 529588 |
| 2090000 |  | Carnival Plc, 7.88%, due 06/01/27 | 2030884 |
| &nbsp;&nbsp; 250000 |  | Carriage Purchaser, Inc., 7.88%, due 10/15/29 144A | &nbsp;&nbsp; 177825 |
| &nbsp;&nbsp; 190000 |  | Carrols Restaurant Group, Inc., 5.88%, due 07/01/29<sup>(g)</sup> 144A | &nbsp;&nbsp; 133411 |
| &nbsp;&nbsp; 545000 | EUR | Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 476514 |
| &nbsp;&nbsp; 765000 | EUR | Catalent Pharma Solutions, Inc., 2.38%, due 03/01/28 144A | &nbsp;&nbsp; 668868 |
| &nbsp;&nbsp; 865000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | &nbsp;&nbsp; 695806 |
| 1500000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | 1196887 |
| &nbsp;&nbsp; 245000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A | &nbsp;&nbsp; 211852 |
| 1500000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 02/01/32 144A | 1219117 |
| &nbsp;&nbsp; 770000 |  | Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50 144A | &nbsp;&nbsp; 670408 |
| &nbsp;&nbsp; 910000 |  | Cemex SAB de CV, 5.13% (5 yr. CMT + 4.53%)<sup>(b)(i)</sup> 144A | &nbsp;&nbsp; 842009 |
| 1255000 |  | Cemex SAB de CV, 5.20%, due 09/17/30 144A | 1173001 |
| 1190000 |  | Central Parent, Inc./CDK Global, Inc., 7.25%, due 06/15/29 144A | 1165482 |
| &nbsp;&nbsp; 200000 |  | Century Communities, Inc., 3.88%, due 08/15/29 144A | &nbsp;&nbsp; 157510 |
| 1145000 |  | Chart Industries, Inc., 7.50%, due 01/01/30 144A | 1152488 |
| &nbsp;&nbsp; 530000 |  | Chart Industries, Inc., 9.50%, due 01/01/31 144A | &nbsp;&nbsp; 544212 |
| 1045000 |  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.70%, due 04/01/51<br>| &nbsp;&nbsp; 639187 |
| 1495000 |  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.90%, due 06/01/52<br>| &nbsp;&nbsp; 944141 |
| &nbsp;&nbsp; 300000 |  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.13%, due 07/01/49<br>| &nbsp;&nbsp; 228044 |
| &nbsp;&nbsp; 330000 |  | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.38%, due 04/01/38<br>| &nbsp;&nbsp; 275863 |
| &nbsp;&nbsp; 460000 |  | Cheniere Energy Partners, LP, 3.25%, due 01/31/32 | &nbsp;&nbsp; 366186 |
| &nbsp;&nbsp; 185000 |  | Chevron Corp., 3.08%, due 05/11/50 | &nbsp;&nbsp; 133686 |
| 1090000 |  | Chord Energy Corp., 6.38%, due 06/01/26 144A | 1063099 |
| &nbsp;&nbsp; 620000 |  | CHS/Community Health Systems, Inc., 6.13%, due 04/01/30 144A | &nbsp;&nbsp; 308173 |
| &nbsp;&nbsp; 880000 |  | CHS/Community Health Systems, Inc., 6.88%, due 04/15/29 144A | &nbsp;&nbsp; 453933 |
| &nbsp;&nbsp; 500000 |  | CHS/Community Health Systems, Inc., 8.00%, due 03/15/26 144A | &nbsp;&nbsp; 456250 |
| &nbsp;&nbsp; 530000 | EUR | Cirsa Finance International SARL, 4.50%, due 03/15/27 144A | &nbsp;&nbsp; 490222 |
| 1515000 |  | Citigroup, Inc., 2.98% (SOFR + 1.42%), due 11/05/30<sup>(b)</sup> <br>| 1277044 |
| 1585000 |  | Citigroup, Inc., 5.90% (3 mo. USD LIBOR + 4.23%)<sup>(b)(i)</sup> <br>| 1572447 |
| &nbsp;&nbsp; 170000 |  | Citigroup, Inc., 6.30% (3 mo. USD LIBOR + 3.42%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 160990 |
| 1600000 |  | Clarios Global, LP/Clarios US Finance Co., 8.50%, due 05/15/27<sup>(g)</sup> 144A | 1565690 |
| &nbsp;&nbsp; 495000 |  | Clarivate Science Holdings Corp., 4.88%, due 07/01/29<sup>(g)</sup> 144A | &nbsp;&nbsp; 421567 |
| &nbsp;&nbsp; 210000 |  | Clear Channel Outdoor Holdings, Inc., 7.50%, due 06/01/29<sup>(g)</sup> 144A | &nbsp;&nbsp; 154590 |
| &nbsp;&nbsp; 980000 |  | Clydesdale Acquisition Holdings, Inc., 8.75%, due 04/15/30 144A | &nbsp;&nbsp; 840690 |
| &nbsp;&nbsp; 960000 |  | Coca-Cola Icecek AS, 4.50%, due 01/20/29 144A | &nbsp;&nbsp; 838537 |
| 2205000 |  | Coherent Corp., 5.00%, due 12/15/29 144A | 1904525 |
| &nbsp;&nbsp; 530000 |  | Coinbase Global, Inc., 3.63%, due 10/01/31 144A | &nbsp;&nbsp; 255943 |
| 3280000 |  | Colgate Energy Partners III LLC, 5.88%, due 07/01/29 144A | 2821327 |
| &nbsp;&nbsp; 635000 |  | Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30 144A | &nbsp;&nbsp; 507917 |
| &nbsp;&nbsp; 380000 |  | Comcast Corp., 4.25%, due 10/15/30 | &nbsp;&nbsp; 364519 |
| &nbsp;&nbsp; 530000 |  | Commercial Metals Co., 3.88%, due 02/15/31 | &nbsp;&nbsp; 446378 |
| 1600000 | EUR | Commerzbank AG, 6.13% (5 yr. EUR swap annual + 6.36%)<sup>(b)(h)(i)</sup> <br>| 1592338 |
| &nbsp;&nbsp; 226000 |  | CommScope Technologies LLC, 6.00%, due 06/15/25 144A | &nbsp;&nbsp; 206126 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 620000 |  | CommScope, Inc., 4.75%, due 09/01/29 144A | &nbsp;&nbsp; 501006 |
| &nbsp;&nbsp; 360000 |  | CommScope, Inc., 6.00%, due 03/01/26 144A | &nbsp;&nbsp; 332982 |
| &nbsp;&nbsp; 980000 |  | CommScope, Inc., 7.13%, due 07/01/28 144A | &nbsp;&nbsp; 702164 |
| 1380000 |  | Continental Resources, Inc., 2.27%, due 11/15/26 144A | 1197504 |
| &nbsp;&nbsp; 660000 |  | Continental Resources, Inc., 5.75%, due 01/15/31 144A | &nbsp;&nbsp; 615665 |
| &nbsp;&nbsp; 400000 | EUR | Cooperatieve Rabobank UA, 4.63% (5 yr. EUR swap annual + 4.10%)<sup>(b)(h)(i)</sup> <br>| &nbsp;&nbsp; 395770 |
| 1030000 |  | CoreCivic, Inc., 8.25%, due 04/15/26<sup>(g)</sup> <br>| 1057697 |
| &nbsp;&nbsp; 450000 |  | Country Garden Holdings Co., Ltd., 8.00%, due 01/27/24<sup>(h)</sup> <br>| &nbsp;&nbsp; 348819 |
| &nbsp;&nbsp; 300000 | EUR | Credit Agricole SA, 4.00% (5 yr. EUR swap annual + 4.37%)<sup>(b)(h)(i)</sup> <br>| &nbsp;&nbsp; 283716 |
| 2238000 |  | Credit Agricole SA, 4.75% (5 yr. CMT + 3.24%)<sup>(b)(i)</sup> 144A | 1799167 |
| 1160000 |  | Credit Agricole SA, 7.88% (5 yr. USD swap + 4.90%)<sup>(b)(i)</sup> 144A | 1153105 |
| 1270000 |  | Credit Agricole SA, 8.13% (5 yr. USD swap + 6.19%)<sup>(b)(i)</sup> 144A | 1290574 |
| &nbsp;&nbsp; 770000 |  | Credit Suisse AG, 1.00%, due 05/05/23 | &nbsp;&nbsp; 752245 |
| &nbsp;&nbsp; 970000 |  | Credit Suisse AG, 4.75%, due 08/09/24 | &nbsp;&nbsp; 926776 |
| 2655000 |  | Credit Suisse Group AG, 6.54% (SOFR + 3.92%), due 08/12/33<sup>(b)</sup> 144A | 2336119 |
| &nbsp;&nbsp; 200000 |  | Credit Suisse Group AG, 7.50% (5 yr. USD swap + 4.60%)<sup>(b)(i)</sup> 144A | &nbsp;&nbsp; 160324 |
| &nbsp;&nbsp; 350000 |  | Credit Suisse Group AG, 9.02% (SOFR + 5.02%), due 11/15/33<sup>(b)</sup> 144A | &nbsp;&nbsp; 359327 |
| 1440000 |  | Credit Suisse Group AG, 9.75% (5 yr. CMT + 6.38%)<sup>(b)(i)</sup> 144A | 1257937 |
| 1995000 |  | Crescent Energy Finance LLC, 7.25%, due 05/01/26 144A | 1882512 |
| 1170000 |  | Crowdstrike Holdings, Inc., 3.00%, due 02/15/29<sup>(g)</sup> <br>| &nbsp;&nbsp; 988697 |
| &nbsp;&nbsp; 240000 |  | Crown Castle, Inc.REIT, 3.30%, due 07/01/30 | &nbsp;&nbsp; 210517 |
| &nbsp;&nbsp; 600000 |  | CSC Holdings LLC, 4.50%, due 11/15/31 144A | &nbsp;&nbsp; 417413 |
| &nbsp;&nbsp; 300000 |  | CSC Holdings LLC, 5.50%, due 04/15/27 144A | &nbsp;&nbsp; 252308 |
| &nbsp;&nbsp; 210000 |  | CSC Holdings LLC, 5.75%, due 01/15/30 144A | &nbsp;&nbsp; 118901 |
| &nbsp;&nbsp; 960000 |  | CSC Holdings LLC, 6.50%, due 02/01/29 144A | &nbsp;&nbsp; 786830 |
| 3080000 |  | CT Trust, 5.13%, due 02/03/32 144A | 2708975 |
| 1540000 |  | Darling Ingredients, Inc., 6.00%, due 06/15/30 144A | 1507429 |
| &nbsp;&nbsp; 520000 |  | DCP Midstream Operating, LP, 6.75%, due 09/15/37 144A | &nbsp;&nbsp; 527154 |
| &nbsp;&nbsp; 905000 |  | Dell International LLC/EMC Corp., 3.45%, due 12/15/51 144A | &nbsp;&nbsp; 557325 |
| &nbsp;&nbsp; 334000 |  | Dell International LLC/EMC Corp., 8.35%, due 07/15/46 | &nbsp;&nbsp; 382253 |
| &nbsp;&nbsp; 230000 |  | Delta Air Lines, Inc., 7.00%, due 05/01/25 144A | &nbsp;&nbsp; 235255 |
| &nbsp;&nbsp; 660000 |  | Deutsche Bank AG, 3.73% (SOFR + 2.76%), due 01/14/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 485241 |
| &nbsp;&nbsp; 830000 |  | Deutsche Bank AG, 3.74% (SOFR + 2.26%), due 01/07/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 591204 |
| 1200000 |  | Deutsche Bank AG, 4.79% (5 yr. USD swap + 4.36%)<sup>(b)(h)(i)</sup> <br>| 1013472 |
| &nbsp;&nbsp; 200000 |  | Deutsche Bank AG, 7.50% (5 yr. USD swap + 5.00%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 186984 |
| 1880000 |  | Diamondback Energy, Inc., 6.25%, due 03/15/33 | 1914004 |
| 1360000 |  | DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, due 08/15/27 144A | 1219322 |
| 1275000 |  | DISH DBS Corp., 5.13%, due 06/01/29 | &nbsp;&nbsp; 824906 |
| &nbsp;&nbsp; 580000 |  | DISH DBS Corp., 5.75%, due 12/01/28 144A | &nbsp;&nbsp; 464000 |
| 1190000 |  | DISH DBS Corp., 5.88%, due 11/15/24 | 1108240 |
| &nbsp;&nbsp; 245000 |  | Diversified Healthcare Trust REIT, 9.75%, due 06/15/25 | &nbsp;&nbsp; 235130 |
| 1985000 |  | DNB Bank ASA, 5.90%, due 10/09/26 144A | 1987117 |
| &nbsp;&nbsp; 540000 |  | DP World Plc, 5.63%, due 09/25/48 144A | &nbsp;&nbsp; 508423 |
| &nbsp;&nbsp; 255000 |  | Dun & Bradstreet Corp. (The), 5.00%, due 12/15/29 144A | &nbsp;&nbsp; 218551 |
| 1460000 |  | Ecopetrol SA, 4.63%, due 11/02/31 | 1118192 |
| &nbsp;&nbsp; 410000 |  | Endeavor Energy Resources, LP/EER Finance, Inc., 5.75%, due 01/30/28 144A | &nbsp;&nbsp; 393251 |
| 1690000 |  | Endeavour Mining PLC, 5.00%, due 10/14/26 144A | 1455597 |
| &nbsp;&nbsp; 755000 |  | Enel Finance America LLC, 2.88%, due 07/12/41 144A | &nbsp;&nbsp; 455703 |
| &nbsp;&nbsp; 980000 |  | Energean Israel Finance, Ltd., 5.88%, due 03/30/31<sup>(h)</sup> 144A | &nbsp;&nbsp; 859337 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1065000 | EUR | Energizer Gamma Acquisition BV, 3.50%, due 06/30/29 144A | &nbsp;&nbsp; 913354 |
| &nbsp;&nbsp; 180000 |  | Energy Transfer, LP, 5.35%, due 05/15/45 | &nbsp;&nbsp; 153420 |
| &nbsp;&nbsp; 210000 |  | Energy Transfer, LP, 6.25%, due 04/15/49 | &nbsp;&nbsp; 196284 |
| &nbsp;&nbsp; 230000 |  | Energy Transfer, LP, 6.25% (3 mo. USD LIBOR + 4.03%)<sup>(b)(g)(i)</sup> <br>| &nbsp;&nbsp; 195788 |
| &nbsp;&nbsp; 270000 |  | Energy Transfer, LP, 7.13% (5 yr. CMT + 5.31%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 226125 |
| &nbsp;&nbsp; 395000 |  | Enstar Group, Ltd., 3.10%, due 09/01/31 | &nbsp;&nbsp; 289395 |
| &nbsp;&nbsp; 205000 |  | Enstar Group, Ltd., 4.95%, due 06/01/29 | &nbsp;&nbsp; 188358 |
| 1020000 |  | Entegris Escrow Corp., 5.95%, due 06/15/30 144A | &nbsp;&nbsp; 941970 |
| &nbsp;&nbsp; 170000 |  | Enterprise Products Operating LLC, 3.20%, due 02/15/52 | &nbsp;&nbsp; 112144 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 5.38% (3 mo. USD LIBOR + 2.57%), due <br> 02/15/78<sup>(b)</sup> <br>| &nbsp;&nbsp; 381947 |
| &nbsp;&nbsp; 265000 |  | EPR Properties REIT, 3.75%, due 08/15/29 | &nbsp;&nbsp; 207966 |
| &nbsp;&nbsp; 150000 |  | EQM Midstream Partners, LP, 6.00%, due 07/01/25 144A | &nbsp;&nbsp; 145008 |
| &nbsp;&nbsp; 140000 |  | EQM Midstream Partners, LP, 6.50%, due 07/01/27 144A | &nbsp;&nbsp; 134050 |
| &nbsp;&nbsp; 800000 |  | EQM Midstream Partners, LP, 7.50%, due 06/01/30 144A | &nbsp;&nbsp; 771920 |
| &nbsp;&nbsp; 810000 |  | EQT Corp., 3.90%, due 10/01/27 | &nbsp;&nbsp; 749546 |
| &nbsp;&nbsp; 630000 |  | EQT Corp., 7.00%, due 02/01/30<sup>(j)</sup> <br>| &nbsp;&nbsp; 654444 |
| 1250000 |  | Equifax, Inc., 5.10%, due 12/15/27 | 1236091 |
| 1081000 |  | FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, due 08/15/26 144A | 1004487 |
| &nbsp;&nbsp; 360000 |  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, due 01/15/29 <br> 144A<br>| &nbsp;&nbsp; 305113 |
| &nbsp;&nbsp; 300000 |  | First Quantum Minerals, Ltd., 6.88%, due 03/01/26<sup>(g)</sup> 144A | &nbsp;&nbsp; 284552 |
| 2350000 |  | First Quantum Minerals, Ltd., 6.88%, due 10/15/27 144A | 2209666 |
| &nbsp;&nbsp; 420000 |  | FirstCash, Inc., 5.63%, due 01/01/30 144A | &nbsp;&nbsp; 374373 |
| &nbsp;&nbsp; 730000 |  | Five Point Operating Co., LP/Five Point Capital Corp., 7.88%, due 11/15/25 144A | &nbsp;&nbsp; 614807 |
| 2570000 |  | Foot Locker, Inc., 4.00%, due 10/01/29 144A | 2005883 |
| &nbsp;&nbsp; 410000 |  | Ford Motor Co., 3.25%, due 02/12/32 | &nbsp;&nbsp; 308206 |
| 2080000 |  | Ford Motor Co., 6.10%, due 08/19/32 | 1924588 |
| &nbsp;&nbsp; 390000 |  | Ford Motor Credit Co. LLC, 2.90%, due 02/16/28 | &nbsp;&nbsp; 322586 |
| 1020000 |  | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | &nbsp;&nbsp; 802595 |
| &nbsp;&nbsp; 480000 |  | Ford Motor Credit Co. LLC, 4.95%, due 05/28/27 | &nbsp;&nbsp; 448690 |
| &nbsp;&nbsp; 200000 |  | Ford Motor Credit Co. LLC, 7.35%, due 11/04/27 | &nbsp;&nbsp; 205440 |
| 1855000 |  | Freeport Indonesia PT, 5.32%, due 04/14/32 144A | 1710745 |
| &nbsp;&nbsp; 585000 |  | Freeport Indonesia PT, 6.20%, due 04/14/52 144A | &nbsp;&nbsp; 512175 |
| 1000000 |  | Freeport Minerals Corp., 7.13%, due 11/01/27 | 1066250 |
| &nbsp;&nbsp; 455000 |  | Freeport-McMoRan, Inc., 4.63%, due 08/01/30 | &nbsp;&nbsp; 424549 |
| &nbsp;&nbsp; 330000 |  | Freeport-McMoRan, Inc., 5.45%, due 03/15/43 | &nbsp;&nbsp; 298417 |
| 1030000 |  | Full House Resorts, Inc., 8.25%, due 02/15/28<sup>(g)</sup> 144A | &nbsp;&nbsp; 913157 |
| 1372472 |  | Galaxy Pipeline Assets Bidco, Ltd., 2.94%, due 09/30/40 144A | 1108351 |
| &nbsp;&nbsp; 250000 |  | Gannett Holdings LLC, 6.00%, due 11/01/26<sup>(g)</sup> 144A | &nbsp;&nbsp; 204069 |
| &nbsp;&nbsp; 360000 |  | General Motors Co., 6.60%, due 04/01/36 | &nbsp;&nbsp; 353864 |
| 1440000 |  | General Motors Financial Co., Inc., 5.00%, due 04/09/27 | 1397086 |
| &nbsp;&nbsp; 150000 |  | GEO Group, Inc. (The), 9.50%, due 12/31/28 144A | &nbsp;&nbsp; 144291 |
| &nbsp;&nbsp; 719000 |  | GEO Group, Inc. (The), 10.50%, due 06/30/28 | &nbsp;&nbsp; 730802 |
| &nbsp;&nbsp; 910000 |  | Georgia Power Co., 5.13%, due 05/15/52 | &nbsp;&nbsp; 858280 |
| &nbsp;&nbsp; 290000 |  | GFL Environmental, Inc., 4.75%, due 06/15/29 144A | &nbsp;&nbsp; 254192 |
| &nbsp;&nbsp; 390000 |  | GFL Environmental, Inc., 5.13%, due 12/15/26 144A | &nbsp;&nbsp; 373596 |
| 1457168 |  | &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co., Ltd., 6.50% (6.50% Cash or 7.25% PIK), due 09/15/24 <br> 144A<br>| 1241726 |
| &nbsp;&nbsp; 280000 |  | Global Atlantic Fin Co., 4.40%, due 10/15/29 144A | &nbsp;&nbsp; 234937 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1125000 |  | Gold Fields Orogen Holdings BVI, Ltd., 6.13%, due 05/15/29 144A | 1139549 |
| &nbsp;&nbsp; 965000 |  | Gray Escrow II, Inc., 5.38%, due 11/15/31 144A | &nbsp;&nbsp; 697150 |
| 1850000 |  | H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A | 1579058 |
| &nbsp;&nbsp; 285000 |  | Haemonetics Corp., 6.24%, due 03/01/26<sup>(f)</sup> <br>| &nbsp;&nbsp; 236921 |
| 1870000 |  | &nbsp;&nbsp;&nbsp; Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd., 5.75%, due <br> 01/20/26 144A<br>| 1695903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 |  | Healthpeak Properties, Inc. REIT, 3.50%, due 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 71373 |
| &nbsp;&nbsp; 255000 | GBP | Heathrow Funding, Ltd., (MTN), 5.23%, due 02/15/23<sup>(h)</sup> <br>| &nbsp;&nbsp; 306754 |
| &nbsp;&nbsp; 545000 | GBP | Heathrow Funding, Ltd., (MTN), 6.75%, due 12/03/26<sup>(h)</sup> <br>| &nbsp;&nbsp; 671065 |
| &nbsp;&nbsp; 780000 |  | Hertz Corp. (The), 5.00%, due 12/01/29 144A | &nbsp;&nbsp; 592722 |
| &nbsp;&nbsp; 125000 |  | Hess Midstream Operations, LP, 5.13%, due 06/15/28 144A | &nbsp;&nbsp; 115808 |
| 1260000 |  | &nbsp;&nbsp;&nbsp; Highlands Holdings Bond Issuer, Ltd./Highlands Holdings Bond Co-Issuer, Inc., 7.63% <br> (7.63% Cash or 8.38% PIK), due 10/15/25 144A<br>| 1178898 |
| &nbsp;&nbsp; 560000 |  | Hilcorp Energy I, LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | &nbsp;&nbsp; 484056 |
| &nbsp;&nbsp; 570000 |  | Howard Midstream Energy Partners LLC, 6.75%, due 01/15/27 144A | &nbsp;&nbsp; 547084 |
| &nbsp;&nbsp; 415000 |  | Howmet Aerospace, Inc., 5.90%, due 02/01/27 | &nbsp;&nbsp; 413344 |
| 1535000 |  | HSBC Holdings Plc, 4.60% (5 yr. CMT + 3.65%), due 12/31/99<sup>(b)</sup> <br>| 1198042 |
| &nbsp;&nbsp; 665000 |  | HSBC Holdings Plc, 6.00% (5 yr. USD ICE swap + 3.75%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 612006 |
| 1545000 |  | HSBC Holdings Plc, 6.50% (5 yr. USD ICE swap + 3.61%)<sup>(b)(i)</sup> <br>| 1425912 |
| 1865000 |  | HSBC Holdings Plc, 8.11% (SOFR + 4.25%), due 11/03/33<sup>(b)</sup> <br>| 1978933 |
| &nbsp;&nbsp; 190000 | EUR | HSE Finance SARL, 5.63%, due 10/15/26 144A | &nbsp;&nbsp; 109544 |
| &nbsp;&nbsp; 870000 |  | HTA Group, Ltd., 7.00%, due 12/18/25 144A | &nbsp;&nbsp; 809100 |
| &nbsp;&nbsp; 260000 |  | Hudbay Minerals, Inc., 4.50%, due 04/01/26<sup>(g)</sup> 144A | &nbsp;&nbsp; 236486 |
| &nbsp;&nbsp; 610000 |  | Hudbay Minerals, Inc., 6.13%, due 04/01/29 144A | &nbsp;&nbsp; 553383 |
| &nbsp;&nbsp; 280000 |  | iHeartCommunications, Inc., 4.75%, due 01/15/28 144A | &nbsp;&nbsp; 228458 |
| &nbsp;&nbsp; 320000 |  | iHeartCommunications, Inc., 5.25%, due 08/15/27 144A | &nbsp;&nbsp; 271572 |
| &nbsp;&nbsp; 145000 |  | iHeartCommunications, Inc., 6.38%, due 05/01/26 | &nbsp;&nbsp; 133629 |
| &nbsp;&nbsp; 740000 |  | IHS Netherlands Holdco BV, 8.00%, due 09/18/27<sup>(h)</sup> <br>| &nbsp;&nbsp; 655078 |
| 1590000 |  | IHS Netherlands Holdco BV, 8.00%, due 09/18/27 144A | 1407532 |
| &nbsp;&nbsp; 620000 |  | IIP Operating Partnership, LP REIT, 5.50%, due 05/25/26 | &nbsp;&nbsp; 549721 |
| &nbsp;&nbsp; 900000 |  | Iliad Holding SASU, 6.50%, due 10/15/26 144A | &nbsp;&nbsp; 836265 |
| &nbsp;&nbsp; 810000 |  | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A | &nbsp;&nbsp; 679470 |
| &nbsp;&nbsp; 265000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A | &nbsp;&nbsp; 234199 |
| &nbsp;&nbsp; 470000 |  | InterGen NV, 7.00%, due 06/30/23<sup>(g)</sup> 144A | &nbsp;&nbsp; 456915 |
| 1855000 |  | International Business Machines Corp., 4.40%, due 07/27/32 | 1775464 |
| &nbsp;&nbsp; 200000 |  | Intesa Sanpaolo SpA, 4.00%, due 09/23/29 144A | &nbsp;&nbsp; 171517 |
| 1450000 |  | Intesa Sanpaolo SpA, 4.95% (1 yr. CMT + 2.75%), due 06/01/42<sup>(b)</sup> 144A | &nbsp;&nbsp; 935074 |
| &nbsp;&nbsp; 350000 |  | Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A | &nbsp;&nbsp; 336733 |
| &nbsp;&nbsp; 570000 |  | Itau Unibanco Holding SA, 3.88% (5 yr. CMT + 3.45%), due 04/15/31<sup>(b)</sup> 144A | &nbsp;&nbsp; 519108 |
| 1059000 |  | Itau Unibanco Holding SA, 4.63% (5 yr. CMT + 3.22%)<sup>(b)(i)</sup> 144A | &nbsp;&nbsp; 845469 |
| 1195000 |  | Jackson Financial, Inc., 3.13%, due 11/23/31 | &nbsp;&nbsp; 918777 |
| &nbsp;&nbsp; 690000 |  | Jane Street Group/JSG Finance, Inc., 4.50%, due 11/15/29 144A | &nbsp;&nbsp; 594397 |
| &nbsp;&nbsp; 225000 |  | Jazz Securities DAC, 4.38%, due 01/15/29 144A | &nbsp;&nbsp; 200942 |
| 1045000 |  | &nbsp;&nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, due 04/01/33 <br> 144A<br>| &nbsp;&nbsp; 999313 |
| 1155000 |  | JPMorgan Chase & Co., 4.32% (SOFR + 1.56%), due 04/26/28<sup>(b)</sup> <br>| 1104792 |
| 2520000 |  | JPMorgan Chase & Co., 4.91% (SOFR + 2.08%), due 07/25/33<sup>(b)</sup> <br>| 2406869 |
| 1450000 |  | JPMorgan Chase & Co., 5.72% (SOFR + 2.58%), due 09/14/33<sup>(b)</sup> <br>| 1419615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63383 |  | K2016470219 South Africa, Ltd., 3.00% (3.00% Cash or PIK), due 12/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp; 460000 |  | KazMunayGas National Co. JSC, 4.75%, due 04/19/27 144A | &nbsp;&nbsp; 425730 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 590000 |  | KazTransGas JSC, 4.38%, due 09/26/27 144A | &nbsp;&nbsp; 534664 |
| 1470000 |  | Kenbourne Invest SA, 4.70%, due 01/22/28 144A | 1148437 |
| &nbsp;&nbsp; 735000 |  | KKR Group Finance Co. XII LLC, 4.85%, due 05/17/32 144A | &nbsp;&nbsp; 688335 |
| 1005000 |  | Kosmos Energy, Ltd., 7.13%, due 04/04/26 144A | &nbsp;&nbsp; 858350 |
| &nbsp;&nbsp; 290000 |  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. REIT, 4.25%, due <br> 02/01/27 144A<br>| &nbsp;&nbsp; 244116 |
| &nbsp;&nbsp; 650000 |  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. REIT, 4.75%, due <br> 06/15/29 144A<br>| &nbsp;&nbsp; 525739 |
| &nbsp;&nbsp; 660000 |  | Las Vegas Sands Corp., 3.20%, due 08/08/24 | &nbsp;&nbsp; 624221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 |  | Las Vegas Sands Corp., 3.50%, due 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18081 |
| 1180000 |  | Latam Airlines Group SA, 13.38%, due 10/15/27 144A | 1198390 |
| &nbsp;&nbsp; 425000 |  | Lazard Group LLC, 4.38%, due 03/11/29 | &nbsp;&nbsp; 393371 |
| &nbsp;&nbsp; 640000 |  | Legacy LifePoint Health LLC, 6.75%, due 04/15/25 144A | &nbsp;&nbsp; 603309 |
| &nbsp;&nbsp; 650000 |  | &nbsp;&nbsp;&nbsp; Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, due <br> 02/01/26 144A<br>| &nbsp;&nbsp; 579312 |
| &nbsp;&nbsp; 460000 |  | Leviathan Bond, Ltd., 6.50%, due 06/30/27<sup>(h)</sup> 144A | &nbsp;&nbsp; 447810 |
| &nbsp;&nbsp; 320000 |  | Liberty Interactive LLC, 8.50%, due 07/15/29 | &nbsp;&nbsp; 157600 |
| 1590000 |  | Liberty Mutual Group, Inc., 4.30%, due 02/01/61 144A | &nbsp;&nbsp; 972062 |
| &nbsp;&nbsp; 815000 |  | Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A | &nbsp;&nbsp; 763449 |
| &nbsp;&nbsp; 960000 |  | Liquid Telecommunications Financing Plc, 5.50%, due 09/04/26 144A | &nbsp;&nbsp; 699302 |
| &nbsp;&nbsp; 650000 |  | Lloyds Banking Group Plc, 7.50% (5 yr. USD swap + 4.76%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 631475 |
| 1490000 |  | Lloyds Banking Group Plc, 7.95% (1 yr. CMT + 3.75%), due 11/15/33<sup>(b)</sup> <br>| 1581616 |
| 1235000 | EUR | Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A | 1184600 |
| &nbsp;&nbsp; 855000 |  | Match Group Financeco 2, Inc., 0.88%, due 06/15/26 144A | &nbsp;&nbsp; 761484 |
| &nbsp;&nbsp; 610000 |  | McClatchy Co. LLC (The), 11.00%, due 07/15/27 144A | &nbsp;&nbsp; 684725 |
| 2550000 |  | Mclaren Finance Plc, 7.50%, due 08/01/26 144A | 1925250 |
| &nbsp;&nbsp; 130000 |  | MDC Holdings, Inc., 6.00%, due 01/15/43 | &nbsp;&nbsp; 106084 |
| 2390000 |  | Medline Borrower, LP, 3.88%, due 04/01/29 144A | 1930511 |
| 1000000 |  | MEG Energy Corp., 5.88%, due 02/01/29 144A | &nbsp;&nbsp; 944300 |
| &nbsp;&nbsp; 210000 |  | MEG Energy Corp., 7.13%, due 02/01/27<sup>(g)</sup> 144A | &nbsp;&nbsp; 214489 |
| 1320000 |  | MEGlobal Canada ULC, 5.88%, due 05/18/30 144A | 1331550 |
| &nbsp;&nbsp; 200000 |  | Melco Resorts Finance, Ltd., 4.88%, due 06/06/25<sup>(g)</sup> 144A | &nbsp;&nbsp; 184012 |
| &nbsp;&nbsp; 320000 |  | Melco Resorts Finance, Ltd., 5.38%, due 12/04/29 144A | &nbsp;&nbsp; 257309 |
| &nbsp;&nbsp; 600000 |  | MercadoLibre, Inc., 3.13%, due 01/14/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 464640 |
| 3050000 |  | Merck & Co., Inc., 2.90%, due 12/10/61 | 1953833 |
| &nbsp;&nbsp; 145000 |  | MetLife, Inc., 4.60%, due 05/13/46 | &nbsp;&nbsp; 131029 |
| &nbsp;&nbsp; 820000 |  | Michaels Cos, Inc. (The), 5.25%, due 05/01/28 144A | &nbsp;&nbsp; 660703 |
| &nbsp;&nbsp; 510000 |  | Michaels Cos, Inc. (The), 7.88%, due 05/01/29 144A | &nbsp;&nbsp; 341674 |
| &nbsp;&nbsp; 560000 |  | Micron Technology, Inc., 3.37%, due 11/01/41 | &nbsp;&nbsp; 376090 |
| 1410000 |  | Micron Technology, Inc., 6.75%, due 11/01/29 | 1435427 |
| &nbsp;&nbsp; 710000 |  | Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A | &nbsp;&nbsp; 611640 |
| &nbsp;&nbsp; 747000 |  | Millicom International Cellular SA, 4.50%, due 04/27/31<sup>(g)</sup> 144A | &nbsp;&nbsp; 629641 |
| &nbsp;&nbsp; 324000 |  | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | &nbsp;&nbsp; 310326 |
| &nbsp;&nbsp; 170000 |  | Minerals Technologies, Inc., 5.00%, due 07/01/28 144A | &nbsp;&nbsp; 151703 |
| &nbsp;&nbsp; 890000 |  | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 02/01/30 144A | &nbsp;&nbsp; 709731 |
| 1350000 |  | Mohegan Tribal Gaming Authority, 13.25%, due 12/15/27 144A | 1409062 |
| 1105000 |  | Moody's Corp., 2.75%, due 08/19/41 | &nbsp;&nbsp; 773899 |
| 1330000 |  | Morgan Stanley, 4.89% (SOFR + 2.08%), due 07/20/33<sup>(b)</sup> <br>| 1253463 |
| &nbsp;&nbsp; 500000 |  | MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.50%, due 03/15/31 | &nbsp;&nbsp; 343787 |
| &nbsp;&nbsp; 160000 | GBP | MPT Operating Partnership, LP/MPT Finance Corp. REIT, 3.69%, due 06/05/28 | &nbsp;&nbsp; 141289 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 500000 |  | MSCI, Inc., 3.88%, due 02/15/31 144A | &nbsp;&nbsp; 416600 |
| &nbsp;&nbsp; 295000 |  | Mylan, Inc., 5.40%, due 11/29/43 | &nbsp;&nbsp; 234624 |
| &nbsp;&nbsp; 985000 |  | Nationwide Building Society, 4.85%, due 07/27/27 144A | &nbsp;&nbsp; 961542 |
| &nbsp;&nbsp; 245000 |  | NatWest Group Plc, 4.27% (3 mo. USD LIBOR + 1.76%), due 03/22/25<sup>(b)</sup> <br>| &nbsp;&nbsp; 239697 |
| 1120000 | GBP | NatWest Group Plc, 4.50% (5 yr. UK Government Bond + 3.99%)<sup>(b)(i)</sup> <br>| 1037259 |
| &nbsp;&nbsp; 450000 |  | NatWest Group Plc, 5.52% (1 yr. CMT + 2.27%), due 09/30/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 445221 |
| &nbsp;&nbsp; 170000 |  | Navient Corp., (MTN), 5.63%, due 08/01/33 | &nbsp;&nbsp; 121412 |
| &nbsp;&nbsp; 235000 |  | NBM US Holdings, Inc., 7.00%, due 05/14/26 144A | &nbsp;&nbsp; 233740 |
| &nbsp;&nbsp; 210000 |  | NCL Corp., Ltd., 3.63%, due 12/15/24 144A | &nbsp;&nbsp; 179747 |
| &nbsp;&nbsp; 450000 |  | NCL Corp., Ltd., 5.88%, due 03/15/26 144A | &nbsp;&nbsp; 354240 |
| 1240000 |  | NCL Corp., Ltd., 5.88%, due 02/15/27 144A | 1075644 |
| &nbsp;&nbsp; 170000 |  | NCR Corp., 5.00%, due 10/01/28 144A | &nbsp;&nbsp; 145208 |
| 2110000 |  | NCR Corp., 5.13%, due 04/15/29 144A | 1768408 |
| &nbsp;&nbsp; 115000 |  | NCR Corp., 5.25%, due 10/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 95063 |
| &nbsp;&nbsp; 855000 |  | Neptune Bidco US, Inc., 9.29%, due 04/15/29 144A | &nbsp;&nbsp; 807509 |
| &nbsp;&nbsp; 990000 |  | Neptune Energy Bondco Plc, 6.63%, due 05/15/25 144A | &nbsp;&nbsp; 963030 |
| 1195000 |  | Newell Brands, Inc., 6.63%, due 09/15/29<sup>(g)</sup> <br>| 1182703 |
| 1850000 |  | Nexstar Media, Inc., 4.75%, due 11/01/28 144A | 1603043 |
| 1950000 |  | Nexstar Media, Inc., 5.63%, due 07/15/27 144A | 1792806 |
| 1020000 |  | NMI Holdings, Inc., 7.38%, due 06/01/25 144A | 1031954 |
| &nbsp;&nbsp; 700000 |  | Northern Oil and Gas, Inc., 8.13%, due 03/01/28 144A | &nbsp;&nbsp; 673011 |
| &nbsp;&nbsp; 400000 |  | Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 880000 |  | NortonLifeLock, Inc., 7.13%, due 09/30/30<sup>(g)</sup> 144A | &nbsp;&nbsp; 865788 |
| &nbsp;&nbsp; 160000 | EUR | Novelis Sheet Ingot GmbH, 3.38%, due 04/15/29 144A | &nbsp;&nbsp; 146365 |
| &nbsp;&nbsp; 395000 |  | NTT Finance Corp., 4.37%, due 07/27/27 144A | &nbsp;&nbsp; 386461 |
| 1065000 |  | NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, due 01/15/33 | 1009024 |
| &nbsp;&nbsp; 630000 |  | Occidental Petroleum Corp., 6.45%, due 09/15/36 | &nbsp;&nbsp; 644021 |
| 1680000 |  | Occidental Petroleum Corp., 7.20%, due 03/15/29 | 1750753 |
| 1610000 |  | OCP SA, 5.13%, due 06/23/51 144A | 1228245 |
| 1490000 |  | Olympus Water US Holding Corp., 4.25%, due 10/01/28 144A | 1211599 |
| &nbsp;&nbsp; 225000 |  | Olympus Water US Holding Corp., 6.25%, due 10/01/29<sup>(g)</sup> 144A | &nbsp;&nbsp; 171114 |
| 1130000 |  | Option Care Health, Inc., 4.38%, due 10/31/29 144A | &nbsp;&nbsp; 989863 |
| &nbsp;&nbsp; 565000 |  | Oracle Corp., 3.95%, due 03/25/51 | &nbsp;&nbsp; 405004 |
| 1240000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A | 1075868 |
| &nbsp;&nbsp; 950000 |  | Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A | &nbsp;&nbsp; 787482 |
| &nbsp;&nbsp; 390000 |  | Oversea-Chinese Banking Corp., Ltd., (MTN), 4.25%, due 06/19/24<sup>(h)</sup> <br>| &nbsp;&nbsp; 385243 |
| &nbsp;&nbsp; 450000 |  | Pactiv LLC, 7.95%, due 12/15/25 | &nbsp;&nbsp; 435333 |
| &nbsp;&nbsp; 650000 |  | Pactiv LLC, 8.38%, due 04/15/27 | &nbsp;&nbsp; 635707 |
| 1315000 |  | Papa John's International, Inc., 3.88%, due 09/15/29<sup>(g)</sup> 144A | 1099702 |
| &nbsp;&nbsp; 580000 | EUR | Paprec Holding SA, 3.50%, due 07/01/28 144A | &nbsp;&nbsp; 538135 |
| 1250000 |  | Park-Ohio Industries, Inc., 6.63%, due 04/15/27<sup>(g)</sup> <br>| &nbsp;&nbsp; 851150 |
| &nbsp;&nbsp; 260000 |  | &nbsp;&nbsp;&nbsp; Pattern Energy Operations, LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 <br> 144A<br>| &nbsp;&nbsp; 233585 |
| &nbsp;&nbsp; 525000 |  | Paysafe Finance Plc/Paysafe Holdings US Corp., 4.00%, due 06/15/29<sup>(g)</sup> 144A | &nbsp;&nbsp; 406245 |
| &nbsp;&nbsp; 910000 |  | Penn Virginia Escrow LLC, 9.25%, due 08/15/26 144A | &nbsp;&nbsp; 907134 |
| 1260000 |  | PerkinElmer, Inc., 2.25%, due 09/15/31 | &nbsp;&nbsp; 990433 |
| 1150000 |  | Petrobras Global Finance BV, 6.85%, due 06/05/15<sup>(l)</sup> <br>| &nbsp;&nbsp; 976384 |
| 2440000 |  | Petroleos Mexicanos, 6.70%, due 02/16/32 | 1920773 |
| 7056900 | MXN | Petroleos Mexicanos, 7.19%, due 09/12/24<sup>(h)</sup> <br>| &nbsp;&nbsp; 335875 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 935000 |  | Phillips 66, 3.30%, due 03/15/52 | &nbsp;&nbsp; 649573 |
| &nbsp;&nbsp; 260000 |  | Pinduoduo, Inc., 2.55%, due 12/01/25<sup>(f)</sup> <br>| &nbsp;&nbsp; 241800 |
| &nbsp;&nbsp; 700000 |  | Plains All American Pipeline, LP, 8.72% (3 mo. USD LIBOR + 4.11%)<sup>(b)(i)</sup> <br>| &nbsp;&nbsp; 609000 |
| &nbsp;&nbsp; 280000 |  | Playtika Holding Corp., 4.25%, due 03/15/29 144A | &nbsp;&nbsp; 220150 |
| &nbsp;&nbsp; 105000 | EUR | PLT VII Finance SARL, 4.63%, due 01/05/26 144A | &nbsp;&nbsp; 105846 |
| 1070000 |  | PM General Purchaser LLC, 9.50%, due 10/01/28 144A | &nbsp;&nbsp; 817347 |
| &nbsp;&nbsp; 225000 |  | Post Holdings, Inc., 2.50%, due 08/15/27 144A | &nbsp;&nbsp; 237420 |
| &nbsp;&nbsp; 600000 |  | Precision Drilling Corp., 6.88%, due 01/15/29 144A | &nbsp;&nbsp; 559384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 |  | Precision Drilling Corp., 7.13%, due 01/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 14536 |
| &nbsp;&nbsp; 110000 |  | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 01/15/28 144A | &nbsp;&nbsp; 100344 |
| &nbsp;&nbsp; 280000 |  | Prosperous Ray, Ltd., 4.63%, due 11/12/23<sup>(h)</sup> <br>| &nbsp;&nbsp; 279152 |
| 1150000 |  | Prosus NV, 3.06%, due 07/13/31 144A | &nbsp;&nbsp; 889399 |
| 1815000 |  | Prosus NV, 4.03%, due 08/03/50 144A | 1138617 |
| 2385000 |  | Prosus NV, 4.19%, due 01/19/32 144A | 1980412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 |  | Prudential Financial, Inc., 5.63% (3 mo. USD LIBOR + 3.92%), due 06/15/43<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 44274 |
| &nbsp;&nbsp; 400000 |  | QVC, Inc., 5.45%, due 08/15/34 | &nbsp;&nbsp; 209720 |
| &nbsp;&nbsp; 520000 |  | Rackspace Technology Global, Inc., 3.50%, due 02/15/28 144A | &nbsp;&nbsp; 302832 |
| &nbsp;&nbsp; 575000 |  | Radian Group, Inc., 6.63%, due 03/15/25 | &nbsp;&nbsp; 568175 |
| &nbsp;&nbsp; 710000 |  | Radiology Partners, Inc., 9.25%, due 02/01/28 144A | &nbsp;&nbsp; 399683 |
| 1210000 |  | Range Resources Corp., 4.75%, due 02/15/30<sup>(g)</sup> 144A | 1067888 |
| &nbsp;&nbsp; 870000 |  | Range Resources Corp., 8.25%, due 01/15/29 | &nbsp;&nbsp; 897657 |
| &nbsp;&nbsp; 700000 |  | Rent-A-Center, Inc, 6.38%, due 02/15/29 144A | &nbsp;&nbsp; 567174 |
| &nbsp;&nbsp; 450000 |  | Rockies Express Pipeline LLC, 7.50%, due 07/15/38 144A | &nbsp;&nbsp; 419425 |
| &nbsp;&nbsp; 210000 |  | Roller Bearing Co. of America, Inc., 4.38%, due 10/15/29 144A | &nbsp;&nbsp; 181850 |
| &nbsp;&nbsp; 200000 |  | Royal Caribbean Cruises, Ltd., 11.50%, due 06/01/25 144A | &nbsp;&nbsp; 214940 |
| 1635000 |  | Royal Caribbean Cruises, Ltd., 11.63%, due 08/15/27 144A | 1644745 |
| &nbsp;&nbsp; 560000 |  | Sabre GLBL, Inc., 11.25%, due 12/15/27 144A | &nbsp;&nbsp; 576996 |
| &nbsp;&nbsp; 590000 | GBP | Saga Plc, 5.50%, due 07/15/26<sup>(h)</sup> <br>| &nbsp;&nbsp; 532283 |
| &nbsp;&nbsp; 870000 |  | Sally Holdings LLC/Sally Capital, Inc., 5.63%, due 12/01/25 | &nbsp;&nbsp; 839437 |
| &nbsp;&nbsp; 230000 |  | Sands China, Ltd., 2.80%, due 03/08/27<sup>(j)</sup> <br>| &nbsp;&nbsp; 197292 |
| &nbsp;&nbsp; 200000 |  | Sands China, Ltd., 3.35%, due 03/08/29<sup>(j)</sup> <br>| &nbsp;&nbsp; 163662 |
| &nbsp;&nbsp; 200000 |  | Sands China, Ltd., 5.63%, due 08/08/25<sup>(j)</sup> <br>| &nbsp;&nbsp; 191478 |
| &nbsp;&nbsp; 240000 |  | Sands China, Ltd., 5.90%, due 08/08/28<sup>(j)</sup> <br>| &nbsp;&nbsp; 225039 |
| &nbsp;&nbsp; 215000 |  | Santander UK Group Holdings Plc, 5.63%, due 09/15/45<sup>(c)</sup> <br>| &nbsp;&nbsp; 165255 |
| &nbsp;&nbsp; 420000 |  | Sasol Financing USA LLC, 5.50%, due 03/18/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 342521 |
| &nbsp;&nbsp; 815000 |  | Saudi Arabian Oil Co., 3.25%, due 11/24/50 144A | &nbsp;&nbsp; 576273 |
| 1225000 |  | Scientific Games International, Inc., 7.00%, due 05/15/28 144A | 1170739 |
| 1050000 |  | Scientific Games International, Inc., 8.63%, due 07/01/25 144A | 1073018 |
| &nbsp;&nbsp; 310000 | EUR | SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, due 11/01/26 144A | &nbsp;&nbsp; 285935 |
| &nbsp;&nbsp; 750000 |  | SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/01/26 144A | &nbsp;&nbsp; 636562 |
| &nbsp;&nbsp; 340000 |  | Seagate HDD Cayman, 4.09%, due 06/01/29 | &nbsp;&nbsp; 282366 |
| &nbsp;&nbsp; 321000 |  | Seagate HDD Cayman, 4.88%, due 06/01/27 | &nbsp;&nbsp; 299793 |
| &nbsp;&nbsp; 545000 |  | Sempra Energy, 3.70%, due 04/01/29 | &nbsp;&nbsp; 497889 |
| &nbsp;&nbsp; 905000 |  | SEPLAT Energy Plc, 7.75%, due 04/01/26 144A | &nbsp;&nbsp; 728543 |
| &nbsp;&nbsp; 120000 |  | Service Properties Trust REIT, 4.35%, due 10/01/24 | &nbsp;&nbsp; 109278 |
| &nbsp;&nbsp; 230000 |  | Service Properties Trust REIT, 5.50%, due 12/15/27 | &nbsp;&nbsp; 198355 |
| &nbsp;&nbsp; 670000 |  | Service Properties Trust REIT, 7.50%, due 09/15/25 | &nbsp;&nbsp; 639298 |
| 1120000 |  | &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons <br> Feed, 4.63%, due 03/01/29 144A<br>| &nbsp;&nbsp; 913094 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1140000 |  | Sinclair Television Group, Inc., 4.13%, due 12/01/30 144A | &nbsp;&nbsp; 856176 |
| 1115000 |  | Societe Generale SA, 2.89% (1 yr. CMT + 1.30%), due 06/09/32<sup>(b)</sup> 144A | &nbsp;&nbsp; 860367 |
| 1095000 |  | Societe Generale SA, 3.63%, due 03/01/41<sup>(c)</sup> <br>| &nbsp;&nbsp; 714119 |
| &nbsp;&nbsp; 805000 |  | Societe Generale SA, 4.03% (1 yr. CMT + 1.90%), due 01/21/43<sup>(b)</sup> 144A | &nbsp;&nbsp; 547358 |
| 1565000 |  | Societe Generale SA, 7.38% (5 yr. USD swap + 4.30%)<sup>(b)(g)(i)</sup> 144A | 1501345 |
| 1165000 |  | Societe Generale SA, 9.38%<sup>(i)</sup> 144A | 1198451 |
| &nbsp;&nbsp; 920000 |  | Southwestern Energy Co., 4.75%, due 02/01/32 | &nbsp;&nbsp; 787994 |
| 2600000 |  | Southwestern Energy Co., 7.75%, due 10/01/27<sup>(g)</sup> <br>| 2653952 |
| &nbsp;&nbsp; 870000 |  | Southwestern Energy Co., 8.38%, due 09/15/28 | &nbsp;&nbsp; 898454 |
| &nbsp;&nbsp; 556000 |  | Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, due 09/20/25 144A | &nbsp;&nbsp; 558763 |
| &nbsp;&nbsp; 180000 |  | Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, due 09/20/25 144A | &nbsp;&nbsp; 181162 |
| 1170000 |  | SRM Escrow Issuer LLC, 6.00%, due 11/01/28 144A | 1049244 |
| 2135000 |  | Standard Chartered Plc, 4.30% (5 yr. CMT + 3.14%)<sup>(b)(g)(i)</sup> 144A | 1643833 |
| 1500000 |  | Starwood Property Trust, Inc. REIT, 3.63%, due 07/15/26 144A | 1314367 |
| 1550000 |  | Starwood Property Trust, Inc. REIT, 4.38%, due 01/15/27 144A | 1358568 |
| 1965000 |  | Stellantis Finance US, Inc., 5.63%, due 01/12/28 144A | 1949132 |
| 1300000 |  | StoneMor, Inc., 8.50%, due 05/15/29 144A | 1041690 |
| 1359000 |  | StoneX Group, Inc., 8.63%, due 06/15/25 144A | 1374968 |
| 1305000 |  | Strathcona Resources, Ltd., 6.88%, due 08/01/26 144A | &nbsp;&nbsp; 954014 |
| &nbsp;&nbsp; 240000 |  | &nbsp;&nbsp;&nbsp; Suburban Propane Partners, LP/Suburban Energy Finance Corp., 5.00%, due 06/01/31 <br> 144A<br>| &nbsp;&nbsp; 204302 |
| &nbsp;&nbsp; 100000 |  | Summit Materials LLC/Summit Materials Finance Corp., 5.25%, due 01/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 93280 |
| &nbsp;&nbsp; 400000 |  | &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, due <br> 10/15/26 144A<br>| &nbsp;&nbsp; 381536 |
| 1083000 |  | Sunnova Energy Corp., 5.88%, due 09/01/26<sup>(g)</sup> 144A | &nbsp;&nbsp; 968895 |
| &nbsp;&nbsp; 940000 |  | Suzano Austria GmbH, 3.13%, due 01/15/32 | &nbsp;&nbsp; 734186 |
| 1190000 |  | Suzano Austria GmbH, 7.00%, due 03/16/47<sup>(h)</sup> <br>| 1189911 |
| &nbsp;&nbsp; 360000 |  | Swire Pacific MTN Financing, Ltd., (MTN), 4.50%, due 10/09/23<sup>(h)</sup> <br>| &nbsp;&nbsp; 358387 |
| 1185000 |  | Synchrony Financial, 4.88%, due 06/13/25 | 1155707 |
| &nbsp;&nbsp; 330000 |  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 <br> 144A<br>| &nbsp;&nbsp; 285790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 |  | Targa Resources Corp., 5.20%, due 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 44179 |
| &nbsp;&nbsp; 810000 |  | &nbsp;&nbsp;&nbsp; Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 4.88%, due <br> 02/01/31<br>| &nbsp;&nbsp; 732483 |
| 1190000 |  | &nbsp;&nbsp;&nbsp; Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 6.50%, due <br> 07/15/27<br>| 1199484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 |  | Teck Resources, Ltd., 6.00%, due 08/15/40 | &nbsp;&nbsp;&nbsp;&nbsp; 57508 |
| &nbsp;&nbsp; 200000 |  | Telefonica Emisiones SA, 5.21%, due 03/08/47 | &nbsp;&nbsp; 161432 |
| 1690000 |  | Teva Pharmaceutical Finance Co. LLC, 6.15%, due 02/01/36 | 1490236 |
| &nbsp;&nbsp; 635000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 6.00%, due 01/31/25 | &nbsp;&nbsp; 669502 |
| &nbsp;&nbsp; 620000 |  | Teva Pharmaceutical Finance Netherlands III BV, 4.75%, due 05/09/27 | &nbsp;&nbsp; 561193 |
| &nbsp;&nbsp; 690000 | GBP | Time Warner Cable LLC, 5.25%, due 07/15/42 | &nbsp;&nbsp; 669665 |
| &nbsp;&nbsp; 300000 |  | Time Warner Cable LLC, 6.75%, due 06/15/39 | &nbsp;&nbsp; 285248 |
| &nbsp;&nbsp; 900000 |  | Titan International, Inc., 7.00%, due 04/30/28 | &nbsp;&nbsp; 850875 |
| &nbsp;&nbsp; 270000 |  | TKC Holdings, Inc., 6.88%, due 05/15/28 144A | &nbsp;&nbsp; 211315 |
| 2210000 |  | T-Mobile USA, Inc., 3.50%, due 04/15/31 | 1913251 |
| &nbsp;&nbsp; 415000 |  | T-Mobile USA, Inc., 4.38%, due 04/15/40 | &nbsp;&nbsp; 355867 |
| &nbsp;&nbsp; 440000 |  | TopBuild Corp., 3.63%, due 03/15/29 144A | &nbsp;&nbsp; 361330 |
| 1100000 |  | TransAlta Corp., 6.50%, due 03/15/40 | 1015370 |
| &nbsp;&nbsp; 380000 |  | TransAlta Corp., 7.75%, due 11/15/29 | &nbsp;&nbsp; 388598 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 340000 | TransDigm, Inc., 6.25%, due 03/15/26 144A | &nbsp;&nbsp; 336053 |
| 1000000 | TransDigm, Inc., 7.50%, due 03/15/27 | &nbsp;&nbsp; 990987 |
| &nbsp;&nbsp; 420000 | TransDigm, Inc., 8.00%, due 12/15/25 144A | &nbsp;&nbsp; 427136 |
| &nbsp;&nbsp; 340000 | Transportadora de Gas del Sur SA, 6.75%, due 05/02/25 144A | &nbsp;&nbsp; 315583 |
| &nbsp;&nbsp; 220000 | Triumph Group, Inc., 6.25%, due 09/15/24 144A | &nbsp;&nbsp; 208897 |
| &nbsp;&nbsp; 880000 | Triumph Group, Inc., 7.75%, due 08/15/25<sup>(g)</sup> <br>| &nbsp;&nbsp; 749910 |
| &nbsp;&nbsp; 135000 | Triumph Group, Inc., 8.88%, due 06/01/24 144A | &nbsp;&nbsp; 137572 |
| &nbsp;&nbsp; 490000 | Turk Telekomunikasyon AS, 6.88%, due 02/28/25 144A | &nbsp;&nbsp; 463584 |
| &nbsp;&nbsp; 690000 | Tutor Perini Corp., 6.88%, due 05/01/25<sup>(g)</sup> 144A | &nbsp;&nbsp; 604838 |
| &nbsp;&nbsp; 640000 | UBS Group AG, 4.75% (1 yr. CMT + 1.75%), due 05/12/28<sup>(b)</sup> 144A | &nbsp;&nbsp; 613454 |
| 1110000 | UBS Group AG, 4.99% (1 yr. CMT + 2.40%), due 08/05/33<sup>(b)</sup> 144A | 1030699 |
| 1120000 | UBS Group AG, 7.00% (5 yr. USD swap + 4.34%)<sup>(b)(i)</sup> 144A | 1104682 |
| &nbsp;&nbsp; 990000 | UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35<sup>(b)</sup> 144A | &nbsp;&nbsp; 806265 |
| &nbsp;&nbsp; 555000 | UniCredit SpA, 7.30% (5 yr. USD ICE swap + 4.91%), due 04/02/34<sup>(b)</sup> 144A | &nbsp;&nbsp; 509685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60960 | United Airlines Pass Through Trust, 4.88%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 58065 |
| &nbsp;&nbsp; 100000 | United Airlines, Inc., 4.38%, due 04/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp; 92863 |
| &nbsp;&nbsp; 430000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | &nbsp;&nbsp; 375154 |
| &nbsp;&nbsp; 550000 | United Rentals North America, Inc., 3.88%, due 02/15/31 | &nbsp;&nbsp; 462300 |
| &nbsp;&nbsp; 680000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | &nbsp;&nbsp; 640121 |
| 2330000 | United Rentals North America, Inc., 5.50%, due 05/15/27 | 2303974 |
| 1850000 | UnitedHealth Group, Inc., 5.88%, due 02/15/53 | 2009734 |
| &nbsp;&nbsp; 490000 | US Renal Care, Inc., 10.63%, due 07/15/27 144A | &nbsp;&nbsp; 107800 |
| &nbsp;&nbsp; 290000 | Utah Acquisition Sub, Inc., 5.25%, due 06/15/46 | &nbsp;&nbsp; 220360 |
| &nbsp;&nbsp; 540000 | Vale Overseas, Ltd., 6.88%, due 11/10/39 | &nbsp;&nbsp; 570280 |
| &nbsp;&nbsp; 500000 | Venture Global Calcasieu Pass LLC, 3.88%, due 11/01/33 144A | &nbsp;&nbsp; 409372 |
| &nbsp;&nbsp; 450000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | &nbsp;&nbsp; 384187 |
| &nbsp;&nbsp; 420000 | Vericast Corp., 11.00%, due 09/15/26 144A | &nbsp;&nbsp; 449400 |
| &nbsp;&nbsp; 490000 | Verizon Communications, Inc., 2.85%, due 09/03/41 | &nbsp;&nbsp; 339086 |
| 2565000 | Vertiv Group Corp., 4.13%, due 11/15/28 144A | 2183277 |
| &nbsp;&nbsp; 220000 | Viavi Solutions, Inc., 3.75%, due 10/01/29 144A | &nbsp;&nbsp; 185262 |
| &nbsp;&nbsp; 300000 | Viking Ocean Cruises Ship VII, Ltd., 5.63%, due 02/15/29 144A | &nbsp;&nbsp; 241890 |
| &nbsp;&nbsp; 970000 | Viper Energy Partners, LP, 5.38%, due 11/01/27 144A | &nbsp;&nbsp; 922694 |
| &nbsp;&nbsp; 300000 | Virgin Media Secured Finance Plc, 5.50%, due 05/15/29 144A | &nbsp;&nbsp; 269420 |
| &nbsp;&nbsp; 190000 | VistaJet Malta Finance Plc/XO Management Holding, Inc., 6.38%, due 02/01/30<sup>(g)</sup> 144A | &nbsp;&nbsp; 152594 |
| &nbsp;&nbsp; 450000 | Vmed O2 UK Financing I Plc, 4.75%, due 07/15/31 144A | &nbsp;&nbsp; 366437 |
| &nbsp;&nbsp; 660000 | VOC Escrow, Ltd., 5.00%, due 02/15/28 144A | &nbsp;&nbsp; 568709 |
| &nbsp;&nbsp; 730000 | VTR Comunicaciones SpA, 5.13%, due 01/15/28 144A | &nbsp;&nbsp; 454521 |
| &nbsp;&nbsp; 680000 | Warnermedia Holdings, Inc., 3.76%, due 03/15/27 144A | &nbsp;&nbsp; 613328 |
| &nbsp;&nbsp; 315000 | Waste Connections, Inc., 2.95%, due 01/15/52 | &nbsp;&nbsp; 207978 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; WEA Finance LLC/Westfield UK & Europe Finance Plc REIT, 4.75%, due 09/17/44 <br> 144A<br>| &nbsp;&nbsp; 243261 |
| 1955000 | Wells Fargo & Co., (MTN), 3.91% (SOFR + 1.32%), due 04/25/26<sup>(b)</sup> <br>| 1901805 |
| &nbsp;&nbsp; 437000 | Wendy's International LLC, 7.00%, due 12/15/25 | &nbsp;&nbsp; 451331 |
| &nbsp;&nbsp; 620000 | Western Midstream Operating, LP, 3.35%, due 02/01/25<sup>(j)</sup> <br>| &nbsp;&nbsp; 587667 |
| &nbsp;&nbsp; 470000 | Western Midstream Operating, LP, 5.30%, due 03/01/48 | &nbsp;&nbsp; 387281 |
| 1035000 | Western Midstream Operating, LP, 5.45%, due 04/01/44 | &nbsp;&nbsp; 861632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Williams Cos., Inc. (The), 8.75%, due 03/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 70880 |
| &nbsp;&nbsp; 360000 | WW International, Inc., 4.50%, due 04/15/29 144A | &nbsp;&nbsp; 180320 |
| &nbsp;&nbsp; 220000 | Wynn Macau, Ltd., 4.88%, due 10/01/24<sup>(g)</sup> 144A | &nbsp;&nbsp; 208058 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 620000 | Wynn Macau, Ltd., 5.13%, due 12/15/29<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502649 |
| &nbsp;&nbsp; 200000 | Wynn Macau, Ltd., 5.50%, due 01/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183784 |
| &nbsp;&nbsp; 370000 | Wynn Macau, Ltd., 5.63%, due 08/26/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316829 |
| &nbsp;&nbsp; 500000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, due 04/15/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498018 |
| 1500000 | XPO CNW, Inc., 6.70%, due 05/01/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1334947 |
| &nbsp;&nbsp; 190000 | XPO Escrow Sub LLC, 7.50%, due 11/15/27<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192512 |
| &nbsp;&nbsp; 180000 | Yamana Gold, Inc., 4.63%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168841 |
| &nbsp;&nbsp; 460000 | YPF SA, 6.95%, due 07/21/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326600 |
| &nbsp;&nbsp; 860000 | YPF SA, 8.50%, due 07/28/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722596 |
| &nbsp;&nbsp; 414050 | YPF SA, 9.00%, due 02/12/26<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Yum! Brands, Inc., 4.75%, due 01/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78130 |
| &nbsp;&nbsp; 720000 | ZF North America Capital, Inc., 4.75%, due 04/29/25 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681721 |
| &nbsp;&nbsp; 900000 | Ziff Davis, Inc., 4.63%, due 10/15/30<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763159 |
| &nbsp;&nbsp; 240000 | ZipRecruiter, Inc., 5.00%, due 01/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198173 |
| &nbsp;&nbsp; 400000 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, due 02/01/29<sup>(g)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336663 |
|  |  | 388358986 |
|  | **Mortgage Backed Securities - Private Issuers — 5.5%** | **Mortgage Backed Securities - Private Issuers — 5.5%** |
| &nbsp;&nbsp; 355000 | BANK, Series 2020-BN25, Class AS, 2.84%, due 01/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291085 |
| &nbsp;&nbsp; 280000 | Barclays Commercial Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246717 |
| &nbsp;&nbsp; 922000 | BBCCRE Trust, Series 2015-GTP, Class F, 4.56%, due 08/10/33<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741101 |
| &nbsp;&nbsp; 345000 | BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286612 |
| &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; BBCMS Trust, Series 2018-CBM, Class D, 6.71% (1 mo. USD LIBOR + 2.39%), due <br> 07/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368377 |
| &nbsp;&nbsp; 250000 | Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207940 |
| 1000000 | &nbsp;&nbsp;&nbsp; BHMS, Series 2018-MZB, Class MZB, 10.95% (1 mo. USD LIBOR + 6.64%), due <br> 07/15/25<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853555 |
| &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; BIG Commercial Mortgage Trust, Series 2022-BIG, Class F, 9.77% (1 mo. TSFR + <br> 5.44%), due 02/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803750 |
| &nbsp;&nbsp; 873766 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust CMO, Series 2022-NQM1, Class A3, 4.09%, due <br> 09/25/61 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762601 |
| &nbsp;&nbsp; 319116 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust CMO, Series 2022-NQM2, Class A3, 5.24%, due <br> 11/25/61<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308457 |
| &nbsp;&nbsp; 259409 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust CMO, Series 2022-NQM3, Class A3, 5.50%, due <br> 07/25/62<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249671 |
| &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 6.47% (1 mo. USD LIBOR <br> + 2.15%), due 04/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552829 |
| 1110067 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-21M, Class A, 5.05% (1 mo. USD LIBOR <br> + 0.73%), due 10/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1068266 |
| 1280000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VINO, Class A, 4.97% (1 mo. USD <br> LIBOR + 0.65%), due 05/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1233983 |
| &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VOLT, Class G, 7.17% (1 mo. USD <br> LIBOR + 2.85%), due 09/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634563 |
| &nbsp;&nbsp; 472625 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-XL2, Class J, 8.21% (1 mo. USD LIBOR <br> + 3.89%), due 10/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430549 |
| 1260000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 5.33% (1 mo. TSFR + <br> 0.99%), due 01/17/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1208159 |
| &nbsp;&nbsp; 891254 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-LP2, Class G, 8.44% (1 mo. TSFR + <br> 4.11%), due 02/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821247 |
| &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2018-BILT, Class B, 5.34% (1 mo. USD LIBOR + 1.02%), due <br> 05/15/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910914 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-SDMF, Class F, 6.26% (1 mo. USD LIBOR + 1.94%), due <br> 09/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 814330 |
| &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2022-LBA6, Class D, 6.34% (1 mo. TSFR + 2.00%), due 01/15/39<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 770289 |
| &nbsp;&nbsp; 227717 | &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.08%, due 12/15/47<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 216834 |
| &nbsp;&nbsp; 425000 | CFK Trust, Series 2020-MF2, Class F, 3.46%, due 03/15/39<sup>(d)</sup> 144A | &nbsp;&nbsp; 332193 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; CGDB Commercial Mortgage Trust, Series 2019-MOB, Class A, 5.27% (1 mo. USD <br> LIBOR + 0.95%), due 11/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 293117 |
| &nbsp;&nbsp; 305000 | Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A | &nbsp;&nbsp; 266810 |
| &nbsp;&nbsp; 102995 | &nbsp;&nbsp;&nbsp; Credit Suisse Commercial Mortgage, Series 2018-TOP, Class F, 7.07% (1 mo. USD <br> LIBOR + 2.75%), due 08/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 102150 |
| 1060000 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, 6.97% (1 mo. <br> USD LIBOR + 2.65%), due 05/15/36<sup>(b)</sup> 144A<br>| 1014831 |
| &nbsp;&nbsp; 300000 | Credit Suisse Mortgage Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A | &nbsp;&nbsp; 245032 |
| 1050000 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust, Series 2020-TMIC, Class A, 7.82% (1 mo. USD LIBOR + <br> 3.00%), due 12/15/35<sup>(b)</sup> 144A<br>| 1046988 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Trust LLC, Series 2014-USA, Class F, 4.37%, due 09/15/37 <br> 144A<br>| &nbsp;&nbsp; 228728 |
| &nbsp;&nbsp; 932038 | &nbsp;&nbsp;&nbsp; DBGS Mortgage Trust, Series 2018-BIOD, Class D, 5.62% (1 mo. USD LIBOR + <br> 1.30%), due 05/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 898401 |
| &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp; ELP Commercial Mortgage Trust, Series 2021-ELP, Class D, 5.84% (1 mo. USD LIBOR <br> + 1.52%), due 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 716159 |
| &nbsp;&nbsp; 478334 | &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2021-ESH, Class F, 8.02% (1 mo. USD LIBOR + <br> 3.70%), due 07/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 450366 |
| &nbsp;&nbsp; 113424 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-1, Class M1, 4.00%, <br> due 01/25/56<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 111905 |
| &nbsp;&nbsp; 368591 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-2, Class M1, 4.00%, <br> due 08/25/56<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 359876 |
| &nbsp;&nbsp; 474064 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2017-3, Class M1, 4.00%, <br> due 07/25/56<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 466235 |
| &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2018-3, Class M, 4.75%, due <br> 08/25/57<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 367211 |
| &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-1, Class M, 4.75%, due <br> 07/25/58<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 245376 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-3, Class M, 4.75%, due <br> 10/25/58<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 697346 |
| &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2019-4, Class M, 4.50%, due <br> 02/25/59<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 482485 |
| &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-1, Class M, 4.25%, due <br> 08/25/59<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 311724 |
| &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-2, Class M, 4.25%, due <br> 11/25/59<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 545066 |
| &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2020-3, Class M, 4.25%, due <br> 05/25/60<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 531051 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust CMO, Series 2021-1, Class M, 4.25%, due <br> 09/25/60 144A<br>| &nbsp;&nbsp; 430612 |
| &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-HRP1, Class B1, <br> 8.99% (1 mo. USD LIBOR + 4.60%), due 12/25/42<sup>(b)</sup> <br>| &nbsp;&nbsp; 617621 |
| &nbsp;&nbsp; 209639 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2017-SPI1, Class B, <br> 4.12%, due 09/25/47<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 181168 |
| &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2018-DNA1, Class B1, <br> 7.54% (1 mo. USD LIBOR + 3.15%), due 07/25/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 848424 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |
| 1580000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2020-DNA1, Class B1, <br> 6.69% (1 mo. USD LIBOR + 2.30%), due 01/25/50<sup>(b)</sup> 144A<br>| 1492818 |
| &nbsp;&nbsp; 133067<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2020-DNA2, <br> Class M2, 6.24% (1 mo. USD LIBOR + 1.85%), due 02/25/50<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 132851 |
| 1140055<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2020-DNA3, Class B1, <br> 9.49% (1 mo. USD LIBOR + 5.10%), due 06/25/50<sup>(b)</sup> 144A<br>| 1188916 |
| &nbsp;&nbsp; 830000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2020-DNA5, Class B1, <br> 8.73% (SOFR 30-day average + 4.80%), due 10/25/50<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 851617 |
| 1060000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2020-DNA6, Class B1, <br> 6.93% (SOFR 30-day average + 3.00%), due 12/25/50<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 996881 |
| &nbsp;&nbsp; 970000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA1, Class B2, <br> 8.68% (SOFR 30-day average + 4.75%), due 01/25/51<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 754133 |
| &nbsp;&nbsp; 910000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA2, Class B1, <br> 7.33% (SOFR 30-day average + 3.40%), due 08/25/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 843631 |
| &nbsp;&nbsp; 380000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA3, Class B1, <br> 7.43% (SOFR 30-day average + 3.50%), due 10/25/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 352886 |
| 1140000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA3, <br> Class M2, 6.03% (SOFR 30-day average + 2.10%), due 10/25/33<sup>(b)</sup> 144A<br>| 1118761 |
| 1270000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA5, Class B1, <br> 6.98% (SOFR 30-day average + 3.05%), due 01/25/34<sup>(b)</sup> 144A<br>| 1163747 |
| &nbsp;&nbsp; 400000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA6, <br> Class M2, 5.43% (SOFR 30-day average + 1.50%), due 10/25/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 380488 |
| &nbsp;&nbsp; 930000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk Debt Notes CMO, Series 2021-DNA7, Class B1, <br> 7.58% (SOFR 30-day average + 3.65%), due 11/25/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 866707 |
| 1090000<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust CMO, Series 2022-DNA3, <br> Class M1B, 6.83% (SOFR 30-day average + 2.90%), due 04/25/42<sup>(b)</sup> 144A<br>| 1078616 |
| &nbsp;&nbsp; 320761<br> &nbsp;&nbsp;&nbsp; FHLMC Structured Asset Mortgage Investments II Trust CMO, Series 2005-AR2, Class <br> 2A2, 4.95% (1 mo. USD LIBOR + 0.56%), due 05/25/45<sup>(b)</sup> <br>| &nbsp;&nbsp; 234501 |
| &nbsp;&nbsp; 462244<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities CMO, Series 2014-C04, Class 1M2, 9.29% (1 mo. <br> USD LIBOR + 4.90%), due 11/25/24<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 474572 |
| &nbsp;&nbsp; 440000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities CMO, Series 2017-C07, Class 1B1, 8.39% (1 mo. <br> USD LIBOR + 4.00%), due 05/25/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 451730 |
| &nbsp;&nbsp; 610000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities CMO, Series 2018-C01, Class 1B1, 7.94% (1 mo. <br> USD LIBOR + 3.55%), due 07/25/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 621644 |
| 1210000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities CMO, Series 2018-C05, Class 1B1, 8.64% (1 mo. <br> USD LIBOR + 4.25%), due 01/25/31<sup>(b)</sup> 144A<br>| 1251730 |
| &nbsp;&nbsp; 492500<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities CMO, Series 2018-C06, Class 1B1, 8.14% (1 mo. <br> USD LIBOR + 3.75%), due 03/25/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 493542 |
| &nbsp;&nbsp; 800000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities Trust CMO, Series 2018-R07, Class 1B1, 8.74% <br> (1 mo. USD LIBOR + 4.35%), due 04/25/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 814205 |
| &nbsp;&nbsp; 680000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities Trust CMO, Series 2019-R07, Class 1B1, 7.79% <br> (1 mo. USD LIBOR + 3.40%), due 10/25/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 659701 |
| &nbsp;&nbsp; 156767<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities Trust CMO, Series 2020-R01, Class 1M2, 6.44% <br> (1 mo. USD LIBOR + 2.05%), due 01/25/40<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 155784 |
| &nbsp;&nbsp; 780000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities Trust CMO, Series 2021-R01, Class 1B1, 7.03% <br> (SOFR 30-day average + 3.10%), due 10/25/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 735195 |
| &nbsp;&nbsp; 800000<br> &nbsp;&nbsp;&nbsp; FNMA Connecticut Avenue Securities Trust CMO, Series 2021-R03, Class 1B1, 6.68% <br> (SOFR 30-day average + 2.75%), due 12/25/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 740277 |
| &nbsp;&nbsp; 510000<br> &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2018-LUAU, Class G, 8.77% (1 mo. USD <br> LIBOR + 4.45%), due 11/15/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 474239 |
| &nbsp;&nbsp; 570000<br> &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2020-DUNE, Class A, 5.42% (1 mo. USD <br> LIBOR + 1.10%), due 12/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 556142 |
| &nbsp;&nbsp; 265000<br> GS Mortgage Securities Trust, Series 2011-GC5, Class D, 5.15%, due 08/10/44<sup>(d)</sup> 144A | &nbsp;&nbsp; 113712 |
| &nbsp;&nbsp; 280000<br> GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.69%, due 06/10/47<sup>(d)</sup> 144A | &nbsp;&nbsp; 248305 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 160179 | &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust CMO, Series 2005-9, Class 2A1C, 5.25% (1 mo. USD <br> LIBOR + 0.90%), due 06/20/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 142980 |
| 1390000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M, <br> 12.83% (1 mo. USD LIBOR + 8.51%), due 06/15/35<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| 1210000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL, <br> 7.32% (1 mo. USD LIBOR + 3.15%), due 07/05/33<sup>(b)</sup> 144A<br>| 1065678 |
| &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class E, <br> 7.17% (1 mo. USD LIBOR + 2.85%), due 09/15/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 454459 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class F, <br> 7.97% (1 mo. USD LIBOR + 3.65%), due 09/15/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 659401 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class F, <br> 7.42% (1 mo. USD LIBOR + 2.85%), due 12/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 517443 |
| &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class GFX, <br> 4.69%, due 01/16/37<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 608615 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class F, <br> 8.58% (1 mo. USD LIBOR + 4.27%), due 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 734868 |
| &nbsp;&nbsp; 955552 | &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class D, <br> 6.50% (1 mo. TSFR + 2.17%), due 04/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 868279 |
| &nbsp;&nbsp; 625479 | &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class D, 6.62% (1 mo. USD LIBOR + 2.30%), due <br> 08/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 564411 |
| 1215909 | &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust CMO, Series 2020-GS4, Class A1, 3.25%, due 02/25/60<sup>(j)</sup> <br> 144A<br>| 1198091 |
| &nbsp;&nbsp; 175079 | &nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust CMO, Series 2020-GS5, Class A1, 3.25%, due 06/25/60<sup>(j)</sup> <br> 144A<br>| &nbsp;&nbsp; 172502 |
| &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; Med Trust, Series 2021-MDLN, Class C, 6.12% (1 mo. USD LIBOR + 1.80%), due <br> 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 509648 |
| &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; Med Trust, Series 2021-MDLN, Class E, 7.47% (1 mo. USD LIBOR + 3.15%), due <br> 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 540101 |
| 1750000 | &nbsp;&nbsp;&nbsp; Med Trust, Series 2021-MDLN, Class G, 9.57% (1 mo. USD LIBOR + 5.25%), due <br> 11/15/38<sup>(b)</sup> 144A<br>| 1589624 |
| &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; MHC Trust, Series 2021-MHC2, Class E, 6.27% (1 mo. USD LIBOR + 1.95%), due <br> 05/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 555690 |
| &nbsp;&nbsp; 320000 | Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.28%, due 07/11/40<sup>(d)</sup> 144A | &nbsp;&nbsp; 279869 |
| &nbsp;&nbsp; 356110 | &nbsp;&nbsp;&nbsp; MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, <br> due 10/15/30 144A<br>| &nbsp;&nbsp; 290391 |
| &nbsp;&nbsp; 462214 | &nbsp;&nbsp;&nbsp; Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 7.64% (1 <br> mo. USD LIBOR + 3.25%), due 10/25/49<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 435342 |
| &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 8.14% (1 <br> mo. USD LIBOR + 3.75%), due 03/25/50<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 426602 |
| &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 5.82% (1 <br> mo. TSFR + 1.50%), due 07/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 306504 |
| &nbsp;&nbsp; 393492 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust CMO, Series 2017-5A, Class B4, 3.99%, due <br> 06/25/57<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 371355 |
| &nbsp;&nbsp; 685374 | &nbsp;&nbsp;&nbsp; OPG Trust, Series 2021-PORT, Class D, 5.45% (1 mo. USD LIBOR + 1.13%), due <br> 10/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 638930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76005 | &nbsp;&nbsp;&nbsp; PMT Credit Risk Transfer Trust CMO, Series 2019-3R, Class A, 8.09% (1 mo. USD <br> LIBOR + 3.70%), due 11/27/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72974 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Radnor RE, Ltd. CMO, Series 2020-1, Class M1C, 6.14% (1 mo. USD LIBOR + <br> 1.75%), due 01/25/30<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 489321 |
| &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; Starwood Retail Property Trust, Series 2014-STAR, Class C, 7.07% (1 mo. USD LIBOR <br> + 2.75%), due 11/15/27<sup>(b)(c)(e)</sup> <br>| &nbsp;&nbsp; 110984 |
| &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Starwood Retail Property Trust, Series 2014-STAR, Class D, 7.82% (1 mo. USD LIBOR <br> + 3.50%), due 11/15/27<sup>(b)(c)(e)</sup> <br>| &nbsp;&nbsp; 242051 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766336 |  | &nbsp;&nbsp;&nbsp; Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 7.70% (1 mo. USD LIBOR <br> + 3.48%), due 11/11/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761476 |  | &nbsp;&nbsp;&nbsp; Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class F, 8.47% (1 mo. USD LIBOR <br> + 4.25%), due 11/11/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 |  | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2017-5, Class B1, 6.19% (1 mo. USD LIBOR <br> + 1.80%), due 02/25/57<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590000 |  | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust CMO, Series 2019-4, Class B1B, 3.50%, due 10/25/59<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255043 |  | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR1, Class A1B, <br> 5.17% (1 mo. USD LIBOR + 0.78%), due 01/25/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495888 |  | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2005-AR6, Class 2A1A, <br> 4.85% (1 mo. USD LIBOR + 0.46%), due 04/25/45<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349505 |  | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust CMO, Series 2006-AR16, Class 2A2, <br> 3.41%, due 12/25/36<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190000 |  | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class D, 2.80%, due <br> 12/15/50<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252662 |  | &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage Backed Securities Trust CMO, Series 2006-AR5, Class 2A1, <br> 2.76%, due 04/25/36<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234463 |
|  |  |  | 63423214 |
|  |  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 0.0%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 |  | FNMA, Pool # BL5547, 2.68%, due 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128189 |  | FNMA, Pool # BM6224, 2.79%, due 01/01/35<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244526 |  | UMBS, Pool # BM5520, 3.50%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227582 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 386089 |
|  |  | **Sovereign Debt Obligations — 34.0%** | **Sovereign Debt Obligations — 34.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940000 |  | Abu Dhabi Government International Bond, 3.13%, due 09/30/49 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 |  | Angolan Government International Bond, 8.75%, due 04/14/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2360000 |  | Angolan Government International Bond, (MTN), 8.00%, due 11/26/29<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2077461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5505 |  | Argentine Republic Government International Bond, 1.00%, due 07/09/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327438 |  | Argentine Republic Government International Bond, 5.00%, due 07/09/46<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425000 |  | Bahrain Government International Bond, (MTN), 5.63%, due 05/18/34<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1235697 |
| 1130000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 2.30%, due 10/01/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1117532 |
| 2395000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 2.50%, due 03/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2535699 |
| &nbsp;&nbsp; 655000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 2.80%, due 10/01/33<sup>(h)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630859 |
| 1345000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1512032 |
| 1260000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1429163 |
| 2195000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 10/01/28<sup>(h)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2512644 |
| &nbsp;&nbsp; 115000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134058 |
| &nbsp;&nbsp; 710000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 01/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6227000 | BRL | Brazil Letras do Tesouro Nacional, 12.72%, due 07/01/24<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30965000 | BRL | Brazil Letras do Tesouro Nacional, 12.84%, due 01/01/24<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5176856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8519000 | BRL | Brazil Letras do Tesouro Nacional, 13.11%, due 07/01/25<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1199497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20349000 | BRL | Brazil Letras do Tesouro Nacional, 13.16%, due 07/01/23<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3616799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4258000 | BRL | Brazil Letras do Tesouro Nacional, 13.52%, due 01/01/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | BRL | Brazil Notas do Tesouro Nacional Series B Notes, 25.01%, due 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214000 | BRL | Brazil Notas do Tesouro Nacional Series B Notes, 25.01%, due 05/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202000 | BRL | Brazil Notas do Tesouro Nacional Series B Notes, 25.01%, due 08/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7451000 | BRL | Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 1342254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29336000 | BRL | Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5043603 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42567000 | BRL | Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/27 | &nbsp;&nbsp; 7017289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72650000 | BRL | Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/29 | 11659301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72570000 | BRL | Brazil Notas do Tesouro Nacional Series F Notes, 10.00%, due 01/01/31 | 11349695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |  | Brazilian Government International Bond, 4.63%, due 01/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 960247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1760000 |  | Brazilian Government International Bond, 4.75%, due 01/14/50 | &nbsp;&nbsp; 1238716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90000 | EUR | Bundesrepublik Deutschland Bundesanleihe, 0.01%, due 08/15/26<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14260000 | CNY | China Government Bond, 1.99%, due 04/09/25 | &nbsp;&nbsp; 2031236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930000 | CNY | China Government Bond, 2.68%, due 05/21/30 | &nbsp;&nbsp;&nbsp;&nbsp; 558104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7320000 | CNY | China Government Bond, 2.85%, due 06/04/27 | &nbsp;&nbsp; 1060891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12590000 | CNY | China Government Bond, 3.02%, due 10/22/25 | &nbsp;&nbsp; 1838462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970000 | CNY | China Government Bond, 3.02%, due 05/27/31 | &nbsp;&nbsp;&nbsp;&nbsp; 577998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8120000 | CNY | China Government Bond, 3.13%, due 11/21/29 | &nbsp;&nbsp; 1193312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10530000 | CNY | China Government Bond, 3.25%, due 11/22/28 | &nbsp;&nbsp; 1558273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6770000 | CNY | China Government Bond, 3.27%, due 11/19/30 | &nbsp;&nbsp; 1006189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300000 | CNY | China Government Bond, 3.28%, due 12/03/27 | &nbsp;&nbsp;&nbsp;&nbsp; 931324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3630000 | CNY | China Government Bond, 3.29%, due 05/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 540212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240000 | CNY | China Government Bond, 3.72%, due 04/12/51 | &nbsp;&nbsp;&nbsp;&nbsp; 193621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6950000 | CNY | China Government Bond, 3.81%, due 09/14/50 | &nbsp;&nbsp; 1098296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |  | Ciudad Autonoma De Buenos Aires/Government Bonds, 7.50%, due 06/01/27<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 250460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | Colombia Government International Bond, 3.13%, due 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 596571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355000 |  | Colombia Government International Bond, 4.13%, due 05/15/51 | &nbsp;&nbsp; 2019170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065000 |  | Colombia Government International Bond, 4.50%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 923941 |
| &nbsp;&nbsp; 3012700000 | COP | Colombian TES, 5.75%, due 11/03/27 | &nbsp;&nbsp;&nbsp;&nbsp; 471295 |
| 30929500000 | COP | Colombian TES, 6.00%, due 04/28/28 | &nbsp;&nbsp; 4773815 |
| &nbsp;&nbsp; 6852200000 | COP | Colombian TES, 6.25%, due 11/26/25 | &nbsp;&nbsp; 1211109 |
| 15026000000 | COP | Colombian TES, 6.25%, due 07/09/36 | &nbsp;&nbsp; 1792105 |
| &nbsp;&nbsp; 4756500000 | COP | Colombian TES, 7.00%, due 03/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 694801 |
| &nbsp;&nbsp; 1517200000 | COP | Colombian TES, 7.00%, due 03/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 221623 |
| 46431100000 | COP | Colombian TES, 7.00%, due 06/30/32 | &nbsp;&nbsp; 6533418 |
| 15581900000 | COP | Colombian TES, 7.25%, due 10/18/34 | &nbsp;&nbsp; 2124088 |
| &nbsp;&nbsp; 6650400000 | COP | Colombian TES, 7.25%, due 10/26/50 | &nbsp;&nbsp;&nbsp;&nbsp; 780544 |
| 21887400000 | COP | Colombian TES, 7.50%, due 08/26/26 | &nbsp;&nbsp; 3862435 |
| 16857600000 | COP | Colombian TES, 7.75%, due 09/18/30 | &nbsp;&nbsp; 2621161 |
| &nbsp;&nbsp; 3205000000 | COP | Colombian TES, 9.25%, due 05/28/42 | &nbsp;&nbsp;&nbsp;&nbsp; 479070 |
| 21538400000 | COP | Colombian TES, 10.00%, due 07/24/24 | &nbsp;&nbsp; 4328449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505000 |  | Costa Rica Government International Bond, 7.00%, due 04/04/44<sup>(h)</sup> <br>| &nbsp;&nbsp; 1422854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9720000 | CZK | Czech Republic Government Bond, 0.25%, due 02/10/27 | &nbsp;&nbsp;&nbsp;&nbsp; 352333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29900000 | CZK | Czech Republic Government Bond, 0.95%, due 05/15/30<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 991101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15220000 | CZK | Czech Republic Government Bond, 1.00%, due 06/26/26<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 583010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17450000 | CZK | Czech Republic Government Bond, 1.20%, due 03/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 573424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20910000 | CZK | Czech Republic Government Bond, 1.25%, due 02/14/25 | &nbsp;&nbsp;&nbsp;&nbsp; 848152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39270000 | CZK | Czech Republic Government Bond, 1.75%, due 06/23/32 | &nbsp;&nbsp; 1315247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40820000 | CZK | Czech Republic Government Bond, 2.00%, due 10/13/33 | &nbsp;&nbsp; 1361316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4270000 | CZK | Czech Republic Government Bond, 2.40%, due 09/17/25<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 175247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4900000 | CZK | Czech Republic Government Bond, 2.50%, due 08/25/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 188411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24930000 | CZK | Czech Republic Government Bond, 2.75%, due 07/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 956754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3220000 | CZK | Czech Republic Government Bond, 4.20%, due 12/04/36<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 131755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4440000 | CZK | Czech Republic Government Bond, 5.43%, due 12/12/24<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 177055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8840000 | CZK | Czech Republic Government Bond, 5.70%, due 05/25/24<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 391543 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4340000 | CZK | Czech Republic Government Bond, 6.00%, due 02/26/26 | &nbsp;&nbsp; 196174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 |  | Dominican Republic International Bond, 5.50%, due 02/22/29 144A | &nbsp;&nbsp; 323351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 |  | Dominican Republic International Bond, 5.50%, due 02/22/29<sup>(h)</sup> <br>| &nbsp;&nbsp; 471169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005000 |  | Dominican Republic International Bond, 6.00%, due 07/19/28 144A | &nbsp;&nbsp; 972256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2740000 |  | Dominican Republic International Bond, 6.00%, due 02/22/33 144A | 2481898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7061000 | EGP | Egypt Government Bond, 14.66%, due 10/06/30 | &nbsp;&nbsp; 241789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6937000 | EGP | Egypt Government Bond, 14.82%, due 07/06/31 | &nbsp;&nbsp; 238877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 128926000 | MXN | European Investment Bank, (MTN), 5.50%, due 01/23/23 | 6607315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5140000 | ZAR | European Investment Bank, (MTN), 8.50%, due 09/17/24<sup>(h)</sup> <br>| &nbsp;&nbsp; 305174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 |  | Gabon Government International Bond, 7.00%, due 11/24/31 144A | &nbsp;&nbsp; 402976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025000 |  | Guatemala Government Bond, 4.88%, due 02/13/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 990810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121750000 | HUF | Hungary Government Bond, 1.50%, due 04/22/26 | &nbsp;&nbsp; 244284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103180000 | HUF | Hungary Government Bond, 2.50%, due 10/24/24 | &nbsp;&nbsp; 235999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 262400000 | HUF | Hungary Government Bond, 2.75%, due 12/22/26 | &nbsp;&nbsp; 526768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266700000 | HUF | Hungary Government Bond, 3.00%, due 10/27/27 | &nbsp;&nbsp; 516708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 205360000 | HUF | Hungary Government Bond, 3.00%, due 08/21/30 | &nbsp;&nbsp; 368703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 473240000 | HUF | Hungary Government Bond, 3.00%, due 10/27/38 | &nbsp;&nbsp; 670225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 332570000 | HUF | Hungary Government Bond, 4.00%, due 04/28/51 | &nbsp;&nbsp; 466393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 848320000 | HUF | Hungary Government Bond, 4.50%, due 03/23/28 | 1758859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 442050000 | HUF | Hungary Government Bond, 4.50%, due 05/27/32 | &nbsp;&nbsp; 847127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 818030000 | HUF | Hungary Government Bond, 4.75%, due 11/24/32 | 1582246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 163750000 | HUF | Hungary Government Bond, 5.50%, due 06/24/25 | &nbsp;&nbsp; 382187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 174190000 | HUF | Hungary Government Bond, 6.75%, due 10/22/28 | &nbsp;&nbsp; 403904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530000 |  | Indonesia Government International Bond, 3.50%, due 01/11/28 | 1456788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 |  | Indonesia Government International Bond, 3.55%, due 03/31/32 | 1628765 |
| 14660000000 | IDR | Indonesia Treasury Bond, 5.50%, due 04/15/26 | &nbsp;&nbsp; 923813 |
| &nbsp;&nbsp; 7852000000 | IDR | Indonesia Treasury Bond, 6.13%, due 05/15/28 | &nbsp;&nbsp; 494249 |
| 34179000000 | IDR | Indonesia Treasury Bond, 6.25%, due 06/15/36 | 2060828 |
| &nbsp;&nbsp; 4586000000 | IDR | Indonesia Treasury Bond, 6.38%, due 08/15/28 | &nbsp;&nbsp; 291937 |
| 68193000000 | IDR | Indonesia Treasury Bond, 6.38%, due 04/15/32 | 4222337 |
| 31181000000 | IDR | Indonesia Treasury Bond, 6.50%, due 06/15/25 | 2022932 |
| 18728000000 | IDR | Indonesia Treasury Bond, 6.50%, due 02/15/31 | 1170538 |
| 10023000000 | IDR | Indonesia Treasury Bond, 6.63%, due 05/15/33 | &nbsp;&nbsp; 627311 |
| 12152000000 | IDR | Indonesia Treasury Bond, 7.00%, due 05/15/27 | &nbsp;&nbsp; 801149 |
| 24257000000 | IDR | Indonesia Treasury Bond, 7.00%, due 09/15/30 | 1576132 |
| 19240000000 | IDR | Indonesia Treasury Bond, 7.00%, due 02/15/33 | 1239616 |
| &nbsp;&nbsp; 4546000000 | IDR | Indonesia Treasury Bond, 7.38%, due 05/15/48 | &nbsp;&nbsp; 295012 |
| 25799000000 | IDR | Indonesia Treasury Bond, 7.50%, due 08/15/32 | 1717794 |
| 76502000000 | IDR | Indonesia Treasury Bond, 7.50%, due 05/15/38 | 5069424 |
| 77311000000 | IDR | Indonesia Treasury Bond, 7.50%, due 04/15/40 | 5113919 |
| 23542000000 | IDR | Indonesia Treasury Bond, 8.25%, due 05/15/29 | 1629918 |
| &nbsp;&nbsp; 2658000000 | IDR | Indonesia Treasury Bond, 8.25%, due 06/15/32 | &nbsp;&nbsp; 185322 |
| 38524000000 | IDR | Indonesia Treasury Bond, 8.25%, due 05/15/36 | 2702923 |
| &nbsp;&nbsp; 2683000000 | IDR | Indonesia Treasury Bond, 8.38%, due 03/15/24 | &nbsp;&nbsp; 178094 |
| 24937000000 | IDR | Indonesia Treasury Bond, 8.38%, due 09/15/26 | 1714625 |
| 73023000000 | IDR | Indonesia Treasury Bond, 8.38%, due 03/15/34 | 5141933 |
| 50810000000 | IDR | Indonesia Treasury Bond, 8.38%, due 04/15/39 | 3618147 |
| 30008000000 | IDR | Indonesia Treasury Bond, 8.75%, due 05/15/31 | 2152663 |
| &nbsp;&nbsp; 8328000000 | IDR | Indonesia Treasury Bond, 9.00%, due 03/15/29 | &nbsp;&nbsp; 596155 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp; 6017000000 | IDR | Indonesia Treasury Bond, 9.50%, due 07/15/31 | &nbsp;&nbsp; 449693 |
| &nbsp;&nbsp; 5494000000 | IDR | Indonesia Treasury Bond, 10.50%, due 08/15/30 | &nbsp;&nbsp; 428442 |
| 18078000000 | IDR | Indonesia Treasury Bond, 11.00%, due 09/15/25 | 1295834 |
| 22300000000 | IDR | Inter-American Development Bank, (MTN), 7.88%, due 03/14/23 | 1439061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | EUR | Ivory Coast Government International Bond, 4.88%, due 01/30/32 144A | &nbsp;&nbsp; 143892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194353 |  | Ivory Coast Government International Bond, 5.75%, due 12/31/32<sup>(h)(j)</sup> <br>| &nbsp;&nbsp; 184306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 |  | Ivory Coast Government International Bond, 6.13%, due 06/15/33<sup>(h)</sup> <br>| &nbsp;&nbsp; 660450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110000 |  | Ivory Coast Government International Bond, 6.38%, due 03/03/28<sup>(h)</sup> <br>| 1077499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820000 |  | Jordan Government International Bond, 7.75%, due 01/15/28 144A | &nbsp;&nbsp; 832111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510000 |  | Kazakhstan Government International Bond, (MTN), 5.13%, due 07/21/25<sup>(h)</sup> <br>| &nbsp;&nbsp; 529732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18475000 | MYR | Malaysia Government Bond, 2.63%, due 04/15/31 | 3785211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8437000 | MYR | Malaysia Government Bond, 3.50%, due 05/31/27 | 1887733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7753000 | MYR | Malaysia Government Bond, 3.58%, due 07/15/32 | 1690708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19208000 | MYR | Malaysia Government Bond, 3.73%, due 06/15/28 | 4310678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022000 | MYR | Malaysia Government Bond, 3.76%, due 05/22/40 | &nbsp;&nbsp; 214517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6202000 | MYR | Malaysia Government Bond, 3.80%, due 08/17/23 | 1409890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6029000 | MYR | Malaysia Government Bond, 3.83%, due 07/05/34 | 1326236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2226000 | MYR | Malaysia Government Bond, 3.84%, due 04/15/33 | &nbsp;&nbsp; 493601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13227000 | MYR | Malaysia Government Bond, 3.88%, due 03/14/25 | 3016836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586000 | MYR | Malaysia Government Bond, 3.89%, due 03/15/27 | &nbsp;&nbsp; 587989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18574000 | MYR | Malaysia Government Bond, 3.89%, due 08/15/29 | 4188643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13201000 | MYR | Malaysia Government Bond, 3.90%, due 11/30/26 | 3005135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6454000 | MYR | Malaysia Government Bond, 3.90%, due 11/16/27 | 1467938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20850000 | MYR | Malaysia Government Bond, 3.96%, due 09/15/25 | 4757739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6292000 | MYR | Malaysia Government Bond, 4.06%, due 09/30/24 | 1436140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624000 | MYR | Malaysia Government Bond, 4.13%, due 04/15/32 | &nbsp;&nbsp; 142236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5441000 | MYR | Malaysia Government Bond, 4.18%, due 07/15/24 | 1242886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205000 | MYR | Malaysia Government Bond, 4.23%, due 06/30/31 | &nbsp;&nbsp; 277355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11727000 | MYR | Malaysia Government Bond, 4.39%, due 04/15/26 | 2715144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4041000 | MYR | Malaysia Government Bond, 4.50%, due 04/15/30 | &nbsp;&nbsp; 945086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295000 | MYR | Malaysia Government Bond, 4.70%, due 10/15/42 | &nbsp;&nbsp; 305975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597000 | MYR | Malaysia Government Bond, 4.74%, due 03/15/46 | &nbsp;&nbsp; 372275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852000 | MYR | Malaysia Government Bond, 4.76%, due 04/07/37 | &nbsp;&nbsp; 680810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2733000 | MYR | Malaysia Government Bond, 4.89%, due 06/08/38 | &nbsp;&nbsp; 660694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72709000 | MXN | Mexican Bonos, 5.00%, due 03/06/25 | 3385531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7390100 | MXN | Mexican Bonos, 5.50%, due 03/04/27 | &nbsp;&nbsp; 331130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65292300 | MXN | Mexican Bonos, 5.75%, due 03/05/26 | 3034841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52600800 | MXN | Mexican Bonos, 6.75%, due 03/09/23 | 2677383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 111817800 | MXN | Mexican Bonos, 7.50%, due 06/03/27 | 5414031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135232800 | MXN | Mexican Bonos, 7.75%, due 05/29/31 | 6426997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13291700 | MXN | Mexican Bonos, 7.75%, due 11/23/34 | &nbsp;&nbsp; 616736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 108326900 | MXN | Mexican Bonos, 7.75%, due 11/13/42 | 4855942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31483100 | MXN | Mexican Bonos, 8.00%, due 12/07/23 | 1576064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38912200 | MXN | Mexican Bonos, 8.00%, due 09/05/24 | 1932059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70839900 | MXN | Mexican Bonos, 8.00%, due 11/07/47 | 3244554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65555900 | MXN | Mexican Bonos, 8.00%, due 07/31/53 | 3000187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36848300 | MXN | Mexican Bonos, 8.50%, due 05/31/29 | 1840425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18748000 | MXN | Mexican Bonos, 8.50%, due 05/31/29 | &nbsp;&nbsp; 936387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30172600 | MXN | Mexican Bonos, 8.50%, due 11/18/38 | 1466465 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp; 48920000 | MXN | Mexican Bonos, 8.50%, due 11/18/38 | 2377637 |
| &nbsp;&nbsp; 70766900 | MXN | Mexican Bonos, 10.00%, due 12/05/24 | 3642704 |
| &nbsp;&nbsp; 21394000 | MXN | Mexican Bonos, 10.00%, due 12/05/24 | 1101249 |
| &nbsp;&nbsp; 11702000 | MXN | Mexican Bonos, 10.00%, due 11/20/36 | &nbsp;&nbsp; 643208 |
| &nbsp;&nbsp; 16352500 | MXN | Mexican Bonos, 10.00%, due 11/20/36 | &nbsp;&nbsp; 898826 |
| &nbsp;&nbsp; 21467006 | MXN | Mexican Udibonos, 4.50%, due 11/22/35 | 1134820 |
| &nbsp;&nbsp;&nbsp; 1220000 |  | Mexico Government International Bond, 2.66%, due 05/24/31 | &nbsp;&nbsp; 987015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595000 |  | Mexico Government International Bond, 4.88%, due 05/19/33 | &nbsp;&nbsp; 547365 |
| &nbsp;&nbsp;&nbsp; 1495000 |  | Nigeria Government International Bond, (MTN), 8.38%, due 03/24/29<sup>(h)</sup> <br>| 1244588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845000 |  | Oman Government International Bond, 5.63%, due 01/17/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 836659 |
| &nbsp;&nbsp;&nbsp; 1535000 |  | Oman Government International Bond, 5.63%, due 01/17/28 144A | 1519848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930000 |  | Panama Government International Bond, 4.50%, due 04/01/56 | &nbsp;&nbsp; 681500 |
| &nbsp;&nbsp;&nbsp; 1520000 |  | Paraguay Government International Bond, 5.40%, due 03/30/50<sup>(h)</sup> <br>| 1315477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 | PEN | Peru Government Bond, 5.35%, due 08/12/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp; 6986000 | PEN | Peru Government Bond, 5.40%, due 08/12/34 | 1466989 |
| &nbsp;&nbsp;&nbsp; 7731000 | PEN | Peru Government Bond, 5.94%, due 02/12/29 | 1859014 |
| &nbsp;&nbsp;&nbsp; 4656000 | PEN | Peru Government Bond, 6.15%, due 08/12/32 | 1073199 |
| &nbsp;&nbsp;&nbsp; 1838000 | PEN | Peru Government Bond, 6.35%, due 08/12/28 | &nbsp;&nbsp; 458295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802 | PEN | Peru Government Bond, 6.90%, due 08/12/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; 2657000 | PEN | Peru Government Bond, 6.95%, due 08/12/31 | &nbsp;&nbsp; 656909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740000 |  | Peruvian Government International Bond, 2.78%, due 01/23/31 | &nbsp;&nbsp; 614000 |
| &nbsp;&nbsp;&nbsp; 6789000 | PEN | Peruvian Government International Bond (GDN), 6.35%, due 08/12/28<sup>(h)</sup> <br>| 1692797 |
| &nbsp;&nbsp;&nbsp; 8929000 | PEN | Peruvian Government International Bond (GDN), 6.95%, due 08/12/31<sup>(h)</sup> <br>| 2144512 |
| &nbsp;&nbsp;&nbsp; 3571000 | PEN | Peruvian Government International Bond (GDN), 8.20%, due 08/12/26<sup>(h)</sup> <br>| &nbsp;&nbsp; 980062 |
| &nbsp;&nbsp;&nbsp; 1780031 |  | Provincia de Buenos Aires/Government Bonds, 6.63%, due 09/01/37<sup>(j)</sup> 144A | &nbsp;&nbsp; 620786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421629 |  | Provincia de Cordoba, 6.88%, due 12/10/25<sup>(j)</sup> 144A | &nbsp;&nbsp; 342047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 |  | Qatar Government International Bond, 4.82%, due 03/14/49 144A | &nbsp;&nbsp; 477944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | Qatar Government International Bond, 5.10%, due 04/23/48 144A | &nbsp;&nbsp; 201478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | GHS | Republic of Ghana Government Bonds, 20.75%, due 03/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 67011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 |  | Republic of Kenya Government International Bond, 8.00%, due 05/22/32<sup>(h)</sup> <br>| &nbsp;&nbsp; 227147 |
| &nbsp;&nbsp; 10600000 | PLN | Republic of Poland Government Bond, 0.25%, due 10/25/26 | 1891361 |
| &nbsp;&nbsp; 19947000 | PLN | Republic of Poland Government Bond, 1.25%, due 10/25/30 | 3061049 |
| &nbsp;&nbsp; 29707000 | PLN | Republic of Poland Government Bond, 1.75%, due 04/25/32 | 4452410 |
| &nbsp;&nbsp;&nbsp; 3783000 | PLN | Republic of Poland Government Bond, 2.25%, due 10/25/24 | &nbsp;&nbsp; 799285 |
| &nbsp;&nbsp; 24088000 | PLN | Republic of Poland Government Bond, 2.50%, due 07/25/26 | 4739892 |
| &nbsp;&nbsp;&nbsp; 3743000 | PLN | Republic of Poland Government Bond, 2.50%, due 07/25/27 | &nbsp;&nbsp; 711394 |
| &nbsp;&nbsp; 14274000 | PLN | Republic of Poland Government Bond, 2.75%, due 04/25/28 | 2673004 |
| &nbsp;&nbsp; 20158000 | PLN | Republic of Poland Government Bond, 2.75%, due 10/25/29 | 3612815 |
| &nbsp;&nbsp;&nbsp; 1395000 | PLN | Republic of Poland Government Bond, 3.25%, due 07/25/25 | &nbsp;&nbsp; 292125 |
| &nbsp;&nbsp;&nbsp; 6308000 | PLN | Republic of Poland Government Bond, 3.75%, due 05/25/27 | 1269050 |
| &nbsp;&nbsp; 54099506 | ZAR | Republic of South Africa Government Bond, 6.25%, due 03/31/36 | 2093554 |
| &nbsp;&nbsp; 55306391 | ZAR | Republic of South Africa Government Bond, 6.50%, due 02/28/41 | 2034619 |
| &nbsp;&nbsp; 39014104 | ZAR | Republic of South Africa Government Bond, 7.00%, due 02/28/31 | 1851880 |
| &nbsp;&nbsp; 49246117 | ZAR | Republic of South Africa Government Bond, 8.00%, due 01/31/30 | 2580971 |
| &nbsp;&nbsp; 50984509 | ZAR | Republic of South Africa Government Bond, 8.25%, due 03/31/32 | 2555818 |
| 122632658 | ZAR | Republic of South Africa Government Bond, 8.50%, due 01/31/37 | 5721176 |
| 132155215 | ZAR | Republic of South Africa Government Bond, 8.75%, due 01/31/44 | 6050091 |
| 209268891 | ZAR | Republic of South Africa Government Bond, 8.75%, due 02/28/48 | 9616653 |
| &nbsp;&nbsp; 65100000 | ZAR | Republic of South Africa Government Bond, 8.75%, due 02/28/48 | 2991577 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp; 64421020 | ZAR | Republic of South Africa Government Bond, 8.88%, due 02/28/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3192844 |
| &nbsp;&nbsp; 20399230 | ZAR | Republic of South Africa Government Bond, 9.00%, due 01/31/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970567 |
| &nbsp;&nbsp; 55853295 | ZAR | Republic of South Africa Government Bond, 10.50%, due 12/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3475198 |
| &nbsp;&nbsp;&nbsp; 1050000 |  | Republic of South Africa Government International Bond, 4.85%, due 09/30/29<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939828 |
| &nbsp;&nbsp;&nbsp; 1690000 |  | Republic of South Africa Government International Bond, 5.88%, due 04/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530591 |
| &nbsp;&nbsp;&nbsp; 1345000 | RON | Romania Government Bond, 3.25%, due 04/29/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278467 |
| &nbsp;&nbsp;&nbsp; 2940000 | RON | Romania Government Bond, 3.25%, due 06/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554852 |
| &nbsp;&nbsp;&nbsp; 1500000 | RON | Romania Government Bond, 3.65%, due 09/24/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860000 | RON | Romania Government Bond, 4.00%, due 10/25/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182043 |
| &nbsp;&nbsp;&nbsp; 1235000 | RON | Romania Government Bond, 4.15%, due 10/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210172 |
| &nbsp;&nbsp;&nbsp; 1195000 | RON | Romania Government Bond, 4.25%, due 06/28/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254672 |
| &nbsp;&nbsp;&nbsp; 2315000 | RON | Romania Government Bond, 4.75%, due 10/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995000 | RON | Romania Government Bond, 4.85%, due 07/25/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180781 |
| &nbsp;&nbsp;&nbsp; 1570000 | RON | Romania Government Bond, 5.00%, due 02/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292838 |
| &nbsp;&nbsp;&nbsp; 1560000 | RON | Romania Government Bond, 5.80%, due 07/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618000 | EUR | Romanian Government International Bond, 2.75%, due 02/26/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134000 | EUR | Romanian Government International Bond, 3.62%, due 05/26/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117402 |
| &nbsp;&nbsp; 42983000 | RUB | Russian Federal Bond - OFZ, 5.70%, due 05/17/28<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188419 |
| &nbsp;&nbsp; 52609000 | RUB | Russian Federal Bond - OFZ, 6.10%, due 07/18/35<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230615 |
| &nbsp;&nbsp; 59072000 | RUB | Russian Federal Bond - OFZ, 6.90%, due 05/23/29<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258946 |
| &nbsp;&nbsp; 86446000 | RUB | Russian Federal Bond - OFZ, 7.05%, due 01/19/28<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378941 |
| &nbsp;&nbsp; 18639000 | RUB | Russian Federal Bond - OFZ, 7.10%, due 10/16/24<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81705 |
| &nbsp;&nbsp; 32547000 | RUB | Russian Federal Bond - OFZ, 7.25%, due 05/10/34<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142672 |
| &nbsp;&nbsp; 40966000 | RUB | Russian Federal Bond - OFZ, 7.65%, due 04/10/30<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179577 |
| &nbsp;&nbsp; 60698000 | RUB | Russian Federal Bond - OFZ, 7.70%, due 03/23/33<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266073 |
| &nbsp;&nbsp; 24639000 | RUB | Russian Federal Bond - OFZ, 7.70%, due 03/16/39<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108007 |
| &nbsp;&nbsp; 72599000 | RUB | Russian Federal Bond - OFZ, 7.75%, due 09/16/26<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318242 |
| &nbsp;&nbsp; 71354000 | RUB | Russian Federal Bond - OFZ, 8.15%, due 02/03/27<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312785 |
| &nbsp;&nbsp; 29262000 | RUB | Russian Federal Bond - OFZ, 8.50%, due 09/17/31<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781000 | EUR | Serbia International Bond, 1.00%, due 09/23/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599648 |
| 124112000 | THB | Thailand Government Bond, 2.13%, due 12/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634614 |
| &nbsp;&nbsp;&nbsp; 7884000 | UYU | Uruguay Government International Bond, 8.50%, due 03/15/28<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181412 |
|  |  |  | &nbsp;&nbsp; 389611169 |
|  |  | **U.S. Government and Agency Obligations — 0.3%** | **U.S. Government and Agency Obligations — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534100 |  | U.S. Treasury Note, 2.00%, due 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532657 |
| &nbsp;&nbsp;&nbsp; 3158000 |  | U.S. Treasury Note, 2.50%, due 03/31/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3143227 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3675884 |
|  |  | TOTAL DEBT OBLIGATIONS (COST $1,184,366,652) | 1078594895 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** |
|  | **Energy — 0.0%** | **Energy — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Amplify Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — 0.0%** | **Industrial — 0.0%** |
| &nbsp;&nbsp;&nbsp; 1282 | Arctic Canadian Diamond Co., Ltd.\*<sup>(e)(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | TOTAL COMMON STOCKS (COST $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
|  | **CONVERTIBLE PREFERRED STOCKS — 0.4%** | **CONVERTIBLE PREFERRED STOCKS — 0.4%** |
|  | **Consumer, Non-cyclical — 0.0%** | **Consumer, Non-cyclical — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | Danaher Corp., 5.00%<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 196700 |
|  | **Energy — 0.3%** | **Energy — 0.3%** |
| 103220 | MPLX, LP, 8.46%\*<sup>(i)(j)</sup> <br>| &nbsp;&nbsp; 3715920 |
|  | **Utilities — 0.1%** | **Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; 3924 | American Electric Power Co., Inc., 6.13%<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 202400 |
| &nbsp;&nbsp;&nbsp; 4442 | NextEra Energy, Inc., 6.22% | &nbsp;&nbsp;&nbsp;&nbsp; 224276 |
| &nbsp;&nbsp;&nbsp; 2274 | NiSource, Inc., 7.75% | &nbsp;&nbsp;&nbsp;&nbsp; 234813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 661489 |
|  | TOTAL CONVERTIBLE PREFERRED STOCKS (COST $4,269,930) | 4574109 |
|  | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  | **Financial — 0.0%** | **Financial — 0.0%** |
| &nbsp;&nbsp;&nbsp; 8000 | B Riley Financial, Inc., 5.50% | &nbsp;&nbsp;&nbsp;&nbsp; 178400 |
| &nbsp;&nbsp;&nbsp; 7150 | B Riley Financial, Inc., 5.25% | &nbsp;&nbsp;&nbsp;&nbsp; 130416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 308816 |
|  | TOTAL PREFERRED STOCKS (COST $378,750) | &nbsp;&nbsp; 308816 |

---

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

---

| | | |
|:---|:---|:---|
| **Notional Value** | **Description** | **Value ($)** |
|  | **PURCHASED OPTIONS — 0.1%** | **PURCHASED OPTIONS — 0.1%** |
|  | **PURCHASED CURRENCY OPTION — 0.0%** | **PURCHASED CURRENCY OPTION — 0.0%** |
|  | **Put Option — 0.0%** | **Put Option — 0.0%** |
| 24000000 | AUD/JPY with HSBC Bank Plc, AUDStrike Price 87.25, Expires 02/03/23 | 186372 |
|  | &nbsp;&nbsp;&nbsp; TOTAL PURCHASED CURRENCY OPTION <br>(PREMIUMS PAID $115,957)<br>| 186372 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Number of** <br>**Contracts**<br>| **Notional** <br>**Value ($)**<br>| **Description** | **Value ($)** |
|  |  | **PURCHASED FUTURES OPTIONS — 0.1%** | **PURCHASED FUTURES OPTIONS — 0.1%** |
|  |  | **Call Option — 0.0%** | **Call Option — 0.0%** |
| 20000 | 1904200 | &nbsp;&nbsp;&nbsp; Euro 90-Day Futures with Citigroup Global Markets, Inc., Strike Price $99.00, <br> Expires 12/18/23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
|  |  | **Put Options — 0.1%** | **Put Options — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 250 | 965250 | &nbsp;&nbsp;&nbsp; S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,400.00, <br> Expires 01/20/23<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp; 3100 | 11969100 | &nbsp;&nbsp;&nbsp; S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,600.00, <br> Expires 02/17/23<br>| 123225 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Number of**<br> **Contracts**<br>| **Notional**<br> **Value ($)**<br>| **Description** | **Value ($)** |
|  |  | **Put Options — continued** | **Put Options — continued** |
| &nbsp;&nbsp; 1000 | 3861000 | &nbsp;&nbsp;&nbsp; S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,400.00, <br> Expires 02/17/23<br>| &nbsp;&nbsp;&nbsp; 14250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 800 | 3088800 | &nbsp;&nbsp;&nbsp; S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,700.00, <br> Expires 02/17/23<br>| &nbsp;&nbsp;&nbsp; 50600 |
| &nbsp;&nbsp; 2150 | 8301150 | &nbsp;&nbsp;&nbsp; S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,500.00, <br> Expires 03/17/23<br>| &nbsp;&nbsp;&nbsp; 99975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 850 | 3667950 | &nbsp;&nbsp;&nbsp; S&P 500 E-mini Futures with JPMorgan Chase Bank LLC, Strike Price $3,600.00, <br> Expires 03/17/23<br>| &nbsp;&nbsp;&nbsp; 63412 |
|  |  | &nbsp;&nbsp;&nbsp; TOTAL PURCHASED FUTURES OPTIONS <br>(PREMIUMS PAID $606,126)<br>| 352650 |
|  |  | &nbsp;&nbsp;&nbsp; TOTAL PURCHASED OPTIONS <br>(PREMIUMS PAID $722,083)<br>| 539022 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENTS — 2.8%** | **SHORT-TERM INVESTMENTS — 2.8%** |
|  | **Mutual Fund - Securities Lending Collateral — 2.2%** | **Mutual Fund - Securities Lending Collateral — 2.2%** |
| 25548309 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(o)(p)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25548309 |
|  | **U.S. Government and Agency Obligation — 0.6%** | **U.S. Government and Agency Obligation — 0.6%** |
| &nbsp;&nbsp; 7240000 | U.S. Treasury Bill, 4.52%, due 06/15/23<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7094214 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $32,693,637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32642523 |
|  | **TOTAL INVESTMENTS — 97.3%** <br>(Cost $1,222,431,052)<br>| &nbsp;&nbsp; 1116659453 |
|  | Other Assets and Liabilities (net)<sup>(q)</sup> — 2.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30495191 |
|  | **NET ASSETS — 100.0%** | **$1147154644** |

---

&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 December 31, 2022. |
| (c) | 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 $1,814,297, which is 0.2% of net <br> assets. See details shown in the Restricted Securities table that follows.<br>|
| (d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (e) | 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 $1,534,764 which represents 0.1% of net assets. The <br> aggregate tax cost of these securities held at December 31, 2022 was $2,341,763.<br>|

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| (f) | Interest rate presented is yield to maturity. |
| (g) | All or a portion of this security is out on loan. |
| (h) | 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>|
| (i) | Security is perpetual and has no stated maturity date. |
| (j) | 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>|
| (k) | Security is currently in default. |
| (l) | Year of maturity is greater than 2100. |
| (m) | Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total <br> market value of the securities at period end is $2,594,254 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at December 31, 2022 was $8,414,842.<br>|
| (n) | Level 3 - significant unobservable inputs were used in determining the value of this security in <br> the Fund.<br>|
| (o) | The rate disclosed is the 7-day net yield as of December 31, 2022. |
| (p) | Represents an investment of securities lending cash collateral. |
| (q) | As of December 31, 2022, the value of unfunded loan commitments was $72,318 for the Fund. See <br> Notes to the Schedule of Investments.<br>|
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $369,084,351 which represents 32.2% of <br> net assets.<br>|

---

At December 31, 2022, the Fund held the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Restricted Securities | Acquisition <br>Date<br>| Principal <br>Amount | Principal <br>Amount | Cost | Value |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities <br> Trust, Series 2018-PHMZ, 12.83%, Class M, (1 <br> mo. USD LIBOR + 8.51%), due 06/15/35<br>| 07/27/18 | USD | 1390000 | $1390000 | $14 |
| &nbsp;&nbsp;&nbsp; Magnolia Financial X DAC, Series 2020-1, due <br> 08/13/24<br>| 03/02/20 | USD | &nbsp;&nbsp; 595177 | &nbsp;&nbsp;&nbsp;&nbsp; 595177 | &nbsp;&nbsp;&nbsp;&nbsp; 581874 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings Plc, 5.63%, due <br> 09/15/45<br>| 10/12/22 | USD | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 151249 | &nbsp;&nbsp;&nbsp;&nbsp; 165255 |
| Societe Generale SA, 3.63%, due 03/01/41 | 02/22/21 | USD | 1095000 | &nbsp;&nbsp; 1094416 | &nbsp;&nbsp;&nbsp;&nbsp; 714119 |
| &nbsp;&nbsp;&nbsp; Starwood Retail Property Trust, Series <br> 2014-STAR, 7.07%, Class C, (1 mo. USD <br> LIBOR + 2.75%), due 11/15/27<br>| 07/25/18 | USD | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 226550 | &nbsp;&nbsp;&nbsp;&nbsp; 110984 |
| &nbsp;&nbsp;&nbsp; Starwood Retail Property Trust, Series <br> 2014-STAR, 7.82%, Class D, (1 mo. USD <br> LIBOR + 3.50%), due 11/15/27<br>| 12/21/18 | USD | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 732750 | &nbsp;&nbsp;&nbsp;&nbsp; 242051 |
|  |  |  |  |  | $1814297 |

---

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| AUD | 2378400 | USD | 1591017 | 01/12/23 | Bank of America, N.A. | $22421 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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>|
| AUD | 3650000 | USD | 2295905 | 01/18/23 | Goldman Sachs & Co. | $180743 |
| AUD | 3592400 | USD | 2349204 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87777 |
| AUD | 3276200 | USD | 2243597 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (21117) |
| AUD | 4844351 | USD | 3129451 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 157605 |
| AUD | 7530000 | USD | 5036674 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71460 |
| AUD | 3691696 | USD | 2386823 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp; 117516 |
| BRL | 5369200 | USD | 1000185 | 02/02/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11217 |
| BRL | 4301800 | USD | 810850 | 02/02/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (515) |
| BRL | 5054700 | USD | 947911 | 02/02/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4248 |
| BRL | 5470000 | USD | 1008741 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24405 |
| BRL | 360400 | USD | 66293 | 02/22/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| BRL | 5529900 | USD | 1045844 | 02/22/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7781) |
| CAD | 940000 | USD | 702841 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9058) |
| CAD | 1740900 | USD | 1263474 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21428 |
| CAD | 8054772 | USD | 5898469 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46666 |
| CAD | 1758900 | USD | 1290880 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7307 |
| CAD | 573200 | USD | 429795 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6735) |
| CHF | 983900 | USD | 979109 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85248 |
| CHF | 2323900 | USD | 2385141 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp; 128794 |
| CHF | 1023900 | USD | 1033383 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74245 |
| CLP | 756360100 | USD | 855611 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31493 |
| CLP | 765153600 | USD | 860110 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37308 |
| CLP | 1038430000 | USD | 1132358 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85574 |
| CLP | 487300000 | USD | 535877 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35657 |
| CLP | 1524774700 | USD | 1698156 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90190 |
| CLP | 406200000 | USD | 432359 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44056 |
| CLP | 2220193200 | USD | 2401455 | 02/15/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 192756 |
| CLP | 2609381300 | USD | 2890641 | 02/21/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 155283 |
| CLP | 3106005584 | USD | 3344591 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; 298317 |
| CNH | 610000 | USD | 85632 | 01/12/23 | Bank of New York | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2595 |
| CNH | 26633342 | USD | 3680977 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 171114 |
| CNH | 68033400 | USD | 9502560 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 340865 |
| CNH | 82467800 | USD | 11605866 | 03/06/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 370115 |
| CNH | 5450000 | USD | 784861 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3396 |
| CNH | 23652100 | USD | 3330644 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90257 |
| CNH | 7500000 | USD | 1068998 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15759 |
| CNY | 16888071 | USD | 2420265 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10623 |
| COP | 3348610000 | USD | 701720 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (12216) |
| COP | 1625602007 | USD | 336746 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2023) |
| COP | 2944830000 | USD | 588119 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18244 |
| COP | 406803493 | USD | 84273 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (509) |
| COP | 3458020000 | USD | 722679 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (10647) |
| COP | 10539600000 | USD | 2073500 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96683 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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>|
| COP | 4156123000 | USD | 870392 | 01/17/23 | JPMorgan Chase Bank N.A. | $(15332) |
| COP | 8269122700 | USD | 1663403 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39271 |
| COP | 4863086300 | USD | 1005238 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3892) |
| CZK | 51441400 | USD | 2161628 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 110240 |
| CZK | 39262200 | USD | 1649811 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84173 |
| CZK | 49168948 | USD | 1987982 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; 183526 |
| CZK | 21782000 | USD | 935235 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26750 |
| CZK | 22510000 | USD | 966668 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27468 |
| CZK | 30354300 | USD | 1247977 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92597 |
| CZK | 9760000 | USD | 427073 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970 |
| EGP | 24938100 | USD | 1013744 | 01/31/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (62024) |
| EGP | 15920000 | USD | 609962 | 03/30/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (29962) |
| EGP | 17400000 | USD | 737288 | 01/31/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; (73247) |
| EGP | 12550000 | USD | 491964 | 02/28/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; (28100) |
| EUR | 266000 | USD | 283330 | 01/03/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
| EUR | 6305210 | USD | 6337121 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 395902 |
| EUR | 739400 | USD | 738702 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50867 |
| EUR | 800000 | USD | 829882 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24399 |
| EUR | 114000 | USD | 121535 | 01/03/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| EUR | 564000 | USD | 602490 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| EUR | 2439600 | USD | 2513020 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92109 |
| EUR | 860000 | USD | 911630 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722 |
| EUR | 1650500 | USD | 1649663 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; 112824 |
| GBP | 338600 | USD | 406924 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| GBP | 358200 | USD | 435642 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4671) |
| GBP | 720000 | USD | 867826 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1554) |
| GBP | 2411400 | USD | 2785467 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 115822 |
| GBP | 3685057 | USD | 4107106 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 327299 |
| GBP | 600000 | USD | 709426 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12468 |
| GBP | 352900 | USD | 434383 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9789) |
| HUF | 127290000 | USD | 327300 | 01/12/23 | Bank of New York | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11044 |
| HUF | 684017738 | USD | 1646831 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 171326 |
| HUF | 340101800 | USD | 834667 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69343 |
| HUF | 20420000 | USD | 52026 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| HUF | 207830000 | USD | 518996 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33428 |
| HUF | 715051700 | USD | 1808784 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91865 |
| HUF | 2053368400 | USD | 4673502 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 777061 |
| HUF | 3114977300 | USD | 7245737 | 02/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 962009 |
| HUF | 361905500 | USD | 863162 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98803 |
| HUF | 101010000 | USD | 266019 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471 |
| HUF | 1019043000 | USD | 2590347 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; 118328 |
| IDR | 2521350000 | USD | 160289 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3073 |
| IDR | 1530209884 | USD | 97884 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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>|
| IDR | 3969839800 | USD | 254195 | 01/12/23 | Citibank N.A. | $3017 |
| IDR | 7314650000 | USD | 464894 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9032 |
| IDR | 63142658100 | USD | 4025873 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65233 |
| IDR | 15882997503 | USD | 1017223 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11859 |
| IDR | 18910579900 | USD | 1228279 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (13690) |
| IDR | 2706459000 | USD | 174430 | 01/30/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (625) |
| IDR | 6274937797 | USD | 404784 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779 |
| IDR | 4493295116 | USD | 287464 | 01/12/23 | NatWest Markets Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3663 |
| IDR | 7093644500 | USD | 449944 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9664 |
| INR | 36191200 | USD | 436236 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932 |
| INR | 71714000 | USD | 868166 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1904) |
| INR | 47580000 | USD | 573820 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918 |
| INR | 118402100 | USD | 1446044 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (15817) |
| INR | 178570000 | USD | 2183361 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; (26342) |
| INR | 199252900 | USD | 2391699 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15158 |
| INR | 34764000 | USD | 421971 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2043) |
| INR | 59304600 | USD | 723183 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6818) |
| INR | 43580000 | USD | 524877 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544 |
| INR | 57371200 | USD | 693742 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (733) |
| INR | 23074400 | USD | 278403 | 01/12/23 | NatWest Markets Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| JPY | 301787088 | USD | 2070489 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 218907 |
| JPY | 822788700 | USD | 6069716 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 172065 |
| JPY | 306551800 | USD | 2238487 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87054 |
| JPY | 796977021 | USD | 5566162 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 484501 |
| JPY | 644482000 | USD | 4609108 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; 280016 |
| JPY | 295040000 | USD | 2208081 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31868 |
| JPY | 102070000 | USD | 744104 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30213 |
| KRW | 14220022000 | USD | 10723190 | 02/21/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 534955 |
| MXN | 41254017 | USD | 2095750 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18217 |
| MXN | 12760000 | USD | 657159 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3303) |
| MXN | 4554200 | USD | 229541 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3829 |
| MXN | 16987500 | USD | 855654 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14831 |
| MXN | 30683609 | USD | 1555773 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16538 |
| MXN | 21780000 | USD | 1087114 | 03/14/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16628 |
| MXN | 146879774 | USD | 7473559 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52955 |
| MXN | 7466000 | USD | 383037 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (459) |
| MXN | 100244880 | USD | 4966871 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 164377 |
| MXN | 1620000 | USD | 83846 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (832) |
| MYR | 4077900 | USD | 880621 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51929 |
| MYR | 12454600 | USD | 2788235 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59934 |
| NOK | 50532624 | USD | 4723249 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 409377 |
| NZD | 1001000 | USD | 620915 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12227 |
| NZD | 1720700 | USD | 991767 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96593 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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>|
| NZD | 17941 | USD | 10190 | 01/18/23 | JPMorgan Chase Bank N.A. | $1159 |
| NZD | 2488950 | USD | 1459772 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; 114513 |
| NZD | 830000 | USD | 511754 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13229 |
| PEN | 2662800 | USD | 690202 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7468 |
| PEN | 4200200 | USD | 1094731 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| PEN | 1390000 | USD | 364254 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65) |
| PEN | 3400000 | USD | 875499 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15323 |
| PEN | 757000 | USD | 198401 | 01/20/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229) |
| PHP | 32159600 | USD | 577922 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| PHP | 18096586 | USD | 327801 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1804) |
| PHP | 12962700 | USD | 226265 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7249 |
| PHP | 97086200 | USD | 1737716 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11222 |
| PHP | 133063400 | USD | 2293473 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 103567 |
| PHP | 4893414 | USD | 88604 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (453) |
| PHP | 111139200 | USD | 1866502 | 01/09/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 127319 |
| PHP | 183480300 | USD | 3083009 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 207823 |
| PHP | 111139200 | USD | 1991100 | 02/09/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| PHP | 71580000 | USD | 1244623 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44840 |
| PHP | 25770000 | USD | 466932 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2704) |
| PLN | 2359800 | USD | 522507 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15201 |
| PLN | 1950000 | USD | 442913 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1418 |
| PLN | 19381600 | USD | 4137897 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 278433 |
| PLN | 39930150 | USD | 8179056 | 02/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; 894770 |
| PLN | 8129000 | USD | 1807797 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44492 |
| PLN | 3870000 | USD | 872918 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8908 |
| PLN | 25248618 | USD | 5270573 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; 482626 |
| RON | 10587800 | USD | 2148918 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 134308 |
| RON | 14767500 | USD | 3093171 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91394 |
| RON | 20391400 | USD | 4081295 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; 316046 |
| RON | 3662478 | USD | 792700 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2898) |
| RON | 297522 | USD | 64442 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (283) |
| RON | 2041400 | USD | 416679 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23543 |
| THB | 21934900 | USD | 630677 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| THB | 16714300 | USD | 445275 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37665 |
| THB | 82201800 | USD | 2328485 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46643 |
| THB | 19637400 | USD | 551737 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15664 |
| THB | 655742013 | USD | 17465530 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp; 1481390 |
| USD | 2868665 | AUD | 4221500 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| USD | 2486139 | AUD | 3680000 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (10267) |
| USD | 681231 | AUD | 1040000 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (24275) |
| USD | 1608618 | AUD | 2345100 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17769 |
| USD | 114737 | AUD | 170000 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (586) |
| USD | 576490 | AUD | 852000 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1482) |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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 | 1148741 | AUD | 1685600 | 01/12/23 | State Street Bank London | $5279 |
| USD | 1031048 | BRL | 5614264 | 02/02/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (26516) |
| USD | 877704 | BRL | 4640000 | 02/02/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3663 |
| USD | 1341192 | BRL | 7150100 | 02/02/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5679) |
| USD | 637166 | BRL | 3420000 | 02/02/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7063) |
| USD | 1061640 | BRL | 5570000 | 02/02/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12414 |
| USD | 1083206 | BRL | 5770000 | 02/02/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3695) |
| USD | 251448 | BRL | 1344242 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2445) |
| USD | 119506 | BRL | 640000 | 02/02/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1051) |
| USD | 200068 | BRL | 1062000 | 02/22/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 |
| USD | 1742015 | BRL | 9364200 | 02/22/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (15815) |
| USD | 629506 | BRL | 3350000 | 02/02/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1536) |
| USD | 1566991 | CAD | 2119800 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436 |
| USD | 1314730 | CAD | 1760000 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15732 |
| USD | 1768767 | CAD | 2429700 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (24567) |
| USD | 832753 | CAD | 1133200 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3625) |
| USD | 2525406 | CHF | 2439427 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp; (113503) |
| USD | 1303422 | CHF | 1280000 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (81248) |
| USD | 634527 | CHF | 620000 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp; (36172) |
| USD | 1491211 | &nbsp;&nbsp; CLP | 1285687880 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (16721) |
| USD | 1742601 | &nbsp;&nbsp; CLP | 1600840000 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp; (134960) |
| USD | 468761 | &nbsp;&nbsp; CLP | 399450000 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| USD | 49207 | &nbsp;&nbsp; CLP | 43625684 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1960) |
| USD | 1775089 | &nbsp;&nbsp; CLP | 1574918500 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (72069) |
| USD | 79375 | &nbsp;&nbsp; CLP | 70923000 | 02/21/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3413) |
| USD | 2312931 | &nbsp;&nbsp; CLP | 2046859436 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (87747) |
| USD | 741663 | CNH | 5170000 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6095) |
| USD | 1207147 | CNH | 8719000 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (53918) |
| USD | 1706515 | CNH | 11851100 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7559) |
| USD | 9683091 | CNH | 68033400 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp; (160335) |
| USD | 1869413 | CNH | 13050000 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (18863) |
| USD | 791415 | CNH | 5771000 | 02/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (45219) |
| USD | 3893427 | CNH | 27083600 | 03/06/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (39656) |
| USD | 6044131 | CNH | 42197100 | 03/14/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (87481) |
| USD | 894503 | CNH | 6227100 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6148) |
| USD | 417371 | CNY | 2960000 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8884) |
| USD | 1939530 | CNY | 13520000 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6554) |
| USD | 675461 | COP | 3355012800 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (15362) |
| USD | 1142611 | COP | 5534047800 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3108 |
| USD | 2164746 | COP | 10435756300 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15945 |
| USD | 383754 | COP | 1859501323 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869 |
| USD | 174364 | COP | 863680000 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3474) |
| USD | 649760 | COP | 3136510681 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3929 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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 | 1858799 | COP | 8943675777 | 01/12/23 | HSBC Bank Plc | $17229 |
| USD | 227021 | COP | 1099729319 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 |
| USD | 578579 | COP | 2821673100 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2425) |
| USD | 3993417 | COP | 19374663700 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7368 |
| USD | 132847 | COP | 646302000 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120) |
| USD | 642498 | COP | 3093100000 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5605 |
| USD | 1646348 | COP | 8312014889 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; (65159) |
| USD | 1328568 | CZK | 30070800 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| USD | 5611 | CZK | 130000 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131) |
| USD | 226437 | CZK | 5220431 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4120) |
| USD | 1564476 | CZK | 36079273 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (28937) |
| USD | 862081 | CZK | 20130000 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (26945) |
| USD | 2013819 | CZK | 47281596 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp; (74335) |
| USD | 621624 | CZK | 14158200 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3662) |
| USD | 276546 | EUR | 266000 | 01/03/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7343) |
| USD | 4178607 | EUR | 4120000 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp; (220938) |
| USD | 1281551 | EUR | 1199000 | 01/19/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617 |
| USD | 915298 | EUR | 860000 | 01/30/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4127) |
| USD | 730934 | EUR | 687000 | 01/31/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3585) |
| USD | 283944 | EUR | 266000 | 02/03/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510) |
| USD | 259406 | EUR | 245000 | 01/17/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2302) |
| USD | 330420 | EUR | 310000 | 01/27/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (936) |
| USD | 282676 | EUR | 266000 | 01/30/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1704) |
| USD | 1455487 | EUR | 1366000 | 01/31/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4997) |
| USD | 1277816 | EUR | 1201000 | 01/30/23 | BNP Paribas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6171) |
| USD | 1130991 | EUR | 1063000 | 01/30/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5461) |
| USD | 2503086 | EUR | 2349000 | 01/31/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8389) |
| USD | 850607 | EUR | 799000 | 01/30/23 | Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3602) |
| USD | 1139727 | EUR | 1072000 | 01/23/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5826) |
| USD | 190397 | EUR | 179000 | 01/30/23 | Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (972) |
| USD | 3404299 | EUR | 3269400 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (86932) |
| USD | 1383466 | EUR | 1300000 | 01/27/23 | HSBC Bank USA, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6091) |
| USD | 1794662 | EUR | 1700800 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (21539) |
| USD | 1732240 | EUR | 1656900 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (37082) |
| USD | 118504 | EUR | 114000 | 01/03/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3163) |
| USD | 1997365 | EUR | 1987942 | 01/18/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp; (126287) |
| USD | 491030 | EUR | 462000 | 01/23/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2669) |
| USD | 536370 | EUR | 505000 | 01/27/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3420) |
| USD | 1010524 | EUR | 950000 | 01/30/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5119) |
| USD | 121798 | EUR | 114000 | 02/03/23 | Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111) |
| USD | 904340 | EUR | 850000 | 01/23/23 | Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3980) |
| USD | 81898 | EUR | 77000 | 01/30/23 | Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (422) |
| USD | 778612 | EUR | 732000 | 01/30/23 | State Street Bank and Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3968) |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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 | 885055 | EUR | 837000 | 01/12/23 | State Street Bank London | $(8736) |
| USD | 1595676 | EUR | 1500000 | 01/23/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7243) |
| USD | 418354 | GBP | 340000 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9281 |
| USD | 521347 | GBP | 429000 | 01/23/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5042 |
| USD | 152167 | GBP | 125000 | 01/23/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728 |
| USD | 977843 | GBP | 802000 | 01/23/23 | BNP Paribas S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12629 |
| USD | 13370430 | GBP | 11494985 | 01/18/23 | Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp; (462037) |
| USD | 545150 | GBP | 470000 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (20333) |
| USD | 871367 | GBP | 709700 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17487 |
| USD | 711807 | GBP | 591000 | 01/30/23 | Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| USD | 472045 | GBP | 388800 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4258 |
| USD | 2495141 | GBP | 2154081 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; (96553) |
| USD | 200248 | HUF | 85131500 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (26036) |
| USD | 723282 | HUF | 307286400 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (93503) |
| USD | 3478233 | HUF | 1394657600 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp; (228845) |
| USD | 3985375 | HUF | 1717034100 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp; (572405) |
| USD | 112574 | HUF | 45292000 | 02/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6767) |
| USD | 1634570 | HUF | 652237200 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; (99114) |
| USD | 783241 | &nbsp;&nbsp; IDR | 12082280000 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 |
| USD | 376280 | &nbsp;&nbsp; IDR | 5858307900 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3288) |
| USD | 3955297 | &nbsp;&nbsp; IDR | 61886497496 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (54421) |
| USD | 482154 | &nbsp;&nbsp; IDR | 7402989150 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2503 |
| USD | 146111 | &nbsp;&nbsp; IDR | 2282987772 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1807) |
| USD | 5012157 | &nbsp;&nbsp; IDR | 76514472712 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97842 |
| USD | 6639235 | &nbsp;&nbsp; IDR | 103748006541 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (24216) |
| USD | 2834984 | &nbsp;&nbsp; IDR | 44208740400 | 01/19/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4391) |
| USD | 2827449 | &nbsp;&nbsp; IDR | 44212815400 | 01/20/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (12156) |
| USD | 3008730 | &nbsp;&nbsp; IDR | 47301931500 | 01/30/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (28939) |
| USD | 1412943 | &nbsp;&nbsp; IDR | 21998102800 | 01/30/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| USD | 2161335 | &nbsp;&nbsp; INR | 177855700 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12944 |
| USD | 1082540 | &nbsp;&nbsp; INR | 89680100 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (743) |
| USD | 1617980 | &nbsp;&nbsp; INR | 135101300 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; (13964) |
| USD | 1381943 | &nbsp;&nbsp; INR | 112380000 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24459 |
| USD | 4859691 | &nbsp;&nbsp; INR | 404958014 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (31961) |
| USD | 1152065 | &nbsp;&nbsp; INR | 94912800 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5576 |
| USD | 462991 | &nbsp;&nbsp; JPY | 61820000 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5984) |
| USD | 1413229 | &nbsp;&nbsp; JPY | 205660000 | 01/18/23 | Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp; (148145) |
| USD | 2166143 | &nbsp;&nbsp; JPY | 282920000 | 01/18/23 | Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18210 |
| USD | 1663785 | &nbsp;&nbsp; JPY | 229311600 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; (75803) |
| USD | 4308912 | &nbsp;&nbsp; JPY | 611650800 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp; (331149) |
| USD | 2712131 | &nbsp;&nbsp; JPY | 357090000 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200 |
| USD | 3373165 | &nbsp;&nbsp; JPY | 482169900 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp; (284637) |
| USD | 235199 | &nbsp;&nbsp; JPY | 34290000 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (25131) |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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 | 917412 | &nbsp;&nbsp; JPY | 124350000 | 01/12/23 | State Street Bank London | $(25923) |
| USD | 1707726 | &nbsp;&nbsp; JPY | 237709700 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp; (95570) |
| USD | 628784 | &nbsp;&nbsp; JPY | 85400000 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp; (19071) |
| USD | 91196 | KRW | 120296000 | 02/21/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4043) |
| USD | 1506094 | MXN | 30113600 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (37008) |
| USD | 525518 | MXN | 10235100 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| USD | 1741553 | MXN | 35482393 | 01/18/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (74690) |
| USD | 2259755 | MXN | 45017800 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (47079) |
| USD | 463515 | MXN | 9101300 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2860) |
| USD | 9741643 | MXN | 193564403 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp; (177116) |
| USD | 239046 | MXN | 4682984 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (922) |
| USD | 1356885 | MXN | 27675984 | 01/18/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (59769) |
| USD | 2069913 | MXN | 40495100 | 03/14/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17748 |
| USD | 245536 | MXN | 4943000 | 03/14/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4960) |
| USD | 1485239 | MXN | 29428700 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (22768) |
| USD | 994099 | MXN | 19317416 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4222 |
| USD | 4669 | MXN | 90000 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| USD | 49796 | MXN | 990000 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (934) |
| USD | 1433188 | MYR | 6679240 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp; (94248) |
| USD | 1773228 | MYR | 8193900 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp; (100586) |
| USD | 869820 | NZD | 1358600 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10492 |
| USD | 1907203 | NZD | 3212900 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp; (124988) |
| USD | 915027 | NZD | 1469100 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (14193) |
| USD | 4195926 | PEN | 16808880 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp; (208107) |
| USD | 2590655 | PEN | 10007700 | 01/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (31150) |
| USD | 2603899 | PEN | 10018500 | 01/20/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (18802) |
| USD | 685146 | PEN | 2634200 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5031) |
| USD | 15029 | &nbsp;&nbsp; PHP | 843626 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168) |
| USD | 1524789 | &nbsp;&nbsp; PHP | 89090360 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; (80110) |
| USD | 1674239 | &nbsp;&nbsp; PHP | 95953174 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (54287) |
| USD | 1992813 | &nbsp;&nbsp; PHP | 111139200 | 01/09/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1009) |
| USD | 44348 | &nbsp;&nbsp; PHP | 2485000 | 01/17/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (222) |
| USD | 1414923 | &nbsp;&nbsp; PHP | 79480200 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (16855) |
| USD | 1410223 | PLN | 6492500 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (69172) |
| USD | 96191 | PLN | 440000 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4068) |
| USD | 2111175 | PLN | 9442100 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (40321) |
| USD | 1479338 | PLN | 7002600 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp; (116288) |
| USD | 183662 | PLN | 831000 | 02/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5177) |
| USD | 868360 | PLN | 4020000 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (47645) |
| USD | 339849 | PLN | 1498200 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1534) |
| USD | 5162259 | RON | 25690500 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp; (377815) |
| USD | 6052956 | RON | 29494738 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp; (307490) |
| USD | 1191139 | RON | 5557462 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7310) |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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 | 1200041 | RON | 5604400 | 01/12/23 | UBS AG | $(8530) |
| USD | 874717 | RON | 4050800 | 01/12/23 | UBS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| USD | 1460633 | THB | 54180000 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp; (104836) |
| USD | 635490 | THB | 22150000 | 01/12/23 | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4509) |
| USD | 1003768 | THB | 34630000 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174 |
| USD | 417864 | THB | 14634500 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4983) |
| USD | 1632472 | THB | 56704400 | 03/15/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (15871) |
| USD | 1132335 | TRY | 21400000 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3095) |
| USD | 1905808 | ZAR | 33435743 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp; (57965) |
| USD | 2395945 | ZAR | 42806021 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp; (118169) |
| USD | 2539337 | ZAR | 45062765 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp; (107322) |
| USD | 2981279 | ZAR | 51370770 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (35864) |
| USD | 7357370 | ZAR | 131766667 | 02/21/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp; (355016) |
| USD | 674253 | ZAR | 11800300 | 03/13/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp; (15262) |
| USD | 466209 | ZAR | 8220000 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; (16575) |
| USD | 296610 | ZAR | 5300000 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp; (14674) |
| ZAR | 33022932 | USD | 1883066 | 01/12/23 | Bank of America, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56461 |
| ZAR | 6089500 | USD | 351036 | 01/12/23 | Barclays Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6617 |
| ZAR | 11300000 | USD | 645493 | 01/12/23 | Citibank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18187 |
| ZAR | 15070000 | USD | 863255 | 01/12/23 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21847 |
| ZAR | 7667300 | USD | 433677 | 01/12/23 | HSBC Bank Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16644 |
| ZAR | 32338268 | USD | 1850568 | 01/12/23 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48747 |
| ZAR | 56617617 | USD | 3184033 | 01/12/23 | Morgan Stanley and Co. International Plc | &nbsp;&nbsp;&nbsp;&nbsp; 141274 |
| ZAR | 12438000 | USD | 674537 | 01/12/23 | State Street Bank London | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55980 |
| ZAR | 9017700 | USD | 513308 | 01/12/23 | The BNY Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16326 |
|  |  |  |  |  |  | $7225609 |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 31 | 10-Year Australian Bond Futures | Mar 2023 | $2431931 | $(139887) |
| &nbsp;&nbsp; 510 | Euro 90-Day | Dec 2023 | &nbsp;&nbsp; 121392750 | &nbsp;&nbsp; (2321371) |
| &nbsp;&nbsp;&nbsp;&nbsp; 33 | Long Gilt Futures | Mar 2023 | &nbsp;&nbsp;&nbsp;&nbsp; 3965602 | &nbsp;&nbsp;&nbsp;&nbsp; (219175) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3 | SOFR 90-Day | Sep 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11406) |
| &nbsp;&nbsp;&nbsp;&nbsp; 81 | SOFR 90-Day | Mar 2025 | &nbsp;&nbsp;&nbsp; 19573650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7530 |
| &nbsp;&nbsp; 518 | U.S. Treasury Note 10-Year | Mar 2023 | &nbsp;&nbsp;&nbsp; 58169781 | &nbsp;&nbsp;&nbsp;&nbsp; (286500) |
| &nbsp;&nbsp; 938 | U.S. Treasury Note 2-Year | Mar 2023 | &nbsp;&nbsp; 192363282 | &nbsp;&nbsp;&nbsp;&nbsp; (421946) |
| &nbsp;&nbsp; 441 | U.S. Treasury Note 5-Year | Mar 2023 | &nbsp;&nbsp;&nbsp; 47596992 | &nbsp;&nbsp;&nbsp;&nbsp; (586269) |
| &nbsp;&nbsp; 214 | U.S. Ultra 10-Year | Mar 2023 | &nbsp;&nbsp;&nbsp; 25312188 | &nbsp;&nbsp;&nbsp;&nbsp; (564038) |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (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>|
| &nbsp;&nbsp; 341 | U.S. Ultra Bond | Mar 2023 | $45800563 | $(35143) |
|  |  |  |  | $(4578205) |
| Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 79 | Euro-Bund | Mar 2023 | $11207689 | $355095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13 | Japan 10-Year Bond | Mar 2023 | &nbsp;&nbsp;&nbsp; 14331578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6 | U.S. Long Bond | Mar 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 752063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20427 |
| &nbsp;&nbsp; 108 | U.S. Treasury Note 5-Year | Mar 2023 | &nbsp;&nbsp;&nbsp; 11656406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33570 |
|  |  |  |  | $499923 |

---

**Written Options**

**Written Futures Options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Counterparty | Number of <br>Contracts<br>| Notional <br>Value<br>| Premiums <br>Received<br>| Value at <br>December 31, 2022<br>|
| &nbsp;&nbsp;&nbsp; PUT— S&P 500 E-mini <br> Futures Option <br>Strike @ $3,300.00 <br>Expires 02/17/2023<br>| &nbsp;&nbsp; JPMorgan <br> Chase Bank <br> N.A.<br>| 3650 | $(14092650) | $(116359) | $(31938) |
| &nbsp;&nbsp;&nbsp; PUT— S&P 500 E-mini <br> Futures Option <br>Strike @ $3,300.00 <br>Expires 03/17/2023<br>| &nbsp;&nbsp; JPMorgan <br> Chase Bank <br> N.A.<br>| 950 | &nbsp;&nbsp;&nbsp; (3667950) | &nbsp;&nbsp;&nbsp; (34873) | &nbsp;&nbsp; (19950) |
| Total Written Options |  |  |  | $(151232) | $(51888) |

---

**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>|
| 7.20% | Monthly | 1-Month TIIE | Monthly | 07/17/24 | $— | MXN | 116734200 | $(267399) | $(267399) |
| 3-Month JIBAR | Quarterly | 9.50% | Quarterly | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | ZAR | &nbsp;&nbsp;&nbsp; 1792183 | &nbsp;&nbsp;&nbsp;&nbsp; (1608) | &nbsp;&nbsp;&nbsp;&nbsp; (1610) |
| 6-Month BUBOR | Semi-Annual | 10.30% | Annual | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | HUF | 235549003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8517 |
| 6-Month WIBOR | Semi-Annual | 7.08% | Annual | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | PLN | &nbsp;&nbsp;&nbsp; 4170610 | &nbsp;&nbsp;&nbsp; (37320) | &nbsp;&nbsp;&nbsp; (37329) |
| 6-Month WIBOR | Semi-Annual | 6.76% | Annual | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | PLN | &nbsp;&nbsp;&nbsp; 3724846 | &nbsp;&nbsp;&nbsp; (22263) | &nbsp;&nbsp;&nbsp; (22272) |
| 6-Month WIBOR | Semi-Annual | 6.42% | Annual | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | PLN | &nbsp;&nbsp;&nbsp; 4473315 | &nbsp;&nbsp;&nbsp; (13036) | &nbsp;&nbsp;&nbsp; (13047) |
| 7-Day CNRR | Quarterly | 2.48% | Quarterly | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | CNY | &nbsp;&nbsp;&nbsp; 3094073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6699 |
| SOFR | Annual | 3.85% | Annual | 06/30/29 | &nbsp;&nbsp;&nbsp; 7458 | USD | &nbsp;&nbsp;&nbsp; 5950000 | &nbsp;&nbsp;&nbsp; (68409) | &nbsp;&nbsp;&nbsp; (75867) |
| SOFR | Annual | 3.05% | Annual | 02/15/48 | &nbsp;&nbsp; 68527 | USD | &nbsp;&nbsp;&nbsp; 2223000 | &nbsp;&nbsp;&nbsp; 102032 | &nbsp;&nbsp;&nbsp;&nbsp; 33505 |
| SOFR | Annual | 2.65% | Annual | 08/15/47 | &nbsp;&nbsp; 59195 | USD | &nbsp;&nbsp;&nbsp; 4982000 | &nbsp;&nbsp;&nbsp; 565681 | &nbsp;&nbsp;&nbsp; 506485 |
| SOFR | Annual | 2.62% | Annual | 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; (116) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594000 | &nbsp;&nbsp;&nbsp;&nbsp; 70004 | &nbsp;&nbsp;&nbsp;&nbsp; 70121 |
| SOFR | Annual | 2.51% | Annual | 02/15/48 | &nbsp;&nbsp; 31755 | USD | &nbsp;&nbsp;&nbsp; 1747000 | &nbsp;&nbsp;&nbsp; 238025 | &nbsp;&nbsp;&nbsp; 206271 |
| 2.20% | Quarterly | Thai Baht Interest Rate Fixing | Quarterly | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | THB | &nbsp;&nbsp; 30145343 | &nbsp;&nbsp;&nbsp;&nbsp; (2130) | &nbsp;&nbsp;&nbsp;&nbsp; (2139) |
| 2.52% | Quarterly | Thai Baht Interest Rate Fixing | Quarterly | 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | THB | &nbsp;&nbsp; 92838269 | &nbsp;&nbsp;&nbsp;&nbsp; 34086 | &nbsp;&nbsp;&nbsp;&nbsp; 34058 |
| 2.84% | Quarterly | Thai Baht Interest Rate Fixing | Quarterly | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | THB | 131410959 | &nbsp;&nbsp;&nbsp;&nbsp; 99374 | &nbsp;&nbsp;&nbsp;&nbsp; 99308 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

**Centrally Cleared Interest Rate Swaps—continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br> Received<br> by Fund<br>| Payment<br> Frequency<br>| Payments<br> Made<br> by Fund<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>|
| 2.84% | Quarterly | Thai Baht Interest Rate Fixing | 03/15/33 | $6 | THB | &nbsp;&nbsp; 11427040 | $8730 | $8724 |
| 3.27% | Quarterly | Thai Baht Interest Rate Fixing | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | THB | &nbsp;&nbsp; 18689901 | &nbsp;&nbsp;&nbsp;&nbsp; 35150 | &nbsp;&nbsp;&nbsp;&nbsp; 35141 |
|  |  |  |  |  |  |  |  | $589166 |

---

**OTC— Credit Default Swaps**

**Buy 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 |
| 730000 | EUR | 12/20/24 | Morgan Stanley & Co. | (1.00%) | Quarterly | Daimler AG, 1.40%, <br> 01/12/24<br>| $11547 | $(19195) | $(7648) |

---

**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 |
| 730000 | EUR | 12/20/24 | Morgan Stanley & Co. | 1.00% | Quarterly | Volkswagen <br> International Finance <br> N.V., 0.50%, <br> 03/30/21 (Moody's <br> rating: A3; S&P <br> rating: BBB+)<br>| $(8203) | $9254 | $1051 |
| Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | $3344 | $(9941) | $(6597) |

---

**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 |
| 3058400 | USD | 12/20/27 | (5.00%) | Quarterly | CDX.NA.HY.39\*\* | $(143458) | $125596 | $(17863) |
| 1380000 | USD | 06/20/26 | (5.00%) | Quarterly | General Motors Co. | &nbsp;&nbsp;&nbsp; 130364 | &nbsp;&nbsp; (264657) | &nbsp;&nbsp; (134292) |
| 1330000 | USD | 12/20/27 | (1.00%) | Quarterly | The Walt Disney Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; (17952) | &nbsp;&nbsp;&nbsp; (17878) |
| Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | $(13020) | $(157013) | $(170033) |

---

**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 |
| 1380000 | USD | 06/20/26 | 5.00% | Quarterly | Ford Motor Co. | $(126245) | $196911 | $70666 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

**Centrally Cleared Credit Default Swaps—continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| 1330000 | USD | 12/20/27 | 5.00% | Quarterly | Netflix, Inc. | $1006 | $209346 | $210351 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $(125239) | $406257 | $281017 |
| 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 | $(138259) | $249244 | $110984 |

---

&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.HY — Markit North America High Yield CDS Index. Represents an index of single name credit default swaps (CDS). All of the companies underlying the single name CDS within the index are rated BB and B. 

U.S. Treasury securities in the amount of $1,289,080 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CHF |  | Swiss Franc |
| CLP |  | Chilean Peso |
| CNH |  | Chinese Yuan Renminbi |
| CNY |  | Chinese Yuan |
| COP |  | Colombian Peso |
| CZK |  | Czech Koruna |
| EGP |  | Egyptian Pound |
| EUR |  | Euro |
| GBP |  | United Kingdom Pound |
| GHS |  | New Ghanaian Cedi |
| HUF |  | Hungarian Forint |
| IDR |  | Indonesian Rupiah |
| INR |  | Indian Rupee |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| MXN |  | Mexican Peso |
| MYR |  | Malaysian Ringgit |
| NOK |  | Norwegian Krona |
| NZD |  | New Zealand Dollar |
| PEN |  | Peruvian Nuevo Sol |
| PHP |  | Philippines Peso |
| PLN |  | Polish Zloty |
| RON |  | Romanian New Leu |
| RUB |  | Russian Ruble |
| THB |  | Thai Baht |
| TRY |  | Turkish New Lira |
| USD |  | U.S. Dollar |
| UYU |  | Uruguayan Peso |
| ZAR |  | South African Rand |

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| BUBOR |  | Budapest Interbank Offered Rate |
| CLO |  | Collateralized Loan Obligation |
| CMO |  | Collateralized Mortgage Obligation |
| CMT |  | Constant Maturity Treasury Index |
| CNRR |  | China Fixing Repo Rates |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GDN |  | Global Depository Note |
| ICE |  | Intercontinental Exchange |
| JIBAR |  | Johannesburg Interbank Average Rate |
| LIBOR |  | London Interbank Offered Rate |
| MTN |  | Medium Term Note |
| PIK |  | Payment In Kind |
| REIT |  | Real Estate Investment Trust |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| TIIE |  | Mexican Interbank Equilibrium Interest Rate |
| TSFR |  | Term Secured Overnight Financing Rate |
| UMBS |  | Uniform Mortgage-Backed Securities are single-class securities backed by fixed-rate mortgage <br> loans purchased by either FHLMC or FNMA<br>|
| WIBOR |  | Warsaw Interbank Offer Rate |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Sovereign Debt Obligations | &nbsp;&nbsp; 34.0 |
| Corporate Debt | &nbsp;&nbsp; 33.9 |
| Bank Loans | &nbsp;&nbsp; 13.2 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp; 6.3 |
| Mortgage Backed Securities - Private Issuers | &nbsp;&nbsp;&nbsp; 5.5 |
| Convertible Debt | &nbsp;&nbsp;&nbsp; 0.8 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; 0.6 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp; 0.4 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp; 0.3 |
| Purchased Futures Options | &nbsp;&nbsp;&nbsp; 0.1 |
| Centrally Cleared Interest Rate Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Mortgage Backed Securities - U.S. Government Agency Obligations | &nbsp;&nbsp;&nbsp; 0.0\* |
| Preferred Stocks | &nbsp;&nbsp;&nbsp; 0.0\* |
| Purchased Currency Option | &nbsp;&nbsp;&nbsp; 0.0\* |
| Common Stocks | &nbsp;&nbsp;&nbsp; 0.0\* |
| OTC Credit Default Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Written Futures Options | &nbsp;&nbsp;&nbsp; 0.0\* |
| Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Futures Contracts | &nbsp;&nbsp; (0.4) |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; 2.8 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 2.5 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 95.7%** | **COMMON STOCKS — 95.7%** |
|  | **Australia — 0.3%** | **Australia — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 274953 | Newcrest Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3848522 |
|  | **Brazil — 7.1%** | **Brazil — 7.1%** |
| &nbsp;&nbsp; 1273300 | Ambev SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3501741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000 | Arezzo Industria e Comercio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259766 |
| &nbsp;&nbsp; 3518000 | B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8802080 |
| &nbsp;&nbsp; 1219579 | Banco Bradesco SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3111460 |
| &nbsp;&nbsp; 1362400 | Banco BTG Pactual SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6177538 |
| &nbsp;&nbsp; 1080200 | Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7105515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 373900 | BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387266 |
| &nbsp;&nbsp; 5937250 | Dexco SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7624330 |
| &nbsp;&nbsp; 2190800 | Locaweb Servicos de Internet SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2912906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14114 | MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11943831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 208200 | Petro Rio SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467327 |
| &nbsp;&nbsp; 2129333 | Raia Drogasil SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9566320 |
| &nbsp;&nbsp; 1016100 | Rumo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3581537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98100 | Suzano SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896320 |
| &nbsp;&nbsp; 1855500 | TIM SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4357820 |
| &nbsp;&nbsp; 1121400 | TOTVS SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5866389 |
| &nbsp;&nbsp; 1932300 | Ultrapar Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4615049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 221500 | Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3728760 |
| &nbsp;&nbsp; 1710500 | WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12476226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 101382181 |
|  | **Canada — 0.5%** | **Canada — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55780 | Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7612854 |
|  | **Chile — 0.8%** | **Chile — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 285563 | Antofagasta Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5308852 |
| 18139800 | Banco de Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 270461 | Cia Cervecerias Unidas SA, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3548448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10731005 |
|  | **China — 32.0%** | **China — 32.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 412500 | 37 Interactive Entertainment Network Technology Group Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074018 |
| &nbsp;&nbsp; 5343200 | Agricultural Bank of China, Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834704 |
| &nbsp;&nbsp; 1898000 | Air China, Ltd. Class H \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1690094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 138000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4180117 |
| &nbsp;&nbsp; 2069491 | Alibaba Group Holding, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22869282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92800 | Alibaba Group Holding, Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8174752 |
| &nbsp;&nbsp; 1034077 | Anhui Guangxin Agrochemical Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4373299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337899 | Anhui Jinhe Industrial Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 663700 | Baidu, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9498496 |
| &nbsp;&nbsp; 2153483 | Bank of Chengdu Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4739602 |
| 24007000 | Bank of China, Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8735467 |
| &nbsp;&nbsp; 1627400 | Bank of Jiangsu Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 128600 | Beijing United Information Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 122646 | Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235316 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13093 | Bilibili, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95460 | Bilibili, Inc. Class Z \*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2284695 |
| &nbsp;&nbsp; 2159500 | BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7359778 |
| &nbsp;&nbsp; 9676000 | China Construction Bank Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6062260 |
| &nbsp;&nbsp; 5240400 | China International Capital Corp., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10004159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185200 | China Literature, Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 113000 | China Medical System Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177790 |
| &nbsp;&nbsp; 1400000 | China Meidong Auto Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2873561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 694000 | China Mengniu Dairy Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3147695 |
| &nbsp;&nbsp; 1938500 | China Merchants Bank Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10841264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 439600 | China Pacific Insurance Group Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978898 |
| 13102000 | China Petroleum & Chemical Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6328617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 822000 | China Resources Beer Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5745085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 915700 | China Shenhua Energy Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 388896 | China Tourism Group Duty Free Corp., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12085275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 430000 | China Yuhua Education Corp., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83894 | China Zhenhua Group Science & Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53750 | Cloud Music, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 140836 | Contemporary Amperex Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7970381 |
| &nbsp;&nbsp; 1634000 | CSPC Pharmaceutical Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15300 | Daqo New Energy Corp., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 508399 | East Money Information Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1418781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 513700 | ENN Energy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7213566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 777200 | ENN Natural Gas Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1799980 |
| &nbsp;&nbsp; 3603000 | Focus Media Information Technology Co., Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3462180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 611716 | Foshan Haitian Flavouring & Food Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7004415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 474800 | Fuyao Glass Industry Group Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58300 | Gongniu Group Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24000 | GoodWe Technologies Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 179300 | H World Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773028 |
| &nbsp;&nbsp; 1940400 | Haier Smart Home Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6613065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26300 | Hangzhou Tigermed Consulting Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 552900 | Hangzhou Tigermed Consulting Co., Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6389737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 439142 | Han's Laser Technology Industry Group Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 792400 | Henan Shenhuo Coal & Power Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 397360 | Hongfa Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1909720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 381200 | Hualan Biological Engineering, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240928 |
| &nbsp;&nbsp; 3506500 | Industrial & Commercial Bank of China, Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219350 | JD Health International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 543469 | JD.com, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15332817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190959 | Jiangsu Hengli Hydraulic Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 358324 | Jiangsu Hengrui Medicine Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46454 | JinkoSolar Holding Co., Ltd., ADR\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1899040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 484841 | Joyoung Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 127585 | KE Holdings, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781087 |
| &nbsp;&nbsp; 1095000 | Kingnet Network Co., Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 831800 | Kingsoft Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2781566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56013 | Kweichow Moutai Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13915222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 799500 | Longfor Group Holdings, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2489170 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 491912 | LONGi Green Energy Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2990377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56700 | Luzhou Laojiao Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 446500 | Meituan Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9994113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 878300 | Midea Group Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6544578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 119267 | MINISO Group Holding, Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 398012 | NARI Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 224500 | NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3293455 |
| &nbsp;&nbsp; 2446000 | Netjoy Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391739 |
| &nbsp;&nbsp; 9807000 | Nexteer Automotive Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6420768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21300 | Ningbo Deye Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014796 |
| &nbsp;&nbsp; 5110600 | PetroChina Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2337599 |
| &nbsp;&nbsp; 9212400 | PICC Property & Casualty Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8746230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70056 | Pinduoduo, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5713067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 382300 | Ping An Insurance Group Co. of China, Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2584706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 808000 | Ping An Insurance Group Co. of China, Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | Pylon Technologies Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998936 |
| &nbsp;&nbsp; 1463200 | Sany Heavy Industry Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3325598 |
| &nbsp;&nbsp; 1422500 | Shandong Gold Mining Co., Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2639069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 817996 | Shandong Hualu Hengsheng Chemical Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 389000 | Shandong Sinocera Functional Material Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542749 |
| &nbsp;&nbsp; 7326000 | Shandong Weigao Group Medical Polymer Co., Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12033302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37562 | Shanghai Friendess Electronic Technology Corp., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 168700 | Shanghai Moons' Electric Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 840392 | Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 397700 | Shenzhen Inovance Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3976027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59500 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2704405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 316100 | Shenzhou International Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3555895 |
| &nbsp;&nbsp; 1086693 | Sichuan Road and Bridge Group Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1738284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86000 | Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1221356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 418387 | Sinoseal Holding Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2341792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 396000 | Sunac China Holdings, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 157500 | Sunny Optical Technology Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 240514 | Sunresin New Materials Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2407666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85400 | Suzhou Maxwell Technologies Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5059358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 946400 | Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40499632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 457517 | Tencent Music Entertainment Group, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 141975 | Thunder Software Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50093 | Tianqi Lithium Corp. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569191 |
| &nbsp;&nbsp; 3912000 | Tingyi Cayman Islands Holding Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6906817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 806000 | Tongcheng Travel Holdings, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 303300 | Tongwei Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683231 |
| &nbsp;&nbsp; 1289000 | TravelSky Technology, Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2725001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 178800 | Vipshop Holdings, Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2438832 |
| &nbsp;&nbsp; 5255000 | Weichai Power Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7056086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 543898 | Wens Foodstuffs Group Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1535843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331000 | Wuxi Biologics Cayman, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 597211 | Wuxi Lead Intelligent Equipment Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3457822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 170000 | Yangzhou Yangjie Electronic Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63200 | YongXing Special Materials Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837945 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 113731 | Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4719255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 186520 | Zhejiang Huayou Cobalt Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 219800 | Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 231100 | Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2112967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700228 | Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2137439 |
| &nbsp;&nbsp; 3036000 | Zijin Mining Group Co., Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4115450 |
| &nbsp;&nbsp; 1330400 | Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 322000 | Zylox-Tonbridge Medical Technology Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 461221338 |
|  | **Greece — 0.4%** | **Greece — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 376808 | OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5320420 |
|  | **Hong Kong — 2.9%** | **Hong Kong — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 551200 | AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6129976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 519000 | ASMPT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700517 |
| &nbsp;&nbsp; 3901000 | Hang Lung Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7627116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30600 | Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322023 |
| &nbsp;&nbsp; 1444700 | Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6645620 |
| 13317000 | Sino Biopharmaceutical, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7797448 |
| &nbsp;&nbsp; 1892000 | Vinda International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575436 |
| &nbsp;&nbsp; 1054000 | Vitasoy International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2168783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40966919 |
|  | **India — 14.4%** | **India — 14.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64012 | Asian Paints, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 826419 | Axis Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9339044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94887 | Bajaj Auto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4161356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 123700 | Bajaj Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9834098 |
| &nbsp;&nbsp; 4808900 | Bharat Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5818577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70907 | Britannia Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3698812 |
| &nbsp;&nbsp; 1275803 | Cipla, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16608725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263932 | Colgate-Palmolive India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4910482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 222300 | Coromandel International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2383283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160917 | Havells India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 641965 | HCL Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8046872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 610472 | HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12027914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 832970 | Housing Development Finance Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26601073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 735400 | ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7937573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 483443 | IndusInd Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7124254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 754123 | Infosys, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13751601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 432002 | Infosys, Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7780356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 230250 | InterGlobe Aviation, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5569501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 284500 | ITC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1138275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282956 | Kotak Mahindra Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6245348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 993262 | Motherson Sumi Wiring India, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 582144 | Reliance Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17922408 |
| &nbsp;&nbsp; 1148900 | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8530301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287120 | Syngene International, Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2040867 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 374915 | Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14749164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 632282 | UPL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5481357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243044 | Yes Bank, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 206992245 |
|  | **Indonesia — 2.2%** | **Indonesia — 2.2%** |
| &nbsp;&nbsp; 4624000 | Adaro Energy Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143562 |
| 15963800 | Astra International Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5845104 |
| 21906000 | Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12031238 |
| &nbsp;&nbsp; 5229800 | Bank Mandiri Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3334239 |
| 26380699 | Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8371328 |
| &nbsp;&nbsp; 5925300 | Telkom Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1427325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32152796 |
|  | **Italy — 0.6%** | **Italy — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 273223 | Coca-Cola HBC AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6484463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308700 | Prada SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1744236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228699 |
|  | **Japan — 0.5%** | **Japan — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 324200 | Nexon Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7277884 |
|  | **Macau — 1.0%** | **Macau — 1.0%** |
| &nbsp;&nbsp; 1989000 | Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13149655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 237600 | Sands China, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13938109 |
|  | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| &nbsp;&nbsp; 1142996 | CIMB Group Holdings Bhd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504966 |
|  | **Mexico — 4.6%** | **Mexico — 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 309671 | Credito Real SAB de CV SOFOM ER\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5562 |
| &nbsp;&nbsp; 3738100 | Fibra Uno Administracion SA de CV REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4411926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 232739 | Fomento Economico Mexicano SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18181571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 552935 | Gruma SAB de CV Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7386370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 392100 | Grupo Aeroportuario del Pacifico SAB de CV Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5621765 |
| &nbsp;&nbsp; 1458200 | Grupo Financiero Banorte SAB de CV Series O  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10493937 |
| &nbsp;&nbsp; 5127200 | Kimberly-Clark de Mexico SAB de CV Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 162906 | Unifin Financiera SAB de CV\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10031 |
| &nbsp;&nbsp; 3353600 | Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11853697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66665753 |
|  | **Netherlands — 1.0%** | **Netherlands — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 194401 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14948529 |
|  | **Peru — 0.3%** | **Peru — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35084 | Credicorp, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4759495 |
|  | **Philippines — 1.2%** | **Philippines — 1.2%** |
| 10472500 | Ayala Land, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5788040 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Philippines — continued** | **Philippines — continued** |
| &nbsp;&nbsp; 3237440 | BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6140548 |
| &nbsp;&nbsp; 2342630 | Universal Robina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5717064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17645652 |
|  | **Poland — 0.4%** | **Poland — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69871 | Dino Polska SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5978361 |
|  | **Portugal — 0.3%** | **Portugal — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 205649 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429082 |
|  | **Qatar — 0.0%** | **Qatar — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 104871 | Qatar National Cement Co. QSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139377 |
|  | **Russia — 0.1%** | **Russia — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 214920 | Evraz Plc\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7610 | Gazprom Neft PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp; 1043282 | Gazprom PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99121 | Globaltrans Investment Plc, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | HeadHunter Group Plc, ADR<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44258 | LSR Group PJSC Class A \*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136755 | LUKOIL PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8543 | Magnit PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | Magnit PJSC, ADR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 984659 | Magnitogorsk Iron & Steel Works PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16459 | MMC Norilsk Nickel PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | MMC Norilsk Nickel PJSC, ADR<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126700 | Mobile Telesystems PJSC, ADR\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 154250 | Novatek PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25990 |
| &nbsp;&nbsp; 1715500 | Novolipetsk Steel PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5323 | PhosAgro PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | PhosAgro PJSC, ADR\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | PhosAgro PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 443510 | Polymetal International Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25062 | Polyus PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 | Ros Agro Plc, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 |
| &nbsp;&nbsp; 5496180 | Sberbank of Russia PJSC\*<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 105511 | Severstal PAO, ADR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16882 |
| 25625090 | Surgutneftegas PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 598704 | Tatneft PJSC<sup>(b)(c)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16391 | TCS Group Holding Plc, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8773 | TCS Group Holding Plc (London Exchange), GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47122 | X5 Retail Group NV, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863442 |
|  | **Singapore — 0.4%** | **Singapore — 0.4%** |
| &nbsp;&nbsp; 2862700 | Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5485490 |
|  | **South Africa — 3.5%** | **South Africa — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 415900 | Absa Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4739525 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Africa — continued** | **South Africa — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76000 | Bid Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1473324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64745 | Capitec Bank Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7072178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 586306 | Clicks Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9306466 |
| &nbsp;&nbsp; 1789300 | FirstRand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6532549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 386009 | Gold Fields, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3996208 |
| &nbsp;&nbsp; 9253020 | Growthpoint Properties, Ltd. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7907077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 131559 | Lewis Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150400 | Nedbank Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1879050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 171100 | Standard Bank Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1687268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54282 | Thungela Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 689420 | Vodacom Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4971604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50858629 |
|  | **South Korea — 6.9%** | **South Korea — 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47356 | Amorepacific Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5149427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14768 | Celltrion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29232 | Ecopro BM Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2129116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 153700 | Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5111178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 282549 | Hankook Tire & Technology Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6960381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | Hyundai Mobis Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44700 | JYP Entertainment Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2396726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66300 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2542942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48500 | Kia Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2274456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185522 | Korea Investment Holdings Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7819947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10900 | L&F Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31854 | LG Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1967416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13180 | LG H&H Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7525472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16550 | LG Innotek Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3304765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | NCSoft Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28080 | POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6140071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204710 | Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8952521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | Samsung Electronics Co., Ltd., GDR<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3105 | Samsung Electronics Co., Ltd. (London Exchange), GDR<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3431025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70900 | Samsung Engineering Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15626 | Samsung Fire & Marine Insurance Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5670 | Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2650036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 337459 | Shinhan Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9393876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 161536 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9581020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | SM Entertainment Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 118800 | Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99375698 |
|  | **Taiwan — 10.1%** | **Taiwan — 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 223500 | Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 960003 | Advantech Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10338566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 449100 | Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27000 | ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 821000 | Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6317337 |
| &nbsp;&nbsp; 4130135 | Cathay Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5375068 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** | **Taiwan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 612103 | Chailease Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4321594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 355300 | Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3311918 |
| &nbsp;&nbsp; 4057470 | E.Sun Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46000 | eMemory Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1998015 |
| &nbsp;&nbsp; 2151202 | Fubon Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3940482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 177700 | Global Unichip Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 516000 | Gold Circuit Electronics, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 833000 | Hiwin Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4946153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65000 | Largan Precision Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4314229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 143242 | Lotes Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3849552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 354000 | Lotus Pharmaceutical Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2833336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 566619 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11522080 |
| &nbsp;&nbsp; 2439000 | Pegatron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5039010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7692 | Pharmally International Holding Co., Ltd.\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 636998 | President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5637242 |
| &nbsp;&nbsp; 1881424 | Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27454203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 344945 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25694953 |
| &nbsp;&nbsp; 1691351 | Uni-President Enterprises Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3664947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51200 | Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1327663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 145046427 |
|  | **Thailand — 2.2%** | **Thailand — 2.2%** |
| &nbsp;&nbsp; 6468200 | Bangkok Dusit Medical Services PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5462534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 884000 | Indorama Ventures PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040075 |
| &nbsp;&nbsp; 3261900 | PTT Exploration & Production PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16622646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 601700 | SCB X PCL Class F  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858868 |
| 13376700 | Thai Beverage PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6831971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31816094 |
|  | **Turkey — 1.0%** | **Turkey — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 306300 | BIM Birlesik Magazalar AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2240042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191282 | Ford Otomotiv Sanayi AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5359514 |
| &nbsp;&nbsp; 1362738 | KOC Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6093174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13692730 |
|  | **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 151558 | Unilever Plc (London Exchange)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7624170 |
|  | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32660 | Globant SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5492106 |
|  | TOTAL COMMON STOCKS (COST $1,559,760,039) | 1376998973 |
|  | **PREFERRED STOCKS — 0.6%** | **PREFERRED STOCKS — 0.6%** |
|  | **Brazil — 0.6%** | **Brazil — 0.6%** |
| &nbsp;&nbsp; 2559701 | Cia Energetica de Minas Gerais, 12.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 352100 | Itau Unibanco Holding SA, 4.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1667219 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Brazil — continued** | **Brazil — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 510100 | Petroleo Brasileiro SA, 42.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2367053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435109 |
|  | TOTAL PREFERRED STOCKS (COST $10,047,658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435109 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.7%** | **SHORT-TERM INVESTMENT — 0.7%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.7%** | **Mutual Fund - Securities Lending Collateral — 0.7%** |
| 10180051 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10180051 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $10,180,051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10180051 |
|  | **TOTAL INVESTMENTS — 97.0**% <br>(Cost $1,579,987,748)<br>| &nbsp;&nbsp; 1396614133 |
|  | Other Assets and Liabilities (net) — 3.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42756017 |
|  | **NET ASSETS — 100.0%** | **$1439370150** |

---

&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 <br> the 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 $553,704 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at December 31, 2022 was $85,516,125.<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 $553,704 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at December 31, 2022 was $85,475,145.<br>|
| (e) | 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 $369,119, which is 0.0% of net <br> assets. See details shown in the Restricted Securities table that follows.<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 December 31, 2022. |
| (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 $8,430,604 which represents 0.6% of net <br> assets.<br>|

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Restricted Securities | Acquisition <br>Date<br>| Share <br>Amount | Share <br>Amount | Cost | Value |
| Globaltrans Investment Plc, GDR | 03/05/21 | USD | &nbsp;&nbsp; 99121 | $680748 | $3965 |
| Magnit PJSC, ADR | 07/22/22 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| PhosAgro PJSC, GDR | 08/11/22 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Ros Agro Plc, GDR | 02/09/22 | USD | &nbsp;&nbsp;&nbsp; 4954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 |
| Samsung Electronics Co., Ltd., GDR | 12/09/22 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 346137 | &nbsp;&nbsp; 331500 |
| Severstal PAO, ADR | 03/04/21 | USD | 105511 | &nbsp;&nbsp; 2093359 | &nbsp;&nbsp;&nbsp; 16882 |
| TCS Group Holding Plc, GDR | 10/20/21 | RUB | &nbsp;&nbsp; 16391 | &nbsp;&nbsp; 1550503 | &nbsp;&nbsp;&nbsp;&nbsp; 7464 |
| &nbsp;&nbsp;&nbsp; TCS Group Holding Plc (London Exchange), <br> GDR<br>| 03/04/21 | USD | &nbsp;&nbsp;&nbsp; 8773 | &nbsp;&nbsp;&nbsp;&nbsp; 527567 | &nbsp;&nbsp;&nbsp;&nbsp; 3158 |
| X5 Retail Group NV, GDR | 03/05/21 | USD | &nbsp;&nbsp; 47122 | &nbsp;&nbsp; 1547335 | &nbsp;&nbsp;&nbsp;&nbsp; 5655 |
|  |  |  |  |  | $369119 |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buy |  |  |  |  |
| 571 | MSCI Emerging Markets E-mini Index | Mar 2023 | $27390870 | $(215514) |

---

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

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| RUB |  | Russian Ruble |
| USD |  | U.S. Dollar |

---

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

---

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

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Financial | &nbsp;&nbsp; 24.3 |
| Consumer, Non-cyclical | &nbsp;&nbsp; 17.2 |
| Technology | &nbsp;&nbsp; 13.8 |
| Communications | &nbsp;&nbsp; 11.4 |
| Consumer, Cyclical | &nbsp;&nbsp; 11.0 |
| Industrial | &nbsp;&nbsp;&nbsp; 7.3 |
| Basic Materials | &nbsp;&nbsp;&nbsp; 5.0 |
| Energy | &nbsp;&nbsp;&nbsp; 4.9 |
| Utilities | &nbsp;&nbsp;&nbsp; 1.0 |
| Diversified | &nbsp;&nbsp;&nbsp; 0.4 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.7 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 3.0 |
|  | 100.0% |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.5%** | **COMMON STOCKS — 96.5%** |
|  | **Australia — 1.4%** | **Australia — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 82414 | ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322335 |
| &nbsp;&nbsp; 121781 | Aurizon Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308045 |
| &nbsp;&nbsp; 152228 | Newcrest Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2130738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17473 | Orica, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178451 |
| &nbsp;&nbsp; 631645 | Perseus Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14067 | PWR Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27146 | Rio Tinto Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5957 | Rio Tinto Plc, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424138 |
| &nbsp;&nbsp; 230188 | Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4678377 |
| &nbsp;&nbsp; 791743 | Telstra Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2142313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29928 | Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14558135 |
|  | **Austria — 0.0%** | **Austria — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 14180 | Telekom Austria AG Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87472 |
|  | **Belgium — 0.0%** | **Belgium — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 | Deme Group NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24747 |
|  | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3573 | RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658254 |
|  | **Brazil — 0.1%** | **Brazil — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 35240 | Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1540386 |
|  | **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 15319 | Endeavour Mining Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322845 |
|  | **Canada — 3.8%** | **Canada — 3.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 48200 | Atco, Ltd. Class I  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1507595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25505 | BCE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 | Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201799 |
| &nbsp;&nbsp; 165935 | Canadian Pacific Railway, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12377092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64500 | Canadian Utilities, Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1744658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 | E-L Financial Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78300 | Empire Co., Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2060724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100 | Evertz Technologies, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23300 | George Weston, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2888791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79800 | Great-West Lifeco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1843419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21900 | Loblaw Cos., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1935029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10200 | Metro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12700 | National Bank of Canada<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51700 | North West Co., Inc. (The)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47800 | Power Corp. of Canada<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1123606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25400 | Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2386376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76400 | Stella-Jones, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2735841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46200 | Sun Life Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19900 | TMX Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990367 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 30400 | Western Forest Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39600 | Winpak, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40505670 |
|  | **China — 0.6%** | **China — 0.6%** |
| 2331162 | CITIC Telecom International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791495 |
| &nbsp;&nbsp; 151000 | Kerry Logistics Network, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74202 | NetEase, Inc., ADR<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5389291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6452414 |
|  | **Denmark — 0.5%** | **Denmark — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | AP Moller - Maersk AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2903 | Carlsberg AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4799 | Genmab AS\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15392 | Novo Nordisk AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5186146 |
|  | **Finland — 0.2%** | **Finland — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 19413 | Kemira Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 | Orion OYJ Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15009 | Orion OYJ Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21094 | Sampo OYJ Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2253552 |
|  | **France — 4.2%** | **France — 4.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 18224 | Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2575121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61725 | Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7313551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9271 | Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 | Boiron SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3460 | Cie des Alpes\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24501 | Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590 | Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26129 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4394 | IPSOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26632 | Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3852 | L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1371445 |
| &nbsp;&nbsp; 208037 | Orange SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2060636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811 | Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97593 | Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12177929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25078 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2404521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 | Savencia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4673 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 | Societe LDC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108 | Stef SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2355 | Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | Vetoquinol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167 | Vilmorin & Cie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56856 |
| &nbsp;&nbsp; 107500 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10703099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2151 | Wendel SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45111372 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Georgia — 0.1%** | **Georgia — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 36594 | Bank of Georgia Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146693 |
|  | **Germany — 1.4%** | **Germany — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6632 | Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90278 | Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10328629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12103 | Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2084791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246 | Deutsche Telekom AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7861 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2128 | McKesson Europe AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3347 | Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781 | Wuestenrot & Wuerttembergische AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14901847 |
|  | **Hong Kong — 0.8%** | **Hong Kong — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 77200 | Bank of East Asia, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46500 | CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339294 |
| &nbsp;&nbsp; 352136 | Dah Sing Banking Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252655 |
| &nbsp;&nbsp; 342000 | Emperor International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28920 |
| &nbsp;&nbsp; 580500 | HK Electric Investments & HK Electric Investments, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384523 |
| 1666000 | HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2042757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Hong Kong Ferry Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16359 |
| &nbsp;&nbsp; 249000 | Langham Hospitality Investments and Langham Hospitality Investments, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | Liu Chong Hing Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Miramar Hotel & Investment<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18727 |
| 3690000 | PCCW, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1664175 |
| &nbsp;&nbsp; 406000 | Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223781 |
| &nbsp;&nbsp; 300000 | Regal Hotels International Holdings, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122999 |
| &nbsp;&nbsp; 219000 | Regal Real Estate Investment Trust REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39283 |
| &nbsp;&nbsp; 110855 | SmarTone Telecommunications Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58000 | Transport International Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85013 |
| &nbsp;&nbsp; 230163 | VTech Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Wing On Co. International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8938398 |
|  | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| &nbsp;&nbsp; 229900 | Bumitama Agri, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101134 |
|  | **Israel — 1.1%** | **Israel — 1.1%** |
| &nbsp;&nbsp; 145989 | Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48659 | Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61299 | Check Point Software Technologies, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7733482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17432 | First International Bank Of Israel, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3284 | ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | Isracard, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 1107019 | Isramco Negev 2, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17263 | Radware, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35313 | Strauss Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11807144 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Italy — 0.2%** | **Italy — 0.2%** |
| &nbsp;&nbsp; 127891 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50666 | Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058217 |
|  | **Japan — 4.5%** | **Japan — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500 | Amano Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50700 | Arcs Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65500 | Autobacs Seven Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200 | Axial Retailing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 | Belc Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12600 | Calbee, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12100 | Canon Marketing Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | Canon, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | Cawachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26700 | Chugin Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11900 | Doshisha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24889 | Earth Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40400 | Ezaki Glico Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 | Fujicco Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18900 | Heiwado Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10400 | Hokuto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30500 | House Foods Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65700 | Hyakugo Bank, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700 | Inaba Denki Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18400 | Itochu Enex Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146425 |
| &nbsp;&nbsp; 139201 | Japan Tobacco, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2807335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7300 | J-Oil Mills, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43855 | Kaken Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14200 | Kato Sangyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37200 | KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19300 | Kewpie Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | Komeri Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17200 | Kuraray Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82500 | KYORIN Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500 | Lawson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23800 | Lintec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | Maruichi Steel Tube, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12400 | McDonald's Holdings Co. Japan, Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47700 | MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600 | Miroku Jyoho Service Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96700 | Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26600 | Mitsubishi Shokuhin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628989 |
| &nbsp;&nbsp; 175300 | Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2465852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28800 | Mochida Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5200 | Morinaga & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700 | Morinaga Milk Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18300 | NH Foods, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32200 | Nichirei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68100 | Nippn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836121 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 17100 | Nippon Kayaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18700 | Nippon Light Metal Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | NIPPON REIT Investment Corp. REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1682201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14100 | Nisshin Oillio Group, Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22500 | Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500 | Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | NTT UD REIT Investment Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57600 | Okinawa Cellular Telephone Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41800 | Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | S&B Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17700 | San-A Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73300 | Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36500 | Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086623 |
| &nbsp;&nbsp; 185900 | Seven Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33900 | Shinmaywa Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25859 | Showa Sangyo Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 | SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90900 | Softbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | Sundrug Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65200 | Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031431 |
| &nbsp;&nbsp; 131100 | Teijin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34100 | Toho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49700 | TOKAI Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32400 | Tokuyama Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 | Toyo Ink SC Holdings Co., Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48600 | Trend Micro, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | Tv Tokyo Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35200 | United Super Markets Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4600 | Valor Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35900 | Vital KSK Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | Yaoko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | ZERIA Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47841597 |
|  | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 22486 | ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12090279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28939 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16414 | Shell Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75047 | Shell Plc (Amsterdam Exchange) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2120886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21598 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2253413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17752790 |
|  | **New Zealand — 0.3%** | **New Zealand — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 76961 | Freightways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 | Mainfreight, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24931 |
| &nbsp;&nbsp; 791811 | Spark New Zealand, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2704216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3199338 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Norway — 0.5%** | **Norway — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3424 | DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63340 | Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7744 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326709 |
| &nbsp;&nbsp; 103425 | Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32239 | SpareBank 1 SMN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12453 | Sparebanken Vest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90515 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16762 | Veidekke ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4941207 |
|  | **Portugal — 0.1%** | **Portugal — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 69406 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494804 |
|  | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1856960 |
|  | **Singapore — 0.7%** | **Singapore — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13600 | Frasers Property, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Great Eastern Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44804 | Hong Leong Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79840 |
| 1387749 | NetLink NBN Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858807 |
| &nbsp;&nbsp; 227800 | Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2068747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11900 | SBS Transit, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22891 |
| 1888801 | Sheng Siong Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2323682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Singapore Land Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55361 |
| &nbsp;&nbsp; 603300 | Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7139235 |
|  | **South Korea — 0.3%** | **South Korea — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3146 | Samsung Electronics Co., Ltd. (London Exchange), GDR<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3476330 |
|  | **Spain — 0.8%** | **Spain — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 58292 | Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7297480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60089 | Cia de Distribucion Integral Logista Holdings SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1513467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8810947 |
|  | **Sweden — 0.2%** | **Sweden — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 26939 | Axfood AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43572 | Swedish Orphan Biovitrum AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4562 | Telefonaktiebolaget LM Ericsson Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1667850 |
|  | **Switzerland — 1.0%** | **Switzerland — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4888 | AEVIS VICTORIA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 | Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348 | Banque Cantonale de Geneve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 | Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 | Basellandschaftliche Kantonalbank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1819 | Berner Kantonalbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437449 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Switzerland — continued** | **Switzerland — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2336 | BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1498281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1163 | Emmi AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | Graubuendner Kantonalbank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 | Huber + Suhner AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | Luzerner Kantonalbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31929 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2884722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4729 | Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356 | St. Galler Kantonalbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4973 | Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603 | Thurgauer Kantonalbank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | TX Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4056 | Valiant Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | Walliser Kantonalbank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Warteck Invest AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10094686 |
|  | **United Kingdom — 3.1%** | **United Kingdom — 3.1%** |
| &nbsp;&nbsp; 128071 | Alliance Pharma Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81650 |
| &nbsp;&nbsp; 782388 | BAE Systems Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8056114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33373 | BP Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26232 | Bunzl Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1684 | Croda International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35335 | Diageo Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 | Impact Healthcare Reit Plc REIT Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| &nbsp;&nbsp; 103917 | Imperial Brands Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27142 | Inchcape Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267723 |
| &nbsp;&nbsp; 175040 | Pan African Resources Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84456 | RELX Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2324429 |
| &nbsp;&nbsp; 214288 | Sage Group Plc (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921912 |
| &nbsp;&nbsp; 116570 | Spirent Communications Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364858 |
| &nbsp;&nbsp; 273908 | St. James's Place Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3607850 |
| &nbsp;&nbsp; 188699 | Unilever Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9439099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 | Unilever Plc (London Exchange)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32449270 |
|  | **United States — 68.6%** | **United States — 68.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 | 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44800 | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4918592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24900 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4024089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18237 | Accenture Plc Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4866361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 | Adobe, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76100 | Albertsons Cos., Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578314 |
| &nbsp;&nbsp; 195674 | Alphabet, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17264317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91864 | Amazon.com, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7716576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42871 | Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3896974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6178 | Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549348 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 32113 | American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3049129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20600 | AmerisourceBergen Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3413626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14400 | Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 | ANSYS, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29500 | Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3832935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17700 | Arch Capital Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41500 | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3853275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12900 | Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14484 | Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34982 | Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6537086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43276 | Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10336905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500 | AutoNation, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100 | AutoZone, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2712798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300 | AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27300 | Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1478841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57368 | Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14588682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6472 | Berkshire Hathaway, Inc. Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 | BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15379 | Bio-Rad Laboratories, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6466716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11400 | BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5688 | Booking Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11462913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70155 | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5047652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10950 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6122474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300 | CACI International, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20635 | Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7900 | Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13100 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2938985 |
| &nbsp;&nbsp; 149528 | Catalent, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6730255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12900 | Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23600 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64597 | Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5378346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30600 | Charter Communications, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10376460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 | Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2705279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4700 | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19000 | Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4191400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Cirrus Logic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819280 |
| &nbsp;&nbsp; 114500 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5454780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18600 | Clean Harbors, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49983 | CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3165423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15600 | CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84400 | Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5368684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30400 | Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2395216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28149 | Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2682881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23172 | Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7662285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11750 | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5363875 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5245 | CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023533 |
| &nbsp;&nbsp; 104511 | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9739380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21900 | Dell Technologies, Inc. Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27977 | DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3288137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80988 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9895114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8900 | Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4565433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18967 | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6938887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8800 | Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30639 | Estee Lauder Cos., Inc. (The) Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7601842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10614 | Everest Re Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49900 | Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3140207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34100 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3543672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41300 | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4555390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13605 | Factset Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5458462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 | First Citizens BancShares, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 | FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86401 | Fiserv, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8732549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18500 | Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531690 |
| &nbsp;&nbsp; 121265 | Fox Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14200 | General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3523162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7900 | General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62029 | Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2873183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42000 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3605700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82141 | GSK Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26089 | GSK Plc, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12746 | Hanover Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1722367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44300 | Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3359269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51300 | Hawaiian Electric Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2146905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19700 | Henry Schein, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17526 | Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4058496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9164 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2894541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 | Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300 | Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27627 | ICON Plc, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5366545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22700 | IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2448195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21131 | Illumina, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4272688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800 | Incyte Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26800 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2624524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49848 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5113906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14600 | International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32447 | Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12629021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | IQVIA Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12800 | Jazz Pharmaceuticals Plc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20700 | JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3609252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89414 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15794983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500 | Keysight Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15600 | Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85400 | Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3807132 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 12300 | Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17300 | Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2818170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500 | Life Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 738750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8450 | Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4110841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800 | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200 | Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12700 | LyondellBasell Industries NV Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9900 | Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2430 | Markel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3201501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41012 | Mastercard, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14261103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11500 | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4313880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | Medtronic Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60234 | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6682962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32146 | Meta Platforms, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3868450 |
| &nbsp;&nbsp; 123250 | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29557815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15625 | Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2452969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300 | Molina Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59818 | Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16666491 |
| &nbsp;&nbsp; 110986 | Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12852400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3300 | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67751 | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3197847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400 | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50800 | OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85800 | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36414 | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800 | O'Reilly Automotive, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2363284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10100 | PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18200 | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2327962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32348 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5843990 |
| &nbsp;&nbsp; 115334 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5909714 |
| &nbsp;&nbsp; 126397 | Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12792640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37580 | Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5695625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700 | Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57241 | QIAGEN NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2854609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17564 | QIAGEN NV (London Exchange)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27450 | Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2933033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050 | Regeneron Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28104 | Republic Services, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3625135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32662 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10255416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8400 | Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3629556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26300 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2964536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18655 | S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6248306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59800 | Schneider National, Inc. Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17800 | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1974554 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 | Seagen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14100 | Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13600 | Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23800 | Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1699558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10300 | SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11572 | Synopsys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3694824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100 | Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26700 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4411374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26300 | Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25700 | TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13883 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7645229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29100 | T-Mobile US, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4074000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19400 | Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3637306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37200 | Tyson Foods, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | Ulta Beauty, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2532978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | United Parcel Service, Inc. Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3129120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7300 | United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25055 | UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13283660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47873 | VeriSign, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9835029 |
| &nbsp;&nbsp; 123012 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4846673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9100 | Vertex Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2627898 |
| &nbsp;&nbsp; 110206 | Visa, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22896399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27981 | VMware, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3434948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11300 | W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35636 | Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5052828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26285 | Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4123591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35800 | WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3356608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38500 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1690400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35959 | Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44300 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19800 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2901690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 730227734 |
|  | TOTAL COMMON STOCKS (COST $984,265,243) | 1026607174 |
|  | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  | **Germany — 0.0%** | **Germany — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3219 | Fuchs Petrolub SE, 3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4923 | Henkel AG & Co. KGaA, 2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454097 |
|  | TOTAL PREFERRED STOCKS (COST $389,346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454097 |

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**(showing percentage of net assets)** <br>**December 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 2.3%** | **SHORT-TERM INVESTMENT — 2.3%** |
|  | **Mutual Fund - Securities Lending Collateral — 2.3%** | **Mutual Fund - Securities Lending Collateral — 2.3%** |
| 23895826 | &nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, Premier Class, <br> 4.12%<sup>(b)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23895826 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $23,895,826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23895826 |
|  | **TOTAL INVESTMENTS — 98.8**% <br>(Cost $1,008,550,415)<br>| &nbsp;&nbsp; 1050957097 |
|  | Other Assets and Liabilities (net) — 1.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13267335 |
|  | **NET ASSETS — 100.0%** | **$1064224432** |

---

&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) | Represents an investment of securities lending cash collateral. |
| (c) | 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>|
| (d) | The rate disclosed is the 7-day net yield as of December 31, 2022. |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4 | Canadian Dollar | Mar 2023 | $295680 | $522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51 | MSCI EAFE Index | Mar 2023 | &nbsp;&nbsp;&nbsp; 4970970 | &nbsp;&nbsp;&nbsp; (54981) |
| &nbsp;&nbsp;&nbsp;&nbsp; 74 | S&P 500 E-mini Index | Mar 2023 | &nbsp;&nbsp; 14285700 | &nbsp;&nbsp; (104737) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 | S&P/TSX 60 Index | Mar 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172685 | &nbsp;&nbsp;&nbsp;&nbsp; (5959) |
|  |  |  |  | $(165155) |

---

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

---

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

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Global Low Volatility Equity Fund** <br>**Schedule of Investments (Continued)** <br>**December 31, 2022 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Consumer, Non-cyclical | &nbsp;&nbsp; 36.7 |
| Technology | &nbsp;&nbsp; 14.3 |
| Financial | &nbsp;&nbsp; 13.1 |
| Industrial | &nbsp;&nbsp; 11.4 |
| Communications | &nbsp;&nbsp; 10.3 |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp; 3.7 |
| Utilities | &nbsp;&nbsp;&nbsp; 3.7 |
| Basic Materials | &nbsp;&nbsp;&nbsp; 2.0 |
| Energy | &nbsp;&nbsp;&nbsp; 1.3 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 2.3 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 1.2 |
|  | 100.0% |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Funds** <br>**Notes to Financial Statements** <br>**December 31, 2022 (Unaudited)**

------

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

**1.** **Organization**

Mercer Funds (the "Trust") consists of the following seven series: Mercer US Large Cap Equity Fund ("Large Cap"), Mercer US Small/Mid Cap Equity Fund ("Small/Mid Cap"), Mercer Non-US Core Equity Fund ("Non-US Core Equity"), Mercer Core Fixed Income Fund ("Core Fixed"), Mercer Opportunistic Fixed Income Fund ("Opportunistic Fixed"), Mercer Emerging Markets Equity Fund ("Emerging Markets") and Mercer Global Low Volatility Equity Fund ("Global Low Volatility") (each a "Fund," and collectively referred to as the "Funds"). The Trust is a Delaware statutory trust established on March 11, 2005. The Trust is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Mercer Investments LLC (the "Adviser"), a Delaware limited liability company, 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.

The investment objectives of the Funds are:

---

| | |
|:---|:---|
| Fund | Investment Objective |
| Large Cap | Long-term total return, which includes capital <br> appreciation and income<br>|
| Small/Mid Cap | Long-term total return, comprised primarily of <br> capital appreciation<br>|
| Non-US Core Equity | Long-term total return, which includes capital <br> appreciation and income<br>|
| Core Fixed | Total return, consisting of both current income and <br> capital appreciation<br>|
| Opportunistic Fixed | Long-term total return, which includes capital <br> appreciation and income<br>|
| Emerging Markets | Long-term total return, which includes capital <br> appreciation and income<br>|
| Global Low Volatility | Long-term total return, which includes capital <br> appreciation and income<br>|

---

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 between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of December 31, 2022, Class Y-3 shares were outstanding in each of the Funds and Class I shares were outstanding in the Non-US Core Equity and Core Fixed.

**2.** **Security Valuation**

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

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

price; other OTC securities are valued at the last bid price available prior to valuation (other than short-term investments, which are valued as described below). The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the exchange rate in effect at a uniform time on each business day. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the NYSE. When valuing foreign equity securities that meet certain criteria, the Board of Trustees of the Trust (the "Board") has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments in open-end investment companies are valued at their net asset value ("NAV") per share.

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

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

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

The Board has delegated its responsibility for valuing portfolio securities to the Adviser, subject to continuing Board oversight. The Adviser has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Adviser or the applicable Sub-adviser) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. In that regard, at December 31, 2022, substantially all foreign equity securities held by Non-US Core Equity, Emerging Markets and Global Low Volatility were 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

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

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.

At December 31, 2022, Large Cap, Small/Mid Cap and Global Low Volatility held long-term investments whose value was determined using Level 1 inputs, with corresponding major categories as shown in the Schedule of Investments, Futures Contracts and State Street Institutional U.S. Government Money Market Fund, Premier Class whose value was determined using Level 1 inputs.

The following is a summary of the portfolio securities by level based on inputs used as of December 31, 2022 in valuing the assets and liabilities of Non-US Core Equity, Core Fixed, Opportunistic Fixed, Emerging Markets and Global Low Volatility for which fair valuation was used:

**Non-US Core Equity**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $164324101 | $— | $— | $164324101 |
| &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11102350 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11102350 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21339432 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21339432 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32683338 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32683338 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66820901 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66820901 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42257722 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42257722 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76281398 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76281398 |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25039854 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25039854 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp;&nbsp; 385207214 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 385207214 |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421412 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421412 |
| &nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp;&nbsp;&nbsp; 275226145 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 275226145 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22982296 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22982296 |
| &nbsp;&nbsp;&nbsp; Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786912 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4786912 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15294257 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15294257 |

---

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| &nbsp;&nbsp;&nbsp; Indonesia | $2470302 | $— | $— | $2470302 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19078767 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19078767 |
| &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12316488 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12316488 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72767922 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72767922 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp;&nbsp; 665024749 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 665024749 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9065278 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9065278 |
| &nbsp;&nbsp;&nbsp; Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2519978 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2519978 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 173125053 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 173125053 |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14879083 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14879083 |
| &nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116651 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116651 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7491578 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7491578 |
| &nbsp;&nbsp;&nbsp; Russia | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 265656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265656 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7724642 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7724642 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20342234 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20342234 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42962148 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42962148 |
| &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69649883 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69649883 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72138429 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72138429 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; 185813686 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 185813686 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34285732 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34285732 |
| &nbsp;&nbsp;&nbsp; Thailand | &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; 664520 | &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; 664520 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13499572 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13499572 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 280504027 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 280504027 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp; 264717887 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 264717887 |
| Total Common Stocks | &nbsp;&nbsp; 3115261421 | &nbsp;&nbsp;&nbsp;&nbsp; 664520 | &nbsp;&nbsp;&nbsp;&nbsp; 265656 | &nbsp;&nbsp; 3116191597 |
| Investment Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11694666 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11694666 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29882141 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29882141 |
| Warrant | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197171 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197171 |

---

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| $97215006 | $— | $— | $97215006 |
| Total | $3254250405 | $664520 | $265656 | $3255180581 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buy | $(1672568) | $— | $— | $(1672568) |
| Total  | $(1672568) | $— | $— | $(1672568) |

---

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

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of December 31, 2022.* |
| *†* | *Futures contracts are valued at unrealized appreciation/depreciation.* |

---

**Core Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations | $— | $1276362544 | $— | $1276362544 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 14651632 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14651632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligation<br>| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607150 | &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; 1607150 |
| Total Short-Term Investments | &nbsp;&nbsp; 14651632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16258782 |

---

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buy | $41723 | $— | $— | $41723 |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287666 | &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;&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; 287666 |
| Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329389 | &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; 329389 |
| Total | $14981021 | $1277969694 | $— | $1292950715 |

---

**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 | $— | $(13559176) | $— | $(13559176) |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | &nbsp;&nbsp;&nbsp; (789035) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (789035) |
| Forward Foreign Currency Contract<sup>†</sup> <br>| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (299320) | &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; (299320) |
| Total | $(789035) | $(13858496) | $— | $(14647531) |

---

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

---

| | |
|:---|:---|
| \* | *Represents one or more Level 3 securities at $0 value as of December 31, 2022.* |
| <sup>†</sup> <br>| *Forward foreign currency contracts and Futures contracts are valued at unrealized appreciation/depreciation.* |

---

**Opportunistic Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations | $— | $1078594895 | $— | $1078594895 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &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;&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; 88 |
| &nbsp;&nbsp;&nbsp; Industrial | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0\* | &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;— |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Convertible Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196700 | &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;&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; 196700 |
| &nbsp;&nbsp;&nbsp; Energy | &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; 3715920 | &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; 3715920 |
| &nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661489 | &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;&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; 661489 |
| Total Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3715920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574109 |

---

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Preferred Stocks | $308816 | $— | $— | $308816 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 25548309 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25548309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligation<br>| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7094214 | &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; 7094214 |
| Total Short-Term Investments | &nbsp;&nbsp; 25548309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7094214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32642523 |
| Purchased Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Currency Option | &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; 186372 | &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; 186372 |
| &nbsp;&nbsp;&nbsp; Purchased Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352650 | &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;&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; 352650 |
| Total Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539022 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7530 | &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;&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; 7530 |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499923 | &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;&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; 499923 |
| Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507453 | &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; 507453 |
| 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;&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; 1008829 | &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; 1008829 |
| &nbsp;&nbsp;&nbsp; OTC Credit Default Swap | &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; 1051 | &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; 1051 |
| &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;&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; 131444 | &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; 131444 |
| Total Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141324 |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15355473 | &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; 15355473 |
| Total | $27575505 | $1106088198 | $0 | $1133663703 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buys | $(4585735) | $— | $— | $(4585735) |

---

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| $— | $(419663) | $— | $(419663) |
| &nbsp;&nbsp;&nbsp; OTC Credit Default Swap | &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; (7648) | &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; (7648) |
| &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;&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; (269703) | &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; (269703) |
| Total Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (697014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (697014) |
| Forward Foreign Currency Contracts<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp; (8129864) | &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; (8129864) |
| Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Futures Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51888) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51888) |
| Total | $(4637623) | $(8826878) | $— | $(13464501) |

---

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

---

| | |
|:---|:---|
| \* | *Represents one or more Level 3 securities at $0 value as of December 31, 2022.* |
| <sup>†</sup> <br>| *Forward foreign currency contracts, Futures contracts and Centrally Cleared Swaps are valued at unrealized* <br> *appreciation/depreciation.*<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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $3848522 | $— | $— | $3848522 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 101382181 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 101382181 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7612854 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7612854 |
| &nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10731005 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10731005 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp;&nbsp; 461221338 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 461221338 |
| &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5320420 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5320420 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40966919 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40966919 |
| &nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp;&nbsp;&nbsp; 206992245 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 206992245 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32152796 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32152796 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228699 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228699 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7277884 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7277884 |
| &nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13938109 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13938109 |
| &nbsp;&nbsp;&nbsp; Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504966 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504966 |
| &nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66665753 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66665753 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14948529 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14948529 |

---

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| &nbsp;&nbsp;&nbsp; Peru | $4759495 | $— | $— | $4759495 |
| &nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17645652 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17645652 |
| &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5978361 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5978361 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429082 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4429082 |
| &nbsp;&nbsp;&nbsp; Qatar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139377 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139377 |
| &nbsp;&nbsp;&nbsp; Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309738 | &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; 553704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863442 |
| &nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5485490 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5485490 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50858629 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50858629 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99375698 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99375698 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 145046427 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 145046427 |
| &nbsp;&nbsp;&nbsp; Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15193448 | &nbsp;&nbsp; 16622646 | &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; 31816094 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13692730 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13692730 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7624170 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7624170 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5492106 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5492106 |
| Total Common Stocks | &nbsp;&nbsp; 1359822623 | &nbsp;&nbsp; 16622646 | &nbsp;&nbsp;&nbsp;&nbsp; 553704 | &nbsp;&nbsp; 1376998973 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435109 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435109 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10180051 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10180051 |
| Total | $1379437783 | $16622646 | $553704 | $1396614133 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buy | $(215514) | $— | $— | $(215514) |
| Total  | $(215514) | $— | $— | $(215514) |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*†* *Futures contracts are valued at unrealized appreciation/depreciation.* 

**3.** **Bank loans**

Core Fixed and Opportunistic Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ''Lender'') that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different

------

**Mercer Funds** <br>**Notes to Financial Statements (Continued)** <br>**December 31, 2022 (Unaudited)**

------

associated risks. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At December 31, 2022, Opportunistic Fixed had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Par | Cost | Value | Unrealized <br>Gain (Loss)<br>|
| Athenahealth, Inc. | $13043 | $17391 | $15746 | $(1645) |
| Thermostat Purchaser III, Inc. | &nbsp;&nbsp; 49431 | &nbsp;&nbsp; 49535 | &nbsp;&nbsp; 46713 | &nbsp;&nbsp; (2823) |
| VT Topco, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10130 | &nbsp;&nbsp; 10130 | &nbsp;&nbsp;&nbsp; 9859 | &nbsp;&nbsp;&nbsp;&nbsp; (270) |
|  | $72604 | $77056 | $72318 | $(4738) |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-747-9570

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

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

- **b. EDGAR series identifier (if any):** S000041478

- **c. LEI of Series:** 549300IP3KXY463OLM11

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1223145383.07

**Total Liabilities:** $71844241.13

**Net Assets:** $1151301141.94

**Cash Not Reported:** $33045460.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -431.74000000 | **1-Year:** -11593.39000000 | **5-Year:** -44390.71000000 | **10-Year:** -53817.75000000 | **30-Year:** -34559.32000000

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

- **3-Month:** -991.21000000 | **1-Year:** -30212.98000000 | **5-Year:** -113092.51000000 | **10-Year:** -48629.58000000 | **30-Year:** -17443.61000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000128968 | -0.13%               | 4.56%                | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14536794.59            | $12511682.69                               |
| Month 2  | $-3747226.98             | $39491519.14                               |
| Month 3  | $-1404208.46             | $863912.28                                 |

**Designated Index Information**

- **Index Name:** Blended Benchmark Opp FI

- **Index Identifier:** 35%LGCPTRUU,30%JGENVUUG,17.5%LG30TRUU,10.5%JBCDCOMP,7%SPBDALB

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED AIRLINES INC                                     | United Airlines Inc                                                                                                                        | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |      100000 | PA      | $92862.60     | 0.01%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-167.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |           1 | NC      | $44153.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    40966000 | PA      | $179576.99    | 0.02%             | 2030-04-10      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| HSE FINANCE SARL                                        | HSE Finance Sarl                                                                                                                           | CUSIP: 000000000<br>LEI: 894500G58U7EW07EK366 | Long             | DBT              | CORP              | LU        |      190000 | PA      | $109544.41    | 0.01%             | 2026-10-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac Structured Agency Credit Risk Debt Notes                                                                                       | CUSIP: 3137G1CG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      209639 | PA      | $181168.14    | 0.02%             | 2047-09-25      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                                | Outfront Media Capital LLC / Outfront Media Capital Corp                                                                                   | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      950000 | PA      | $787482.11    | 0.07%             | 2030-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $112824.48    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                  | GSAA Home Equity Trust 2007-7                                                                                                              | CUSIP: 36249BAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       78042 | PA      | $74347.86     | 0.01%             | 2037-07-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $1543.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitebox CLO I Ltd                                      | Whitebox Clo II Ltd                                                                                                                        | CUSIP: 96466CAL2<br>LEI: 549300C89ZJ5IWOT1F21 | Long             | ABS-CBDO         | CORP              | KY        |      260000 | PA      | $251807.92    | 0.02%             | 2034-10-24      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Keycorp Student Loan Trust                              | KeyCorp Student Loan Trust 2005-A                                                                                                          | CUSIP: 493268CL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      236566 | PA      | $221637.92    | 0.02%             | 2038-12-27      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                | Amentum Government Services Holdings LLC 2020 2nd Lien Term Loan                                                                           | CUSIP: 02351UAB0<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |      400000 | PA      | $368000.00    | 0.03%             | 2028-01-31      | Floating      | 13.90%                | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2020-B16 Mortgage Trust                                                                                                          | CUSIP: 08161NAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      250000 | PA      | $207940.38    | 0.02%             | 2053-02-15      | Variable      | 2.94%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2302.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-28721.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 12 Ltd                                                                                                                           | CUSIP: 00140LAK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $460444.00    | 0.04%             | 2032-01-17      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                            | State Street Institutional U.S. Government Money Market Fund, Premier Class                                                                | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    25548309 | NS      | $25548308.75  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-138868.54   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $24404.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO, Ltd.                                 | Buckhorn Park CLO Ltd                                                                                                                      | CUSIP: 118382AW0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      650000 | PA      | $581321.65    | 0.05%             | 2034-07-18      | Floating      | 7.29%                 | No            |                  2 | On Loan: No      |
| K2016470260 SA LTD                                      | K2016470260 South Africa Ltd                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ZA        |      223090 | PA      | $580.03       | 0.00%             | 2022-12-31      | Fixed         | 25.00%                | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-2 Ltd                                                                                                               | CUSIP: 69701XAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2335000 | PA      | $2279335.94   | 0.20%             | 2034-07-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                                                                                  | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     4110000 | PA      | $2568004.61   | 0.22%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Amplify Energy Corp                                     | Amplify Energy Corp                                                                                                                        | CUSIP: 03212B103<br>LEI: J0TW5YQRAZXYN7VEU787 | Long             | EC               | CORP              | US        |          10 | NS      | $87.90        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                                                                          | CUSIP: 780097BK6<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      245000 | PA      | $239696.76    | 0.02%             | 2025-03-22      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  3012700000 | PA      | $471294.54    | 0.04%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Endure Digital Inc.                                     | Endure Digital Inc. Term Loan                                                                                                              | CUSIP: 29279UAB2<br>LEI: 549300UTQC2651SB0W88 | Long             | LON              | CORP              | US        |      942664 | PA      | $850754.66    | 0.07%             | 2028-02-10      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      535000 | PA      | $591656.37    | 0.05%             | 2025-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |      980000 | PA      | $859337.50    | 0.07%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHI                                | Viking Ocean Cruises Ship VII Ltd                                                                                                          | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      300000 | PA      | $241890.00    | 0.02%             | 2029-02-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-37007.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-886.49      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Berry Petroleum Co LLC                                  | Berry Petroleum Co LLC                                                                                                                     | CUSIP: 08580BAA4<br>LEI: DQ2XTZKV7SILNNV77403 | Long             | DBT              | CORP              | US        |     2062000 | PA      | $1897072.13   | 0.16%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                    | Neptune Bidco US Inc                                                                                                                       | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |      855000 | PA      | $807509.03    | 0.07%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ZA        |           1 | NC      | $18186.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     4258000 | PA      | $564305.06    | 0.05%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                                     | CNT Holdings I Corp 2020 Term Loan                                                                                                         | CUSIP: 12656AAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      285003 | PA      | $276452.95    | 0.02%             | 2027-11-08      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: BWS075747 CDS USD R V 03MEVENT 1 CCPCDX / Short: BWS075747 CDS USD P F  5.00000 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     3058400 | OU      | $-17863.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                                                                                     | CUSIP: 195325DT9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     3355000 | PA      | $2019169.74   | 0.18%             | 2051-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-5                                                                                                 | CUSIP: 64828NAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      393492 | PA      | $371354.74    | 0.03%             | 2057-06-25      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-AHP                                                                                                      | CUSIP: 05610FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1260000 | PA      | $1208159.06   | 0.10%             | 2039-01-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| ACURIS FIN US/ACURIS FIN                                | Acuris Finance US Inc / Acuris Finance SARL                                                                                                | CUSIP: 00511BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      290000 | PA      | $232851.15    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P EMINI 3RD WK FEB23P 3300                                                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -73 | NC      | $-31937.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| AKBANK TAS                                              | Akbank TAS                                                                                                                                 | CUSIP: 00971YAG5<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     1015000 | PA      | $983520.79    | 0.09%             | 2026-02-06      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                                 | Blackstone Secured Lending Fund                                                                                                            | CUSIP: 09261XAG7<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |     2680000 | PA      | $2085233.07   | 0.18%             | 2028-09-30      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     5441000 | PA      | $1242886.36   | 0.11%             | 2024-07-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 14660000000 | PA      | $923813.07    | 0.08%             | 2026-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pacific Bells, LLC                                      | Pacific Bells, LLC Term Loan B                                                                                                             | CUSIP: 69403HAL4<br>LEI: 549300VGOQXINYVBJF37 | Long             | LON              | CORP              | US        |      415843 | PA      | $392971.90    | 0.03%             | 2028-11-10      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PH        |           1 | NC      | $2337.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | BBCMS Mortgage Trust 2020-C6                                                                                                               | CUSIP: 05492TAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      345000 | PA      | $286612.41    | 0.02%             | 2053-02-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 30711XUW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      440000 | PA      | $451729.70    | 0.04%             | 2030-05-25      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO                                        | Ocean Trails Clo X                                                                                                                         | CUSIP: 67516BAE1<br>LEI: 635400RMMLHBGDGXBC03 | Long             | ABS-CBDO         | CORP              | KY        |      650000 | PA      | $586296.75    | 0.05%             | 2034-10-15      | Floating      | 11.65%                | No            |                  2 | On Loan: No      |
| State of Qatar                                          | Qatar Government International Bond                                                                                                        | CUSIP: 74727PAY7<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |      200000 | PA      | $201478.20    | 0.02%             | 2048-04-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    13227000 | PA      | $3016835.93   | 0.26%             | 2025-03-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                                | SCIL IV LLC / SCIL USA Holdings LLC                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      310000 | PA      | $285934.83    | 0.02%             | 2026-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc                                | Allison Transmission Inc                                                                                                                   | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |      240000 | PA      | $222974.15    | 0.02%             | 2027-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mylan Inc                                               | Mylan Inc                                                                                                                                  | CUSIP: 628530BC0<br>LEI: 30ZMPDNA1RHIBH89C294 | Long             | DBT              | CORP              | US        |      295000 | PA      | $234624.33    | 0.02%             | 2043-11-29      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-4 Ltd                                                                                                               | CUSIP: 69702EAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $288555.90    | 0.03%             | 2034-10-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PL        |           1 | NC      | $12548.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |           1 | NC      | $3072.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-4126.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                                  | Southwestern Energy Co                                                                                                                     | CUSIP: 845467AP4<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |      870000 | PA      | $898453.87    | 0.08%             | 2028-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AMERIPRISE FINANCIAL INC                                | Ameriprise Financial Inc                                                                                                                   | CUSIP: 03076CAL0<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | DBT              | CORP              | US        |     1055000 | PA      | $1024886.30   | 0.09%             | 2032-05-13      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-5344.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 18 Ltd                                                                                                                                  | CUSIP: 749737AA0<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |      720000 | PA      | $650950.56    | 0.06%             | 2034-10-15      | Floating      | 10.33%                | No            |                  2 | On Loan: No      |
| Allied Universal                                        | Allied Universal Holdco LLC / Allied Universal Finance Corp                                                                                | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      910000 | PA      | $834524.60    | 0.07%             | 2026-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                                                                                     | CUSIP: 03969AAQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      650000 | PA      | $619637.41    | 0.05%             | 2025-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    13291700 | PA      | $616735.97    | 0.05%             | 2034-11-23      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-74280.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PE        |           1 | NC      | $7468.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS                                | Turk Telekomunikasyon AS                                                                                                                   | CUSIP: 90011QAC4<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |      490000 | PA      | $463584.10    | 0.04%             | 2025-02-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XLVIII Ltd                                                                                                            | CUSIP: 55821UAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $242327.25    | 0.02%             | 2033-04-19      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | HU        |           1 | NC      | $169742.49    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                                                                                       | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      595000 | PA      | $547365.41    | 0.05%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $2435.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-6855.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASX Clear (Futures)                                     | AUST 10Y BOND FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |          31 | NC      | $-139886.89   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC                                     | Viavi Solutions Inc                                                                                                                        | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |      220000 | PA      | $185261.90    | 0.02%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEPTUNE ENERGY BONDCO                                   | Neptune Energy Bondco PLC                                                                                                                  | CUSIP: 64073KAA1<br>LEI: 549300CPMT8I2QBRYF88 | Long             | DBT              | CORP              | GB        |      990000 | PA      | $963030.26    | 0.08%             | 2025-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Camelot U.S. Acquisition LLC                            | Camelot U.S. Acquisition LLC Term Loan B                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      702814 | PA      | $694467.61    | 0.06%             | 2026-10-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-55.16       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |           1 | NC      | $20463.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-7243.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $8115.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Greystone Select Financial LLC                          | Greystone Select Financial LLC Term Loan B                                                                                                 | CUSIP: 39808KAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      530031 | PA      | $511479.69    | 0.04%             | 2028-06-16      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Hayward Industries, Inc.                                | Hayward Industries, Inc. 2022 Term Loan                                                                                                    | CUSIP: 421300AM6<br>LEI: 549300NV8ZMMEDUHQ091 | Long             | LON              | CORP              | US        |      379050 | PA      | $363414.19    | 0.03%             | 2028-05-30      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $12628.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA1                                                                                                    | CUSIP: 35564KBE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      970000 | PA      | $754132.61    | 0.07%             | 2051-01-25      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  1260000000 | PA      | $1450785.84   | 0.13%             | 2030-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $24459.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-13553.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ABU DHABI CRUDE OIL                                     | Abu Dhabi Crude Oil Pipeline LLC                                                                                                           | CUSIP: 00401MAB2<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |      315000 | PA      | $290650.50    | 0.03%             | 2047-11-02      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     2940000 | PA      | $554851.61    | 0.05%             | 2026-06-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                                                                                   | CUSIP: 00206RMN9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      275000 | PA      | $191006.73    | 0.02%             | 2057-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                                                                                     | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      800000 | PA      | $596570.99    | 0.05%             | 2031-04-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | HU        |           1 | NC      | $98803.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVELIS SHEET INGOT GMBH                                | Novelis Sheet Ingot GmbH                                                                                                                   | CUSIP: 000000000<br>LEI: 9845005E95899E77AY49 | Long             | DBT              | CORP              | DE        |      160000 | PA      | $146365.16    | 0.01%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA7                                                                                                    | CUSIP: 35564KND7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      930000 | PA      | $866707.18    | 0.08%             | 2041-11-25      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-510.87      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2020-2                                                                                          | CUSIP: 35563PRE1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      640000 | PA      | $545065.86    | 0.05%             | 2059-11-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                                      | Serbia International Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      781000 | PA      | $599648.15    | 0.05%             | 2028-09-23      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE INC                                           | CommScope Inc                                                                                                                              | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      620000 | PA      | $501006.50    | 0.04%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PH        |           1 | NC      | $7249.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR Remic Trust 2020-DNA2                                                                                                    | CUSIP: 35565KAH1<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | USGSE             | US        |      133066 | PA      | $132850.92    | 0.01%             | 2050-02-25      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | RO        |           1 | NC      | $25296.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NCR CORP                                                | NCR Corp                                                                                                                                   | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      170000 | PA      | $145207.93    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AmWINS Group, Inc.                                      | AmWINS Group, Inc. 2021 Term Loan B                                                                                                        | CUSIP: 03234TAW8<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |     1264986 | PA      | $1243164.79   | 0.11%             | 2028-02-19      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                 | Latam Airlines Group SA                                                                                                                    | CUSIP: 51818LAA6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |     1180000 | PA      | $1198390.30   | 0.10%             | 2027-10-15      | Fixed         | 13.38%                | No            |                  2 | On Loan: No      |
| UST Holdings, Ltd                                       | UST Holdings, Ltd Term Loan                                                                                                                | CUSIP: 90355HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1425600 | PA      | $1407780.00   | 0.12%             | 2028-11-20      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                                    | Commercial Metals Co                                                                                                                       | CUSIP: 201723AP8<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |      530000 | PA      | $446377.91    | 0.04%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG                                | Banco Bilbao Vizcaya Argentaria SA                                                                                                         | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      200000 | PA      | $205658.77    | 0.02%             | 2023-09-24      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ID        |           1 | NC      | $15502.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                         | AdaptHealth LLC                                                                                                                            | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      370000 | PA      | $310263.50    | 0.03%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-422.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC                                | Crowdstrike Holdings Inc                                                                                                                   | CUSIP: 22788CAA3<br>LEI: 549300YBY08K9KM4HX32 | Long             | DBT              | CORP              | US        |     1170000 | PA      | $988696.68    | 0.09%             | 2029-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: —       |
| TRANSPORT DE GAS DEL SUR                                | Transportadora de Gas del Sur SA                                                                                                           | CUSIP: 893870AX3<br>LEI: 5299002TRC7IFQYSW596 | Long             | DBT              | CORP              | AR        |      340000 | PA      | $315582.91    | 0.03%             | 2025-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.                        | AMC Entertainment Holdings, Inc. 2019 Term Loan B                                                                                          | CUSIP: 00164DAQ6<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2026-04-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                                                               | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      330000 | PA      | $285789.90    | 0.02%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CZ        |           1 | NC      | $84669.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FIVE POINT OP CO LP/FIVE                                | Five Point Operating Co LP / Five Point Capital Corp                                                                                       | CUSIP: 33834YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      730000 | PA      | $614806.75    | 0.05%             | 2025-11-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 30008000000 | PA      | $2152662.99   | 0.19%             | 2031-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXIV Ltd                                                                                                                         | CUSIP: 55954WAN9<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |     1435000 | PA      | $1345151.78   | 0.12%             | 2035-04-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| KENBOURNE INVEST SA                                     | Kenbourne Invest SA                                                                                                                        | CUSIP: 48855KAC4<br>LEI: 222100QGH6Y9KFYZ4B27 | Long             | DBT              | CORP              | LU        |     1470000 | PA      | $1148437.32   | 0.10%             | 2028-01-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CO        |           1 | NC      | $-12216.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Callon Petroleum Co                                     | Callon Petroleum Co                                                                                                                        | CUSIP: 13123XAZ5<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |      125000 | PA      | $116703.23    | 0.01%             | 2026-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| ZIFF DAVIS INC                                          | Ziff Davis Inc                                                                                                                             | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |      900000 | PA      | $763159.50    | 0.07%             | 2030-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| Bank of America N.A.                                    | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-26036.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HBL0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      200000 | PA      | $171517.38    | 0.01%             | 2029-09-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                | Amentum Government Services Holdings LLC Term Loan B                                                                                       | CUSIP: 57776DAB9<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |      492990 | PA      | $482822.07    | 0.04%             | 2027-01-29      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 225401AZ1<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     2655000 | PA      | $2336118.52   | 0.20%             | 2033-08-12      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-355016.05   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                           | UniCredit SpA                                                                                                                              | CUSIP: 904678AQ2<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      555000 | PA      | $509684.72    | 0.04%             | 2034-04-02      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                                                                           | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     2330000 | PA      | $2303973.90   | 0.20%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CH        |           1 | NC      | $74244.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Indonesia                                   | Indonesia Government International Bond                                                                                                    | CUSIP: 455780CD6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1530000 | PA      | $1456788.29   | 0.13%             | 2028-01-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                                                                                  | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      330000 | PA      | $265461.90    | 0.02%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18802.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | RO        |           1 | NC      | $118290.53    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Redstone Holdco 2 LP                                    | Redstone Holdco 2 LP 2021 Term Loan                                                                                                        | CUSIP: 75774EAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      780125 | PA      | $545697.44    | 0.05%             | 2028-04-27      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                  | Standard Chartered PLC                                                                                                                     | CUSIP: 853254CD0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     2135000 | PA      | $1643833.17   | 0.14%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: —       |
| NEXTERA ENERGY INC                                      | NextEra Energy Inc                                                                                                                         | CUSIP: 65339F739<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        4442 | NS      | $224276.58    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  6650400000 | PA      | $780543.51    | 0.07%             | 2050-10-26      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-59267.04    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA6                                                                                                    | CUSIP: 35564KKY4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      400000 | PA      | $380487.80    | 0.03%             | 2041-10-25      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | XX        |           1 | NC      | $6721.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                                                                                  | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      685000 | PA      | $674457.85    | 0.06%             | 2027-07-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase Bank N.A.                                | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $29477.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $8806.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Note/Bond                                                                                                           | CUSIP: 912828UN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      534100 | PA      | $532656.94    | 0.05%             | 2023-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2021-SDMF                                                                                                                         | CUSIP: 12434CAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      880000 | PA      | $814330.35    | 0.07%             | 2034-09-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1829.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE HOLDINGS FINA                                | Blackstone Holdings Finance Co LLC                                                                                                         | CUSIP: 09261BAJ9<br>LEI: 549300D2L6J4NC1QVZ22 | Long             | DBT              | CORP              | US        |     1425000 | PA      | $1438126.90   | 0.12%             | 2027-11-03      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   442050000 | PA      | $847126.61    | 0.07%             | 2032-05-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                                                                         | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              |  | US        |      650000 | PA      | $525739.50    | 0.05%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                                                                                           | CUSIP: 58733RAD4<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |      260000 | PA      | $528190.00    | 0.05%             | 2028-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN BRAND INTELLECT                                | Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd                                                                       | CUSIP: 41984LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1870000 | PA      | $1695903.00   | 0.15%             | 2026-01-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC                                        | Radian Group Inc                                                                                                                           | CUSIP: 750236AX9<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |      575000 | PA      | $568174.52    | 0.05%             | 2025-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division        | LONG GILT FUTURE MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          33 | NC      | $-219175.12   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                                                                                | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      565000 | PA      | $405003.78    | 0.04%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 12152000000 | PA      | $801148.60    | 0.07%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-4194.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS IN                                | Ionis Pharmaceuticals Inc                                                                                                                  | CUSIP: 462222AD2<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |      245000 | PA      | $227390.63    | 0.02%             | 2026-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEA FINANCE LLC/WESTFIEL                                | WEA Finance LLC / Westfield UK & Europe Finance PLC                                                                                        | CUSIP: 92890HAD4<br>LEI: N/A                  | Long             | DBT              |  | US        |      350000 | PA      | $243260.87    | 0.02%             | 2044-09-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CN        |           1 | NC      | $31391.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Medical Response, Inc.                           | Global Medical Response, Inc. 2020 Term Loan B                                                                                             | CUSIP: 00169QAF6<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |      326282 | PA      | $231388.28    | 0.02%             | 2025-10-02      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-934.02      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                                                                              | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |      440000 | PA      | $361330.14    | 0.03%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                        | StoneX Group Inc                                                                                                                           | CUSIP: 46116VAE5<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |     1359000 | PA      | $1374968.25   | 0.12%             | 2025-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                  | NXP BV / NXP Funding LLC / NXP USA Inc                                                                                                     | CUSIP: 62954HBB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1065000 | PA      | $1009023.59   | 0.09%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                        | Enstar Group Ltd                                                                                                                           | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |      395000 | PA      | $289394.60    | 0.03%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                                                                                    | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |      420000 | PA      | $342520.50    | 0.03%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: —       |
| Canyon Capital CLO Ltd                                  | Canyon Capital CLO 2021-2 Ltd                                                                                                              | CUSIP: 13877FAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      280000 | PA      | $250174.96    | 0.02%             | 2034-04-15      | Floating      | 10.49%                | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2022-NQM3                                                                                                  | CUSIP: 10569FAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      873766 | PA      | $762601.37    | 0.07%             | 2061-09-25      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                | Avis Budget Rental Car Funding AESOP LLC                                                                                                   | CUSIP: 05377REC4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      410000 | PA      | $366786.04    | 0.03%             | 2027-02-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LONZA GROUP AG                                          | LONZA GROUP AG EUR TERM LOAN B                                                                                                             | CUSIP: 000000000<br>LEI: 2221002FZ55AMAUX4G64 | Long             | LON              | CORP              | LU        |      476000 | PA      | $463242.33    | 0.04%             | 2028-07-03      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Precision Drilling Corp                                 | Precision Drilling Corp                                                                                                                    | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |       15000 | PA      | $14536.20     | 0.00%             | 2026-01-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                   | Uber Technologies Inc                                                                                                                      | CUSIP: 90353TAJ9<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      245000 | PA      | $207577.81    | 0.02%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| Barclays Bank PLC                                       | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CZ        |           1 | NC      | $17938.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                    | Range Resources Corp                                                                                                                       | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |      870000 | PA      | $897657.30    | 0.08%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                                 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                                                                            | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $336662.97    | 0.03%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  1345000000 | PA      | $1534131.99   | 0.13%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                  | Oman Government International Bond                                                                                                         | CUSIP: 682051AH0<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     1535000 | PA      | $1519848.02   | 0.13%             | 2028-01-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | AU        |           1 | NC      | $180743.15    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-126286.70   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VFH Parent LLC                                          | VFH Parent LLC 2022 Term Loan B                                                                                                            | CUSIP: 000000000<br>LEI: 549300FRO9M476YHHY64 | Long             | LON              | CORP              | US        |      420000 | PA      | $410812.50    | 0.04%             | 2029-01-13      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                                                                          | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     1120000 | PA      | $1037258.73   | 0.09%             | 2028-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | 3 MONTH SOFR FUT DEC24                                                                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |          81 | NC      | $7529.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT INDONESIA PT                                   | Freeport Indonesia PT                                                                                                                      | CUSIP: 69377FAB2<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     1855000 | PA      | $1710744.57   | 0.15%             | 2032-04-14      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, LP                                    | Medline Borrower, LP USD Term Loan B                                                                                                       | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |      798401 | PA      | $760027.54    | 0.07%             | 2028-10-23      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Asset Backed Securities Corp Home Equity Ln Trst        | Asset Backed Securities Corp Home Equity Loan Trust Series OOMC 2006-HE5                                                                   | CUSIP: 04544PAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      810000 | PA      | $608586.53    | 0.05%             | 2036-07-25      | Floating      | 2.74%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1419615.05   | 0.12%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TH        |           1 | NC      | $16966.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-17554.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                     | Coinbase Global Inc                                                                                                                        | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      530000 | PA      | $255943.31    | 0.02%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $9281.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABERCROMBIE & FITCH MANA                                | Abercrombie & Fitch Management Co                                                                                                          | CUSIP: 003000AA4<br>LEI: 5493003QMCFDA98NPT74 | Long             | DBT              | CORP              | US        |      950000 | PA      | $932531.78    | 0.08%             | 2025-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| Oak Hill Credit Partners                                | OHA Credit Funding 4 Ltd                                                                                                                   | CUSIP: 67098DAU7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $968569.00    | 0.08%             | 2036-10-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Venture CLO 43 Limited                                  | Venture 43 CLO Ltd                                                                                                                         | CUSIP: 92290CAG4<br>LEI: 549300OLN5VHTMLSN650 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $427238.50    | 0.04%             | 2034-04-15      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Provincia de Cordoba                                    | Provincia de Cordoba                                                                                                                       | CUSIP: 74408DAC8<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |      421629 | PA      | $342046.53    | 0.03%             | 2025-12-10      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AMERICAS                                  | Bausch Health Americas Inc                                                                                                                 | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |       30000 | PA      | $21047.36     | 0.00%             | 2026-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                                       | Wellfleet CLO 2017-2A Ltd                                                                                                                  | CUSIP: 94951MAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      350000 | PA      | $316545.60    | 0.03%             | 2029-10-20      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    42983000 | PA      | $188418.63    | 0.02%             | 2028-05-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| US Renal Care Inc                                       | US Renal Care Inc                                                                                                                          | CUSIP: 07335BAA4<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |      490000 | PA      | $107800.00    | 0.01%             | 2027-07-15      | Fixed         | 10.63%                | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                       | Iliad Holding SASU                                                                                                                         | CUSIP: 449691AA2<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |      900000 | PA      | $836265.46    | 0.07%             | 2026-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                                                                                  | CUSIP: 58547DAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      200000 | PA      | $184011.50    | 0.02%             | 2025-06-06      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     1450000 | PA      | $935074.17    | 0.08%             | 2042-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | EG        |           1 | NC      | $-29961.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD TRY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3094.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2014-USA OA LLC                                                                                                                       | CUSIP: 12649AAS8<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |      450000 | PA      | $228728.03    | 0.02%             | 2037-09-15      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                              | Air Canada                                                                                                                                 | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |      240000 | PA      | $212983.85    | 0.02%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |           1 | NC      | $1381.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |           1 | NC      | $29848.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 3140JA4J4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      128189 | PA      | $109395.28    | 0.01%             | 2035-01-01      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                                                                              | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |      225000 | PA      | $171113.89    | 0.01%             | 2029-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-5119.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENEL FINANCE AMERICA LLC                                | Enel Finance America LLC                                                                                                                   | CUSIP: 29280HAB8<br>LEI: 549300EGNLVUJX1DEC60 | Long             | DBT              | CORP              | US        |      755000 | PA      | $455702.64    | 0.04%             | 2041-07-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 24257000000 | PA      | $1576132.15   | 0.14%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | HU        |           1 | NC      | $69342.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                                                                           | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      550000 | PA      | $462299.75    | 0.04%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P500 EMINI OPTN MAR23P 3500                                                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |          43 | NC      | $99975.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   115000000 | PA      | $136158.06    | 0.01%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                                 | United Airlines 2020-1 Class B Pass Through Trust                                                                                          | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60960 | PA      | $58065.28     | 0.01%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TH        |           1 | NC      | $37665.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                        | TKC Holdings Inc                                                                                                                           | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      270000 | PA      | $211315.44    | 0.02%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Polyconcept Holding B.V.                                | Polyconcept Holding B.V. Term Loan B                                                                                                       | CUSIP: 12511PAB7<br>LEI: 254900TSH6NNRZ0GUN05 | Long             | LON              | CORP              | US        |      897750 | PA      | $843885.00    | 0.07%             | 2029-05-18      | Variable      | 10.08%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $885.42       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lakeshore Intermediate LLC                              | Lakeshore Intermediate LLC Term Loan                                                                                                       | CUSIP: 51207KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      839019 | PA      | $821714.05    | 0.07%             | 2028-09-29      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    17450000 | PA      | $573424.33    | 0.05%             | 2031-03-13      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCHASER LLC                                | PM General Purchaser LLC                                                                                                                   | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1070000 | PA      | $817347.26    | 0.07%             | 2028-10-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | GB        |           1 | NC      | $-1554.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-4398.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         214 | NC      | $-564037.82   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                                                                                      | CUSIP: 88732JBC1<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |      690000 | PA      | $669665.39    | 0.06%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      860000 | PA      | $182043.12    | 0.02%             | 2023-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | RO        |           1 | NC      | $781.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-60019.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    20850000 | PA      | $4757739.40   | 0.41%             | 2025-09-15      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $484501.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Illuminate Buyer, LLC                                   | Illuminate Buyer, LLC 2021 Term Loan                                                                                                       | CUSIP: 45232UAE8<br>LEI: 549300K1Y0YC1YC1H809 | Long             | LON              | CORP              | US        |      503965 | PA      | $483911.30    | 0.04%             | 2027-06-30      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                   | Bausch Health Cos Inc                                                                                                                      | CUSIP: 071734AD9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      150000 | PA      | $72739.23     | 0.01%             | 2028-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    55853295 | PA      | $3475197.60   | 0.30%             | 2026-12-21      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-20333.23    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                          | ARD Finance SA                                                                                                                             | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |      750000 | PA      | $522834.35    | 0.05%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXV Ltd                                                                                                               | CUSIP: 55820RAL6<br>LEI: 254900B0583OW8RQ8N33 | Long             | ABS-CBDO         | CORP              | KY        |      425000 | PA      | $415774.95    | 0.04%             | 2029-04-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Comcast Corp                                            | Comcast Corp                                                                                                                               | CUSIP: 20030NCU3<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      380000 | PA      | $364518.71    | 0.03%             | 2030-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 34179000000 | PA      | $2060827.89   | 0.18%             | 2036-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWS074807 IRS USD R V 00MSOFR 1 CCPOIS / Short: BWS074807 IRS USD P F  2.65000 2 CCPOIS                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     4982000 | OU      | $565680.69    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |        1802 | PA      | $423.12       | 0.00%             | 2037-08-12      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2020-BNK25                                                                                                                            | CUSIP: 06539WBE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      355000 | PA      | $291084.63    | 0.03%             | 2063-01-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                        | Crown Castle Inc                                                                                                                           | CUSIP: 22822VAR2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      240000 | PA      | $210517.26    | 0.02%             | 2030-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | PL        |           1 | NC      | $482154.35    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp                                                | EQT Corp                                                                                                                                   | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      810000 | PA      | $749545.84    | 0.07%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 73023000000 | PA      | $5141932.93   | 0.45%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Southwestern Energy Company                             | Southwestern Energy Company 2021 Term Loan                                                                                                 | CUSIP: 84546SAU7<br>LEI: EFWMP121W54QV9MGOP87 | Long             | LON              | CORP              | US        |     1996488 | PA      | $1979018.23   | 0.17%             | 2027-06-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $3846.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | NZ        |           1 | NC      | $96592.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2021-1                                                                                          | CUSIP: 35563PWQ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      500000 | PA      | $430611.85    | 0.04%             | 2060-09-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |           1 | NC      | $90189.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $1174.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      880000 | PA      | $453933.03    | 0.04%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Planet Fitness Master Issuer LLC                        | Planet Fitness Master Issuer LLC                                                                                                           | CUSIP: 72703PAB9<br>LEI: 549300NX9W3U2DO53T22 | Long             | ABS-O            | CORP              | US        |      440450 | PA      | $413965.79    | 0.04%             | 2048-09-05      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-8801.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Camelot U.S. Acquisition LLC                            | Camelot U.S. Acquisition LLC 2020 Incremental Term Loan B                                                                                  | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |      441194 | PA      | $435182.60    | 0.04%             | 2026-10-30      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2014-GC22                                                                                                     | CUSIP: 36253BAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      280000 | PA      | $248305.40    | 0.02%             | 2047-06-10      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securities Corporation                | RASC Series 2006-KS2 Trust                                                                                                                 | CUSIP: 75406BAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1160000 | PA      | $1071358.72   | 0.09%             | 2036-03-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MY        |           1 | NC      | $17471.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2657000 | PA      | $656908.60    | 0.06%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-1105.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                                    | Entegris Escrow Corp                                                                                                                       | CUSIP: 29365BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1020000 | PA      | $941970.00    | 0.08%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-119.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: BRY7RZ449 IRS CNY R V 00MCNRR 1 CCPNDF / Short: BRY7RZ449 IRS CNY P F  2.47700 2 CCPNDF                                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3094073 | OU      | $6704.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    59072000 | PA      | $258945.75    | 0.02%             | 2029-05-23      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| FREEPORT INDONESIA PT                                   | Freeport Indonesia PT                                                                                                                      | CUSIP: 69377FAC0<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |      585000 | PA      | $512174.74    | 0.04%             | 2052-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $578.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4390.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                    | Bank of America Corp                                                                                                                       | CUSIP: 060505EH3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1645000 | PA      | $1583906.13   | 0.14%             | 2024-09-05      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                                                                            | CUSIP: 55342UAL8<br>LEI: N/A                  | Long             | DBT              |  | US        |      160000 | PA      | $141289.41    | 0.01%             | 2028-06-05      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P EMINI 3RD WK FEB23P 3700                                                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |          16 | NC      | $50600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PH        |           1 | NC      | $29587.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-69817.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | HU        |           1 | NC      | $1308.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    52600800 | PA      | $2677383.00   | 0.23%             | 2023-03-09      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                                | NCR Corp                                                                                                                                   | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     2110000 | PA      | $1768408.30   | 0.15%             | 2029-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV LLC                              | MAJORDRIVE HOLDINGS IV LLC TERM LOAN B                                                                                                     | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |     2476152 | PA      | $2336096.36   | 0.20%             | 2028-06-01      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS INC                                | Northern Oil and Gas Inc                                                                                                                   | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      700000 | PA      | $673010.80    | 0.06%             | 2028-03-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                | Cooperatieve Rabobank UA                                                                                                                   | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $395770.28    | 0.03%             | 2025-12-29      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Chamberlain Group Inc                                   | Chamberlain Group Inc Term Loan B                                                                                                          | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |      883080 | PA      | $835430.77    | 0.07%             | 2028-11-03      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                 | Quikrete Holdings, Inc. 2021 Term Loan B1                                                                                                  | CUSIP: 74839XAG4<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |      605425 | PA      | $601515.17    | 0.05%             | 2029-03-18      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |           1 | NC      | $1364.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 05565AB28<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1930000 | PA      | $1592228.44   | 0.14%             | 2027-01-12      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC                                  | Array Technologies Inc                                                                                                                     | CUSIP: 04271TAB6<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |       35000 | PA      | $35752.50     | 0.00%             | 2028-12-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | IN        |           1 | NC      | $-5250.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1022000 | PA      | $214516.96    | 0.02%             | 2040-05-22      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    14260000 | PA      | $2031236.31   | 0.18%             | 2025-04-09      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2021-3 Ltd                                                                                                              | CUSIP: 77341NAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      325000 | PA      | $308643.73    | 0.03%             | 2034-10-20      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT                                                                              | CUSIP: 46645WAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1210000 | PA      | $1065678.46   | 0.09%             | 2033-07-05      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    24930000 | PA      | $956753.74    | 0.08%             | 2029-07-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2003-A                                                                                               | CUSIP: 78443CAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       72000 | PA      | $71764.81     | 0.01%             | 2032-06-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   163750000 | PA      | $382187.36    | 0.03%             | 2025-06-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                                         | NCR Corporation 2019 Term Loan                                                                                                             | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |     2982512 | PA      | $2905464.48   | 0.25%             | 2026-08-28      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    12590000 | PA      | $1838462.28   | 0.16%             | 2025-10-22      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS PIPELINE                                | Rockies Express Pipeline LLC                                                                                                               | CUSIP: 77340RAD9<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      450000 | PA      | $419424.75    | 0.04%             | 2038-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Loan Trust 2020-A                                                                                                | CUSIP: 63941FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      100000 | PA      | $82809.74     | 0.01%             | 2068-11-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12156.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    13201000 | PA      | $3005135.13   | 0.26%             | 2026-11-30      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BHMS Mortgage Trust                                     | BHMS 2018-MZB                                                                                                                              | CUSIP: 05549GAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $853555.00    | 0.07%             | 2025-07-15      | Floating      | 10.95%                | No            |                  2 | On Loan: No      |
| First Brands Group, LLC                                 | First Brands Group, LLC 2021 Term Loan                                                                                                     | CUSIP: 31935HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      305350 | PA      | $290845.88    | 0.03%             | 2027-03-30      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  8328000000 | PA      | $596154.77    | 0.05%             | 2029-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $-459.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    60698000 | PA      | $266073.42    | 0.02%             | 2033-03-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |           1 | NC      | $-624.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                           | MHC Trust 2021-MHC2                                                                                                                        | CUSIP: 55293AAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      590000 | PA      | $555690.03    | 0.05%             | 2038-05-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CN        |           1 | NC      | $8079.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPS 66                                             | Phillips 66                                                                                                                                | CUSIP: 718546BA1<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |      935000 | PA      | $649572.81    | 0.06%             | 2052-03-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GANNETT HOLDINGS LLC                                    | Gannett Holdings LLC                                                                                                                       | CUSIP: 36474GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $204068.75    | 0.02%             | 2026-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-33949.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                                 | American Electric Power Co Inc                                                                                                             | CUSIP: 02557T307<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EP               | CORP              | US        |        3924 | NS      | $202399.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Sands China Ltd                                         | Sands China Ltd                                                                                                                            | CUSIP: 80007RAE5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      240000 | PA      | $225039.12    | 0.02%             | 2028-08-08      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING CO OF AME                                | Roller Bearing Co of America Inc                                                                                                           | CUSIP: 775631AD6<br>LEI: 254900U9XW6S76H2P167 | Long             | DBT              | CORP              | US        |      210000 | PA      | $181849.50    | 0.02%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                           | HTA Group Ltd/Mauritius                                                                                                                    | CUSIP: 40435WAB6<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |      870000 | PA      | $809100.00    | 0.07%             | 2025-12-18      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Peraton Corp.                                           | Peraton Corp. Term Loan B                                                                                                                  | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |     1501968 | PA      | $1470320.14   | 0.13%             | 2028-02-01      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     8929000 | PA      | $2207578.80   | 0.19%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                                                                              | CUSIP: 143658BS0<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      650000 | PA      | $529587.94    | 0.05%             | 2030-06-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                        | Enstar Group Ltd                                                                                                                           | CUSIP: 29359UAB5<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |      205000 | PA      | $188357.81    | 0.02%             | 2029-06-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                                     | Synchrony Financial                                                                                                                        | CUSIP: 87165BAS2<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     1185000 | PA      | $1155706.98   | 0.10%             | 2025-06-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CGDB Commercial Mortgage Trust                          | CGDB Commercial Mortgage Trust 2019-MOB                                                                                                    | CUSIP: 125284AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300000 | PA      | $293117.25    | 0.03%             | 2036-11-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-64679.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4340000 | PA      | $196174.44    | 0.02%             | 2026-02-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | MX        |           1 | NC      | $-3302.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JAZZ SECURITIES DAC                                     | Jazz Securities DAC                                                                                                                        | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |      225000 | PA      | $200941.88    | 0.02%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-40963.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |           1 | NC      | $-452.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     6308000 | PA      | $1269049.52   | 0.11%             | 2027-05-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-6893.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-35141.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                                                                               | CUSIP: 25160PAG2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      830000 | PA      | $591203.91    | 0.05%             | 2033-01-07      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS                                | Santander UK Group Holdings PLC                                                                                                            | CUSIP: 80281LAB1<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |      215000 | PA      | $165255.28    | 0.01%             | 2045-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | IN        |           1 | NC      | $931.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                          | EPR Properties                                                                                                                             | CUSIP: 26884UAF6<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              |  | US        |      265000 | PA      | $207966.38    | 0.02%             | 2029-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 30711XAP9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      462244 | PA      | $474572.09    | 0.04%             | 2024-11-25      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      300000 | PA      | $252307.92    | 0.02%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pactiv LLC                                              | Pactiv LLC                                                                                                                                 | CUSIP: 880394AB7<br>LEI: 549300O4WTC6DL4JIE57 | Long             | DBT              | CORP              | US        |      450000 | PA      | $435332.58    | 0.04%             | 2025-12-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                               | Mill City Solar Loan 2019-1 Ltd                                                                                                            | CUSIP: 59982WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      454647 | PA      | $426544.47    | 0.04%             | 2043-03-20      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  4586000000 | PA      | $291936.79    | 0.03%             | 2028-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   103180000 | PA      | $235998.62    | 0.02%             | 2024-10-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     3220000 | PA      | $131755.08    | 0.01%             | 2036-12-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2018-R07                                                                                               | CUSIP: 20753QAF6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      800000 | PA      | $814204.96    | 0.07%             | 2031-04-25      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| WP CPP Holdings, LLC                                    | WP CPP Holdings, LLC 2018 Term Loan                                                                                                        | CUSIP: 92937JAM5<br>LEI: 549300HT8KGOLU7VM426 | Long             | LON              | CORP              | US        |     1737567 | PA      | $1522543.07   | 0.13%             | 2025-04-30      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| SEPLAT ENERGY PL                                        | SEPLAT Energy PLC                                                                                                                          | CUSIP: 81733LAB3<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |      905000 | PA      | $728543.10    | 0.06%             | 2026-04-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $1044.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $15731.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                                  | Galaxy Pipeline Assets Bidco Ltd                                                                                                           | CUSIP: 36321PAE0<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     1372473 | PA      | $1108350.51   | 0.10%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $25505.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                          | Sabre GLBL Inc                                                                                                                             | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |      560000 | PA      | $576996.00    | 0.05%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| COLOMBIA TELECOMUNICACIO                                | Colombia Telecomunicaciones SA ESP                                                                                                         | CUSIP: 19533PAC4<br>LEI: 549300CK4YN0V1C3MN55 | Long             | DBT              | CORP              | CO        |      635000 | PA      | $507917.45    | 0.04%             | 2030-07-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                                                                                       | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      510000 | PA      | $341673.62    | 0.03%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1196887.50   | 0.10%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | IN        |           1 | NC      | $-6818.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                                      | Bahrain Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     1425000 | PA      | $1235697.30   | 0.11%             | 2034-05-18      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     7753000 | PA      | $1690707.60   | 0.15%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                                                                            | CUSIP: 80007RAN5<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      230000 | PA      | $197291.70    | 0.02%             | 2027-03-08      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   108326900 | PA      | $4855942.39   | 0.42%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CZ        |           1 | NC      | $1900.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |           1 | NC      | $66735.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                                    | Lorca Telecom Bondco SA                                                                                                                    | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |     1235000 | PA      | $1184600.28   | 0.10%             | 2027-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     2315000 | PA      | $364413.82    | 0.03%             | 2034-10-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-45511.35    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2022-LBA6                                                                                                                         | CUSIP: 12433EAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      830000 | PA      | $770288.72    | 0.07%             | 2039-01-15      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-1704.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AFC GAMMA INC                                           | AFC Gamma Inc                                                                                                                              | CUSIP: 00109KAA3<br>LEI: 5493005G0MGS3E0E7218 | Long             | DBT              |  | US        |      400000 | PA      | $311088.30    | 0.03%             | 2027-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         -21 | NC      | $51698.05     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Financial CLO Ltd                                   | KKR CLO 14 Ltd                                                                                                                             | CUSIP: 48250WAJ4<br>LEI: 635400KULUKCVCJXZX78 | Long             | ABS-CBDO         | CORP              | KY        |      400000 | PA      | $389675.20    | 0.03%             | 2031-07-15      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | MX        |           1 | NC      | $4075.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |           1 | NC      | $67133.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ELP 2021-ELP                                            | ELP Commercial Mortgage Trust 2021-ELP                                                                                                     | CUSIP: 26863LAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      770000 | PA      | $716159.14    | 0.06%             | 2038-11-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2019-4 LTD                                                                                                                  | CUSIP: 14317VAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1475000 | PA      | $1380529.20   | 0.12%             | 2035-04-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                                | EQM Midstream Partners LP                                                                                                                  | CUSIP: 26885BAH3<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      140000 | PA      | $134050.00    | 0.01%             | 2027-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    29900000 | PA      | $991100.71    | 0.09%             | 2030-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| SEMPRA ENERGY                                           | Sempra Energy                                                                                                                              | CUSIP: 816851BP3<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      545000 | PA      | $497889.10    | 0.04%             | 2029-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |           1 | NC      | $558.47       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                                                                          | CUSIP: 737446AS3<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      225000 | PA      | $237420.00    | 0.02%             | 2027-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                         | CoreLogic, Inc. Term Loan                                                                                                                  | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |      465240 | PA      | $389444.27    | 0.03%             | 2028-06-02      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-223372.47   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CTC Holdings, LP                                        | CTC Holdings, LP Term Loan B                                                                                                               | CUSIP: 12658UAB9<br>LEI: 549300C1QWYMULTJ4V04 | Long             | LON              | CORP              | US        |      594902 | PA      | $571105.45    | 0.05%             | 2029-02-20      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     1395000 | PA      | $292125.48    | 0.03%             | 2025-07-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ZA        |           1 | NC      | $36191.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                                  | Oman Government International Bond                                                                                                         | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      845000 | PA      | $836659.01    | 0.07%             | 2028-01-17      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $869.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2020-DNA3                                                                                                    | CUSIP: 35565WBD3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1140055 | PA      | $1188916.18   | 0.10%             | 2050-06-25      | Floating      | 9.49%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-1482.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP                                         | MEG Energy Corp                                                                                                                            | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |     1000000 | PA      | $944300.00    | 0.08%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                                                                              | CUSIP: 893647BH9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $990987.25    | 0.09%             | 2027-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-13963.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                                                                                  | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     1150000 | PA      | $889399.48    | 0.08%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                                                                                        | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      980000 | PA      | $840689.61    | 0.07%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group Inc.                          | Sinclair Television Group Inc. 2022 Term Loan B4                                                                                           | CUSIP: 82925BAG0<br>LEI: 549300CQGEN0CH65UD62 | Long             | LON              | CORP              | US        |     1237780 | PA      | $1181306.29   | 0.10%             | 2029-04-21      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $2813.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-98730.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                                          | Bavarian Sky UK 5 PLC                                                                                                                      | CUSIP: 44928XBJ2<br>LEI: 213800MAPH9PBACGJG35 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $436226.50    | 0.04%             | 2034-10-20      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $102235.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2020-MKST                                                                             | CUSIP: 46652DAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      800000 | PA      | $517443.28    | 0.04%             | 2036-12-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                                               | CUSIP: 902613AP3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      640000 | PA      | $613453.91    | 0.05%             | 2028-05-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | BRYB96EY7 BLACKROCK                                                                                                                        | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | IE        |    24000000 | OU      | $186371.90    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |           1 | NC      | $50371.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Greenwood Park CLO, Ltd                                 | Greenwood Park CLO Ltd                                                                                                                     | CUSIP: 39729TAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $203714.00    | 0.02%             | 2031-04-15      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                                                                               | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      450000 | PA      | $354240.00    | 0.03%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 539439AG4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      650000 | PA      | $631475.00    | 0.05%             | 2024-06-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                               | MSBAM Commercial Mortgage Securities Trust 2012-CKSV                                                                                       | CUSIP: 553514AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      356110 | PA      | $290390.62    | 0.03%             | 2030-10-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CZ        |           1 | NC      | $3970.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                                                                              | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      420000 | PA      | $374373.31    | 0.03%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-21534.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PE        |           1 | NC      | $15322.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6287.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IRB Holding Corp                                        | IRB Holding Corp 2020 Term Loan B                                                                                                          | CUSIP: 44988LAF4<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |      698951 | PA      | $693708.90    | 0.06%             | 2025-02-05      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | NZ        |           1 | NC      | $13229.18     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    20910000 | PA      | $848152.17    | 0.07%             | 2025-02-14      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Del Monte Foods, Inc.                                   | Del Monte Foods, Inc. 2022 Term Loan                                                                                                       | CUSIP: 24521TAJ5<br>LEI: 549300U9K7TD84Q24R17 | Long             | LON              | CORP              | US        |      850000 | PA      | $826625.00    | 0.07%             | 2029-05-16      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                                    | Michaels Cos Inc/The                                                                                                                       | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      820000 | PA      | $660703.25    | 0.06%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-10580.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                                | European Investment Bank                                                                                                                   | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |   128926000 | PA      | $6607314.84   | 0.57%             | 2023-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                                                                           | CUSIP: 87264AAX3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      415000 | PA      | $355866.94    | 0.03%             | 2040-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 30711XY32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     1210000 | PA      | $1251729.51   | 0.11%             | 2031-01-25      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         341 | NC      | $-35142.87    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $3173.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                                | Advanced Drainage Systems Inc                                                                                                              | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |     2045000 | PA      | $1989805.45   | 0.17%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC 2022 Term Loan B10                                                                                                             | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      111494 | PA      | $100135.25    | 0.01%             | 2028-08-19      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2017-III Ltd                                                                                                                  | CUSIP: 12548JAJ1<br>LEI: 254900S2BZHNDNVF2L25 | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $652156.40    | 0.06%             | 2030-07-20      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     4041000 | PA      | $945086.31    | 0.08%             | 2030-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $4379.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |           1 | NC      | $17432.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    11727000 | PA      | $2715143.76   | 0.24%             | 2026-04-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                                                                              | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      580000 | PA      | $464000.00    | 0.04%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                                   | Illuminate Buyer LLC / Illuminate Holdings IV Inc                                                                                          | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      810000 | PA      | $679469.64    | 0.06%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-32608.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-5983.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Paysafe Holdings (US) Corp                              | Paysafe Holdings (US) Corp EUR Term Loan B2                                                                                                | CUSIP: 70451NAC0<br>LEI: 549300N8UN7DUDH51357 | Long             | LON              | CORP              | US        |      843331 | PA      | $831791.52    | 0.07%             | 2028-06-28      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    70766900 | PA      | $3642704.09   | 0.32%             | 2024-12-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                                                                                       | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |       20000 | PA      | $18080.98     | 0.00%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CBAM CLO Management                                     | CBAM 2018-6 Ltd                                                                                                                            | CUSIP: 12481XAU4<br>LEI: 254900FSYLEH1VUJJF28 | Long             | ABS-CBDO         | CORP              | KY        |     1020000 | PA      | $1000095.72   | 0.09%             | 2031-01-15      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     3970000 | PA      | $577998.19    | 0.05%             | 2031-05-27      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: BRY810FR9 IRS PLN R V 06MWIBOR 1 CCPVANILLA / Short: BRY810FR9 IRS PLN P F  6.42000 2 CCPVANILLA                                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     4473315 | OU      | $-13036.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-LP2                                                                                                      | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      891254 | PA      | $821247.33    | 0.07%             | 2039-02-15      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-64969.42    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                      | Seagate HDD Cayman                                                                                                                         | CUSIP: 81180WAR2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      321000 | PA      | $299792.85    | 0.03%             | 2027-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                                                                                        | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     2390000 | PA      | $1930510.55   | 0.17%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $711.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $319338.33    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MY        |           1 | NC      | $49423.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AU        |           1 | NC      | $13722.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2020-1                                                                                          | CUSIP: 35563PPH6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      370000 | PA      | $311724.37    | 0.03%             | 2059-08-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | RO        |           1 | NC      | $65316.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                                | EQM Midstream Partners LP                                                                                                                  | CUSIP: 26885BAN0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      800000 | PA      | $771920.00    | 0.07%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 000000000<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     7056900 | PA      | $335874.73    | 0.03%             | 2024-09-12      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| Park Avenue Institutional Advisers CLO                  | Park Avenue Institutional Advisers CLO Ltd 2021-2                                                                                          | CUSIP: 70018QAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      575000 | PA      | $540271.73    | 0.05%             | 2034-07-15      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2424.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                          | Option One Mortgage Loan Trust 2005-3                                                                                                      | CUSIP: 68389FHV9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      850000 | PA      | $669192.93    | 0.06%             | 2035-08-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1569.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2440000 | PA      | $1920772.88   | 0.17%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                       | General Motors Co                                                                                                                          | CUSIP: 37045VAK6<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |      360000 | PA      | $353864.46    | 0.03%             | 2036-04-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                                                                           | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      680000 | PA      | $640121.40    | 0.06%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   174190000 | PA      | $403904.26    | 0.04%             | 2028-10-22      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Corp.                       | Mavis Tire Express Services Corp. 2021 Term Loan B                                                                                         | CUSIP: 57777YAB2<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |      994850 | PA      | $951680.47    | 0.08%             | 2028-05-04      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15870.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust              | Mercury Financial Credit Card Master Trust                                                                                                 | CUSIP: 58940BAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      400000 | PA      | $366719.24    | 0.03%             | 2026-09-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Aegis Asset Backed Securities Trust                     | Aegis Asset Backed Securities Trust 2005-5                                                                                                 | CUSIP: 00764MHE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      690000 | PA      | $647058.06    | 0.06%             | 2035-12-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-426.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                     | American Tower Corp                                                                                                                        | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |     1890000 | PA      | $1542983.73   | 0.13%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $14153.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2016-3 Ltd                                                                                                                        | CUSIP: 92915HAL7<br>LEI: 549300001G5S0D8B8343 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $246309.25    | 0.02%             | 2031-10-18      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                                                                                    | CUSIP: 78448YAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      680000 | PA      | $611544.94    | 0.05%             | 2053-01-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CL        |           1 | NC      | $37307.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-1894.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-36172.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2019-R07                                                                                               | CUSIP: 20753WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      680000 | PA      | $659701.32    | 0.06%             | 2039-10-25      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| SUNNOVA ENERGY CORP                                     | Sunnova Energy Corp                                                                                                                        | CUSIP: 86745GAF0<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |     1083000 | PA      | $968895.12    | 0.08%             | 2026-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| HSBC Bank USA N.A.                                      | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |           1 | NC      | $-6090.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: SRY7JX6Y5 IRS THB R F  2.83700 2 CCPNDFOIS / Short: SRY7JX6Y5 IRS THB P V 12MTHOR 1 CCPNDFOIS                                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   131410959 | OU      | $99373.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-890.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 984245AU4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      414050 | PA      | $396970.44    | 0.03%             | 2026-02-12      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                             | Equifax Inc                                                                                                                                | CUSIP: 294429AV7<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1236091.18   | 0.11%             | 2027-12-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-23535.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CA        |           1 | NC      | $-6734.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2022-3 Ltd                                                                                                      | CUSIP: 69690CAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      890000 | PA      | $868300.91    | 0.08%             | 2031-04-15      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                            | AES Corp/The                                                                                                                               | CUSIP: 00130HCG8<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |      250000 | PA      | $199465.29    | 0.02%             | 2031-01-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      210000 | PA      | $118900.95    | 0.01%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                                                                                   | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      320000 | PA      | $271572.26    | 0.02%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hornblower Sub, LLC                                     | Hornblower Sub, LLC 2020 Repriced Term Loan B                                                                                              | CUSIP: 44055EAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      662875 | PA      | $467327.16    | 0.04%             | 2025-04-27      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CZ        |           1 | NC      | $183525.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CATALENT PHARMA SOLUTION                                | Catalent Pharma Solutions Inc                                                                                                              | CUSIP: 000000000<br>LEI: 549300HALRZ339MSTH85 | Long             | DBT              | CORP              | US        |      545000 | PA      | $476514.09    | 0.04%             | 2028-03-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-750.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP                                   | Dun & Bradstreet Corp/The                                                                                                                  | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Long             | DBT              | CORP              | US        |      255000 | PA      | $218551.07    | 0.02%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 23542000000 | PA      | $1629917.98   | 0.14%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1560000 | PA      | $313181.09    | 0.03%             | 2027-07-26      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    19208000 | PA      | $4310678.28   | 0.37%             | 2028-06-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| VM Consolidated, Inc.                                   | VM Consolidated, Inc. 2021 Term Loan B                                                                                                     | CUSIP: 00215NAK6<br>LEI: 549300GCTGJLEBXJUK89 | Long             | LON              | CORP              | US        |     2351460 | PA      | $2341172.86   | 0.20%             | 2028-03-24      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-10273.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AKUMIN ESCROW INC                                       | Akumin Escrow Inc                                                                                                                          | CUSIP: 01021FAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      570000 | PA      | $347971.48    | 0.03%             | 2028-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| State of Qatar                                          | Qatar Government International Bond                                                                                                        | CUSIP: 74727PBB6<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |      490000 | PA      | $477943.55    | 0.04%             | 2049-03-14      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   818030000 | PA      | $1582246.40   | 0.14%             | 2032-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | GB        |           1 | NC      | $464.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pactiv LLC                                              | Pactiv LLC                                                                                                                                 | CUSIP: 880394AE1<br>LEI: 549300O4WTC6DL4JIE57 | Long             | DBT              | CORP              | US        |      650000 | PA      | $635707.06    | 0.06%             | 2027-04-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    24639000 | PA      | $108006.58    | 0.01%             | 2039-03-16      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ID        |           1 | NC      | $8075.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | IN        |           1 | NC      | $-10477.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                                                                                  | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     1460000 | PA      | $1190768.70   | 0.10%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2019-4                                                                                          | CUSIP: 35563PMX4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      560000 | PA      | $482485.19    | 0.04%             | 2059-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |           1 | NC      | $366395.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Starwood Retail Property Trust                          | Starwood Retail Property Trust 2014-STAR                                                                                                   | CUSIP: 85571XAQ0<br>LEI: 5493007115G809OI4R97 | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $242050.78    | 0.02%             | 2027-11-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    72650000 | PA      | $12334374.79  | 1.07%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | MX        |           1 | NC      | $20031.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PEN4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2740000 | PA      | $2481897.51   | 0.22%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Olympus Water US Holding Corporation                    | Olympus Water US Holding Corporation 2021 USD Term Loan B                                                                                  | CUSIP: 68163YAB1<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |      997733 | PA      | $960456.64    | 0.08%             | 2028-11-09      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-26941.30    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      505000 | PA      | $501726.46    | 0.04%             | 2026-08-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Eaton Vance CDO Ltd                                     | Eaton Vance CLO 2020-2 Ltd                                                                                                                 | CUSIP: 27830RAE9<br>LEI: 549300FU3GAH1NNHOO94 | Long             | ABS-CBDO         | CORP              | KY        |      630000 | PA      | $572945.31    | 0.05%             | 2035-01-15      | Floating      | 10.58%                | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2018-3                                                                                          | CUSIP: 35563PGR4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      415000 | PA      | $367211.42    | 0.03%             | 2057-08-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $4291.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WP CPP Holdings, LLC                                    | WP CPP Holdings, LLC 2019 2nd Lien Incremental Term Loan                                                                                   | CUSIP: 000000000<br>LEI: 549300HT8KGOLU7VM426 | Long             | LON              | CORP              | US        |      380000 | PA      | $320150.00    | 0.03%             | 2026-04-30      | Floating      | 12.17%                | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION INC.                           | Adtalem Global Education Inc. 2021 Term Loan B                                                                                             | CUSIP: 00737RAE0<br>LEI: 549300Z467EZLMODV621 | Long             | LON              | CORP              | US        |      639681 | PA      | $635911.54    | 0.06%             | 2028-08-12      | Floating      | 8.39%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CH        |           1 | NC      | $109338.36    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                                                                              | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |      635000 | PA      | $669501.88    | 0.06%             | 2025-01-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital Clo 17 Ltd                                                                                                               | CUSIP: 03332PAA5<br>LEI: 549300UNU854VTZYQ112 | Long             | ABS-CBDO         | CORP              | KY        |     3640000 | PA      | $3557342.88   | 0.31%             | 2034-07-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                                                                                   | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1360000 | PA      | $1219321.60   | 0.11%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                                | Scientific Games International Inc                                                                                                         | CUSIP: 80874YBG4<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1073018.11   | 0.09%             | 2025-07-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MY        |           1 | NC      | $5678.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMSCOPE TECH LLC                                      | CommScope Technologies LLC                                                                                                                 | CUSIP: 20337YAA5<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |      226000 | PA      | $206125.56    | 0.02%             | 2025-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Starwood Retail Property Trust                          | Starwood Retail Property Trust 2014-STAR                                                                                                   | CUSIP: 85571XAN7<br>LEI: 5493007115G809OI4R97 | Long             | ABS-MBS          | CORP              | US        |      230000 | PA      | $110983.98    | 0.01%             | 2027-11-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC                                   | B Riley Financial Inc                                                                                                                      | CUSIP: 05580M827<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        8000 | NS      | $178400.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    30172600 | PA      | $1466465.23   | 0.13%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Autokiniton US Holdings, Inc.                           | Autokiniton US Holdings, Inc. 2021 Term Loan B                                                                                             | CUSIP: 05278HAB2<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |     1484264 | PA      | $1439736.23   | 0.13%             | 2028-04-06      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| ENPHASE ENERGY INC                                      | Enphase Energy Inc                                                                                                                         | CUSIP: 29355AAK3<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |      215000 | PA      | $252496.00    | 0.02%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC 2021 Second Lien Term Loan B4                                                                                                  | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      900000 | PA      | $704250.00    | 0.06%             | 2029-01-20      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2020-DUNE                                                                                                | CUSIP: 36258BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      570000 | PA      | $556142.33    | 0.05%             | 2036-12-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-82931.68    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                                                                                 | CUSIP: 034863BB5<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      365000 | PA      | $328428.12    | 0.03%             | 2029-03-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $1645.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    70839900 | PA      | $3244554.48   | 0.28%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83367TBV0<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1565000 | PA      | $1501345.46   | 0.13%             | 2023-10-04      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Station Casinos LLC                                     | Station Casinos LLC 2020 Term Loan B                                                                                                       | CUSIP: 85769EAZ4<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |      490777 | PA      | $480347.54    | 0.04%             | 2027-02-08      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P EMINI 3RD WK FEB23P 3600                                                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |          62 | NC      | $123225.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grifols Worldwide Operations USA, Inc.                  | Grifols Worldwide Operations USA, Inc. USD 2019 Term Loan B                                                                                | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1354533 | PA      | $1310511.05   | 0.11%             | 2027-11-15      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Vertiv Group Corporation                                | Vertiv Group Corporation 2021 Term Loan B                                                                                                  | CUSIP: 92537EAC2<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |     1346574 | PA      | $1303146.61   | 0.11%             | 2027-03-02      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-64585.36    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | ID        |           1 | NC      | $9032.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-148145.33   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |           1 | NC      | $-423.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BGC PARTNERS INC                                        | BGC Partners Inc                                                                                                                           | CUSIP: 05541TAP6<br>LEI: TF1LXM1YNB81WKUH5G19 | Long             | DBT              | CORP              | US        |     2010000 | PA      | $1885568.08   | 0.16%             | 2025-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                                                                               | CUSIP: 62886HBE0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     1240000 | PA      | $1075644.20   | 0.09%             | 2027-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 2018-1 Ltd                                                                                                                   | CUSIP: 05875HAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      275000 | PA      | $250030.55    | 0.02%             | 2031-04-20      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                             | Avient Corp                                                                                                                                | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |      735000 | PA      | $719478.23    | 0.06%             | 2030-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                        | Georgia Power Co                                                                                                                           | CUSIP: 373334KR1<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |      910000 | PA      | $858279.81    | 0.07%             | 2052-05-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                  | UnitedHealth Group Inc                                                                                                                     | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     1850000 | PA      | $2009733.55   | 0.17%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| First Brands Group, LLC                                 | First Brands Group, LLC 2021 2nd Lien Term Loan                                                                                            | CUSIP: 31935HAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      190000 | PA      | $171950.00    | 0.01%             | 2028-03-30      | Floating      | 11.87%                | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-19959.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                                | Minerals Technologies Inc                                                                                                                  | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |      170000 | PA      | $151702.90    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2022-2 Ltd                                                                                                         | CUSIP: 05682GAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      550000 | PA      | $502347.45    | 0.04%             | 2035-04-22      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Vertex Aerospace Services Corp.                         | Vertex Aerospace Services Corp. 2021 First Lien Term Loan                                                                                  | CUSIP: 92532MAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1250550 | PA      | $1241952.47   | 0.11%             | 2028-12-06      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| ENDEAVOR ENERGY RESOURCE                                | Endeavor Energy Resources LP / EER Finance Inc                                                                                             | CUSIP: 29260FAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      410000 | PA      | $393251.50    | 0.03%             | 2028-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                                   | Time Warner Cable LLC                                                                                                                      | CUSIP: 88732JAU2<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |      300000 | PA      | $285247.92    | 0.02%             | 2039-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BUNDESREPUB. DEUTSCHLAND                                | Bundesrepublik Deutschland Bundesanleihe                                                                                                   | CUSIP: 000000000<br>LEI: 529900AQBND3S6YJLY83 | Long             | DBT              | NUSS              | DE        |       90000 | PA      | $87968.39     | 0.01%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $7687.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $7407.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Resolute Investment Managers, Inc.                      | Resolute Investment Managers, Inc. 2020 Term Loan C                                                                                        | CUSIP: 04635WAH7<br>LEI: 5493000DRVCSZDWGPC49 | Long             | LON              | CORP              | US        |      287241 | PA      | $234819.31    | 0.02%             | 2024-04-30      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2020-GS4                                                                                                       | CUSIP: 52474KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1215909 | PA      | $1198091.00   | 0.10%             | 2060-02-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  2395000000 | PA      | $2557768.35   | 0.22%             | 2025-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GANNETT CO INC                                          | Gannett Co Inc                                                                                                                             | CUSIP: 36472TAA7<br>LEI: 549300JQ2PU0RI3ZBA32 | Long             | DBT              | CORP              | US        |       76000 | PA      | $57203.47     | 0.00%             | 2027-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                   | American Airlines Inc                                                                                                                      | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |      640000 | PA      | $687890.72    | 0.06%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-6171.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | ID        |           1 | NC      | $9663.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |           1 | NC      | $10785.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                                                                                   | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     1505000 | PA      | $1422853.70   | 0.12%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IHS NETHERLANDS HOLDCO                                  | IHS Netherlands Holdco BV                                                                                                                  | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     1590000 | PA      | $1407531.60   | 0.12%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397C27<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      480000 | PA      | $448689.60    | 0.04%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-21M                                                                                                      | CUSIP: 05609CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1110067 | PA      | $1068265.61   | 0.09%             | 2036-10-15      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $1807.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                | Virgin Media Bristol LLC USD Term Loan N                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1649297 | PA      | $1624042.96   | 0.14%             | 2028-01-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-3581.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-1959.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |           1 | NC      | $2865.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barings CLO Ltd. 2016-II                                | Barings CLO Ltd 2016-II                                                                                                                    | CUSIP: 06761DAC1<br>LEI: 549300Z33CTC4YAKLT16 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $211793.00    | 0.02%             | 2032-01-20      | Floating      | 10.74%                | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp.                              | Gainwell Acquisition Corp. Term Loan B                                                                                                     | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2153864 | PA      | $2043478.10   | 0.18%             | 2027-10-01      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| ADEVINTA ASA                                            | Adevinta ASA                                                                                                                               | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | DBT              | CORP              | NO        |      245000 | PA      | $232223.50    | 0.02%             | 2027-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $400.06       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BBCCRE Trust                                            | BBCCRE Trust 2015-GTP                                                                                                                      | CUSIP: 05490TAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      922000 | PA      | $741101.30    | 0.06%             | 2033-08-10      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      740000 | PA      | $613999.98    | 0.05%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 70 CLO Ltd                                                                                                                          | CUSIP: 26252FAA4<br>LEI: 549300S32UW0TE4JM250 | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $814113.00    | 0.07%             | 2032-01-16      | Floating      | 10.13%                | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                    | Chart Industries Inc                                                                                                                       | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      530000 | PA      | $544211.95    | 0.05%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO I, Ltd.                                 | Halsey Point CLO I Ltd                                                                                                                     | CUSIP: 40638CAC3<br>LEI: 549300POBLM5RW6LD816 | Long             | ABS-CBDO         | CORP              | KY        |      290000 | PA      | $242165.08    | 0.02%             | 2033-01-20      | Floating      | 12.44%                | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                                | Itau Unibanco Holding SA/Cayman Island                                                                                                     | CUSIP: 46556L2A1<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |      570000 | PA      | $519107.55    | 0.05%             | 2031-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CARROLS RESTAURANT GROUP                                | Carrols Restaurant Group Inc                                                                                                               | CUSIP: 14574XAF1<br>LEI: 529900HZEMNWQSAKFJ98 | Long             | DBT              | CORP              | US        |      190000 | PA      | $133410.78    | 0.01%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  1130000000 | PA      | $1117532.13   | 0.10%             | 2028-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | MX        |           1 | NC      | $12394.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                                  | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      580000 | PA      | $454839.89    | 0.04%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | IN        |           1 | NC      | $-10613.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    15220000 | PA      | $583009.66    | 0.05%             | 2026-06-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                                                                                   | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      670000 | PA      | $639297.63    | 0.06%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Marathon CLO LTD                                        | Marathon CLO 14 Ltd                                                                                                                        | CUSIP: 56578HAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $238264.75    | 0.02%             | 2033-01-20      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| SUZANO AUSTRIA GMBH                                     | Suzano Austria GmbH                                                                                                                        | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |      940000 | PA      | $734186.06    | 0.06%             | 2032-01-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| ClubCorp Holdings, Inc.                                 | ClubCorp Holdings, Inc. 2017 Term Loan B                                                                                                   | CUSIP: 18948TAB9<br>LEI: 549300XWSO7KBICXNW37 | Long             | LON              | CORP              | US        |      833604 | PA      | $754932.77    | 0.07%             | 2024-09-18      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    49246117 | PA      | $2580971.19   | 0.22%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| InterGen NV                                             | InterGen NV                                                                                                                                | CUSIP: 45867XAG9<br>LEI: 549300E3XRGX2JMPEC79 | Long             | DBT              | CORP              | NL        |      470000 | PA      | $456914.66    | 0.04%             | 2023-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Credit Agricole SA                                      | Credit Agricole SA                                                                                                                         | CUSIP: 225313AJ4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     1270000 | PA      | $1290574.00   | 0.11%             | 2025-12-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                           | Coherent Corp                                                                                                                              | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |     2205000 | PA      | $1904524.65   | 0.17%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     1520000 | PA      | $1315476.64   | 0.11%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                | Live Nation Entertainment Inc                                                                                                              | CUSIP: 538034AU3<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      245000 | PA      | $241692.50    | 0.02%             | 2025-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2017-1                                                                                          | CUSIP: 35563PAS8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      113424 | PA      | $111905.17    | 0.01%             | 2056-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                     | Suzano Austria GmbH                                                                                                                        | CUSIP: 000000000<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     1190000 | PA      | $1189911.29   | 0.10%             | 2047-03-16      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Acrisure, LLC                                           | Acrisure, LLC 2021 First Lien Term Loan B                                                                                                  | CUSIP: 00488PAP0<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |      994975 | PA      | $965747.49    | 0.08%             | 2027-02-15      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                 | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust                                                                             | CUSIP: 92925GAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      349505 | PA      | $300631.48    | 0.03%             | 2036-12-25      | Variable      | 3.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                                                                                                            | CUSIP: 3140HXEV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       60000 | PA      | $49111.38     | 0.00%             | 2035-01-01      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux S.a.r.l.                             | Jazz Financing Lux S.a.r.l. USD Term Loan                                                                                                  | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |     2072247 | PA      | $2057424.16   | 0.18%             | 2028-05-05      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC/CO-ISSR                                 | Allen Media LLC / Allen Media Co-Issuer Inc                                                                                                | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      410000 | PA      | $156447.80    | 0.01%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| United States Treasury                                  | United States Treasury Note/Bond                                                                                                           | CUSIP: 9128284D9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     3158000 | PA      | $3143227.00   | 0.27%             | 2023-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-3661.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-13391.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Verscend Holding Corp.                                  | Verscend Holding Corp. 2021 Term Loan B                                                                                                    | CUSIP: 92531HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1722141 | PA      | $1715683.40   | 0.15%             | 2025-08-27      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| Aruba Investments, Inc.                                 | Aruba Investments, Inc. 2020 USD Term Loan                                                                                                 | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |      939344 | PA      | $915078.29    | 0.08%             | 2027-11-24      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| PINDUODUO INC                                           | Pinduoduo Inc                                                                                                                              | CUSIP: 722304AC6<br>LEI: 5493000573DS7005T657 | Long             | DBT              | CORP              | KY        |      260000 | PA      | $241800.00    | 0.02%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                                                                                     | CUSIP: 25278XAV1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     1880000 | PA      | $1914004.48   | 0.17%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RVR Dealership Holdings, LLC                            | RVR Dealership Holdings, LLC Term Loan B                                                                                                   | CUSIP: 75001CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      950627 | PA      | $874576.61    | 0.08%             | 2028-02-08      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-31149.56    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LP                                | Viper Energy Partners LP                                                                                                                   | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |      970000 | PA      | $922693.56    | 0.08%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    32547000 | PA      | $142671.78    | 0.01%             | 2034-05-10      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 19 Ltd                                                                                                                       | CUSIP: 05876AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1560000 | PA      | $1394654.04   | 0.12%             | 2035-04-20      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Funding 2 LTD                                                                                                                   | CUSIP: 67707EAY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      275000 | PA      | $265848.83    | 0.02%             | 2034-04-21      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | RO        |           1 | NC      | $48761.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  7852000000 | PA      | $494248.63    | 0.04%             | 2028-05-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection, LLC                          | Caesars Resort Collection, LLC 2020 Term Loan B1                                                                                           | CUSIP: 12769LAD1<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |     1398331 | PA      | $1396364.94   | 0.12%             | 2025-07-21      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                    | Bank of America Corp                                                                                                                       | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |      220000 | PA      | $162152.54    | 0.01%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                           | TransDigm Inc                                                                                                                              | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      340000 | PA      | $336052.60    | 0.03%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                            | Organon & Co USD Term Loan                                                                                                                 | CUSIP: 68621XAE3<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |     1036018 | PA      | $1028247.37   | 0.09%             | 2028-06-02      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 984245AL4<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      860000 | PA      | $722595.79    | 0.06%             | 2025-07-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding, LLC                           | Deerfield Dakota Holding, LLC 2021 USD 2nd Lien Term Loan                                                                                  | CUSIP: 24440EAG2<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |      288100 | PA      | $276035.81    | 0.02%             | 2028-04-07      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $777060.97    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-971.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2017-C42                                                                                             | CUSIP: 95001GAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1190000 | PA      | $782454.51    | 0.07%             | 2050-12-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $1509.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1110000 | PA      | $1077499.20   | 0.09%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6766.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    18639000 | PA      | $81705.21     | 0.01%             | 2024-10-16      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI                                        | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397B69<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     1020000 | PA      | $802595.26    | 0.07%             | 2031-06-17      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection, LLC                          | Caesars Resort Collection, LLC 2017 1st Lien Term Loan B                                                                                   | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |      119856 | PA      | $119737.59    | 0.01%             | 2024-12-23      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Whitehorse Ltd                                          | Whitehorse XII Ltd                                                                                                                         | CUSIP: 96525YAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      410000 | PA      | $353778.75    | 0.03%             | 2031-10-15      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-586.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT MINERALS CORP                                  | Freeport Minerals Corp                                                                                                                     | CUSIP: 717265AJ1<br>LEI: G4008SUSNH0WBKRVG414 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1066250.00   | 0.09%             | 2027-11-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    18748000 | PA      | $936387.43    | 0.08%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                                                                                | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     1550000 | PA      | $1358567.93   | 0.12%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     6986000 | PA      | $1466988.99   | 0.13%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P EMINI 3RD WK FEB23P 3400                                                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |          20 | NC      | $14250.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Worldwide Express Operations, LLC                       | Worldwide Express Operations, LLC 2021 1st Lien Term Loan                                                                                  | CUSIP: 00435UAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      734450 | PA      | $673857.88    | 0.06%             | 2028-07-26      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                                                                          | CUSIP: 674215AL2<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     1090000 | PA      | $1063098.80   | 0.09%             | 2026-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    52609000 | PA      | $230614.79    | 0.02%             | 2035-07-18      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    31483100 | PA      | $1576064.37   | 0.14%             | 2023-12-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      245000 | PA      | $211851.50    | 0.02%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |           1 | NC      | $12066.67     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| K2016470219 SA LTD                                      | K2016470219 South Africa Ltd                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | ZA        |      640967 | PA      | $1829.96      | 0.00%             | 2022-12-31      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Spencer Spirit IH LLC                                   | Spencer Spirit IH LLC Term Loan B                                                                                                          | CUSIP: 84823UAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      600012 | PA      | $591537.01    | 0.05%             | 2026-06-19      | Floating      | 10.40%                | No            |                  2 | On Loan: No      |
| EP Purchaser, LLC                                       | EP Purchaser, LLC 2021 Term Loan B                                                                                                         | CUSIP: 26881KAC8<br>LEI: 549300GGODRVQG1GH476 | Long             | LON              | CORP              | US        |      339435 | PA      | $336464.94    | 0.03%             | 2028-11-06      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners, LLC                           | Focus Financial Partners, LLC 2021 Term Loan B4                                                                                            | CUSIP: 34416DAU2<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |      482877 | PA      | $475834.98    | 0.04%             | 2028-06-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CA        |           1 | NC      | $21427.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP                                        | Haemonetics Corp                                                                                                                           | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |      285000 | PA      | $236920.50    | 0.02%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AT HOME GROUP INC                                       | At Home Group Inc                                                                                                                          | CUSIP: 04650YAA8<br>LEI: 549300LGPR0P05O30I24 | Long             | DBT              | CORP              | US        |      365000 | PA      | $257797.68    | 0.02%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| TCI-Symphony CLO                                        | TCI-Symphony CLO 2016-1 Ltd                                                                                                                | CUSIP: 87229WAW1<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |      280000 | PA      | $250451.04    | 0.02%             | 2032-10-13      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CZ        |           1 | NC      | $26749.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    20349000 | PA      | $3616799.44   | 0.31%             | 2023-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Parallel Ltd                                            | Parallel 2017-1 Ltd                                                                                                                        | CUSIP: 69915XAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $234718.00    | 0.02%             | 2029-07-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CN        |           1 | NC      | $1688.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                                                                          | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      500000 | PA      | $409372.50    | 0.04%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 86765BAQ2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      180000 | PA      | $153419.72    | 0.01%             | 2045-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                                                                          | CUSIP: 36162JAD8<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      150000 | PA      | $144290.91    | 0.01%             | 2028-12-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                                                                                   | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      420000 | PA      | $341242.78    | 0.03%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-45219.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | Greywolf CLO IV Ltd                                                                                                                        | CUSIP: 39809TAQ0<br>LEI: 5493000F00WO8WFFVM11 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $228185.25    | 0.02%             | 2034-04-17      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-29185.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2018-C                                                                                           | CUSIP: 63940VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      370000 | PA      | $340146.14    | 0.03%             | 2042-06-16      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| KKR GROUP FINAN CO XII                                  | KKR Group Finance Co XII LLC                                                                                                               | CUSIP: 48255GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      735000 | PA      | $688334.89    | 0.06%             | 2032-05-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     7320000 | PA      | $1060890.73   | 0.09%             | 2027-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $7459.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Genesee & Wyoming Inc. (New)                            | Genesee & Wyoming Inc. (New) Term Loan                                                                                                     | CUSIP: 55316HAB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |      994885 | PA      | $990814.85    | 0.09%             | 2026-12-30      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                                | iHeartCommunications Inc                                                                                                                   | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      145000 | PA      | $133629.10    | 0.01%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3413.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2020-G                                                                                           | CUSIP: 63941UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      760000 | PA      | $572205.82    | 0.05%             | 2069-09-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |           1 | NC      | $10732.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-19268.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | Ares XXXIIR CLO Ltd                                                                                                                        | CUSIP: 04017EAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $222133.75    | 0.02%             | 2030-05-15      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-232.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sculptor CLO Ltd                                        | Sculptor CLO XXVI Ltd                                                                                                                      | CUSIP: 81125HAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      430000 | PA      | $379293.54    | 0.03%             | 2034-07-20      | Floating      | 11.49%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-17960.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORG                                        | Organon & Co / Organon Foreign Debt Co-Issuer BV                                                                                           | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1240000 | PA      | $1075867.71   | 0.09%             | 2031-04-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | JP        |           1 | NC      | $9015.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     2520000 | PA      | $2406868.56   | 0.21%             | 2033-07-25      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                              | Akumin Inc                                                                                                                                 | CUSIP: 01021FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $136315.02    | 0.01%             | 2025-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |           1 | NC      | $-64.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AIRBNB INC                                              | Airbnb Inc                                                                                                                                 | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |      225000 | PA      | $185737.50    | 0.02%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    86446000 | PA      | $378941.37    | 0.03%             | 2028-01-19      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PE        |           1 | NC      | $-229.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                                  | Adient Global Holdings Ltd                                                                                                                 | CUSIP: 000000000<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     1040000 | PA      | $1068020.42   | 0.09%             | 2024-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-10611.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |           1 | NC      | $169125.62    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-74689.55    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-3474.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-3980.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                                | Sinclair Television Group Inc                                                                                                              | CUSIP: 829259BA7<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     1140000 | PA      | $856175.78    | 0.07%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5931.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |           1 | NC      | $3242.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CORECIVIC INC                                           | CoreCivic Inc                                                                                                                              | CUSIP: 21871NAB7<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |     1030000 | PA      | $1057696.70   | 0.09%             | 2026-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| Intesa Sanpaolo SpA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      350000 | PA      | $336732.99    | 0.03%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2019-4                                                                                                           | CUSIP: 89178BBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      590000 | PA      | $404436.03    | 0.04%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-5460.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     9720000 | PA      | $352332.82    | 0.03%             | 2027-02-10      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp                                                                        | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      810000 | PA      | $732483.00    | 0.06%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PH        |           1 | NC      | $-2704.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock CLO 2019-1 Ltd                                                                                                                   | CUSIP: 05875JAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      415000 | PA      | $399593.13    | 0.03%             | 2032-07-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| COLGATE ENERGY P                                        | Colgate Energy Partners III LLC                                                                                                            | CUSIP: 19416MAB5<br>LEI: 549300QRLZK0B17DH791 | Long             | DBT              | CORP              | US        |     3280000 | PA      | $2821326.63   | 0.25%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                 | Dell International LLC / EMC Corp                                                                                                          | CUSIP: 24703DBG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      905000 | PA      | $557324.60    | 0.05%             | 2051-12-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: BRY893CP2 IRS HUF R V 06MBUBOR 1 CCPVANILLA / Short: BRY893CP2 IRS HUF P F 10.30000 2 CCPVANILLA                                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   235549003 | OU      | $8523.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Catskill Park CLO, LTD.                                 | Catskill Park CLO Ltd                                                                                                                      | CUSIP: 149421AA7<br>LEI: 549300QY7L9WFVGWC115 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $624159.75    | 0.05%             | 2029-04-20      | Floating      | 10.24%                | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                | Liberty Mutual Group Inc                                                                                                                   | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |     1590000 | PA      | $972062.40    | 0.08%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie B                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      202000 | PA      | $152372.75    | 0.01%             | 2050-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |           1 | NC      | $-9788.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                                | British Telecommunications PLC                                                                                                             | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |      805000 | PA      | $966332.65    | 0.08%             | 2030-12-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                           | UniCredit SpA                                                                                                                              | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      990000 | PA      | $806264.77    | 0.07%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $58268.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NBM US Holdings Inc                                     | NBM US Holdings Inc                                                                                                                        | CUSIP: 62877VAA9<br>LEI: 5493008K1QMSP0J8UC24 | Long             | DBT              | CORP              | US        |      235000 | PA      | $233740.40    | 0.02%             | 2026-05-14      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-1232.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac Stacr Remic Trust 2020-DNA1                                                                                                    | CUSIP: 35565HBD6<br>LEI: 5493003FQV7GR462GO02 | Long             | ABS-MBS          | USGSE             | US        |     1580000 | PA      | $1492817.50   | 0.13%             | 2050-01-25      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                           | DISH DBS Corp                                                                                                                              | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1275000 | PA      | $824905.88    | 0.07%             | 2029-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $13985.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | 3 MONTH SOFR FUT JUN23                                                                                                                     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |           3 | NC      | $-11406.30    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1495000 | PA      | $944140.82    | 0.08%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                               | Boeing Co/The                                                                                                                              | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     2075000 | PA      | $1987539.81   | 0.17%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    71354000 | PA      | $312784.66    | 0.03%             | 2027-02-03      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBC3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      500000 | PA      | $456250.00    | 0.04%             | 2026-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                                                                                  | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      630000 | PA      | $644020.65    | 0.06%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)                      | Dun & Bradstreet Corporation (The) Term Loan                                                                                               | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |     1664045 | PA      | $1650524.99   | 0.14%             | 2026-02-06      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2017-I Ltd                                                                                                                    | CUSIP: 12551AAJ4<br>LEI: 549300X1SKS4LNS5LQ62 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $238365.00    | 0.02%             | 2029-04-23      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners, LLC                                   | EyeCare Partners, LLC 2021 2nd Lien Term Loan                                                                                              | CUSIP: 000000000<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |      440000 | PA      | $369600.00    | 0.03%             | 2029-11-15      | Floating      | 11.48%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | RO        |           1 | NC      | $-282.51      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PPM CLO LTD                                             | PPM CLO 2018-1 Ltd                                                                                                                         | CUSIP: 69355DAL1<br>LEI: 549300NI5BL19ELU5U14 | Long             | ABS-CBDO         | CORP              | KY        |     1005000 | PA      | $955818.32    | 0.08%             | 2031-07-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                                                                                   | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      230000 | PA      | $198354.76    | 0.02%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                                                                              | CUSIP: 143658BU5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      400000 | PA      | $359200.00    | 0.03%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         486 | NC      | $-295444.36   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                                | Cheniere Energy Partners LP                                                                                                                | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      460000 | PA      | $366186.10    | 0.03%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PLT VII FINANCE SARL                                    | PLT VII Finance Sarl                                                                                                                       | CUSIP: 000000000<br>LEI: 894500SKZV4JDP64R249 | Long             | DBT              | CORP              | LU        |      105000 | PA      | $105846.29    | 0.01%             | 2026-01-05      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                                          | Brunswick Corp/DE                                                                                                                          | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |     1620000 | PA      | $1194720.79   | 0.10%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-7297.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Navient Corp                                            | Navient Corp                                                                                                                               | CUSIP: 78442FAZ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      170000 | PA      | $121411.52    | 0.01%             | 2033-08-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |           1 | NC      | $17914.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4996.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $5096.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-15553.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    11702000 | PA      | $643208.42    | 0.06%             | 2036-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-VINO                                                                                                     | CUSIP: 05608KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1280000 | PA      | $1233982.59   | 0.11%             | 2038-05-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac Structured Agency Credit Risk Debt Notes                                                                                       | CUSIP: 3137G0UB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      840000 | PA      | $848424.44    | 0.07%             | 2030-07-25      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| MED Trust                                               | Med Trust 2021-MDLN                                                                                                                        | CUSIP: 58403YAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      580000 | PA      | $540100.87    | 0.05%             | 2038-11-15      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| PETROBRAS GLOBAL FINANCE                                | Petrobras Global Finance BV                                                                                                                | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     1150000 | PA      | $976383.56    | 0.08%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Bed Bath & Beyond Inc                                   | Bed Bath & Beyond Inc                                                                                                                      | CUSIP: 075896AC4<br>LEI: 529900ZBUWWUV7BKGX39 | Long             | DBT              | CORP              | US        |      850000 | PA      | $86381.25     | 0.01%             | 2044-08-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |           1 | NC      | $21357.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-20461.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CO        |           1 | NC      | $-3468.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                                                                           | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      327438 | PA      | $84327.32     | 0.01%             | 2046-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2021-8 LTD                                                                                                                  | CUSIP: 143120AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      510000 | PA      | $491983.74    | 0.04%             | 2034-10-15      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Barings CLO Ltd                                         | Barings CLO Ltd 2013-I                                                                                                                     | CUSIP: 06760EAE6<br>LEI: 54930079SUKCXYW8DR07 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $244264.00    | 0.02%             | 2028-01-20      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| CANO HEALTH LLC                                         | Cano Health LLC 2022 Term Loan                                                                                                             | CUSIP: 13781HAE0<br>LEI: 254900OGI2T8V1NXN639 | Long             | LON              | CORP              | US        |     1777523 | PA      | $1428683.99   | 0.12%             | 2027-11-23      | Variable      | 8.42%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED NOK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | NO        |           1 | NC      | $409377.35    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                                     | United Airlines Inc                                                                                                                        | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |      430000 | PA      | $375153.80    | 0.03%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $5279.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1345000 | PA      | $278466.54    | 0.02%             | 2024-04-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    64421020 | PA      | $3192844.32   | 0.28%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| European Investment Bank                                | European Investment Bank                                                                                                                   | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | XX        |     5140000 | PA      | $305174.32    | 0.03%             | 2024-09-17      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                                                                                         | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      300000 | PA      | $268347.54    | 0.02%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                       | Kosmos Energy Ltd                                                                                                                          | CUSIP: 500688AC0<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     1005000 | PA      | $858350.40    | 0.07%             | 2026-04-04      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    54099506 | PA      | $2093553.90   | 0.18%             | 2036-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                                  | AngloGold Ashanti Holdings PLC                                                                                                             | CUSIP: 03512TAE1<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |      685000 | PA      | $594704.88    | 0.05%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                                | Targa Resources Partners LP / Targa Resources Partners Finance Corp                                                                        | CUSIP: 87612BBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1199484.25   | 0.10%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-216.64      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICAL INDU                                | Teva Pharmaceutical Finance Netherlands III BV                                                                                             | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |      620000 | PA      | $561192.84    | 0.05%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2018-BILT                                                                                                                         | CUSIP: 05606JAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      950000 | PA      | $910913.49    | 0.08%             | 2030-05-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| ENDEAVOR MINING PLC                                     | Endeavour Mining PLC                                                                                                                       | CUSIP: 29261HAA3<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |     1690000 | PA      | $1455597.00   | 0.13%             | 2026-10-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTARES HOLDINGS                                        | Antares Holdings LP                                                                                                                        | CUSIP: 03666HAC5<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |      380000 | PA      | $329120.59    | 0.03%             | 2026-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL GAMING AU                                | Mohegan Tribal Gaming Authority                                                                                                            | CUSIP: 608328BJ8<br>LEI: 549300UB083Z2NRDHC48 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1409062.50   | 0.12%             | 2027-12-15      | Fixed         | 13.25%                | No            |                  2 | On Loan: No      |
| BROWN GROUP HOLDING, LLC                                | Brown Group Holding, LLC 2022 Incremental Term Loan B2                                                                                     | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |      997500 | PA      | $995808.24    | 0.09%             | 2029-07-02      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                                  | Blackstone Private Credit Fund                                                                                                             | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     2105000 | PA      | $1744991.68   | 0.15%             | 2026-12-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE                                | Pioneer Natural Resources Co                                                                                                               | CUSIP: 723787AP2<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |       75000 | PA      | $175275.00    | 0.02%             | 2025-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 30711X3M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      492500 | PA      | $493541.49    | 0.04%             | 2031-03-25      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Alinea CLO LTD                                          | Alinea CLO 2018-1 Ltd                                                                                                                      | CUSIP: 016269AD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      650000 | PA      | $585832.00    | 0.05%             | 2031-07-20      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                                | Smyrna Ready Mix Concrete LLC                                                                                                              | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     1170000 | PA      | $1049244.30   | 0.09%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | 90DAY EUR FUTR DEC23                                                                                                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         510 | NC      | $-2321371.00  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| EXPEDIA GROUP INC                                       | Expedia Group Inc                                                                                                                          | CUSIP: 30212PBE4<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |      185000 | PA      | $162046.78    | 0.01%             | 2026-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  2195000000 | PA      | $2525331.64   | 0.22%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    16352500 | PA      | $898826.33    | 0.08%             | 2036-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |           1 | NC      | $22513.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   111817800 | PA      | $5414030.55   | 0.47%             | 2027-06-03      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      618000 | PA      | $624744.00    | 0.05%             | 2026-02-26      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC                                       | Triumph Group Inc                                                                                                                          | CUSIP: 896818AS0<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |      135000 | PA      | $137571.75    | 0.01%             | 2024-06-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CT TRUST                                                | CT Trust                                                                                                                                   | CUSIP: 12659BAA2<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |     3080000 | PA      | $2708975.19   | 0.24%             | 2032-02-03      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                  | Millicom International Cellular SA                                                                                                         | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      324000 | PA      | $310326.17    | 0.03%             | 2029-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      600000 | PA      | $417413.42    | 0.04%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $3200.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12317.39    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                | VIRGIN MEDIA BRISTOL LLC 2020 USD TERM LOAN Q                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      537600 | PA      | $532979.87    | 0.05%             | 2029-01-31      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                                   | Melco Resorts Finance Ltd                                                                                                                  | CUSIP: 58547DAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      320000 | PA      | $257308.80    | 0.02%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CN        |           1 | NC      | $157283.72    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-79046.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWS075267 IRS USD R V 00MSOFR 1 CCPOIS / Short: BWS075267 IRS USD P F  2.51000 2 CCPOIS                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     1747000 | OU      | $238025.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                        | Garda World Security Corporation 2021 Term Loan B                                                                                          | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |     2323926 | PA      | $2267280.48   | 0.20%             | 2026-10-30      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| Republic of Kazakhstan                                  | Kazakhstan Government International Bond                                                                                                   | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |      510000 | PA      | $529731.90    | 0.05%             | 2025-07-21      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $3106.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2021-ESH                                                                                                       | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      478334 | PA      | $450365.80    | 0.04%             | 2038-07-15      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                                                                           | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |        5505 | PA      | $1475.11      | 0.00%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-4119.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: BWS055426 CDS USD R V 03MEVENT 1 CCPCORPORATE / Short: BWS055426 CDS USD P F  5.00000 2 CCPCORPORATE                                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1380000 | OU      | $-134292.26   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                                                                                      | CUSIP: 595112BV4<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |     1410000 | PA      | $1435427.36   | 0.12%             | 2029-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                                                                          | CUSIP: 29379VBR3<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      500000 | PA      | $381946.86    | 0.03%             | 2078-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                      | Cinemark USA, Inc. 2018 Term Loan B                                                                                                        | CUSIP: 172442AS4<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2025-03-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-104836.35   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   124112000 | PA      | $3634613.81   | 0.32%             | 2026-12-17      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 50810000000 | PA      | $3618147.25   | 0.31%             | 2039-04-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                                  | Southwestern Energy Co                                                                                                                     | CUSIP: 845467AT6<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |      920000 | PA      | $787993.80    | 0.07%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Thermostat Purchaser III, Inc.                          | Thermostat Purchaser III, Inc. Delayed Draw Term Loan                                                                                      | CUSIP: 88366MAD6<br>LEI: 254900K7OD47ERJZN242 | Long             | LON              | CORP              | US        |       49431 | PA      | $46712.64     | 0.00%             | 2028-08-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 30711XYW8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      610000 | PA      | $621643.68    | 0.05%             | 2030-07-25      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                     | Sound Point CLO XXVII Ltd                                                                                                                  | CUSIP: 83611VAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2600000 | PA      | $2504788.00   | 0.22%             | 2034-10-25      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | HU        |           1 | NC      | $95813.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-96553.43    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $15242.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |           1 | NC      | $10495.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CH        |           1 | NC      | $85248.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PAYSAFE                                 | Paysafe Finance PLC / Paysafe Holdings US Corp                                                                                             | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      525000 | PA      | $406245.00    | 0.04%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-12493.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-59769.05    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-3734.79     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CN        |           1 | NC      | $3395.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-13211.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | ID        |           1 | NC      | $3663.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                                  | Option Care Health Inc                                                                                                                     | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |     1130000 | PA      | $989863.05    | 0.09%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                 | American Airlines, Inc. 2021 Term Loan                                                                                                     | CUSIP: 02376CBJ3<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | KY        |     1710562 | PA      | $1705216.99   | 0.15%             | 2028-04-20      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TH        |           1 | NC      | $5401.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $5041.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 53B Ltd                                                                                                         | CUSIP: 38178CAA7<br>LEI: 254900DPK2EA9C8DGV68 | Long             | ABS-CBDO         | CORP              | KY        |      380000 | PA      | $335250.82    | 0.03%             | 2034-07-20      | Floating      | 10.94%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                                   | Indonesia Government International Bond                                                                                                    | CUSIP: 455780DJ2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1800000 | PA      | $1628764.87   | 0.14%             | 2032-03-31      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                                          | Hertz Corp/The                                                                                                                             | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |      780000 | PA      | $592722.00    | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-7818.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CA        |           1 | NC      | $7306.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     8120000 | PA      | $1193311.74   | 0.10%             | 2029-11-21      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                    | Carnival Corporation 2021 Incremental Term Loan B                                                                                          | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |      483657 | PA      | $453831.59    | 0.04%             | 2028-10-18      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| MEXICAN UDIBONOS                                        | Mexican Udibonos                                                                                                                           | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    21467006 | PA      | $1134820.19   | 0.10%             | 2035-11-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                                                                                   | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      120000 | PA      | $109278.18    | 0.01%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA, LLC                                        | Allen Media, LLC 2021 Term Loan B                                                                                                          | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |      779928 | PA      | $644050.05    | 0.06%             | 2027-02-10      | Floating      | 10.23%                | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      330000 | PA      | $275862.70    | 0.02%             | 2038-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CA        |           1 | NC      | $-9058.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |           1 | NC      | $50867.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TEVA PHARM FIN CO LLC                                   | Teva Pharmaceutical Finance Co LLC                                                                                                         | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1490236.39   | 0.13%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                                             | MetLife Inc                                                                                                                                | CUSIP: 59156RBR8<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |      145000 | PA      | $131028.57    | 0.01%             | 2046-05-13      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    29336000 | PA      | $5315806.33   | 0.46%             | 2025-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $894769.91    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                                                                                       | CUSIP: 517834AG2<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      660000 | PA      | $624220.71    | 0.05%             | 2024-08-08      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     1440000 | PA      | $1257937.01   | 0.11%             | 2027-06-23      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SWIRE PACIFIC MTN FIN                                   | Swire Pacific MTN Financing Ltd                                                                                                            | CUSIP: 000000000<br>LEI: 549300B8O4ENACYK5559 | Long             | DBT              | CORP              | KY        |      360000 | PA      | $358386.55    | 0.03%             | 2023-10-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding, LLC                           | Deerfield Dakota Holding, LLC 2020 USD Term Loan B                                                                                         | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |      844603 | PA      | $790496.45    | 0.07%             | 2027-04-09      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $2503.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DCert Buyer, Inc.                                       | DCert Buyer, Inc. 2019 Term Loan B                                                                                                         | CUSIP: 24022KAB5<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |      711858 | PA      | $688722.80    | 0.06%             | 2026-10-16      | Variable      | 8.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5951.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tutor Perini Corp                                       | Tutor Perini Corp                                                                                                                          | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |      690000 | PA      | $604837.91    | 0.05%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC                  | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CZ        |           1 | NC      | $24568.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 225401AJ7<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      200000 | PA      | $160323.94    | 0.01%             | 2023-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 33 Ltd                                                                                                  | CUSIP: 64132TAQ6<br>LEI: 549300RVE5T2OYI2H743 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $689891.25    | 0.06%             | 2033-10-16      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-9773.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 18078000000 | PA      | $1295834.36   | 0.11%             | 2025-09-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $5605.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                     | Clydesdale Acquisition Holdings Inc Term Loan B                                                                                            | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |      726350 | PA      | $693909.03    | 0.06%             | 2029-04-13      | Variable      | 8.60%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |           1 | NC      | $92108.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                                | Prudential Financial Inc                                                                                                                   | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |       45000 | PA      | $44273.70     | 0.00%             | 2043-06-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $7505.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $34181.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-14192.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Amynta Agency Borrower Inc.                             | Amynta Agency Borrower Inc. 2018 1st Lien Term Loan                                                                                        | CUSIP: 57810JAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      400177 | PA      | $380167.82    | 0.03%             | 2025-02-28      | Floating      | 8.88%                 | No            |                  2 | On Loan: No      |
| FORTRESS CREDIT BSL LIMITED                             | Fortress Credit BSL XII Ltd                                                                                                                | CUSIP: 34963GAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $220583.00    | 0.02%             | 2034-10-15      | Floating      | 11.21%                | No            |                  2 | On Loan: No      |
| Yamana Gold Inc                                         | Yamana Gold Inc                                                                                                                            | CUSIP: 98462YAD2<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |      180000 | PA      | $168841.21    | 0.01%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Adevinta ASA                                            | ADEVINTA ASA EUR TERM LOAN B                                                                                                               | CUSIP: 000000000<br>LEI: 529900W8V3YLHRSZH763 | Long             | LON              | CORP              | NO        |      632817 | PA      | $662710.05    | 0.06%             | 2028-06-26      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| CANYON CAPITAL CLO LTD                                  | Canyon CLO 2021-4 Ltd                                                                                                                      | CUSIP: 13877PAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      255000 | PA      | $244108.44    | 0.02%             | 2034-10-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 37 Ltd                                                                                                                        | CUSIP: 87169VAA3<br>LEI: 54930094HTRXFLXUBV36 | Long             | ABS-CBDO         | CORP              | JE        |      930000 | PA      | $930054.87    | 0.08%             | 2034-10-20      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-24845.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ZA        |           1 | NC      | $16644.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     8437000 | PA      | $1887732.59   | 0.16%             | 2027-05-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83370RAC2<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1165000 | PA      | $1198450.90   | 0.10%             | 2027-11-22      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                                          | Cloudflare Inc                                                                                                                             | CUSIP: 18915MAC1<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |      975000 | PA      | $799500.00    | 0.07%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO LTD.                                   | Sixth Street CLO XVIII Ltd                                                                                                                 | CUSIP: 83012HAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      515000 | PA      | $486686.85    | 0.04%             | 2034-04-20      | Floating      | 7.14%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | RO        |           1 | NC      | $197754.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Corp Trust 2018-LUAU                                                                                                | CUSIP: 36256AAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      510000 | PA      | $474238.55    | 0.04%             | 2032-11-15      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| Tutor Perini Corporation                                | Tutor Perini Corporation Term Loan B                                                                                                       | CUSIP: 90110FAM6<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | LON              | CORP              | US        |      945643 | PA      | $893041.83    | 0.08%             | 2027-08-18      | Floating      | 9.13%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-130.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |           1 | NC      | $-13690.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                   | Bath & Body Works Inc                                                                                                                      | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      700000 | PA      | $651161.00    | 0.06%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Chicago Mercantile Exchange                             | Long: SWS031609 IRS MXN R F  7.20000 2 CCPVANILLA / Short: SWS031609 IRS MXN P V 01MTIIE 1 CCPVANILLA                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   116734200 | OU      | $-267399.24   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $295.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2021-4 Ltd                                                                                                         | CUSIP: 05685AAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $443063.00    | 0.04%             | 2034-10-20      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | JP        |           1 | NC      | $218906.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY LATIN AMERICA                                   | Liberty Latin America Ltd                                                                                                                  | CUSIP: 53069QAB5<br>LEI: 213800YWQHEAX7CAVO83 | Long             | DBT              | CORP              | BM        |      140000 | PA      | $124950.00    | 0.01%             | 2024-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: BRY7W7KY1 IRS ZAR R V 03MJIBAR 1 CCPVANILLA / Short: BRY7W7KY1 IRS ZAR P F  9.50000 2 CCPVANILLA                                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1792183 | OU      | $-1608.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC                                       | Triumph Group Inc                                                                                                                          | CUSIP: 896818AQ4<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |      220000 | PA      | $208896.60    | 0.02%             | 2024-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                                | Southwick Park CLO LLC                                                                                                                     | CUSIP: 846031AT9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      940000 | PA      | $865701.46    | 0.08%             | 2032-07-20      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   655000000 | PA      | $630858.91    | 0.05%             | 2033-10-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | Deutsche Bank AG                                                                                                                           | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     1200000 | PA      | $1013472.00   | 0.09%             | 2025-04-30      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CN        |           1 | NC      | $327.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $8301.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: SRY7JXK03 IRS THB R F  2.84000 2 CCPNDFOIS / Short: SRY7JXK03 IRS THB P V 12MTHOR 1 CCPNDFOIS                                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    11427040 | OU      | $8729.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280DS5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1865000 | PA      | $1978933.11   | 0.17%             | 2033-11-03      | Fixed         | 8.11%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES                                    | Strathcona Resources Ltd/Alberta                                                                                                           | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |     1305000 | PA      | $954013.76    | 0.08%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CO        |           1 | NC      | $-2022.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TSTAT 2022-2, Ltd.                                      | TSTAT 2022-2 Ltd                                                                                                                           | CUSIP: 87300FAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |      650000 | PA      | $638030.90    | 0.06%             | 2031-01-20      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA                                | B3 SA - Brasil Bolsa Balcao                                                                                                                | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |      400000 | PA      | $337557.39    | 0.03%             | 2031-09-20      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4270000 | PA      | $175246.97    | 0.02%             | 2025-09-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CL        |           1 | NC      | $227366.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD FIELDS OROGEN HOLD                                 | Gold Fields Orogen Holdings BVI Ltd                                                                                                        | CUSIP: 38060AAC8<br>LEI: 213800CLGJ2E9KGU2F20 | Long             | DBT              | CORP              | VG        |     1125000 | PA      | $1139549.01   | 0.10%             | 2029-05-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                                                                                          | CUSIP: 91911TAK9<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      540000 | PA      | $570279.71    | 0.05%             | 2039-11-10      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                                    | Saudi Arabian Oil Co                                                                                                                       | CUSIP: 80414L2L8<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |      815000 | PA      | $576272.65    | 0.05%             | 2050-11-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-297593.72   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Rackspace Technology Global, Inc.                       | Rackspace Technology Global, Inc. 2021 Term Loan B                                                                                         | CUSIP: 75009XAB6<br>LEI: 549300QTYCKLMFSE8I97 | Long             | LON              | CORP              | US        |      951732 | PA      | $599194.04    | 0.05%             | 2028-02-15      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                                          | Ziff Davis Inc                                                                                                                             | CUSIP: 48123VAD4<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |      380000 | PA      | $380760.00    | 0.03%             | 2026-11-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Radiate Holdco, LLC                                     | Radiate Holdco, LLC 2021 Term Loan B                                                                                                       | CUSIP: 75025KAH1<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |      410034 | PA      | $335459.02    | 0.03%             | 2026-09-25      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Peace Park CLO, Ltd.                                    | Peace Park CLO Ltd                                                                                                                         | CUSIP: 70470NAA1<br>LEI: 549300XHXTUZ93V6SK42 | Long             | ABS-CBDO         | CORP              | KY        |      390000 | PA      | $345196.80    | 0.03%             | 2034-10-20      | Floating      | 10.24%                | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWS074849 IRS USD R V 00MSOFR 1 CCPOIS / Short: BWS074849 IRS USD P F  2.62000 2 CCPOIS                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |      594000 | OU      | $70004.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-7342.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Froneri International Ltd.                              | Froneri International Ltd. 2020 EUR Term Loan B1                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      113573 | PA      | $113521.37    | 0.01%             | 2027-01-29      | Floating      | 2.76%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |           1 | NC      | $-1903.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2733000 | PA      | $660693.57    | 0.06%             | 2038-06-08      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-37082.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                        | Tharaldson Hotel Portfolio Trust 2018-THPT                                                                                                 | CUSIP: 88327HAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      761476 | PA      | $717164.64    | 0.06%             | 2034-11-11      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp                                           | DISH DBS Corp                                                                                                                              | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1108239.73   | 0.10%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                                                                                       | CUSIP: 41809JAA3<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      820000 | PA      | $832111.40    | 0.07%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-2843.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | GB        |           1 | NC      | $12467.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-NLP                                                                            | CUSIP: 466317AL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      955552 | PA      | $868278.68    | 0.08%             | 2037-04-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    19947000 | PA      | $3061048.77   | 0.27%             | 2030-10-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PH        |           1 | NC      | $178235.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      350000 | PA      | $323351.36    | 0.03%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMG Advanced Metallurgical Group N.V.                   | AMG Advanced Metallurgical Group N.V. 2018 Term Loan B                                                                                     | CUSIP: 000000000<br>LEI: 5493006MN6OH67U2YI74 | Long             | LON              | CORP              | NL        |     1288561 | PA      | $1243461.61   | 0.11%             | 2028-11-30      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                                                                                | CUSIP: 05401AAL5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      650000 | PA      | $589990.88    | 0.05%             | 2026-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC                   | Prime Security Services Borrower, LLC 2021 Term Loan                                                                                       | CUSIP: 03765VAK6<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |      162448 | PA      | $161165.35    | 0.01%             | 2026-09-23      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                | Midcap Financial Issuer Trust                                                                                                              | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      710000 | PA      | $611640.15    | 0.05%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CL        |           1 | NC      | $50879.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-17012.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     1155000 | PA      | $1104792.40   | 0.10%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                    | Freeport-McMoRan Inc                                                                                                                       | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      330000 | PA      | $298417.35    | 0.03%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Athenahealth, Inc.                                      | Athenahealth, Inc. 2022 Term Loan B                                                                                                        | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |      102096 | PA      | $92439.42     | 0.01%             | 2029-02-15      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 539439AW9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     1490000 | PA      | $1581616.38   | 0.14%             | 2033-11-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2658000000 | PA      | $185322.44    | 0.02%             | 2032-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Redstone Holdco 2 LP                                    | Redstone Holdco 2 LP 2021 2nd Lien Term Loan                                                                                               | CUSIP: 75774EAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      740000 | PA      | $373330.00    | 0.03%             | 2029-04-27      | Floating      | 12.11%                | No            |                  2 | On Loan: No      |
| KAZMUNAYGAS NATIONAL CO                                 | KazMunayGas National Co JSC                                                                                                                | CUSIP: 48667QAN5<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |      460000 | PA      | $425730.00    | 0.04%             | 2027-04-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                                       | Ares Capital Corp                                                                                                                          | CUSIP: 04010LBB8<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |     1370000 | PA      | $1100733.40   | 0.10%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC                                      | Gray Escrow II Inc                                                                                                                         | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      965000 | PA      | $697149.78    | 0.06%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-47563.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Stonepeak                                               | Stonepeak 2021-1 ABS                                                                                                                       | CUSIP: 78433XAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      853492 | PA      | $737835.48    | 0.06%             | 2033-02-28      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |           1 | NC      | $12.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-141.60      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $41978.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                  | Millicom International Cellular SA                                                                                                         | CUSIP: 600814AR8<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      747000 | PA      | $629641.12    | 0.05%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Michaels Companies, Inc.                                | Michaels Companies, Inc. 2021 Term Loan B                                                                                                  | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | LON              | CORP              | US        |      802636 | PA      | $696687.79    | 0.06%             | 2028-04-15      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Thermostat Purchaser III, Inc.                          | Thermostat Purchaser III, Inc. Term Loan                                                                                                   | CUSIP: 88366MAC8<br>LEI: 254900K7OD47ERJZN242 | Long             | LON              | CORP              | US        |      308269 | PA      | $291313.75    | 0.03%             | 2028-08-31      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $3374.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      300000 | PA      | $228043.57    | 0.02%             | 2049-07-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 18728000000 | PA      | $1170537.59   | 0.10%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ID        |           1 | NC      | $3016.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    21394000 | PA      | $1101249.47   | 0.10%             | 2024-12-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Trinitas CLO Ltd                                        | Trinitas CLO XVI Ltd                                                                                                                       | CUSIP: 89642DAA6<br>LEI: 5493004FCKEPFTK2QI86 | Long             | ABS-CBDO         | CORP              | KY        |     2710000 | PA      | $2644767.59   | 0.23%             | 2034-07-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |           1 | NC      | $-21117.42    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC                                         | Foot Locker Inc                                                                                                                            | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |     2570000 | PA      | $2005882.89   | 0.17%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-3288.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CN        |           1 | NC      | $12141.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 35 LTD                      | OCTAGON INVESTMENT PARTNERS 35 LTD                                                                                                         | CUSIP: 67591TAJ9<br>LEI: 549300EBYXJ9QVMC7X31 | Long             | ABS-CBDO         | CORP              | KY        |      325000 | PA      | $288331.88    | 0.03%             | 2031-01-20      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                                 | Dell International LLC / EMC Corp                                                                                                          | CUSIP: 24703TAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      334000 | PA      | $382253.44    | 0.03%             | 2046-07-15      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| MEGLOBAL CANADA ULC                                     | MEGlobal Canada ULC                                                                                                                        | CUSIP: 58518N2A9<br>LEI: 635400MHHHT7LMKMQL03 | Long             | DBT              | CORP              | CA        |     1320000 | PA      | $1331550.00   | 0.12%             | 2030-05-18      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $45377.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |           1 | NC      | $2251.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | HU        |           1 | NC      | $2471.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $412.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $3662.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HEATHROW FUNDING LTD                                    | Heathrow Funding Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 7TI96JO3DYEIQWZ7Z726 | Long             | DBT              | CORP              | JE        |      255000 | PA      | $306754.33    | 0.03%             | 2023-02-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-13558.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2006-AR5 Trust                                                                                      | CUSIP: 94983RAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      252662 | PA      | $234463.19    | 0.02%             | 2036-04-25      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| Z Capital Credit Partners CLO 2021-1, Ltd.              | Z Capital Credit Partners CLO 2021-1 Ltd                                                                                                   | CUSIP: 98878FAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      420000 | PA      | $393608.88    | 0.03%             | 2033-07-15      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Acrisure, LLC                                           | Acrisure, LLC 2022 Incremental Term Loan                                                                                                   | CUSIP: 00488PAQ8<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |      810000 | PA      | $805443.75    | 0.07%             | 2027-02-15      | Variable      | 9.92%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                                                                                | CUSIP: 45344LAA1<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     1995000 | PA      | $1882511.93   | 0.16%             | 2026-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2307.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 15026000000 | PA      | $1792105.36   | 0.16%             | 2036-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ID        |           1 | NC      | $26580.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| XPO CNW Inc                                             | XPO CNW Inc                                                                                                                                | CUSIP: 12612WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1334947.50   | 0.12%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $3720.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corporation                                    | Carnival Corporation EUR Term Loan B                                                                                                       | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |      862871 | PA      | $886940.20    | 0.08%             | 2025-06-30      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   266700000 | PA      | $516708.25    | 0.04%             | 2027-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    36848300 | PA      | $1840424.84   | 0.16%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-26616.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                                                                                     | CUSIP: 67091TAE5<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     1610000 | PA      | $1228244.85   | 0.11%             | 2051-06-23      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CELULOSA ARAUCO CONSTITU                                | Celulosa Arauco y Constitucion SA                                                                                                          | CUSIP: 151191BL6<br>LEI: 549300QEKV8G0AMNQD28 | Long             | DBT              | CORP              | CL        |      770000 | PA      | $670407.75    | 0.06%             | 2050-01-29      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac Structured Agency Credit Risk Debt Notes                                                                                       | CUSIP: 35564KDX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      910000 | PA      | $843631.33    | 0.07%             | 2033-08-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                                                                                   | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      630000 | PA      | $654444.00    | 0.06%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                                           | CommScope Inc                                                                                                                              | CUSIP: 20338QAD5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      360000 | PA      | $332982.00    | 0.03%             | 2026-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $2791.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PAPREC HOLDING S                                        | Paprec Holding SA                                                                                                                          | CUSIP: 000000000<br>LEI: 969500ASAFSVN9KVC873 | Long             | DBT              | CORP              | FR        |      580000 | PA      | $538134.85    | 0.05%             | 2028-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                                                                                 | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      450000 | PA      | $366437.25    | 0.03%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                            | Broadcom Inc                                                                                                                               | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $946641.11    | 0.08%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| City Brewing Company, LLC                               | City Brewing Company, LLC Closing Date Term Loan                                                                                           | CUSIP: 17776EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1002035 | PA      | $450915.53    | 0.04%             | 2028-04-05      | Floating      | 7.79%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | GB        |           1 | NC      | $115822.41    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Asset Backed Securities Corp Home Equity Ln Trst        | Asset Backed Securities Corp Home Equity Loan Trust Series RFC 2007-HE1                                                                    | CUSIP: 04544RAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      188170 | PA      | $181406.46    | 0.02%             | 2036-12-25      | Floating      | 3.66%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $6183.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | VOYA CLO 2017-2                                                                                                                            | CUSIP: 92915UAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      660000 | PA      | $638978.34    | 0.06%             | 2030-06-07      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2021-R01                                                                                               | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      780000 | PA      | $735194.69    | 0.06%             | 2041-10-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                                 | Inter-American Development Bank                                                                                                            | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | CORP              | XX        | 22300000000 | PA      | $1439060.86   | 0.12%             | 2023-03-14      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                                  | Mosaic Solar Loan Trust 2021-1                                                                                                             | CUSIP: 61947DAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      650587 | PA      | $553388.44    | 0.05%             | 2046-12-20      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |           1 | NC      | $3357.57      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | ZA        |           1 | NC      | $16326.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CNY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CN        |           1 | NC      | $5527.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1570000 | PA      | $292837.74    | 0.03%             | 2029-02-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $16628.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACProducts, Inc.                                        | ACProducts, Inc. 2021 Term Loan B                                                                                                          | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |     1205640 | PA      | $907244.10    | 0.08%             | 2028-05-17      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-HTL5                                                                           | CUSIP: 46654PAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      810000 | PA      | $734868.33    | 0.06%             | 2038-11-15      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 715638AY8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3571000 | PA      | $980062.25    | 0.09%             | 2026-08-12      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN NEWS COMPANY                                   | American News Co LLC                                                                                                                       | CUSIP: 02862PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      431639 | PA      | $481817.03    | 0.04%             | 2026-09-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 17-1B PTT                                  | American Airlines 2017-1 Class B Pass Through Trust                                                                                        | CUSIP: 02378WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      340230 | PA      | $320297.35    | 0.03%             | 2025-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KNIGHT HEALTH HOLDINGS LLC                              | Knight Health Holdings LLC Term Loan B                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      752400 | PA      | $451440.00    | 0.04%             | 2028-12-23      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                                | EQT Corp                                                                                                                                   | CUSIP: 26884LAK5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |       95000 | PA      | $221065.00    | 0.02%             | 2026-05-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     3743000 | PA      | $711394.00    | 0.06%             | 2027-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     7731000 | PA      | $1859014.40   | 0.16%             | 2029-02-12      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 76502000000 | PA      | $5069423.68   | 0.44%             | 2038-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos Inc                                   | Bausch Health Cos Inc                                                                                                                      | CUSIP: 91911KAN2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      420000 | PA      | $357662.19    | 0.03%             | 2025-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hexion Holdings Corporation                             | Hexion Holdings Corporation 2022 USD Term Loan                                                                                             | CUSIP: 00217XAB2<br>LEI: 54930030FZF8HYAEHM46 | Long             | LON              | CORP              | US        |      957600 | PA      | $825451.21    | 0.07%             | 2029-03-15      | Floating      | 8.93%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Global Education Holdings, LLC              | McGraw-Hill Global Education Holdings, LLC 2021 Term Loan                                                                                  | CUSIP: 58063DAC7<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |      943651 | PA      | $890806.34    | 0.08%             | 2028-07-28      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CL        |           1 | NC      | $20071.87     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Interactive LLC                                 | Liberty Interactive LLC                                                                                                                    | CUSIP: 530715AD3<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |      320000 | PA      | $157600.00    | 0.01%             | 2029-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT                                  | VistaJet Malta Finance PLC / XO Management Holding Inc                                                                                     | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      190000 | PA      | $152593.75    | 0.01%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-4938.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                   | Bath & Body Works Inc                                                                                                                      | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      290000 | PA      | $272632.77    | 0.02%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DirecTV Financing, LLC                                  | DirecTV Financing, LLC Term Loan                                                                                                           | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1950706 | PA      | $1900566.58   | 0.17%             | 2027-08-02      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                                | Vertiv Group Corp                                                                                                                          | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |     2565000 | PA      | $2183276.70   | 0.19%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         441 | NC      | $-586268.47   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CH        |           1 | NC      | $12239.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-81248.16    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                         | CFCRE Commercial Mortgage Trust 2011-C2                                                                                                    | CUSIP: 12527DAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      227717 | PA      | $216833.95    | 0.02%             | 2047-12-15      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Summer (BC) Holdco B S.a r.l                            | Summer (BC) Holdco B S.a r.l 2021 USD Term Loan B2                                                                                         | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |           0 | PA      | $0.00         | 0.00%             | 2026-12-04      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Long Beach Mortgage Loan Trust                          | Long Beach Mortgage Loan Trust 2005-1                                                                                                      | CUSIP: 542514KC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      182439 | PA      | $178572.07    | 0.02%             | 2035-02-25      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     1240000 | PA      | $193621.01    | 0.02%             | 2051-04-12      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |           1 | NC      | $52825.15     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER INC                                  | Carriage Purchaser Inc                                                                                                                     | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $177825.00    | 0.02%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CommScope, Inc.                                         | CommScope, Inc. 2019 Term Loan B                                                                                                           | CUSIP: 20337EAQ4<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |     2110852 | PA      | $1995414.10   | 0.17%             | 2026-04-06      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-11570.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc              | Apollo Commercial Real Estate Finance, Inc 2021 Incremental Term Loan B1                                                                   | CUSIP: 03768DAC1<br>LEI: 549300E0AN7M2AQHSY29 | Long             | LON              | CORP              | US        |      187150 | PA      | $174985.25    | 0.02%             | 2028-03-11      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: 0WP297799 CDS EUR R F  1.00000 2 CORPORATE / Short: 0WP297799 CDS EUR P V 03MEVENT 1 CORPORATE                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      730000 | OU      | $1051.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OPG Trust 2021-PORT                                     | OPG Trust 2021-PORT                                                                                                                        | CUSIP: 67118AAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      685374 | PA      | $638930.16    | 0.06%             | 2036-10-15      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| VISHAY INTERTECHNOLOGY                                  | Vishay Intertechnology Inc                                                                                                                 | CUSIP: 928298AP3<br>LEI: 5493009O8F3QQJTCQR75 | Long             | DBT              | CORP              | US        |      210000 | PA      | $203196.33    | 0.02%             | 2025-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2017-3                                                                                          | CUSIP: 35563PCE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      474064 | PA      | $466235.13    | 0.04%             | 2056-07-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    20158000 | PA      | $3612814.54   | 0.31%             | 2029-10-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                                            | StoneMor Inc                                                                                                                               | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1041690.00   | 0.09%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                                       | DISH Network Corp                                                                                                                          | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     1240000 | PA      | $779960.00    | 0.07%             | 2026-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $400.83       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RACKSPACE TECHNOLOGY                                    | Rackspace Technology Global Inc                                                                                                            | CUSIP: 750098AB1<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |      520000 | PA      | $302832.40    | 0.03%             | 2028-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| One Call Corporation                                    | One Call Corporation 2021 Term Loan                                                                                                        | CUSIP: 000000000<br>LEI: 549300WUCCV86ZQHG041 | Long             | LON              | CORP              | US        |      918375 | PA      | $764547.19    | 0.07%             | 2027-04-22      | Floating      | 9.88%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                 | WaMu Mortgage Pass-Through Certificates Series 2005-AR6 Trust                                                                              | CUSIP: 92922FJ25<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      495888 | PA      | $471575.58    | 0.04%             | 2045-04-25      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group Inc                                | Liberty Mutual Group Inc                                                                                                                   | CUSIP: 53079EBG8<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |      815000 | PA      | $763449.31    | 0.07%             | 2029-02-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2019-IMC                                                                                                      | CUSIP: 05608BAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      590000 | PA      | $552828.82    | 0.05%             | 2034-04-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                                | EQM Midstream Partners LP                                                                                                                  | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      150000 | PA      | $145007.52    | 0.01%             | 2025-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-13031.35    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Fanatics Commerce Intermediate Holdco, LLC              | Fanatics Commerce Intermediate Holdco, LLC Term Loan B                                                                                     | CUSIP: 30709UAB0<br>LEI: 254900YDIRBC66RGAG10 | Long             | LON              | CORP              | US        |      821700 | PA      | $808347.38    | 0.07%             | 2028-11-24      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2084.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | TH        |           1 | NC      | $13267.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-132600.04   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $4922.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11125.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                                                                          | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      450000 | PA      | $384187.50    | 0.03%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     6300000 | PA      | $931323.68    | 0.08%             | 2027-12-03      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-936.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                                   | United Airlines, Inc. 2021 Term Loan B                                                                                                     | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |     1657834 | PA      | $1640564.44   | 0.14%             | 2028-04-21      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    55306391 | PA      | $2034618.60   | 0.18%             | 2041-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1008.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      995000 | PA      | $180780.71    | 0.02%             | 2029-07-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PL        |           1 | NC      | $1418.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UTAH ACQUISITION SUB                                    | Utah Acquisition Sub Inc                                                                                                                   | CUSIP: 62854AAP9<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |      290000 | PA      | $220360.42    | 0.02%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 36 Ltd                                                                                                  | CUSIP: 64133KAU5<br>LEI: 549300MZGBBYK103F794 | Long             | ABS-CBDO         | CORP              | KY        |     2805000 | PA      | $2762765.12   | 0.24%             | 2033-04-20      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | EG        |           1 | NC      | $-28100.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     6227000 | PA      | $983666.23    | 0.09%             | 2024-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                                                                                  | CUSIP: 852234AF0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      410000 | PA      | $392062.50    | 0.03%             | 2025-03-01      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                | Apollo Commercial Real Estate Finance Inc                                                                                                  | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              |  | US        |      470000 | PA      | $376794.30    | 0.03%             | 2029-06-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MCLAREN FINANCE PLC                                     | Mclaren Finance PLC                                                                                                                        | CUSIP: 58175LAA8<br>LEI: 213800BKPDWMWX3GSG36 | Long             | DBT              | CORP              | GB        |     2550000 | PA      | $1925250.00   | 0.17%             | 2026-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TCI-Symphony CLO                                        | TCI-Symphony CLO 2016-1 Ltd                                                                                                                | CUSIP: 87230XAD8<br>LEI: 5493005WLG3H3B8NI222 | Long             | ABS-CBDO         | CORP              | KY        |      800000 | PA      | $660902.40    | 0.06%             | 2032-10-13      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ZA        |           1 | NC      | $6616.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CO        |           1 | NC      | $18080.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                                  | Aviation Capital Group LLC                                                                                                                 | CUSIP: 05369AAH4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |      640000 | PA      | $629161.78    | 0.05%             | 2024-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PetSmart, Inc.                                          | PetSmart, Inc. 2021 Term Loan B                                                                                                            | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2023876 | PA      | $1989723.35   | 0.17%             | 2028-02-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |        2194 | PA      | $427.98       | 0.00%             | 2040-08-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Owl Rock CLO Ltd                                        | Owl Rock CLO III Ltd                                                                                                                       | CUSIP: 691204AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $244618.25    | 0.02%             | 2032-04-20      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | MX        |           1 | NC      | $13508.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-2859.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROCC HOLDINGS LLC                                       | ROCC Holdings LLC                                                                                                                          | CUSIP: 70789PAA2<br>LEI: 6XOCUKRR0UU0LF5P1W14 | Long             | DBT              | CORP              | US        |      910000 | PA      | $907133.98    | 0.08%             | 2026-08-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | ZA        |           1 | NC      | $21847.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $7368.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Tel*Link Corporation                             | Global Tel*Link Corporation 2018 1st Lien Term Loan                                                                                        | CUSIP: 37959JAB7<br>LEI: 549300YI0BNF11FDQE44 | Long             | LON              | CORP              | US        |      170637 | PA      | $148667.62    | 0.01%             | 2025-11-29      | Floating      | 8.49%                 | No            |                  2 | On Loan: No      |
| Particle Investments S.a.r.l.                           | Particle Investments S.a.r.l. Term Loan                                                                                                    | CUSIP: 000000000<br>LEI: 549300TH5VH623DTW562 | Long             | LON              | CORP              | LU        |      265787 | PA      | $259806.38    | 0.02%             | 2027-02-18      | Floating      | 9.98%                 | No            |                  2 | On Loan: No      |
| Hyland Software, Inc.                                   | Hyland Software, Inc. 2018 1st Lien Term Loan                                                                                              | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       30743 | PA      | $30366.60     | 0.00%             | 2024-07-01      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                      | Ford Motor Co                                                                                                                              | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |     2080000 | PA      | $1924587.60   | 0.17%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   848320000 | PA      | $1758858.52   | 0.15%             | 2028-03-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA3                                                                                                    | CUSIP: 35564KFG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      380000 | PA      | $352886.05    | 0.03%             | 2033-10-25      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    72709000 | PA      | $3385531.18   | 0.29%             | 2025-03-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PECF USS Intermediate Holding III Corporation           | PECF USS Intermediate Holding III Corporation Term Loan B                                                                                  | CUSIP: 69291LAB2<br>LEI: 254900DIL842DEXPYJ91 | Long             | LON              | CORP              | US        |     1078978 | PA      | $903532.11    | 0.08%             | 2028-12-15      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| Radnor Re LTD                                           | Radnor RE 2020-1 Ltd                                                                                                                       | CUSIP: 750493AC2<br>LEI: 254900YVLP8CB4GC2O97 | Long             | ABS-MBS          | CORP              | BM        |      500000 | PA      | $489321.15    | 0.04%             | 2030-01-25      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                                | Virgin Media Secured Finance PLC                                                                                                           | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |      300000 | PA      | $269419.50    | 0.02%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-24605.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                                  | Credit Suisse Group AG                                                                                                                     | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      350000 | PA      | $359327.41    | 0.03%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                                                                                | CUSIP: 05401AAB7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |       50000 | PA      | $49453.74     | 0.00%             | 2023-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2020-R01                                                                                               | CUSIP: 20754CAB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      156767 | PA      | $155783.76    | 0.01%             | 2040-01-25      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd                                         | Sands China Ltd                                                                                                                            | CUSIP: 80007RAF2<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $191478.42    | 0.02%             | 2025-08-08      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280BL2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      665000 | PA      | $612005.97    | 0.05%             | 2027-05-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $38414.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-39162.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $14423.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                                                                                | CUSIP: 780153BL5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     1635000 | PA      | $1644744.60   | 0.14%             | 2027-08-15      | Fixed         | 11.63%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-31.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2019-1                                                                                          | CUSIP: 35563PJQ3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      280000 | PA      | $245375.93    | 0.02%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                                 | Royal Caribbean Cruises Ltd                                                                                                                | CUSIP: 780153AZ5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      200000 | PA      | $214940.00    | 0.02%             | 2025-06-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| VT TOPCO, INC.                                          | VT Topco, Inc. 2021 Delayed Draw Term Loan                                                                                                 | CUSIP: 39355YAK0<br>LEI: 5493007T812R37X02Y38 | Long             | LON              | CORP              | US        |       22535 | PA      | $21932.47     | 0.00%             | 2025-08-01      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                                                                                      | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      340000 | PA      | $234899.20    | 0.02%             | 2027-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TH        |           1 | NC      | $1748.20      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 25799000000 | PA      | $1717794.39   | 0.15%             | 2032-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CN        |           1 | NC      | $6916.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                                                                                        | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      690000 | PA      | $594397.05    | 0.05%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 77311000000 | PA      | $5113918.86   | 0.44%             | 2040-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-55239.98    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                                                            | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1020000 | PA      | $934076.06    | 0.08%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1205000 | PA      | $277355.25    | 0.02%             | 2031-06-30      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                              | Apidos CLO XXII                                                                                                                            | CUSIP: 03766AAE5<br>LEI: 5493003SQW0Q40KVFQ19 | Long             | ABS-CBDO         | CORP              | KY        |      420000 | PA      | $375352.74    | 0.03%             | 2031-04-20      | Floating      | 10.99%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $1260.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $5313.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Acrisure, LLC                                           | Acrisure, LLC 2020 Term Loan B                                                                                                             | CUSIP: 00488PAL9<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |      122722 | PA      | $115486.71    | 0.01%             | 2027-02-15      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 10023000000 | PA      | $627311.21    | 0.05%             | 2033-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $192756.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                  | Brazilian Government International Bond                                                                                                    | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1760000 | PA      | $1238715.83   | 0.11%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      270000 | PA      | $226125.00    | 0.02%             | 2030-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | Seagate HDD Cayman                                                                                                                         | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      340000 | PA      | $282365.82    | 0.02%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2019-3                                                                                          | CUSIP: 35563PLU1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      790000 | PA      | $697346.43    | 0.06%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    38912200 | PA      | $1932059.26   | 0.17%             | 2024-09-05      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                              | Air Canada 2021 Term Loan B                                                                                                                | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |      577101 | PA      | $571810.92    | 0.05%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ID        |           1 | NC      | $1544.09      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                                                                             | CUSIP: 61747YEU5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     1330000 | PA      | $1253462.66   | 0.11%             | 2033-07-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| TECK RESOURCES LIMITED                                  | Teck Resources Ltd                                                                                                                         | CUSIP: 878742AS4<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | DBT              | CORP              | CA        |       60000 | PA      | $57507.88     | 0.00%             | 2040-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-73407.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                                                                             | CUSIP: 958254AJ3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      470000 | PA      | $387280.88    | 0.03%             | 2048-03-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Ingram Micro Inc.                                       | Ingram Micro Inc. 2021 Term Loan B                                                                                                         | CUSIP: 45258FAB6<br>LEI: 549300KJMEWPKRQZHX63 | Long             | LON              | CORP              | US        |      837250 | PA      | $827045.60    | 0.07%             | 2028-06-30      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 2020-01 | Multifamily Connecticut Avenue Securities Trust 2020-01                                                                                    | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |      460000 | PA      | $426601.65    | 0.04%             | 2050-03-25      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CL        |           1 | NC      | $65111.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-6095.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP                                     | Clarivate Science Holdings Corp                                                                                                            | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      495000 | PA      | $421566.75    | 0.04%             | 2029-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| Bank of America N.A.                                    | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PH        |           1 | NC      | $1410.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    42567000 | PA      | $7413773.07   | 0.64%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Equinox Holdings, Inc.                                  | Equinox Holdings, Inc. 2020 Term Loan B2                                                                                                   | CUSIP: 29446CAR5<br>LEI: 549300W05QKLNGQIIA73 | Long             | LON              | CORP              | US        |      178862 | PA      | $143983.79    | 0.01%             | 2024-03-08      | Floating      | 13.73%                | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                          | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | N/A              | DFE              |  | US        |           1 | NC      | $-3602.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   135232800 | PA      | $6426997.42   | 0.56%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $9403.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                                                                           | CUSIP: 84859BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      180000 | PA      | $181161.90    | 0.02%             | 2025-09-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DCert Buyer, Inc.                                       | DCert Buyer, Inc. 2021 2nd Lien Term Loan                                                                                                  | CUSIP: 000000000<br>LEI: 549300EF826JEEUCHZ67 | Long             | LON              | CORP              | US        |      915200 | PA      | $836264.00    | 0.07%             | 2029-02-19      | Floating      | 11.70%                | No            |                  2 | On Loan: No      |
| JACKSON FINANCIAL INC                                   | Jackson Financial Inc                                                                                                                      | CUSIP: 46817MAL1<br>LEI: 213800WXW2KG1N4CO374 | Long             | DBT              | CORP              | US        |     1195000 | PA      | $918776.79    | 0.08%             | 2031-11-23      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1904.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PL        |           1 | NC      | $2085.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-80109.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHMZ                                                                           | CUSIP: 46650BAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1390000 | PA      | $13.90        | 0.00%             | 2035-06-15      | Floating      | 12.83%                | No            |                  2 | On Loan: No      |
| ITAU UNIBANCO HLDG SA/KY                                | Itau Unibanco Holding SA/Cayman Island                                                                                                     | CUSIP: 465562AA4<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |     1059000 | PA      | $845468.54    | 0.07%             | 2025-02-27      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-16574.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |           1 | NC      | $-4671.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-3967.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     7451000 | PA      | $1411241.06   | 0.12%             | 2023-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Western Dental Services Inc.                            | Western Dental Services Inc. 2021 Delayed Draw Term Loan                                                                                   | CUSIP: 000000000<br>LEI: 549300S5KZ5QHE321375 | Long             | LON              | CORP              | US        |      109026 | PA      | $100258.92    | 0.01%             | 2028-08-18      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                                     | Moody's Corp                                                                                                                               | CUSIP: 615369AV7<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |     1105000 | PA      | $773898.52    | 0.07%             | 2041-08-19      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    39014104 | PA      | $1851880.17   | 0.16%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman CLO XVIII Ltd                                                                                                             | CUSIP: 64128YAF5<br>LEI: 549300FCSYYS3J0RKL34 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $225530.00    | 0.02%             | 2030-10-21      | Floating      | 10.20%                | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                                  | Williams Cos Inc/The                                                                                                                       | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |       60000 | PA      | $70879.61     | 0.01%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                                      | Ford Motor Co                                                                                                                              | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      410000 | PA      | $308205.90    | 0.03%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2022-NQM2                                                                                                  | CUSIP: 10568KAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      319116 | PA      | $308457.35    | 0.03%             | 2061-11-25      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-4067.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | IN        |           1 | NC      | $321.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                                 | AMC Entertainment Holdings Inc                                                                                                             | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |      260000 | PA      | $140063.30    | 0.01%             | 2029-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   209268891 | PA      | $9616652.71   | 0.84%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-19071.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                               | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     1460000 | PA      | $1118191.88   | 0.10%             | 2031-11-02      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                                   | Playtika Holding Corp                                                                                                                      | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |      280000 | PA      | $220150.00    | 0.02%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bristol Park CLO, Ltd.                                  | Bristol Park CLO LTD                                                                                                                       | CUSIP: 11015DAE1<br>LEI: 549300XRS6MFERKEPO61 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $213814.25    | 0.02%             | 2029-04-15      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1535000 | PA      | $1198042.07   | 0.10%             | 2030-12-17      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2019-2 LTD                                                                                                                  | CUSIP: 14316FAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1300000 | PA      | $1163620.90   | 0.10%             | 2032-07-15      | Floating      | 10.58%                | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PH        |           1 | NC      | $42502.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P EMINI 3RD WK JAN23P 3400                                                                                                               | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |           5 | NC      | $737.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                                                                               | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     1380000 | PA      | $1197504.26   | 0.10%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      740000 | PA      | $660450.00    | 0.06%             | 2033-06-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                    | Colombia Government International Bond                                                                                                     | CUSIP: 195325DP7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1065000 | PA      | $923940.59    | 0.08%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-14673.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie B                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      214000 | PA      | $159987.62    | 0.01%             | 2045-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                                     | Hudbay Minerals Inc                                                                                                                        | CUSIP: 443628AH5<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |      610000 | PA      | $553382.71    | 0.05%             | 2029-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-8317.37     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA3                                                                                                    | CUSIP: 35564KEL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1140000 | PA      | $1118760.66   | 0.10%             | 2033-10-25      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $262.31       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-XL2                                                                                                      | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      472625 | PA      | $430548.70    | 0.04%             | 2038-10-15      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                                      | Leviathan Bond Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |      460000 | PA      | $447810.00    | 0.04%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                                  | MIWD Holdco II LLC / MIWD Finance Corp                                                                                                     | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      890000 | PA      | $709730.59    | 0.06%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $959933.93    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | JP        |           1 | NC      | $26854.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PL        |           1 | NC      | $25965.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ID        |           1 | NC      | $2132.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP                                 | Australia & New Zealand Banking Group Ltd                                                                                                  | CUSIP: 052528AL0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |      390000 | PA      | $352926.59    | 0.03%             | 2030-07-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ZA        |           1 | NC      | $20269.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-22643.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERKINELMER INC                                         | PerkinElmer Inc                                                                                                                            | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |     1260000 | PA      | $990433.47    | 0.09%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                                                                              | CUSIP: 893647BK2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      420000 | PA      | $427135.80    | 0.04%             | 2025-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   122632658 | PA      | $5721175.66   | 0.50%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PL        |           1 | NC      | $3893.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Garda World Security Corporation                        | Garda World Security Corporation 2022 Term Loan B                                                                                          | CUSIP: 000000000<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | LON              | CORP              | CA        |      728175 | PA      | $703295.44    | 0.06%             | 2029-02-01      | Variable      | 8.53%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-VOLT                                                                                                     | CUSIP: 05609VAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      690000 | PA      | $634563.47    | 0.06%             | 2036-09-15      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1495000 | PA      | $1244587.50   | 0.11%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 16857600000 | PA      | $2621160.83   | 0.23%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aruba Investments, Inc.                                 | Aruba Investments, Inc. 2020 EUR Term Loan                                                                                                 | CUSIP: 04317JAC2<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     1315960 | PA      | $1355301.67   | 0.12%             | 2027-11-24      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| SAREPTA THERAPEUTICS INC                                | Sarepta Therapeutics Inc                                                                                                                   | CUSIP: 803607AB6<br>LEI: 549300IKDPIED8J8IG21 | Long             | DBT              | CORP              | US        |      110000 | PA      | $205755.00    | 0.02%             | 2024-11-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-31961.07    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Planview Parent, Inc.                                   | Planview Parent, Inc. Term Loan                                                                                                            | CUSIP: 72751PAC8<br>LEI: 549300SEALM1D9FKMA32 | Long             | LON              | CORP              | US        |      994924 | PA      | $928595.25    | 0.08%             | 2027-12-17      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                                 | DCP Midstream Operating LP                                                                                                                 | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |      520000 | PA      | $527154.30    | 0.05%             | 2037-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                                | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed                                                             | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1120000 | PA      | $913094.15    | 0.08%             | 2029-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                                                                             | CUSIP: 958254AD6<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     1035000 | PA      | $861632.33    | 0.07%             | 2044-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   205360000 | PA      | $368702.49    | 0.03%             | 2030-08-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wind River CLO Ltd                                      | Wind River 2021-4 CLO Ltd                                                                                                                  | CUSIP: 97316UAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $238892.75    | 0.02%             | 2035-01-20      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| FS Rialto Issuer Ltd                                    | FS Rialto 2022-FL7 Issuer LLC                                                                                                              | CUSIP: 30329XAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1290000 | PA      | $1281141.57   | 0.11%             | 2039-10-19      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| KazTransGas JSC                                         | KazTransGas JSC                                                                                                                            | CUSIP: 48668NAA9<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |      590000 | PA      | $534663.90    | 0.05%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6202000 | PA      | $1409889.97   | 0.12%             | 2023-08-17      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    40820000 | PA      | $1361315.98   | 0.12%             | 2033-10-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-10266.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Parexel International Corporation                       | Parexel International Corporation 2021 1st Lien Term Loan                                                                                  | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |     1024432 | PA      | $988862.15    | 0.09%             | 2028-11-15      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-13213.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | IMM EUR FUT OPT DEC23C 99                                                                                                                  | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |           8 | NC      | $450.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      134000 | PA      | $117402.24    | 0.01%             | 2030-05-26      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-106609.37   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWS075580 IRS USD R V 00MSOFR 1 CCPOIS / Short: BWS075580 IRS USD P F  3.05000 2 CCPOIS                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     2223000 | OU      | $102032.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   132155215 | PA      | $6050091.37   | 0.53%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    18475000 | PA      | $3785211.14   | 0.33%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PMT Credit Risk Transfer Trust                          | PMT Credit Risk Transfer Trust 2019-3R                                                                                                     | CUSIP: 69349MAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       76005 | PA      | $72973.91     | 0.01%             | 2031-11-27      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| VT TOPCO, INC.                                          | VT Topco, Inc. 2021 2nd Lien Term Loan                                                                                                     | CUSIP: 91838LAE0<br>LEI: 5493007T812R37X02Y38 | Long             | LON              | CORP              | US        |      320000 | PA      | $307200.00    | 0.03%             | 2026-07-31      | Floating      | 11.13%                | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | AU        |           1 | NC      | $98946.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                       | Newell Brands Inc                                                                                                                          | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1195000 | PA      | $1182703.45   | 0.10%             | 2029-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | HU        |           1 | NC      | $20401.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                    | Clear Channel Outdoor Holdings, Inc. Term Loan B                                                                                           | CUSIP: 18452RAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      977288 | PA      | $889882.41    | 0.08%             | 2026-08-21      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-19179.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MY        |           1 | NC      | $18917.90     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                                 | America Movil SAB de CV                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |     6650000 | PA      | $318436.29    | 0.03%             | 2024-12-09      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                          | HarborView Mortgage Loan Trust 2005-9                                                                                                      | CUSIP: 41161PSM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      160179 | PA      | $142980.12    | 0.01%             | 2035-06-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 21538400000 | PA      | $4328449.26   | 0.38%             | 2024-07-24      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP                                         | MEG Energy Corp                                                                                                                            | CUSIP: 552704AE8<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |      210000 | PA      | $214489.17    | 0.02%             | 2027-02-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-9701.42     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      960000 | PA      | $786830.40    | 0.07%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie B                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      140000 | PA      | $105957.09    | 0.01%             | 2035-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.                    | Scientific Games International, Inc. 2022 USD Term Loan                                                                                    | CUSIP: 80875AAT8<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |      995000 | PA      | $984221.17    | 0.09%             | 2029-04-14      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| ABERTIS FINANCE BV                                      | Abertis Infraestructuras Finance BV                                                                                                        | CUSIP: 000000000<br>LEI: 5493007WHKI5H75YJ358 | Long             | DBT              | CORP              | NL        |      800000 | PA      | $724904.91    | 0.06%             | 2025-11-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | MX        |           1 | NC      | $130836.91    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MERCK & CO INC                                          | Merck & Co Inc                                                                                                                             | CUSIP: 58933YBG9<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     3050000 | PA      | $1953832.65   | 0.17%             | 2061-12-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                             | Legacy Mortgage Asset Trust 2020-GS5                                                                                                       | CUSIP: 52475JAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      175079 | PA      | $172502.39    | 0.01%             | 2060-06-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |           1 | NC      | $15145.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Magenta Buyer LLC                                       | Magenta Buyer LLC 2021 USD 2nd Lien Term Loan                                                                                              | CUSIP: 55910RAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      930000 | PA      | $734700.00    | 0.06%             | 2029-07-27      | Floating      | 12.67%                | No            |                  2 | On Loan: No      |
| AUTONATION INC                                          | AutoNation Inc                                                                                                                             | CUSIP: 05329WAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $53668.20     | 0.00%             | 2030-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: BRY84FUL9 IRS PLN R V 06MWIBOR 1 CCPVANILLA / Short: BRY84FUL9 IRS PLN P F  6.75500 2 CCPVANILLA                                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3724846 | OU      | $-22263.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    10600000 | PA      | $1891361.42   | 0.16%             | 2026-10-25      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-3420.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2020-DNA5                                                                                                    | CUSIP: 35566ABD0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      830000 | PA      | $851616.69    | 0.07%             | 2050-10-25      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-11860.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                                                                             | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $183784.00    | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners, LLC                                   | EyeCare Partners, LLC 2020 Term Loan                                                                                                       | CUSIP: 30233PAB6<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |       71936 | PA      | $61205.18     | 0.01%             | 2027-02-18      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                                                                                         | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      210000 | PA      | $154590.45    | 0.01%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Citibank N.A.                                           | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-9904.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Athenahealth, Inc.                                      | Athenahealth, Inc. 2022 Delayed Draw Term Loan                                                                                             | CUSIP: 04686RAC7<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |       17391 | PA      | $15746.11     | 0.00%             | 2029-02-15      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners, LLC                                   | EyeCare Partners, LLC 2022 Incremental Term Loan                                                                                           | CUSIP: 30233PAL4<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |     1000000 | PA      | $877500.00    | 0.08%             | 2028-11-15      | Variable      | 9.18%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                         | AdaptHealth LLC                                                                                                                            | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      270000 | PA      | $248587.38    | 0.02%             | 2028-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-110.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Leslie's Poolmart, Inc.                                 | Leslie's Poolmart, Inc. 2021 Term Loan B                                                                                                   | CUSIP: 52706YAJ2<br>LEI: 549300MZRH1GJYUMRM83 | Long             | LON              | CORP              | US        |      303155 | PA      | $297629.23    | 0.03%             | 2028-03-09      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                                        | Deutsche Bank AG                                                                                                                           | CUSIP: 251525AN1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      200000 | PA      | $186984.44    | 0.02%             | 2025-04-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                                 | Legacy LifePoint Health LLC                                                                                                                | CUSIP: 53219LAT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      640000 | PA      | $603308.80    | 0.05%             | 2025-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OVERSEA-CHINESE BANKING                                 | Oversea-Chinese Banking Corp Ltd                                                                                                           | CUSIP: 69033DAC1<br>LEI: 5493007O3QFXCPOGWK22 | Long             | DBT              | CORP              | SG        |      390000 | PA      | $385243.00    | 0.03%             | 2024-06-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | RO        |           1 | NC      | $85545.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2011-GC5                                                                                                      | CUSIP: 36191YAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      265000 | PA      | $113712.30    | 0.01%             | 2044-08-10      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                                | International Business Machines Corp                                                                                                       | CUSIP: 459200KU4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |     1855000 | PA      | $1775464.37   | 0.15%             | 2032-07-27      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | BBCMS Trust 2018-CBM                                                                                                                       | CUSIP: 05549RAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      390000 | PA      | $368376.65    | 0.03%             | 2037-07-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1500000 | PA      | $241728.41    | 0.02%             | 2031-09-24      | Fixed         | 3.65%                 | No            |                  2 | On Loan: —       |
| CEMEX SAB DE CV                                         | Cemex SAB de CV                                                                                                                            | CUSIP: 151290CA9<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |      910000 | PA      | $842009.35    | 0.07%             | 2026-06-08      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | Credit Suisse Mortgage Capital Certificates 2019-ICE4                                                                                      | CUSIP: 12653VAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1060000 | PA      | $1014830.64   | 0.09%             | 2036-05-15      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| DP WORLD PLC                                            | DP World Ltd/United Arab Emirates                                                                                                          | CUSIP: 23330JAB7<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |      540000 | PA      | $508422.96    | 0.04%             | 2048-09-25      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                                                                                 | CUSIP: 335934AT2<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     2350000 | PA      | $2209665.64   | 0.19%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| THE MCCLATCHY CO LLC                                    | McClatchy Co LLC/The                                                                                                                       | CUSIP: 78433CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      610000 | PA      | $684725.00    | 0.06%             | 2027-07-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GoTo Group, Inc.                                        | GoTo Group, Inc. Term Loan B                                                                                                               | CUSIP: 54142KAD3<br>LEI: 549300D12V5KRBV00592 | Long             | LON              | CORP              | US        |           0 | PA      | $0.01         | 0.00%             | 2027-08-31      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| FREEPORT LNG INVESTMENTS, LLLP                          | Freeport LNG Investments, LLLP Term Loan B                                                                                                 | CUSIP: 35670CAB4<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |      939081 | PA      | $893594.19    | 0.08%             | 2028-12-21      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| UFC Holdings, LLC                                       | UFC Holdings, LLC 2021 Term Loan B                                                                                                         | CUSIP: 90266UAJ2<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |     1063003 | PA      | $1051292.48   | 0.09%             | 2026-04-29      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                                | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                                                  | CUSIP: 00774MAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     1900000 | PA      | $1927026.65   | 0.17%             | 2025-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-7558.59     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $2657.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |           1 | NC      | $131.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                        | ABN AMRO Bank NV                                                                                                                           | CUSIP: 00080QAF2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |      290000 | PA      | $281579.51    | 0.02%             | 2025-07-28      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MED Trust                                               | Med Trust 2021-MDLN                                                                                                                        | CUSIP: 58403YBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1750000 | PA      | $1589623.53   | 0.14%             | 2038-11-15      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| NMI HOLDINGS                                            | NMI Holdings Inc                                                                                                                           | CUSIP: 629209AA5<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | DBT              | CORP              | US        |     1020000 | PA      | $1031954.40   | 0.09%             | 2025-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                                                                                         | CUSIP: 05964HAQ8<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      800000 | PA      | $743185.58    | 0.06%             | 2028-03-24      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    72570000 | PA      | $12023738.34  | 1.04%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                                       | NatWest Group PLC                                                                                                                          | CUSIP: 639057AF5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      450000 | PA      | $445221.12    | 0.04%             | 2028-09-30      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NZ        |           1 | NC      | $12227.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: BRY896VA7 IRS PLN R V 06MWIBOR 1 CCPVANILLA / Short: BRY896VA7 IRS PLN P F  7.08000 2 CCPVANILLA                                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     4170610 | OU      | $-37319.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NCR CORP                                                | NCR Corp                                                                                                                                   | CUSIP: 62886EAZ1<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      115000 | PA      | $95063.03     | 0.01%             | 2030-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                                | SCIL IV LLC / SCIL USA Holdings LLC                                                                                                        | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $636562.50    | 0.06%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $63318.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                        | GREYWOLF CLO VI Ltd                                                                                                                        | CUSIP: 39809HAA1<br>LEI: 5493006V5AX99BBCEZ73 | Long             | ABS-CBDO         | CORP              | KY        |      750000 | PA      | $660393.75    | 0.06%             | 2031-04-26      | Floating      | 10.06%                | No            |                  2 | On Loan: No      |
| ACCELERATE360 HOLD LLC                                  | Accelerate360 Holdings LLC                                                                                                                 | CUSIP: 00456LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      427350 | PA      | $458700.41    | 0.04%             | 2028-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| 19th Holdings Golf, LLC                                 | 19th Holdings Golf, LLC 2022 Term Loan B                                                                                                   | CUSIP: 68250XAB7<br>LEI: 549300INS30LLUJP0S18 | Long             | LON              | CORP              | US        |     1966060 | PA      | $1808775.20   | 0.16%             | 2029-02-07      | Floating      | 7.46%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                                                                                   | CUSIP: 00206RKJ0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      557000 | PA      | $378445.36    | 0.03%             | 2053-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $3134.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-2097.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-1525.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 05565ALQ4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     2815000 | PA      | $2163588.20   | 0.19%             | 2030-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Ultimate Software Group Inc (The)                       | Ultimate Software Group Inc (The) 2021 Term Loan                                                                                           | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |      697774 | PA      | $664630.10    | 0.06%             | 2026-05-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CNY                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-6553.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Belron Luxembourg S.a r.l.                              | Belron Luxembourg S.a r.l. 2021 EUR Term Loan B                                                                                            | CUSIP: 000000000<br>LEI: XUF7S72S4FGMSKXZ0D16 | Long             | LON              | CORP              | GB        |     1118000 | PA      | $1162236.14   | 0.10%             | 2028-04-13      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO IX                                     | Ocean Trails CLO IX                                                                                                                        | CUSIP: 67515XAS3<br>LEI: 549300LD2JF1INLMST94 | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $653404.50    | 0.06%             | 2034-10-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC                                 | Titan International Inc                                                                                                                    | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |      900000 | PA      | $850874.77    | 0.07%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                                     | Delta Air Lines Inc                                                                                                                        | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |      230000 | PA      | $235255.13    | 0.02%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 38524000000 | PA      | $2702922.51   | 0.23%             | 2036-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | XX        |           1 | NC      | $24398.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NORTHWEST ACQ/DOMINION                                  | Northwest Acquisitions ULC / Dominion Finco Inc                                                                                            | CUSIP: 66727WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      400000 | PA      | $24.00        | 0.00%             | 2022-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |           1 | NC      | $61195.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd                                          | Wynn Macau Ltd                                                                                                                             | CUSIP: 98313RAC0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      220000 | PA      | $208057.92    | 0.02%             | 2024-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| DBGS Mortgage Trust                                     | DBGS 2018-BIOD Mortgage Trust                                                                                                              | CUSIP: 23306GAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      932038 | PA      | $898401.44    | 0.08%             | 2035-05-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                                    | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                                                                                     | CUSIP: 46590XAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1045000 | PA      | $999312.60    | 0.09%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                                                                               | CUSIP: 62886HAP6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      210000 | PA      | $179746.98    | 0.02%             | 2024-12-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| U.S. Renal Care, Inc.                                   | U.S. Renal Care, Inc. 2019 Term Loan B                                                                                                     | CUSIP: 90290PAN4<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |     1891836 | PA      | $1065340.33   | 0.09%             | 2026-06-26      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group, LLC                               | Great Outdoors Group, LLC 2021 Term Loan B1                                                                                                | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |     1494950 | PA      | $1441381.65   | 0.13%             | 2028-03-06      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    29262000 | PA      | $128271.78    | 0.01%             | 2031-09-17      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD                                                                             | CUSIP: 46591JAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      800000 | PA      | $659401.36    | 0.06%             | 2029-09-15      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                                                                                       | CUSIP: 983133AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $498018.20    | 0.04%             | 2025-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-4514.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GILBERT PARK CLO LTD                                    | Gilbert Park CLO Ltd                                                                                                                       | CUSIP: 375415AG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $234699.25    | 0.02%             | 2030-10-15      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1295000 | PA      | $305974.98    | 0.03%             | 2042-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                                                                                         | CUSIP: 095796AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      740000 | PA      | $735411.22    | 0.06%             | 2025-12-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Anticimex International AB                              | Anticimex International AB 2021 USD Term Loan B1                                                                                           | CUSIP: 000000000<br>LEI: 54930005SBU6WYFBEB41 | Long             | LON              | CORP              | SE        |      345510 | PA      | $335145.11    | 0.03%             | 2028-11-16      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| SUMMIT MATERIALS LLC/FIN                                | Summit Materials LLC / Summit Materials Finance Corp                                                                                       | CUSIP: 86614RAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $93280.00     | 0.01%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $2145.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29273VAH3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      230000 | PA      | $195787.50    | 0.02%             | 2023-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4959.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Prosperous Ray Ltd                                      | Prosperous Ray Ltd                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |      280000 | PA      | $279151.60    | 0.02%             | 2023-11-12      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| H&E EQUIPMENT SERVICES                                  | H&E Equipment Services Inc                                                                                                                 | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1579058.25   | 0.14%             | 2028-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-6148.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CO        |           1 | NC      | $-10646.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UMBS                                                    | UMBS                                                                                                                                       | CUSIP: 3140JAD21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      244526 | PA      | $227582.23    | 0.02%             | 2047-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Peraton Corp.                                           | Peraton Corp. 2nd Lien Term Loan B1                                                                                                        | CUSIP: 71360HAG2<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |      563069 | PA      | $538610.33    | 0.05%             | 2029-02-01      | Floating      | 12.09%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $66064.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      620000 | PA      | $308172.95    | 0.03%             | 2030-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| IHS NETHERLANDS HOLDCO                                  | IHS Netherlands Holdco BV                                                                                                                  | CUSIP: 000000000<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |      740000 | PA      | $655077.60    | 0.06%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  6852200000 | PA      | $1211109.32   | 0.11%             | 2025-11-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                                | Hess Midstream Operations LP                                                                                                               | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      125000 | PA      | $115808.33    | 0.01%             | 2028-06-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      624000 | PA      | $142235.70    | 0.01%             | 2032-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                                                                             | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      620000 | PA      | $502649.50    | 0.04%             | 2029-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| DATADOG INC                                             | Datadog Inc                                                                                                                                | CUSIP: 23804LAB9<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |       60000 | PA      | $65775.00     | 0.01%             | 2025-06-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                                                                                   | CUSIP: 45174HBG1<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      280000 | PA      | $228457.60    | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P500 EMINI OPTN MAR23P 3600                                                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |          19 | NC      | $63412.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Structured Asset Mortgage Investments Inc               | Structured Asset Mortgage Investments II Trust 2005-AR2                                                                                    | CUSIP: 86359LJB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      320761 | PA      | $234501.24    | 0.02%             | 2045-05-25      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MY        |           1 | NC      | $2505.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BIG Commercial Mortgage Trust 2022-BIG                  | BIG Commercial Mortgage Trust 2022-BIG                                                                                                     | CUSIP: 05551UAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      860000 | PA      | $803749.81    | 0.07%             | 2039-02-15      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| CITY OF BUENOS AIRES                                    | Ciudad Autonoma De Buenos Aires/Government Bonds                                                                                           | CUSIP: 000000000<br>LEI: 5299007MC8RF52X0ON96 | Long             | DBT              | NUSS              | AR        |      270000 | PA      | $250460.10    | 0.02%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CL        |           1 | NC      | $35657.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 24937000000 | PA      | $1714625.01   | 0.15%             | 2026-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AllSpring Buyer LLC                                     | AllSpring Buyer LLC Term Loan B                                                                                                            | CUSIP: 98922AAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1210850 | PA      | $1194705.74   | 0.10%             | 2028-11-01      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PH        |           1 | NC      | $1126.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $11522.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-93502.57    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 3-R Ltd                                                                                                              | CUSIP: 03330BAA8<br>LEI: 549300V7DN3VJ8H1GE96 | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $248837.40    | 0.02%             | 2031-01-28      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| EYECARE PARTNERS, LLC                                   | EyeCare Partners, LLC 2021 Incremental Term Loan                                                                                           | CUSIP: 30233PAH3<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |      476400 | PA      | $405336.84    | 0.04%             | 2028-11-15      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                                | Nexstar Media Inc                                                                                                                          | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1603043.50   | 0.14%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 15581900000 | PA      | $2124087.58   | 0.18%             | 2034-10-18      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XII Ltd                                                                                                                          | CUSIP: 55953GCG8<br>LEI: 549300Z6VW568TT64K70 | Long             | ABS-CBDO         | CORP              | KY        |      400000 | PA      | $363724.00    | 0.03%             | 2031-10-15      | Floating      | 9.76%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FIN US INC                                   | Stellantis Finance US Inc                                                                                                                  | CUSIP: 85855CAD2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |     1965000 | PA      | $1949132.27   | 0.17%             | 2028-01-12      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | RO        |           1 | NC      | $-2898.14     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2019-BKWD                                                                             | CUSIP: 46591JAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      530000 | PA      | $454458.73    | 0.04%             | 2029-09-15      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | AU        |           1 | NC      | $18570.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1854.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COCA-COLA ICECEK AS                                     | Coca-Cola Icecek AS                                                                                                                        | CUSIP: 1912ERAA8<br>LEI: 789000WT80VVLUWJDK41 | Long             | DBT              | CORP              | TR        |      960000 | PA      | $838536.96    | 0.07%             | 2029-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                                                                                         | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $283716.23    | 0.02%             | 2027-12-23      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TH        |           1 | NC      | $79.29        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $858.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-8369.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                                                                             | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      370000 | PA      | $316829.15    | 0.03%             | 2028-08-26      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                                | Nexstar Media Inc                                                                                                                          | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |     1950000 | PA      | $1792805.63   | 0.16%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| B RILEY FINANCIAL INC                                   | B Riley Financial Inc                                                                                                                      | CUSIP: 05580M819<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        7150 | NS      | $130416.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $41584.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                                                                                      | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |      290000 | PA      | $254192.25    | 0.02%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC 2021 Term Loan B9                                                                                                              | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      496752 | PA      | $435403.13    | 0.04%             | 2027-07-31      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORPORATION                                    | AppLovin Corporation 2021 Term Loan B                                                                                                      | CUSIP: 03835EAF1<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | LON              | CORP              | US        |      426226 | PA      | $405980.63    | 0.04%             | 2028-10-25      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                                 | Precision Drilling Corp                                                                                                                    | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |      600000 | PA      | $559384.05    | 0.05%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 21887400000 | PA      | $3862435.23   | 0.34%             | 2026-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                                                                                | CUSIP: 85571BAU9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |     1500000 | PA      | $1314367.50   | 0.11%             | 2026-07-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: 0WP297815 CDS EUR R V 03MEVENT 1 CORPORATE / Short: 0WP297815 CDS EUR P F  1.00000 2 CORPORATE                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      730000 | OU      | $-7648.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NISOURCE INC                                            | NiSource Inc                                                                                                                               | CUSIP: 65473P121<br>LEI: 549300D8GOWWH0SJB189 | Long             | EP               | CORP              | US        |        2274 | NS      | $234813.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                                  | IMA Industria Macchine Automatiche SpA                                                                                                     | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |      265000 | PA      | $234198.81    | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ID        |           1 | NC      | $234.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                      | Credit Agricole SA                                                                                                                         | CUSIP: 225313AD7<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     1160000 | PA      | $1153104.96   | 0.10%             | 2024-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                                                                           | CUSIP: 87264ABW4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     2210000 | PA      | $1913250.97   | 0.17%             | 2031-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-26516.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MED Trust                                               | Med Trust 2021-MDLN                                                                                                                        | CUSIP: 58403YAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      535000 | PA      | $509647.69    | 0.04%             | 2038-11-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, INC.                                          | SPX Flow, Inc. 2022 Term Loan                                                                                                              | CUSIP: 000000000<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |     1167075 | PA      | $1089026.86   | 0.09%             | 2029-04-05      | Variable      | 8.92%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                             | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                                                                               | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     1563695 | PA      | $1487269.65   | 0.13%             | 2028-05-12      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| MKS Instruments, Inc.                                   | MKS Instruments, Inc. 2022 USD Term Loan B                                                                                                 | CUSIP: 55314NAS3<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |     2010960 | PA      | $1991389.34   | 0.17%             | 2029-08-17      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XI Ltd                                      | Elmwood CLO XI Ltd                                                                                                                         | CUSIP: 29002LAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      350000 | PA      | $338091.25    | 0.03%             | 2034-10-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| ZSCALER INC.                                            | Zscaler Inc                                                                                                                                | CUSIP: 98980GAB8<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |      320000 | PA      | $337600.00    | 0.03%             | 2025-07-01      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                                   | Republic of Ghana Government Bonds                                                                                                         | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      700000 | PA      | $67010.97     | 0.01%             | 2023-03-06      | Fixed         | 20.75%                | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-8389.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2020-3                                                                                          | CUSIP: 35563PTU3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      590000 | PA      | $531051.33    | 0.05%             | 2060-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-24215.73    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-43338.76    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 09659W2R4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      850000 | PA      | $694443.23    | 0.06%             | 2029-09-15      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                                   | Continental Resources Inc/OK                                                                                                               | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |      660000 | PA      | $615664.71    | 0.05%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | IN        |           1 | NC      | $918.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| At Home Group Inc.                                      | At Home Group Inc. Term Loan B                                                                                                             | CUSIP: 04651BAB5<br>LEI: 549300LGPR0P05O30I24 | Long             | LON              | CORP              | US        |      601618 | PA      | $476030.37    | 0.04%             | 2028-07-24      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                                                            | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      580000 | PA      | $558772.87    | 0.05%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $-95569.91    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | HU        |           1 | NC      | $275.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15815.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-90687.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-15361.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     3783000 | PA      | $799285.26    | 0.07%             | 2024-10-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      194353 | PA      | $184305.87    | 0.02%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6292000 | PA      | $1436140.35   | 0.12%             | 2024-09-30      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                                                                                   | CUSIP: 00206RLJ9<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     1110000 | PA      | $745631.77    | 0.06%             | 2055-09-15      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    30965000 | PA      | $5176855.76   | 0.45%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Les Schwab Tire Centers                                 | Les Schwab Tire Centers Term Loan B                                                                                                        | CUSIP: 50220KAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      316160 | PA      | $313788.44    | 0.03%             | 2027-11-02      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                                         | Yum! Brands Inc                                                                                                                            | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |       85000 | PA      | $78130.30     | 0.01%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $22822.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                                     | Ashtead Capital Inc                                                                                                                        | CUSIP: 045054AP8<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |      900000 | PA      | $696914.50    | 0.06%             | 2031-08-12      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 46431100000 | PA      | $6533418.15   | 0.57%             | 2032-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | MX        |           1 | NC      | $3828.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2852000 | PA      | $680810.44    | 0.06%             | 2037-04-07      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | IN        |           1 | NC      | $-2042.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4043.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         836 | NC      | $-417975.98   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      865000 | PA      | $695806.00    | 0.06%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $64755.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                                | Central Parent Inc / CDK Global Inc                                                                                                        | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1165482.24   | 0.10%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2020-DNA6                                                                                                    | CUSIP: 35566CBD6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1060000 | PA      | $996880.92    | 0.09%             | 2050-12-25      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     8840000 | PA      | $391542.63    | 0.03%             | 2024-05-25      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-3584.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  4546000000 | PA      | $295011.82    | 0.03%             | 2048-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                                                                                           | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      530000 | PA      | $490221.77    | 0.04%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6029000 | PA      | $1326236.27   | 0.12%             | 2034-07-05      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC                                                                | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1540000 | PA      | $1223379.54   | 0.11%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase Bank N.A.                                | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $370114.89    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd                          | Palmer Square Loan Funding 2021-2 Ltd                                                                                                      | CUSIP: 69702DAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $243780.50    | 0.02%             | 2029-05-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                                | Apollo Commercial Real Estate Finance Inc                                                                                                  | CUSIP: 03762UAC9<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |      480000 | PA      | $471600.00    | 0.04%             | 2023-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXIX Ltd                                                                                                             | CUSIP: 55821LAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1405000 | PA      | $1331459.49   | 0.12%             | 2034-10-22      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                                        | Deutsche Bank AG/New York NY                                                                                                               | CUSIP: 251526CF4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      660000 | PA      | $485241.47    | 0.04%             | 2032-01-14      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | PH        |           1 | NC      | $-1804.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VERICAST CORP                                           | Vericast Corp                                                                                                                              | CUSIP: 92348BAA1<br>LEI: 549300J73P7FL8TVF308 | Long             | DBT              | CORP              | US        |      420000 | PA      | $449400.00    | 0.04%             | 2026-09-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-25130.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                                                                                       | CUSIP: 442722AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      570000 | PA      | $547083.77    | 0.05%             | 2027-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2683000000 | PA      | $178093.52    | 0.02%             | 2024-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TransAlta Corp                                          | TransAlta Corp                                                                                                                             | CUSIP: 89346DAE7<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |     1100000 | PA      | $1015370.10   | 0.09%             | 2040-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ID        |           1 | NC      | $12943.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -108 | NC      | $33570.02     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUDBAY MINERALS INC                                     | Hudbay Minerals Inc                                                                                                                        | CUSIP: 443628AJ1<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |      260000 | PA      | $236485.51    | 0.02%             | 2026-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| United States Treasury                                  | United States Treasury Bill                                                                                                                | CUSIP: 912796X53<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     7240000 | PA      | $7094214.20   | 0.62%             | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |           1 | NC      | $57814.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 31181000000 | PA      | $2022931.61   | 0.18%             | 2025-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                | Suburban Propane Partners LP/Suburban Energy Finance Corp                                                                                  | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      240000 | PA      | $204301.80    | 0.02%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1536.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOYNE USA INC                                           | Boyne USA Inc                                                                                                                              | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1063583.16   | 0.09%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5176.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC                                    | Booking Holdings Inc                                                                                                                       | CUSIP: 09857LAN8<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |      155000 | PA      | $207220.12    | 0.02%             | 2025-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: —       |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                                                                                         | CUSIP: 225313AP0<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |     2238000 | PA      | $1799167.45   | 0.16%             | 2029-03-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CL        |           1 | NC      | $31493.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 8th Avenue Food & Provisions, Inc.                      | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan                                                                                 | CUSIP: 28253PAC3<br>LEI: 549300PBCACU45IZ2V05 | Long             | LON              | CORP              | US        |      611842 | PA      | $515018.24    | 0.04%             | 2025-10-01      | Floating      | 8.14%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO                                   | Southwest Airlines Co                                                                                                                      | CUSIP: 844741BG2<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |      185000 | PA      | $222878.75    | 0.02%             | 2025-05-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: —       |
| WENDY'S INTERNATIONAL                                   | Wendy's International LLC                                                                                                                  | CUSIP: 950590AG4<br>LEI: 549300PQTT267ME8D359 | Long             | DBT              | CORP              | US        |      437000 | PA      | $451331.42    | 0.04%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SANDS CHINA LTD                                         | Sands China Ltd                                                                                                                            | CUSIP: 80007RAQ8<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |      200000 | PA      | $163662.42    | 0.01%             | 2029-03-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MY        |           1 | NC      | $450.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IIP OPERATING PARTNER                                   | IIP Operating Partnership LP                                                                                                               | CUSIP: 44988FAD2<br>LEI: N/A                  | Long             | DBT              |  | US        |      620000 | PA      | $549721.36    | 0.05%             | 2026-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $63659.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  6017000000 | PA      | $449692.84    | 0.04%             | 2031-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Embecta Corp                                            | Embecta Corp Term Loan B                                                                                                                   | CUSIP: 29081LAC8<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | LON              | CORP              | US        |      263185 | PA      | $251670.79    | 0.02%             | 2029-03-30      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   262400000 | PA      | $526768.33    | 0.05%             | 2026-12-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BLACKROCK TCP CAP CORP                                  | BlackRock TCP Capital Corp                                                                                                                 | CUSIP: 09259EAB4<br>LEI: 549300JU1XG1HF56J989 | Long             | DBT              | CORP              | US        |      840000 | PA      | $745817.31    | 0.06%             | 2026-02-09      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| TruGreen Limited Partnership                            | TruGreen Limited Partnership 2020 2nd Lien Term Loan                                                                                       | CUSIP: 89787RAK8<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |      182979 | PA      | $135404.46    | 0.01%             | 2028-11-02      | Floating      | 13.43%                | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CN        |           1 | NC      | $1385.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-21538.52    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group Inc                                        | Altria Group Inc                                                                                                                           | CUSIP: 02209SBF9<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |      490000 | PA      | $437989.06    | 0.04%             | 2049-02-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                                    | Howmet Aerospace Inc                                                                                                                       | CUSIP: 013817AJ0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |      415000 | PA      | $413344.15    | 0.04%             | 2027-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                                                                                        | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |      490000 | PA      | $402976.00    | 0.04%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                                                                                              | CUSIP: 172967GF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1585000 | PA      | $1572447.39   | 0.14%             | 2023-02-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                                | Sally Holdings LLC / Sally Capital Inc                                                                                                     | CUSIP: 79546VAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      870000 | PA      | $839436.90    | 0.07%             | 2025-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ENERGIZER GAMMA ACQ BV                                  | Energizer Gamma Acquisition BV                                                                                                             | CUSIP: 000000000<br>LEI: 5493002SUYZDHEQ3JN34 | Long             | DBT              | CORP              | NL        |     1065000 | PA      | $913354.12    | 0.08%             | 2029-06-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| XPO ESCROW SUB LLC                                      | XPO Escrow Sub LLC                                                                                                                         | CUSIP: 98379JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $192511.80    | 0.02%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $178.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers CLO 25 Ltd                                                                                                  | CUSIP: 64131JAS5<br>LEI: 549300YJLHTYDSFV8K03 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $230960.25    | 0.02%             | 2029-10-18      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 06738EAJ4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      574000 | PA      | $515581.29    | 0.04%             | 2045-08-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1051.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                 | Uber Technologies, Inc. 2021 1st Lien Term Loan B                                                                                          | CUSIP: 90351JAG9<br>LEI: 549300B2FTG34FILDR98 | Long             | LON              | CORP              | US        |      787059 | PA      | $787550.55    | 0.07%             | 2025-04-04      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: BWS076067 CDS USD R V 03MEVENT 1 CCPCORPORATE / Short: BWS076067 CDS USD P F  1.00000 2 CCPCORPORATE                                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1330000 | OU      | $-17878.03    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                                                                            | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      880000 | PA      | $865788.00    | 0.08%             | 2030-09-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2017-5                                                                                                           | CUSIP: 89169EAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      940000 | PA      | $895880.16    | 0.08%             | 2057-02-25      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                                                                           | CUSIP: 84859BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      556000 | PA      | $558763.32    | 0.05%             | 2025-09-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HIGHLAND HOLDINGS BOND                                  | Highlands Holdings Bond Issuer Ltd / Highlands Holdings Bond Co-Issuer Inc                                                                 | CUSIP: 43103QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1260000 | PA      | $1178897.78   | 0.10%             | 2025-10-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MY        |           1 | NC      | $10854.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Surf Holdings, LLC                                      | Surf Holdings, LLC USD Term Loan                                                                                                           | CUSIP: 86875TAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       84549 | PA      | $82178.81     | 0.01%             | 2027-03-05      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                 | WaMu Mortgage Pass-Through Certificates Series 2005-AR1 Trust                                                                              | CUSIP: 939336X57<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      255043 | PA      | $232179.56    | 0.02%             | 2045-01-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| QVC Inc                                                 | QVC Inc                                                                                                                                    | CUSIP: 747262AW3<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |      400000 | PA      | $209720.00    | 0.02%             | 2034-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                       | Clarios Global LP 2021 USD Term Loan B                                                                                                     | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |     1000000 | PA      | $983333.00    | 0.09%             | 2026-04-30      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-220938.14   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-4509.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                                                                                 | CUSIP: 335934AR6<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      300000 | PA      | $284551.98    | 0.02%             | 2026-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-22251.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM                                        | Callon Petroleum Co                                                                                                                        | CUSIP: 13123XBD3<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |      205000 | PA      | $195688.65    | 0.02%             | 2028-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    65292300 | PA      | $3034840.62   | 0.26%             | 2026-03-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FAGE INTL / FAGE USA                                    | FAGE International SA / FAGE USA Dairy Industry Inc                                                                                        | CUSIP: 30257WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1081000 | PA      | $1004486.82   | 0.09%             | 2026-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2586000 | PA      | $587988.92    | 0.05%             | 2027-03-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |           1 | NC      | $55980.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-6625.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    14274000 | PA      | $2673003.99   | 0.23%             | 2028-04-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                      | Banco Santander SA                                                                                                                         | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1200000 | PA      | $1175928.00   | 0.10%             | 2024-02-08      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | CN        |           1 | NC      | $8514.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA5                                                                                                    | CUSIP: 35564KJA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1270000 | PA      | $1163747.48   | 0.10%             | 2034-01-25      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-1533.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RUSSIA GOVT BOND - OFZ                                  | Russian Federal Bond - OFZ                                                                                                                 | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |    72599000 | PA      | $318242.19    | 0.03%             | 2026-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA3                                                                                                    | CUSIP: 35564KUX5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1090000 | PA      | $1078616.26   | 0.09%             | 2042-04-25      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-160334.76   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                                | Provincia de Buenos Aires/Government Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |     1780031 | PA      | $620785.81    | 0.05%             | 2037-09-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CFK Trust                                               | CFK Trust 2020-MF2                                                                                                                         | CUSIP: 12529AAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      425000 | PA      | $332193.05    | 0.03%             | 2039-03-15      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| LIQUID TELECOM FINANCE                                  | Liquid Telecommunications Financing Plc                                                                                                    | CUSIP: 536333AB3<br>LEI: 635400MXAVJRJJCWVI87 | Long             | DBT              | CORP              | GB        |      960000 | PA      | $699302.40    | 0.06%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                                 | Uber Technologies, Inc. 2021 Term Loan B                                                                                                   | CUSIP: 90351JAF1<br>LEI: 549300B2FTG34FILDR98 | Long             | LON              | CORP              | US        |     2014472 | PA      | $2013212.96   | 0.17%             | 2027-02-25      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Southwestern Energy Co                                  | Southwestern Energy Co                                                                                                                     | CUSIP: 845467AN9<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |     2600000 | PA      | $2653952.18   | 0.23%             | 2027-10-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| BOEING CO                                               | Boeing Co/The                                                                                                                              | CUSIP: 097023CX1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      280000 | PA      | $256570.28    | 0.02%             | 2060-05-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1517200000 | PA      | $221623.49    | 0.02%             | 2031-03-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lazard Group LLC                                        | Lazard Group LLC                                                                                                                           | CUSIP: 52107QAK1<br>LEI: FI94J2CJ1D7BIGVMS874 | Long             | DBT              | CORP              | US        |      425000 | PA      | $393370.66    | 0.03%             | 2029-03-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CORP                                        | NTT Finance Corp                                                                                                                           | CUSIP: 62954WAK1<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |      395000 | PA      | $386461.06    | 0.03%             | 2027-07-27      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                  | Verizon Communications Inc                                                                                                                 | CUSIP: 92343VGL2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      490000 | PA      | $339086.00    | 0.03%             | 2041-09-03      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | EG        |           1 | NC      | $-73246.65    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| II-VI Incorporated                                      | II-VI Incorporated 2022 Term Loan B                                                                                                        | CUSIP: 45173JAQ7<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |     1298027 | PA      | $1289265.11   | 0.11%             | 2029-07-02      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-18264.48    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                            | Chevron Corp                                                                                                                               | CUSIP: 166764CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      185000 | PA      | $133685.56    | 0.01%             | 2050-05-11      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc                                                                         | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      360000 | PA      | $305112.60    | 0.03%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PURE STORAGE INC                                        | Pure Storage Inc                                                                                                                           | CUSIP: 74624MAB8<br>LEI: 549300NPDB0BZTK3WO90 | Long             | DBT              | CORP              | US        |      160000 | PA      | $172640.00    | 0.01%             | 2023-04-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| BILL.COM HOLDINGS INC                                   | Bill.com Holdings Inc                                                                                                                      | CUSIP: 090043AB6<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |      220000 | PA      | $226160.00    | 0.02%             | 2025-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | AU        |           1 | NC      | $5496.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | Barclays Commercial Mortgage Trust 2019-C5                                                                                                 | CUSIP: 05492JAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      280000 | PA      | $246717.49    | 0.02%             | 2052-11-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                                              | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1515000 | PA      | $1277044.39   | 0.11%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Company Inc.                           | Graham Packaging Company Inc. 2021 Term Loan                                                                                               | CUSIP: 38469EAD5<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |      796624 | PA      | $784077.52    | 0.07%             | 2027-08-04      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                          | Commerzbank AG                                                                                                                             | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |     1600000 | PA      | $1592338.00   | 0.14%             | 2025-10-09      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CHF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CH        |           1 | NC      | $7215.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                | Hilcorp Energy I LP / Hilcorp Finance Co                                                                                                   | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      560000 | PA      | $484056.05    | 0.04%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                | Charter Communications Operating LLC / Charter Communications Operating Capital                                                            | CUSIP: 161175BV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1045000 | PA      | $639186.60    | 0.06%             | 2051-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      210000 | PA      | $196284.41    | 0.02%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-261.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CMG Media Corporation                                   | CMG Media Corporation 2021 Term Loan                                                                                                       | CUSIP: 88145LAE4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      841108 | PA      | $789439.45    | 0.07%             | 2026-12-17      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-2445.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-208106.57   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE NEW YORK                                  | Credit Suisse AG/New York NY                                                                                                               | CUSIP: 22550L2J9<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |      970000 | PA      | $926776.34    | 0.08%             | 2024-08-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                   | Waste Connections Inc                                                                                                                      | CUSIP: 94106BAD3<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |      315000 | PA      | $207978.14    | 0.02%             | 2052-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                 | Dryden 64 CLO Ltd                                                                                                                          | CUSIP: 26251LAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $462006.00    | 0.04%             | 2031-04-18      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $21527.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | HU        |           1 | NC      | $11043.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    65555900 | PA      | $3000186.97   | 0.26%             | 2053-07-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MDC Holdings Inc                                        | MDC Holdings Inc                                                                                                                           | CUSIP: 552676AQ1<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |      130000 | PA      | $106083.71    | 0.01%             | 2043-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3228.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dominican Republic                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PDZ8<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1005000 | PA      | $972255.51    | 0.08%             | 2028-07-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |           1 | NC      | $19517.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2007-2                                                                                              | CUSIP: 63543LAD7<br>LEI: 635400VQIBXGEB9ZUC59 | Long             | ABS-O            | CORP              | US        |     1018809 | PA      | $954815.80    | 0.08%             | 2033-01-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $57.15        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARRIAGE PURCHASER, INC.                                | Carriage Purchaser, Inc. 2021 Term Loan B                                                                                                  | CUSIP: 14445BAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      798272 | PA      | $743723.49    | 0.06%             | 2028-09-30      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| AVNET INC                                               | Avnet Inc                                                                                                                                  | CUSIP: 053807AV5<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | DBT              | CORP              | US        |      780000 | PA      | $722462.47    | 0.06%             | 2032-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $12560.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloudera, Inc.                                          | Cloudera, Inc. 2021 Second Lien Term Loan                                                                                                  | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |      380000 | PA      | $318725.00    | 0.03%             | 2029-10-08      | Floating      | 10.38%                | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-53917.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MH Sub I, LLC                                           | MH Sub I, LLC 2020 Incremental Term Loan                                                                                                   | CUSIP: 45567YAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      136622 | PA      | $132926.05    | 0.01%             | 2024-09-13      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Tharaldson Hotel Portfolio Trust                        | Tharaldson Hotel Portfolio Trust 2018-THPT                                                                                                 | CUSIP: 88327HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      766336 | PA      | $718266.26    | 0.06%             | 2034-11-11      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | CZ        |           1 | NC      | $999.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citadel Securities LP                                   | Citadel Securities LP 2021 Term Loan B                                                                                                     | CUSIP: 17288YAD4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |     1469524 | PA      | $1444496.34   | 0.13%             | 2028-02-02      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    48920000 | PA      | $2377636.64   | 0.21%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1838000 | PA      | $458294.55    | 0.04%             | 2028-08-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| KNDR Trust 2021-KIND                                    | KIND Trust 2021-KIND                                                                                                                       | CUSIP: 482606AN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      625479 | PA      | $564410.70    | 0.05%             | 2038-08-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                                                                                  | CUSIP: 74365PAD0<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     1815000 | PA      | $1138616.91   | 0.10%             | 2050-08-03      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1820000 | PA      | $1801800.00   | 0.16%             | 2029-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $-7781.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                                  | Brazil Letras do Tesouro Nacional                                                                                                          | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     8519000 | PA      | $1199496.68   | 0.10%             | 2025-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Virgin Pulse, Inc.                                      | Virgin Pulse, Inc. 2021 2nd Lien Term Loan                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      330000 | PA      | $257400.00    | 0.02%             | 2029-04-06      | Floating      | 11.63%                | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                                    | Freeport-McMoRan Inc                                                                                                                       | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      455000 | PA      | $424548.89    | 0.04%             | 2030-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-5917.28     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2015-9 Ltd                                                                                                                         | CUSIP: 67091YAY0<br>LEI: 254900XV0U0WEM36A370 | Long             | ABS-CBDO         | CORP              | KY        |     1160000 | PA      | $1095305.64   | 0.10%             | 2033-01-15      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83368RBK7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      805000 | PA      | $547358.36    | 0.05%             | 2043-01-21      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| ARDONAGH MIDCO 2 PLC                                    | Ardonagh Midco 2 PLC                                                                                                                       | CUSIP: 03985RAA1<br>LEI: 9845003AD1386OH58D80 | Long             | DBT              | CORP              | GB        |      809875 | PA      | $773430.63    | 0.07%             | 2027-01-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $8193.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bally's Corporation                                     | Bally's Corporation 2021 Term Loan B                                                                                                       | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |      630298 | PA      | $587227.40    | 0.05%             | 2028-10-02      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| DANAHER CORP                                            | Danaher Corp                                                                                                                               | CUSIP: 235851409<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EP               | CORP              | US        |         145 | NS      | $196699.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank of America N.A.                                    | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PL        |           1 | NC      | $15201.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Falcon Aerospace Limited                                | Falcon Aerospace Limited 2017 Term Loan A                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |      321459 | PA      | $291902.77    | 0.03%             | 2042-02-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN CLO LTD                                | Neuberger Berman Loan Advisers Clo 44 Ltd                                                                                                  | CUSIP: 64134EAA2<br>LEI: 549300HMTDFWN3B2DI35 | Long             | ABS-CBDO         | CORP              | KY        |      480000 | PA      | $427208.16    | 0.04%             | 2034-10-16      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-65158.70    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | HU        |           1 | NC      | $13026.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Radiology Partners Inc                                  | Radiology Partners Inc 2018 1st Lien Term Loan B                                                                                           | CUSIP: 75041EAB8<br>LEI: 549300SFTAG2177WUZ08 | Long             | LON              | CORP              | US        |      360962 | PA      | $304110.49    | 0.03%             | 2025-07-09      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1195000 | PA      | $254671.96    | 0.02%             | 2023-06-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                                                                                       | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1220000 | PA      | $987015.04    | 0.09%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                                    | WW International Inc                                                                                                                       | CUSIP: 98262PAA9<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | DBT              | CORP              | US        |      360000 | PA      | $180320.40    | 0.02%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6179.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CZ        |           1 | NC      | $7632.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Pulse, Inc.                                      | Virgin Pulse, Inc. 2021 Term Loan                                                                                                          | CUSIP: 92770HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1363938 | PA      | $1160199.73   | 0.10%             | 2028-04-06      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12954.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                                                                            | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      265000 | PA      | $227147.40    | 0.02%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                            | UBS Group AG                                                                                                                               | CUSIP: 90352JAF0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1120000 | PA      | $1104682.16   | 0.10%             | 2024-01-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      200000 | PA      | $205440.00    | 0.02%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN                                | Brighthouse Financial Inc                                                                                                                  | CUSIP: 10922NAH6<br>LEI: 5493003T8SZSHOGGAW52 | Long             | DBT              | CORP              | US        |     2325000 | PA      | $1476337.85   | 0.13%             | 2051-12-22      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                                                                                           | CUSIP: 58733RAF9<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |      600000 | PA      | $464640.00    | 0.04%             | 2031-01-14      | Fixed         | 3.13%                 | No            |                  2 | On Loan: —       |
| SWAP JP MORGAN BOC                                      | SWAP JP MORGAN BOC                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |    -3100000 | NS      | $-3100000.00  | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $1360.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWS055442 CDS USD R F  5.00000 2 CCPCORPORATE / Short: SWS055442 CDS USD P V 03MEVENT 1 CCPCORPORATE                                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1380000 | OU      | $70666.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CO        |           1 | NC      | $162.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Gray Television, Inc.                                   | Gray Television, Inc. 2021 Term Loan D                                                                                                     | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     2010844 | PA      | $1955905.95   | 0.17%             | 2028-12-01      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | IN        |           1 | NC      | $-732.55      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BROADSTONE NET LEASE LLC                                | Broadstone Net Lease LLC                                                                                                                   | CUSIP: 11135EAA2<br>LEI: 54930089IBT6J4WBTI50 | Long             | DBT              |  | US        |     2555000 | PA      | $1921024.22   | 0.17%             | 2031-09-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                                                                                     | CUSIP: 836205BA1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1050000 | PA      | $939827.70    | 0.08%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: —       |
| SCIENTIFIC GAMES INTERNA                                | Scientific Games International Inc                                                                                                         | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1170738.63   | 0.10%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 06738EBG9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      350000 | PA      | $340937.01    | 0.03%             | 2024-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    50984509 | PA      | $2555817.63   | 0.22%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |           1 | NC      | $-515.21      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Saranac CLO LTD                                         | Saranac CLO III Ltd                                                                                                                        | CUSIP: 803169AW1<br>LEI: 5493000LWP4BVD5LGS13 | Long             | ABS-CBDO         | CORP              | JE        |      180000 | PA      | $146333.52    | 0.01%             | 2030-06-22      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Mister Car Wash Holdings, Inc.                          | Mister Car Wash Holdings, Inc. 2019 Term Loan B                                                                                            | CUSIP: 60646CAF4<br>LEI: 549300BARUQU0U2GQE05 | Long             | LON              | CORP              | US        |      242040 | PA      | $239230.75    | 0.02%             | 2026-05-14      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | PH        |           1 | NC      | $10549.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Czech Republic                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4900000 | PA      | $188411.41    | 0.02%             | 2028-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   710000000 | PA      | $948597.33    | 0.08%             | 2043-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC                                       | Rent-A-Center Inc/TX                                                                                                                       | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |      700000 | PA      | $567173.82    | 0.05%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-5031.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Western Dental Services Inc.                            | Western Dental Services Inc. 2021 Term Loan B                                                                                              | CUSIP: 000000000<br>LEI: 549300S5KZ5QHE321375 | Long             | LON              | CORP              | US        |     1069200 | PA      | $983218.14    | 0.09%             | 2028-08-18      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | PL        |           1 | NC      | $4528.14      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                                 | Darling Ingredients Inc                                                                                                                    | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |     1540000 | PA      | $1507429.00   | 0.13%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                | Prime Security Services Borrower LLC / Prime Finance Inc                                                                                   | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $100344.20    | 0.01%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1597000 | PA      | $372275.39    | 0.03%             | 2046-03-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                                                                                  | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1565690.40   | 0.14%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   121750000 | PA      | $244284.14    | 0.02%             | 2026-04-22      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      390000 | PA      | $322586.19    | 0.03%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | XX        |           1 | NC      | $29507.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-3162.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Heathrow Funding Ltd                                    | Heathrow Funding Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 7TI96JO3DYEIQWZ7Z726 | Long             | DBT              | CORP              | JE        |      545000 | PA      | $671064.90    | 0.06%             | 2026-12-03      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-5826.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PROSUS NV                                               | Prosus NV                                                                                                                                  | CUSIP: 74365PAH1<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     2385000 | PA      | $1980412.01   | 0.17%             | 2032-01-19      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2020-TMIC                                                                                                                             | CUSIP: 126390AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1050000 | PA      | $1046987.87   | 0.09%             | 2035-12-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | PL        |           1 | NC      | $471.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $7098.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN                                                                              | CUSIP: 46652BBQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      760000 | PA      | $608615.30    | 0.05%             | 2037-01-16      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     1025000 | PA      | $990810.45    | 0.09%             | 2028-02-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      170000 | PA      | $143892.24    | 0.01%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-2669.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AON CORP/AON GLOBAL HOLD                                | Aon Corp / Aon Global Holdings PLC                                                                                                         | CUSIP: 03740LAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1645000 | PA      | $1631841.05   | 0.14%             | 2032-09-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-17726.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ARCTIC CANADIAN DIAMONDS                                | ARCTIC CANADIAN DIAMONDS                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        1282 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-29678.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Organon & Co                                            | Organon & Co EUR Term Loan B                                                                                                               | CUSIP: 68621XAD5<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |     1182000 | PA      | $1240043.64   | 0.11%             | 2028-06-02      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TH        |           1 | NC      | $22447.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MY        |           1 | NC      | $6560.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARNIVAL PLC                                            | Carnival PLC                                                                                                                               | CUSIP: 693070AD6<br>LEI: 4DR1VPDQMHD3N3QW8W95 | Long             | DBT              | CORP              | GB        |     2090000 | PA      | $2030884.35   | 0.18%             | 2027-06-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Apex Credit CLO LLC                                     | Apex Credit CLO 2019 LTD                                                                                                                   | CUSIP: 03754AAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $918492.00    | 0.08%             | 2032-04-18      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | AU        |           1 | NC      | $157604.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CZ        |           1 | NC      | $31401.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VT Topco, Inc.                                          | VT Topco, Inc. 2021 Incremental Term Loan                                                                                                  | CUSIP: 39355YAJ3<br>LEI: 5493007T812R37X02Y38 | Long             | LON              | CORP              | US        |      354374 | PA      | $344905.26    | 0.03%             | 2025-08-01      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                                          | VOC Escrow Ltd                                                                                                                             | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      660000 | PA      | $568708.80    | 0.05%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NZ        |           1 | NC      | $84664.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | JP        |           1 | NC      | $63878.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                                               | CUSIP: 902613AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1110000 | PA      | $1030698.60   | 0.09%             | 2033-08-05      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| VTR COMUNICACIONES SPA                                  | VTR Comunicaciones SpA                                                                                                                     | CUSIP: 918367AA1<br>LEI: 213800XDZJKMC1AEUV94 | Long             | DBT              | CORP              | CL        |      730000 | PA      | $454521.47    | 0.04%             | 2028-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                                | Adtalem Global Education Inc                                                                                                               | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |      355000 | PA      | $322595.60    | 0.03%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                                      | Liberty Media Corp-Liberty Formula One                                                                                                     | CUSIP: 531229AL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      470000 | PA      | $451435.00    | 0.04%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280BP3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |     1545000 | PA      | $1425911.93   | 0.12%             | 2028-03-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                                                                            | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              |  | US        |      500000 | PA      | $343786.80    | 0.03%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Commercial Mortgage Securities Corp       | CSWF 2018-TOP                                                                                                                              | CUSIP: 12653BAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      102995 | PA      | $102150.16    | 0.01%             | 2035-08-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                  | Brazilian Government International Bond                                                                                                    | CUSIP: 105756BZ2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1000000 | PA      | $960247.26    | 0.08%             | 2028-01-13      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-167.99      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWS075820 IRS USD R V 00MSOFR 1 CCPOIS / Short: BWS075820 IRS USD P F  3.85000 2 CCPOIS                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     5950000 | OU      | $-68409.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SOLIS IV BV                                             | Solis IV BV USD Term Loan B1                                                                                                               | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |     2225717 | PA      | $1970594.04   | 0.17%             | 2029-02-26      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA FIN X DAC 2020 1                               | MAGNOLIA FIN X DAC 2020 1                                                                                                                  | CUSIP: 55968FAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |      595177 | PA      | $581874.47    | 0.05%             | 2024-08-13      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED GBP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | GB        |           1 | NC      | $327298.83    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                   | Egypt Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     6937000 | PA      | $238877.42    | 0.02%             | 2031-07-06      | Fixed         | 14.82%                | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |           1 | NC      | $484.62       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Park-Ohio Industries Inc                                | Park-Ohio Industries Inc                                                                                                                   | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $851150.00    | 0.07%             | 2027-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC                                                                | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      210000 | PA      | $205839.94    | 0.02%             | 2027-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2226000 | PA      | $493601.10    | 0.04%             | 2033-04-15      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| SUMMIT MID HLDS LLC / FI                                | Summit Midstream Holdings LLC / Summit Midstream Finance Corp                                                                              | CUSIP: 86614WAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $381536.00    | 0.03%             | 2026-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                                | AES Panama Generation Holdings SRL                                                                                                         | CUSIP: 00109AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |      685000 | PA      | $596665.83    | 0.05%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                    | BlueMountain CLO XXIX Ltd                                                                                                                  | CUSIP: 09630LAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      850000 | PA      | $779554.55    | 0.07%             | 2034-07-25      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     2360000 | PA      | $2077460.80   | 0.18%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    65100000 | PA      | $2991577.43   | 0.26%             | 2048-02-28      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | AU        |           1 | NC      | $71460.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                                       | GEO Group Inc/The                                                                                                                          | CUSIP: 36162JAC0<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      719000 | PA      | $730802.39    | 0.06%             | 2028-06-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                                                                                 | CUSIP: 034863BA7<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      445000 | PA      | $364418.93    | 0.03%             | 2031-03-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                              | Applebee's Funding LLC / IHOP Funding LLC                                                                                                  | CUSIP: 03789XAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      598950 | PA      | $590405.50    | 0.05%             | 2049-06-05      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Seasoned Credit Risk Transfer Trust Series 2017-2                                                                                          | CUSIP: 35563PBH1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      368591 | PA      | $359875.91    | 0.03%             | 2056-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-20839.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                                 | MPLX LP                                                                                                                                    | CUSIP: 55336V308<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EP               | CORP              | US        |      103220 | NS      | $3715920.00   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                     | Arctic Canadian Diamond Company Ltd 2nd Lien PIK Term Loan                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1382463 | PA      | $1181729.23   | 0.10%             | 2027-12-31      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-134959.68   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     6950000 | PA      | $1098296.35   | 0.10%             | 2050-09-14      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                                                                                     | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1690000 | PA      | $1530590.75   | 0.13%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amentum Government Services Holdings LLC                | Amentum Government Services Holdings LLC 2022 Term Loan                                                                                    | CUSIP: 57776DAE3<br>LEI: 5493008CT6B5L54YSE94 | Long             | LON              | CORP              | US        |     1296750 | PA      | $1265952.19   | 0.11%             | 2029-02-15      | Variable      | 8.76%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-15579.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CL        |           1 | NC      | $44056.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MSCI INC                                                | MSCI Inc                                                                                                                                   | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      500000 | PA      | $416600.00    | 0.04%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | MX        |           1 | NC      | $1747.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  5494000000 | PA      | $428441.63    | 0.04%             | 2030-08-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                    | Targa Resources Corp                                                                                                                       | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |       45000 | PA      | $44178.66     | 0.00%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-221.92      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PE        |           1 | NC      | $5748.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    39270000 | PA      | $1315246.55   | 0.11%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1806.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: SRY8T1KN0 IRS THB R F  3.27250 2 CCPNDFOIS / Short: SRY8T1KN0 IRS THB P V 12MTHOR 1 CCPNDFOIS                                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    18689901 | OU      | $35150.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      510000 | PA      | $471169.12    | 0.04%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                   | Egypt Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     7061000 | PA      | $241788.86    | 0.02%             | 2030-10-06      | Fixed         | 14.66%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-24275.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                                                                                      | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      240000 | PA      | $208416.00    | 0.02%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                                | Enterprise Products Operating LLC                                                                                                          | CUSIP: 29379VCA9<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |      170000 | PA      | $112144.06    | 0.01%             | 2052-02-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $12413.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     6770000 | PA      | $1006189.19   | 0.09%             | 2030-11-19      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                                | AT&T Inc                                                                                                                                   | CUSIP: 00206RLV2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |      450000 | PA      | $303277.07    | 0.03%             | 2059-09-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                                                                               | CUSIP: 25525PAA5<br>LEI: N/A                  | Long             | DBT              |  | US        |      245000 | PA      | $235130.12    | 0.02%             | 2025-06-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CN        |           1 | NC      | $28468.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1219117.50   | 0.11%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-50069.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $1410.17      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                   | GFL Environmental Inc                                                                                                                      | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |      390000 | PA      | $373595.65    | 0.03%             | 2026-12-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | MX        |           1 | NC      | $7588.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Triumph Group Inc                                       | Triumph Group Inc                                                                                                                          | CUSIP: 896818AP6<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |      880000 | PA      | $749909.60    | 0.07%             | 2025-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| Whitebox CLO I Ltd                                      | Whitebox Clo I Ltd                                                                                                                         | CUSIP: 96467FAL4<br>LEI: 549300E4AC0513DYO913 | Long             | ABS-CBDO         | CORP              | KY        |      255000 | PA      | $248364.14    | 0.02%             | 2032-07-24      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     6789000 | PA      | $1692797.42   | 0.15%             | 2028-08-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                                                | OZLM XXIII Ltd                                                                                                                             | CUSIP: 67112WAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      605000 | PA      | $567762.25    | 0.05%             | 2034-04-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Empire Today, LLC                                       | Empire Today, LLC 2021 Term Loan B                                                                                                         | CUSIP: 29210RAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      412066 | PA      | $311109.60    | 0.03%             | 2028-04-03      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-12241.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PH        |           1 | NC      | $97658.44     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-377815.37   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                                          | ARD Finance SA                                                                                                                             | CUSIP: 000000000<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |      164820 | PA      | $119027.24    | 0.01%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     3930000 | PA      | $558104.46    | 0.05%             | 2030-05-21      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   332570000 | PA      | $466392.71    | 0.04%             | 2051-04-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-24664.91    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    29707000 | PA      | $4452409.64   | 0.39%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                                     | Century Communities Inc                                                                                                                    | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |      200000 | PA      | $157510.00    | 0.01%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                                  | Radiology Partners Inc                                                                                                                     | CUSIP: 75041VAA2<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |      710000 | PA      | $399683.07    | 0.03%             | 2028-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                                    | Range Resources Corp                                                                                                                       | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     1210000 | PA      | $1067888.34   | 0.09%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| ATHENAHEALTH GROUP INC                                  | AthenaHealth Group Inc                                                                                                                     | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $997389.68    | 0.09%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                                                                         | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              |  | US        |      290000 | PA      | $244115.98    | 0.02%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-2608.56     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Cardinal Parent, Inc.                                   | Cardinal Parent, Inc. 2020 Term Loan B                                                                                                     | CUSIP: 14153EAC9<br>LEI: 5493009YXQNPN3HQQH84 | Long             | LON              | CORP              | US        |      562113 | PA      | $528386.04    | 0.05%             | 2027-11-12      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Telenet Financing USD LLC                               | Telenet Financing USD LLC 2020 USD Term Loan AR                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      470800 | PA      | $458945.73    | 0.04%             | 2028-04-30      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $497.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-38290.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12930.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-12.66       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2018-1 Ltd                                                                                                              | CUSIP: 77342JAA1<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |     1485000 | PA      | $1461937.95   | 0.13%             | 2031-05-20      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2012-CCRE3 Mortgage Trust                                                                                                             | CUSIP: 12624PAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      305000 | PA      | $266809.76    | 0.02%             | 2045-10-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                                            | DNB Bank ASA                                                                                                                               | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |     1985000 | PA      | $1987117.48   | 0.17%             | 2026-10-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     3630000 | PA      | $540212.02    | 0.05%             | 2029-05-23      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                                   | Bausch Health Cos Inc                                                                                                                      | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |       80000 | PA      | $38525.95     | 0.00%             | 2028-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $1728.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Emisiones SAU                                | Telefonica Emisiones SA                                                                                                                    | CUSIP: 87938WAU7<br>LEI: 549300Y5MFC4SW5Z3K71 | Long             | DBT              | CORP              | ES        |      200000 | PA      | $161431.76    | 0.01%             | 2047-03-08      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| HEALTHPEAK PROPERTIES                                   | Healthpeak Properties Inc                                                                                                                  | CUSIP: 40414LAR0<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              |  | US        |       80000 | PA      | $71372.64     | 0.01%             | 2029-07-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-353112.75   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Oscar AcquisitionCo, LLC                                | Oscar AcquisitionCo, LLC Term Loan B                                                                                                       | CUSIP: 68778DAB4<br>LEI: 254900RDCZK0Q19MEL65 | Long             | LON              | CORP              | US        |      465832 | PA      | $441625.98    | 0.04%             | 2029-04-29      | Variable      | 9.18%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                                      | Panama Government International Bond                                                                                                       | CUSIP: 698299BM5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      930000 | PA      | $681499.51    | 0.06%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | NZ        |           1 | NC      | $1159.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd.                                        | SkyMiles IP Ltd. 2020 Skymiles Term Loan B                                                                                                 | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |      687749 | PA      | $702184.85    | 0.06%             | 2027-10-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| SPLUNK INC                                              | Splunk Inc                                                                                                                                 | CUSIP: 848637AF1<br>LEI: 549300XGDSGBP6UEI867 | Long             | DBT              | CORP              | US        |      280000 | PA      | $237664.00    | 0.02%             | 2027-06-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     1515000 | PA      | $1384331.25   | 0.12%             | 2025-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trust                         | BRAVO Residential Funding Trust 2022-NQM3                                                                                                  | CUSIP: 10569JAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      259409 | PA      | $249670.87    | 0.02%             | 2062-07-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   473240000 | PA      | $670225.33    | 0.06%             | 2038-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $514.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudson River Trading LLC                                | Hudson River Trading LLC 2021 Term Loan                                                                                                    | CUSIP: 44413EAF5<br>LEI: 549300SMOBUC8O5UOE10 | Long             | LON              | CORP              | US        |      993439 | PA      | $941016.91    | 0.08%             | 2028-03-20      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac Structured Agency Credit Risk Debt Notes                                                                                       | CUSIP: 3137G0TF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      605000 | PA      | $617620.91    | 0.05%             | 2042-12-25      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | EG        |           1 | NC      | $-62023.60    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                       | Generate CLO 7 Ltd                                                                                                                         | CUSIP: 98625DAC4<br>LEI: 25490036G9JNQQPHIX69 | Long             | ABS-CBDO         | CORP              | KY        |     1060000 | PA      | $1027177.10   | 0.09%             | 2033-01-22      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     1175000 | PA      | $898875.00    | 0.08%             | 2028-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     7884000 | PA      | $181412.30    | 0.02%             | 2028-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83368RBB7<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1095000 | PA      | $714119.40    | 0.06%             | 2041-03-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-116232.67   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                 | Nationwide Building Society                                                                                                                | CUSIP: 63861VAH0<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |      985000 | PA      | $961541.57    | 0.08%             | 2027-07-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-6306.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $3929.28      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 984245AQ3<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      460000 | PA      | $326600.00    | 0.03%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE INC                                           | CommScope Inc                                                                                                                              | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      980000 | PA      | $702163.94    | 0.06%             | 2028-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $3822.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                                | Altice France Holding SA                                                                                                                   | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     1900000 | PA      | $1452835.00   | 0.13%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                          | Morgan Stanley Capital I Trust 2018-MP                                                                                                     | CUSIP: 61691DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      320000 | PA      | $279869.06    | 0.02%             | 2040-07-11      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE NEW YORK                                  | Credit Suisse AG/New York NY                                                                                                               | CUSIP: 22550L2D2<br>LEI: 549300D0YARF5HYP1809 | Long             | DBT              | CORP              | CH        |      770000 | PA      | $752245.16    | 0.07%             | 2023-05-05      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | TH        |           1 | NC      | $1468123.26   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | RO        |           1 | NC      | $23542.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $616.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  3205000000 | PA      | $479069.76    | 0.04%             | 2042-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                         | Cemex SAB de CV                                                                                                                            | CUSIP: 151290BX0<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     1255000 | PA      | $1173000.76   | 0.10%             | 2030-09-17      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Verde CLO Ltd                                           | VERDE CLO Ltd                                                                                                                              | CUSIP: 92338BAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $460945.50    | 0.04%             | 2032-04-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED CNY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | CN        |           1 | NC      | $5094.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-87481.32    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2021-R03                                                                                               | CUSIP: 20754AAF0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      800000 | PA      | $740276.96    | 0.06%             | 2041-12-25      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | JP        |           1 | NC      | $57577.30     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-4983.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2                                 | Match Group Financeco 2 Inc                                                                                                                | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |      855000 | PA      | $761484.38    | 0.07%             | 2026-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AU        |           1 | NC      | $8697.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-3754.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                                | Papa John's International Inc                                                                                                              | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     1315000 | PA      | $1099701.63   | 0.10%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Natixis Commercial Mortgage Securities                  | Natixis Commercial Mortgage Securities Trust 2019-MILE                                                                                     | CUSIP: 63875FAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      320000 | PA      | $306503.87    | 0.03%             | 2036-07-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    24088000 | PA      | $4739892.34   | 0.41%             | 2026-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Osaka Exchange                                          | JPN 10Y BOND(OSE) MAR23                                                                                                                    | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |         -13 | NC      | $90831.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6454000 | PA      | $1467937.67   | 0.13%             | 2027-11-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                                 | Global Aircraft Leasing Co Ltd                                                                                                             | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1457168 | PA      | $1241725.71   | 0.11%             | 2024-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | IN        |           1 | NC      | $15157.62     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MICRON TECHNOLOGY INC                                   | Micron Technology Inc                                                                                                                      | CUSIP: 595112BT9<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | DBT              | CORP              | US        |      560000 | PA      | $376089.82    | 0.03%             | 2041-11-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Griffon Corporation                                     | Griffon Corporation Term Loan B                                                                                                            | CUSIP: 39843GAJ2<br>LEI: 5493000C2SGNC7ZN3242 | Long             | LON              | CORP              | US        |          15 | PA      | $14.81        | 0.00%             | 2029-01-24      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                                                                                  | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     1090000 | PA      | $999694.98    | 0.09%             | 2029-06-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC                                        | ZipRecruiter Inc                                                                                                                           | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |      240000 | PA      | $198172.80    | 0.02%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-3694.62     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    10530000 | PA      | $1558273.39   | 0.14%             | 2028-11-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-16429.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $10492.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CZ        |           1 | NC      | $84173.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LIBERTY TRIPADVISOR HOLD                                | Liberty TripAdvisor Holdings Inc                                                                                                           | CUSIP: 531465AA0<br>LEI: 5299006PCRAU736ZJ155 | Long             | DBT              | CORP              | US        |       90000 | PA      | $64980.00     | 0.01%             | 2051-06-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                  | General Motors Financial Co Inc                                                                                                            | CUSIP: 37045XDW3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     1440000 | PA      | $1397085.75   | 0.12%             | 2027-04-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PH        |           1 | NC      | $29661.46     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                                                                              | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     1490000 | PA      | $1211598.89   | 0.11%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-7243.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $2074.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CDK Global, Inc.                                        | CDK Global, Inc. 2022 USD Term Loan B                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1000000 | PA      | $993203.00    | 0.09%             | 2029-07-06      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1590.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSALTA CORP                                          | TransAlta Corp                                                                                                                             | CUSIP: 89346DAH0<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |      380000 | PA      | $388598.01    | 0.03%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MAGNETITE CLO LTD                                       | Magnetite XXVII Ltd                                                                                                                        | CUSIP: 55955EAL2<br>LEI: 5493003N6WY184N72D84 | Long             | ABS-CBDO         | CORP              | KY        |     2160000 | PA      | $2106779.76   | 0.18%             | 2034-10-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $8817.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CATALENT PHARMA SOLUTION                                | Catalent Pharma Solutions Inc                                                                                                              | CUSIP: 14879EAG3<br>LEI: 549300HALRZ339MSTH85 | Long             | DBT              | CORP              | US        |      765000 | PA      | $668868.40    | 0.06%             | 2028-03-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Magenta Buyer LLC                                       | Magenta Buyer LLC 2021 USD 1st Lien Term Loan                                                                                              | CUSIP: 55910RAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      742500 | PA      | $639478.13    | 0.06%             | 2028-07-27      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $15387.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CN        |           1 | NC      | $1208.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $13392.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FULL HOUSE RESORTS INC                                  | Full House Resorts Inc                                                                                                                     | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |     1030000 | PA      | $913156.80    | 0.08%             | 2028-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| JPMorgan Chase Bank N.A.                                | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | KR        |           1 | NC      | $534955.02    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | S+P500 EMINI OPTN MAR23P 3300                                                                                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         -19 | NC      | $-19950.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-3625.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                                  | Anglo American Capital PLC                                                                                                                 | CUSIP: 034863AY6<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      295000 | PA      | $216886.88    | 0.02%             | 2050-09-10      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: SRY7LEKH5 IRS THB R F  2.52070 2 CCPNDFOIS / Short: SRY7LEKH5 IRS THB P V 12MTHOR 1 CCPNDFOIS                                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    92838269 | OU      | $34086.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-49146.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $17487.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jump Financial, LLC                                     | Jump Financial, LLC Term Loan B                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1946266 | PA      | $1853818.34   | 0.16%             | 2028-08-07      | Variable      | 9.34%                 | No            |                  2 | On Loan: No      |
| SAGA PLC                                                | Saga PLC                                                                                                                                   | CUSIP: 000000000<br>LEI: 2138004WWUJN94K2LH95 | Long             | DBT              | CORP              | GB        |      590000 | PA      | $532283.44    | 0.05%             | 2026-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                           | Citigroup Inc                                                                                                                              | CUSIP: 172967HQ7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      170000 | PA      | $160990.00    | 0.01%             | 2024-05-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE                                | Plains All American Pipeline LP                                                                                                            | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |      700000 | PA      | $609000.00    | 0.05%             | 2023-01-30      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services, Inc.               | Sedgwick Claims Management Services, Inc. 2018 Term Loan B                                                                                 | CUSIP: 81527CAL1<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |     1020750 | PA      | $994957.59    | 0.09%             | 2025-12-31      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| LEGENDS HOSPITALITY HOLD                                | Legends Hospitality Holding Co LLC / Legends Hospitality Co-Issuer Inc                                                                     | CUSIP: 52473NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $579312.50    | 0.05%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                         | Madison IAQ LLC Term Loan                                                                                                                  | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |      246875 | PA      | $230005.29    | 0.02%             | 2028-06-21      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-107757.75   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CO        |           1 | NC      | $-509.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-158072.05   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     4656000 | PA      | $1073199.33   | 0.09%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1235000 | PA      | $210171.73    | 0.02%             | 2030-10-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2017-3 Ltd                                                                                                                        | CUSIP: 92916PAF1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      260000 | PA      | $229592.22    | 0.02%             | 2034-04-20      | Floating      | 11.19%                | No            |                  2 | On Loan: No      |
| Electron BidCo Inc.                                     | Electron BidCo Inc. 2021 Term Loan                                                                                                         | CUSIP: 28542CAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      352338 | PA      | $343529.06    | 0.03%             | 2028-11-01      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2003-B                                                                                               | CUSIP: 78443CAN4<br>LEI: 549300BLEHJGFV7XSO25 | Long             | ABS-O            | CORP              | US        |       50000 | PA      | $50052.99     | 0.00%             | 2033-03-15      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-7063.01     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                          | US Foods, Inc. 2019 Term Loan B                                                                                                            | CUSIP: 90351HAD0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2026-09-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-284637.28   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-75802.67    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                                                                               | CUSIP: 98877DAC9<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      720000 | PA      | $681720.86    | 0.06%             | 2025-04-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings, Inc                              | Triton Water Holdings, Inc Term Loan                                                                                                       | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |      748601 | PA      | $698631.85    | 0.06%             | 2028-03-31      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                                                                                   | CUSIP: 55903VAG8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |      680000 | PA      | $613328.01    | 0.05%             | 2027-03-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 19240000000 | PA      | $1239615.86   | 0.11%             | 2033-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4440000 | PA      | $177054.61    | 0.02%             | 2024-12-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | CN        |           1 | NC      | $22318.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                                    | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-509.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                                    | Country Garden Holdings Co Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |      450000 | PA      | $348819.03    | 0.03%             | 2024-01-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC Series 2019-UVIL                                                                                                                      | CUSIP: 12656DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300000 | PA      | $245032.35    | 0.02%             | 2041-12-15      | Fixed         | 3.16%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                           | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |           1 | NC      | $-15817.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWS076042 CDS USD R F  5.00000 0WS076042-0WZ076044_FEE CCPCOR / Short: SWS076042 CDS USD P V 03MEVENT 0WS076042-0WZ076044_PRO CCPCOR | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1330000 | OU      | $210351.38    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 68193000000 | PA      | $4222337.09   | 0.37%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Canyon Capital CLO Ltd                                  | Canyon CLO 2020-1 Ltd                                                                                                                      | CUSIP: 13876LAL1<br>LEI: 549300IVUME0ILZ1W208 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $478931.50    | 0.04%             | 2034-07-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $253.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Proofpoint, Inc.                                        | Proofpoint, Inc. 1st Lien Term Loan                                                                                                        | CUSIP: 74345HAB7<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |      744375 | PA      | $717275.28    | 0.06%             | 2028-08-31      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | US        |           1 | NC      | $4257.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  4756500000 | PA      | $694801.04    | 0.06%             | 2031-03-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIDS Holdings, Inc.                                     | LIDS Holdings, Inc. Term Loan                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1196250 | PA      | $1124475.00   | 0.10%             | 2026-12-14      | Variable      | 10.15%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CO        |           1 | NC      | $-15331.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                                | Western Midstream Operating LP                                                                                                             | CUSIP: 958667AB3<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |      620000 | PA      | $587667.00    | 0.05%             | 2025-02-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 30929500000 | PA      | $4773814.85   | 0.41%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC                                 | DraftKings Holdings Inc                                                                                                                    | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |      990000 | PA      | $622215.00    | 0.05%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL SPECIALTY F                                | Bain Capital Specialty Finance Inc                                                                                                         | CUSIP: 05684BAC1<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |     2265000 | PA      | $1869028.85   | 0.16%             | 2026-10-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities               | Multifamily Connecticut Avenue Securities Trust 2019-01                                                                                    | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |      462214 | PA      | $435341.59    | 0.04%             | 2049-10-25      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUND FUTURE MAR23                                                                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -79 | NC      | $355094.54    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED PHP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | PH        |           1 | NC      | $11221.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    18574000 | PA      | $4188643.44   | 0.36%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                     | Braskem Netherlands Finance BV                                                                                                             | CUSIP: 10554TAB1<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |      440000 | PA      | $395562.43    | 0.03%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $9654.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Republic of South Africa                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    20399230 | PA      | $970566.95    | 0.08%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bank of New York Mellon                                 | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              |  | MX        |           1 | NC      | $-832.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Limited                                             | Long: SRYAZGTM8 IRS THB R F  2.20100 2 CCPNDFOIS / Short: SRYAZGTM8 IRS THB P V 12MTHOR 1 CCPNDFOIS                                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    30145343 | OU      | $-2129.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $17748.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                                | Pattern Energy Operations LP / Pattern Energy Operations Inc                                                                               | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      260000 | PA      | $233585.16    | 0.02%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-8736.07     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                                                                                     | CUSIP: 37959GAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      280000 | PA      | $234936.88    | 0.02%             | 2029-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                                    | Chart Industries Inc                                                                                                                       | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     1145000 | PA      | $1152488.30   | 0.10%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                   | Wells Fargo & Co                                                                                                                           | CUSIP: 95000U2X0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     1955000 | PA      | $1901805.41   | 0.17%             | 2026-04-25      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83368RBD3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1115000 | PA      | $860367.12    | 0.07%             | 2032-06-09      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| LRS Holdings, LLC                                       | LRS Holdings, LLC Term Loan B                                                                                                              | CUSIP: 50205HAC4<br>LEI: 2549000MQSLNQZB32779 | Long             | LON              | CORP              | US        |      693000 | PA      | $674808.75    | 0.06%             | 2028-08-31      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                                                                                  | CUSIP: 674599DT9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     1680000 | PA      | $1750753.20   | 0.15%             | 2029-03-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                                    | Abu Dhabi Government International Bond                                                                                                    | CUSIP: 29135LAF7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      940000 | PA      | $698048.70    | 0.06%             | 2049-09-30      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     7390100 | PA      | $331130.03    | 0.03%             | 2027-03-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $155282.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CA        |           1 | NC      | $46666.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Mercer Funds

**Signature:** Jeff Coleman

**Name of Signer:** Jeff Coleman

**Title:** Assistant Treasurer