# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0001193125-25-133917
**Filing Date:** 2025-6
**Character Count:** 942801
**Document Hash:** 174246b4b4a1442c18425fa2dc2d8ad1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133917.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001193125-25-133917

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21732
- **FILM NUMBER:** 251017630

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

  <u>OMB APPROVAL</u> <br>   <u> OMB Number: 3235-0570 Expires: September 30, 2026 Estimated average burden hours per response....... 7.78 </u>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

811-21732

Mercer Fund

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

99 High Street

Boston, MA 02110

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

Caroline Hulme, Esq.

Mercer Investments LLC

99 High Street

Boston, MA 02110

(Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code:

(617) 747-9500

Date of Fiscal Year End: March 31, 2025

Date of Reporting Period: March 31, 2025

------

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

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

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer US Small/Mid Cap Equity Fund Class I: MSCQX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer US Small/Mid Cap Equity Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-us-small-mid-cap. You can also request this information by contacting us at 1-888-887-0619.

What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer US Small/Mid Cap Equity Fund (Class I / MSCQX) | $69 | 0.70% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund's performance was in line with its benchmark, the Russell 2500<sup>®</sup> Index.

**Top Contributors**

• Security selection in the Health Care (Biotechnology and Health Care Equipment), Information Technology (Semiconductor and Software), Consumer Staples (Distribution and Retail) and Utilities (Independent Power and Renewable Electricity Producers) sectors contributed towards performance.

**Top Detractors**

• Security selection in the Energy (Oil, Gas & Consumable Fuels) and Industrials (Electrical Equipment) sectors weighed on performance for the reporting period.

• Also weighing on performance was security selection in Financials (Financial Services) as well as an underweight in the Financials (Banks) sector as well as an underweight position in the outperforming Real Estate sector.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g04z01.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **Since<br>Inception** |
|  Mercer US Small/Mid Cap Equity Fund –<br>Class I – 06/27/2023 | -3.29% | 8.55% |
|  Russell 2500® Index | -3.11% | 8.71% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
|  Fund's net assets | $| 1643718516 |
|  Total number of portfolio holdings |  | 461 |
|  Total advisory fees paid net of reimbursement |  | $6735202 |
|  Portfolio turnover rate as of the end of the reporting period |  | 46% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Top Ten | Top Ten |
|  BJ's Wholesale Club Holdings, Inc. | 1.7% |
|  Texas Roadhouse, Inc. | 1.1% |
| Bright Horizons Family Solutions, Inc. | 0.9% |
| Ascendis Pharma AS | 0.9% |
| Permian Resources Corp. | 0.8% |
| Comfort Systems USA, Inc. | 0.8% |
| Tapestry, Inc. | 0.8% |
|  CyberArk Software Ltd. | 0.8% |
|  Natera, Inc. | 0.7% |
|  Jazz Pharmaceuticals PLC | 0.7% |
|  Total | 9.2% |

---

---

| | |
|:---|:---|
| Sector Allocation | Sector Allocation |
|  Consumer, Non-cyclical | 24.1% |
|  Financial | 19.5% |
|  Industrial | 17.1% |
|  Consumer, Cyclical | 16.8% |
|  Technology | 10.8% |
|  Energy | 4.2% |
|  Communications | 2.7% |
|  Basic Materials | 2.1% |
|  Utilities | 2.1% |
|  Cash Equivalence | 0.5% |
| Government | 0.1% |
|  Total | 100.0% |

---

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer US Small/Mid Cap Equity Fund Class Y-3: MSCGX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer US Small/Mid Cap Equity Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-us-small-mid-cap. You can also request this information by contacting us at 1-888-887-0619.

What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer US Small/Mid Cap Equity Fund (Class Y-3 / MSCGX) | $45 | 0.45% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund's performance was in line with its benchmark, the Russell 2500<sup>®</sup> Index.

**Top Contributors**

• Security selection in the Health Care (Biotechnology and Health Care Equipment), Information Technology (Semiconductor and Software), Consumer Staples (Distribution and Retail) and Utilities (Independent Power and Renewable Electricity Producers) sectors contributed towards performance.

**Top Detractors**

• Security selection in the Energy (Oil, Gas & Consumable Fuels) and Industrials (Electrical Equipment) sectors weighed on performance for the reporting period.

• Also weighing on performance was security selection in Financials (Financial Services) as well as an underweight in the Financials (Banks) sector as well as an underweight position in the outperforming Real Estate sector.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g01n13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **5 Years** | **10 Years** |
|  Mercer US Small/Mid Cap Equity Fund –<br>Class Y-3 – 08/15/2005 | -3.02% | 15.96% | 7.21% |
|  Russell 2500<sup>®</sup> Index | -3.11% | 14.91% | 7.46% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
|  Fund's net assets | $| 1643718516 |
|  Total number of portfolio holdings |  | 461 |
|  Total advisory fees paid net of reimbursement |  | $6735202 |
|  Portfolio turnover rate as of the end of the reporting period |  | 46% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Top Ten | Top Ten |
| BJ's Wholesale Club Holdings, Inc. | 1.7% |
| Texas Roadhouse, Inc. | 1.1% |
| Bright Horizons Family Solutions, Inc. | 0.9% |
| Ascendis Pharma AS | 0.9% |
| Permian Resources Corp. | 0.8% |
| Comfort Systems USA, Inc. | 0.8% |
| Tapestry, Inc. | 0.8% |
| CyberArk Software Ltd. | 0.8% |
| Natera, Inc. | 0.7% |
| Jazz Pharmaceuticals PLC | 0.7% |
| Total | 9.2% |

---

---

| | |
|:---|:---|
| Sector Allocation | Sector Allocation |
|  Consumer, Non-cyclical | 24.1% |
|  Financial | 19.5% |
|  Industrial | 17.1% |
|  Consumer, Cyclical | 16.8% |
|  Technology | 10.8% |
|  Energy | 4.2% |
|  Communications | 2.7% |
|  Basic Materials | 2.1% |
|  Utilities | 2.1% |
|  Cash Equivalence | 0.5% |
|  Government | 0.1% |
|  Total | 100.0% |

---

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Non-US Core Equity Fund Class I: MNCSX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Non-US Core Equity Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-non-us-core. You can also request this information by contacting us at 1-888-887-0619.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Non-US Core Equity Fund (Class I / MNCSX) | $63 | 0.62% |

---

Market Commentary and Fund Performance

#### How did the Fund perform during the reporting period?
• For the 12 months ended March 31, 2025, the Fund outperformed its primary benchmark, the MSCI World ex USA IMI.

#### Top Contributors
• Security selection and relative weighting within Japan, Denmark and Italy were beneficial.

• Within Japan, a relative underweight to Toyota Motor Corp proved to be a large driver of outperformance.

• Similarly, a relative underweight to Denmark-based healthcare company Novo Nordisk was beneficial.

• Security selection within materials was a large contributor to relative outperformance from a sector perspective.

• An off-benchmark allocation to Chinese equities, particularly tech giant Alibaba, was also a large contributor.

#### Top Detractors
• A relative underweight paired with security selection in Germany hurt relative performance.

• An underweight to Singapore detracted as the country significantly outperformed the Funds primary benchmark.

• An allocation to South Korea, which is not included in the Fund's primary benchmark, was also a key detractor from relative performance, specifically an allocation to Samsung Electronics.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g22z01.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **Since<br>Inception** |
|  Mercer Non-US Core Equity Fund –<br>Class I – 7/22/2021 | 7.64% | 4.23% |
|  MSCI World ex USA IMI Index | 5.08% | 3.43% |
|  MSCI EAFE Index | 4.88% | 4.02% |

---

Effective February 28, 2025, the Fund has selected the MSCI World ex USA IMI Index as its new primary benchmark performance index as a replacement for the MSCI EAFE Index. The Adviser has determined that the MSCI World ex USA IMI Index provides a more useful performance comparison given the Fund's investment strategy.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $3721176730 |
|  Total number of portfolio holdings | 934 |
|  Total advisory fees paid net of reimbursement | $12065928 |
|  Portfolio turnover rate as of the end of the reporting period | 57% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Top Ten | Top Ten |
| SAP SE | 1.7% |
| Roche Holding AG | 1.1% |
| TotalEnergies SE | 1.1% |
| Barclays PLC | 1.0% |
| London Stock Exchange Group PLC | 1.0% |
| UniCredit SpA | 0.9% |
| NatWest Group PLC | 0.9% |
| Schneider Electric SE | 0.9% |
| Franco-Nevada Corp. | 0.8% |
| Experian PLC | 0.8% |
|  Total | 10.2% |

---

---

| | |
|:---|:---|
| Sector Allocation | Sector Allocation |
|  Financial | 26.8% |
|  Consumer, Non-cyclical | 18.5% |
|  Industrial | 14.6% |
|  Consumer, Cyclical | 11.5% |
|  Technology | 8.2% |
|  Basic Materials | 6.1% |
|  Communications | 4.4% |
|  Energy | 4.4% |
|  Cash Equivalence | 3.6% |
|  Utilities | 1.6% |
|  Investment Companies (ETF) | 0.3% |
|  Diversified | 0.0% \* |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| Geographic Allocation | Geographic Allocation |
|  Japan | 18.4% |
|  United Kingdom | 11.0% |
|  United States | 9.2% |
|  Germany | 8.8% |
|  France | 8.3% |
|  Canada | 5.6% |
|  Switzerland | 5.4% |
|  Italy | 5.0% |
|  Netherlands | 3.7% |
|  Spain | 3.5% |
|  China | 2.3% |
|  Sweden | 2.3% |
|  Australia | 2.0% |
|  Hong Kong | 1.6% |
|  Ireland | 1.5% |
|  Denmark | 1.1% |
|  Total of Countries less than 1.0% | 6.7% |
|  Cash Equivalence | 3.6% |
|  Total | 100.0% |

---

*\** *Less than 0.1%*

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Non-US Core Equity Fund Class Y-3: MNCEX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Non-US Core Equity Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-non-us-core. You can also request this information by contacting us at 1-888-887-0619.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Non-US Core Equity Fund (Class Y-3 / MNCEX) | $37 | 0.37% |

---

Market Commentary and Fund Performance

#### How did the Fund perform during the reporting period?
• For the 12 months ended March 31, 2025, the Fund outperformed its primary benchmark, the MSCI World ex USA IMI.

#### Top Contributors
• Security selection and relative weighting within Japan, Denmark and Italy were beneficial.

• Within Japan, a relative underweight to Toyota Motor Corp proved to be a large driver of outperformance.

• Similarly, a relative underweight to Denmark-based healthcare company Novo Nordisk was beneficial.

• Security selection within materials was a large contributor to relative outperformance from a sector perspective.

• An off-benchmark allocation to Chinese equities, particularly tech giant Alibaba, was also a large contributor.

#### Top Detractors
• A relative underweight paired with security selection in Germany hurt relative performance.

• An underweight to Singapore detracted as the country significantly outperformed the Funds primary benchmark.

• An allocation to South Korea, which is not included in the Fund's primary benchmark, was also a key detractor from relative performance, specifically an allocation to Samsung Electronics.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g70r37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **5 Years** | **10 Years** |
|  Mercer Non-US Core Equity Fund –<br>Class Y-3 – 08/18/2006 | 7.93% | 13.35% | 6.90% |
|  MSCI World ex USA IMI Index | 5.08% | 11.95% | 5.48% |
|  MSCI EAFE Index | 4.88% | 11.77% | 5.39% |

---

Effective February 28, 2025, the Fund has selected the MSCI World ex USA IMI Index as its new primary benchmark performance index as a replacement for the MSCI EAFE Index. The Adviser has determined that the MSCI World ex USA IMI Index provides a more useful performance comparison given the Fund's investment strategy.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $3721176730 |
|  Total number of portfolio holdings | 934 |
|  Total advisory fees paid net of reimbursement | $12065928 |
|  Portfolio turnover rate as of the end of the reporting period | 57% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Top Ten | Top Ten |
| SAP SE | 1.7% |
| Roche Holding AG | 1.1% |
| TotalEnergies SE | 1.1% |
| Barclays PLC | 1.0% |
| London Stock Exchange Group PLC | 1.0% |
| UniCredit SpA | 0.9% |
| NatWest Group PLC | 0.9% |
| Schneider Electric SE | 0.9% |
| Franco-Nevada Corp. | 0.8% |
| Experian PLC | 0.8% |
|  Total | 10.2% |

---

---

| | |
|:---|:---|
| Sector Allocation | Sector Allocation |
|  Financial | 26.8% |
|  Consumer, Non-cyclical | 18.5% |
|  Industrial | 14.6% |
|  Consumer, Cyclical | 11.5% |
|  Technology | 8.2% |
|  Basic Materials | 6.1% |
|  Communications | 4.4% |
|  Energy | 4.4% |
|  Cash Equivalence | 3.6% |
|  Utilities | 1.6% |
|  Investment Companies (ETF) | 0.3% |
|  Diversified | 0.0% \* |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| Geographic Allocation | Geographic Allocation |
|  Japan | 18.4% |
|  United Kingdom | 11.0% |
|  United States | 9.2% |
|  Germany | 8.8% |
|  France | 8.3% |
|  Canada | 5.6% |
|  Switzerland | 5.4% |
|  Italy | 5.0% |
|  Netherlands | 3.7% |
|  Spain | 3.5% |
|  China | 2.3% |
|  Sweden | 2.3% |
|  Australia | 2.0% |
|  Hong Kong | 1.6% |
|  Ireland | 1.5% |
|  Denmark | 1.1% |
|  Total of Countries less than 1.0% | 6.7% |
|  Cash Equivalence | 3.6% |
|  Total | 100.0% |

---

*\** *Less than 0.1%*

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Core Fixed Income Fund Class I: MCFQX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Core Fixed Income Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-core-fixed. You can also request this information by contacting us at 1-888-887-0619.

What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Core Fixed Income Fund (Class I/MCFQX) | $40 | 0.39% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

**Top Contributors**

• Security selection within non-agency Collateral Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), Collateral Loan Obligations (CLOs) and bank loans all contributed positively to performance.

• Sector allocation within investment grade corporates and high yield in the finance and industrial sectors contributed to performance as spreads tightened throughout fiscal year.

**Top Detractors**

• Duration and curve positioning were net detractors from performance as yields fluctuated throughout the fiscal year.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g79w79.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **Since<br>Inception** |
|  Mercer Core Fixed Income Fund –<br>Class I – 12/27/2021 | 4.93% | -1.41% |
|  Bloomberg U.S. Aggregate Bond Index | 4.88% | -1.34% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $1945382017 |
|  Total number of portfolio holdings | 1961 |
|  Total advisory fees paid net of reimbursement | $1723182 |
|  Portfolio turnover rate as of the end of the reporting period | 123% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Maturity | Maturity |
| < 1 year | 0.7% |
| 1-3 Years | 9.4% |
| 3-5 Years | 18.5% |
| 5-10 years | 14.5% |
| 10-30 Years | 53.4% |
| > 30 years | 3.5% |
|  Total | 100.0% |
|  *\* Less than 0.1%* | *\* Less than 0.1%* |

---

---

| | |
|:---|:---|
| Asset Allocation | Asset Allocation |
|  Corporate Debt | 32.7% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 29.8% |
| U.S. Government and Agency Obligations | 16.0% |
|  Asset Backed Securities | 10.8% |
| Mortgage Backed Securities - Private Issuers | 8.4% |
|  Municipal Obligations | 0.8% |
|  Sovereign Debt Obligations | 0.6% |
| Common Stocks | 0.0% \* |
| Cash Equivalence | 0.9% |
|  Total | 100.0% |

---

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Core Fixed Income Fund Class Y-3: MCFIX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Core Fixed Income Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-core-fixed. You can also request this information by contacting us at 1-888-887-0619.

What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Core Fixed Income Fund (Class Y-3 / MCFIX) | $14 | 0.14% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

**Top Contributors**

• Security selection within non-agency Collateral Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), Collateral Loan Obligations (CLOs) and bank loans all contributed positively to performance.

• Sector allocation within investment grade corporates and high yield in the finance and industrial sectors contributed to performance as spreads tightened throughout fiscal year.

**Top Detractors**

• Duration and curve positioning were net detractors from performance as yields fluctuated throughout the fiscal year.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g88a89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **5 Years** | **10 Years** |
|  Mercer Core Fixed Income Fund –<br>Class Y-3 – 08/15/2005 | 5.19% | 0.50% | 1.91% |
|  Bloomberg U.S. Aggregate Bond Index | 4.88% | -0.40% | 1.46% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $1945382017 |
|  Total number of portfolio holdings | 1961 |
|  Total advisory fees paid net of reimbursement | $1723182 |
|  Portfolio turnover rate as of the end of the reporting period | 123% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Maturity | Maturity |
| < 1 year | 0.7% |
| 1-3 Years | 9.4% |
| 3-5 Years | 18.5% |
| 5-10 years | 14.5% |
| 10-30 Years | 53.4% |
| > 30 years | 3.5% |
|  Total | 100.0% |
|  *\* Less than 0.1%* |  |

---

---

| | |
|:---|:---|
| Asset Allocation | Asset Allocation |
|  Corporate Debt | 32.7% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 29.8% |
| U.S. Government and Agency Obligations | 16.0% |
|  Asset Backed Securities | 10.8% |
| Mortgage Backed Securities - Private Issuers | 8.4% |
|  Municipal Obligations | 0.8% |
|  Sovereign Debt Obligations | 0.6% |
| Common Stocks | 0.0% \* |
| Cash Equivalence | 0.9% |
|  Total | 100.0% |

---

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Emerging Markets Equity Fund Class I: MEMSX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Emerging Markets Equity Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-emerging-markets. You can also request this information by contacting us at 1-888-887-0619.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Emerging Markets Equity Fund (Class I / MEMSX) | $66 | 0.64% |

---

Market Commentary and Fund Performance

#### How did the Fund perform during the reporting period?
• For the 12 months ended March 31, 2025, the Fund underperformed its benchmark, the MSCI Emerging Markets<sup>®</sup> Index.

#### Top Contributors
• Specific holdings and positioning within South Korean technology were beneficial, as semiconductors, particularly memory producers, outperformed broader tech hardware.

• Holdings in electrical components manufacturers in both Brazil and Taiwan were outsized contributors.

#### Top Detractors
• The Fund has been generally underweighted to China, which has detracted from performance as a combination of policy announcements and improving earnings have driven Chinese shares higher.

• Holdings in Mexico (specifically Fomento Economico Mexico, which fell due to softer growth), a leadership shakeup and negative investor sentiment surrounding the Mexican presidential election detracted from performance.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g01r40.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **Since<br>Inception** |
|  Mercer Emerging Markets Equity Fund –<br>Class I – 06/27/2023 | 5.79% | 3.89% |
|  MSCI Emerging Markets<sup>®</sup> Index | 8.09% | 8.85% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $994432430 |
|  Total number of portfolio holdings | 646 |
|  Total advisory fees paid net of reimbursement | $3206547 |
|  Portfolio turnover rate as of the end of the reporting period | 91% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Top Ten | Top Ten |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| Tencent Holdings Ltd. | 4.7% |
| Alibaba Group Holding Ltd. | 2.5% |
| Samsung Electronics Co. Ltd. | 2.4% |
| HDFC Bank Ltd. | 2.2% |
| Meituan | 1.3% |
| SK Hynix, Inc. | 1.2% |
| Reliance Industries Ltd. | 1.0% |
| Xiaomi Corp. | 1.0% |
| JD.com, Inc. | 1.0% |
|  Total | 25.0% |

---

---

| | |
|:---|:---|
| Sector Allocation | Sector Allocation |
|  Financial | 24.8% |
|  Technology | 18.5% |
|  Communications | 17.6% |
|  Consumer, Non-cyclical | 11.3% |
|  Consumer, Cyclical | 11.1% |
|  Industrial | 6.3% |
|  Basic Materials | 4.9% |
|  Energy | 3.4% |
|  Utilities | 1.5% |
|  Diversified | 0.4% |
|  Cash Equivalence | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| Geographic Allocation | Geographic Allocation |
|  China | 28.9% |
|  India | 16.5% |
|  Taiwan | 14.4% |
|  South Korea | 8.7% |
|  Brazil | 6.9% |
|  Mexico | 3.4% |
|  South Africa | 2.9% |
|  Saudi Arabia | 2.7% |
|  Thailand | 1.6% |
|  Indonesia | 1.5% |
|  Malaysia | 1.1% |
|  United Arab Emirates | 1.0% |
|  Total of Countries less than 1.0% | 10.2% |
|  Cash Equivalence | 0.2% |
|  Total | 100.0% |

---

Material and Other Fund Changes

The Board of Trustees of Mercer Funds has approved the appointment of BennBridge Ltd as a subadviser to Mercer Emerging Markets Equity Fund (the "Fund"). BennBridge Ltd is being appointed to replace its affiliate BennBridge US LLC ("BennBridge US" and together with BennBridge Ltd, "BennBridge") which is ceasing operations and has therefore assigned all existing client agreements to BennBridge Ltd, effective July 1, 2024

On October 8, 2024, William Blair Investment Management, LLC, Origin Asset Management LLP, Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited were terminated as subadvisers to the Fund, and the Board of Trustees of the Fund approved the hiring of Baillie Gifford Overseas Limited, Pzena Investment Management, Inc. and Robeco Institutional Asset Management US Inc. as new subadvisers to the Fund. The terminations and hirings of these subadvisers to the Fund were all completed prior to the date of this Report

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2025 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

Effective May 20, 2025, Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley") has been terminated as a subadviser to the Fund

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Emerging Markets Equity Fund Class Y-3: MEMQX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Emerging Markets Equity Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-emerging-markets. You can also request this information by contacting us at 1-888-887-0619.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Emerging Markets Equity Fund (Class Y-3 / MEMQX) | $41 | 0.40% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund underperformed its benchmark, the MSCI Emerging Markets<sup>®</sup> Index.

**Top Contributors**

• Specific holdings and positioning within South Korean technology were beneficial, as semiconductors, particularly memory producers, outperformed broader tech hardware.

• Holdings in electrical components manufacturers in both Brazil and Taiwan were outsized contributors.

**Top Detractors**

• The Fund has been generally underweighted to China, which has detracted from performance as a combination of policy announcements and improving earnings have driven Chinese shares higher.

• Holdings in Mexico (specifically Fomento Economico Mexico, which fell due to softer growth), a leadership shakeup and negative investor sentiment surrounding the Mexican presidential election detracted from performance.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g00j30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **5 Years** | **10 Years** |
|  Mercer Emerging Markets Equity Fund –<br>Class Y-3 – 05/01/2012 | 6.20% | 5.96% | 1.94% |
|  MSCI Emerging Markets<sup>®</sup> Index | 8.09% | 7.94% | 3.71% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
|  Fund's net assets | $| 994432430 |
|  Total number of portfolio holdings |  | 646 |
|  Total advisory fees paid net of reimbursement |  | $3206547 |
|  Portfolio turnover rate as of the end of the reporting period |  | 91% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Top Ten | Top Ten |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 7.7% |
| Tencent Holdings Ltd. | 4.7% |
| Alibaba Group Holding Ltd. | 2.5% |
| Samsung Electronics Co. Ltd. | 2.4% |
| HDFC Bank Ltd. | 2.2% |
| Meituan | 1.3% |
| SK Hynix, Inc. | 1.2% |
| Reliance Industries Ltd. | 1.0% |
| Xiaomi Corp. | 1.0% |
| JD.com, Inc. | 1.0% |
| Total | 25.0% |

---

---

| | |
|:---|:---|
| Sector Allocation | Sector Allocation |
|  Financial | 24.8% |
|  Technology | 18.5% |
|  Communications | 17.6% |
|  Consumer, Non-cyclical | 11.3% |
|  Consumer, Cyclical | 11.1% |
|  Industrial | 6.3% |
|  Basic Materials | 4.9% |
|  Energy | 3.4% |
|  Utilities | 1.5% |
|  Diversified | 0.4% |
|  Cash Equivalence | 0.2% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| Geographic Allocation | Geographic Allocation |
|  China | 28.9% |
|  India | 16.5% |
|  Taiwan | 14.4% |
|  South Korea | 8.7% |
|  Brazil | 6.9% |
|  Mexico | 3.4% |
|  South Africa | 2.9% |
|  Saudi Arabia | 2.7% |
|  Thailand | 1.6% |
|  Indonesia | 1.5% |
|  Malaysia | 1.1% |
|  United Arab Emirates | 1.0% |
|  Total of Countries less than 1.0% | 10.2% |
|  Cash Equivalence | 0.2% |
|  Total | 100.0% |

---

Material and Other Fund Changes

The Board of Trustees of Mercer Funds has approved the appointment of BennBridge Ltd as a subadviser to Mercer Emerging Markets Equity Fund (the "Fund"). BennBridge Ltd is being appointed to replace its affiliate BennBridge US LLC ("BennBridge US" and together with BennBridge Ltd, "BennBridge") which is ceasing operations and has therefore assigned all existing client agreements to BennBridge Ltd, effective July 1, 2024

On October 8, 2024, William Blair Investment Management, LLC, Origin Asset Management LLP, Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited were terminated as subadvisers to the Fund, and the Board of Trustees of the Fund approved the hiring of Baillie Gifford Overseas Limited, Pzena Investment Management, Inc. and Robeco Institutional Asset Management US Inc. as new sub-advisers to the Fund. The terminations and hirings of these sub-advisers to the Fund were all completed prior to the date of this Report

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2025 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ or upon request at 1-888-887-0619.

Effective May 20, 2025, Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley") has been terminated as a subadviser to the Fund

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Opportunistic Fixed Income Fund Class I: MOFTX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Opportunistic Fixed Income Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-opportunistic-fixed. You can also request this information by contacting us at 1-888-887-0619.

What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Opportunistic Fixed Income Fund (Class I / MOFTX) | $69 | 0.68% |

---

Market Commentary and Fund Performance

#### How did the Fund perform during the reporting period?
• For the 12 months ended March 31, 2025, the Fund underperformed its primary and secondary benchmarks.

• Primary Benchmark: Bloomberg U.S. Aggregate Bond Index

• Secondary Benchmark: 35% Bloomberg Global Aggregate Corporate Hedged Index, 17.5% Bloomberg Global High Yield Index, 10.5% JP Morgan CEMBI Diversified Index, 7% S&P/LSTA Leveraged Loan Index and 30% JP Morgan GBI-EM Diversified Index.

#### Top Contributors
• Security selection within investment grade corporates in the banking and communications sectors aided performance.

• Sector allocation within high yield, securitized products and bank loans contributed to performance as spreads tightened in 2024.

#### Top Detractors
• Currency and bond positioning within emerging market debt were a drag on performance due to idiosyncratic events and movements in rates notably in Brazil and Turkey.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g01r58.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **Since<br>Inception** |
|  Mercer Opportunistic Fixed Income Fund –<br>Class I – 06/27/2023 | 4.14% | 5.50% |
|  Bloomberg U.S. Aggregate Bond Index (Primary Benchmark) | 4.88% | 3.98% |
|  ICE BofA Merrill Lynch Global High Yield 2% Constrained Index Unhedged | 8.01% | 10.16% |
|  Secondary Benchmark | 6.01% | 6.94% |

---

Effective July 31, 2024, the Fund has selected the Bloomberg U.S. Aggregate Bond Index, replacing the ICE BofA Merrill Lynch Global High Yield 2% Constrained Index Unhedged, as its primary benchmark.

The Fund's secondary benchmark is a blended benchmark consisting of 35% Bloomberg Global Aggregate Corporate Total Return Index Hedged, 17.5% Bloomberg Global High Yield Index, 10.5% JP Morgan CEMBI Diversified Index, 7% S&P/LSTA Leveraged Loan Index, and 30% JP Morgan GBI-EM Diversified Index.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $1857735710 |
|  Total number of portfolio holdings | 1208 |
|  Total advisory fees paid net of reimbursement | $6379252 |
|  Portfolio turnover rate as of the end of the reporting period | 77% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset Allocation | Asset Allocation |
| Corporate Debt | 39.9% |
| Sovereign Debt Obligations | 35.2% |
| U.S. Government and Agency Obligations | 14.8% |
| Mortgage Backed Securities – Private Issuers | 5.6% |
| Asset Backed Securities | 3.7% |
| Convertible Debt | 0.5% |
| Bank Loans | 0.1% |
| Common Stocks | 0.0% \* |
| Mortgage Backed Securities – U.S. Government Agency Obligations | 0.0% \* |
| Cash Equivalence | 0.2% |
|  Total | 100% |
|  *\* Less than 0.1%* |  |

---

---

| | |
|:---|:---|
| Geographic Allocation (Top Ten) | Geographic Allocation (Top Ten) |
|  United States | 43.9% |
|  Brazil | 5.2% |
|  Mexico | 4.6% |
|  South Africa | 4.5% |
|  Indonesia | 3.2% |
|  Malaysia | 3.1% |
|  Colombia | 2.6% |
|  United Kingdom | 2.2% |
|  Turkey | 2.1% |
|  Cayman Islands | 2.1% |
|  Total Countries less than 2.0% | 26.3% |
|  Cash Equivalence | 0.2% |
|  Total | 100% |

---

Material and Other Fund Changes

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2025 at <u>https://www.mercer.com/en-us/solutions/investments/delegated-solutions/</u>or upon request at 1-888-887-0619.

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

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Opportunistic Fixed Income Fund Class Y-3: MOFIX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Opportunistic Fixed Income Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-opportunistic-fixed. You can also request this information by contacting us at 1-888-887-0619.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Opportunistic Fixed Income Fund (Class Y-3 / MOFIX) | $43 | 0.43% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund underperformed its primary and secondary benchmarks.

• Primary Benchmark: Bloomberg U.S. Aggregate Bond Index

• Secondary Benchmark: 35% Bloomberg Global Aggregate Corporate Hedged Index, 17.5% Bloomberg Global High Yield Index, 10.5% JP Morgan CEMBI Diversified Index, 7% S&P/LSTA Leveraged Loan Index and 30% JP Morgan GBI-EM Diversified Index.

**Top Contributors**

• Security selection within investment grade corporates in the banking and communications sectors aided performance.

• Sector allocation within high yield, securitized products and bank loans contributed to performance as spreads tightened in 2024.

**Top Detractors**

• Currency and bond positioning within emerging market debt were a drag on performance due to idiosyncratic events and movements in rates notably in Brazil and Turkey.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g01r67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **5 Years** | **10 Years** |
|  Mercer Opportunistic Fixed Income Fund –<br>Class Y-3 – 08/21/2013 | 4.40% | 4.24% | 2.35% |
|  Bloomberg U.S. Aggregate Bond Index (Primary Benchmark) | 4.88% | -0.40% | 1.46% |
|  ICE BofA Merrill Lynch Global High Yield 2% Constrained Index Unhedged | 8.01% | 6.55% | 4.59% |
|  Secondary Benchmark | 6.01% | 3.88% | 2.69% |

---

Effective July 31, 2024, the Fund has selected the Bloomberg U.S. Aggregate Bond Index, replacing the ICE BofA Merrill Lynch Global High Yield 2% Constrained Index Unhedged, as its primary benchmark.

The Fund's secondary benchmark is a blended benchmark consisting of 35% Bloomberg Global Aggregate Corporate Total Return Index Hedged, 17.5% Bloomberg Global High Yield Index, 10.5% JP Morgan CEMBI Diversified Index, 7% S&P/LSTA Leveraged Loan Index, and 30% JP Morgan GBI-EM Diversified Index.

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | | |
|:---|:---|:---|
|  Fund's net assets | $| 1857735710 |
|  Total number of portfolio holdings |  | 1208 |
|  Total advisory fees paid net of reimbursement |  | $6379252 |
|  Portfolio turnover rate as of the end of the reporting period |  | 77% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Asset Allocation | Asset Allocation |
|  Corporate Debt | 39.9% |
|  Sovereign Debt Obligations | 35.2% |
| U.S. Government and Agency Obligations | 14.8% |
| Mortgage Backed Securities - Private Issuers | 5.6% |
|  Asset Backed Securities | 3.7% |
|  Convertible Debt | 0.5% |
|  Bank Loans | 0.1% |
|  Common Stocks | 0.0% \* |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 0.0% \* |
|  Cash Equivalence | 0.2% |
|  Total | 100.0% |
|  *\* Less than 0.1%* |  |

---

---

| | |
|:---|:---|
| Geographic Allocation (Top Ten) | Geographic Allocation (Top Ten) |
|  United States | 43.9% |
|  Brazil | 5.2% |
|  Mexico | 4.6% |
|  South Africa | 4.5% |
|  Indonesia | 3.2% |
|  Malaysia | 3.1% |
|  Colombia | 2.6% |
|  United Kingdom | 2.2% |
|  Turkey | 2.1% |
|  Cayman Islands | 2.1% |
|  Total Countries less than 2.0% | 26.3% |
|  Cash Equivalence | 0.2% |
|  Total | 100.0% |

---

Material and Other Fund Changes

This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 2025 at https://www.mercer.com/en-us/solutions/investments/delegated-solutions/or upon request at 1-888-887-0619.

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

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

---

| | |
|:---|:---|
| ![LOGO](g925915g97s01.jpg) | welcome to brighter |

---

Mercer Short Duration Fixed Income Fund Class Y-3: MSDYX

Annual Shareholder Report - March 31, 2025

This annual shareholder report contains important information about Mercer Short Duration Fixed Income Fund (the "Fund") for the fiscal year ended March 31, 2025. You can find additional information about the Fund at www.mercer.com/mercer-funds-short-duration. You can also request this information by contacting us at 1-888-887-0619.

What were the Fund costs for the past year?

(Based on a hypothetical $10,000 investment)

The below table explains the costs that you would have paid within the reporting period.

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000**<br> **investment** | **Costs paid as a percentage of a**<br> **$10,000 investment** |
|  Mercer Short Duration Fixed Income Fund (Class Y-3/MSDYX) | $20 | 0.20% |

---

Market Commentary and Fund Performance

**How did the Fund perform during the reporting period?**

• For the 12 months ended March 31, 2025, the Fund outperformed its benchmark, the Bloomberg 1-3 Yr. Gov/Credit Index.

**Top Contributors**

• Sector allocation in agency mortgages, bank loans, Asset-Backed Securities (ABS), Collateral Mortgage-Backed Securities (CMBS) and Collateral Loan Obligations (CLOs) all contributed meaningfully to outperformance.

• Security selection within structured products and investment grade corporates in the financial sector also contributed to excess return.

**Top Detractors**

• Duration and curve positioning slightly hindered performance because the Funds subadvisers maintained a modestly longer duration than the benchmark throughout 2024 as rates moved higher.

Mercer Mutual Funds 1 continued>>

------

Comparison of the change in value of a $10,000 investment for the period indicated.

![LOGO](g925915g98a99.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
| **Fund And Inception Date** | **1 Year** | **Since<br>Inception** |
|  Mercer Short Duration Fixed Income Fund –<br>Class Y-3 – 12/01/2023 | 6.09% | 6.20% |
|  Bloomberg U.S. 1-3 Year Gov/Credit | 5.61% | 5.45% |

---

**The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of fund shares.**

Visit https://www.mercer.com/en-us/solutions/investments/delegated-solutions/ for the most recent performance information.

Key Fund Statistics

The following table outlines key fund Statistics that you should pay attention to:

---

| | |
|:---|:---|
|  Fund's net assets | $63573494 |
|  Total number of portfolio holdings | 591 |
|  Total advisory fees paid net of reimbursement | $64945 |
|  Portfolio turnover rate as of the end of the reporting period | 167% |

---

Mercer Mutual Funds 2 continued>>

------

Graphical Representation of Holdings

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

---

| | |
|:---|:---|
| Maturity | Maturity |
|  < 1 year | 8.7% |
|  1-3 Years | 51.8% |
|  3-5 Years | 20.8% |
|  5-10 years | 5.1% |
|  10-30 Years | 8.9% |
| > 30 years | 4.7% |
|  Total | 100.0% |

---

---

| | |
|:---|:---|
| Asset Allocation | Asset Allocation |
|  Corporate Debt | 36.3% |
|  Asset Backed Securities | 22.5% |
| U.S. Government and Agency Obligations | 20.4% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 10.3% |
| Mortgage Backed Securities - Private Issuers | 5.8% |
| Bank Loans | 3.3% |
| Sovereign Debt Obligations | 0.3% |
| Cash Equivalence | 1.1% |
|  Total | 100.0% |

---

Availability of Additional Information

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp; For additional information please scan the code for hosted material at<br> www.mercer.com/mercer-funds-delegated-solutions. | ![LOGO](g925915g83w39.jpg) |

---

Mercer Mutual Funds 3

------

#### Item 2. Code of Ethics
As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to its President, Chief Financial Officer and Chief Investment Officer. During the period covered by this report, there were no amendments to a provision of its code of ethics, nor were there any waivers, including implicit waivers granted from a provision of the code of ethics. A copy of the Registrant's code of ethics is filed with the Form N-CSR under Item 19a(1).

#### Item 3. Audit Committee Financial Expert
The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The audit committee financial experts serving on the Registrant's audit committee are Joan E. Steel and Adela Cepeda and Luis A. Ubiñas, all of which are "independent" as defined in Item 3(a)(2) of this Form

#### Item Item 4. Principal Accountant Fees and Services
(a) <u>Audit Fees</u> – The aggregate fee billed for the fiscal year for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements was $415,402 and $367,900 for the fiscal years ended March 31, 2024, and March 31, 2025, respectively.

(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended March 31, 2024, and March 31, 2025, for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under (a) of this Item.

(c) <u>Tax Fees</u> – The aggregate fee billed in the last fiscal year for professional services rendered by the principal accountant for the review of the Registrant's tax returns and excise tax calculations was $85,110 and $76,953 for the fiscal years ended March 31, 2024, and March 31, 2025, respectively.

(d) <u>All Other Fees</u> – Not Applicable

(e) (1) The Registrant's audit committee pre-approves all audit and non-audit services to be performed by the Registrant's accountant before the accountant is engaged by the Registrant to perform such services.

&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described in (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the fiscal year ended March 31, 2025, were attributable to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) There were no aggregate fees billed for the fiscal year ended March 31, 2025, by the Registrant's principal accountant for non-audit services rendered to the Registrant, its investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant.

(h) Not applicable.

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

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

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

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

------

---

| |
|:---|
| **Mercer Funds<sup>TM</sup>**<br> **Annual Financial**<br> **Statements and Other**<br> **Information**<br> **March 31, 2025** |
| Mercer US Small/Mid Cap Equity Fund<br>Mercer Emerging Markets Equity Fund<br>Mercer Non-US Core Equity Fund<br>Mercer Core Fixed Income Fund<br>Mercer Opportunistic Fixed Income Fund<br>Mercer Short Duration Fixed Income Fund |

---

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

------

#### MERCER FUNDS

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [Schedules of Investments (N-CSR Item 6)](#fin925915_1) | 1 |
|  [Statements of Assets and Liabilities (N-CSR Item 7(a))](#fin925915_2) | 166 |
|  [Statements of Operations (N-CSR Item 7(a))](#fin925915_3) | 170 |
|  [Statements of Changes in Net Assets (N-CSR Item 7(a))](#fin925915_4) | 173 |
|  [Financial Highlights (N-CSR Item 7(b))](#fin925915_5) | 176 |
|  [Notes to Financial Statements](#fin925915_6) | 187 |
|  [Report of Independent Registered Public Accounting Firm](#fin925915_7) | 222 |
|  [Additional Information](#fin925915_8) | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; *N-CSR Item 8* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *N-CSR Item 9* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *N-CSR Item 10* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *N-CSR Item 11* |  |

---

------

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

#### Schedule of Investments

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.3%** |  |
|  | **Basic Materials — 2.1%** |  |
| 70113 | ATI, Inc.\* | 3647979 |
| 34600 | Cabot Corp. | 2876644 |
| 42800 | Chemours Co. | 579084 |
| 15500 | Eastman Chemical Co. | 1365705 |
| 243302 | Element Solutions, Inc. | 5501058 |
| 76270 | International Paper Co. | 4069004 |
| 39900 | Koppers Holdings, Inc. | 1117200 |
| 21717 | Magnera Corp.\* | 394381 |
| 48900 | Mosaic Co. | 1320789 |
| 5000 | NewMarket Corp. | 2832250 |
| 26893 | Quaker Chemical Corp.<sup>(a)</sup> | 3324244 |
| 48638 | RPM International, Inc. | 5626444 |
| 11400 | Steel Dynamics, Inc. | 1425912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34080694 |
|  | **Communications — 2.6%** |  |
| 47900 | AMC Networks, Inc. Class A\* | 329552 |
| 48000 | Cargurus, Inc.\* | 1398240 |
| 55593 | Ciena Corp.\* | 3359485 |
| 64618 | ePlus, Inc.\* | 3943637 |
| 19500 | Expedia Group, Inc. | 3277950 |
| 82663 | Extreme Networks, Inc.\* | 1093631 |
| 101000 | Fox Corp. Class A | 5716600 |
| 129400 | Gen Digital, Inc. | 3434276 |
| 20100 | Nexstar Media Group, Inc. | 3602322 |
| 66070 | Roku, Inc.\* | 4653971 |
| 40700 | Sirius XM Holdings, Inc. | 917582 |
| 92100 | TEGNA, Inc. | 1678062 |
| 167154 | TripAdvisor, Inc.\* | 2368572 |
| 23618 | Wix.com Ltd.\* | 3858709 |
| 88979 | Yelp, Inc.\* | 3294892 |
|  |  | 42927481 |
|  | **Consumer, Cyclical — 16.2%** |  |
| 46700 | Allison Transmission Holdings, Inc. | 4467789 |
| 25100 | Autoliv, Inc. | 2220095 |
| 7900 | AutoNation, Inc.\* | 1279168 |
| 240754 | BJ's Wholesale Club Holdings, Inc.\* | 27470031 |
| 89400 | Bloomin' Brands, Inc. | 640998 |
| 61100 | BorgWarner, Inc. | 1750515 |
| 25180 | Brinker International, Inc.\* | 3753079 |
| 20800 | Brunswick Corp. | 1120080 |
| 22181 | Burlington Stores, Inc.\* | 5286398 |
| 32500 | Capri Holdings Ltd.\*<sup>(a)</sup> | 641225 |
| 15900 | Carter's, Inc. | 650310 |
| 11373 | Casey's General Stores, Inc. | 4936337 |
| 17879 | Cavco Industries, Inc.\* | 9290465 |
| 26354 | Champion Homes, Inc.\* | 2497305 |

---

See accompanying Notes to the Financial Statements. 1

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** |  |
| 33749 | Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748501 |
| 25285 | Columbia Sportswear Co.<sup>(a)</sup> | 1913822 |
| 25900 | Crocs, Inc.\* | 2750580 |
| 28150 | Dick's Sporting Goods, Inc. | 5673914 |
| 52533 | Dorman Products, Inc.\* | 6332328 |
| 29119 | Freshpet, Inc.\*<sup>(a)</sup> | 2421827 |
| 101984 | GCI Liberty, Inc.\*<sup>(b)(c)</sup> |  |
| 23500 | Genesco, Inc.\* | 498905 |
| 283847 | Genius Sports Ltd.\* | 2841309 |
| 88135 | Gentherm, Inc.\* | 2356730 |
| 63795 | GMS, Inc.\* | 4667880 |
| 102000 | Goodyear Tire & Rubber Co.\* | 942480 |
| 23717 | Group 1 Automotive, Inc. | 9058708 |
| 73789 | Guess?, Inc.<sup>(a)</sup> | 816844 |
| 79000 | Harley-Davidson, Inc.<sup>(a)</sup> | 1994750 |
| 47600 | Haverty Furniture Cos., Inc. | 938672 |
| 14500 | Jack in the Box, Inc.<sup>(a)</sup> | 394255 |
| 26900 | Kohl's Corp.<sup>(a)</sup> | 220042 |
| 61300 | La-Z-Boy, Inc. | 2396217 |
| 43698 | LGI Homes, Inc.\* | 2904606 |
| 161597 | Life Time Group Holdings, Inc.\* | 4880229 |
| 24781 | Light & Wonder, Inc.\* | 2146282 |
| 18925 | Lithia Motors, Inc. | 5555245 |
| 158869 | LKQ Corp. | 6758287 |
| 94700 | Macy's, Inc.<sup>(a)</sup> | 1189432 |
| 138500 | Mattel, Inc.\* | 2691055 |
| 47200 | MGM Resorts International\*<sup>(a)</sup> | 1399008 |
| 110700 | MillerKnoll, Inc. | 2118798 |
| 40100 | Movado Group, Inc. | 670472 |
| 17369 | Murphy USA, Inc. | 8160130 |
| 39500 | ODP Corp.\* | 566035 |
| 34540 | Ollie's Bargain Outlet Holdings, Inc.\*<sup>(a)</sup> | 4019074 |
| 202429 | OPENLANE, Inc.\* | 3902831 |
| 65703 | Papa John's International, Inc.<sup>(a)</sup> | 2699079 |
| 13580 | Phinia, Inc. | 576199 |
| 31370 | Planet Fitness, Inc. Class A\* | 3030656 |
| 13700 | Polaris, Inc. | 560878 |
| 32034 | PriceSmart, Inc. | 2814187 |
| 33500 | PulteGroup, Inc. | 3443800 |
| 64792 | Pursuit Attractions & Hospitality, Inc.\* | 2292989 |
| 25100 | PVH Corp. | 1622464 |
| 82253 | Red Rock Resorts, Inc. Class A<sup>(a)</sup> | 3567313 |
| 81900 | Sally Beauty Holdings, Inc.\* | 739557 |
| 36400 | ScanSource, Inc.\* | 1237964 |
| 47180 | SharkNinja, Inc.\* | 3935284 |
| 60643 | SiteOne Landscape Supply, Inc.\*<sup>(a)</sup> | 7364486 |
| 63448 | Skechers USA, Inc. Class A\* | 3602577 |
| 175960 | Tapestry, Inc. | 12389344 |
| 100476 | Texas Roadhouse, Inc. | 16742316 |

---

2 See accompanying Notes to the Financial Statements.

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** |  |
| 39100 | Toll Brothers, Inc. | 4128569 |
| 193175 | Tri Pointe Homes, Inc.\* | 6166146 |
| 41200 | UniFirst Corp. | 7168800 |
| 33800 | United Airlines Holdings, Inc.\* | 2333890 |
| 89163 | United Parks & Resorts, Inc.\*<sup>(a)</sup> | 4053350 |
| 39964 | Vail Resorts, Inc. | 6395039 |
| 71800 | Wabash National Corp. | 793390 |
| 28765 | WESCO International, Inc. | 4467205 |
| 17700 | Whirlpool Corp.<sup>(a)</sup> | 1595301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266653826 |
|  | **Consumer, Non-cyclical — 23.2%** |  |
| 59400 | ABM Industries, Inc. | 2813184 |
| 65133 | Acadia Healthcare Co., Inc.\* | 1974833 |
| 157500 | ACCO Brands Corp. | 659925 |
| 256500 | Albertsons Cos., Inc. Class A | 5640435 |
| 571519 | Alight, Inc. Class A | 3389108 |
| 99655 | Alkermes PLC\* | 3290608 |
| 213796 | API Group Corp.\* | 7645345 |
| 93941 | Ascendis Pharma AS, ADR\* | 14641644 |
| 22237 | Avery Dennison Corp. | 3957519 |
| 51305 | Azenta, Inc.\* | 1777205 |
| 126749 | Bausch & Lomb Corp.\*<sup>(a)</sup> | 1837861 |
| 65000 | Baxter International, Inc. | 2224950 |
| 37800 | Bicycle Therapeutics PLC, ADR\*<sup>(a)</sup> | 320922 |
| 12331 | Bio-Rad Laboratories, Inc. Class A\* | 3003338 |
| 25466 | Booz Allen Hamilton Holding Corp. | 2663234 |
| 116987 | Bright Horizons Family Solutions, Inc.\* | 14862028 |
| 27900 | Bunge Global SA | 2132118 |
| 18937 | Colliers International Group, Inc.<sup>(a)</sup> | 2297058 |
| 52900 | Conagra Brands, Inc. | 1410843 |
| 27275 | Concentra Group Holdings Parent, Inc. | 591868 |
| 420660 | CoreCivic, Inc.\* | 8535191 |
| 5000 | Corpay, Inc.\* | 1743600 |
| 34750 | Cytokinetics, Inc.\* | 1396603 |
| 13600 | DaVita, Inc.\* | 2080392 |
| 60000 | Deluxe Corp. | 948600 |
| 147940 | Dole PLC | 2137733 |
| 143482 | Embecta Corp. | 1829396 |
| 54697 | Enovis Corp.\* | 2089972 |
| 18646 | Euronet Worldwide, Inc.\* | 1992325 |
| 92464 | EVERTEC, Inc. | 3399901 |
| 138700 | Exelixis, Inc.\* | 5120804 |
| 64197 | Glaukos Corp.\*<sup>(a)</sup> | 6318269 |
| 111886 | Globus Medical, Inc. Class A\* | 8190055 |
| 23538 | Grand Canyon Education, Inc.\* | 4072545 |
| 113577 | GXO Logistics, Inc.\*<sup>(a)</sup> | 4438589 |
| 44200 | H&R Block, Inc. | 2427022 |
| 72524 | Haemonetics Corp.\* | 4608900 |

---

See accompanying Notes to the Financial Statements. 3

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** |  |
| 64852 | Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138206 |
| 47632 | HealthEquity, Inc.\* | 4209240 |
| 65700 | Herbalife Ltd.\*<sup>(a)</sup> | 566991 |
| 51195 | Hologic, Inc.\* | 3162315 |
| 9302 | ICU Medical, Inc.\* | 1291676 |
| 46800 | Incyte Corp.\* | 2833740 |
| 53711 | Ingles Markets, Inc. Class A | 3498197 |
| 35900 | Ingredion, Inc. | 4854039 |
| 150077 | Insmed, Inc.\* | 11449374 |
| 39395 | Insperity, Inc. | 3515216 |
| 17510 | Insulet Corp.\* | 4598301 |
| 69239 | Integer Holdings Corp.\* | 8170894 |
| 211092 | Ironwood Pharmaceuticals, Inc.\* | 310305 |
| 93836 | Jazz Pharmaceuticals PLC\* | 11649739 |
| 25428 | Lancaster Colony Corp. | 4449900 |
| 47420 | Lantheus Holdings, Inc.\* | 4628192 |
| 230148 | Laureate Education, Inc.\* | 4706527 |
| 142190 | Legend Biotech Corp., ADR\*<sup>(a)</sup> | 4824507 |
| 296370 | LifeStance Health Group, Inc.\* | 1973824 |
| 33000 | ManpowerGroup, Inc. | 1910040 |
| 10678 | MarketAxess Holdings, Inc. | 2310185 |
| 21430 | Masimo Corp.\* | 3570238 |
| 10172 | Medpace Holdings, Inc.\* | 3099307 |
| 49642 | Merit Medical Systems, Inc.\* | 5247656 |
| 36270 | Merus NV\* | 1526604 |
| 181683 | Molson Coors Beverage Co. Class B | 11059044 |
| 83150 | Natera, Inc.\* | 11758241 |
| 40382 | Neurocrine Biosciences, Inc.\* | 4466249 |
| 203766 | Nomad Foods Ltd. | 4004002 |
| 129760 | Option Care Health, Inc.\* | 4535112 |
| 113900 | Organon & Co.<sup>(a)</sup> | 1695971 |
| 39697 | Paylocity Holding Corp.\* | 7436836 |
| 15816 | Penumbra, Inc.\* | 4229357 |
| 91200 | Perdoceo Education Corp. | 2296416 |
| 124179 | Performance Food Group Co.\* | 9764195 |
| 105815 | PROCEPT BioRobotics Corp.\* | 6164782 |
| 41700 | PROG Holdings, Inc. | 1109220 |
| 211067 | Rentokil Initial PLC, ADR<sup>(a)</sup> | 4833434 |
| 35320 | Revolution Medicines, Inc.\* | 1248915 |
| 42988 | Rhythm Pharmaceuticals, Inc.\* | 2277074 |
| 142421 | Rocket Pharmaceuticals, Inc.\* | 949948 |
| 308804 | Roivant Sciences Ltd.\*<sup>(a)</sup> | 3115832 |
| 33800 | Select Medical Holdings Corp. | 564460 |
| 24477 | Shift4 Payments, Inc. Class A\*<sup>(a)</sup> | 2000016 |
| 158845 | Smith & Nephew PLC, ADR | 4506433 |
| 31370 | Soleno Therapeutics, Inc.\* | 2241387 |
| 84123 | SpartanNash Co. | 1704332 |
| 10090 | Sprouts Farmers Market, Inc.\* | 1540138 |
| 179918 | Tandem Diabetes Care, Inc.\* | 3447229 |

---

4 See accompanying Notes to the Financial Statements.

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** |  |
| 18000 | Tenet Healthcare Corp.\* | 2421000 |
| 13950 | Toast, Inc. Class A\* | 462722 |
| 49882 | TransUnion | 4139707 |
| 98790 | Travere Therapeutics, Inc.\* | 1770317 |
| 21275 | United Therapeutics Corp.\* | 6558444 |
| 14100 | Universal Health Services, Inc. Class B | 2649390 |
| 61200 | Upbound Group, Inc. | 1466352 |
| 98900 | Varex Imaging Corp.\* | 1147240 |
| 63120 | Vaxcyte, Inc.\* | 2383411 |
| 63826 | Veracyte, Inc.\* | 1892441 |
| 86702 | Vericel Corp.\* | 3868643 |
| 198700 | Viatris, Inc. | 1730677 |
| 43125 | WEX, Inc.\* | 6771487 |
| 210132 | WillScot Holdings Corp.<sup>(a)</sup> | 5841670 |
| 37850 | Xenon Pharmaceuticals, Inc.\* | 1269868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382281128 |
|  | **Energy — 4.1%** |  |
| 37200 | APA Corp. | 781944 |
| 83310 | ChampionX Corp. | 2482638 |
| 9600 | Chord Energy Corp. | 1082112 |
| 76400 | CNX Resources Corp.\* | 2405072 |
| 145809 | Delek U.S. Holdings, Inc. | 2197342 |
| 84167 | Flowco Holdings, Inc. Class A\* | 2158883 |
| 63200 | Helmerich & Payne, Inc. | 1650784 |
| 126571 | HF Sinclair Corp. | 4161654 |
| 295865 | Magnolia Oil & Gas Corp. Class A<sup>(a)</sup> | 7473550 |
| 175279 | Matador Resources Co. | 8955004 |
| 75025 | Murphy Oil Corp.<sup>(a)</sup> | 2130710 |
| 166462 | NOV, Inc. | 2533552 |
| 143657 | Ovintiv, Inc. | 6148520 |
| 956759 | Permian Resources Corp. | 13251112 |
| 123137 | SM Energy Co. | 3687953 |
| 134852 | SunCoke Energy, Inc. | 1240638 |
| 91060 | TechnipFMC PLC | 2885691 |
| 10298 | Vitesse Energy, Inc. | 253228 |
| 41955 | Warrior Met Coal, Inc. | 2002093 |
|  |  | 67482480 |
|  | **Financial — 18.9%** |  |
| 58184 | Agree Realty Corp., REIT<sup>(a)</sup> | 4491223 |
| 40400 | Ally Financial, Inc. | 1473388 |
| 81800 | American Assets Trust, Inc., REIT | 1647452 |
| 44750 | Annaly Capital Management, Inc., REIT | 908872 |
| 42500 | Apple Hospitality REIT, Inc., REIT | 548675 |
| 104300 | ARES Capital Corp. | 2311288 |
| 84400 | Associated Banc-Corp. | 1901532 |
| 20294 | Assurant, Inc. | 4256666 |
| 44353 | Assured Guaranty Ltd. | 3907499 |

---

See accompanying Notes to the Financial Statements. 5

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** |  |
| 136866 | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4262007 |
| 103159 | Axis Capital Holdings Ltd. | 10340658 |
| 56889 | Axos Financial, Inc.\* | 3670478 |
| 35400 | Bank of NT Butterfield & Son Ltd. | 1377768 |
| 145100 | Blue Owl Capital Corp. | 2127166 |
| 238393 | Blue Owl Capital, Inc. | 4777396 |
| 177700 | Brandywine Realty Trust, REIT<sup>(a)</sup> | 792542 |
| 80900 | Brixmor Property Group, Inc., REIT | 2147895 |
| 6897 | C&F Financial Corp.<sup>(a)</sup> | 464789 |
| 249724 | Cannae Holdings, Inc.<sup>(a)</sup> | 4577441 |
| 31000 | Cathay General Bancorp | 1333930 |
| 59900 | Chimera Investment Corp., REIT | 768517 |
| 67300 | Citizens Financial Group, Inc. | 2757281 |
| 154000 | City Office REIT, Inc., REIT | 799260 |
| 65915 | CNA Financial Corp. | 3347823 |
| 141500 | CNO Financial Group, Inc. | 5893475 |
| 36200 | Comerica, Inc. | 2137972 |
| 33318 | Cullen/Frost Bankers, Inc. | 4171414 |
| 21755 | East West Bancorp, Inc. | 1952729 |
| 23312 | EastGroup Properties, Inc., REIT | 4106409 |
| 37300 | Employers Holdings, Inc. | 1888872 |
| 59300 | EPR Properties, REIT | 3119773 |
| 29500 | Equitable Holdings, Inc. | 1536655 |
| 24300 | Essent Group Ltd. | 1402596 |
| 39776 | Federated Hermes, Inc. | 1621668 |
| 29900 | Fidelity National Financial, Inc. | 1945892 |
| 15700 | Fifth Third Bancorp | 615440 |
| 35500 | Financial Institutions, Inc.<sup>(a)</sup> | 886080 |
| 90100 | First BanCorp | 1727217 |
| 62100 | First Busey Corp. | 1341360 |
| 63800 | First Commonwealth Financial Corp. | 991452 |
| 247400 | First Horizon Corp. | 4804508 |
| 45700 | FNB Corp. | 614665 |
| 57180 | FTAI Aviation Ltd.<sup>(a)</sup> | 6348695 |
| 827755 | Genworth Financial, Inc.\* | 5868783 |
| 72017 | Glacier Bancorp, Inc. | 3184592 |
| 17100 | Globe Life, Inc. | 2252412 |
| 32451 | Hamilton Lane, Inc. Class A<sup>(a)</sup> | 4824490 |
| 28700 | Hancock Whitney Corp. | 1505315 |
| 106812 | Hanmi Financial Corp. | 2420360 |
| 164419 | Healthpeak Properties, Inc., REIT | 3324552 |
| 32800 | Heritage Insurance Holdings, Inc.\* | 472976 |
| 75500 | Highwoods Properties, Inc., REIT | 2237820 |
| 83300 | Hope Bancorp, Inc. | 872151 |
| 86500 | Horizon Bancorp, Inc. | 1304420 |
| 197400 | Host Hotels & Resorts, Inc., REIT | 2805054 |
| 28972 | Howard Hughes Holdings, Inc.\* | 2146246 |
| 73800 | Independent Bank Corp. | 2272302 |
| 64000 | Industrial Logistics Properties Trust, REIT | 220160 |

---

6 See accompanying Notes to the Financial Statements.

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** |  |
| 72400 | International Money Express, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913688 |
| 13000 | Jackson Financial, Inc. Class A | 1089140 |
| 57744 | Jefferies Financial Group, Inc. | 3093346 |
| 178414 | KeyCorp | 2852840 |
| 44400 | Kilroy Realty Corp., REIT | 1454544 |
| 16716 | Kinsale Capital Group, Inc.<sup>(a)</sup> | 8135844 |
| 71600 | Kite Realty Group Trust, REIT | 1601692 |
| 37700 | Lincoln National Corp. | 1353807 |
| 26463 | LPL Financial Holdings, Inc. | 8657106 |
| 77450 | MARA Holdings, Inc.\*<sup>(a)</sup> | 890675 |
| 78762 | McGrath RentCorp | 8774087 |
| 135300 | MGIC Investment Corp. | 3352734 |
| 67869 | National Storage Affiliates Trust, REIT | 2674039 |
| 139500 | Navient Corp. | 1761885 |
| 199800 | New Mountain Finance Corp. | 2203794 |
| 57200 | Oaktree Specialty Lending Corp.<sup>(a)</sup> | 878592 |
| 81808 | OceanFirst Financial Corp. | 1391554 |
| 54000 | OFG Bancorp | 2161080 |
| 70700 | Old Republic International Corp. | 2772854 |
| 35700 | Omega Healthcare Investors, Inc., REIT | 1359456 |
| 16400 | OneMain Holdings, Inc. | 801632 |
| 227970 | P10, Inc. Class A | 2678647 |
| 195700 | Piedmont Office Realty Trust, Inc., REIT Class A | 1442309 |
| 56999 | Pinnacle Financial Partners, Inc. | 6044174 |
| 29220 | Piper Sandler Cos. | 7236625 |
| 25500 | Popular, Inc. | 2355435 |
| 15600 | Preferred Bank | 1305096 |
| 175146 | Radian Group, Inc. | 5792078 |
| 72100 | Regions Financial Corp. | 1566733 |
| 25371 | Reinsurance Group of America, Inc. | 4995550 |
| 64840 | Ryan Specialty Holdings, Inc. | 4789731 |
| 97100 | Sabra Health Care REIT, Inc., REIT | 1696337 |
| 104400 | Service Properties Trust, REIT | 272484 |
| 84607 | StepStone Group, Inc. Class A | 4419024 |
| 54581 | Stifel Financial Corp. | 5144805 |
| 35124 | Sun Communities, Inc., REIT | 4518351 |
| 56200 | Synchrony Financial | 2975228 |
| 37217 | Tradeweb Markets, Inc. Class A | 5525236 |
| 31808 | UMB Financial Corp. | 3215789 |
| 172600 | Uniti Group, Inc., REIT | 869904 |
| 20100 | Universal Insurance Holdings, Inc. | 476370 |
| 77500 | Unum Group | 6313150 |
| 127700 | Valley National Bancorp | 1135253 |
| 48700 | Victory Capital Holdings, Inc. Class A | 2818269 |
| 95949 | Voya Financial, Inc. | 6501504 |
| 129900 | Western Union Co. | 1374342 |
| 5418 | White Mountains Insurance Group Ltd. | 10434039 |
| 48691 | Wintrust Financial Corp. | 5475790 |

---

See accompanying Notes to the Financial Statements. 7

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** |  |
| 54300 | Zions Bancorp NA | 2707398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310064091 |
|  | **Government — 0.1%** |  |
| 58816 | Banco Latinoamericano de Comercio Exterior SA | 2152666 |
|  | **Industrial — 16.6%** |  |
| 5000 | Acuity, Inc. | 1316750 |
| 34806 | Advanced Energy Industries, Inc. | 3317360 |
| 44200 | AGCO Corp. | 4091594 |
| 42100 | Apogee Enterprises, Inc. | 1950493 |
| 21732 | AptarGroup, Inc. | 3224594 |
| 11500 | ArcBest Corp. | 811670 |
| 10484 | Argan, Inc. | 1375186 |
| 15592 | Armstrong World Industries, Inc. | 2196601 |
| 31100 | Arrow Electronics, Inc.\* | 3229113 |
| 60315 | Atkore, Inc. | 3618297 |
| 9760 | Axon Enterprise, Inc.\* | 5133272 |
| 32821 | AZEK Co., Inc.\* | 1604619 |
| 15425 | Badger Meter, Inc. | 2934606 |
| 32900 | Berry Global Group, Inc. | 2296749 |
| 21600 | Boise Cascade Co. | 2118744 |
| 21000 | Builders FirstSource, Inc.\* | 2623740 |
| 38694 | BWX Technologies, Inc. | 3817163 |
| 62801 | Casella Waste Systems, Inc. Class A\* | 7002939 |
| 23555 | Chart Industries, Inc.\*<sup>(a)</sup> | 3400400 |
| 786821 | CNH Industrial NV<sup>(a)</sup> | 9662162 |
| 126400 | Cognex Corp. | 3770512 |
| 40683 | Comfort Systems USA, Inc. | 13113351 |
| 19000 | Covenant Logistics Group, Inc. | 421800 |
| 27285 | Eagle Materials, Inc. | 6055360 |
| 28160 | Esab Corp. | 3280640 |
| 31049 | Exponent, Inc. | 2516832 |
| 8620 | Fabrinet\* | 1702536 |
| 73878 | Federal Signal Corp. | 5433727 |
| 217310 | Flex Ltd.\* | 7188615 |
| 64248 | Flowserve Corp. | 3137872 |
| 421300 | Gates Industrial Corp. PLC\* | 7756133 |
| 25257 | Generac Holdings, Inc.\* | 3198799 |
| 4820 | Gibraltar Industries, Inc.\* | 282741 |
| 28200 | Greenbrier Cos., Inc. | 1444404 |
| 21300 | Greif, Inc. Class A | 1171287 |
| 22500 | Griffon Corp. | 1608750 |
| 97630 | Hexcel Corp. | 5346219 |
| 30964 | Huntington Ingalls Industries, Inc. | 6317895 |
| 56602 | IDEX Corp. | 10243264 |
| 69879 | ITT, Inc. | 9025572 |
| 36000 | Jabil, Inc. | 4898520 |
| 217741 | Janus International Group, Inc.\*<sup>(a)</sup> | 1567735 |

---

8 See accompanying Notes to the Financial Statements.

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** |  |
| 71448 | Karman Holdings, Inc.\* | 2387792 |
| 53266 | Knife River Corp.\* | 4805126 |
| 35218 | Lincoln Electric Holdings, Inc. | 6661837 |
| 34514 | Loar Holdings, Inc.\* | 2438414 |
| 14700 | Mohawk Industries, Inc.\* | 1678446 |
| 73000 | Mueller Industries, Inc. | 5558220 |
| 25853 | Nordson Corp. | 5215067 |
| 64000 | O-I Glass, Inc.\* | 734080 |
| 28700 | Oshkosh Corp. | 2700096 |
| 20500 | Owens Corning | 2927810 |
| 15649 | Powell Industries, Inc.<sup>(a)</sup> | 2665494 |
| 14100 | Primoris Services Corp. | 809481 |
| 33683 | RBC Bearings, Inc.\* | 10838179 |
| 28230 | Regal Rexnord Corp. | 3213985 |
| 57410 | Rocket Lab USA, Inc.\*<sup>(a)</sup> | 1026491 |
| 32200 | Ryder System, Inc. | 4630682 |
| 26600 | Ryerson Holding Corp. | 610736 |
| 12541 | Saia, Inc.\* | 4382202 |
| 28600 | Sanmina Corp.\* | 2178748 |
| 119942 | Schneider National, Inc. Class B<sup>(a)</sup> | 2740675 |
| 20800 | Scorpio Tankers, Inc. | 781664 |
| 22702 | Simpson Manufacturing Co., Inc. | 3566030 |
| 10700 | Snap-on, Inc. | 3606007 |
| 94573 | Standardaero, Inc.\* | 2519425 |
| 75329 | TD SYNNEX Corp. | 7831203 |
| 59200 | Textron, Inc. | 4277200 |
| 45584 | Toro Co. | 3316236 |
| 51916 | TriMas Corp. | 1216392 |
| 63852 | Trimble, Inc.\* | 4191884 |
| 38960 | Universal Logistics Holdings, Inc.<sup>(a)</sup> | 1022310 |
| 143217 | Vontier Corp. | 4704678 |
| 75700 | World Kinect Corp. | 2146852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272592058 |
|  | **Technology — 10.4%** |  |
| 112191 | Alkami Technology, Inc.\* | 2945014 |
| 156398 | Allegro MicroSystems, Inc.\* | 3930282 |
| 39000 | Amdocs Ltd. | 3568500 |
| 97500 | Amkor Technology, Inc. | 1760850 |
| 28090 | Astera Labs, Inc.\* | 1676130 |
| 14976 | CACI International, Inc. Class A\* | 5494994 |
| 548624 | CCC Intelligent Solutions Holdings, Inc.\* | 4954075 |
| 114174 | Cellebrite DI Ltd.\* | 2218401 |
| 44700 | Cirrus Logic, Inc.\* | 4454579 |
| 167467 | Clearwater Analytics Holdings, Inc. Class A\* | 4488116 |
| 12937 | Commvault Systems, Inc.\* | 2040941 |
| 29500 | CSG Systems International, Inc. | 1783865 |
| 36409 | CyberArk Software Ltd.\* | 12306242 |
| 40170 | Descartes Systems Group, Inc.\*<sup>(a)</sup> | 4050341 |

---

See accompanying Notes to the Financial Statements. 9

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** |  |
| 47280 | Doximity, Inc. Class A\* | 2743658 |
| 145200 | Dropbox, Inc. Class A\* | 3878292 |
| 75920 | Dynatrace, Inc.\* | 3579628 |
| 55086 | Entegris, Inc. | 4818923 |
| 81803 | ExlService Holdings, Inc.\* | 3861920 |
| 54933 | FormFactor, Inc.\* | 1554055 |
| 56164 | Globant SA\*<sup>(a)</sup> | 6611626 |
| 19091 | Guidewire Software, Inc.\* | 3576890 |
| 88971 | Kyndryl Holdings, Inc.\* | 2793689 |
| 80579 | MACOM Technology Solutions Holdings, Inc.\* | 8088520 |
| 30897 | Manhattan Associates, Inc.\* | 5346417 |
| 22507 | MKS Instruments, Inc. | 1803936 |
| 14230 | Monday.com Ltd.\* | 3460167 |
| 70419 | nCino, Inc.\*<sup>(a)</sup> | 1934410 |
| 21700 | NCR Atleos Corp.\* | 572446 |
| 137211 | NCR Voyix Corp.\*<sup>(a)</sup> | 1337807 |
| 16213 | Nova Ltd.\*<sup>(a)</sup> | 2988542 |
| 34800 | Okta, Inc.\* | 3661656 |
| 72800 | Photronics, Inc.\* | 1511328 |
| 208500 | Playtika Holding Corp. | 1077945 |
| 44512 | Power Integrations, Inc. | 2247856 |
| 183454 | Privia Health Group, Inc.\* | 4118542 |
| 62819 | Procore Technologies, Inc.\*<sup>(a)</sup> | 4147310 |
| 45551 | Pure Storage, Inc. Class A\* | 2016543 |
| 203123 | SailPoint, Inc.\* | 3808556 |
| 106770 | Samsara, Inc. Class A\* | 4092494 |
| 197460 | SentinelOne, Inc. Class A\* | 3589823 |
| 53475 | Silicon Laboratories, Inc.\* | 6019681 |
| 14900 | Skyworks Solutions, Inc. | 962987 |
| 12540 | SPS Commerce, Inc.\* | 1664434 |
| 49220 | Twilio, Inc. Class A\* | 4819130 |
| 6269 | Tyler Technologies, Inc.\* | 3644734 |
| 63604 | Veeco Instruments, Inc.\* | 1277168 |
| 44168 | Workiva, Inc.\* | 3352793 |
| 107700 | Xerox Holdings Corp.<sup>(a)</sup> | 520191 |
| 15025 | Zebra Technologies Corp. Class A\* | 4245464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171401891 |
|  | **Utilities — 2.1%** |  |
| 41472 | IDACORP, Inc. | 4819876 |
| 24700 | National Fuel Gas Co. | 1955993 |
| 92443 | Northwestern Energy Group, Inc. | 5349677 |
| 39200 | NRG Energy, Inc. | 3742032 |
| 86514 | Portland General Electric Co. | 3858524 |
| 57393 | Southwest Gas Holdings, Inc. | 4120817 |
| 31384 | Talen Energy Corp.\*<sup>(a)</sup> | 6266443 |

---

10 See accompanying Notes to the Financial Statements.

------

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

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Utilities — continued** |  |
| 69878 | TXNM Energy, Inc.<sup>(a)</sup> | 3737076 |
|  |  | 33850438 |
|  | TOTAL COMMON STOCKS (COST $1,438,182,723) | 1583486753 |
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.5%** |  |
|  | **Mutual Fund - Securities Lending Collateral — 0.5%** |  |
| 7836298 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%<sup>(d)(e)</sup> | 7836298 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $7,836,298) | 7836298 |
|  | **TOTAL INVESTMENTS — 96.8%**<br> (Cost $1,446,019,021) | 1591323051 |
|  | Other Assets and Liabilities (net) — 3.2% | 52395465 |
|  | **NET ASSETS — 100.0%** | $**1643718516** |

---

**Notes to Schedule of Investments:** <br>

\* Non-income producing security.

(a) All or a portion of this security is out on loan.

(b) Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund.

(c) Securities fair valued by the Valuation Committee. The total market value of the securities at year end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2025 was $0.

(d) The rate disclosed is the 7-day net yield as of March 31, 2025.

(e) Represents an investment of securities lending cash collateral.

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br> Contracts  | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Buys |  |  |  |  |
| 183 | Russell 2000 E-mini Index | Jun 2025 | $18547965 | $71012 |
| 76 | S&P Mid 400 E-mini Index | Jun 2025 | 22333360 | 332718 |
|  |  |  |  | $403730 |

---

---

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

---

See accompanying Notes to the Financial Statements. 11

------

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

#### Schedule of Investments (Continued)

#### March 31, 2025

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
|  Common Stocks | 96.3 |
|  Futures Contracts | 0.0\* |
|  Short-Term Investment | 0.5 |
|  Other Assets and Liabilities (net) | 3.2 |
|  | 100.0% |

---

\* *Amount rounds to zero.* 

12 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 91.8%** |  |
|  | **Brazil — 5.2%** |  |
| 1065100 | Ambev SA | 2510428 |
| 847339 | B3 SA - Brasil Bolsa Balcao | 1795971 |
| 748316 | Banco Bradesco SA | 1482875 |
| 588300 | Banco do Brasil SA | 2895459 |
| 100100 | BRF SA | 343940 |
| 94900 | Centrais Eletricas Brasileiras SA | 675839 |
| 31900 | CPFL Energia SA | 209969 |
| 1427136 | Dexco SA | 1340513 |
| 585100 | EcoRodovias Infraestrutura e Logistica SA | 553672 |
| 99900 | Embraer SA\* | 1146792 |
| 391800 | Hapvida Participacoes e Investimentos SA\* | 151175 |
| 140981 | Itau Unibanco Holding SA, ADR<sup>(a)</sup> | 775396 |
| 338556 | Lojas Renner SA | 722904 |
| 3328 | MercadoLibre, Inc.\* | 6492495 |
| 947300 | Natura & Co. Holding SA | 1652253 |
| 295600 | Neoenergia SA | 1078634 |
| 208732 | NU Holdings Ltd. Class A \* | 2137416 |
| 31333 | Pagseguro Digital Ltd. Class A \* | 239071 |
| 456322 | Petroleo Brasileiro SA, ADR | 6543658 |
| 221105 | Petroleo Brasileiro SA, Preferred ADR | 2883209 |
| 159200 | Porto Seguro SA | 1111800 |
| 1249000 | Raia Drogasil SA | 4154138 |
| 140133 | Telefonica Brasil SA, ADR<sup>(a)</sup> | 1221960 |
| 188800 | TIM SA | 593332 |
| 13298 | TIM SA, ADR<sup>(a)</sup> | 208114 |
| 194900 | TOTVS SA | 1135512 |
| 122800 | Vale SA | 1215640 |
| 273239 | Vale SA, ADR | 2726925 |
| 152600 | Vibra Energia SA | 473707 |
| 408300 | WEG SA | 3227820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51700617 |
|  | **Canada — 0.5%** |  |
| 28780 | Franco-Nevada Corp.<sup>(a)</sup> | 4534577 |
|  | **Chile — 0.8%** |  |
| 9551 | Banco de Credito e Inversiones SA | 352052 |
| 509193 | Cencosud SA | 1551154 |
| 88991 | Cia Cervecerias Unidas SA, ADR<sup>(a)</sup> | 1352663 |
| 6112556 | Enel Americas SA | 593293 |
| 2063592 | Enel Chile SA | 135351 |
| 332193 | Falabella SA | 1381847 |
| 61645 | Sociedad Quimica y Minera de Chile SA, ADR<sup>(a)</sup> | 2449156 |
|  |  | 7815516 |
|  | **China — 27.0%** |  |
| 206000 | AAC Technologies Holdings, Inc. | 1255707 |
| 20442 | ACM Research Shanghai, Inc. Class A | 288713 |

---

See accompanying Notes to the Financial Statements. 13

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** |  |
| 399600 | Agricultural Bank of China Ltd. Class A | 285623 |
| 3281800 | Agricultural Bank of China Ltd. Class H | 1970384 |
| 92000 | Airtac International Group | 2330772 |
| 1427791 | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23677191 |
| 71594 | Amlogic Shanghai Co. Ltd. Class A \* | 827736 |
| 100000 | Anhui Conch Cement Co. Ltd. Class H | 282768 |
| 53320 | Autohome, Inc., ADR | 1478030 |
| 635000 | AviChina Industry & Technology Co. Ltd. Class H | 319242 |
| 578650 | Baidu, Inc. Class A \* | 6679134 |
| 119400 | Bank of Beijing Co. Ltd. Class A | 99500 |
| 167900 | Bank of China Ltd. Class A | 129742 |
| 6219000 | Bank of China Ltd. Class H | 3763837 |
| 187600 | Bank of Communications Co. Ltd. Class A | 192827 |
| 684000 | Bank of Communications Co. Ltd. Class H | 614102 |
| 49100 | Bank of Hangzhou Co. Ltd. Class A | 97888 |
| 79200 | Bank of Jiangsu Co. Ltd. Class A | 103837 |
| 66700 | Bank of Nanjing Co. Ltd. Class A | 95024 |
| 169400 | Bank of Ningbo Co. Ltd. Class A | 603666 |
| 1026100 | Bank of Shanghai Co. Ltd. Class A | 1394671 |
| 48500 | BeiGene Ltd.\* | 1023722 |
| 831100 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 1563416 |
| 41320 | Bilibili, Inc. Class Z \* | 792911 |
| 470800 | Budweiser Brewing Co. APAC Ltd. | 568021 |
| 8600 | BYD Co. Ltd. Class A | 448130 |
| 131000 | BYD Co. Ltd. Class H | 6622618 |
| 720000 | China CITIC Bank Corp. Ltd. Class H | 564540 |
| 190000 | China Communications Services Corp. Ltd. Class H | 104800 |
| 8402600 | China Construction Bank Corp. Class H | 7456095 |
| 222500 | China Everbright Bank Co. Ltd. Class A | 116152 |
| 3282000 | China Everbright Bank Co. Ltd. Class H | 1338095 |
| 1767000 | China Feihe Ltd. | 1334945 |
| 264000 | China Galaxy Securities Co. Ltd. Class H | 263244 |
| 553600 | China International Capital Corp. Ltd. Class H | 1038714 |
| 682000 | China Lesso Group Holdings Ltd. | 306923 |
| 302000 | China Life Insurance Co. Ltd. Class H | 585341 |
| 397335 | China Mengniu Dairy Co. Ltd. | 990584 |
| 98500 | China Merchants Bank Co. Ltd. Class A | 588017 |
| 867000 | China Merchants Bank Co. Ltd. Class H | 5102333 |
| 196000 | China Merchants Port Holdings Co. Ltd. | 336768 |
| 36400 | China Merchants Securities Co. Ltd. Class A | 89590 |
| 163200 | China Minsheng Banking Corp. Ltd. Class A | 87824 |
| 531000 | China Minsheng Banking Corp. Ltd. Class H | 239064 |
| 100000 | China Oilfield Services Ltd. Class H | 82564 |
| 1033000 | China Overseas Land & Investment Ltd. | 1859574 |
| 32500 | China Pacific Insurance Group Co. Ltd. Class A | 144351 |
| 129600 | China Pacific Insurance Group Co. Ltd. Class H | 409177 |
| 734000 | China Railway Signal & Communication Corp. Ltd. Class H | 302872 |
| 4573000 | China Reinsurance Group Corp. Class H | 565642 |
| 508500 | China Resources Beer Holdings Co. Ltd. | 1849549 |

---

14 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** |  |
| 575500 | China Resources Pharmaceutical Group Ltd. | 375017 |
| 9200 | China Tourism Group Duty Free Corp. Ltd. Class A | 76651 |
| 151700 | China United Network Communications Ltd. Class A | 116688 |
| 218500 | Chinese Universe Publishing & Media Group Co. Ltd. Class A | 329502 |
| 502800 | Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 569460 |
| 1276000 | CITIC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574276 |
| 61700 | CITIC Securities Co. Ltd. Class A | 226742 |
| 1647000 | CMOC Group Ltd. Class H | 1360564 |
| 77384 | Contemporary Amperex Technology Co. Ltd. Class A | 2712155 |
| 61800 | COSCO SHIPPING Holdings Co. Ltd. Class A | 124111 |
| 764500 | COSCO SHIPPING Holdings Co. Ltd. Class H <sup>(a)</sup> | 1206048 |
| 115300 | CRRC Corp. Ltd. Class A | 112413 |
| 22587 | Eastroc Beverage Group Co. Ltd. Class A | 775621 |
| 113600 | ENN Energy Holdings Ltd. | 946541 |
| 30800 | Foshan Haitian Flavouring & Food Co. Ltd. Class A | 172613 |
| 213500 | Fosun International Ltd. | 114490 |
| 20500 | G-bits Network Technology Xiamen Co. Ltd. Class A | 633508 |
| 1014000 | Geely Automobile Holdings Ltd. | 2189546 |
| 175200 | GF Securities Co. Ltd. Class H | 236777 |
| 39400 | Giant Biogene Holding Co. Ltd. | 358723 |
| 192100 | GoerTek, Inc. Class A | 695683 |
| 885000 | Great Wall Motor Co. Ltd. Class H | 1551411 |
| 203900 | Gree Electric Appliances, Inc. of Zhuhai Class A | 1278829 |
| 35500 | Guotai Junan Securities Co. Ltd. Class A | 84455 |
| 30000 | Haier Smart Home Co. Ltd. Class A | 113379 |
| 970000 | Haier Smart Home Co. Ltd. Class H | 3140142 |
| 53000 | Haitian International Holdings Ltd. | 140486 |
| 485771 | Hangzhou Robam Appliances Co. Ltd. Class A | 1523302 |
| 532000 | Hansoh Pharmaceutical Group Co. Ltd. | 1675843 |
| 94000 | Hisense Home Appliances Group Co. Ltd. Class H <sup>(a)</sup> | 315691 |
| 2500 | Hithink RoyalFlush Information Network Co. Ltd. Class A | 99202 |
| 28600 | Huadong Medicine Co. Ltd. Class A | 144870 |
| 34500 | Huatai Securities Co. Ltd. Class A | 79037 |
| 567200 | Huatai Securities Co. Ltd. Class H | 917863 |
| 1206390 | Huaxia Bank Co. Ltd. Class A | 1302962 |
| 523300 | Huayu Automotive Systems Co. Ltd. Class A | 1305030 |
| 286000 | Hubei Jumpcan Pharmaceutical Co. Ltd. Class A | 1097706 |
| 92000 | HUTCHMED China Ltd.\*<sup>(a)</sup> | 283735 |
| 301200 | Industrial & Commercial Bank of China Ltd. Class A | 286378 |
| 6854000 | Industrial & Commercial Bank of China Ltd. Class H | 4897798 |
| 97700 | Industrial Bank Co. Ltd. Class A | 291205 |
| 140800 | Inner Mongolia Yili Industrial Group Co. Ltd. Class A | 545846 |
| 40500 | Innovent Biologics, Inc.\* | 244457 |
| 783400 | JD Logistics, Inc.\* | 1275864 |
| 431600 | JD.com, Inc. Class A | 8908033 |
| 30200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A | 205261 |
| 77460 | Jinko Solar Co. Ltd. Class A | 69329 |
| 40729 | Kanzhun Ltd., ADR\* | 780775 |
| 17111 | KE Holdings, Inc., ADR | 343760 |

---

See accompanying Notes to the Financial Statements. 15

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** |  |
| 289200 | Kingsoft Corp. Ltd. | 1403145 |
| 410000 | Kuaishou Technology\* | 2897419 |
| 1208000 | Lenovo Group Ltd. | 1639996 |
| 145400 | Li Auto, Inc. Class A \* | 1850369 |
| 926000 | Li Ning Co. Ltd. | 1901809 |
| 1454000 | Lonking Holdings Ltd. | 367784 |
| 64742 | Luckin Coffee, Inc., ADR\* | 2239426 |
| 5600 | Luzhou Laojiao Co. Ltd. Class A | 100594 |
| 614750 | Meituan Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12431228 |
| 21900 | Midea Group Co. Ltd.\* | 222918 |
| 286305 | Midea Group Co. Ltd. Class A | 3104271 |
| 135300 | NetEase, Inc. | 2788899 |
| 113400 | New China Life Insurance Co. Ltd. Class H | 433333 |
| 69190 | NIO, Inc. Class A \*<sup>(a)</sup> | 264432 |
| 69406 | PDD Holdings, Inc., ADR\* | 8214200 |
| 3006000 | People's Insurance Co. Group of China Ltd. Class H | 1555644 |
| 91600 | Ping An Bank Co. Ltd. Class A | 142268 |
| 51732 | Ping An Insurance Group Co. of China Ltd. Class A | 368812 |
| 1447500 | Ping An Insurance Group Co. of China Ltd. Class H | 8637518 |
| 53800 | Pop Mart International Group Ltd. | 1086819 |
| 138300 | Postal Savings Bank of China Co. Ltd. Class A | 99397 |
| 9806 | Qifu Technology, Inc., ADR | 440387 |
| 39800 | Sany Heavy Industry Co. Ltd. Class A | 104755 |
| 38300 | SF Holding Co. Ltd. Class A | 228267 |
| 198400 | Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 151906 |
| 63600 | Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 91623 |
| 973808 | Shanghai Pudong Development Bank Co. Ltd. Class A | 1401697 |
| 111900 | Shanghai Tunnel Engineering Co. Ltd. Class A | 96340 |
| 31500 | Sichuan Kelun Pharmaceutical Co. Ltd. Class A | 140031 |
| 179000 | Silergy Corp. | 2049037 |
| 380700 | Sinoma International Engineering Co. Class A | 503327 |
| 272000 | Sinotruk Hong Kong Ltd. | 738983 |
| 113400 | Sunny Optical Technology Group Co. Ltd. | 1048358 |
| 39721 | TAL Education Group, ADR\* | 524714 |
| 681000 | Tencent Holdings Ltd. | 43408264 |
| 682400 | Tian Di Science & Technology Co. Ltd. Class A | 603905 |
| 321900 | Tianshan Aluminum Group Co. Ltd. Class A | 394986 |
| 382000 | Tongcheng Travel Holdings Ltd. | 1032018 |
| 45750 | Trip.com Group Ltd. | 2920551 |
| 65420 | Universal Scientific Industrial Shanghai Co. Ltd. Class A | 158019 |
| 68138 | Vipshop Holdings Ltd., ADR\* | 1068404 |
| 1230000 | Weichai Power Co. Ltd. Class H | 2591288 |
| 205200 | Western Mining Co. Ltd. Class A | 483333 |
| 646200 | Wilmar International Ltd. | 1603020 |
| 11600 | WuXi AppTec Co. Ltd. Class A | 108569 |
| 42000 | Wuxi Biologics Cayman, Inc.\* | 146280 |
| 24600 | XD, Inc.\* | 102947 |
| 279364 | Xiamen Tungsten Co. Ltd. Class A | 746156 |
| 1404000 | Xiaomi Corp. Class B \* | 8917755 |

---

16 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** |  |
| 806000 | Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 793361 |
| 1032000 | Xinyi Solar Holdings Ltd.<sup>(a)</sup> | 395699 |
| 117500 | XPeng, Inc. Class A \*<sup>(a)</sup> | 1220553 |
| 104191 | Yealink Network Technology Corp. Ltd. Class A | 588352 |
| 1327549 | Yifeng Pharmacy Chain Co. Ltd. Class A | 4563143 |
| 29155 | Yum China Holdings, Inc. | 1517809 |
| 479601 | Yunnan Aluminium Co. Ltd. Class A | 1150874 |
| 12300 | Yunnan Baiyao Group Co. Ltd. Class A | 96403 |
| 27600 | Zhejiang Huahai Pharmaceutical Co. Ltd. Class A | 59486 |
| 21100 | Zhejiang Leapmotor Technology Co. Ltd.\* | 136520 |
| 479600 | Zhejiang Longsheng Group Co. Ltd. Class A | 623654 |
| 30300 | Zhejiang NHU Co. Ltd. Class A | 93634 |
| 658500 | Zhongsheng Group Holdings Ltd. | 1157825 |
| 99100 | Zijin Mining Group Co. Ltd. Class A | 249221 |
| 196600 | Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H <sup>(a)</sup> | 144449 |
| 18500 | ZTE Corp. Class A | 87647 |
| 67124 | ZTO Express Cayman, Inc., ADR<sup>(a)</sup> | 1331740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268841319 |
|  | **Colombia — 0.2%** |  |
| 20438 | Bancolombia SA | 229122 |
| 33137 | Bancolombia SA, ADR | 1332107 |
| 33752 | Interconexion Electrica SA ESP | 153767 |
|  |  | 1714996 |
|  | **Czech Republic — 0.1%** |  |
| 12829 | CEZ AS | 634162 |
| 5901 | Komercni Banka AS | 285576 |
| 20057 | Moneta Money Bank AS | 127041 |
|  |  | 1046779 |
|  | **Greece — 0.8%** |  |
| 589227 | Eurobank Ergasias Services & Holdings SA | 1584919 |
| 100717 | Jumbo SA | 2751312 |
| 106354 | National Bank of Greece SA | 1094731 |
| 36979 | OPAP SA | 734817 |
| 289461 | Piraeus Financial Holdings SA | 1592162 |
|  |  | 7757941 |
|  | **Hong Kong — 0.5%** |  |
| 88700 | ASMPT Ltd. | 622928 |
| 669000 | Hang Lung Properties Ltd. | 569821 |
| 14000 | Orient Overseas International Ltd. | 207586 |
| 3185000 | Sino Biopharmaceutical Ltd. | 1544883 |
| 2236500 | WH Group Ltd. | 2056786 |
|  |  | 5002004 |
|  | **Hungary — 0.4%** |  |
| 32435 | MOL Hungarian Oil & Gas PLC | 255037 |
| 36319 | OTP Bank Nyrt | 2442946 |

---

See accompanying Notes to the Financial Statements. 17

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Hungary — continued** |  |
| 43425 | Richter Gedeon Nyrt | 1194624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892607 |
|  | **India — 15.4%** |  |
| 10292 | ABB India Ltd. | 662162 |
| 22209 | Ajanta Pharma Ltd. | 673391 |
| 299108 | Ashok Leyland Ltd. | 709943 |
| 72118 | Aurobindo Pharma Ltd.\* | 969697 |
| 259751 | Axis Bank Ltd. | 3341550 |
| 14942 | Bajaj Auto Ltd. | 1372741 |
| 4513 | Bajaj Finance Ltd. | 469948 |
| 30693 | Bajaj Finserv Ltd. | 716937 |
| 534609 | Bank of Baroda | 1428344 |
| 605987 | Bharat Electronics Ltd. | 2117806 |
| 465118 | Bharat Petroleum Corp. Ltd. | 1505371 |
| 185896 | Bharti Airtel Ltd. | 3747860 |
| 4537 | Blue Star Ltd. | 113915 |
| 447 | Bosch Ltd. | 147222 |
| 9392 | Britannia Industries Ltd. | 543280 |
| 13057 | BSE Ltd. | 826343 |
| 1080895 | Canara Bank | 1119049 |
| 524084 | Cipla Ltd. | 8814939 |
| 47632 | Colgate-Palmolive India Ltd. | 1337001 |
| 18434 | Computer Age Management Services Ltd. | 795037 |
| 17289 | Cummins India Ltd. | 610374 |
| 25271 | Cyient Ltd. | 371352 |
| 21434 | Dabur India Ltd. | 126931 |
| 1712 | Divi's Laboratories Ltd. | 115436 |
| 1693 | Dixon Technologies India Ltd. | 259265 |
| 133947 | Dr. Reddy's Laboratories Ltd., ADR | 1766761 |
| 1740 | Eicher Motors Ltd. | 108794 |
| 98762 | Emami Ltd. | 669311 |
| 652823 | GAIL India Ltd. | 1385108 |
| 21100 | Glenmark Pharmaceuticals Ltd. | 377109 |
| 20767 | Grasim Industries Ltd. | 627847 |
| 94546 | Great Eastern Shipping Co. Ltd. | 1023759 |
| 11641 | Havells India Ltd. | 206926 |
| 122898 | HCL Technologies Ltd. | 2275740 |
| 7436 | HDFC Asset Management Co. Ltd. | 347980 |
| 940906 | HDFC Bank Ltd. | 20011632 |
| 1774 | HDFC Bank Ltd., ADR | 117865 |
| 71078 | HDFC Life Insurance Co. Ltd. | 565177 |
| 37079 | Hero MotoCorp Ltd. | 1612011 |
| 260047 | Hindalco Industries Ltd. | 2071319 |
| 36654 | Hindustan Aeronautics Ltd. | 1784896 |
| 265609 | Hindustan Petroleum Corp. Ltd. | 1113629 |
| 140560 | Hindustan Unilever Ltd. | 3711105 |
| 27521 | Hyundai Motor India Ltd.\* | 550598 |
| 128489 | ICICI Bank Ltd. | 2024023 |

---

18 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** |  |
| 143009 | ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507644 |
| 38320 | ICICI Lombard General Insurance Co. Ltd. | 798048 |
| 89562 | ICICI Prudential Life Insurance Co. Ltd. | 591113 |
| 35093 | Indian Hotels Co. Ltd. | 321736 |
| 1021628 | Indian Oil Corp. Ltd. | 1516991 |
| 94218 | Indus Towers Ltd.\* | 365128 |
| 182427 | Infosys Ltd. | 3333097 |
| 301433 | Infosys Ltd., ADR<sup>(a)</sup> | 5501152 |
| 6067 | InterGlobe Aviation Ltd.\* | 361297 |
| 229544 | Jio Financial Services Ltd.\* | 606478 |
| 169574 | Kotak Mahindra Bank Ltd. | 4307327 |
| 26847 | KPIT Technologies Ltd. | 408428 |
| 32760 | LIC Housing Finance Ltd. | 215122 |
| 66333 | Lupin Ltd. | 1571178 |
| 105121 | Mahindra & Mahindra Ltd. | 3263040 |
| 149023 | Marico Ltd. | 1137021 |
| 7123 | Maruti Suzuki India Ltd. | 956669 |
| 29489 | Mphasis Ltd. | 852971 |
| 1256 | Multi Commodity Exchange of India Ltd. | 77462 |
| 39218 | Muthoot Finance Ltd. | 1087619 |
| 220993 | National Aluminium Co. Ltd. | 449173 |
| 1742604 | NMDC Ltd. | 1396776 |
| 8305 | Oracle Financial Services Software Ltd. | 755889 |
| 1458 | Page Industries Ltd. | 733671 |
| 9872 | Persistent Systems Ltd. | 627063 |
| 503205 | Petronet LNG Ltd. | 1717441 |
| 27044 | PI Industries Ltd. | 1082292 |
| 33154 | Pidilite Industries Ltd. | 1100961 |
| 35373 | PNB Housing Finance Ltd.\* | 361832 |
| 114502 | Power Finance Corp. Ltd. | 550704 |
| 533779 | Power Grid Corp. of India Ltd. | 1804453 |
| 1057657 | Punjab National Bank | 1177962 |
| 202173 | REC Ltd. | 1007866 |
| 602932 | Reliance Industries Ltd. | 8959960 |
| 216215 | Samvardhana Motherson International Ltd. | 330197 |
| 164381 | Shriram Finance Ltd. | 1255907 |
| 10224 | SRF Ltd. | 351145 |
| 11523 | State Bank of India | 103554 |
| 133598 | Sun Pharmaceutical Industries Ltd. | 2707013 |
| 37482 | Sun TV Network Ltd. | 281693 |
| 143871 | Syngene International Ltd. | 1208075 |
| 107541 | Tata Consultancy Services Ltd. | 4516697 |
| 281529 | Tata Motors Ltd. | 2212155 |
| 239809 | Tata Steel Ltd. | 429275 |
| 91398 | Tech Mahindra Ltd. | 1503254 |
| 15915 | Torrent Pharmaceuticals Ltd. | 596937 |
| 2862 | Trent Ltd. | 176953 |
| 772519 | Union Bank of India Ltd. | 1131035 |
| 93139 | United Spirits Ltd. | 1528970 |

---

See accompanying Notes to the Financial Statements. 19

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** |  |
| 301729 | UPL Ltd. | 2239425 |
| 61065 | Voltas Ltd. | 1042721 |
| 556786 | Wipro Ltd. | 1698365 |
| 154423 | Zomato Ltd.\* | 361974 |
| 101461 | Zydus Lifesciences Ltd. | 1048876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153477269 |
|  | **Indonesia — 1.4%** |  |
| 6789800 | Astra International Tbk. PT | 2011319 |
| 7324700 | Bank Central Asia Tbk. PT | 3730386 |
| 2910200 | Bank Mandiri Persero Tbk. PT\* | 911064 |
| 411100 | Bank Negara Indonesia Persero Tbk. PT\* | 104197 |
| 15221599 | Bank Rakyat Indonesia Persero Tbk. PT | 3681661 |
| 35137100 | GoTo Gojek Tokopedia Tbk. PT\* | 174413 |
| 179600 | Indofood CBP Sukses Makmur Tbk. PT | 110077 |
| 3976500 | Kalbe Farma Tbk. PT | 271502 |
| 7054900 | Perusahaan Gas Negara Tbk. PT | 659278 |
| 6568400 | Telkom Indonesia Persero Tbk. PT | 958151 |
| 6486 | Telkom Indonesia Persero Tbk. PT, ADR | 95798 |
| 847800 | United Tractors Tbk. PT | 1201313 |
|  |  | 13909159 |
|  | **Italy — 0.4%** |  |
| 81818 | Coca-Cola HBC AG | 3701944 |
|  | **Japan — 0.2%** |  |
| 154500 | Nexon Co. Ltd. | 2118189 |
|  | **Kazakhstan — 0.2%** |  |
| 23082 | Kaspi.KZ JSC, ADR | 2143164 |
| 443510 | Solidcore Resources PLC\*<sup>(b)(c)</sup> |  |
|  |  | 2143164 |
|  | **Kuwait — 0.3%** |  |
| 115403 | Boubyan Bank KSCP | 256892 |
| 57875 | Kuwait Finance House KSCP | 149013 |
| 680075 | National Bank of Kuwait SAKP | 2312401 |
| 386857 | National Industries Group Holding SAK | 325064 |
|  |  | 3043370 |
|  | **Luxembourg — 0.0%** |  |
| 23237 | Zabka Group SA\* | 124229 |
|  | **Macau — 0.2%** |  |
| 301139 | Galaxy Entertainment Group Ltd. | 1182878 |
| 321600 | Sands China Ltd.\* | 647754 |
|  |  | 1830632 |
|  | **Malaysia — 1.0%** |  |
| 1134500 | AMMB Holdings Bhd. | 1428268 |

---

20 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Malaysia — continued** |  |
| 320300 | Axiata Group Bhd. | 128780 |
| 473400 | CIMB Group Holdings Bhd. | 745034 |
| 139400 | Hong Leong Bank Bhd. | 632355 |
| 428500 | Malayan Banking Bhd. | 976785 |
| 472600 | Petronas Chemicals Group Bhd. | 384090 |
| 25900 | Petronas Dagangan Bhd. | 106125 |
| 753100 | Public Bank Bhd. | 748598 |
| 936400 | RHB Bank Bhd. | 1442815 |
| 224500 | SD Guthrie Bhd. | 248120 |
| 474100 | Sime Darby Bhd. | 235335 |
| 723100 | Telekom Malaysia Bhd. | 1064380 |
| 593200 | Tenaga Nasional Bhd. | 1789010 |
| 260800 | YTL Corp. Bhd. | 116353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10046048 |
|  | **Mexico — 3.2%** |  |
| 130700 | Alfa SAB de CV Class A \*<sup>(a)</sup> | 101835 |
| 69279 | America Movil SAB de CV, ADR | 985147 |
| 319180 | Arca Continental SAB de CV<sup>(a)</sup> | 3338571 |
| 221100 | Banco del Bajio SA<sup>(a)</sup> | 481793 |
| 203564 | Cemex SAB de CV, ADR | 1141994 |
| 42231 | Coca-Cola Femsa SAB de CV, ADR | 3855268 |
| 309671 | Credito Real SAB de CV SOFOM ER\*<sup>(a)(b)(c)</sup> |  |
| 85152 | Fomento Economico Mexicano SAB de CV, ADR | 8309132 |
| 67901 | Fresnillo PLC | 827243 |
| 14025 | Gruma SAB de CV Class B | 252211 |
| 12100 | Grupo Aeroportuario del Centro Norte SAB de CV | 118881 |
| 628831 | Grupo Financiero Banorte SAB de CV Class O <sup>(a)</sup> | 4367153 |
| 370900 | Grupo Mexico SAB de CV | 1853571 |
| 12000 | Industrias Penoles SAB de CV\*<sup>(a)</sup> | 223198 |
| 806988 | Kimberly-Clark de Mexico SAB de CV Class A <sup>(a)</sup> | 1322611 |
| 57765 | Promotora y Operadora de Infraestructura SAB de CV | 582161 |
| 7291 | Southern Copper Corp. | 681417 |
| 162906 | Unifin Financiera SAB de CV\*<sup>(a)(b)(c)</sup> | 9556 |
| 1242844 | Wal-Mart de Mexico SAB de CV<sup>(a)</sup> | 3436642 |
|  |  | 31888384 |
|  | **Netherlands — 0.4%** |  |
| 52082 | Heineken Holding NV | 3777619 |
|  | **Panama — 0.2%** |  |
| 19042 | Copa Holdings SA Class A | 1760623 |
|  | **Peru — 0.5%** |  |
| 13393 | Cia de Minas Buenaventura SAA, ADR | 209333 |
| 25559 | Credicorp Ltd. | 4758063 |
|  |  | 4967396 |
|  | **Philippines — 0.4%** |  |
| 19640 | Ayala Corp. | 202722 |

---

See accompanying Notes to the Financial Statements. 21

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Philippines — continued** |  |
| 507000 | Ayala Land, Inc. | 203821 |
| 136270 | Bank of the Philippine Islands | 314336 |
| 424560 | BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136941 |
| 29090 | GT Capital Holdings, Inc. | 259168 |
| 81310 | International Container Terminal Services, Inc. | 504761 |
| 35600 | Jollibee Foods Corp. | 149226 |
| 57130 | Metropolitan Bank & Trust Co. | 72930 |
| 13247 | PLDT, Inc., ADR | 289712 |
| 808710 | Universal Robina Corp. | 997761 |
|  |  | 4131378 |
|  | **Poland — 0.7%** |  |
| 32802 | Alior Bank SA | 1020339 |
| 256640 | Allegro.eu SA\* | 2085466 |
| 9265 | Asseco Poland SA | 379077 |
| 2594 | Bank Polska Kasa Opieki SA | 118574 |
| 5683 | CCC SA\* | 344798 |
| 5058 | CD Projekt SA | 277684 |
| 16854 | KGHM Polska Miedz SA | 552507 |
| 86217 | Orange Polska SA | 195489 |
| 54000 | Powszechna Kasa Oszczednosci Bank Polski SA | 1053984 |
| 65444 | Powszechny Zaklad Ubezpieczen SA | 950214 |
|  |  | 6978132 |
|  | **Portugal — 0.4%** |  |
| 166048 | Jeronimo Martins SGPS SA | 3523646 |
|  | **Qatar — 0.3%** |  |
| 295427 | Barwa Real Estate Co. | 213415 |
| 122677 | Ooredoo QPSC | 397022 |
| 150528 | Qatar Islamic Bank QPSC | 852333 |
| 354418 | Qatar National Bank QPSC | 1557361 |
|  |  | 3020131 |
|  | **Russia — 0.0%** |  |
| 214920 | Evraz PLC\*<sup>(b)(c)(d)</sup> | 5548 |
| 7610 | Gazprom Neft PJSC<sup>(b)(c)(d)</sup> | 360 |
| 1043282 | Gazprom PJSC<sup>(b)(c)(d)</sup> | 28559 |
| 99121 | Globaltrans Investment PLC, GDR\*<sup>(b)(c)(d)(e)</sup> | 3965 |
| 1645900 | GMK Norilskiy Nickel PAO\*<sup>(b)(c)(d)</sup> | 38841 |
| 5000 | HeadHunter Group PLC, ADR\*<sup>(b)(c)(d)</sup> | 750 |
| 44258 | LSR Group PJSC<sup>(b)(c)(d)</sup> | 2716 |
| 136755 | LUKOIL PJSC<sup>(b)(c)(d)</sup> | 80359 |
| 8543 | Magnit PJSC<sup>(b)(c)(d)</sup> | 3125 |
| 984659 | Magnitogorsk Iron & Steel Works PJSC<sup>(b)(c)(d)</sup> | 5617 |
| 9 | MMC Norilsk Nickel PJSC, ADR\*<sup>(b)(c)(d)</sup> | 2 |
| 126700 | Mobile TeleSystems PJSC, ADR\*<sup>(b)(c)(d)</sup> | 7602 |
| 154250 | Novatek PJSC<sup>(b)(c)(d)</sup> | 22387 |
| 1715500 | Novolipetsk Steel PJSC<sup>(b)(c)(d)</sup> | 37953 |
| 5323 | PhosAgro PJSC<sup>(b)(c)(d)(f)</sup> | 3231 |

---

22 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Russia — continued** |  |
| 103 | PhosAgro PJSC\*<sup>(b)(c)(d)(e)(f)</sup> | 19 |
| 2 | PhosAgro PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> | 0 |
| 250620 | Polyus PJSC\*<sup>(b)(c)(d)(e)</sup> | 32896 |
| 1 | Polyus PJSC, GDR\*<sup>(b)(c)(d)</sup> | 1 |
| 4954 | Ros Agro PLC, GDR\*<sup>(b)(c)(d)(e)</sup> | 495 |
| 5496180 | Sberbank of Russia PJSC<sup>(b)(c)(d)</sup> | 84307 |
| 105511 | Severstal PAO, GDR\*<sup>(b)(c)(d)(e)</sup> | 16882 |
| 25625090 | Surgutneftegas PAO<sup>(b)(c)(d)</sup> | 66519 |
| 598704 | Tatneft PJSC<sup>(b)(c)(d)</sup> | 25997 |
| 8773 | TCS Group Holding PLC, GDR\*<sup>(b)(c)(d)(e)(f)</sup> | 3158 |
| 16391 | TCS Group Holding PLC, GDR\*<sup>(b)(c)(d)(e)(f)</sup> | 6429 |
| 47122 | X5 Retail Group NV, GDR\*<sup>(b)(c)(d)(e)</sup> | 5655 |
|  |  | 483373 |
|  | **Saudi Arabia — 2.5%** |  |
| 92014 | Al Rajhi Bank | 2500423 |
| 92618 | Alinma Bank | 756215 |
| 12693 | Almarai Co. JSC | 187722 |
| 274566 | Arab National Bank | 1690102 |
| 2386 | Astra Industrial Group Co. | 99007 |
| 343537 | Banque Saudi Fransi | 1697168 |
| 19020 | Co. for Cooperative Insurance | 723203 |
| 596 | Elm Co. | 153770 |
| 111326 | Etihad Etisalat Co. | 1809065 |
| 46524 | Jarir Marketing Co. | 160780 |
| 6454 | Nahdi Medical Co. | 198083 |
| 255745 | Riyad Bank | 2240532 |
| 57428 | SABIC Agri-Nutrients Co. | 1617382 |
| 251168 | Saudi Arabian Oil Co. | 1788204 |
| 205892 | Saudi Awwal Bank | 2048469 |
| 21689 | Saudi Basic Industries Corp. | 367342 |
| 211564 | Saudi Investment Bank | 820273 |
| 335368 | Saudi National Bank | 3202639 |
| 175198 | Saudi Telecom Co. | 2111424 |
| 76120 | Yanbu National Petrochemical Co. | 703144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24874947 |
|  | **Singapore — 0.3%** |  |
| 20485 | Sea Ltd., ADR\* | 2673088 |
|  | **South Africa — 2.7%** |  |
| 96267 | Absa Group Ltd. | 922281 |
| 93331 | AVI Ltd. | 449258 |
| 125884 | Bid Corp. Ltd.<sup>(a)</sup> | 3008186 |
| 574 | Capitec Bank Holdings Ltd. | 97216 |
| 125708 | Clicks Group Ltd. | 2320917 |
| 31582 | Discovery Ltd.<sup>(a)</sup> | 342754 |
| 39499 | Gold Fields Ltd. | 869707 |
| 64443 | Gold Fields Ltd., ADR<sup>(a)</sup> | 1423546 |

---

See accompanying Notes to the Financial Statements. 23

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Africa — continued** |  |
| 25106 | Harmony Gold Mining Co. Ltd. | 366863 |
| 27655 | Impala Platinum Holdings Ltd.\* | 189990 |
| 150231 | Investec Ltd. | 931931 |
| 65496 | Kumba Iron Ore Ltd.<sup>(a)</sup> | 1111443 |
| 131559 | Lewis Group Ltd. | 507797 |
| 688077 | Momentum Group Ltd. | 1168850 |
| 43096 | Mr. Price Group Ltd. | 522323 |
| 61814 | MTN Group Ltd. | 415080 |
| 12902 | Naspers Ltd. Class N | 3195057 |
| 6242 | Nedbank Group Ltd. | 87522 |
| 2188929 | Old Mutual Ltd. | 1417434 |
| 126864 | OUTsurance Group Ltd. | 481513 |
| 1105725 | Redefine Properties Ltd., REIT | 252007 |
| 400384 | Sanlam Ltd. | 1796205 |
| 60476 | Sappi Ltd. | 119013 |
| 198862 | Sasol Ltd.\* | 828122 |
| 511355 | Sibanye Stillwater Ltd.\* | 578270 |
| 210722 | Standard Bank Group Ltd. | 2748676 |
| 5969 | Tiger Brands Ltd. | 90305 |
| 71909 | Vodacom Group Ltd. | 490074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26732340 |
|  | **South Korea — 7.9%** |  |
| 3193 | Alteogen, Inc.\* | 780943 |
| 13069 | Amorepacific Corp. | 908177 |
| 3581 | Celltrion, Inc. | 413653 |
| 650 | CJ CheilJedang Corp. | 109327 |
| 37850 | Coupang, Inc.\* | 830050 |
| 13272 | Coway Co. Ltd. | 732145 |
| 7103 | DB HiTek Co. Ltd. | 207528 |
| 22647 | DB Insurance Co. Ltd. | 1366865 |
| 2662 | Doosan Bobcat, Inc. | 91148 |
| 10314 | Ecopro Co. Ltd. | 352489 |
| 22213 | Hana Financial Group, Inc. | 903997 |
| 1821 | Hanjin Kal Corp. | 100781 |
| 53134 | Hankook Tire & Technology Co. Ltd. | 1431891 |
| 2439 | Hanwha Aerospace Co. Ltd. | 1038459 |
| 3355 | HD Hyundai Co. Ltd. | 165854 |
| 2850 | HD Hyundai Heavy Industries Co. Ltd. | 545263 |
| 3232 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 443622 |
| 27241 | HL Mando Co. Ltd. | 722520 |
| 20843 | HMM Co. Ltd. | 277932 |
| 13081 | Hyundai Glovis Co. Ltd. | 1003182 |
| 4356 | Hyundai Marine & Fire Insurance Co. Ltd.\* | 64965 |
| 17262 | Hyundai Mobis Co. Ltd. | 3070458 |
| 13372 | Hyundai Rotem Co. Ltd. | 962124 |
| 9694 | Kakao Corp. | 257985 |
| 55449 | KakaoBank Corp. | 837149 |
| 54966 | KB Financial Group, Inc. | 2954540 |

---

24 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** |  |
| 32494 | Kia Corp. | 2051919 |
| 53077 | Korea Electric Power Corp. | 786446 |
| 41251 | Korea Investment Holdings Co. Ltd. | 2058223 |
| 72068 | Korean Air Lines Co. Ltd. | 1048175 |
| 7458 | Krafton, Inc.\* | 1701330 |
| 71450 | KT Corp., ADR<sup>(a)</sup> | 1265379 |
| 3764 | LG Chem Ltd. | 634074 |
| 7481 | LG Corp. | 330680 |
| 3123 | LG Electronics, Inc. | 165266 |
| 1301 | LG Innotek Co. Ltd. | 142983 |
| 1195 | LigaChem Biosciences, Inc.\* | 77791 |
| 1132 | LS Electric Co. Ltd. | 137941 |
| 7585 | Meritz Financial Group, Inc. | 632166 |
| 19387 | NAVER Corp. | 2529257 |
| 18284 | Netmarble Corp. | 491203 |
| 2595 | Orion Corp. | 208067 |
| 6978 | Samsung C&T Corp. | 557524 |
| 20093 | Samsung Electro-Mechanics Co. Ltd. | 1776959 |
| 573639 | Samsung Electronics Co. Ltd. | 22717099 |
| 37625 | Shinhan Financial Group Co. Ltd. | 1201381 |
| 7938 | SK Biopharmaceuticals Co. Ltd.\* | 539102 |
| 82973 | SK Hynix, Inc. | 11003232 |
| 5102 | SK Innovation Co. Ltd.\* | 392533 |
| 17199 | SK Square Co. Ltd.\* | 1107781 |
| 23429 | SK Telecom Co. Ltd. | 883571 |
| 56585 | SK Telecom Co. Ltd., ADR | 1202997 |
| 2790 | SK, Inc. | 247361 |
| 16318 | S-Oil Corp. | 624316 |
| 155752 | Woori Financial Group, Inc. | 1743965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78831768 |
|  | **Taiwan — 13.4%** |  |
| 22000 | Accton Technology Corp. | 388808 |
| 398792 | Advantech Co. Ltd. | 4518002 |
| 186000 | ASE Technology Holding Co. Ltd. | 815054 |
| 252000 | Asia Cement Corp. | 355606 |
| 22000 | Asia Vital Components Co. Ltd. | 306496 |
| 71000 | Asustek Computer, Inc. | 1310794 |
| 236000 | AUO Corp. | 96295 |
| 68523 | Bizlink Holding, Inc. | 1052215 |
| 1296000 | Cathay Financial Holding Co. Ltd. | 2405678 |
| 86000 | Cheng Shin Rubber Industry Co. Ltd. | 130556 |
| 476000 | China Airlines Ltd. | 323625 |
| 115000 | Chroma ATE, Inc. | 1006595 |
| 1945000 | Compal Electronics, Inc. | 1878861 |
| 1193000 | CTBC Financial Holding Co. Ltd. | 1422704 |
| 152000 | Delta Electronics, Inc. | 1675458 |
| 911000 | E.Sun Financial Holding Co. Ltd. | 790748 |
| 265000 | Elan Microelectronics Corp. | 1090032 |

---

See accompanying Notes to the Financial Statements. 25

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** |  |
| 6000 | Elite Material Co. Ltd. | 100599 |
| 1035000 | Eva Airways Corp. | 1270277 |
| 264000 | Evergreen Marine Corp. Taiwan Ltd. | 1761140 |
| 233000 | Far Eastern New Century Corp. | 231320 |
| 1058000 | Fubon Financial Holding Co. Ltd. | 2726288 |
| 12000 | Genius Electronic Optical Co. Ltd. | 142760 |
| 157000 | Giant Manufacturing Co. Ltd. | 665560 |
| 67745 | Globalwafers Co. Ltd. | 656092 |
| 175000 | Hiwin Technologies Corp. | 1286182 |
| 762000 | Hon Hai Precision Industry Co. Ltd. | 3404949 |
| 9000 | International Games System Co. Ltd. | 210486 |
| 1227000 | KGI Financial Holding Co. Ltd. | 637743 |
| 2000 | King Slide Works Co. Ltd. | 100838 |
| 24000 | Largan Precision Co. Ltd. | 1716967 |
| 193930 | MediaTek, Inc. | 8177437 |
| 118000 | Mitac Holdings Corp.\* | 197178 |
| 54000 | Nien Made Enterprise Co. Ltd. | 646560 |
| 32000 | Novatek Microelectronics Corp. | 528111 |
| 558000 | Pegatron Corp. | 1418108 |
| 19000 | PharmaEssentia Corp.\* | 299451 |
| 14000 | Phison Electronics Corp. | 224381 |
| 1247000 | Pou Chen Corp. | 1331927 |
| 379998 | President Chain Store Corp. | 2876518 |
| 461000 | Primax Electronics Ltd. | 1158996 |
| 199000 | Radiant Opto-Electronics Corp. | 1081252 |
| 107000 | Realtek Semiconductor Corp. | 1697383 |
| 467000 | SinoPac Financial Holdings Co. Ltd. | 313924 |
| 131000 | Sitronix Technology Corp. | 765079 |
| 935000 | Taishin Financial Holding Co. Ltd. | 486189 |
| 533000 | Taiwan Business Bank | 235226 |
| 2581924 | Taiwan Semiconductor Manufacturing Co. Ltd. | 71978378 |
| 374000 | Uni-President Enterprises Corp. | 910124 |
| 26000 | Voltronic Power Technology Corp. | 1203475 |
| 159000 | Wan Hai Lines Ltd. | 375143 |
| 260000 | Winbond Electronics Corp.\* | 138508 |
| 65000 | Wistron Corp. | 189578 |
| 164000 | Wistron NeWeb Corp. | 692382 |
| 454000 | Yang Ming Marine Transport Corp. | 1020503 |
| 1185000 | Yuanta Financial Holding Co. Ltd. | 1197469 |
| 33000 | Zhen Ding Technology Holding Ltd. | 103924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133725932 |
|  | **Thailand — 1.5%** |  |
| 311000 | Bangkok Bank PCL, NVDR | 1354719 |
| 2009900 | Charoen Pokphand Foods PCL, NVDR | 1414818 |
| 756400 | CP ALL PCL, NVDR | 1104760 |
| 160800 | CP Axtra PCL, NVDR | 123751 |
| 959600 | Indorama Ventures PCL, NVDR | 556077 |
| 521900 | Kasikornbank PCL Class F | 2489313 |

---

26 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Thailand — continued** |  |
| 2077800 | Krung Thai Bank PCL, NVDR | 1480578 |
| 340900 | PTT Exploration & Production PCL Class F | 1173662 |
| 349900 | SCB X PCL Class F | 1269101 |
| 77100 | Siam Cement PCL Class F | 356509 |
| 2686500 | Thai Beverage PCL | 1016227 |
| 1316900 | Thai Union Group PCL, NVDR | 424698 |
| 1749600 | Thai Union Group PCL Class F | 564244 |
| 22994100 | TMBThanachart Bank PCL, NVDR | 1331934 |
| 1642100 | True Corp. PCL, NVDR\* | 569095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15229486 |
|  | **Turkey — 0.4%** |  |
| 565123 | Akbank TAS | 776955 |
| 83386 | Haci Omer Sabanci Holding AS | 184386 |
| 169954 | KOC Holding AS | 731643 |
| 177822 | Turk Hava Yollari AO\* | 1455522 |
| 54168 | Turkcell Iletisim Hizmetleri AS | 136566 |
| 1416058 | Turkiye Is Bankasi AS Class C | 456838 |
| 77548 | Turkiye Petrol Rafinerileri AS | 281721 |
| 283762 | Yapi ve Kredi Bankasi AS | 179485 |
|  |  | 4203116 |
|  | **United Arab Emirates — 0.9%** |  |
| 324056 | Abu Dhabi Commercial Bank PJSC | 962284 |
| 191872 | Abu Dhabi Islamic Bank PJSC | 838492 |
| 471285 | Aldar Properties PJSC | 1081067 |
| 89020 | Dubai Islamic Bank PJSC | 173751 |
| 77457 | Emaar Development PJSC | 258579 |
| 651855 | Emaar Properties PJSC | 2374757 |
| 146062 | Emirates NBD Bank PJSC | 803960 |
| 99037 | Emirates Telecommunications Group Co. PJSC | 455435 |
| 548360 | First Abu Dhabi Bank PJSC | 2061442 |
|  |  | 9009767 |
|  | **United Kingdom — 0.5%** |  |
| 47078 | Anglogold Ashanti PLC | 1769444 |
| 47866 | Unilever PLC | 2849350 |
|  |  | 4618794 |
|  | **United States — 0.5%** |  |
| 22133 | Cognizant Technology Solutions Corp. Class A | 1693174 |
| 13400 | GCC SAB de CV | 122916 |
| 13634 | Globant SA\*<sup>(a)</sup> | 1604994 |
| 192200 | JBS SA | 1379509 |
|  |  | 4800593 |
|  | **Vietnam — 0.2%** |  |
| 720700 | Vietnam Dairy Products JSC | 1708376 |

---

See accompanying Notes to the Financial Statements. 27

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Zambia — 0.3%** |  |
| 211472 | First Quantum Minerals Ltd.\* | 2843136 |
|  | TOTAL COMMON STOCKS (COST $981,687,627) | 912482385 |
|  | **PREFERRED STOCKS — 1.5%** |  |
|  | **Brazil — 1.3%** |  |
| 683100 | Banco Bradesco SA, 8.79% | 1511070 |
| 1560800 | Cia Energetica de Minas Gerais, 13.48% | 2795878 |
| 359500 | Gerdau SA, 4.95% | 1015549 |
| 595980 | Itau Unibanco Holding SA, 7.61% | 3268309 |
| 1985531 | Itausa SA, 9.59% | 3275910 |
| 151500 | Petroleo Brasileiro SA, 16.56% | 982906 |
|  |  | 12849622 |
|  | **South Korea — 0.2%** |  |
| 2869 | Hyundai Motor Co., 8.16%, Second-Preferred Stock | 290608 |
| 1854 | Hyundai Motor Co., 8.18% | 185727 |
| 63298 | Samsung Electronics Co. Ltd., 2.30% | 2047497 |
|  |  | 2523832 |
|  | TOTAL PREFERRED STOCKS (COST $17,058,835) | 15373454 |
|  | **RIGHTS — 0.0%** |  |
|  | **Brazil — 0.0%** |  |
| 18249 | Itausa SA, Expires 04/11/25\* | 9526 |
|  | TOTAL RIGHTS (COST $—) | 9526 |
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.2%** |  |
|  | **Mutual Fund - Securities Lending Collateral — 0.2%** |  |
| 2150443 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%<sup>(g)(h)</sup> | 2150443 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $2,150,443) | 2150443 |
|  | **TOTAL INVESTMENTS — 93.5%**<br> (Cost $1,000,896,905) | 930015808 |
|  | Other Assets and Liabilities (net) — 6.5% | 64416622 |
|  | **NET ASSETS — 100.0%** | $**994432430** |

---

**Notes to Schedule of Investments:** <br>

\* Non-income producing security.

(a) All or a portion of this security is out on loan.

(b) Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund.

28 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### March 31, 2025
(c) Securities fair valued by the Valuation Committee. The total market value of the securities at year end is $492,929 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2025 was $94,698,977.

(d) Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total market value of the securities at year end is $483,373 which represents 0.0% of net assets. The aggregate cost of these securities held at March 31, 2025 was $85,541,075.

(e) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

(f) Securities are traded on separate exchanges for the same entity.

(g) The rate disclosed is the 7-day net yield as of March 31, 2025.

(h) Represents an investment of securities lending cash collateral.

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br> Contracts  | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Buys |  |  |  |  |
| 1011 | MSCI Emerging Markets E-mini Index | Jun 2025 | $56150940 | $(297486) |

---

---

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

---

See accompanying Notes to the Financial Statements. 29

------

#### Mercer Emerging Markets Equity Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
|  Financial | 23.2 |
|  Technology | 17.3 |
|  Communications | 16.5 |
|  Consumer, Non-cyclical | 10.6 |
|  Consumer, Cyclical | 10.3 |
|  Industrial | 5.9 |
|  Basic Materials | 4.5 |
|  Energy | 3.2 |
|  Utilities | 1.4 |
|  Diversified | 0.4 |
|  Short-Term Investment | 0.2 |
|  Other Assets and Liabilities (net) | 6.5 |
|  | 100.0% |

---

30 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.0%** |  |
|  | **Australia — 2.0%** |  |
| 620761 | AGL Energy Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062411 |
| 30141 | Aristocrat Leisure Ltd. | 1213927 |
| 1358851 | Aurizon Holdings Ltd. | 2634210 |
| 681000 | Bank of Queensland Ltd.<sup>(a)</sup> | 2874874 |
| 77550 | Brambles Ltd. | 972891 |
| 41228 | Downer EDI Ltd. | 140176 |
| 225700 | Elders Ltd. | 947046 |
| 2288315 | Glencore PLC\* | 8411361 |
| 606100 | Harvey Norman Holdings Ltd.<sup>(a)</sup> | 1898841 |
| 1256900 | Helia Group Ltd. | 3135129 |
| 4748 | HUB24 Ltd. | 203221 |
| 475600 | Metcash Ltd. | 940938 |
| 41778 | Myer Holdings Ltd. | 17012 |
| 7413 | Netwealth Group Ltd. | 119553 |
| 70209 | Northern Star Resources Ltd.<sup>(a)</sup> | 808473 |
| 1056815 | OceanaGold Corp. | 3524552 |
| 1206200 | Perenti Ltd. | 1008754 |
| 3193 | Pro Medicus Ltd. | 402417 |
| 932965 | Qantas Airways Ltd. | 5305938 |
| 495800 | QBE Insurance Group Ltd. | 6811035 |
| 2952 | REA Group Ltd.<sup>(a)</sup> | 407691 |
| 166100 | Rio Tinto Ltd.<sup>(a)</sup> | 12045205 |
| 14923 | SEEK Ltd.<sup>(a)</sup> | 200788 |
| 533758 | Super Retail Group Ltd.<sup>(a)</sup> | 4316624 |
| 16240 | Technology One Ltd. | 284308 |
| 334054 | Telstra Group Ltd. | 878297 |
| 51401 | Ventia Services Group Pty. Ltd. | 129713 |
| 59137 | Wesfarmers Ltd. | 2672367 |
| 606338 | Woodside Energy Group Ltd.<sup>(a)</sup> | 8748675 |
| 70200 | Woolworths Group Ltd. | 1296874 |
|  |  | 76413301 |
|  | **Austria — 0.4%** |  |
| 50522 | ANDRITZ AG | 2832971 |
| 5427 | BAWAG Group AG 144A | 560248 |
| 17121 | Erste Group Bank AG<sup>(b)</sup> | 1188312 |
| 2891 | Erste Group Bank AG<sup>(b)</sup> | 201215 |
| 25798 | EVN AG | 598367 |
| 107642 | OMV AG | 5516482 |
| 9905 | Raiffeisen Bank International AG | 256193 |
| 6280 | voestalpine AG | 153660 |
| 70300 | Wienerberger AG | 2356273 |
|  |  | 13663721 |
|  | **Belgium — 0.4%** |  |
| 49000 | Ageas SA | 2940992 |
| 79214 | Anheuser-Busch InBev SA | 4872671 |
| 33 | Lotus Bakeries NV | 293645 |

---

See accompanying Notes to the Financial Statements. 31

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Belgium — continued** |  |
| 21907 | Proximus SADP<sup>(a)</sup> | 162239 |
| 78200 | Solvay SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779950 |
| 17400 | Syensqo SA | 1189309 |
| 5915 | UCB SA | 1042131 |
| 9560 | Umicore SA | 99073 |
|  |  | 13380010 |
|  | **Brazil — 0.6%** |  |
| 524824 | Ambev SA, ADR | 1222840 |
| 190804 | Petroleo Brasileiro SA, Preferred ADR | 2488084 |
| 341800 | Vale SA | 3383597 |
| 25837 | Wheaton Precious Metals Corp.<sup>(b)</sup> | 2005726 |
| 164578 | Wheaton Precious Metals Corp.<sup>(a)(b)</sup> | 12769446 |
| 31200 | Yara International ASA | 943416 |
|  |  | 22813109 |
|  | **Burkina Faso — 0.0%** |  |
| 32321 | IAMGOLD Corp.\* | 201662 |
|  | **Canada — 5.6%** |  |
| 120932 | Agnico Eagle Mines Ltd.<sup>(b)</sup> | 13100231 |
| 50718 | Agnico Eagle Mines Ltd.<sup>(b)</sup> | 5498338 |
| 9431 | Air Canada\*<sup>(a)</sup> | 92852 |
| 25065 | Alamos Gold, Inc. Class A <sup>(a)</sup> | 669619 |
| 4731 | Aritzia, Inc.\*<sup>(a)</sup> | 166263 |
| 10931 | Atco Ltd. Class I | 380658 |
| 1360404 | Barrick Gold Corp. | 26446254 |
| 9723 | BCE, Inc. | 223240 |
| 6647 | Brookfield Renewable Corp. | 185584 |
| 4585 | Canadian Apartment Properties REIT, REIT | 137431 |
| 88700 | Canadian Imperial Bank of Commerce<sup>(a)</sup> | 4988894 |
| 30919 | Canadian National Railway Co. | 3013366 |
| 38300 | Canadian Tire Corp. Ltd. Class A <sup>(a)</sup> | 3976760 |
| 4741 | Canadian Utilities Ltd. Class A | 121881 |
| 8416 | CCL Industries, Inc. Class B <sup>(a)</sup> | 411020 |
| 78497 | Cenovus Energy, Inc. | 1091893 |
| 402652 | Centerra Gold, Inc. | 2554256 |
| 43463 | CGI, Inc.<sup>(b)</sup> | 4338297 |
| 80681 | CGI, Inc.<sup>(b)</sup> | 8054384 |
| 2223 | Constellation Software, Inc.<sup>(a)</sup> | 7039106 |
| 4871 | Descartes Systems Group, Inc.\* | 491143 |
| 4132 | Docebo, Inc.\* | 118630 |
| 15639 | Dollarama, Inc. | 1672072 |
| 10090 | Dundee Precious Metals, Inc.<sup>(a)</sup> | 133762 |
| 16257 | Emera, Inc. | 684618 |
| 159975 | Empire Co. Ltd. Class A | 5363067 |
| 110746 | Enbridge, Inc. | 4907155 |
| 51700 | Finning International, Inc. | 1454461 |
| 2312 | FirstService Corp. | 383676 |

---

32 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** |  |
| 28344 | Fortis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290915 |
| 31685 | Fortuna Mining Corp.\*<sup>(a)</sup> | 192631 |
| 59137 | Franco-Nevada Corp.<sup>(b)</sup> | 9317626 |
| 198666 | Franco-Nevada Corp.<sup>(b)</sup> | 31241324 |
| 66650 | iA Financial Corp., Inc. | 6328566 |
| 79900 | Imperial Oil Ltd. | 5770787 |
| 9863 | Keyera Corp. | 306529 |
| 1584 | Kinaxis, Inc.\* | 174617 |
| 657102 | Kinross Gold Corp.<sup>(b)</sup> | 8286056 |
| 5656 | Kinross Gold Corp.<sup>(b)</sup> | 71248 |
| 132363 | Lundin Gold, Inc. | 4098034 |
| 173000 | Manulife Financial Corp. | 5389835 |
| 89500 | Maple Leaf Foods, Inc. | 1558982 |
| 273596 | MEG Energy Corp.<sup>(a)</sup> | 4796128 |
| 2800 | Metro, Inc. | 194682 |
| 44802 | New Gold, Inc.\* | 165605 |
| 18500 | Nutrien Ltd.<sup>(a)(b)</sup> | 918027 |
| 27534 | Nutrien Ltd.<sup>(b)</sup> | 1367614 |
| 152300 | Open Text Corp.<sup>(b)</sup> | 3843346 |
| 14973 | Open Text Corp.<sup>(b)</sup> | 378218 |
| 9558 | Osisko Gold Royalties Ltd. | 201865 |
| 16719 | Pembina Pipeline Corp.<sup>(b)</sup> | 669262 |
| 10721 | Pembina Pipeline Corp.<sup>(b)</sup> | 428765 |
| 7847 | RioCan Real Estate Investment Trust, REIT | 93504 |
| 20216 | Rogers Communications, Inc. Class B | 540374 |
| 117200 | Russel Metals, Inc. | 3201064 |
| 14451 | Saputo, Inc. | 249309 |
| 69890 | Shopify, Inc. Class A \* | 6666458 |
| 11382 | SSR Mining, Inc.\* | 114037 |
| 231700 | Suncor Energy, Inc.<sup>(b)</sup> | 8970175 |
| 72744 | Suncor Energy, Inc.<sup>(b)</sup> | 2816648 |
| 13815 | TELUS Corp.<sup>(b)</sup> | 198118 |
| 79100 | TELUS Corp.<sup>(b)</sup> | 1134294 |
| 4851 | Torex Gold Resources, Inc.\* | 134315 |
| 4947 | Triple Flag Precious Metals Corp. | 94735 |
|  |  | 208902604 |
|  | **China — 2.3%** |  |
| 2185500 | 3SBio, Inc. 144A | 3358147 |
| 6252000 | Agricultural Bank of China Ltd. Class H | 3753684 |
| 445500 | Alibaba Group Holding Ltd. | 7387768 |
| 5706000 | Bank of China Ltd. Class H | 3453361 |
| 1290000 | Bank of Communications Co. Ltd. Class H | 1158175 |
| 8000 | BeiGene Ltd.\* | 168861 |
| 8117 | BeiGene Ltd., ADR\* | 2209204 |
| 201500 | BOC Hong Kong Holdings Ltd. | 815858 |
| 36000 | BYD Electronic International Co. Ltd. | 188299 |
| 488000 | China CITIC Bank Corp. Ltd. Class H | 382633 |
| 9890000 | China Construction Bank Corp. Class H | 8775948 |

---

See accompanying Notes to the Financial Statements. 33

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** |  |
| 3187000 | China Galaxy Securities Co. Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177879 |
| 495000 | China Life Insurance Co. Ltd. Class H | 959416 |
| 824000 | China Medical System Holdings Ltd. | 789189 |
| 349600 | China Taiping Insurance Holdings Co. Ltd. | 532472 |
| 3352000 | CSPC Pharmaceutical Group Ltd. | 2138990 |
| 771600 | Dongfang Electric Corp. Ltd. Class H | 973166 |
| 71200 | Fuyao Glass Industry Group Co. Ltd. Class H 144A | 509422 |
| 151000 | Haidilao International Holding Ltd. 144A | 342727 |
| 10135000 | Industrial & Commercial Bank of China Ltd. Class H | 7242366 |
| 1374800 | JD Logistics, Inc.\* 144A | 2239032 |
| 8700 | JD.com, Inc. Class A | 179564 |
| 370500 | Kingboard Holdings Ltd. | 1059008 |
| 589000 | Kingdee International Software Group Co. Ltd.\* | 1006614 |
| 149800 | NetEase, Inc. | 3087783 |
| 11419 | NetEase, Inc., ADR | 1175243 |
| 1243500 | Ping An Insurance Group Co. of China Ltd. Class H | 7420210 |
| 158400 | Pop Mart International Group Ltd. 144A | 3199854 |
| 2773000 | Postal Savings Bank of China Co. Ltd. Class H 144A | 1717372 |
| 717600 | Sinopharm Group Co. Ltd. Class H | 1671162 |
| 83000 | SITC International Holdings Co. Ltd. | 225638 |
| 19800 | Tencent Holdings Ltd. | 1262090 |
| 107950 | Trip.com Group Ltd., ADR | 6863461 |
| 2395700 | Yangzijiang Shipbuilding Holdings Ltd. | 4181086 |
| 26623 | Yum China Holdings, Inc. | 1385993 |
|  |  | 84991675 |
|  | **Denmark — 1.1%** |  |
| 181 | AP Moller - Maersk AS Class A | 310109 |
| 253 | AP Moller - Maersk AS Class B | 442237 |
| 21000 | Carlsberg AS Class B | 2672084 |
| 88200 | D/S Norden AS | 2225746 |
| 314276 | Danske Bank AS | 10293441 |
| 71900 | Dfds AS\* | 941113 |
| 680 | DSV AS | 131493 |
| 3847 | Genmab AS\* | 750260 |
| 8279 | GN Store Nord AS\* | 129753 |
| 8545 | ISS AS | 196159 |
| 33297 | Jyske Bank AS | 2667291 |
| 2926 | NKT AS\* | 199536 |
| 172560 | Novo Nordisk AS Class B | 11948332 |
| 26968 | Novonesis (Novozymes) | 1570056 |
| 6640 | Pandora AS | 1015762 |
| 1595 | Ringkjoebing Landbobank AS | 284162 |
| 7351 | Rockwool AS Class B | 3047788 |
| 1925 | Royal Unibrew AS | 153485 |
| 4180 | Spar Nord Bank AS\* | 126232 |
| 784 | Svitzer Group AS\* | 24953 |
| 3466 | Sydbank AS | 217473 |

---

34 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Denmark — continued** |  |
| 53240 | Vestas Wind Systems AS\* | 733410 |
|  |  | 40080875 |
|  | **Finland — 0.5%** |  |
| 19312 | Kone OYJ Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067465 |
| 43678 | Konecranes OYJ | 2781267 |
| 1035355 | Nokia OYJ | 5454368 |
| 331091 | Nordea Bank Abp<sup>(b)</sup> | 4221714 |
| 78942 | Nordea Bank Abp<sup>(b)</sup> | 1008459 |
| 4824 | Orion OYJ Class B | 286544 |
| 4894 | Puuilo OYJ | 60271 |
| 1140 | QT Group OYJ\* | 92387 |
| 109879 | TietoEVRY OYJ<sup>(a)</sup> | 1905914 |
| 99800 | Valmet OYJ<sup>(a)</sup> | 2709084 |
| 28649 | Wartsila OYJ Abp | 510913 |
|  |  | 20098386 |
|  | **France — 8.4%** |  |
| 96018 | Air Liquide SA | 18253812 |
| 26041 | Airbus SE | 4586961 |
| 169380 | AXA SA | 7223545 |
| 322501 | BNP Paribas SA | 26831446 |
| 70155 | Bollore SE | 410881 |
| 170876 | Bouygues SA | 6731283 |
| 61301 | Capgemini SE | 9157343 |
| 359600 | Carrefour SA<sup>(a)</sup> | 5151801 |
| 274222 | Cie de Saint-Gobain SA | 27230556 |
| 120400 | Cie Generale des Etablissements Michelin SCA | 4220566 |
| 13567 | Covivio SA, REIT | 761392 |
| 498551 | Credit Agricole SA | 9053728 |
| 12521 | Dassault Aviation SA | 4161683 |
| 276831 | Dassault Systemes SE | 10538736 |
| 30277 | Edenred SE | 986938 |
| 48472 | EssilorLuxottica SA | 13930489 |
| 42955 | Gecina SA, REIT | 4042672 |
| 11425 | Getlink SE | 197789 |
| 36100 | Ipsen SA | 4155558 |
| 48500 | IPSOS SA | 2189636 |
| 156756 | Klepierre SA, REIT | 5237090 |
| 222722 | Legrand SA | 23558776 |
| 18346 | LVMH Moet Hennessy Louis Vuitton SE | 11442178 |
| 125400 | Metropole Television SA<sup>(a)</sup> | 1884657 |
| 1843 | Nexans SA | 181304 |
| 493000 | Orange SA | 6385836 |
| 88621 | Pernod Ricard SA | 8793864 |
| 35500 | Quadient SA | 600533 |
| 107400 | Rexel SA | 2882373 |
| 97800 | Rubis SCA | 2757953 |
| 36122 | Safran SA | 9519509 |

---

See accompanying Notes to the Financial Statements. 35

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** |  |
| 9505 | SCOR SE | 274099 |
| 1492 | SEB SA | 141668 |
| 46652 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156252 |
| 531491 | Societe Generale SA | 23971263 |
| 18000 | Sopra Steria Group | 3352195 |
| 7611 | Technip Energies NV | 247548 |
| 219200 | Television Francaise 1 SA<sup>(a)</sup> | 2133722 |
| 5837 | Thales SA | 1565585 |
| 610363 | TotalEnergies SE | 39408099 |
| 9314 | Valeo SE | 87812 |
| 10102 | Vallourec SACA\*<sup>(a)</sup> | 190147 |
| 108400 | Verallia SA<sup>(a)</sup> | 3385156 |
|  |  | 310974434 |
|  | **Georgia — 0.1%** |  |
| 45361 | Lion Finance Group PLC | 3206119 |
| 4128 | TBC Bank Group PLC | 220939 |
|  |  | 3427058 |
|  | **Germany — 8.5%** |  |
| 34237 | adidas AG | 8009122 |
| 70908 | Allianz SE | 27006969 |
| 5717 | Auto1 Group SE\* 144A | 125695 |
| 111400 | Bayer AG | 2656493 |
| 90500 | Bayerische Motoren Werke AG | 7210953 |
| 53744 | Beiersdorf AG | 6950295 |
| 34299 | Bilfinger SE | 2469201 |
| 544540 | Commerzbank AG | 12349073 |
| 6807 | Continental AG | 475315 |
| 3716 | CTS Eventim AG & Co. KGaA | 370875 |
| 186900 | Daimler Truck Holding AG | 7505671 |
| 520430 | Deutsche Bank AG<sup>(b)</sup> | 12278041 |
| 21560 | Deutsche Bank AG<sup>(b)</sup> | 513775 |
| 88556 | Deutsche Boerse AG | 26074001 |
| 37334 | Deutsche Lufthansa AG | 269974 |
| 118200 | Deutsche Pfandbriefbank AG\* | 687772 |
| 215183 | Deutsche Post AG | 9175423 |
| 221109 | Deutsche Telekom AG | 8179036 |
| 19659 | Fraport AG Frankfurt Airport Services Worldwide\* | 1230885 |
| 6716 | Freenet AG | 255696 |
| 12385 | Fresenius Medical Care AG | 611036 |
| 62600 | Fresenius SE & Co. KGaA\* | 2665970 |
| 114203 | GEA Group AG | 6902274 |
| 41300 | Heidelberg Materials AG | 7059409 |
| 19217 | Henkel AG & Co. KGaA | 1382631 |
| 71567 | HUGO BOSS AG | 2696758 |
| 66900 | Infineon Technologies AG | 2207105 |
| 20706 | K&S AG | 281039 |
| 66982 | Knorr-Bremse AG | 6062042 |

---

36 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Germany — continued** |  |
| 13078 | Krones AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772733 |
| 168079 | Mercedes-Benz Group AG | 9846673 |
| 10995 | MTU Aero Engines AG | 3804262 |
| 26320 | Nemetschek SE | 3049068 |
| 87095 | Puma SE | 2106906 |
| 1183 | Rational AG | 979210 |
| 6080 | Rheinmetall AG | 8711114 |
| 235664 | SAP SE | 62503096 |
| 2755 | SAP SE, ADR | 739552 |
| 414900 | Schaeffler AG\* | 1712962 |
| 15262 | Scout24 SE 144A | 1589189 |
| 44060 | Siemens AG | 10098354 |
| 303363 | Siemens Energy AG\* | 17695384 |
| 2122 | Stroeer SE & Co. KGaA | 124012 |
| 66685 | Symrise AG Class A | 6899655 |
| 42000 | Talanx AG | 4388925 |
| 54162 | TeamViewer SE\* 144A | 703376 |
| 30280 | thyssenkrupp AG | 310882 |
| 27628 | TUI AG\* | 188112 |
| 87300 | United Internet AG | 1792313 |
| 3076 | Volkswagen AG | 319294 |
| 394949 | Zalando SE\* 144A | 13613997 |
|  |  | 316611598 |
|  | **Greece — 0.2%** |  |
| 71700 | Metlen Energy & Metals SA | 3163157 |
| 304064 | National Bank of Greece SA | 3129814 |
|  |  | 6292971 |
|  | **Guatemala — 0.0%** |  |
| 5639 | Millicom International Cellular SA | 170693 |
|  | **Hong Kong — 1.6%** |  |
| 1181200 | AIA Group Ltd. | 8930260 |
| 15600 | ASMPT Ltd. | 109557 |
| 120000 | CK Asset Holdings Ltd. | 487466 |
| 37500 | CK Infrastructure Holdings Ltd. | 224615 |
| 100500 | CLP Holdings Ltd. | 819341 |
| 3367 | Futu Holdings Ltd., ADR | 344612 |
| 47200 | Hang Seng Bank Ltd. | 641402 |
| 233000 | HKT Trust & HKT Ltd. | 311781 |
| 340700 | Hong Kong Exchanges & Clearing Ltd. | 15158311 |
| 63600 | Hongkong Land Holdings Ltd. | 275520 |
| 7600 | Jardine Matheson Holdings Ltd. | 321246 |
| 36500 | Kerry Properties Ltd. | 86042 |
| 330800 | Link REIT, REIT | 1554240 |
| 85500 | MTR Corp. Ltd. | 280652 |
| 326000 | Pacific Basin Shipping Ltd. | 72613 |
| 255000 | PCCW Ltd. | 158853 |

---

See accompanying Notes to the Financial Statements. 37

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Hong Kong — continued** |  |
| 689500 | Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129602 |
| 121119 | Prudential PLC | 1305733 |
| 797000 | Sino Biopharmaceutical Ltd. | 386584 |
| 343000 | Sun Hung Kai Properties Ltd. | 3256428 |
| 26000 | Swire Pacific Ltd. Class A | 229241 |
| 496500 | Techtronic Industries Co. Ltd. | 5980671 |
| 9510000 | Tongda Group Holdings Ltd.\* | 100336 |
| 2792000 | United Laboratories International Holdings Ltd. | 5287173 |
| 9820000 | WH Group Ltd. 144A | 9030915 |
| 87000 | Wharf Real Estate Investment Co. Ltd. | 211908 |
| 157000 | Yue Yuen Industrial Holdings Ltd. | 253115 |
|  |  | 59948217 |
|  | **Hungary — 0.1%** |  |
| 223400 | MOL Hungarian Oil & Gas PLC | 1756600 |
| 95800 | Richter Gedeon Nyrt | 2635463 |
|  |  | 4392063 |
|  | **India — 0.3%** |  |
| 80630 | MakeMyTrip Ltd.\* | 7900934 |
| 802900 | Redington Ltd. | 2277216 |
|  |  | 10178150 |
|  | **Indonesia — 0.0%** |  |
| 415400 | Golden Agri-Resources Ltd. | 83056 |
|  | **Ireland — 1.5%** |  |
| 10581 | AerCap Holdings NV | 1081061 |
| 3264308 | AIB Group PLC | 21168047 |
| 1407944 | Bank of Ireland Group PLC | 16645160 |
| 159870 | Kerry Group PLC Class A | 16743166 |
|  |  | 55637434 |
|  | **Israel — 0.5%** |  |
| 209233 | Bank Hapoalim BM | 2827839 |
| 316972 | Bank Leumi Le-Israel BM | 4251063 |
| 126656 | Bezeq The Israeli Telecommunication Corp. Ltd. | 186011 |
| 2848 | Clal Insurance Enterprises Holdings Ltd. | 69751 |
| 1110 | Elbit Systems Ltd.<sup>(b)</sup> | 424915 |
| 289 | Elbit Systems Ltd.<sup>(b)</sup> | 110884 |
| 3858 | First International Bank of Israel Ltd. | 194512 |
| 5479 | Harel Insurance Investments & Financial Services Ltd. | 87429 |
| 31673 | ICL Group Ltd. | 178860 |
| 233 | Israel Corp. Ltd. | 62449 |
| 249942 | Israel Discount Bank Ltd. Class A | 1732838 |
| 47047 | Mizrahi Tefahot Bank Ltd. | 2107664 |
| 3162 | Nice Ltd.\* | 485313 |
| 28525 | Nice Ltd., ADR\* | 4397699 |
| 10974 | Phoenix Financial Ltd. | 203672 |
| 4002 | Plus500 Ltd. | 141846 |

---

38 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Israel — continued** |  |
| 11682 | Shufersal Ltd. | 110330 |
| 162900 | Teva Pharmaceutical Industries Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484257 |
| 2928 | Wix.com Ltd.\* | 478377 |
|  |  | 20535709 |
|  | **Italy — 5.0%** |  |
| 3230900 | A2A SpA | 7774463 |
| 28215 | Azimut Holding SpA | 790019 |
| 3634 | Banca Generali SpA | 204176 |
| 46301 | Banca Monte dei Paschi di Siena SpA | 367424 |
| 27085 | Banca Popolare di Sondrio SpA | 327552 |
| 92178 | Banco BPM SpA | 936356 |
| 11333 | BFF Bank SpA 144A | 93452 |
| 5974 | Buzzi SpA | 288191 |
| 151814 | Coca-Cola HBC AG | 6868989 |
| 163560 | Enel SpA | 1325409 |
| 270171 | Eni SpA<sup>(a)</sup> | 4168406 |
| 36490 | Ferrari NV | 15547956 |
| 37346 | FinecoBank Banca Fineco SpA | 739154 |
| 311722 | Generali | 10940552 |
| 189731 | Infrastrutture Wireless Italiane SpA 144A | 2006836 |
| 4817992 | Intesa Sanpaolo SpA | 24779996 |
| 294535 | Iveco Group NV | 4844747 |
| 630506 | Leonardo SpA | 30741250 |
| 7619 | Lottomatica Group SpA | 153282 |
| 209404 | Mediobanca Banca di Credito Finanziario SpA | 3928144 |
| 673960 | MFE-MediaForEurope NV Class A | 2439808 |
| 84324 | Moncler SpA | 5205255 |
| 27166 | Nexi SpA\*<sup>(a)</sup> 144A | 144510 |
| 501000 | Pirelli & C SpA | 2976081 |
| 262370 | Poste Italiane SpA 144A | 4669426 |
| 16278 | Prysmian SpA | 892617 |
| 200228 | Ryanair Holdings PLC, ADR | 8483660 |
| 590393 | Telecom Italia SpA\* | 199415 |
| 361135 | Terna - Rete Elettrica Nazionale | 3265470 |
| 618298 | UniCredit SpA | 34668187 |
| 379563 | Unipol Assicurazioni SpA | 6064225 |
| 31466 | Webuild SpA | 108408 |
|  |  | 185943416 |
|  | **Japan — 18.4%** |  |
| 38000 | Acom Co. Ltd.<sup>(a)</sup> | 97350 |
| 46100 | Advantest Corp. | 2056701 |
| 11300 | AEON Financial Service Co. Ltd. | 100016 |
| 2500 | AEON REIT Investment Corp., REIT | 2069277 |
| 11500 | AGC, Inc. | 350853 |
| 28200 | Aisin Corp. | 307793 |
| 11400 | Alfresa Holdings Corp.<sup>(a)</sup> | 161454 |
| 18300 | Amada Co. Ltd.<sup>(a)</sup> | 178173 |

---

See accompanying Notes to the Financial Statements. 39

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** |  |
| 82400 | Amano Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206690 |
| 25900 | ANA Holdings, Inc. | 478608 |
| 51400 | Artience Co. Ltd. | 1067538 |
| 11000 | Asahi Intecc Co. Ltd. | 178416 |
| 58000 | Asics Corp. | 1235517 |
| 1800 | ASKA Pharmaceutical Holdings Co. Ltd. | 27740 |
| 106100 | Astellas Pharma, Inc. | 1028344 |
| 28800 | Azbil Corp. | 223436 |
| 122100 | Bandai Namco Holdings, Inc. | 4104776 |
| 34500 | BayCurrent, Inc. | 1501899 |
| 15500 | BIPROGY, Inc. | 477468 |
| 238000 | Brother Industries Ltd.<sup>(a)</sup> | 4314113 |
| 3300 | Bunka Shutter Co. Ltd. | 41604 |
| 237400 | Canon, Inc.<sup>(a)</sup> | 7424547 |
| 158800 | Capcom Co. Ltd. | 3927403 |
| 105000 | Central Japan Railway Co. | 2005827 |
| 831094 | Chiba Bank Ltd.<sup>(a)</sup> | 7826714 |
| 105100 | Chubu Electric Power Co., Inc.<sup>(a)</sup> | 1143354 |
| 13600 | Chudenko Corp. | 300852 |
| 15400 | Chugoku Electric Power Co., Inc.<sup>(a)</sup> | 88569 |
| 497500 | Citizen Watch Co. Ltd.<sup>(a)</sup> | 2980262 |
| 114200 | Coca-Cola Bottlers Japan Holdings, Inc. | 1865756 |
| 7000 | COMSYS Holdings Corp. | 149193 |
| 3800 | Cosmo Energy Holdings Co. Ltd.<sup>(a)</sup> | 163549 |
| 213900 | Credit Saison Co. Ltd. | 5079191 |
| 25600 | CyberAgent, Inc. | 194867 |
| 447500 | Daicel Corp.<sup>(a)</sup> | 3896457 |
| 9900 | Daifuku Co. Ltd. | 242298 |
| 1700 | Daihen Corp. | 73234 |
| 204400 | Dai-ichi Life Holdings, Inc. | 1560747 |
| 111200 | Daiichi Sankyo Co. Ltd. | 2617261 |
| 15400 | Daikin Industries Ltd. | 1676968 |
| 116700 | Daiwa House Industry Co. Ltd.<sup>(a)</sup> | 3869320 |
| 284900 | Daiwa Securities Group, Inc.<sup>(a)</sup> | 1906566 |
| 57500 | DeNA Co. Ltd.<sup>(a)</sup> | 1359247 |
| 2500 | Duskin Co. Ltd. | 60868 |
| 78300 | East Japan Railway Co. | 1548290 |
| 13700 | Eisai Co. Ltd. | 381231 |
| 99200 | Electric Power Development Co. Ltd.<sup>(a)</sup> | 1682034 |
| 274000 | ENEOS Holdings, Inc. | 1441820 |
| 117400 | Ezaki Glico Co. Ltd. | 3626186 |
| 51000 | FANUC Corp. | 1396049 |
| 30800 | Fast Retailing Co. Ltd. | 9225422 |
| 121000 | Food & Life Cos. Ltd. | 3626797 |
| 36400 | Fuji Corp. | 512758 |
| 7800 | Fuji Electric Co. Ltd. | 332235 |
| 65300 | FUJIFILM Holdings Corp. | 1253891 |
| 94300 | Fujitsu Ltd. | 1880295 |
| 41600 | Fukuoka Financial Group, Inc. | 1101249 |

---

40 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** |  |
| 15200 | Furukawa Co. Ltd. | 212960 |
| 4100 | Furukawa Electric Co. Ltd. | 138177 |
| 28700 | Futaba Industrial Co. Ltd.<sup>(a)</sup> | 150084 |
| 6600 | GungHo Online Entertainment, Inc. | 129361 |
| 49800 | Hankyu Hanshin Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341069 |
| 48100 | Hirose Electric Co. Ltd. | 5599651 |
| 3900 | Hisamitsu Pharmaceutical Co., Inc.<sup>(a)</sup> | 105799 |
| 521500 | Hitachi Ltd. | 12109619 |
| 57000 | Hokkaido Electric Power Co., Inc.<sup>(a)</sup> | 290165 |
| 6500 | Hokuhoku Financial Group, Inc. | 112548 |
| 847500 | Honda Motor Co. Ltd.<sup>(a)</sup> | 7712252 |
| 2500 | Horiba Ltd. | 167548 |
| 21400 | Hoya Corp. | 2421278 |
| 12900 | Hyakugo Bank Ltd.<sup>(a)</sup> | 63880 |
| 23300 | Ichinen Holdings Co. Ltd. | 261741 |
| 64000 | Idemitsu Kosan Co. Ltd.<sup>(a)</sup> | 452215 |
| 9500 | Iida Group Holdings Co. Ltd.<sup>(a)</sup> | 145411 |
| 477000 | Inpex Corp. | 6584444 |
| 256000 | Isuzu Motors Ltd. | 3477642 |
| 11200 | Iwatani Corp.<sup>(a)</sup> | 112491 |
| 14900 | J Front Retailing Co. Ltd. | 184004 |
| 2600 | Jaccs Co. Ltd.<sup>(a)</sup> | 68133 |
| 171600 | Japan Exchange Group, Inc. | 1763451 |
| 533000 | Japan Petroleum Exploration Co. Ltd. | 4153761 |
| 261000 | Japan Post Bank Co. Ltd. | 2643933 |
| 1056400 | Japan Post Holdings Co. Ltd. | 10584456 |
| 265000 | Japan Post Insurance Co. Ltd.<sup>(a)</sup> | 5390983 |
| 21700 | Japan Securities Finance Co. Ltd. | 260525 |
| 29200 | Japan Tobacco, Inc. | 803322 |
| 13400 | JTEKT Corp. | 101681 |
| 2000 | Juroku Financial Group, Inc. | 64972 |
| 9000 | JVCKenwood Corp. | 75806 |
| 4800 | Kadokawa Corp. | 114047 |
| 166200 | Kakaku.com, Inc.<sup>(a)</sup> | 2395914 |
| 108300 | Kamigumi Co. Ltd. | 2532746 |
| 11800 | Kanadevia Corp.<sup>(a)</sup> | 72618 |
| 6300 | Kandenko Co. Ltd. | 113283 |
| 92300 | Kaneka Corp. | 2359456 |
| 282500 | Kanematsu Corp.<sup>(a)</sup> | 4771424 |
| 45200 | Kansai Electric Power Co., Inc. | 536075 |
| 31200 | Kao Corp. | 1352314 |
| 15900 | Kato Sangyo Co. Ltd. | 525997 |
| 333200 | KDDI Corp. | 5274098 |
| 22300 | Keikyu Corp.<sup>(a)</sup> | 225642 |
| 6300 | Keio Corp.<sup>(a)</sup> | 161340 |
| 55200 | Keyence Corp. | 21731601 |
| 11200 | Kintetsu Group Holdings Co. Ltd. | 239375 |
| 44800 | Kirin Holdings Co. Ltd. | 622916 |
| 54400 | Kitz Corp. | 426152 |

---

See accompanying Notes to the Financial Statements. 41

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** |  |
| 77400 | Kohnan Shoji Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939481 |
| 216100 | Komatsu Ltd.<sup>(a)</sup> | 6289810 |
| 7800 | Konami Group Corp. | 924053 |
| 18586 | Kose Corp. | 774383 |
| 101300 | K's Holdings Corp.<sup>(a)</sup> | 923744 |
| 10700 | Kura Sushi, Inc.<sup>(a)</sup> | 225363 |
| 71600 | Kyocera Corp.<sup>(a)</sup> | 809305 |
| 28000 | Kyowa Kirin Co. Ltd. | 407277 |
| 2600 | Kyudenko Corp. | 83861 |
| 25200 | Kyushu Electric Power Co., Inc. | 220623 |
| 7600 | Life Corp. | 98318 |
| 125100 | Lion Corp. | 1490615 |
| 14200 | Lixil Corp.<sup>(a)</sup> | 164618 |
| 791000 | LY Corp. | 2682753 |
| 475100 | M3, Inc.<sup>(a)</sup> | 5456532 |
| 133600 | Macnica Holdings, Inc. | 1731526 |
| 2300 | Makino Milling Machine Co. Ltd. | 179605 |
| 13600 | Makita Corp. | 452716 |
| 492100 | Marubeni Corp. | 7886370 |
| 3700 | Maruha Nichiro Corp. | 80809 |
| 45100 | Maxell Ltd. | 553589 |
| 145400 | Mazda Motor Corp.<sup>(a)</sup> | 921821 |
| 11700 | McDonald's Holdings Co. Japan Ltd.<sup>(a)</sup> | 447314 |
| 1138600 | Mebuki Financial Group, Inc.<sup>(a)</sup> | 5562463 |
| 11700 | Medipal Holdings Corp. | 182798 |
| 6100 | Megmilk Snow Brand Co. Ltd. | 104721 |
| 11700 | Mirait One Corp. | 171012 |
| 16900 | MISUMI Group, Inc. | 282805 |
| 424100 | Mitsubishi Chemical Group Corp. | 2099441 |
| 984900 | Mitsubishi Electric Corp. | 18036849 |
| 196500 | Mitsubishi Gas Chemical Co., Inc.<sup>(a)</sup> | 3076076 |
| 448600 | Mitsubishi HC Capital, Inc.<sup>(a)</sup> | 3026615 |
| 35600 | Mitsubishi Motors Corp.<sup>(a)</sup> | 97708 |
| 139900 | Mitsubishi UFJ Financial Group, Inc. | 1895068 |
| 77100 | MIXI, Inc. | 1715884 |
| 233300 | Mizuho Financial Group, Inc. | 6373157 |
| 456000 | Mizuho Leasing Co. Ltd. | 3192597 |
| 1300 | Mochida Pharmaceutical Co. Ltd. | 27742 |
| 4800 | Modec, Inc. | 133324 |
| 693300 | MonotaRO Co. Ltd. | 12986485 |
| 379900 | MS&AD Insurance Group Holdings, Inc. | 8254201 |
| 5800 | Nagase & Co. Ltd. | 103420 |
| 11500 | Nagoya Railroad Co. Ltd.<sup>(a)</sup> | 134275 |
| 2500 | Namura Shipbuilding Co. Ltd.<sup>(a)</sup> | 38560 |
| 784000 | NEC Corp. | 16688436 |
| 206600 | Nexon Co. Ltd. | 2832478 |
| 337600 | NGK Insulators Ltd.<sup>(a)</sup> | 4164989 |
| 5100 | NH Foods Ltd.<sup>(a)</sup> | 170984 |
| 13400 | Nichirei Corp.<sup>(a)</sup> | 159262 |

---

42 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** |  |
| 48900 | NIDEC Corp. | 821259 |
| 10000 | Nikkon Holdings Co. Ltd.<sup>(a)</sup> | 180482 |
| 144800 | Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9906448 |
| 219000 | Nippon Express Holdings, Inc. | 3991761 |
| 13400 | Nippon Gas Co. Ltd. | 200620 |
| 99200 | Nippon Shinyaku Co. Ltd. | 2527728 |
| 225000 | Nippon Soda Co. Ltd.<sup>(a)</sup> | 4379378 |
| 15664800 | Nippon Telegraph & Telephone Corp. | 15175968 |
| 122600 | Nippon Yusen KK<sup>(a)</sup> | 4048909 |
| 7400 | Nishi-Nippon Financial Holdings, Inc. | 104123 |
| 49700 | Nishi-Nippon Railroad Co. Ltd.<sup>(a)</sup> | 716567 |
| 3700 | Nishio Holdings Co. Ltd.<sup>(a)</sup> | 103787 |
| 12200 | Nissin Foods Holdings Co. Ltd.<sup>(a)</sup> | 249172 |
| 15500 | Nitori Holdings Co. Ltd.<sup>(a)</sup> | 1539295 |
| 295200 | Nitto Denko Corp. | 5457060 |
| 5900 | Nojima Corp. | 100266 |
| 7300 | NOK Corp.<sup>(a)</sup> | 107521 |
| 1318100 | Nomura Holdings, Inc. | 8105166 |
| 323500 | Nomura Research Institute Ltd. | 10529734 |
| 62100 | NS Solutions Corp.<sup>(a)</sup> | 1604920 |
| 193800 | NSK Ltd.<sup>(a)</sup> | 830622 |
| 313500 | NTT Data Group Corp. | 5683378 |
| 35500 | OBIC Business Consultants Co. Ltd. | 1732017 |
| 123800 | Obic Co. Ltd. | 3582851 |
| 18900 | Odakyu Electric Railway Co. Ltd.<sup>(a)</sup> | 187115 |
| 10000 | Okasan Securities Group, Inc.<sup>(a)</sup> | 44597 |
| 10700 | Okinawa Electric Power Co., Inc. | 65676 |
| 450100 | Olympus Corp. | 5929695 |
| 203500 | Ono Pharmaceutical Co. Ltd.<sup>(a)</sup> | 2191381 |
| 13100 | Onward Holdings Co. Ltd. | 47468 |
| 2300 | Oracle Corp. Japan | 242590 |
| 78000 | Oriental Land Co. Ltd.<sup>(a)</sup> | 1539555 |
| 360100 | ORIX Corp. | 7472630 |
| 163500 | Osaka Gas Co. Ltd. | 3713556 |
| 10400 | Otsuka Corp. | 226015 |
| 69200 | Otsuka Holdings Co. Ltd. | 3602788 |
| 23600 | Pan Pacific International Holdings Corp. | 647950 |
| 713700 | Panasonic Holdings Corp. | 8575086 |
| 117900 | Persol Holdings Co. Ltd.<sup>(a)</sup> | 196206 |
| 20100 | Raito Kogyo Co. Ltd. | 332085 |
| 255800 | Rakuten Bank Ltd.\* | 11094276 |
| 492400 | Rengo Co. Ltd. | 2615604 |
| 2343400 | Resona Holdings, Inc. | 20343745 |
| 12000 | Resorttrust, Inc. | 117081 |
| 36200 | Ricoh Co. Ltd.<sup>(a)</sup> | 383996 |
| 13300 | Rinnai Corp. | 308765 |
| 421700 | Rohto Pharmaceutical Co. Ltd. | 6308919 |
| 28100 | Round One Corp.<sup>(a)</sup> | 186136 |
| 466200 | Ryohin Keikaku Co. Ltd. | 12745782 |

---

See accompanying Notes to the Financial Statements. 43

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** |  |
| 12100 | San-In Godo Bank Ltd.<sup>(a)</sup> | 105585 |
| 218000 | Sankyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195761 |
| 53700 | Sankyu, Inc. | 2206089 |
| 19500 | Sanrio Co. Ltd.<sup>(a)</sup> | 905825 |
| 115100 | Santen Pharmaceutical Co. Ltd. | 1094227 |
| 10100 | Sanwa Holdings Corp. | 324087 |
| 29600 | Sanyo Chemical Industries Ltd. | 774073 |
| 31600 | SCREEN Holdings Co. Ltd.<sup>(a)</sup> | 2066068 |
| 13800 | SCSK Corp. | 341565 |
| 7100 | Sega Sammy Holdings, Inc. | 137482 |
| 11500 | Seibu Holdings, Inc.<sup>(a)</sup> | 254627 |
| 51300 | Seiko Epson Corp.<sup>(a)</sup> | 822486 |
| 217100 | Sekisui Chemical Co. Ltd.<sup>(a)</sup> | 3710599 |
| 27500 | Senshu Ikeda Holdings, Inc. | 80461 |
| 396200 | Shimadzu Corp. | 9939235 |
| 2700 | Shimamura Co. Ltd. | 155630 |
| 5700 | Shimano, Inc. | 802463 |
| 514500 | Shionogi & Co. Ltd. | 7779785 |
| 43800 | Skylark Holdings Co. Ltd. | 878752 |
| 227500 | Sojitz Corp.<sup>(a)</sup> | 5011396 |
| 253200 | Sompo Holdings, Inc. | 7698526 |
| 86800 | Square Enix Holdings Co. Ltd.<sup>(a)</sup> | 4049363 |
| 83300 | Stanley Electric Co. Ltd.<sup>(a)</sup> | 1570213 |
| 249500 | Subaru Corp.<sup>(a)</sup> | 4455530 |
| 62300 | Sugi Holdings Co. Ltd. | 1175583 |
| 4500 | Sumitomo Bakelite Co. Ltd. | 101000 |
| 154300 | Sumitomo Heavy Industries Ltd. | 3159367 |
| 231700 | Sumitomo Mitsui Financial Group, Inc. | 5929811 |
| 98600 | Sumitomo Mitsui Trust Group, Inc. | 2467823 |
| 38600 | Sumitomo Osaka Cement Co. Ltd.<sup>(a)</sup> | 933619 |
| 341000 | Sumitomo Rubber Industries Ltd. | 4317028 |
| 5300 | Sumitomo Warehouse Co. Ltd.<sup>(a)</sup> | 98134 |
| 52200 | Suntory Beverage & Food Ltd. | 1724831 |
| 4200 | Suzuken Co. Ltd. | 139173 |
| 20600 | Sysmex Corp. | 393094 |
| 29800 | T&D Holdings, Inc.<sup>(a)</sup> | 636672 |
| 7600 | Tadano Ltd. | 54934 |
| 6200 | Taikisha Ltd. | 95221 |
| 137600 | Taisei Corp. | 6108233 |
| 5400 | Takara Standard Co. Ltd. | 63728 |
| 302300 | Takeda Pharmaceutical Co. Ltd. | 9004641 |
| 3700 | Takuma Co. Ltd. | 45616 |
| 3800 | Tamron Co. Ltd. | 88454 |
| 953400 | Terumo Corp. | 17953839 |
| 93200 | TIS, Inc. | 2581842 |
| 27400 | Tobu Railway Co. Ltd. | 468223 |
| 70600 | Toho Co. Ltd. | 3516003 |
| 4600 | Toho Gas Co. Ltd.<sup>(a)</sup> | 127223 |
| 29900 | Tohoku Electric Power Co., Inc.<sup>(a)</sup> | 206254 |

---

44 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** |  |
| 58900 | TOKAI Holdings Corp.<sup>(a)</sup> | 388131 |
| 5000 | Token Corp. | 436134 |
| 117600 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549200 |
| 178300 | Tokuyama Corp.<sup>(a)</sup> | 3346199 |
| 93100 | Tokyo Electric Power Co. Holdings, Inc.\* | 268699 |
| 24500 | Tokyo Electron Ltd. | 3350889 |
| 60000 | Tokyo Gas Co. Ltd. | 1913149 |
| 1400 | Tokyo Kiraboshi Financial Group, Inc. | 54908 |
| 31900 | Tokyu Corp.<sup>(a)</sup> | 360150 |
| 5500 | Tomy Co. Ltd.<sup>(a)</sup> | 128309 |
| 56000 | TOTO Ltd.<sup>(a)</sup> | 1466174 |
| 198000 | Toyo Suisan Kaisha Ltd. | 11691772 |
| 5500 | Toyota Boshoku Corp.<sup>(a)</sup> | 73423 |
| 258000 | Toyota Motor Corp. | 4564430 |
| 35400 | Toyota Tsusho Corp.<sup>(a)</sup> | 593136 |
| 7900 | Trend Micro, Inc. | 533053 |
| 218200 | TS Tech Co. Ltd.<sup>(a)</sup> | 2461768 |
| 49800 | Tsubakimoto Chain Co. | 617999 |
| 90500 | UBE Corp.<sup>(a)</sup> | 1319878 |
| 393000 | Unicharm Corp. | 3135352 |
| 25700 | Valor Holdings Co. Ltd. | 411609 |
| 3000 | Wacoal Holdings Corp. | 102916 |
| 9500 | Warabeya Nichiyo Holdings Co. Ltd. | 136945 |
| 60800 | Yakult Honsha Co. Ltd.<sup>(a)</sup> | 1157977 |
| 18200 | Yamaha Corp.<sup>(a)</sup> | 141416 |
| 435000 | Yamaha Motor Co. Ltd. | 3486723 |
| 28100 | Yamato Holdings Co. Ltd.<sup>(a)</sup> | 369896 |
| 47000 | Yamato Kogyo Co. Ltd. | 2496741 |
| 7700 | Yamazaki Baking Co. Ltd. | 148450 |
| 12900 | Yaskawa Electric Corp. | 324580 |
| 58200 | Yokogawa Electric Corp. | 1133821 |
| 192600 | Yokohama Rubber Co. Ltd. | 4461309 |
| 9000 | Zensho Holdings Co. Ltd.<sup>(a)</sup> | 484159 |
|  |  | 684680467 |
|  | **Luxembourg — 0.0%** |  |
| 748 | ArcelorMittal SA | 21583 |
| 6840 | Eurofins Scientific SE<sup>(a)</sup> | 364095 |
|  |  | 385678 |
|  | **Macau — 0.1%** |  |
| 280000 | Galaxy Entertainment Group Ltd. | 1099844 |
| 797200 | Sands China Ltd.\* | 1605689 |
|  |  | 2705533 |
|  | **Netherlands — 3.7%** |  |
| 365577 | ABN AMRO Bank NV CVA, GDR 144A | 7691709 |
| 10675 | Adyen NV\*<sup>(a)</sup> 144A | 16300171 |
| 757426 | Aegon Ltd. | 4976883 |
| 4515 | Arcadis NV | 230414 |

---

See accompanying Notes to the Financial Statements. 45

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Netherlands — continued** |  |
| 2439 | ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116360 |
| 30596 | ASML Holding NV | 20224705 |
| 51311 | ASR Nederland NV | 2950483 |
| 99706 | Euronext NV 144A | 14425295 |
| 31960 | EXOR NV | 2905196 |
| 1085451 | ING Groep NV | 21227852 |
| 200688 | ING Groep NV, ADR | 3931478 |
| 73228 | JDE Peet's NV | 1607498 |
| 328000 | Koninklijke Ahold Delhaize NV | 12250049 |
| 44946 | Koninklijke Philips NV | 1140768 |
| 4267 | Koninklijke Vopak NV | 184694 |
| 237825 | NN Group NV | 13223839 |
| 1830 | Van Lanschot Kempen NV, ADR | 94205 |
| 83561 | Wolters Kluwer NV | 12965987 |
|  |  | 137447586 |
|  | **New Zealand — 0.1%** |  |
| 25293 | Xero Ltd.\* | 2466069 |
|  | **Nigeria — 0.0%** |  |
| 66241 | Airtel Africa PLC 144A | 142200 |
|  | **Norway — 0.8%** |  |
| 338233 | Aker BP ASA | 8003672 |
| 103992 | Austevoll Seafood ASA | 973575 |
| 224385 | DNB Bank ASA | 5894001 |
| 113576 | Equinor ASA | 3003813 |
| 29191 | Equinor ASA, ADR | 772102 |
| 1010 | Frontline PLC<sup>(b)</sup> | 14999 |
| 4327 | Frontline PLC<sup>(b)</sup> | 63395 |
| 7218 | Golden Ocean Group Ltd.<sup>(b)</sup> | 57801 |
| 11278 | Golden Ocean Group Ltd.<sup>(b)</sup> | 89999 |
| 20143 | Kongsberg Gruppen ASA | 2949379 |
| 118600 | Mowi ASA | 2206324 |
| 198000 | Orkla ASA | 2170774 |
| 3442 | Schibsted ASA Class A | 93405 |
| 5541 | Schibsted ASA Class B | 143632 |
| 27309 | Storebrand ASA | 346174 |
| 239865 | Telenor ASA | 3422199 |
|  |  | 30205244 |
|  | **Portugal — 0.3%** |  |
| 536228 | Banco Comercial Portugues SA Class R | 323626 |
| 276456 | Galp Energia SGPS SA | 4856347 |
| 237649 | Jeronimo Martins SGPS SA | 5043066 |
| 1993026 | Sonae SGPS SA | 2290223 |
|  |  | 12513262 |
|  | **Russia — 0.0%** |  |
| 3792080 | Gazprom PJSC<sup>(c)(d)(e)</sup> | 103807 |

---

46 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Russia — continued** |  |
| 843000 | GMK Norilskiy Nickel PAO\*<sup>(c)(d)(e)</sup> | 19894 |
| 113778 | LUKOIL PJSC<sup>(c)(d)(e)</sup> | 66857 |
| 18119 | Novatek PJSC<sup>(c)(d)(e)</sup> | 2630 |
| 169349 | Rosneft Oil Co. PJSC<sup>(c)(d)(e)</sup> | 5994 |
| 1092670 | Sberbank of Russia PJSC<sup>(c)(d)(e)</sup> | 16761 |
| 296674 | Tatneft PJSC<sup>(c)(d)(e)</sup> | 12882 |
|  |  | 228825 |
|  | **Singapore — 0.8%** |  |
| 126600 | ComfortDelGro Corp. Ltd. | 137293 |
| 390100 | Genting Singapore Ltd. | 215860 |
| 16364 | Hafnia Ltd. | 67810 |
| 192700 | Jardine Cycle & Carriage Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3780458 |
| 159200 | Netlink NBN Trust | 104152 |
| 210500 | Oversea-Chinese Banking Corp. Ltd. | 2688947 |
| 45927 | Sea Ltd., ADR\* | 5993014 |
| 330900 | Singapore Exchange Ltd. | 3292883 |
| 111400 | Singapore Technologies Engineering Ltd. | 560343 |
| 1904400 | Singapore Telecommunications Ltd. | 4826423 |
| 259300 | United Overseas Bank Ltd. | 7299982 |
| 18200 | Venture Corp. Ltd. | 166891 |
|  |  | 29134056 |
|  | **South Africa — 0.0%** |  |
| 1003000 | Old Mutual Ltd.<sup>(a)</sup> | 650990 |
| 4144 | Tiger Brands Ltd. | 62694 |
|  |  | 713684 |
|  | **South Korea — 0.7%** |  |
| 103600 | Doosan Bobcat, Inc. | 3547324 |
| 1496 | Hyundai Mobis Co. Ltd. | 266099 |
| 115273 | Kia Corp. | 7279215 |
| 204793 | Samsung Electronics Co. Ltd. | 8110158 |
| 10931 | Samsung Fire & Marine Insurance Co. Ltd. | 2673374 |
| 83600 | SK Telecom Co. Ltd. | 3152783 |
|  |  | 25028953 |
|  | **Spain — 3.5%** |  |
| 13346 | ACS Actividades de Construccion y Servicios SA | 760449 |
| 171027 | Amadeus IT Group SA | 13093014 |
| 384863 | Banco Bilbao Vizcaya Argentaria SA<sup>(a)</sup> | 5240831 |
| 48347 | Banco Bilbao Vizcaya Argentaria SA, ADR | 658486 |
| 3628581 | Banco de Sabadell SA | 10205156 |
| 4070691 | Banco Santander SA | 27390089 |
| 102501 | Banco Santander SA, ADR | 686757 |
| 868467 | Bankinter SA<sup>(a)</sup> | 9652822 |
| 3189287 | CaixaBank SA<sup>(a)</sup> | 24797301 |
| 43461 | Cellnex Telecom SA\* 144A | 1541140 |
| 5838 | Fluidra SA | 136973 |
| 926760 | Iberdrola SA | 14967153 |

---

See accompanying Notes to the Financial Statements. 47

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Spain — continued** |  |
| 7958 | Indra Sistemas SA | 231262 |
| 107236 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343730 |
| 1457220 | Mapfre SA<sup>(a)</sup> | 4483713 |
| 892518 | Repsol SA | 11847276 |
| 294256 | Unicaja Banco SA 144A | 545031 |
|  |  | 131581183 |
|  | **Sweden — 2.3%** |  |
| 17313 | Alfa Laval AB | 741892 |
| 94666 | Atlas Copco AB Class B | 1335712 |
| 4890 | Avanza Bank Holding AB<sup>(a)</sup> | 149417 |
| 208714 | Betsson AB Class B | 3244434 |
| 14229 | Electrolux AB Class B \* | 116949 |
| 258788 | Epiroc AB Class A | 5230623 |
| 1061 | EQT AB | 32459 |
| 61299 | Essity AB Class B <sup>(a)</sup> | 1743420 |
| 62576 | Evolution AB 144A | 4671037 |
| 29430 | Fortnox AB<sup>(a)</sup> | 256074 |
| 13422 | Getinge AB Class B | 289063 |
| 448191 | H & M Hennes & Mauritz AB Class B <sup>(a)</sup> | 5920893 |
| 3799 | Hemnet Group AB | 126363 |
| 297864 | Hexagon AB Class B | 3193854 |
| 10091 | Industrivarden AB Class A | 371534 |
| 78041 | Industrivarden AB Class C | 2871867 |
| 297541 | Investor AB Class B | 8887413 |
| 4766 | L E Lundbergforetagen AB Class B | 239318 |
| 5952 | Lifco AB Class B | 210836 |
| 3075 | Loomis AB | 124773 |
| 61083 | Sandvik AB | 1289443 |
| 421700 | Securitas AB Class B | 5969191 |
| 215800 | SKF AB Class B \*<sup>(a)</sup> | 4384961 |
| 308008 | Svenska Cellulosa AB SCA Class B \*<sup>(a)</sup> | 4062510 |
| 242800 | Swedbank AB Class A <sup>(a)</sup> | 5527028 |
| 51753 | Tele2 AB Class B | 698197 |
| 250056 | Telefonaktiebolaget LM Ericsson, ADR | 1940435 |
| 782061 | Telefonaktiebolaget LM Ericsson Class B <sup>(a)</sup> | 6070919 |
| 882835 | Telia Co. AB | 3187957 |
| 13336 | Trelleborg AB Class B | 497806 |
| 5516 | Truecaller AB Class B | 37488 |
| 390400 | Volvo AB Class B \*<sup>(a)</sup> | 11489146 |
|  |  | 84913012 |
|  | **Switzerland — 5.4%** |  |
| 308046 | ABB Ltd.<sup>(b)</sup> | 15940854 |
| 20306 | ABB Ltd.<sup>(b)</sup> | 1049262 |
| 6656 | Accelleron Industries AG | 308050 |
| 40770 | Adecco Group AG<sup>(a)</sup> | 1225695 |
| 103200 | Avolta AG | 4515264 |
| 1825 | Belimo Holding AG | 1120291 |

---

48 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Switzerland — continued** |  |
| 1926 | Cembra Money Bank AG | 217268 |
| 223 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009659 |
| 130140 | Cie Financiere Richemont SA Class A <sup>(b)</sup> | 22724493 |
| 3545 | Cie Financiere Richemont SA Class A <sup>(a)(b)</sup> | 611848 |
| 141 | dormakaba Holding AG | 105350 |
| 100278 | DSM-Firmenich AG | 9928171 |
| 7435 | EFG International AG | 110460 |
| 1230 | Flughafen Zurich AG | 292179 |
| 83639 | Galderma Group AG\* | 8902145 |
| 3725 | Geberit AG | 2325530 |
| 118537 | Julius Baer Group Ltd.<sup>(a)</sup> | 8187356 |
| 1261 | Kardex Holding AG | 334861 |
| 11959 | Landis & Gyr Group AG<sup>(a)</sup> | 712810 |
| 107081 | Logitech International SA<sup>(b)</sup> | 9106351 |
| 135886 | Logitech International SA<sup>(b)</sup> | 11470137 |
| 28266 | Lonza Group AG | 17396037 |
| 163810 | On Holding AG Class A \* | 7194535 |
| 7320 | Partners Group Holding AG | 10386632 |
| 232104 | Sandoz Group AG | 9762591 |
| 25028 | Schindler Holding AG | 7818766 |
| 8310 | SGS SA | 824834 |
| 17338 | Sika AG | 4199473 |
| 15786 | Sonova Holding AG | 4601399 |
| 6404 | Straumann Holding AG<sup>(a)</sup> | 773392 |
| 3173 | Swatch Group AG<sup>(a)</sup> | 109541 |
| 57483 | Swatch Group AG Bearer Shares <sup>(a)</sup> | 9927098 |
| 1693 | Swiss Life Holding AG | 1542034 |
| 664 | Swissquote Group Holding SA | 286471 |
| 5418 | Temenos AG | 420621 |
| 546209 | UBS Group AG<sup>(b)</sup> | 16735777 |
| 47085 | UBS Group AG<sup>(b)</sup> | 1442214 |
| 1187 | Valiant Holding AG | 160601 |
| 8022 | Zurich Insurance Group AG | 5595312 |
|  |  | 201375362 |
|  | **Taiwan — 0.9%** |  |
| 558000 | ASE Technology Holding Co. Ltd. | 2445163 |
| 1290000 | Chipbond Technology Corp. | 2531551 |
| 413000 | Hon Hai Precision Industry Co. Ltd. | 1845465 |
| 346000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 9645721 |
| 81431 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13517546 |
| 1786000 | United Microelectronics Corp. | 2490916 |
|  |  | 32476362 |
|  | **Turkey — 0.1%** |  |
| 1439800 | Coca-Cola Icecek AS | 2025415 |
|  | **United Kingdom — 11.0%** |  |
| 153700 | 3i Group PLC | 7194491 |

---

See accompanying Notes to the Financial Statements. 49

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** |  |
| 1542 | 4imprint Group PLC | 73921 |
| 13543 | Admiral Group PLC | 500067 |
| 162841 | Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024671 |
| 119780 | AstraZeneca PLC<sup>(b)</sup> | 17491675 |
| 63708 | AstraZeneca PLC<sup>(b)</sup> | 9272271 |
| 139511 | AstraZeneca PLC, ADR | 10254058 |
| 52604 | Auto Trader Group PLC 144A | 507119 |
| 705114 | Aviva PLC | 5077483 |
| 403600 | B&M European Value Retail SA | 1359841 |
| 15031 | Babcock International Group PLC | 140231 |
| 755777 | Balfour Beatty PLC | 4258751 |
| 10422253 | Barclays PLC | 39106288 |
| 558142 | Barclays PLC, ADR | 8573061 |
| 9364 | Bodycote PLC | 67594 |
| 185200 | British American Tobacco PLC<sup>(b)</sup> | 7629364 |
| 8680 | British American Tobacco PLC<sup>(b)</sup> | 355984 |
| 1396 | British American Tobacco PLC, ADR | 57753 |
| 2218190 | BT Group PLC | 4759544 |
| 1899300 | Centrica PLC | 3667522 |
| 19624 | Chemring Group PLC | 94443 |
| 1078000 | CK Hutchison Holdings Ltd. | 6094275 |
| 464505 | Compass Group PLC | 15323959 |
| 54108 | Croda International PLC | 2048934 |
| 415487 | Diageo PLC | 10830335 |
| 749178 | Direct Line Insurance Group PLC | 2723554 |
| 456268 | Drax Group PLC | 3449526 |
| 329194 | Hiscox Ltd. | 5001448 |
| 676500 | HSBC Holdings PLC | 7664689 |
| 96534 | IG Group Holdings PLC | 1189318 |
| 506957 | IMI PLC | 12458587 |
| 229500 | Imperial Brands PLC | 8480554 |
| 84237 | Informa PLC | 841996 |
| 9293 | InterContinental Hotels Group PLC | 999381 |
| 412520 | International Consolidated Airlines Group SA<sup>(a)</sup> | 1394372 |
| 102803 | Intertek Group PLC | 6651321 |
| 1003600 | J Sainsbury PLC | 3049869 |
| 10212 | JET2 PLC | 163620 |
| 1999920 | Kingfisher PLC | 6576958 |
| 19121 | Lancashire Holdings Ltd. | 142361 |
| 320213 | Legal & General Group PLC | 1009406 |
| 20835234 | Lloyds Banking Group PLC | 19477778 |
| 592819 | Lloyds Banking Group PLC, ADR | 2264569 |
| 256378 | London Stock Exchange Group PLC | 37989350 |
| 855551 | Man Group PLC | 2190956 |
| 485600 | Marks & Spencer Group PLC | 2232935 |
| 393300 | Mitchells & Butlers PLC\* | 1075692 |
| 32159 | MONY Group PLC | 83229 |
| 5757630 | NatWest Group PLC | 33706968 |
| 513633 | Paragon Banking Group PLC | 4904391 |

---

50 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** |  |
| 568456 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839198 |
| 70021 | Reckitt Benckiser Group PLC | 4728018 |
| 581286 | RELX PLC<sup>(b)</sup> | 29176130 |
| 87667 | RELX PLC<sup>(b)</sup> | 4387030 |
| 39924 | Rightmove PLC | 353433 |
| 482453 | Rolls-Royce Holdings PLC\* | 4661017 |
| 287132 | Sage Group PLC | 4481948 |
| 69007 | Serco Group PLC | 140613 |
| 613181 | Smith & Nephew PLC | 8617849 |
| 6416 | Spectris PLC | 193751 |
| 41643 | Spirax Group PLC | 3351176 |
| 114695 | Standard Chartered PLC<sup>(b)</sup> | 1698581 |
| 10600 | Standard Chartered PLC<sup>(b)</sup> | 156408 |
| 10537 | Subsea 7 SA | 168178 |
| 2093200 | Tesco PLC | 8985727 |
| 50139 | TP ICAP Group PLC | 167391 |
| 9936 | Unilever PLC | 591242 |
| 8111 | Vesuvius PLC | 40818 |
| 5764678 | Vodafone Group PLC | 5390445 |
| 581587 | Vodafone Group PLC, ADR | 5449470 |
|  |  | 410064886 |
|  | **United States — 8.8%** |  |
| 60796 | Agilent Technologies, Inc. | 7111916 |
| 35851 | Alcon AG<sup>(b)</sup> | 3384403 |
| 23108 | Alcon AG<sup>(b)</sup> | 2193643 |
| 14624 | Analog Devices, Inc. | 2949222 |
| 1199754 | BP PLC | 6761765 |
| 6498 | BP PLC, ADR | 219567 |
| 46306 | Bruker Corp. | 1932812 |
| 17982 | Cadence Design Systems, Inc.\* | 4573362 |
| 5906 | Carnival PLC, ADR\* | 103532 |
| 55742 | Colgate-Palmolive Co. | 5223025 |
| 270988 | CRH PLC | 23838814 |
| 64930 | CSL Ltd. | 10130429 |
| 810 | CyberArk Software Ltd.\* | 273780 |
| 670837 | Experian PLC | 31067539 |
| 266720 | GFL Environmental, Inc. | 12885243 |
| 871704 | GSK PLC | 16635709 |
| 76247 | GSK PLC, ADR | 2953809 |
| 5866729 | Haleon PLC | 29671067 |
| 623000 | JBS SA | 4471560 |
| 265492 | Kenvue, Inc. | 6366498 |
| 6577 | MDA Space Ltd.\* | 125622 |
| 202800 | Novartis AG | 22557703 |
| 45590 | Reliance Worldwide Corp. Ltd. | 127640 |
| 122399 | Roche Holding AG | 40242826 |
| 132396 | Sanofi SA | 14655873 |
| 144407 | Schneider Electric SE | 33393770 |

---

See accompanying Notes to the Financial Statements. 51

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** |  |
| 489800 | Shell PLC | 17812647 |
| 162534 | Signify NV 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532983 |
| 9271 | Spotify Technology SA\* | 5099328 |
| 69500 | Swiss Re AG | 11796670 |
| 200185 | Tenaris SA | 3907141 |
| 7590 | Waters Corp.\* | 2797446 |
|  |  | 328797344 |
|  | TOTAL COMMON STOCKS (COST $3,097,254,573) | 3571625263 |
|  | **INVESTMENT COMPANIES — 0.4%** |  |
|  | **United States — 0.4%** |  |
| 105552 | iShares MSCI EAFE ETF | 8626765 |
| 65392 | iShares MSCI Eurozone ETF | 3482124 |
| 15077 | Vanguard FTSE Developed Markets ETF | 766364 |
|  | TOTAL INVESTMENT COMPANIES (COST $11,698,837) | 12875253 |
|  | **PREFERRED STOCKS — 0.3%** |  |
|  | **Germany — 0.3%** |  |
| 1597 | Bayerische Motoren Werke AG, 8.70% | 118953 |
| 30284 | Dr. Ing hc F Porsche AG, 5.01% 144A | 1506882 |
| 8471 | Porsche Automobil Holding SE, 7.40% | 316261 |
| 93332 | Volkswagen AG, 9.64% | 9443067 |
|  |  | 11385163 |
|  | TOTAL PREFERRED STOCKS (COST $19,751,458) | 11385163 |
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 3.6%** |  |
|  | **Mutual Fund - Securities Lending Collateral — 3.6%** |  |
| 135135696 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%<sup>(f)(g)</sup> | 135135696 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $135,135,696) | 135135696 |
|  | **TOTAL INVESTMENTS — 100.3%**<br> (Cost $3,263,840,564) | 3731021375 |
|  | Other Assets and Liabilities (net) — (0.3)% | (9844645) |
|  | **NET ASSETS — 100.0%** | $**3721176730** |

---

**Notes to Schedule of Investments:** <br>

\* Non-income producing security.

(a) All or a portion of this security is out on loan.

(b) Securities are traded on separate exchanges for the same entity.

52 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### March 31, 2025
(c) Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund.

(d) Securities fair valued by the Valuation Committee. The total market value of the securities at year end is $228,825 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2025 was $29,569,045.

(e) Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total market value of the securities at year end is $228,825 which represents 0.0% of net assets. The aggregate cost of these securities held at March 31, 2025 was $29,569,045.

(f) The rate disclosed is the 7-day net yield as of March 31, 2025.

(g) Represents an investment of securities lending cash collateral.

---

| | |
|:---|:---|
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $94,767,765 which represents 2.5% of net assets.  |

---

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br>Contracts | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Buys |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;682 | MSCI EAFE Index | Jun 2025 | $82395830 | $(304889) |

---

---

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

---

See accompanying Notes to the Financial Statements. 53

------

#### Mercer Non-US Core Equity Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
|  Financial | 26.9 |
|  Consumer, Non-cyclical | 18.5 |
|  Industrial | 14.7 |
|  Consumer, Cyclical | 11.5 |
|  Technology | 8.2 |
|  Basic Materials | 6.1 |
|  Communications | 4.4 |
|  Energy | 4.4 |
|  Utilities | 1.6 |
|  Investment Companies | 0.4 |
|  Diversified | 0.0\* |
|  Short-Term Investment | 3.6 |
|  Other Assets and Liabilities (net) | (0.3) |
|  | 100.0% |

---

\* *Amount rounds to zero.* 

54 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **DEBT OBLIGATIONS — 98.9%** |  |
|  |  | **Asset Backed Securities — 10.8%** |  |
| 185964 |  | ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/29/30 144A | 182613 |
| 2700000 |  | Affirm Asset Securitization Trust, Series 2024-A, Class 1A, 5.61%, due 02/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718303 |
| 1800000 |  | Affirm Master Trust, Series 2025-1A, Class A, 4.99%, due 02/15/33 144A | 1810521 |
| 250000 |  | AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR, 5.70% (3 mo. USD Term SOFR + 1.41%), due 07/22/37<sup>(b)</sup> 144A | 250195 |
| 148000 |  | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A | 141847 |
| 359000 |  | Aligned Data Centers Issuer LLC, Series 2023-2A, Class A2, 6.50%, due 11/16/48 144A | 367180 |
| 325802 |  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27 | 321189 |
| 400000 |  | AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27 | 389449 |
| 700000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28 | 714919 |
| 800000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C, 6.00%, due 07/18/29 | 825581 |
| 1350000 |  | AMSR Trust, Series 2021-SFR1, Class A, 1.95%, due 06/17/38 144A | 1248881 |
| 1528648 |  | AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A | 1470273 |
| 2742000 |  | AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A | 2690518 |
| 4000000 | EUR | Anchorage Capital Europe CLO 6 DAC, Series 6A, Class AR, 4.45% (3 mo. EURIBOR + 1.75%), due 01/22/38<sup>(b)</sup> 144A | 4336493 |
| 109127 |  | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A | 99766 |
| 911070 |  | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | 868434 |
| 700000 |  | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, due 06/20/30 144A | 715847 |
| 3863000 |  | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class A, 5.23%, due 12/20/30 144A | 3932237 |
| 5750000 |  | Bain Capital Credit CLO Ltd., Series 2022-4A, Class A1R, 5.69% (3 mo. USD Term SOFR + 1.38%), due 10/16/37<sup>(b)</sup> 144A | 5752266 |
| 2500000 | EUR | Barings Euro CLO DAC, Series 2015-1A, Class ARR, 3.65% (3 mo. EURIBOR + 0.98%), due 07/25/35<sup>(b)</sup> 144A | 2692451 |
| 1248330 | EUR | BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 3.39% (3 mo. EURIBOR + 0.60%), due 04/15/31<sup>(b)</sup> 144A | 1342055 |
| 1234859 |  | BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, due 04/25/54<sup>(c)</sup> 144A | 1248285 |
| 1077878 | EUR | Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2A, Class AR1, 3.31% (3 mo. EURIBOR + 0.75%), due 11/15/31<sup>(b)</sup> 144A | 1164643 |
| 300000 |  | CarMax Auto Owner Trust, Series 2021-2, Class C, 1.34%, due 02/16/27 | 298621 |
| 310000 |  | CarMax Auto Owner Trust, Series 2021-3, Class C, 1.25%, due 05/17/27 | 304322 |
| 300000 |  | CarMax Auto Owner Trust, Series 2021-4, Class C, 1.38%, due 07/15/27 | 292606 |
| 400000 |  | CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27 | 390127 |
| 200000 |  | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28 | 195207 |
| 839189 |  | CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | 828230 |
| 733224 |  | CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A | 701195 |
| 1107967 |  | CIFC Funding Ltd., Series 2015-1A, Class ARR, 5.66% (3 mo. USD Term SOFR + 1.37%), due 01/22/31<sup>(b)</sup> 144A | 1109075 |
| 1200000 |  | Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7, 3.96%, due 10/13/30 | 1187055 |
| 712840 |  | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | 659394 |
| 557674 |  | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A | 510729 |
| 541790 |  | CLI Funding VIII LLC, Series 2022-1A, Class A, 2.72%, due 01/18/47 144A | 493588 |
| 199000 |  | Compass Datacenters Issuer III LLC, Series 2025-2A, Class A2, 5.84%, due 02/25/50 144A | 202537 |
| 2250000 |  | Crown City CLO I, Series 2020-1A, Class A1AR, 5.74% (3 mo. USD Term SOFR + 1.45%), due 07/20/34<sup>(b)</sup> 144A | 2251042 |

---

See accompanying Notes to the Financial Statements. 55

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** |  |
| 1874363 | EUR | CVC Cordatus Loan Fund VII DAC, Series 7A, Class ARR, 3.13% (3 mo. EURIBOR + 0.63%), due 09/15/31<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022114 |
| 686000 |  | CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48 144A | 668140 |
| 622000 |  | CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, 4.50%, due 05/20/49 144A | 599172 |
| 449000 |  | DataBank Issuer LLC, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A | 436210 |
| 259470 |  | DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A | 253957 |
| 152000 |  | Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 144A | 143143 |
| 1419355 |  | Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I, 4.12%, due 07/25/48 144A | 1412755 |
| 4080610 |  | Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 144A | 3774478 |
| 573305 |  | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | 544352 |
| 655200 |  | Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A | 604386 |
| 531000 |  | FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A | 510235 |
| 300000 |  | Ford Credit Auto Owner Trust, Series 2022-A, Class C, 2.14%, due 07/15/29 | 294990 |
| 2282000 |  | Ford Credit Auto Owner Trust, Series 2022-B, Class A4, 3.93%, due 08/15/27 | 2273214 |
| 1800000 |  | Ford Credit Auto Owner Trust, Series 2023-B, Class B, 5.56%, due 03/15/29 | 1838706 |
| 242000 |  | Frontier Issuer LLC, Series 2024-1, Class C, 11.16%, due 06/20/54 144A | 272214 |
| 500000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, due 01/16/29 | 511751 |
| 700000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class B, 6.16%, due 04/16/29 | 720085 |
| 500000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class C, 6.41%, due 05/16/29 | 514596 |
| 998000 |  | GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, due 12/11/36 144A | 1015681 |
| 2973000 |  | GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/15/30 144A | 3053595 |
| 1500000 |  | GMF Floorplan Owner Revolving Trust, Series 2024-4A, Class A1, 4.73%, due 11/15/29 144A | 1509358 |
| 184534 |  | Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due 01/22/29 144A | 182897 |
| 396859 |  | Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due 04/20/29 144A | 393736 |
| 5000000 | EUR | Harvest CLO XXXII DAC, Series 32A, Class A, 4.12% (3 mo. EURIBOR + 1.45%), due 07/25/37<sup>(b)</sup> 144A | 5419433 |
| 746000 |  | HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A | 724186 |
| 167000 |  | Hotwire Funding LLC, Series 2024-1A, Class A2, 5.89%, due 06/20/54 144A | 170171 |
| 3750000 | EUR | ICG Euro CLO DAC, Series 2023-1A, Class AR, 3.68% (3 mo. EURIBOR + 1.25%), due 10/19/38<sup>(b)</sup> 144A | 4039143 |
| 1620254 | EUR | Invesco Euro CLO I DAC, Series 1A, Class A1R, 3.44% (3 mo. EURIBOR + 0.65%), due 07/15/31<sup>(b)</sup> 144A | 1744847 |
| 718769 |  | Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, due 09/17/41 144A | 693728 |
| 495000 |  | Jersey Mike's Funding LLC, Series 2024-1A, Class A2, 5.64%, due 02/15/55 144A | 501135 |
| 1454680 |  | JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.54% (SOFR 30-day average + 1.20%), due 02/25/55<sup>(b)</sup> 144A | 1455763 |
| 2522523 | EUR | Madison Park Euro Funding XIV DAC, Series 14A, Class A1R, 3.59% (3 mo. EURIBOR + 0.80%), due 07/15/32<sup>(b)</sup> 144A | 2713603 |
| 4865000 |  | Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 5.59% (3 mo. USD Term SOFR + 1.29%), due 10/15/32<sup>(b)</sup> 144A | 4866494 |

---

56 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 2000000 | Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, 5.68% (3 mo. USD Term SOFR + 1.38%), due 07/17/34<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002000 |
| 575000 | MetroNet Infrastructure Issuer LLC, Series 2023-1A, Class A2, 6.56%, due 04/20/53 144A | 591201 |
| 129091 | MidOcean Credit CLO III, Series 2014-3A, Class A1R, 5.67% (3 mo. USD Term SOFR + 1.38%), due 04/21/31<sup>(b)</sup> 144A | 129130 |
| 183790 | Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due 01/15/69 144A | 172802 |
| 61385 | Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A | 52775 |
| 970200 | Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A | 913981 |
| 505370 | Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A | 470001 |
| 123060 | New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.80% (1 mo. USD Term SOFR + 0.83%), due 10/25/33<sup>(b)</sup> 144A | 122616 |
| 1206000 | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due 10/20/61 144A | 1126481 |
| 474000 | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due 10/20/61 144A | 433960 |
| 3163000 | NextGear Floorplan Master Owner Trust, Series 2024-1A, Class A2, 5.12%, due 03/15/29 144A | 3209385 |
| 4750000 | NGC Ltd., Series 2024-1A, Class A1, 5.89% (3 mo. USD Term SOFR + 1.60%), due 07/20/37<sup>(b)</sup> 144A | 4754565 |
| 54721 | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due 07/25/26 144A | 53182 |
| 322000 | Palmer Square CLO Ltd., Series 2024-2A, Class A1, 5.69% (3 mo. USD Term SOFR + 1.40%), due 07/20/37<sup>(b)</sup> 144A | 322408 |
| 480035 | Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class A1AR, 5.55% (3 mo. USD Term SOFR + 1.26%), due 10/20/31<sup>(b)</sup> 144A | 480214 |
| 1994000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 02/15/29 144A | 2009723 |
| 1513395 | Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.77%, due 06/05/54 144A | 1532045 |
| 872513 | Progress Residential Trust, Series 2021-SFR2, Class A, 1.55%, due 04/19/38 144A | 868580 |
| 1543163 | Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A | 1491410 |
| 3115697 | Progress Residential Trust, Series 2024-SFR3, Class A, 3.00%, due 06/17/41 144A | 2896655 |
| 1781000 | Progress Residential Trust, Series 2024-SFR4, Class A, 3.10%, due 07/17/41 144A | 1658074 |
| 423000 | Progress Residential Trust, Series 2025-SFR1, Class A, 3.40%, due 02/17/42<sup>(c)</sup> 144A | 395542 |
| 298000 | Progress Residential Trust, Series 2025-SFR2, Class A, 3.31%, due 04/17/42<sup>(d)</sup> 144A | 274655 |
| 3800000 | Regatta 31 Funding Ltd., Series 2025-1A, Class A1, 5.40% (3 mo. USD Term SOFR + 1.17%), due 03/25/38<sup>(b)</sup> 144A | 3779921 |
| 5000000 | Regatta XII Funding Ltd., Series 2019-1A, Class ARR, 6.05% (3 mo. USD Term SOFR + 1.39%), due 10/15/37<sup>(b)</sup> 144A | 5011400 |
| 1224 | Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 5.43%, due 08/25/35<sup>(c)</sup> | 1223 |
| 602000 | Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, due 09/15/48 144A | 598009 |
| 302000 | RIN II Ltd., Series 2019-1A, Class AR, 5.87% (3 mo. USD Term SOFR + 1.48%), due 01/15/38<sup>(b)</sup> 144A | 302138 |
| 331000 | RIN XII LLC, Series 2025-1A, Class A1, 5.63% (3 mo. USD Term SOFR + 1.30%), due 04/15/38<sup>(b)</sup> 144A | 330521 |
| 205983 | Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35%, due 07/15/27 | 204672 |
| 1550000 | Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74%, due 10/16/28 | 1548555 |
| 200000 | Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30 | 201069 |
| 600000 | Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, due 11/15/30 | 613046 |
| 900000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, due 12/15/31 | 924699 |

---

See accompanying Notes to the Financial Statements. 57

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 1400000 | Santander Drive Auto Receivables Trust, Series 2023-5, Class C, 6.43%, due 02/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460747 |
| 400000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class B, 5.98%, due 04/16/29 | 407628 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class C, 6.40%, due 03/17/31 | 103744 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2024-1, Class C, 5.45%, due 03/15/30 | 505119 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2024-2, Class C, 5.84%, due 06/17/30 | 511163 |
| 2500000 | Santander Drive Auto Receivables Trust, Series 2024-3, Class C, 5.64%, due 08/15/30 | 2552035 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 1002857 |
| 2100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class C, 5.04%, due 03/17/31 | 2119144 |
| 2700000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class C, 5.06%, due 05/15/31 | 2712240 |
| 3170246 | SBA Small Business Investment Cos., Series 2024-10A, Class 1, 5.04%, due 03/10/34 | 3212622 |
| 403920 | Servpro Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, due 01/25/54 144A | 413714 |
| 41295 | SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 144A | 36945 |
| 585541 | SMB Private Education Loan Trust, Series 2024-A, Class A1A, 5.24%, due 03/15/56 144A | 592105 |
| 471903 | SMB Private Education Loan Trust, Series 2024-E, Class A1A, 5.09%, due 10/16/56 144A | 476170 |
| 604942 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | 589423 |
| 610845 | Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A | 551306 |
| 2178000 | Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, 1.88%, due 03/26/46 144A | 2112313 |
| 1591012 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 07/30/54 144A | 1605828 |
| 4045860 | Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, due 07/30/54 144A | 4116801 |
| 727177 | Subway Funding LLC, Series 2024-3A, Class A23, 5.91%, due 07/30/54 144A | 719844 |
| 174458 | Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A | 170076 |
| 200000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, due 06/25/54 144A | 199098 |
| 653000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, due 03/25/55 144A | 631293 |
| 484727 | TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A | 434101 |
| 4000000 | Tikehau U.S. CLO IV Ltd., Series 2023-1A, Class A1, 6.50% (3 mo. USD Term SOFR + 2.20%), due 07/15/34<sup>(b)</sup> 144A | 4010740 |
| 992998 | Towd Point Mortgage Trust, Series 2024-CES3, Class A1, 6.29%, due 05/25/64<sup>(e)</sup> 144A | 1002636 |
| 1512093 | Tricon American Homes Trust, Series 2019-SFR1, Class A, 2.75%, due 03/17/38 144A | 1489208 |
| 4020288 | Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10%, due 07/17/40 144A | 4062906 |
| 3274606 | Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00%, due 12/17/40 144A | 3296175 |
| 1400000 | Tricon Residential Trust, Series 2025-SFR1, Class A, 5.40% (1 mo. USD Term SOFR + 1.10%), due 03/17/42<sup>(b)</sup> 144A | 1400711 |
| 3750000 | Trimaran CAVU Ltd., Series 2019-1A, Class A1R, 5.51% (3 mo. USD Term SOFR + 1.19%), due 01/20/37<sup>(b)</sup> 144A | 3732596 |
| 668135 | Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 144A | 617802 |
| 488400 | Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 144A | 442815 |
| 872089 | U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | 833511 |
| 634495 | U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | 612123 |
| 746340 | U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | 712262 |
| 326708 | U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | 313755 |
| 246336 | U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | 231940 |
| 1802223 | U.S. Small Business Administration, Series 2019-25F, Class 1, 2.77%, due 06/01/44 | 1596760 |
| 737621 | U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | 617686 |
| 2232507 | U.S. Small Business Administration, Series 2022-25D, Class 1, 3.50%, due 04/01/47 | 2068968 |
| 2378562 | U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47 | 2286577 |
| 2118702 | U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47 | 2168555 |

---

58 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 1693617 | U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48 | 1672922 |
| 1292730 | U.S. Small Business Administration, Series 2023-25J, Class 1, 5.82%, due 10/01/48 | 1364473 |
| 1300780 | U.S. Small Business Administration, Series 2023-25L, Class 1, 5.28%, due 12/01/48 | 1341812 |
| 1833700 | U.S. Small Business Administration, Series 2024-25D, Class 1, 5.38%, due 04/01/49 | 1897416 |
| 249000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 04/20/55 144A | 255174 |
| 808000 | Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2, 1.65%, due 09/15/45 144A | 794962 |
| 860000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | 799291 |
| 388817 | Venture XIX CLO Ltd., Series 2014-19A, Class ARR, 5.82% (3 mo. USD Term SOFR + 1.52%), due 01/15/32<sup>(b)</sup> 144A | 389112 |
| 2260000 | Verizon Master Trust, Series 2025-1, Class A, 4.71%, due 01/21/31 | 2281362 |
| 424063 | VR Funding LLC, Series 2020-1A, Class A, 2.79%, due 11/15/50 144A | 395761 |
| 4000000 | Wellfleet CLO Ltd., Series 2020-1A, Class A1AR, 5.50% (3 mo. USD Term SOFR + 1.20%), due 04/15/33<sup>(b)</sup> 144A | 3993944 |
| 513806 | Wendy's Funding LLC, Series 2019-1A, Class A2I, 3.78%, due 06/15/49 144A | 505874 |
| 2121106 | Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A | 1930237 |
| 1385000 | Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, due 09/19/39 144A | 1390749 |
| 138201 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | 130592 |
| 277000 | Wingstop Funding LLC, Series 2024-1A, Class A2, 5.86%, due 12/05/54 144A | 281491 |
| 200000 | World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, due 11/15/27 | 197033 |
| 554875 | Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A | 508165 |
| 441000 | Zayo Issuer LLC, Series 2025-1A, Class A2, 5.65%, due 03/20/55 144A | 443910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209370902 |
|  | **Corporate Debt — 32.6%** |  |
| 225000 | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | 215242 |
| 128000 | AAR Escrow Issuer LLC, 6.75%, due 03/15/29 144A | 130191 |
| 65000 | AbbVie, Inc., 4.05%, due 11/21/39 | 57032 |
| 130000 | AbbVie, Inc., 4.70%, due 05/14/45 | 117486 |
| 445000 | AbbVie, Inc., 4.75%, due 03/15/45 | 405605 |
| 1340000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30 | 1196821 |
| 400000 | AEP Texas, Inc., 3.80%, due 10/01/47 | 289512 |
| 315000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | 238016 |
| 2250000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28 | 2114919 |
| 1733000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | 1536118 |
| 2100000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, due 04/03/26 | 2098526 |
| 322000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50% (5 yr. CMT + 2.44%), due 01/31/56<sup>(b)(d)</sup> | 319823 |
| 400000 | Aeropuertos Dominicanos Siglo XXI SA, 7.00%, due 06/30/34 144A | 401806 |
| 371682 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | 332071 |
| 370000 | Aetna, Inc., 4.75%, due 03/15/44 | 314980 |
| 511068 | Air Canada Pass-Through Trust, 3.60%, due 09/15/28 144A | 499902 |
| 514000 | Air Canada Pass-Through Trust, 10.50%, due 07/15/26 144A | 549337 |
| 2060000 | Air Lease Corp., 5.20%, due 07/15/31 | 2070125 |
| 243000 | Aker BP ASA, 3.10%, due 07/15/31 144A | 214076 |
| 175000 | Aker BP ASA, 3.75%, due 01/15/30 144A | 165416 |
| 2200000 | Aker BP ASA, 4.00%, due 01/15/31 144A | 2058041 |
| 220000 | Aker BP ASA, 5.80%, due 10/01/54 144A | 200807 |
| 300000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, due 03/15/29 144A | 276410 |

---

See accompanying Notes to the Financial Statements. 59

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 129000 | Alcoa Nederland Holding BV, 7.13%, due 03/15/31 144A | 132899 |
| 2895000 | Alexandria Real Estate Equities, Inc., 2.00%, due 05/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360914 |
| 870000 | Alexandria Real Estate Equities, Inc., 5.50%, due 10/01/35 | 874381 |
| 424860 | Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A | 326355 |
| 565000 | Algonquin Power & Utilities Corp., 5.37%, due 06/15/26<sup>(c)</sup> | 568435 |
| 711000 | Allied Universal Holdco LLC, 7.88%, due 02/15/31 144A | 720648 |
| 366000 | Ally Financial, Inc., 6.18% (SOFR + 2.29%), due 07/26/35<sup>(b)</sup> | 363917 |
| 496000 | Ally Financial, Inc., 8.00%, due 11/01/31 | 552959 |
| 196000 | Alpha Generation LLC, 6.75%, due 10/15/32 144A | 196278 |
| 190000 | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | 187908 |
| 215000 | Altria Group, Inc., 3.40%, due 05/06/30 | 200917 |
| 1798000 | Amazon.com, Inc., 4.10%, due 04/13/62 | 1425902 |
| 1780000 | Ameren Illinois Co., 4.95%, due 06/01/33 | 1771650 |
| 517833 | American Airlines Pass-Through Trust, 2.88%, due 01/11/36 | 455654 |
| 488965 | American Airlines Pass-Through Trust, 3.15%, due 08/15/33 | 449078 |
| 66012 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | 61742 |
| 646367 | American Airlines Pass-Through Trust, 3.50%, due 08/15/33 | 581639 |
| 280672 | American Airlines Pass-Through Trust, 3.60%, due 04/15/31 | 262859 |
| 386220 | American Airlines Pass-Through Trust, 3.65%, due 08/15/30 | 372859 |
| 147422 | American Airlines Pass-Through Trust, 3.85%, due 08/15/29 | 141678 |
| 468100 | American Airlines Pass-Through Trust, 3.95%, due 01/11/32 | 441727 |
| 357315 | American Airlines Pass-Through Trust, 4.00%, due 08/15/30 | 340886 |
| 522325 | American Airlines Pass-Through Trust, 4.10%, due 07/15/29 | 506314 |
| 358000 | American Airlines, Inc., 7.25%, due 02/15/28<sup>(f)</sup> 144A | 356428 |
| 229000 | American Electric Power Co., Inc., 5.63%, due 03/01/33<sup>(f)</sup> | 234958 |
| 1405000 | American Tower Corp., 5.20%, due 02/15/29 | 1427759 |
| 379000 | American Tower Corp., 5.55%, due 07/15/33 | 387536 |
| 379000 | American Tower Corp., 5.65%, due 03/15/33 | 390814 |
| 2305000 | American Tower Trust #1, 5.49%, due 03/15/53 144A | 2343375 |
| 415000 | AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, due 08/20/26 | 412202 |
| 670000 | Amgen, Inc., 5.25%, due 03/02/30 | 685454 |
| 1301000 | Amgen, Inc., 5.25%, due 03/02/33 | 1320277 |
| 648000 | Amgen, Inc., 5.65%, due 03/02/53 | 636134 |
| 173000 | AmWINS Group, Inc., 6.38%, due 02/15/29 144A | 174427 |
| 686000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | 633120 |
| 422000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 06/15/29 144A | 412784 |
| 349000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 144A | 355119 |
| 108000 | Antero Resources Corp., 5.38%, due 03/01/30 144A | 106114 |
| 491000 | Apollo Debt Solutions BDC, 6.70%, due 07/29/31 | 506875 |
| 852000 | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | 884335 |
| 1000000 | Apple, Inc., 3.85%, due 08/04/46 | 815137 |
| 2105000 | AppLovin Corp., 5.13%, due 12/01/29 | 2113852 |
| 341000 | AppLovin Corp., 5.38%, due 12/01/31 | 342868 |
| 980000 | AptarGroup, Inc., 3.60%, due 03/15/32 | 893616 |
| 2015000 | Aptiv Swiss Holdings Ltd., 3.25%, due 03/01/32<sup>(f)</sup> | 1756693 |
| 875000 | Aptiv Swiss Holdings Ltd., 5.15%, due 09/13/34 | 827744 |
| 86000 | Arcosa, Inc., 6.88%, due 08/15/32 144A | 87260 |

---

60 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 452000 | ARES Capital Corp., 2.88%, due 06/15/28 | 420832 |
| 344000 | ARES Capital Corp., 5.88%, due 03/01/29 | 349360 |
| 419000 | Ares Strategic Income Fund, 6.20%, due 03/21/32 144A | 416827 |
| 405000 | ARES Strategic Income Fund, 5.60%, due 02/15/30 144A | 399364 |
| 160000 | ARES Strategic Income Fund, 6.35%, due 08/15/29 144A | 162516 |
| 400000 | Aris Mining Corp., 8.00%, due 10/31/29 144A | 406610 |
| 200000 | Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A | 204172 |
| 122000 | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | 114445 |
| 382000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | 357717 |
| 710000 | Ascension Health, 2.53%, due 11/15/29 | 653004 |
| 150000 | Ascension Health, 3.11%, due 11/15/39 | 117725 |
| 486000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29<sup>(f)</sup> 144A | 474654 |
| 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/32 144A | 119557 |
| 2050000 | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743254 |
| 216000 | Ashtead Capital, Inc., 5.50%, due 08/11/32 144A | 215313 |
| 524000 | Ashtead Capital, Inc., 5.55%, due 05/30/33<sup>(f)</sup> 144A | 520097 |
| 518000 | Ashtead Capital, Inc., 5.95%, due 10/15/33 144A | 525770 |
| 2200000 | AT&T, Inc., 2.25%, due 02/01/32 | 1856199 |
| 3369000 | AT&T, Inc., 2.30%, due 06/01/27 | 3220710 |
| 247000 | AT&T, Inc., 2.55%, due 12/01/33 | 202592 |
| 1186000 | AT&T, Inc., 2.75%, due 06/01/31 | 1054495 |
| 814000 | AT&T, Inc., 3.50%, due 06/01/41 | 628398 |
| 1094000 | AT&T, Inc., 3.55%, due 09/15/55 | 741993 |
| 1014000 | AT&T, Inc., 3.65%, due 09/15/59 | 684427 |
| 673000 | AT&T, Inc., 4.50%, due 05/15/35 | 632843 |
| 346000 | Athene Global Funding, 4.72%, due 10/08/29 144A | 341547 |
| 414000 | Athene Global Funding, 5.32%, due 11/13/31 144A | 414478 |
| 285000 | Athene Holding Ltd., 3.50%, due 01/15/31 | 264043 |
| 258000 | Athene Holding Ltd., 6.63% (5 yr. CMT + 2.61%), due 10/15/54<sup>(b)</sup> | 256127 |
| 250851 | Atlantica Transmision Sur SA, 6.88%, due 04/30/43 144A | 265610 |
| 347000 | Atlas Warehouse Lending Co. LP, 6.25%, due 01/15/30 144A | 349010 |
| 299000 | Atlassian Corp., 5.25%, due 05/15/29 | 304510 |
| 478000 | AutoNation, Inc., 4.75%, due 06/01/30 | 469459 |
| 123000 | AutoNation, Inc., 5.89%, due 03/15/35 | 122836 |
| 1939000 | Aviation Capital Group LLC, 6.38%, due 07/15/30 144A | 2035471 |
| 1037000 | BAE Systems PLC, 3.40%, due 04/15/30 144A | 972641 |
| 2528000 | BAE Systems PLC, 5.13%, due 03/26/29 144A | 2567844 |
| 170000 | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, due 05/15/31 144A | 172409 |
| 175000 | Ball Corp., 3.13%, due 09/15/31 | 151825 |
| 450000 | Ball Corp., 6.00%, due 06/15/29 | 455897 |
| 400000 | Banco Santander SA, 5.54% (1 yr. CMT + 1.45%), due 03/14/30<sup>(b)</sup> | 408574 |
| 1000000 | Banco Santander SA, 5.57%, due 01/17/30<sup>(f)</sup> | 1026811 |
| 752000 | Banco Santander SA, 9.63% (5 yr. CMT + 5.30%)<sup>(b)(g)</sup> | 865689 |
| 265000 | Bank of America Corp., 1.66% (SOFR + 0.91%), due 03/11/27<sup>(b)</sup> | 257831 |
| 1310000 | Bank of America Corp., 2.30% (SOFR + 1.22%), due 07/21/32<sup>(b)</sup> | 1119331 |
| 2330000 | Bank of America Corp., 2.50% (3 mo. USD Term SOFR + 1.25%), due 02/13/31<sup>(b)</sup> | 2092380 |
| 861000 | Bank of America Corp., 2.59% (SOFR + 2.15%), due 04/29/31<sup>(b)</sup> | 773609 |

---

See accompanying Notes to the Financial Statements. 61

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 6807000 | Bank of America Corp., 2.69% (SOFR + 1.32%), due 04/22/32<sup>(b)</sup> | 5993158 |
| 230000 | Bank of America Corp., 2.88% (3 mo. USD Term SOFR + 1.45%), due 10/22/30<sup>(b)</sup> | 212108 |
| 1145000 | Bank of America Corp., 3.59% (3 mo. USD Term SOFR + 1.63%), due 07/21/28<sup>(b)</sup> | 1120695 |
| 457000 | Bank of America Corp., 3.85% (5 yr. CMT + 2.00%), due 03/08/37<sup>(b)</sup> | 410308 |
| 310000 | Bank of America Corp., 4.27% (3 mo. USD Term SOFR + 1.57%), due 07/23/29<sup>(b)</sup> | 306317 |
| 5511000 | Bank of America Corp., 4.57% (SOFR + 1.83%), due 04/27/33<sup>(b)</sup> | 5327076 |
| 2545000 | Bank of America Corp., 4.95% (SOFR + 2.04%), due 07/22/28<sup>(b)</sup> | 2565834 |
| 940000 | Bank of America Corp., 5.43% (SOFR + 1.91%), due 08/15/35<sup>(b)</sup> | 920777 |
| 760000 | Bank of Montreal, 7.70% (5 yr. CMT + 3.45%), due 05/26/84<sup>(b)</sup> | 774163 |
| 341000 | Bank of New York Mellon Corp., 4.98% (SOFR + 1.09%), due 03/14/30<sup>(b)(f)</sup> | 345952 |
| 400000 | Barclays PLC, 4.84% (SOFR + 1.34%), due 09/10/28<sup>(b)(f)</sup> | 400425 |
| 1475000 | Barclays PLC, 4.94% (SOFR + 1.56%), due 09/10/30<sup>(b)</sup> | 1470788 |
| 614000 | Barclays PLC, 5.37% (SOFR + 1.23%), due 02/25/31<sup>(b)</sup> | 620931 |
| 1994000 | Barclays PLC, 6.49% (SOFR + 2.22%), due 09/13/29<sup>(b)</sup> | 2097064 |
| 200000 | Barclays PLC, 7.63% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.69%)<sup>(b)(g)</sup> | 196089 |
| 708000 | Barclays PLC, 8.00% (5 yr. CMT + 5.43%)<sup>(b)(g)</sup> | 731692 |
| 156000 | BAT Capital Corp., 3.56%, due 08/15/27 | 152258 |
| 2515000 | BAT Capital Corp., 4.39%, due 08/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209463 |
| 1385000 | BAT Capital Corp., 6.34%, due 08/02/30 | 1472835 |
| 200000 | Belron U.K. Finance PLC, 5.75%, due 10/15/29 144A | 198790 |
| 605000 | Berkshire Hathaway Energy Co., 1.65%, due 05/15/31 | 505788 |
| 2000000 | Berkshire Hathaway Energy Co., 4.45%, due 01/15/49 | 1663277 |
| 85000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | 89858 |
| 1712000 | Berkshire Hathaway Energy Co., 6.13%, due 04/01/36 | 1823926 |
| 1540000 | Berry Global, Inc., 1.57%, due 01/15/26 | 1501321 |
| 230000 | BHP Billiton Finance USA Ltd., 5.30%, due 02/21/35 | 232092 |
| 1015000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | 621735 |
| 542000 | Blackstone Holdings Finance Co. LLC, 3.15%, due 10/02/27 144A | 526709 |
| 485000 | Blackstone Private Credit Fund, 5.25%, due 04/01/30<sup>(f)</sup> 144A | 473687 |
| 221000 | Blackstone Private Credit Fund, 5.95%, due 07/16/29 | 223497 |
| 419000 | Blackstone Private Credit Fund, 6.00%, due 01/29/32 | 415654 |
| 438000 | Blackstone Private Credit Fund, 7.30%, due 11/27/28 | 463417 |
| 460000 | Blackstone Secured Lending Fund, 5.35%, due 04/13/28 | 459984 |
| 190000 | Block, Inc., 3.50%, due 06/01/31 | 167202 |
| 113000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, due 07/15/29 144A | 115570 |
| 227000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | 234997 |
| 467000 | BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A | 440264 |
| 945000 | BNP Paribas SA, 1.68% (SOFR + 0.91%), due 06/30/27<sup>(b)</sup> 144A | 912154 |
| 260000 | BNP Paribas SA, 2.16% (SOFR + 1.22%), due 09/15/29<sup>(b)</sup> 144A | 237776 |
| 200000 | BNP Paribas SA, 2.22% (SOFR + 2.07%), due 06/09/26<sup>(b)</sup> 144A | 199020 |
| 3530000 | BNP Paribas SA, 4.40%, due 08/14/28 144A | 3488138 |
| 470000 | BNP Paribas SA, 5.50% (SOFR + 1.59%), due 05/20/30<sup>(b)</sup> 144A | 478489 |
| 233000 | BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)<sup>(b)(g)</sup> 144A | 249607 |
| 2775000 | Boeing Co., 2.20%, due 02/04/26 | 2715592 |
| 270000 | Boeing Co., 3.90%, due 05/01/49 | 194789 |
| 325000 | Boeing Co., 3.95%, due 08/01/59 | 221661 |
| 1795000 | Boeing Co., 5.71%, due 05/01/40 | 1745980 |
| 318000 | Boeing Co., 6.53%, due 05/01/34 | 340915 |

---

62 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 296000 | Booking Holdings, Inc., 4.63%, due 04/13/30 | 296731 |
| 473000 | BPCE SA, 5.72% (SOFR + 1.96%), due 01/18/30<sup>(b)</sup> 144A | 482441 |
| 824000 | Braskem Netherlands Finance BV, 4.50%, due 01/31/30 144A | 707230 |
| 108635 | British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A | 103334 |
| 197482 | British Airways Pass-Through Trust, 4.25%, due 05/15/34 144A | 190535 |
| 64958 | British Airways Pass-Through Trust, 8.38%, due 11/15/28 144A | 68247 |
| 1055000 | Brixmor Operating Partnership LP, 2.50%, due 08/16/31 | 906886 |
| 1950000 | Broadcom, Inc., 3.19%, due 11/15/36 144A | 1601403 |
| 3556000 | Broadcom, Inc., 3.42%, due 04/15/33 144A | 3167310 |
| 353000 | Broadcom, Inc., 3.47%, due 04/15/34 144A | 310865 |
| 2566000 | Broadcom, Inc., 4.11%, due 09/15/28 | 2530260 |
| 206000 | Broadcom, Inc., 4.55%, due 02/15/32 | 201091 |
| 406000 | Broadcom, Inc., 5.05%, due 07/12/29 | 411742 |
| 1847000 | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, due 01/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557033 |
| 1521000 | Brookfield Finance, Inc., 2.72%, due 04/15/31 | 1351007 |
| 585000 | Brookfield Finance, Inc., 6.30% (5 yr. CMT + 2.08%), due 01/15/55<sup>(b)</sup> | 558870 |
| 210000 | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due 06/15/29 144A | 189626 |
| 143000 | Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, due 02/01/32 144A | 136323 |
| 124000 | Buckeye Partners LP, 4.50%, due 03/01/28 144A | 119075 |
| 451000 | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | 403806 |
| 278000 | Builders FirstSource, Inc., 6.38%, due 06/15/32 144A | 279028 |
| 468000 | Builders FirstSource, Inc., 6.38%, due 03/01/34 144A | 464986 |
| 1640000 | Bunge Ltd. Finance Corp., 2.75%, due 05/14/31<sup>(f)</sup> | 1453994 |
| 607000 | Caesars Entertainment, Inc., 6.00%, due 10/15/32<sup>(f)</sup> 144A | 567378 |
| 204000 | Caesars Entertainment, Inc., 6.50%, due 02/15/32 144A | 203488 |
| 450000 | Calpine Corp., 3.75%, due 03/01/31 144A | 410791 |
| 630000 | Canadian Natural Resources Ltd., 5.00%, due 12/15/29 144A | 629913 |
| 509000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15<sup>(h)</sup> | 516608 |
| 221000 | Capital One Financial Corp., 4.93% (SOFR + 2.06%), due 05/10/28<sup>(b)</sup> | 221776 |
| 1345000 | Capital One Financial Corp., 5.88% (SOFR + 1.99%), due 07/26/35<sup>(b)</sup> | 1358687 |
| 128000 | Capstone Copper Corp., 6.75%, due 03/31/33 144A | 127609 |
| 240000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | 208512 |
| 210000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | 203376 |
| 746000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | 745350 |
| 225000 | CDW LLC/CDW Finance Corp., 5.55%, due 08/22/34 | 222653 |
| 520000 | Cemex SAB de CV, 3.88%, due 07/11/31<sup>(f)</sup> 144A | 466041 |
| 419000 | Cemex SAB de CV, 5.20%, due 09/17/30<sup>(f)</sup> 144A | 409631 |
| 244000 | Cemex SAB de CV, 9.13% (5 yr. CMT + 5.16%)<sup>(b)(g)</sup> 144A | 247942 |
| 448000 | Cencora, Inc., 2.80%, due 05/15/30<sup>(f)</sup> | 410617 |
| 145000 | Cenovus Energy, Inc., 3.75%, due 02/15/52 | 99665 |
| 215000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | 191638 |
| 493000 | Centene Corp., 3.00%, due 10/15/30 | 431660 |
| 273000 | Centene Corp., 3.38%, due 02/15/30 | 247123 |
| 335000 | CenterPoint Energy, Inc., 3.70%, due 09/01/49 | 240266 |
| 215000 | CenterPoint Energy, Inc., 6.85% (5 yr. CMT + 2.95%), due 02/15/55<sup>(b)</sup> | 215927 |
| 643000 | CenterPoint Energy, Inc., 7.00% (5 yr. CMT + 3.25%), due 02/15/55<sup>(b)</sup> | 654451 |
| 327000 | Century Communities, Inc., 3.88%, due 08/15/29 144A | 295019 |
| 343000 | Charles Schwab Corp., 5.85% (SOFR + 2.50%), due 05/19/34<sup>(b)</sup> | 358424 |

---

See accompanying Notes to the Financial Statements. 63

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 165000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.30%, due 02/01/32<sup>(f)</sup> | 133654 |
| 932000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, due 04/01/31 | 804995 |
| 105000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.80%, due 03/01/50 | 79214 |
| 3761000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, due 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;3813146 |
| 662000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, due 10/23/45 | 629777 |
| 722000 | Cheniere Energy Partners LP, 4.00%, due 03/01/31 | 677437 |
| 554000 | Cheniere Energy Partners LP, 5.95%, due 06/30/33 | 569240 |
| 255000 | Cheniere Energy, Inc., 5.65%, due 04/15/34 | 258069 |
| 282000 | CIMIC Finance USA Pty. Ltd., 7.00%, due 03/25/34 144A | 300270 |
| 458000 | Cimpress PLC, 7.38%, due 09/15/32 144A | 421437 |
| 525000 | Citigroup, Inc., 2.56% (SOFR + 1.17%), due 05/01/32<sup>(b)</sup> | 456212 |
| 2838000 | Citigroup, Inc., 3.40%, due 05/01/26 | 2805670 |
| 625000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> | 607591 |
| 340000 | Citigroup, Inc., 3.67% (3 mo. USD Term SOFR + 1.65%), due 07/24/28<sup>(b)</sup> | 332666 |
| 1840000 | Citigroup, Inc., 3.89% (3 mo. USD Term SOFR + 1.82%), due 01/10/28<sup>(b)</sup> | 1818022 |
| 1220000 | Citigroup, Inc., 3.98% (3 mo. USD Term SOFR + 1.60%), due 03/20/30<sup>(b)</sup> | 1183065 |
| 258000 | Citigroup, Inc., 4.40%, due 06/10/25 | 257957 |
| 440000 | Citigroup, Inc., 4.41% (SOFR + 3.91%), due 03/31/31<sup>(b)</sup> | 428915 |
| 2350000 | Citigroup, Inc., 6.02% (SOFR + 1.83%), due 01/24/36<sup>(b)</sup> | 2373343 |
| 674000 | Citigroup, Inc., 6.17% (SOFR + 2.66%), due 05/25/34<sup>(b)</sup> | 691110 |
| 113000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | 103852 |
| 395000 | Citizens Financial Group, Inc., 5.25% (SOFR + 1.26%), due 03/05/31<sup>(b)</sup> | 397212 |
| 1007000 | Citizens Financial Group, Inc., 5.72% (SOFR + 1.91%), due 07/23/32<sup>(b)</sup> | 1025577 |
| 237000 | Civitas Resources, Inc., 8.63%, due 11/01/30 144A | 244715 |
| 172000 | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 175071 |
| 118000 | Cloud Software Group, Inc., 9.00%, due 09/30/29 144A | 117770 |
| 200000 | Clue Opco LLC, 9.50%, due 10/15/31<sup>(f)</sup> 144A | 200251 |
| 402000 | Clydesdale Acquisition Holdings, Inc., 6.88%, due 01/15/30 144A | 405552 |
| 177000 | Clydesdale Acquisition Holdings, Inc., 8.75%, due 04/15/30 144A | 179627 |
| 96000 | CNA Financial Corp., 2.05%, due 08/15/30 | 83554 |
| 697000 | CNO Financial Group, Inc., 5.25%, due 05/30/29 | 698348 |
| 311000 | CNO Financial Group, Inc., 6.45%, due 06/15/34 | 324580 |
| 401000 | Columbia Pipelines Holding Co. LLC, 5.68%, due 01/15/34 144A | 399774 |
| 3977000 | Columbia Pipelines Operating Co. LLC, 5.44%, due 02/15/35 144A | 3933525 |
| 2954000 | Columbia Pipelines Operating Co. LLC, 5.93%, due 08/15/30 144A | 3070739 |
| 643000 | Columbia Pipelines Operating Co. LLC, 6.04%, due 11/15/33 144A | 664186 |
| 18000 | Comcast Corp., 2.89%, due 11/01/51 | 10986 |
| 1307000 | Comcast Corp., 3.40%, due 04/01/30 | 1237106 |
| 5000 | Comcast Corp., 3.97%, due 11/01/47 | 3864 |
| 5000 | Comcast Corp., 6.50%, due 11/15/35 | 5536 |
| 388000 | Comerica, Inc., 5.98% (SOFR + 2.16%), due 01/30/30<sup>(b)</sup> | 394396 |
| 440000 | Comision Federal de Electricidad, 4.69%, due 05/15/29 144A | 421996 |
| 1670000 | CommonSpirit Health, 5.32%, due 12/01/34 | 1654265 |
| 350000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | 274716 |
| 250000 | Consensus Cloud Solutions, Inc., 6.50%, due 10/15/28 144A | 245769 |

---

64 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 95000 |  | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | 75200 |
| 350000 |  | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | 301383 |
| 385000 |  | Constellation Brands, Inc., 2.25%, due 08/01/31 | 326423 |
| 250000 |  | Constellation Energy Generation LLC, 6.13%, due 01/15/34 | 263616 |
| 334000 |  | Constellation Energy Generation LLC, 6.50%, due 10/01/53 | 350562 |
| 1155000 |  | Constellation Software, Inc., 5.16%, due 02/16/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172263 |
| 357000 |  | Continental Resources, Inc., 2.88%, due 04/01/32 144A | 299050 |
| 353000 |  | Continental Resources, Inc., 4.90%, due 06/01/44 | 286550 |
| 667000 |  | Continental Resources, Inc., 5.75%, due 01/15/31 144A | 672434 |
| 525000 |  | Corp. Andina de Fomento, 5.00%, due 01/24/29 | 535865 |
| 677000 |  | CoStar Group, Inc., 2.80%, due 07/15/30 144A | 603066 |
| 970000 |  | Cox Communications, Inc., 2.60%, due 06/15/31 144A | 835551 |
| 2063000 |  | Cox Communications, Inc., 3.35%, due 09/15/26 144A | 2026869 |
| 1131000 |  | Credit Agricole SA, 3.25%, due 01/14/30 144A | 1041560 |
| 637000 |  | Credit Agricole SA, 6.32% (SOFR + 1.86%), due 10/03/29<sup>(b)</sup> 144A | 666027 |
| 870000 |  | CRH SMW Finance DAC, 5.13%, due 01/09/30 | 880609 |
| 515000 |  | CSN Resources SA, 4.63%, due 06/10/31 144A | 399472 |
| 635000 |  | CVS Health Corp., 4.78%, due 03/25/38 | 570060 |
| 130000 |  | CVS Health Corp., 5.13%, due 07/20/45 | 113422 |
| 857465 |  | CVS Pass-Through Trust, 5.77%, due 01/10/33 144A | 858656 |
| 407531 |  | CVS Pass-Through Trust, 6.94%, due 01/10/30 | 418935 |
| 1247117 |  | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 1329457 |
| 70000 |  | Dana, Inc., 4.50%, due 02/15/32<sup>(f)</sup> | 63794 |
| 643000 |  | Danske Bank AS, 5.02% (1 yr. CMT + 0.93%), due 03/04/31<sup>(b)</sup> 144A | 644671 |
| 331000 |  | DaVita, Inc., 4.63%, due 06/01/30 144A | 304981 |
| 115000 |  | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | 118484 |
| 122000 |  | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | 119034 |
| 1402000 |  | Dell International LLC/EMC Corp., 5.40%, due 04/15/34 | 1413653 |
| 1058383 |  | Delta Air Lines Pass-Through Trust, 2.00%, due 12/10/29 | 989376 |
| 325000 |  | Delta Air Lines, Inc., 4.38%, due 04/19/28 | 318787 |
| 719000 |  | Deutsche Bank AG, 3.74% (SOFR + 2.26%), due 01/07/33<sup>(b)</sup> | 632104 |
| 1120000 |  | Deutsche Bank AG, 5.00% (SOFR + 1.70%), due 09/11/30<sup>(b)</sup> | 1114941 |
| 460000 |  | Deutsche Bank AG, 5.37% (SOFR + 1.21%), due 01/10/29<sup>(b)</sup> | 465154 |
| 443000 |  | Deutsche Bank AG, 6.82% (SOFR + 2.51%), due 11/20/29<sup>(b)</sup> | 469901 |
| 865000 |  | Diamondback Energy, Inc., 3.25%, due 12/01/26 | 848375 |
| 553000 |  | Diamondback Energy, Inc., 5.75%, due 04/18/54 | 521822 |
| 1900000 |  | Diamondback Energy, Inc., 6.25%, due 03/15/33 | 2009997 |
| 180000 |  | Dominion Energy, Inc., 2.85%, due 08/15/26 | 175937 |
| 333000 |  | Dominion Energy, Inc., 3.38%, due 04/01/30 | 311317 |
| 376000 |  | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> | 389410 |
| 201000 |  | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)</sup> | 211765 |
| 278000 | EUR | DP World Ltd., 2.38%, due 09/25/26 144A | 297920 |
| 590000 |  | DT Midstream, Inc., 5.80%, due 12/15/34 144A | 593214 |
| 816835 |  | DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27 | 803456 |
| 2850000 |  | DTE Energy Co., 5.85%, due 06/01/34 | 2948044 |
| 411000 |  | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | 318844 |
| 624000 |  | Duke Energy Corp., 5.75%, due 09/15/33<sup>(f)</sup> | 650719 |
| 435000 |  | Duke Energy Florida LLC, 3.40%, due 10/01/46 | 311731 |
| 2925000 |  | Duke Energy Indiana LLC, 5.25%, due 03/01/34 | 2956187 |

---

See accompanying Notes to the Financial Statements. 65

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 220000 | Duke Energy Ohio, Inc., 5.25%, due 04/01/33 | 223282 |
| 200000 | Duke Energy Progress LLC, 3.70%, due 10/15/46 | 150267 |
| 1210000 | DuPont de Nemours, Inc., 4.73%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215109 |
| 120000 | DuPont de Nemours, Inc., 5.42%, due 11/15/48 | 121062 |
| 428000 | Ecopetrol SA, 6.88%, due 04/29/30 | 425702 |
| 520000 | Ecopetrol SA, 7.75%, due 02/01/32 | 510796 |
| 790000 | Ecopetrol SA, 8.63%, due 01/19/29 | 838538 |
| 575000 | Edison International, 5.25%, due 11/15/28 | 567185 |
| 377000 | Efesto Bidco SpA Efesto U.S. LLC, 7.50%, due 02/15/32 144A | 368082 |
| 753000 | Electricite de France SA, 5.65%, due 04/22/29<sup>(f)</sup> 144A | 777016 |
| 641000 | Electricite de France SA, 9.13% (5 yr. CMT + 5.41%)<sup>(b)(g)</sup> 144A | 722539 |
| 3158000 | Element Fleet Management Corp., 5.64%, due 03/13/27 144A | 3211100 |
| 300000 | Elevance Health, Inc., 3.60%, due 03/15/51 | 212805 |
| 15000 | Elevance Health, Inc., 5.10%, due 01/15/44 | 13875 |
| 594000 | Embraer Netherlands Finance BV, 7.00%, due 07/28/30 144A | 636720 |
| 170000 | Emera U.S. Finance LP, 3.55%, due 06/15/26 | 167603 |
| 561000 | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, due 12/15/30 144A | 561950 |
| 557000 | Enact Holdings, Inc., 6.25%, due 05/28/29 | 571797 |
| 478000 | Enbridge, Inc., 5.50% (3 mo. USD Term SOFR + 3.68%), due 07/15/77<sup>(b)</sup> | 465065 |
| 663000 | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)</sup> | 642175 |
| 466000 | Enbridge, Inc., 6.25% (3 mo. USD Term SOFR + 3.90%), due 03/01/78<sup>(b)</sup> | 461551 |
| 314000 | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> | 346625 |
| 242000 | Endo Finance Holdings, Inc., 8.50%, due 04/15/31<sup>(f)</sup> 144A | 252594 |
| 115000 | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(i)</sup> 144A | 109969 |
| 224000 | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(i)</sup> 144A | 206171 |
| 538000 | Energy Transfer LP, 5.15%, due 03/15/45 | 471203 |
| 340000 | Energy Transfer LP, 5.25%, due 07/01/29 | 345080 |
| 150000 | Energy Transfer LP, 5.30%, due 04/01/44 | 134649 |
| 590000 | Energy Transfer LP, 5.30%, due 04/15/47 | 522179 |
| 808000 | Energy Transfer LP, 5.40%, due 10/01/47 | 724177 |
| 3696000 | Energy Transfer LP, 5.60%, due 09/01/34 | 3704314 |
| 720000 | Energy Transfer LP, 6.25%, due 04/15/49 | 714912 |
| 120000 | Energy Transfer LP, 6.40%, due 12/01/30 | 127939 |
| 1032000 | Energy Transfer LP, 6.50% (5 yr. CMT + 5.69%)<sup>(b)(g)</sup> | 1033363 |
| 65000 | Energy Transfer LP, 6.55%, due 12/01/33 | 69536 |
| 1679000 | Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)<sup>(b)(f)(g)</sup> | 1703130 |
| 110000 | Enova International, Inc., 9.13%, due 08/01/29 144A | 113453 |
| 3360000 | Entergy Louisiana LLC, 4.00%, due 03/15/33 | 3129250 |
| 1450000 | Enterprise Products Operating LLC, 4.90%, due 05/15/46 | 1311065 |
| 972000 | Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due 08/16/77<sup>(b)</sup> | 959435 |
| 283000 | EQM Midstream Partners LP, 6.38%, due 04/01/29 144A | 289624 |
| 25000 | EQM Midstream Partners LP, 7.50%, due 06/01/27 144A | 25539 |
| 164000 | EQM Midstream Partners LP, 7.50%, due 06/01/30 144A | 177313 |
| 375000 | Equifax, Inc., 5.10%, due 12/15/27 | 380031 |
| 425000 | Eskom Holdings SOC Ltd., 6.35%, due 08/10/28<sup>(f)</sup> 144A | 422788 |
| 925000 | Essex Portfolio LP, 1.70%, due 03/01/28 | 851532 |
| 2050000 | Eversource Energy, 2.90%, due 03/01/27 | 1986266 |
| 1416000 | Exelon Corp., 3.35%, due 03/15/32 | 1279126 |

---

66 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 285000 | Exelon Corp., 4.70%, due 04/15/50<sup>(f)</sup> | 239353 |
| 1478000 | Exelon Corp., 5.10%, due 06/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339437 |
| 307000 | Exelon Corp., 5.13%, due 03/15/31 | 310521 |
| 147000 | Exelon Corp., 6.50% (5 yr. CMT + 1.98%), due 03/15/55<sup>(b)</sup> | 146441 |
| 591000 | Expand Energy Corp., 4.75%, due 02/01/32 | 559531 |
| 1000000 | Fairfax Financial Holdings Ltd., 5.63%, due 08/16/32 | 1021938 |
| 675000 | Fairfax Financial Holdings Ltd., 6.00%, due 12/07/33 | 703693 |
| 2378000 | Ferguson Finance PLC, 3.25%, due 06/02/30 144A | 2199451 |
| 2130000 | Ferguson Finance PLC, 4.50%, due 10/24/28 144A | 2116181 |
| 73000 | Fiesta Purchaser, Inc., 7.88%, due 03/01/31 144A | 75440 |
| 243000 | Fifth Third Bancorp, 4.77% (SOFR + 2.13%), due 07/28/30<sup>(b)</sup> | 241612 |
| 426000 | Fifth Third Bancorp, 5.63% (SOFR + 1.84%), due 01/29/32<sup>(b)</sup> | 436237 |
| 1200000 | Fifth Third Bancorp, 6.34% (SOFR + 2.34%), due 07/27/29<sup>(b)</sup> | 1254756 |
| 374000 | Fifth Third Bancorp, 7.59% (3 mo. USD Term SOFR + 3.29%)<sup>(b)(g)</sup> | 374097 |
| 554000 | First Citizens BancShares, Inc., 5.23% (SOFR + 1.41%), due 03/12/31<sup>(b)</sup> | 554687 |
| 308000 | First Horizon Corp., 5.51% (SOFR + 1.77%), due 03/07/31<sup>(b)</sup> | 309655 |
| 200000 | First Quantum Minerals Ltd., 8.00%, due 03/01/33 144A | 202901 |
| 200000 | First Quantum Minerals Ltd., 8.63%, due 06/01/31<sup>(f)</sup> 144A | 204993 |
| 357000 | FirstEnergy Corp., 2.65%, due 03/01/30 | 321642 |
| 580000 | FirstEnergy Pennsylvania Electric Co., 3.60%, due 06/01/29 144A | 555641 |
| 138000 | Flex Ltd., 5.25%, due 01/15/32 | 137165 |
| 2365000 | Florida Power & Light Co., 2.45%, due 02/03/32 | 2042905 |
| 288000 | Flowserve Corp., 3.50%, due 10/01/30 | 265623 |
| 200000 | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | 203915 |
| 910000 | FMC Corp., 5.15%, due 05/18/26 | 912522 |
| 1190000 | FMC Corp., 6.38%, due 05/18/53 | 1149444 |
| 363000 | Ford Motor Co., 3.25%, due 02/12/32 | 299320 |
| 140000 | Ford Motor Co., 4.75%, due 01/15/43 | 106297 |
| 6247000 | Ford Motor Credit Co. LLC, 2.90%, due 02/10/29 | 5591682 |
| 300000 | Ford Motor Credit Co. LLC, 3.38%, due 11/13/25 | 296447 |
| 350000 | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | 301250 |
| 1676000 | Ford Motor Credit Co. LLC, 4.00%, due 11/13/30 | 1501362 |
| 1270000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | 1224883 |
| 665000 | Ford Motor Credit Co. LLC, 5.80%, due 03/08/29 | 658820 |
| 627000 | Ford Motor Credit Co. LLC, 6.05%, due 11/05/31 | 614703 |
| 1284000 | Ford Motor Credit Co. LLC, 6.13%, due 03/08/34 | 1232576 |
| 534000 | Ford Motor Credit Co. LLC, 7.12%, due 11/07/33 | 546058 |
| 896000 | Foundry JV Holdco LLC, 5.88%, due 01/25/34 144A | 899028 |
| 1075000 | Foundry JV Holdco LLC, 5.90%, due 01/25/33 144A | 1094904 |
| 3430000 | Foundry JV Holdco LLC, 6.15%, due 01/25/32 144A | 3568791 |
| 593000 | Freeport-McMoRan, Inc., 4.25%, due 03/01/30 | 571929 |
| 434000 | Freeport-McMoRan, Inc., 5.40%, due 11/14/34<sup>(f)</sup> | 434542 |
| 385000 | Freeport-McMoRan, Inc., 5.45%, due 03/15/43 | 361328 |
| 922000 | Fresenius Medical Care U.S. Finance III, Inc., 2.38%, due 02/16/31 144A | 780324 |
| 209000 | Full House Resorts, Inc., 8.25%, due 02/15/28<sup>(f)</sup> 144A | 206737 |
| 411000 | GA Global Funding Trust, 5.20%, due 12/09/31 144A | 408968 |
| 165000 | Gap, Inc., 3.63%, due 10/01/29 144A | 149039 |
| 235000 | Gap, Inc., 3.88%, due 10/01/31<sup>(f)</sup> 144A | 202994 |
| 457000 | GCI LLC, 4.75%, due 10/15/28 144A | 421951 |

---

See accompanying Notes to the Financial Statements. 67

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 570000 | General Motors Co., 5.00%, due 04/01/35 | 526437 |
| 3111000 | General Motors Financial Co., Inc., 2.40%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847399 |
| 1060000 | General Motors Financial Co., Inc., 2.70%, due 06/10/31 | 904652 |
| 495000 | General Motors Financial Co., Inc., 3.10%, due 01/12/32<sup>(f)</sup> | 423214 |
| 1541000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | 1413197 |
| 1547000 | General Motors Financial Co., Inc., 5.95%, due 04/04/34 | 1540278 |
| 878000 | General Motors Financial Co., Inc., 6.00%, due 01/09/28 | 900760 |
| 271000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.88%, due 05/15/32 | 273169 |
| 308000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | 310657 |
| 1831000 | Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, due 06/04/29 | 1897387 |
| 200000 | Genting New York LLC/GENNY Capital, Inc., 7.25%, due 10/01/29 144A | 203984 |
| 318000 | Georgia Power Co., 4.95%, due 05/17/33 | 315949 |
| 4671000 | Global Atlantic Fin Co., 3.13%, due 06/15/31 144A | 4121803 |
| 1497000 | Global Atlantic Fin Co., 4.40%, due 10/15/29 144A | 1447381 |
| 382000 | Global Atlantic Fin Co., 4.70% (5 yr. CMT + 3.80%), due 10/15/51<sup>(b)</sup> 144A | 368215 |
| 192000 | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | 199718 |
| 523000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, due 01/15/32 144A | 441074 |
| 347000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, due 08/15/29 144A | 339474 |
| 378000 | Global Infrastructure Solutions, Inc., 5.63%, due 06/01/29 144A | 364415 |
| 292000 | Global Partners LP/GLP Finance Corp., 8.25%, due 01/15/32 144A | 300403 |
| 236000 | GLP Capital LP/GLP Financing II, Inc., 3.25%, due 01/15/32 | 204483 |
| 205000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/30 | 193947 |
| 1259000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/31 | 1174811 |
| 200000 | GLP Capital LP/GLP Financing II, Inc., 5.38%, due 04/15/26 | 200759 |
| 1175000 | Goldman Sachs Group, Inc., 1.43% (SOFR + 0.80%), due 03/09/27<sup>(b)</sup> | 1139729 |
| 1100000 | Goldman Sachs Group, Inc., 1.54% (SOFR + 0.82%), due 09/10/27<sup>(b)</sup> | 1052601 |
| 2722000 | Goldman Sachs Group, Inc., 2.62% (SOFR + 1.28%), due 04/22/32<sup>(b)</sup> | 2377451 |
| 747000 | Goldman Sachs Group, Inc., 2.65% (SOFR + 1.26%), due 10/21/32<sup>(b)</sup> | 645832 |
| 215000 | Goldman Sachs Group, Inc., 3.75%, due 02/25/26 | 213824 |
| 2331000 | Goldman Sachs Group, Inc., 3.80%, due 03/15/30 | 2229893 |
| 1065000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)(f)</sup> | 1039985 |
| 455000 | Goldman Sachs Group, Inc., 3.85%, due 01/26/27 | 450752 |
| 362000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | 334185 |
| 225000 | Greensaif Pipelines Bidco SARL, 6.51%, due 02/23/42 144A | 235201 |
| 251000 | Group 1 Automotive, Inc., 4.00%, due 08/15/28 144A | 236415 |
| 500000 | H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A | 498740 |
| 912000 | Harbour Energy PLC, 6.33%, due 04/01/35<sup>(d)</sup> 144A | 908673 |
| 410000 | HCA, Inc., 4.38%, due 03/15/42 | 339235 |
| 431000 | HCA, Inc., 5.45%, due 04/01/31 | 437910 |
| 275000 | HCA, Inc., 7.75%, due 07/15/36 | 312908 |
| 3040000 | Healthpeak OP LLC, 1.35%, due 02/01/27 | 2867241 |
| 646000 | Healthpeak OP LLC, 3.25%, due 07/15/26 | 635553 |
| 119000 | Hess Midstream Operations LP, 4.25%, due 02/15/30 144A | 112043 |
| 53000 | Hess Midstream Operations LP, 5.50%, due 10/15/30 144A | 51945 |
| 115000 | Hess Midstream Operations LP, 6.50%, due 06/01/29 144A | 117385 |
| 1390000 | Hewlett Packard Enterprise Co., 4.45%, due 09/25/26 | 1387146 |
| 250000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A | 238025 |
| 380000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | 355499 |

---

68 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 424000 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 5.00%, due 06/01/29 144A | 397676 |
| 478000 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, due 01/15/32 144A | 474053 |
| 608000 | Horizon Mutual Holdings, Inc., 6.20%, due 11/15/34 144A | 592750 |
| 76000 | Howard Midstream Energy Partners LLC, 7.38%, due 07/15/32 144A | 77923 |
| 240000 | HPS Corporate Lending Fund, 5.95%, due 04/14/32<sup>(f)</sup> 144A | 236846 |
| 4462000 | HSBC Holdings PLC, 5.13% (SOFR + 1.29%), due 03/03/31<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476852 |
| 370000 | Huntington Bancshares, Inc., 5.27% (SOFR + 1.28%), due 01/15/31<sup>(b)</sup> | 374023 |
| 183000 | Huntington Bancshares, Inc., 6.14% (5 yr. CMT + 1.70%), due 11/18/39<sup>(b)</sup> | 184395 |
| 208000 | Huntington Bancshares, Inc., 6.21% (SOFR + 2.02%), due 08/21/29<sup>(b)</sup> | 216577 |
| 710000 | Huntsman International LLC, 4.50%, due 05/01/29 | 681302 |
| 332000 | Icon Investments Six DAC, 5.85%, due 05/08/29 | 342586 |
| 371000 | IHS Holding Ltd., 7.88%, due 05/29/30 144A | 369615 |
| 589000 | IHS Holding Ltd., 8.25%, due 11/29/31<sup>(f)</sup> 144A | 586675 |
| 20000 | IHS Markit Ltd., 4.75%, due 08/01/28 | 19492 |
| 511000 | Iliad Holding SASU, 7.00%, due 04/15/32 144A | 512314 |
| 200000 | Iliad Holding SASU, 8.50%, due 04/15/31 144A | 209956 |
| 2000000 | Imperial Brands Finance PLC, 5.50%, due 02/01/30 144A | 2045925 |
| 297000 | ING Groep NV, 5.34% (SOFR + 1.44%), due 03/19/30<sup>(b)(f)</sup> | 302619 |
| 251000 | ING Groep NV, 6.11% (SOFR + 2.09%), due 09/11/34<sup>(b)</sup> | 263400 |
| 200000 | ING Groep NV, 6.50% (5 yr. USD Swap + 4.45%)<sup>(b)(f)(g)</sup> | 200004 |
| 170000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 | 161915 |
| 292000 | IQVIA, Inc., 6.25%, due 02/01/29 | 304296 |
| 136000 | Iron Mountain Information Management Services, Inc., 5.00%, due 07/15/32 144A | 125765 |
| 311000 | Iron Mountain, Inc., 5.25%, due 07/15/30 144A | 298483 |
| 334000 | Iron Mountain, Inc., 6.25%, due 01/15/33 144A | 331020 |
| 165000 | Jacobs Entertainment, Inc., 6.75%, due 02/15/29 144A | 158727 |
| 338000 | JB Poindexter & Co., Inc., 8.75%, due 12/15/31 144A | 347778 |
| 1050000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.00%, due 02/02/29 | 982326 |
| 1970000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.63%, due 01/15/32 | 1776266 |
| 125000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.75%, due 12/01/31 | 114438 |
| 546000 | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, due 04/01/33 | 555028 |
| 147000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 04/20/35 144A | 151234 |
| 980000 | Jefferies Financial Group, Inc., 5.88%, due 07/21/28 | 1006520 |
| 444000 | Jefferies Financial Group, Inc., 6.20%, due 04/14/34 | 452832 |
| 323469 | JetBlue Pass-Through Trust, 2.75%, due 11/15/33 | 281272 |
| 2000000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(b)</sup> | 1852112 |
| 396000 | JPMorgan Chase & Co., 2.52% (SOFR + 2.04%), due 04/22/31<sup>(b)</sup> | 355487 |
| 760000 | JPMorgan Chase & Co., 2.58% (3 mo. USD Term SOFR + 1.25%), due 04/22/32<sup>(b)</sup> | 668010 |
| 851000 | JPMorgan Chase & Co., 2.96% (3 mo. USD Term SOFR + 2.52%), due 05/13/31<sup>(b)</sup> | 774143 |
| 3817000 | JPMorgan Chase & Co., 3.78% (3 mo. USD Term SOFR + 1.60%), due 02/01/28<sup>(b)</sup> | 3767010 |
| 965000 | JPMorgan Chase & Co., 4.01% (3 mo. USD Term SOFR + 1.38%), due 04/23/29<sup>(b)</sup> | 948706 |
| 2124000 | JPMorgan Chase & Co., 4.20% (3 mo. USD Term SOFR + 1.52%), due 07/23/29<sup>(b)</sup> | 2096204 |
| 227000 | JPMorgan Chase & Co., 4.45% (3 mo. USD Term SOFR + 1.59%), due 12/05/29<sup>(b)</sup> | 225481 |

---

See accompanying Notes to the Financial Statements. 69

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 567000 | JPMorgan Chase & Co., 4.60% (SOFR + 1.04%), due 10/22/30<sup>(b)</sup> | 563394 |
| 622000 | JPMorgan Chase & Co., 5.00% (SOFR + 1.13%), due 07/22/30<sup>(b)</sup> | 627750 |
| 570000 | JPMorgan Chase & Co., 5.01% (SOFR + 1.31%), due 01/23/30<sup>(b)</sup> | 576456 |
| 649000 | JPMorgan Chase & Co., 5.29% (SOFR + 1.46%), due 07/22/35<sup>(b)</sup> | 651886 |
| 2965000 | JPMorgan Chase & Co., 5.34% (SOFR + 1.62%), due 01/23/35<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997624 |
| 368000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.16%), due 04/22/30<sup>(b)</sup> | 379645 |
| 780000 | Kaiser Foundation Hospitals, 2.81%, due 06/01/41 | 559721 |
| 327000 | KB Home, 4.00%, due 06/15/31 | 293817 |
| 572000 | KeyCorp, 5.12% (SOFR + 1.23%), due 04/04/31<sup>(b)</sup> | 574738 |
| 1291000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43<sup>(f)</sup> 144A | 1224692 |
| 257000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | 181089 |
| 283000 | KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A | 180272 |
| 299000 | Kohl's Corp., 4.63%, due 05/01/31 | 209172 |
| 2810000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 2754884 |
| 397000 | Lam Research Corp., 2.88%, due 06/15/50<sup>(f)</sup> | 255099 |
| 145000 | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | 135227 |
| 485000 | Lamb Weston Holdings, Inc., 4.38%, due 01/31/32 144A | 443495 |
| 544000 | Lazard Group LLC, 4.38%, due 03/11/29<sup>(f)</sup> | 535872 |
| 427000 | LCPR Senior Secured Financing DAC, 5.13%, due 07/15/29 144A | 313647 |
| 636000 | Leviathan Bond Ltd., 6.50%, due 06/30/27<sup>(i)</sup> 144A | 628572 |
| 134000 | Leviathan Bond Ltd., 6.75%, due 06/30/30<sup>(i)</sup> 144A | 130568 |
| 450000 | Liberty Mutual Group, Inc., 3.95%, due 10/15/50 144A | 330081 |
| 406000 | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(b)</sup> 144A | 388842 |
| 841000 | Liberty Mutual Group, Inc., 4.57%, due 02/01/29 144A | 834752 |
| 266000 | Lightning Power LLC, 7.25%, due 08/15/32 144A | 274089 |
| 169000 | Lithia Motors, Inc., 3.88%, due 06/01/29 144A | 154891 |
| 319000 | Lithia Motors, Inc., 4.38%, due 01/15/31 144A | 289262 |
| 101000 | Lithia Motors, Inc., 4.63%, due 12/15/27 144A | 97925 |
| 1800000 | Lloyds Banking Group PLC, 5.09% (1 yr. CMT + 0.85%), due 11/26/28<sup>(b)</sup> | 1818379 |
| 1360000 | Lloyds Banking Group PLC, 5.68% (1 yr. CMT + 1.75%), due 01/05/35<sup>(b)</sup> | 1376267 |
| 353000 | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(f)(g)</sup> | 336430 |
| 145440 | LLPL Capital Pte. Ltd., 6.88%, due 02/04/39 144A | 146035 |
| 299000 | Long Ridge Energy LLC, 8.75%, due 02/15/32 144A | 289189 |
| 386000 | Lowe's Cos., Inc., 3.70%, due 04/15/46 | 287723 |
| 1253000 | Lowe's Cos., Inc., 5.63%, due 04/15/53<sup>(f)</sup> | 1210369 |
| 300000 | LPL Holdings, Inc., 6.75%, due 11/17/28 | 317258 |
| 970000 | Lubrizol Corp., 6.50%, due 10/01/34 | 1090602 |
| 224000 | M&T Bank Corp., 5.13% (3 mo. USD Term SOFR + 3.78%)<sup>(b)(g)</sup> | 222247 |
| 470000 | M&T Bank Corp., 5.39% (SOFR + 1.61%), due 01/16/36<sup>(b)(f)</sup> | 461134 |
| 97000 | Macquarie Airfinance Holdings Ltd., 5.15%, due 03/17/30 144A | 95724 |
| 405000 | Macquarie Bank Ltd., 3.62%, due 06/03/30 144A | 375380 |
| 1243000 | Macquarie Group Ltd., 1.34% (SOFR + 1.07%), due 01/12/27<sup>(b)</sup> 144A | 1211768 |
| 3000000 | Macquarie Group Ltd., 6.26% (SOFR + 2.30%), due 12/07/34<sup>(b)(f)</sup> 144A | 3177481 |
| 229000 | Macy's Retail Holdings LLC, 5.88%, due 04/01/29<sup>(f)</sup> 144A | 222421 |
| 206000 | Macy's Retail Holdings LLC, 5.88%, due 03/15/30 144A | 196434 |
| 244000 | Macy's Retail Holdings LLC, 6.13%, due 03/15/32 144A | 223405 |
| 639000 | Magnera Corp., 7.25%, due 11/15/31<sup>(f)</sup> 144A | 622261 |
| 702000 | MARB BondCo PLC, 3.95%, due 01/29/31 144A | 605731 |
| 505000 | Marriott International, Inc., 3.50%, due 10/15/32 | 450511 |

---

70 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 960000 | Marriott International, Inc., 5.00%, due 10/15/27 | 972212 |
| 307000 | Mars, Inc., 5.00%, due 03/01/32 144A | 308415 |
| 1465000 | Mars, Inc., 5.20%, due 03/01/35 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472890 |
| 400000 | Martin Marietta Materials, Inc., 2.40%, due 07/15/31 | 346424 |
| 300000 | Marvell Technology, Inc., 5.95%, due 09/15/33<sup>(f)</sup> | 313069 |
| 460000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14<sup>(f)(h)</sup> | 393858 |
| 1615000 | Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52 144A | 1594793 |
| 497000 | MassMutual Global Funding II, 4.35%, due 09/17/31 144A | 485521 |
| 302000 | MasTec, Inc., 5.90%, due 06/15/29 | 309545 |
| 221000 | Matador Resources Co., 6.25%, due 04/15/33 144A | 216122 |
| 162000 | Match Group Holdings II LLC, 3.63%, due 10/01/31 144A | 139765 |
| 527000 | Match Group Holdings II LLC, 4.13%, due 08/01/30 144A | 472834 |
| 440069 | MC Brazil Downstream Trading SARL, 7.25%, due 06/30/31 144A | 363057 |
| 1200000 | McDonald's Corp., 4.20%, due 04/01/50 | 965555 |
| 563000 | MetLife, Inc., 6.40%, due 12/15/66 | 572029 |
| 4827000 | Metropolitan Life Global Funding I, 3.30%, due 03/21/29 144A | 4607886 |
| 921000 | Mexico City Airport Trust, 4.25%, due 10/31/26 144A | 904790 |
| 1005000 | Mexico City Airport Trust, 5.50%, due 07/31/47 144A | 829536 |
| 711000 | MGM Resorts International, 4.75%, due 10/15/28 | 685073 |
| 590000 | Michaels Cos., Inc., 5.25%, due 05/01/28 144A | 407984 |
| 474000 | Michaels Cos., Inc., 7.88%, due 05/01/29 144A | 253821 |
| 493000 | Micron Technology, Inc., 2.70%, due 04/15/32 | 421255 |
| 341000 | Micron Technology, Inc., 5.30%, due 01/15/31 | 344902 |
| 546000 | Micron Technology, Inc., 5.88%, due 09/15/33 | 568168 |
| 997000 | Micron Technology, Inc., 6.75%, due 11/01/29 | 1069975 |
| 825000 | Mid-Atlantic Interstate Transmission LLC, 4.10%, due 05/15/28 144A | 815367 |
| 507000 | Midcontinent Communications, 8.00%, due 08/15/32<sup>(f)</sup> 144A | 513268 |
| 497000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 144A | 466825 |
| 352800 | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | 351537 |
| 200000 | Millicom International Cellular SA, 7.38%, due 04/02/32 144A | 202388 |
| 353000 | Mohegan Tribal Gaming Authority, 8.00%, due 02/01/26 144A | 353204 |
| 1250000 | Moody's Corp., 3.25%, due 05/20/50 | 856176 |
| 715000 | Morgan Stanley, 1.93% (SOFR + 1.02%), due 04/28/32<sup>(b)</sup> | 599253 |
| 2498000 | Morgan Stanley, 2.24% (SOFR + 1.18%), due 07/21/32<sup>(b)</sup> | 2127666 |
| 890000 | Morgan Stanley, 2.48% (SOFR + 1.36%), due 09/16/36<sup>(b)</sup> | 738112 |
| 1755000 | Morgan Stanley, 2.70% (SOFR + 1.14%), due 01/22/31<sup>(b)</sup> | 1590677 |
| 3413000 | Morgan Stanley, 2.94% (SOFR + 1.29%), due 01/21/33<sup>(b)</sup> | 2994609 |
| 1185000 | Morgan Stanley, 3.59%, due 07/22/28<sup>(e)</sup> | 1155712 |
| 2461000 | Morgan Stanley, 3.62% (SOFR + 3.12%), due 04/01/31<sup>(b)</sup> | 2324481 |
| 910000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)</sup> | 890303 |
| 1247000 | Morgan Stanley, 4.21% (SOFR + 1.61%), due 04/20/28<sup>(b)</sup> | 1238198 |
| 870000 | Morgan Stanley, 5.17% (SOFR + 1.45%), due 01/16/30<sup>(b)</sup> | 881685 |
| 725000 | Morgan Stanley, 5.32% (SOFR + 1.56%), due 07/19/35<sup>(b)</sup> | 725370 |
| 750000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | 655731 |
| 660000 | Motorola Solutions, Inc., 2.75%, due 05/24/31<sup>(f)</sup> | 584964 |
| 1705000 | MPLX LP, 1.75%, due 03/01/26 | 1660770 |
| 370000 | MPLX LP, 4.50%, due 04/15/38 | 325047 |
| 530000 | MPLX LP, 4.70%, due 04/15/48 | 434051 |

---

See accompanying Notes to the Financial Statements. 71

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 255000 | MPLX LP, 4.95%, due 09/01/32 | 249967 |
| 317000 | MPLX LP, 5.00%, due 03/01/33 | 309555 |
| 105000 | MPLX LP, 5.20%, due 03/01/47 | 92448 |
| 685000 | MPLX LP, 5.50%, due 06/01/34 | 682797 |
| 255000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, due 03/15/31<sup>(f)</sup> | 170334 |
| 410000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27<sup>(f)</sup> | 370928 |
| 666000 | MSCI, Inc., 3.63%, due 11/01/31 144A | 603465 |
| 695000 | Mylan, Inc., 5.40%, due 11/29/43 | 581744 |
| 365000 | National Fuel Gas Co., 5.50%, due 03/15/30 | 371754 |
| 1721000 | National Grid PLC, 5.81%, due 06/12/33 | 1774679 |
| 2436000 | National Securities Clearing Corp., 5.00%, due 05/30/28 144A | 2470824 |
| 615000 | NatWest Group PLC, 7.30% (5 yr. CMT + 2.94%)<sup>(b)(f)(g)</sup> | 608046 |
| 476000 | NatWest Group PLC, 8.13% (5 yr. CMT + 3.75%)<sup>(b)(g)</sup> | 500932 |
| 482000 | NBM U.S. Holdings, Inc., 6.63%, due 08/06/29<sup>(f)</sup> 144A | 482240 |
| 423000 | NCL Corp. Ltd., 6.75%, due 02/01/32 144A | 418135 |
| 412000 | Newell Brands, Inc., 6.38%, due 05/15/30<sup>(f)</sup> | 401837 |
| 146000 | Newell Brands, Inc., 6.63%, due 05/15/32<sup>(f)</sup> | 142196 |
| 150000 | Newmont Corp., 5.45%, due 06/09/44 | 146473 |
| 2670000 | Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, due 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695702 |
| 378000 | News Corp., 3.88%, due 05/15/29 144A | 356694 |
| 900000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28 | 830584 |
| 659000 | NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30 | 583217 |
| 339000 | NextEra Energy Capital Holdings, Inc., 6.38% (5 yr. CMT + 2.05%), due 08/15/55<sup>(b)</sup> | 340213 |
| 122000 | NextEra Energy Capital Holdings, Inc., 6.50% (5 yr. CMT + 1.98%), due 08/15/55<sup>(b)</sup> | 124676 |
| 281000 | NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT + 2.36%), due 09/01/54<sup>(b)</sup> | 285192 |
| 1900000 | Niagara Mohawk Power Corp., 5.66%, due 01/17/54 144A | 1846144 |
| 312000 | NiSource, Inc., 3.60%, due 05/01/30 | 295564 |
| 200000 | Nomura Holdings, Inc., 2.61%, due 07/14/31 | 172765 |
| 195000 | Northern States Power Co., 3.60%, due 09/15/47 | 145678 |
| 1242000 | Northrop Grumman Corp., 5.25%, due 05/01/50 | 1175450 |
| 2285000 | Northwest Pipeline LLC, 4.00%, due 04/01/27 | 2260136 |
| 499000 | Novelis Corp., 4.75%, due 01/30/30 144A | 465734 |
| 109000 | Novelis, Inc., 6.88%, due 01/30/30 144A | 110631 |
| 269000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 238444 |
| 895000 | NRG Energy, Inc., 3.88%, due 02/15/32 144A | 785613 |
| 373000 | NRG Energy, Inc., 4.45%, due 06/15/29 144A | 362415 |
| 640000 | NRG Energy, Inc., 5.75%, due 01/15/28 | 639099 |
| 383000 | NRG Energy, Inc., 5.75%, due 07/15/29 144A | 377719 |
| 327000 | NRG Energy, Inc., 6.00%, due 02/01/33 144A | 318459 |
| 327000 | NRG Energy, Inc., 6.25%, due 11/01/34 144A | 322190 |
| 492000 | NRG Energy, Inc., 7.00%, due 03/15/33<sup>(f)</sup> 144A | 530812 |
| 375000 | NRG Energy, Inc., 10.25% (5 yr. CMT + 5.92%)<sup>(b)(g)</sup> 144A | 414028 |
| 250000 | NSTAR Electric Co., 3.10%, due 06/01/51<sup>(f)</sup> | 167201 |
| 400000 | NSTAR Electric Co., 5.40%, due 06/01/34 | 407020 |
| 355000 | Nutrien Ltd., 4.90%, due 06/01/43 | 319028 |
| 405000 | Nuveen LLC, 5.85%, due 04/15/34 144A | 414655 |
| 2786000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, due 05/01/25 | 2781114 |
| 3517000 | Occidental Petroleum Corp., 4.46%, due 10/10/36<sup>(j)</sup> | 1968761 |
| 209000 | Occidental Petroleum Corp., 5.38%, due 01/01/32 | 206072 |

---

72 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 590000 | Occidental Petroleum Corp., 6.05%, due 10/01/54 | 552790 |
| 594000 | Occidental Petroleum Corp., 6.45%, due 09/15/36 | 611901 |
| 265000 | Occidental Petroleum Corp., 6.60%, due 03/15/46 | 267369 |
| 653000 | Occidental Petroleum Corp., 6.63%, due 09/01/30 | 686415 |
| 612000 | OCP SA, 6.75%, due 05/02/34 144A | 629767 |
| 133000 | OneMain Finance Corp., 3.88%, due 09/15/28 | 123084 |
| 62000 | OneMain Finance Corp., 6.63%, due 01/15/28 | 62512 |
| 293000 | OneMain Finance Corp., 9.00%, due 01/15/29 | 307700 |
| 655000 | ONEOK, Inc., 3.10%, due 03/15/30 | 603262 |
| 75000 | ONEOK, Inc., 4.25%, due 09/15/46 | 57958 |
| 440000 | ONEOK, Inc., 4.40%, due 10/15/29 | 432349 |
| 370000 | ONEOK, Inc., 5.38%, due 06/01/29 | 375849 |
| 670000 | ONEOK, Inc., 5.70%, due 11/01/54<sup>(f)</sup> | 627543 |
| 1935000 | ONEOK, Inc., 6.05%, due 09/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015613 |
| 570000 | ONEOK, Inc., 6.63%, due 09/01/53 | 596863 |
| 655000 | Oracle Corp., 2.95%, due 04/01/30 | 601883 |
| 1456000 | Oracle Corp., 3.95%, due 03/25/51 | 1070216 |
| 2111000 | Oracle Corp., 5.25%, due 02/03/32 | 2139197 |
| 902000 | Oracle Corp., 5.55%, due 02/06/53 | 843746 |
| 425000 | Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, due 04/30/28 144A | 397496 |
| 580000 | Ovintiv, Inc., 5.65%, due 05/15/25 | 580393 |
| 321000 | Ovintiv, Inc., 6.25%, due 07/15/33 | 331691 |
| 83000 | Ovintiv, Inc., 7.20%, due 11/01/31 | 89900 |
| 175000 | Owens Corning, 3.50%, due 02/15/30 | 164936 |
| 592000 | Owens Corning, 5.70%, due 06/15/34 | 608771 |
| 699000 | Owens-Brockway Glass Container, Inc., 7.25%, due 05/15/31<sup>(f)</sup> 144A | 683272 |
| 870000 | Pacific Gas & Electric Co., 3.95%, due 12/01/47<sup>(f)</sup> | 636621 |
| 763000 | Pacific Gas & Electric Co., 4.95%, due 07/01/50 | 637637 |
| 464000 | Pacific Gas & Electric Co., 5.80%, due 05/15/34 | 468840 |
| 265000 | PacifiCorp, 2.70%, due 09/15/30 | 237294 |
| 456000 | PacifiCorp, 7.38% (5 yr. CMT + 3.32%), due 09/15/55<sup>(b)</sup> | 463008 |
| 571000 | Panther Escrow Issuer LLC, 7.13%, due 06/01/31 144A | 582181 |
| 171000 | Paramount Global, 4.20%, due 05/19/32 | 153415 |
| 352000 | Paramount Global, 4.38%, due 03/15/43 | 260901 |
| 721000 | Paramount Global, 4.95%, due 05/19/50 | 553734 |
| 413000 | Parkland Corp., 4.50%, due 10/01/29 144A | 389776 |
| 298000 | Parkland Corp., 4.63%, due 05/01/30 144A | 279949 |
| 195000 | Parkland Corp., 6.63%, due 08/15/32 144A | 195054 |
| 415000 | PECO Energy Co., 3.05%, due 03/15/51 | 270690 |
| 205000 | PECO Energy Co., 3.70%, due 09/15/47 | 156324 |
| 185000 | PECO Energy Co., 5.25%, due 09/15/54 | 175422 |
| 3790000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.25%, due 07/01/29 144A | 3837622 |
| 131000 | Performance Food Group, Inc., 6.13%, due 09/15/32 144A | 130373 |
| 875000 | Petroleos Mexicanos, 6.50%, due 03/13/27 | 856608 |
| 255000 | Petroleos Mexicanos, 6.50%, due 06/02/41<sup>(f)</sup> | 180376 |
| 380000 | Petroleos Mexicanos, 6.88%, due 08/04/26 | 377982 |
| 682000 | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> | 672010 |
| 1707351 | PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32 | 1667997 |
| 1420833 | PG&E Wildfire Recovery Funding LLC, 4.02%, due 06/01/33 | 1397958 |

---

See accompanying Notes to the Financial Statements. 73

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 827000 | PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38 | 782684 |
| 2169000 | PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39 | 2112115 |
| 145000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | 138971 |
| 368000 | Pilgrim's Pride Corp., 6.25%, due 07/01/33 | 381390 |
| 960000 | Plains All American Pipeline LP/PAA Finance Corp., 3.55%, due 12/15/29 | 905001 |
| 609000 | PNC Financial Services Group, Inc., 4.81% (SOFR + 1.26%), due 10/21/32<sup>(b)</sup> | 602627 |
| 1444000 | PNC Financial Services Group, Inc., 5.40% (SOFR + 1.60%), due 07/23/35<sup>(b)</sup> | 1449530 |
| 362000 | PNC Financial Services Group, Inc., 5.58% (SOFR + 1.39%), due 01/29/36<sup>(b)</sup> | 368606 |
| 1050000 | PNC Financial Services Group, Inc., 5.58% (SOFR + 1.84%), due 06/12/29<sup>(b)</sup> | 1079882 |
| 3032000 | PNC Financial Services Group, Inc., 5.68% (SOFR + 1.90%), due 01/22/35<sup>(b)</sup> | 3104667 |
| 389000 | PNC Financial Services Group, Inc., 5.94% (SOFR + 1.95%), due 08/18/34<sup>(b)</sup> | 405164 |
| 416000 | PNC Financial Services Group, Inc., 6.25% (7 yr. CMT + 2.81%)<sup>(b)(g)</sup> | 419170 |
| 508000 | Popular, Inc., 7.25%, due 03/13/28 | 527112 |
| 130000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | 126637 |
| 1580000 | Public Service Co. of Colorado, 5.35%, due 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589034 |
| 473000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | 415161 |
| 315000 | Qorvo, Inc., 4.38%, due 10/15/29 | 300778 |
| 284000 | Quanta Services, Inc., 5.25%, due 08/09/34 | 280806 |
| 802000 | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 807746 |
| 89000 | Quikrete Holdings, Inc., 6.75%, due 03/01/33 144A | 88676 |
| 200000 | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | 217518 |
| 1701000 | Realty Income Corp., 2.10%, due 03/15/28 | 1586633 |
| 120000 | Realty Income Corp., 2.85%, due 12/15/32 | 103421 |
| 350000 | Realty Income Corp., 3.25%, due 01/15/31 | 321726 |
| 238000 | Rede D'or Finance SARL, 4.50%, due 01/22/30 144A | 221967 |
| 275000 | Regal Rexnord Corp., 6.40%, due 04/15/33 | 285573 |
| 630000 | Regeneron Pharmaceuticals, Inc., 1.75%, due 09/15/30 | 537467 |
| 903000 | Regions Financial Corp., 5.50% (SOFR + 2.06%), due 09/06/35<sup>(b)</sup> | 891787 |
| 253000 | Regions Financial Corp., 5.72% (SOFR + 1.49%), due 06/06/30<sup>(b)</sup> | 259171 |
| 256000 | Reinsurance Group of America, Inc., 6.65% (5 yr. CMT + 2.39%), due 09/15/55<sup>(b)</sup> | 252710 |
| 520000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29<sup>(f)</sup> 144A | 462608 |
| 225000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/06/31 144A | 190604 |
| 300000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, due 07/27/30 144A | 306791 |
| 305000 | Rio Tinto Finance USA PLC, 5.25%, due 03/14/35 | 307459 |
| 373000 | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, due 02/01/33 144A | 367087 |
| 277000 | Rocket Software, Inc., 9.00%, due 11/28/28 144A | 285903 |
| 405000 | Roper Technologies, Inc., 1.40%, due 09/15/27 | 376041 |
| 190000 | Royal Caribbean Cruises Ltd., 5.63%, due 09/30/31 144A | 186700 |
| 401000 | Royal Caribbean Cruises Ltd., 6.00%, due 02/01/33 144A | 401061 |
| 114000 | Royal Caribbean Cruises Ltd., 6.25%, due 03/15/32 144A | 115111 |
| 273000 | Royalty Pharma PLC, 5.15%, due 09/02/29 | 274892 |
| 431000 | Ryan Specialty LLC, 5.88%, due 08/01/32 144A | 426066 |
| 529000 | Ryder System, Inc., 5.25%, due 06/01/28 | 538432 |
| 117000 | S&S Holdings LLC, 8.38%, due 10/01/31 144A | 110672 |
| 892000 | Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30 | 875898 |
| 434000 | Saks Global Enterprises LLC, 11.00%, due 12/15/29 144A | 352186 |
| 290000 | San Diego Gas & Electric Co., 4.15%, due 05/15/48 | 228874 |
| 200000 | Sands China Ltd., 5.40%, due 08/08/28 | 200382 |

---

74 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 347000 | Sasol Financing USA LLC, 5.50%, due 03/18/31 | 292030 |
| 400000 | Sasol Financing USA LLC, 6.50%, due 09/27/28<sup>(f)</sup> | 384244 |
| 295000 | Saudi Arabian Oil Co., 5.25%, due 07/17/34 144A | 297098 |
| 4523000 | SBA Tower Trust, 4.83%, due 10/15/29 144A | 4489597 |
| 257000 | SBL Holdings, Inc., 5.00%, due 02/18/31 144A | 230990 |
| 2216000 | Schlumberger Holdings Corp., 3.90%, due 05/17/28 144A | 2182322 |
| 453000 | Sempra, 5.50%, due 08/01/33 | 456759 |
| 393000 | Sempra, 6.40% (5 yr. CMT + 2.63%), due 10/01/54<sup>(b)</sup> | 373740 |
| 403000 | Sempra, 6.88% (5 yr. CMT + 2.79%), due 10/01/54<sup>(b)</sup> | 400052 |
| 185000 | Sensata Technologies, Inc., 3.75%, due 02/15/31<sup>(f)</sup> 144A | 161772 |
| 128000 | Service Corp. International, 5.75%, due 10/15/32 | 125950 |
| 850000 | Simon Property Group LP, 6.75%, due 02/01/40 | 959180 |
| 339000 | Sirius XM Radio LLC, 4.00%, due 07/15/28 144A | 316578 |
| 270000 | Sixth Street Lending Partners, 5.75%, due 01/15/30 | 267532 |
| 239000 | Sixth Street Lending Partners, 6.13%, due 07/15/30<sup>(f)</sup> 144A | 240644 |
| 1130000 | Societe Generale SA, 1.79% (1 yr. CMT + 1.00%), due 06/09/27<sup>(b)</sup> 144A | 1090745 |
| 1365000 | Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314694 |
| 587000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(g)</sup> 144A | 515951 |
| 256000 | Societe Generale SA, 5.63% (1 yr. CMT + 1.75%), due 01/19/30<sup>(b)(f)</sup> 144A | 260541 |
| 458000 | Solventum Corp., 5.40%, due 03/01/29 | 467343 |
| 927000 | Solventum Corp., 5.45%, due 03/13/31 | 944784 |
| 1831000 | Sonoco Products Co., 5.00%, due 09/01/34 | 1752318 |
| 570000 | Southern California Edison Co., 3.45%, due 02/01/52 | 375603 |
| 335000 | Southern California Edison Co., 4.00%, due 04/01/47 | 250452 |
| 181000 | Southern Co., 5.20%, due 06/15/33 | 181539 |
| 508000 | Southern Co., 5.70%, due 03/15/34 | 524941 |
| 552000 | Southern Co., 6.38% (5 yr. CMT + 2.07%), due 03/15/55<sup>(b)(f)</sup> | 566608 |
| 2180000 | Southern Co. Gas Capital Corp., 4.95%, due 09/15/34 | 2123423 |
| 755000 | Southwest Airlines Co., 2.63%, due 02/10/30 | 677771 |
| 405000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 374025 |
| 25000 | Standard Industries, Inc., 4.75%, due 01/15/28 144A | 24222 |
| 170000 | Star Parent, Inc., 9.00%, due 10/01/30 144A | 167774 |
| 175000 | Starwood Property Trust, Inc., 3.63%, due 07/15/26 144A | 169704 |
| 401000 | Starwood Property Trust, Inc., 6.00%, due 04/15/30 144A | 392297 |
| 84000 | Starwood Property Trust, Inc., 7.25%, due 04/01/29 144A | 86218 |
| 330000 | State Street Corp., 3.15% (SOFR + 2.65%), due 03/30/31<sup>(b)</sup> | 306727 |
| 920000 | Steel Dynamics, Inc., 3.45%, due 04/15/30 | 863421 |
| 1550000 | Sun Communities Operating LP, 2.30%, due 11/01/28 | 1430878 |
| 1900000 | Sun Communities Operating LP, 2.70%, due 07/15/31 | 1654497 |
| 251000 | Sunoco LP, 6.25%, due 07/01/33 144A | 251436 |
| 292000 | Sunoco LP, 7.00%, due 05/01/29 144A | 298956 |
| 351000 | Sunoco LP, 7.25%, due 05/01/32 144A | 362798 |
| 561000 | Sunoco LP/Sunoco Finance Corp., 4.50%, due 04/30/30 | 525060 |
| 375000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 356161 |
| 48000 | Talos Production, Inc., 9.00%, due 02/01/29 144A | 49367 |
| 60000 | Talos Production, Inc., 9.38%, due 02/01/31 144A | 61105 |
| 584000 | Targa Resources Corp., 5.50%, due 02/15/35 | 580856 |
| 1343000 | Targa Resources Corp., 6.15%, due 03/01/29 | 1404765 |

---

See accompanying Notes to the Financial Statements. 75

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 511000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, due 01/15/32 | 471783 |
| 115000 | Taylor Morrison Communities, Inc., 5.13%, due 08/01/30 144A | 110618 |
| 210000 | Taylor Morrison Communities, Inc., 5.88%, due 06/15/27 144A | 210031 |
| 617000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | 501767 |
| 38000 | Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A | 43155 |
| 1125000 | Teledyne Technologies, Inc., 2.75%, due 04/01/31 | 1003003 |
| 70000 | Tenet Healthcare Corp., 4.38%, due 01/15/30 | 65692 |
| 1665000 | Textron, Inc., 5.50%, due 05/15/35 | 1670582 |
| 2669000 | T-Mobile USA, Inc., 3.38%, due 04/15/29 | 2537715 |
| 1772000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 | 1699265 |
| 1604000 | T-Mobile USA, Inc., 5.88%, due 11/15/55<sup>(f)</sup> | 1615917 |
| 140000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | 107262 |
| 500000 | Transcontinental Gas Pipe Line Co. LLC, 4.60%, due 03/15/48 | 424731 |
| 199000 | Travel & Leisure Co., 4.63%, due 03/01/30 144A | 186078 |
| 175000 | TriNet Group, Inc., 3.50%, due 03/01/29 144A | 158837 |
| 267000 | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | 271265 |
| 543000 | Truist Financial Corp., 5.15% (SOFR + 1.57%), due 08/05/32<sup>(b)</sup> | 544101 |
| 3600000 | Truist Financial Corp., 5.71% (SOFR + 1.92%), due 01/24/35<sup>(b)</sup> | 3676923 |
| 1426000 | Truist Financial Corp., 5.87% (SOFR + 2.36%), due 06/08/34<sup>(b)</sup> | 1467538 |
| 798000 | Truist Financial Corp., 7.16% (SOFR + 2.45%), due 10/30/29<sup>(b)</sup> | 859467 |
| 599000 | Trust Fibra Uno, 7.38%, due 02/13/34 144A | 602454 |
| 705000 | U.S. Bancorp, 4.84% (SOFR + 1.60%), due 02/01/34<sup>(b)</sup> | 685273 |
| 351000 | U.S. Bancorp, 5.38% (SOFR + 1.56%), due 01/23/30<sup>(b)</sup> | 358179 |
| 614000 | U.S. Bancorp, 5.84% (SOFR + 2.26%), due 06/12/34<sup>(b)</sup> | 633799 |
| 1120000 | Uber Technologies, Inc., 4.80%, due 09/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088931 |
| 765000 | UBS Group AG, 1.49% (1 yr. CMT + 0.85%), due 08/10/27<sup>(b)</sup> 144A | 733057 |
| 375000 | UBS Group AG, 2.10% (1 yr. CMT + 1.00%), due 02/11/32<sup>(b)</sup> 144A | 318550 |
| 442000 | UBS Group AG, 5.43% (1 yr. CMT + 1.52%), due 02/08/30<sup>(b)</sup> 144A | 450101 |
| 360000 | UBS Group AG, 6.30% (1 yr. CMT + 2.00%), due 09/22/34<sup>(b)</sup> 144A | 382802 |
| 418000 | UBS Group AG, 7.00% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.08%)<sup>(b)(g)</sup> 144A | 412704 |
| 526000 | UBS Group AG, 7.13% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.18%)<sup>(b)(g)</sup> 144A | 518697 |
| 529000 | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(g)</sup> 144A | 605018 |
| 464919 | United Airlines Pass-Through Trust, 5.45%, due 08/15/38 | 470190 |
| 422293 | United Airlines Pass-Through Trust, 5.88%, due 08/15/38 | 426340 |
| 417542 | United Airlines Pass-Through Trust, 3.45%, due 01/07/30 | 397145 |
| 1710862 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 1691289 |
| 394597 | United Airlines Pass-Through Trust, 4.55%, due 02/25/33 | 372067 |
| 676362 | United Airlines Pass-Through Trust, 5.80%, due 07/15/37 | 688020 |
| 788071 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 803294 |
| 580000 | United Airlines, Inc., 4.38%, due 04/15/26 144A | 571224 |
| 296000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | 280322 |
| 175000 | United Rentals North America, Inc., 3.75%, due 01/15/32 | 154715 |
| 167000 | United Rentals North America, Inc., 3.88%, due 02/15/31 | 151670 |
| 265000 | United Rentals North America, Inc., 5.25%, due 01/15/30<sup>(f)</sup> | 260367 |
| 885000 | UnitedHealth Group, Inc., 3.05%, due 05/15/41 | 652114 |
| 155000 | UnitedHealth Group, Inc., 3.25%, due 05/15/51 | 103701 |
| 535000 | UnitedHealth Group, Inc., 4.75%, due 05/15/52 | 462819 |

---

76 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 196000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due 02/15/29 144A | 176334 |
| 547000 | Universal Health Services, Inc., 2.65%, due 10/15/30 | 479683 |
| 120000 | University of Chicago, 2.76%, due 04/01/45 | 92597 |
| 350000 | University of Southern California, 2.95%, due 10/01/51 | 229915 |
| 405000 | Valvoline, Inc., 3.63%, due 06/15/31 144A | 352372 |
| 1160000 | Var Energi ASA, 7.50%, due 01/15/28 144A | 1229329 |
| 1154000 | Var Energi ASA, 8.00%, due 11/15/32 144A | 1300263 |
| 279000 | Varex Imaging Corp., 7.88%, due 10/15/27 144A | 283543 |
| 137000 | Velocity Vehicle Group LLC, 8.00%, due 06/01/29 144A | 140704 |
| 65000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 60219 |
| 308000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | 280067 |
| 314000 | Venture Global LNG, Inc., 7.00%, due 01/15/30 144A | 309574 |
| 1085000 | Venture Global LNG, Inc., 9.00% (5 yr. CMT + 5.44%)<sup>(b)(g)</sup> 144A | 1030510 |
| 523000 | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | 561146 |
| 617000 | Verisk Analytics, Inc., 3.63%, due 05/15/50 | 443168 |
| 145000 | Verizon Communications, Inc., 1.68%, due 10/30/30 | 123469 |
| 1488000 | Verizon Communications, Inc., 2.55%, due 03/21/31 | 1311603 |
| 578000 | Verizon Communications, Inc., 2.88%, due 11/20/50 | 360242 |
| 1624000 | Verizon Communications, Inc., 3.55%, due 03/22/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160360 |
| 879000 | Viatris, Inc., 2.70%, due 06/22/30 | 765829 |
| 515000 | Viatris, Inc., 3.85%, due 06/22/40 | 374642 |
| 2002000 | Viatris, Inc., 4.00%, due 06/22/50 | 1313922 |
| 711000 | VICI Properties LP, 5.13%, due 11/15/31 | 701765 |
| 519000 | VICI Properties LP, 5.13%, due 05/15/32 | 508435 |
| 253000 | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 241897 |
| 553000 | VICI Properties LP/VICI Note Co., Inc., 4.63%, due 12/01/29 144A | 536996 |
| 1203000 | VICI Properties LP/VICI Note Co., Inc., 5.75%, due 02/01/27 144A | 1220773 |
| 3016000 | Virginia Power Fuel Securitization LLC, 4.88%, due 05/01/33 | 3049948 |
| 126000 | Virtusa Corp., 7.13%, due 12/15/28 144A | 118618 |
| 161000 | Vistra Corp., 8.00% (5 yr. CMT + 6.93%)<sup>(b)(g)</sup> 144A | 165764 |
| 813000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | 787374 |
| 370000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | 364596 |
| 246000 | Vistra Operations Co. LLC, 6.88%, due 04/15/32 144A | 250942 |
| 530000 | Vistra Operations Co. LLC, 6.95%, due 10/15/33 144A | 569718 |
| 354000 | Vital Energy, Inc., 7.88%, due 04/15/32<sup>(f)</sup> 144A | 329889 |
| 347000 | Vodafone Group PLC, 5.63%, due 02/10/53 | 325812 |
| 424000 | Vodafone Group PLC, 7.00% (5 yr. USD Swap + 4.87%), due 04/04/79<sup>(b)</sup> | 437356 |
| 237000 | Vulcan Materials Co., 5.35%, due 12/01/34 | 239262 |
| 340000 | WakeMed, 3.29%, due 10/01/52<sup>(f)</sup> | 235149 |
| 1188000 | Warnermedia Holdings, Inc., 4.28%, due 03/15/32 | 1047072 |
| 1085000 | Warnermedia Holdings, Inc., 5.05%, due 03/15/42<sup>(f)</sup> | 868252 |
| 490000 | Warnermedia Holdings, Inc., 5.14%, due 03/15/52 | 357487 |
| 1871000 | Wells Fargo & Co., 2.57% (3 mo. USD Term SOFR + 1.26%), due 02/11/31<sup>(b)</sup> | 1687000 |
| 1912000 | Wells Fargo & Co., 3.35% (SOFR + 1.50%), due 03/02/33<sup>(b)</sup> | 1716053 |
| 3670000 | Wells Fargo & Co., 4.81% (SOFR + 1.98%), due 07/25/28<sup>(b)</sup> | 3682344 |
| 588000 | Wells Fargo & Co., 5.21% (SOFR + 1.38%), due 12/03/35<sup>(b)(f)</sup> | 584162 |
| 372000 | Wells Fargo & Co., 5.24% (SOFR + 1.11%), due 01/24/31<sup>(b)</sup> | 378316 |
| 2720000 | Wells Fargo & Co., 5.39% (SOFR + 2.02%), due 04/24/34<sup>(b)</sup> | 2739667 |

---

See accompanying Notes to the Financial Statements. 77

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 839000 | Wells Fargo & Co., 6.49% (SOFR + 2.06%), due 10/23/34<sup>(b)</sup> | 905401 |
| 167000 | WESCO Distribution, Inc., 6.38%, due 03/15/33 144A | 167984 |
| 502000 | Western Midstream Operating LP, 4.05%, due 02/01/30 | 479321 |
| 277000 | Western Midstream Operating LP, 5.45%, due 11/15/34 | 270777 |
| 208000 | Whistler Pipeline LLC, 5.40%, due 09/30/29 144A | 209718 |
| 279000 | Whistler Pipeline LLC, 5.70%, due 09/30/31 144A | 282390 |
| 530000 | Williams Cos., Inc., 5.40%, due 03/02/26 | 533811 |
| 164000 | Williams Scotsman, Inc., 6.63%, due 06/15/29 144A | 166073 |
| 240000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 144A | 244576 |
| 219000 | WMG Acquisition Corp., 3.88%, due 07/15/30 144A | 202447 |
| 300000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | 254314 |
| 665000 | WP Carey, Inc., 2.25%, due 04/01/33 | 534129 |
| 236000 | XHR LP, 6.63%, due 05/15/30<sup>(f)</sup> 144A | 231986 |
| 50000 | XPO, Inc., 7.13%, due 06/01/31 144A | 51252 |
| 610000 | Yale University, 2.40%, due 04/15/50<sup>(f)</sup> | 367208 |
| 1070000 | Yamana Gold, Inc., 2.63%, due 08/15/31 | 920703 |
| 1220000 | Yara International ASA, 4.75%, due 06/01/28 144A | 1210105 |
| 560000 | Yara International ASA, 7.38%, due 11/14/32 144A | 617372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634971050 |
|  | **Mortgage Backed Securities - Private Issuers — 8.4%** |  |
| 77746 | Angel Oak Mortgage Trust, Series 2020-R1, Class A1, 0.99%, due 04/25/53<sup>(e)</sup> 144A | 73890 |
| 365117 | Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, due 01/20/65<sup>(e)</sup> 144A | 306373 |
| 344600 | Angel Oak Mortgage Trust, Series 2021-5, Class A1, 0.95%, due 07/25/66<sup>(e)</sup> 144A | 297875 |
| 421582 | Angel Oak Mortgage Trust, Series 2024-3, Class A1, 4.80%, due 11/26/68<sup>(c)</sup> 144A | 419123 |
| 1800000 | Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A4, 2.50%, due 05/15/53 144A | 1635506 |
| 2500000 | Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due 06/15/54 144A | 2160737 |
| 192319 | Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.18%, due 10/25/48<sup>(e)</sup> 144A | 172554 |
| 855724 | ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, due 04/25/64<sup>(c)</sup> 144A | 824038 |
| 531000 | BAHA Trust, Series 2024-MAR, Class A, 5.57%, due 12/10/41<sup>(e)</sup> 144A | 539476 |
| 217000 | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.72%, due 11/05/32<sup>(e)</sup> 144A | 138377 |
| 3025918 | Bank, Series 2017-BNK5, Class A4, 3.13%, due 06/15/60 | 2945778 |
| 971351 | Bank, Series 2019-BN20, Class A2, 2.76%, due 09/15/62 | 898374 |
| 2038993 | Bank, Series 2019-BN23, Class A2, 2.67%, due 12/15/52 | 1857613 |
| 1438152 | Bank, Series 2020-BN26, Class A2, 2.04%, due 03/15/63 | 1325210 |
| 1800000 | Bank, Series 2020-BN26, Class A3, 2.16%, due 03/15/63 | 1596239 |
| 3000000 | Bank, Series 2021-BN32, Class A4, 2.35%, due 04/15/54 | 2651513 |
| 2300000 | Bank, Series 2021-BN34, Class A4, 2.16%, due 06/15/63 | 1972722 |
| 2224000 | Bank, Series 2021-BN36, Class A5, 2.47%, due 09/15/64 | 1924220 |
| 3193000 | Bank5, Series 2023-5YR1, Class A3, 6.26%, due 04/15/56<sup>(e)</sup> | 3314414 |
| 2900000 | Bank5, Series 2023-5YR2, Class A3, 6.66%, due 07/15/56<sup>(e)</sup> | 3053557 |
| 3900000 | Bank5, Series 2024-5YR10, Class A3, 5.30%, due 10/15/57 | 3966619 |
| 3000000 | BBCMS Mortgage Trust, Series 2018-TALL, Class A, 5.24% (1 mo. USD Term SOFR + 0.92%), due 03/15/37<sup>(b)</sup> 144A | 2848166 |
| 26958 | BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52 | 26485 |
| 42908 | BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53 | 41712 |

---

78 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 2000000 | BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55 | 1745677 |
| 1248038 | BBCMS Mortgage Trust, Series 2023-C21, Class A2, 6.30%, due 09/15/56<sup>(e)</sup> | 1306319 |
| 1600000 | BBCMS Mortgage Trust, Series 2024-5C27, Class A3, 6.01%, due 07/15/57 | 1667607 |
| 162000 | BBCMS Mortgage Trust, Series 2024-5C29, Class A3, 5.21%, due 09/15/57 | 164271 |
| 171000 | BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, due 12/15/57 | 176281 |
| 2052000 | BBCMS Mortgage Trust, Series 2025-C32, Class A5, 5.72%, due 02/15/62 | 2150691 |
| 93278 | Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52 | 91288 |
| 85214 | Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57 | 82344 |
| 1350000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1224565 |
| 600000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | 526813 |
| 736285 | Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53 | 724919 |
| 648140 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | 635215 |
| 3039000 | Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54 | 2662118 |
| 1700000 | Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54 | 1447150 |
| 900000 | Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54 | 815607 |
| 1750000 | Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54 | 1536474 |
| 1250000 | Benchmark Mortgage Trust, Series 2021-B28, Class ASB, 1.98%, due 08/15/54 | 1132987 |
| 2200000 | Benchmark Mortgage Trust, Series 2021-B31, Class A4, 2.42%, due 12/15/54 | 1887316 |
| 1800000 | Benchmark Mortgage Trust, Series 2022-B33, Class A5, 3.46%, due 03/15/55 | 1633036 |
| 3000000 | Benchmark Mortgage Trust, Series 2023-B39, Class A2, 6.57%, due 07/15/56<sup>(e)</sup> | 3109184 |
| 1149898 | Benchmark Mortgage Trust, Series 2023-B40, Class A2, 6.93%, due 12/15/56 | 1216599 |
| 3694995 | Benchmark Mortgage Trust, Series 2023-V2, Class A3, 5.81%, due 05/15/55<sup>(e)</sup> | 3790201 |
| 578000 | Benchmark Mortgage Trust, Series 2024-V12, Class A3, 5.74%, due 12/15/57 | 598642 |
| 3200000 | Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.23%, due 05/15/56<sup>(e)</sup> | 3356581 |
| 2800000 | Benchmark Mortgage Trust, Series 2024-V8, Class A3, 6.19%, due 07/15/57<sup>(e)</sup> | 2936788 |
| 2920000 | Benchmark Mortgage Trust, Series 2025-V13, Class A4, 5.82%, due 02/15/58<sup>(e)</sup> | 3036580 |
| 2700000 | BMO Mortgage Trust, Series 2023-5C1, Class A3, 6.53%, due 08/15/56<sup>(e)</sup> | 2828918 |
| 177000 | BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, due 12/15/57<sup>(e)</sup> | 182312 |
| 1565000 | BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.78%, due 04/15/58 | 1623779 |
| 150578 | BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, due 02/25/49<sup>(e)</sup> 144A | 140056 |
| 1202955 | BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, due 05/25/63<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199952 |
| 1516000 | BX Commercial Mortgage Trust, Series 2021-VOLT, Class A, 5.13% (1 mo. USD Term SOFR + 0.81%), due 09/15/36<sup>(b)</sup> 144A | 1503486 |
| 260000 | BX Trust, Series 2019-OC11, Class A, 3.20%, due 12/09/41 144A | 240353 |
| 2438000 | BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A | 2468384 |
| 1145226 | CD Mortgage Trust, Series 2019-CD8, Class A3, 2.66%, due 08/15/57 | 1056249 |
| 961656 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/25<sup>(e)</sup> 144A | 960999 |
| 348411 | CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A3, 3.01%, due 05/10/58 | 343922 |
| 2283607 | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class A2, 2.95%, due 11/10/49 | 2238340 |
| 233000 | CFK Trust, Series 2020-MF2, Class A, 2.39%, due 03/15/39 144A | 217849 |
| 476319 | Chase Home Lending Mortgage Trust, Series 2024-RPL3, Class A1A, 3.25%, due 09/25/64<sup>(e)</sup> 144A | 423525 |
| 1357247 | CIM Trust, Series 2024-R1, Class A1, 4.75%, due 06/25/64<sup>(e)</sup> 144A | 1335986 |
| 7800161 | Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XB, due 05/10/47<sup>(e)</sup> 144A | 78 |
| 277659 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | 256685 |
| 380000 | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82%, due 10/12/40<sup>(e)</sup> 144A | 388391 |

---

See accompanying Notes to the Financial Statements. 79

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 275899 | COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.92%, due 08/25/66<sup>(e)</sup> 144A | 229274 |
| 388515 | COLT Mortgage Loan Trust, Series 2021-3, Class A1, 0.96%, due 09/27/66<sup>(e)</sup> 144A | 320944 |
| 284307 | COLT Mortgage Loan Trust, Series 2021-HX1, Class A1, 1.11%, due 10/25/66<sup>(e)</sup> 144A | 244827 |
| 626549 | COLT Trust, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65<sup>(e)</sup> 144A | 534249 |
| 683795 | COMM Mortgage Trust, Series 2015-CR25, Class A3, 3.51%, due 08/10/48 | 682059 |
| 862000 | COMM Mortgage Trust, Series 2015-CR27, Class A4, 3.61%, due 10/10/48 | 856421 |
| 461000 | Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.25%, due 02/25/49 144A | 463487 |
| 1335000 | CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class A4, 3.19%, due 11/15/50 | 1289193 |
| 1050000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | 958578 |
| 1777890 | CSAIL Commercial Mortgage Trust, Series 2021-C20, Class A2, 2.49%, due 03/15/54 | 1595112 |
| 180326 | CSMC Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57<sup>(e)</sup> 144A | 172876 |
| 114606 | CSMC Trust, Series 2020-NET, Class A, 2.26%, due 08/15/37 144A | 112684 |
| 611225 | CSMC Trust, Series 2020-RPL6, Class A1, 3.47%, due 03/25/59<sup>(e)</sup> 144A | 611379 |
| 217144 | CSMC Trust, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66<sup>(e)</sup> 144A | 195226 |
| 197441 | CSMC Trust, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66<sup>(e)</sup> 144A | 170865 |
| 461140 | CSMC Trust, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66<sup>(e)</sup> 144A | 381962 |
| 58052 | Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, due 02/25/66<sup>(e)</sup> 144A | 50142 |
| 125807 | Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, due 06/25/66<sup>(e)</sup> 144A | 103679 |
| 797481 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50%, due 11/25/57 | 768758 |
| 1215471 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-4, Class MA, 3.50%, due 03/25/58 | 1164302 |
| 508415 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50%, due 07/25/58 | 486166 |
| 390000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M1B, 6.74% (SOFR 30-day average + 2.40%), due 02/25/42<sup>(b)</sup> 144A | 397052 |
| 380000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA3, Class M1B, 7.24% (SOFR 30-day average + 2.90%), due 04/25/42<sup>(b)</sup> 144A | 391040 |
| 418238 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M1, 6.64% (SOFR 30-day average + 2.30%), due 01/25/43<sup>(b)</sup> 144A | 427092 |
| 229616 | Flagstar Mortgage Trust, Series 2020-2, Class A2, 3.00%, due 08/25/50<sup>(e)</sup> 144A | 197756 |
| 556506 | Flagstar Mortgage Trust, Series 2021-1, Class A2, 2.50%, due 02/01/51<sup>(e)</sup> 144A | 455780 |
| 191395 | GCAT Trust, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66<sup>(e)</sup> 144A | 164923 |
| 169566 | GCAT Trust, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66<sup>(e)</sup> 144A | 144617 |
| 257308 | GCAT Trust, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66<sup>(e)</sup> 144A | 220964 |
| 286855 | GCAT Trust, Series 2023-NQM2, Class A1, 5.84%, due 11/25/67<sup>(c)</sup> 144A | 287017 |
| 1515000 | GS Mortgage Securities Trust, Series 2019-GC40, Class A3, 2.90%, due 07/10/52 | 1414708 |
| 1600000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1434205 |
| 1122495 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | 1058124 |
| 1900000 | GS Mortgage Securities Trust, Series 2021-GSA3, Class A4, 2.37%, due 12/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627845 |
| 114399 | GS Mortgage-Backed Securities Corp. Trust, Series 2021-NQM1, Class A1, 1.02%, due 07/25/61<sup>(e)</sup> 144A | 101768 |
| 37523 | GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, due 09/27/60<sup>(e)</sup> 144A | 35357 |
| 235000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, due 01/13/40<sup>(e)</sup> 144A | 239379 |
| 164408 | Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A1, 1.07%, due 06/25/56<sup>(e)</sup> 144A | 142364 |

---

80 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 263368 | Imperial Fund Mortgage Trust, Series 2023-NQM1, Class A1, 5.94%, due 02/25/68<sup>(c)</sup> 144A | 263902 |
| 588605 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, 2.56%, due 08/15/49 | 578343 |
| 357000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, 2.81%, due 01/16/37 144A | 319870 |
| 1587536 | JP Morgan Mortgage Trust, Series 2023-4, Class 1A4A, 5.50%, due 11/25/53<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583398 |
| 2177558 | JP Morgan Mortgage Trust, Series 2025-2, Class A4A, 5.50%, due 07/25/55<sup>(e)</sup> 144A | 2169855 |
| 779049 | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due 07/15/50 | 754641 |
| 494433 | JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, due 06/13/52 | 475697 |
| 677282 | JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due 06/15/49 | 666125 |
| 1137148 | JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due 03/15/50 | 1109970 |
| 566519 | Kinbane 2 DAC, Series 2024-RPL2A, Class A, 3.47% (1 mo. EURIBOR + 1.10%), due 01/24/63<sup>(b)</sup> 144A | 613780 |
| 939265 | Legacy Mortgage Asset Trust, Series 2019-PR1, Class A1, 7.86%, due 09/25/59<sup>(c)</sup> 144A | 939812 |
| 64569 | Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 5.89%, due 10/25/66<sup>(c)</sup> 144A | 64590 |
| 99030 | MFA Trust, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65<sup>(e)</sup> 144A | 92349 |
| 497161 | Mill City Mortgage Trust, Series 2015-1, Class M3, 3.81%, due 06/25/56<sup>(e)</sup> 144A | 491272 |
| 2045000 | Morgan Stanley BAML Trust, Series 2025-5C1, Class A3, 5.64%, due 03/15/30 | 2111049 |
| 1019507 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, due 04/15/48 | 1017030 |
| 800000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A4, 3.73%, due 05/15/48 | 796283 |
| 2077982 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A4, 2.60%, due 09/15/49 | 2021812 |
| 1562383 | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 1521513 |
| 2000000 | Morgan Stanley Capital I Trust, Series 2018-L1, Class A3, 4.14%, due 10/15/51 | 1960707 |
| 2600000 | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 2461079 |
| 980000 | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | 852606 |
| 195000 | Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due 01/15/43<sup>(e)</sup> 144A | 177298 |
| 104158 | New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 5.18% (1 mo. USD Term SOFR + 0.86%), due 01/25/48<sup>(b)</sup> 144A | 101759 |
| 347000 | NXPT Commercial Mortgage Trust, Series 2024-STOR, Class A, 4.31%, due 11/05/41<sup>(e)</sup> 144A | 336636 |
| 158899 | NYMT Loan Trust, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A | 147100 |
| 108560 | OBX Trust, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60<sup>(e)</sup> 144A | 92201 |
| 333466 | OBX Trust, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61<sup>(e)</sup> 144A | 271778 |
| 395414 | OBX Trust, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61<sup>(e)</sup> 144A | 320926 |
| 366368 | Provident Funding Mortgage Trust, Series 2020-F1, Class A2, 2.00%, due 01/25/36<sup>(e)</sup> 144A | 324208 |
| 225691 | PRPM LLC, Series 2024-RPL2, Class A1, 3.50%, due 05/25/54<sup>(c)</sup> 144A | 217351 |
| 687494 | PRPM LLC, Series 2025-RCF1, Class A1, 4.50%, due 02/25/55<sup>(c)</sup> 144A | 678237 |
| 825446 | RCKT Mortgage Trust, Series 2024-CES3, Class A1A, 6.59%, due 05/25/44<sup>(e)</sup> 144A | 836890 |
| 880680 | RCKT Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 01/25/45<sup>(c)</sup> 144A | 884594 |
| 491000 | ROCK Trust, Series 2024-CNTR, Class A, 5.39%, due 11/13/41 144A | 495376 |
| 600000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/41 144A | 622648 |
| 138754 | Sequoia Mortgage Trust, Series 2020-3, Class A4, 3.00%, due 04/25/50<sup>(e)</sup> 144A | 136031 |

---

See accompanying Notes to the Financial Statements. 81

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 1486080 | Sequoia Mortgage Trust, Series 2024-5, Class A5, 6.00%, due 06/25/54<sup>(e)</sup> 144A | 1494957 |
| 1760414 | Sequoia Mortgage Trust, Series 2024-6, Class A5, 6.00%, due 07/27/54<sup>(e)</sup> 144A | 1771847 |
| 510000 | SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A | 429865 |
| 512297 | Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, due 12/25/66<sup>(e)</sup> 144A | 455050 |
| 226884 | Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58<sup>(e)</sup> 144A | 213095 |
| 221352 | Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58<sup>(e)</sup> 144A | 213503 |
| 175013 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59<sup>(e)</sup> 144A | 167064 |
| 68016 | Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 5.43% (1 mo. USD Term SOFR + 1.11%), due 10/25/59<sup>(b)</sup> 144A | 68872 |
| 268353 | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A | 243011 |
| 500000 | Towd Point Mortgage Trust, Series 2021-SJ2, Class A1B, 2.25%, due 12/25/61<sup>(e)</sup> 144A | 458206 |
| 234133 | Towd Point Mortgage Trust, Series 2024-4, Class A1A, 4.42%, due 10/27/64<sup>(e)</sup> 144A | 234329 |
| 983269 | Towd Point Mortgage Trust, Series 2024-CES4, Class A1, 5.12%, due 09/25/64<sup>(c)</sup> 144A | 978252 |
| 882654 | Towd Point Mortgage Trust, Series 2025-CRM1, Class A1, 5.80%, due 01/25/65<sup>(c)</sup> 144A | 887920 |
| 267040 | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB, 3.26%, due 08/15/50 | 263300 |
| 62823 | Verus Securitization Trust, Series 2020-5, Class A1, 2.22%, due 05/25/65<sup>(c)</sup> 144A | 60581 |
| 284454 | Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, due 06/25/66<sup>(e)</sup> 144A | 243578 |
| 172155 | Verus Securitization Trust, Series 2021-4, Class A1, 0.94%, due 07/25/66<sup>(e)</sup> 144A | 142450 |
| 400276 | Verus Securitization Trust, Series 2021-5, Class A1, 1.01%, due 09/25/66<sup>(e)</sup> 144A | 341241 |
| 77592 | Verus Securitization Trust, Series 2021-R1, Class A1, 0.82%, due 10/25/63<sup>(e)</sup> 144A | 74646 |
| 5677 | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 1A7, 6.56%, due 09/25/33<sup>(e)</sup> | 5660 |
| 1490923 | Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class A2, 2.40%, due 08/15/49 | 1447202 |
| 3100000 | Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A3, 2.64%, due 11/15/49 | 3042083 |
| 846242 | Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due 07/15/50 | 824089 |
| 1590090 | Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due 03/15/50 | 1547634 |
| 1900000 | Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due 04/15/54 | 1682726 |
| 800000 | Wells Fargo Commercial Mortgage Trust, Series 2021-C60, Class ASB, 2.13%, due 08/15/54 | 734621 |
| 3900000 | Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class A3, 5.93%, due 07/15/57 | 4049390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162771150 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 29.8%** |  |
| 153122 | Federal Home Loan Mortgage Corp., Pool # A89870, 4.50%, due 11/01/39 | 151501 |
| 107743 | Federal Home Loan Mortgage Corp., Pool # A96970, 4.00%, due 02/01/41 | 103328 |
| 197465 | Federal Home Loan Mortgage Corp., Pool # C91908, 3.00%, due 01/01/37 | 185193 |
| 154115 | Federal Home Loan Mortgage Corp., Pool # G06231, 4.00%, due 12/01/40 | 148486 |
| 96584 | Federal Home Loan Mortgage Corp., Pool # G06409, 6.00%, due 11/01/39 | 100865 |
| 48359 | Federal Home Loan Mortgage Corp., Pool # G06875, 5.50%, due 12/01/38 | 49576 |
| 176792 | Federal Home Loan Mortgage Corp., Pool # G07021, 5.00%, due 09/01/39 | 178635 |
| 330747 | Federal Home Loan Mortgage Corp., Pool # G07816, 4.50%, due 09/01/42 | 326496 |
| 242973 | Federal Home Loan Mortgage Corp., Pool # G08537, 3.00%, due 07/01/43 | 218921 |
| 146893 | Federal Home Loan Mortgage Corp., Pool # G08672, 4.00%, due 10/01/45 | 139337 |
| 495468 | Federal Home Loan Mortgage Corp., Pool # G08721, 3.00%, due 09/01/46 | 440085 |

---

82 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 229786 | Federal Home Loan Mortgage Corp., Pool # G08726, 3.00%, due 10/01/46 | 203922 |
| 39661 | Federal Home Loan Mortgage Corp., Pool # G08735, 4.50%, due 10/01/46 | 38750 |
| 19339 | Federal Home Loan Mortgage Corp., Pool # G08748, 3.50%, due 02/01/47 | 17740 |
| 278240 | Federal Home Loan Mortgage Corp., Pool # G08749, 4.00%, due 02/01/47 | 263465 |
| 145983 | Federal Home Loan Mortgage Corp., Pool # G08771, 4.00%, due 07/01/47 | 138140 |
| 128028 | Federal Home Loan Mortgage Corp., Pool # G08786, 4.50%, due 10/01/47 | 124928 |
| 63402 | Federal Home Loan Mortgage Corp., Pool # G16177, 2.00%, due 01/01/32 | 59908 |
| 377678 | Federal Home Loan Mortgage Corp., Pool # G16634, 3.00%, due 10/01/31 | 368205 |
| 41409 | Federal Home Loan Mortgage Corp., Pool # G60359, 3.00%, due 12/01/45 | 36932 |
| 195530 | Federal Home Loan Mortgage Corp., Pool # G60581, 3.50%, due 05/01/46 | 180620 |
| 780976 | Federal Home Loan Mortgage Corp., Pool # G60722, 3.00%, due 10/01/46 | 693784 |
| 290340 | Federal Home Loan Mortgage Corp., Pool # G60767, 3.50%, due 10/01/46 | 266195 |
| 123300 | Federal Home Loan Mortgage Corp., Pool # G60788, 3.50%, due 12/01/46 | 113694 |
| 456449 | Federal Home Loan Mortgage Corp., Pool # G60804, 4.50%, due 05/01/42 | 448843 |
| 643611 | Federal Home Loan Mortgage Corp., Pool # G60934, 3.50%, due 06/01/45 | 600936 |
| 815216 | Federal Home Loan Mortgage Corp., Pool # G60985, 3.00%, due 05/01/47 | 725917 |
| 87785 | Federal Home Loan Mortgage Corp., Pool # G60989, 3.00%, due 12/01/46 | 77984 |
| 60195 | Federal Home Loan Mortgage Corp., Pool # G61022, 3.00%, due 04/01/45 | 54210 |
| 71162 | Federal Home Loan Mortgage Corp., Pool # G61581, 4.00%, due 08/01/48 | 67180 |
| 438962 | Federal Home Loan Mortgage Corp., Pool # G61748, 3.50%, due 11/01/48 | 404588 |
| 53973 | Federal Home Loan Mortgage Corp., Pool # G67700, 3.50%, due 08/01/46 | 49812 |
| 235665 | Federal Home Loan Mortgage Corp., Pool # G67701, 3.00%, due 10/01/46 | 209852 |
| 145584 | Federal Home Loan Mortgage Corp., Pool # G67703, 3.50%, due 04/01/47 | 134188 |
| 21257 | Federal Home Loan Mortgage Corp., Pool # G67708, 3.50%, due 03/01/48 | 19510 |
| 2659062 | Federal Home Loan Mortgage Corp., Pool # G67715, 4.50%, due 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605115 |
| 76002 | Federal Home Loan Mortgage Corp., Pool # J24414, 2.50%, due 06/01/28 | 74237 |
| 440683 | Federal Home Loan Mortgage Corp., Pool # Q09224, 4.00%, due 07/01/42 | 424304 |
| 64917 | Federal Home Loan Mortgage Corp., Pool # Q11218, 3.50%, due 09/01/42 | 60613 |
| 142779 | Federal Home Loan Mortgage Corp., Pool # Q12052, 3.50%, due 10/01/42 | 133312 |
| 399087 | Federal Home Loan Mortgage Corp., Pool # Q12862, 3.50%, due 11/01/42 | 372644 |
| 153868 | Federal Home Loan Mortgage Corp., Pool # Q17792, 3.50%, due 05/01/43 | 143665 |
| 377973 | Federal Home Loan Mortgage Corp., Pool # Q36815, 4.00%, due 10/01/45 | 357482 |
| 40164 | Federal Home Loan Mortgage Corp., Pool # Q37986, 3.50%, due 12/01/45 | 37135 |
| 276804 | Federal Home Loan Mortgage Corp., Pool # Q41918, 3.50%, due 07/01/46 | 255925 |
| 51746 | Federal Home Loan Mortgage Corp., Pool # Q44399, 3.50%, due 11/01/46 | 47467 |
| 152951 | Federal Home Loan Mortgage Corp., Pool # Q44963, 3.50%, due 12/01/46 | 140482 |
| 487678 | Federal Home Loan Mortgage Corp., Pool # Q45741, 3.50%, due 01/01/47 | 449503 |
| 25281 | Federal Home Loan Mortgage Corp., Pool # Q46015, 3.50%, due 02/01/47 | 23302 |
| 11211 | Federal Home Loan Mortgage Corp., Pool # Q47384, 4.00%, due 04/01/47 | 10601 |
| 45538 | Federal Home Loan Mortgage Corp., Pool # Q48463, 4.00%, due 06/01/47 | 43052 |
| 40889 | Federal Home Loan Mortgage Corp., Pool # Q49494, 4.50%, due 07/01/47 | 39899 |
| 158163 | Federal Home Loan Mortgage Corp., Pool # Q52312, 4.00%, due 11/01/47 | 149372 |
| 122996 | Federal Home Loan Mortgage Corp., Pool # Q54957, 4.00%, due 03/01/48 | 116215 |
| 1089154 | Federal Home Loan Mortgage Corp., Pool # QA6367, 3.00%, due 01/01/50 | 958725 |
| 689478 | Federal Home Loan Mortgage Corp., Pool # QA7234, 3.00%, due 02/01/50 | 606087 |
| 479086 | Federal Home Loan Mortgage Corp., Pool # QA8518, 3.00%, due 04/01/50 | 421141 |
| 181205 | Federal Home Loan Mortgage Corp., Pool # QB0220, 3.00%, due 06/01/50 | 159221 |
| 1243635 | Federal Home Loan Mortgage Corp., Pool # QB3535, 2.00%, due 09/01/50 | 996724 |
| 241531 | Federal Home Loan Mortgage Corp., Pool # QC0039, 2.50%, due 03/01/51 | 202271 |

---

See accompanying Notes to the Financial Statements. 83

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 1260629 | Federal Home Loan Mortgage Corp., Pool # QC4339, 2.00%, due 07/01/51 | 1020841 |
| 776536 | Federal Home Loan Mortgage Corp., Pool # QC5189, 2.50%, due 08/01/51 | 651753 |
| 394489 | Federal Home Loan Mortgage Corp., Pool # QC6357, 2.50%, due 09/01/51 | 331155 |
| 429306 | Federal Home Loan Mortgage Corp., Pool # QD6056, 3.00%, due 02/01/52 | 376078 |
| 1067081 | Federal Home Loan Mortgage Corp., Pool # QD6057, 3.00%, due 02/01/52 | 933750 |
| 696965 | Federal Home Loan Mortgage Corp., Pool # QE0375, 4.00%, due 04/01/52 | 656704 |
| 60647 | Federal Home Loan Mortgage Corp., Pool # QE1497, 4.00%, due 05/01/52 | 57324 |
| 669635 | Federal Home Loan Mortgage Corp., Pool # QF2436, 5.00%, due 10/01/52 | 662326 |
| 605559 | Federal Home Loan Mortgage Corp., Pool # QJ8423, 5.50%, due 11/01/54 | 606186 |
| 1747672 | Federal Home Loan Mortgage Corp., Pool # QN1779, 2.50%, due 03/01/35 | 1635352 |
| 220520 | Federal Home Loan Mortgage Corp., Pool # RA1343, 3.00%, due 09/01/49 | 193987 |
| 1425245 | Federal Home Loan Mortgage Corp., Pool # RA1776, 3.00%, due 12/01/49 | 1254422 |
| 827632 | Federal Home Loan Mortgage Corp., Pool # RA1860, 3.00%, due 12/01/49 | 727447 |
| 391507 | Federal Home Loan Mortgage Corp., Pool # RA2572, 3.50%, due 05/01/50 | 357021 |
| 585304 | Federal Home Loan Mortgage Corp., Pool # RA3206, 2.00%, due 08/01/50 | 472989 |
| 900391 | Federal Home Loan Mortgage Corp., Pool # RA4912, 3.00%, due 03/01/51 | 782068 |
| 283071 | Federal Home Loan Mortgage Corp., Pool # RA6432, 2.50%, due 12/01/51 | 239024 |
| 1422851 | Federal Home Loan Mortgage Corp., Pool # RA6944, 3.50%, due 03/01/52 | 1293294 |
| 540202 | Federal Home Loan Mortgage Corp., Pool # RA6951, 3.50%, due 03/01/52 | 492437 |
| 2807161 | Federal Home Loan Mortgage Corp., Pool # RA7135, 2.50%, due 04/01/52 | 2350302 |
| 3401880 | Federal Home Loan Mortgage Corp., Pool # RA7195, 3.50%, due 04/01/52 | 3098260 |
| 2535965 | Federal Home Loan Mortgage Corp., Pool # RA7211, 4.00%, due 04/01/52 | 2372176 |
| 1841566 | Federal Home Loan Mortgage Corp., Pool # RA7407, 4.00%, due 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723566 |
| 1843347 | Federal Home Loan Mortgage Corp., Pool # RA7545, 4.00%, due 06/01/52 | 1721318 |
| 2533534 | Federal Home Loan Mortgage Corp., Pool # RA7787, 5.00%, due 08/01/52 | 2504466 |
| 3491974 | Federal Home Loan Mortgage Corp., Pool # RA7881, 5.00%, due 09/01/52 | 3435670 |
| 1917054 | Federal Home Loan Mortgage Corp., Pool # RA8731, 5.00%, due 04/01/53 | 1885138 |
| 1182542 | Federal Home Loan Mortgage Corp., Pool # RA9258, 5.00%, due 06/01/53 | 1162853 |
| 1620373 | Federal Home Loan Mortgage Corp., Pool # RB5111, 2.00%, due 05/01/41 | 1384886 |
| 1127170 | Federal Home Loan Mortgage Corp., Pool # RC1916, 2.00%, due 06/01/36 | 1027856 |
| 1363265 | Federal Home Loan Mortgage Corp., Pool # RJ3472, 5.50%, due 02/01/55 | 1376735 |
| 3721980 | Federal Home Loan Mortgage Corp., Pool # SB0307, 2.50%, due 02/01/35 | 3482861 |
| 2061431 | Federal Home Loan Mortgage Corp., Pool # SB0385, 3.00%, due 07/01/35 | 1974247 |
| 246229 | Federal Home Loan Mortgage Corp., Pool # SB8088, 1.50%, due 02/01/36 | 216877 |
| 278175 | Federal Home Loan Mortgage Corp., Pool # SB8106, 1.50%, due 06/01/36 | 244485 |
| 350237 | Federal Home Loan Mortgage Corp., Pool # SB8166, 3.50%, due 06/01/37 | 337355 |
| 209865 | Federal Home Loan Mortgage Corp., Pool # SB8178, 4.00%, due 09/01/37 | 204564 |
| 268647 | Federal Home Loan Mortgage Corp., Pool # SB8199, 4.50%, due 12/01/37 | 266548 |
| 1360890 | Federal Home Loan Mortgage Corp., Pool # SB8205, 4.50%, due 01/01/38 | 1351656 |
| 351039 | Federal Home Loan Mortgage Corp., Pool # SB8212, 4.50%, due 02/01/38 | 348658 |
| 957710 | Federal Home Loan Mortgage Corp., Pool # SB8504, 2.50%, due 10/01/35 | 896163 |
| 362921 | Federal Home Loan Mortgage Corp., Pool # SB8510, 2.00%, due 02/01/36 | 329838 |
| 2572547 | Federal Home Loan Mortgage Corp., Pool # SD0291, 5.00%, due 03/01/50 | 2567538 |
| 2797041 | Federal Home Loan Mortgage Corp., Pool # SD0436, 2.50%, due 09/01/50 | 2352227 |
| 1090991 | Federal Home Loan Mortgage Corp., Pool # SD0619, 4.00%, due 07/01/50 | 1027990 |
| 923274 | Federal Home Loan Mortgage Corp., Pool # SD0742, 2.50%, due 11/01/51 | 779696 |
| 390096 | Federal Home Loan Mortgage Corp., Pool # SD0815, 3.00%, due 01/01/52 | 341794 |
| 393505 | Federal Home Loan Mortgage Corp., Pool # SD0905, 3.00%, due 03/01/52 | 344711 |
| 537636 | Federal Home Loan Mortgage Corp., Pool # SD1050, 4.50%, due 07/01/52 | 517242 |

---

84 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 2773628 | Federal Home Loan Mortgage Corp., Pool # SD1217, 2.00%, due 03/01/52 | 2236248 |
| 2826012 | Federal Home Loan Mortgage Corp., Pool # SD1265, 4.50%, due 06/01/52 | 2725125 |
| 1994155 | Federal Home Loan Mortgage Corp., Pool # SD1295, 5.00%, due 07/01/52 | 1973867 |
| 1505746 | Federal Home Loan Mortgage Corp., Pool # SD1325, 4.00%, due 08/01/52 | 1412215 |
| 1280061 | Federal Home Loan Mortgage Corp., Pool # SD1446, 4.50%, due 08/01/52 | 1228340 |
| 315540 | Federal Home Loan Mortgage Corp., Pool # SD1454, 4.50%, due 08/01/52 | 304510 |
| 1591160 | Federal Home Loan Mortgage Corp., Pool # SD1475, 4.50%, due 08/01/52 | 1534357 |
| 2448695 | Federal Home Loan Mortgage Corp., Pool # SD1483, 4.00%, due 08/01/52 | 2315035 |
| 1192693 | Federal Home Loan Mortgage Corp., Pool # SD1513, 5.00%, due 08/01/52 | 1175247 |
| 896527 | Federal Home Loan Mortgage Corp., Pool # SD1517, 4.50%, due 09/01/52 | 865189 |
| 849051 | Federal Home Loan Mortgage Corp., Pool # SD1606, 4.50%, due 09/01/52 | 816844 |
| 881508 | Federal Home Loan Mortgage Corp., Pool # SD1695, 5.00%, due 10/01/52 | 868614 |
| 486986 | Federal Home Loan Mortgage Corp., Pool # SD1807, 4.50%, due 07/01/52 | 468514 |
| 3420419 | Federal Home Loan Mortgage Corp., Pool # SD1809, 4.50%, due 09/01/52 | 3282220 |
| 648442 | Federal Home Loan Mortgage Corp., Pool # SD1922, 5.00%, due 11/01/52 | 638790 |
| 418117 | Federal Home Loan Mortgage Corp., Pool # SD1944, 5.00%, due 12/01/52 | 413320 |
| 703024 | Federal Home Loan Mortgage Corp., Pool # SD1999, 5.00%, due 12/01/52 | 692740 |
| 873398 | Federal Home Loan Mortgage Corp., Pool # SD2032, 5.00%, due 12/01/52 | 864513 |
| 2973496 | Federal Home Loan Mortgage Corp., Pool # SD2172, 5.50%, due 02/01/53 | 3003995 |
| 2173049 | Federal Home Loan Mortgage Corp., Pool # SD2221, 3.00%, due 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901514 |
| 433894 | Federal Home Loan Mortgage Corp., Pool # SD2273, 4.50%, due 12/01/52 | 417436 |
| 1600718 | Federal Home Loan Mortgage Corp., Pool # SD2318, 5.00%, due 02/01/53 | 1575721 |
| 1482823 | Federal Home Loan Mortgage Corp., Pool # SD2526, 4.00%, due 08/01/49 | 1389118 |
| 2736932 | Federal Home Loan Mortgage Corp., Pool # SD2666, 5.00%, due 03/01/53 | 2699414 |
| 410072 | Federal Home Loan Mortgage Corp., Pool # SD2683, 4.50%, due 04/01/53 | 395738 |
| 3366815 | Federal Home Loan Mortgage Corp., Pool # SD2922, 5.00%, due 05/01/53 | 3310762 |
| 1587724 | Federal Home Loan Mortgage Corp., Pool # SD2954, 4.50%, due 04/01/53 | 1531041 |
| 353204 | Federal Home Loan Mortgage Corp., Pool # SD3338, 5.50%, due 06/01/53 | 356409 |
| 781402 | Federal Home Loan Mortgage Corp., Pool # SD3372, 5.00%, due 07/01/53 | 775649 |
| 2711767 | Federal Home Loan Mortgage Corp., Pool # SD3401, 5.00%, due 07/01/53 | 2679882 |
| 394947 | Federal Home Loan Mortgage Corp., Pool # SD3425, 5.50%, due 07/01/53 | 397233 |
| 976659 | Federal Home Loan Mortgage Corp., Pool # SD3435, 5.00%, due 07/01/53 | 963988 |
| 477402 | Federal Home Loan Mortgage Corp., Pool # SD3507, 4.00%, due 04/01/53 | 449350 |
| 1391828 | Federal Home Loan Mortgage Corp., Pool # SD3562, 4.50%, due 08/01/53 | 1343322 |
| 1816849 | Federal Home Loan Mortgage Corp., Pool # SD3563, 4.50%, due 08/01/53 | 1751624 |
| 1203786 | Federal Home Loan Mortgage Corp., Pool # SD3566, 5.00%, due 08/01/53 | 1190272 |
| 313521 | Federal Home Loan Mortgage Corp., Pool # SD3662, 5.50%, due 08/01/53 | 315348 |
| 1819850 | Federal Home Loan Mortgage Corp., Pool # SD3689, 5.50%, due 08/01/53 | 1834812 |
| 818780 | Federal Home Loan Mortgage Corp., Pool # SD3780, 4.00%, due 08/01/52 | 764665 |
| 1936025 | Federal Home Loan Mortgage Corp., Pool # SD4188, 5.50%, due 10/01/53 | 1966709 |
| 2177799 | Federal Home Loan Mortgage Corp., Pool # SD4220, 5.00%, due 09/01/53 | 2147945 |
| 967875 | Federal Home Loan Mortgage Corp., Pool # SD4253, 3.50%, due 07/01/52 | 880646 |
| 1050853 | Federal Home Loan Mortgage Corp., Pool # SD4363, 5.50%, due 09/01/53 | 1061221 |
| 3107769 | Federal Home Loan Mortgage Corp., Pool # SD4436, 4.00%, due 07/01/49 | 2932231 |
| 1056967 | Federal Home Loan Mortgage Corp., Pool # SD4624, 3.50%, due 08/01/47 | 963863 |
| 507726 | Federal Home Loan Mortgage Corp., Pool # SD4660, 4.00%, due 08/01/52 | 474088 |
| 495853 | Federal Home Loan Mortgage Corp., Pool # SD4904, 3.50%, due 07/01/52 | 450702 |
| 533271 | Federal Home Loan Mortgage Corp., Pool # SD4934, 4.00%, due 04/01/53 | 500146 |
| 3917783 | Federal Home Loan Mortgage Corp., Pool # SD5061, 5.50%, due 03/01/54 | 3973933 |

---

See accompanying Notes to the Financial Statements. 85

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 1253289 | Federal Home Loan Mortgage Corp., Pool # SD5082, 3.50%, due 07/01/52 | 1136433 |
| 905222 | Federal Home Loan Mortgage Corp., Pool # SD5100, 4.00%, due 10/01/52 | 845443 |
| 372403 | Federal Home Loan Mortgage Corp., Pool # SD5147, 3.00%, due 11/01/50 | 327365 |
| 3397908 | Federal Home Loan Mortgage Corp., Pool # SD5191, 5.50%, due 03/01/54 | 3439408 |
| 805644 | Federal Home Loan Mortgage Corp., Pool # SD5367, 5.50%, due 04/01/54 | 813062 |
| 1410011 | Federal Home Loan Mortgage Corp., Pool # SD5470, 5.00%, due 03/01/53 | 1390701 |
| 629298 | Federal Home Loan Mortgage Corp., Pool # SD5730, 3.50%, due 12/01/49 | 569995 |
| 726099 | Federal Home Loan Mortgage Corp., Pool # SD6698, 5.00%, due 11/01/54 | 713767 |
| 1101852 | Federal Home Loan Mortgage Corp., Pool # SD7334, 5.50%, due 01/01/55 | 1104651 |
| 1265197 | Federal Home Loan Mortgage Corp., Pool # SD7408, 5.50%, due 01/01/55 | 1272173 |
| 4383516 | Federal Home Loan Mortgage Corp., Pool # SD7521, 2.50%, due 07/01/50 | 3715119 |
| 10407051 | Federal Home Loan Mortgage Corp., Pool # SD7543, 2.50%, due 08/01/51 | 8793583 |
| 2754412 | Federal Home Loan Mortgage Corp., Pool # SD7544, 3.00%, due 07/01/51 | 2418641 |
| 2223805 | Federal Home Loan Mortgage Corp., Pool # SD7548, 2.50%, due 11/01/51 | 1885169 |
| 1533853 | Federal Home Loan Mortgage Corp., Pool # SD7551, 3.00%, due 01/01/52 | 1347258 |
| 4531458 | Federal Home Loan Mortgage Corp., Pool # SD7552, 2.50%, due 01/01/52 | 3829568 |
| 1845233 | Federal Home Loan Mortgage Corp., Pool # SD7557, 4.50%, due 12/01/52 | 1790225 |
| 3690584 | Federal Home Loan Mortgage Corp., Pool # SD7563, 4.50%, due 05/01/53 | 3591897 |
| 2253425 | Federal Home Loan Mortgage Corp., Pool # SD7568, 5.50%, due 02/01/54 | 2282259 |
| 2350 | Federal Home Loan Mortgage Corp., Pool # SD8025, 3.50%, due 11/01/49 | 2143 |
| 871286 | Federal Home Loan Mortgage Corp., Pool # SD8075, 3.50%, due 07/01/50 | 794853 |
| 3875197 | Federal Home Loan Mortgage Corp., Pool # SD8090, 2.00%, due 09/01/50 | 3111568 |
| 721569 | Federal Home Loan Mortgage Corp., Pool # SD8104, 1.50%, due 11/01/50 | 546893 |
| 349572 | Federal Home Loan Mortgage Corp., Pool # SD8113, 2.00%, due 12/01/50 | 279985 |
| 504566 | Federal Home Loan Mortgage Corp., Pool # SD8121, 2.00%, due 01/01/51 | 404832 |
| 2427992 | Federal Home Loan Mortgage Corp., Pool # SD8128, 2.00%, due 02/01/51 | 1937456 |
| 1035741 | Federal Home Loan Mortgage Corp., Pool # SD8134, 2.00%, due 03/01/51 | 829874 |
| 31078 | Federal Home Loan Mortgage Corp., Pool # SD8140, 2.00%, due 04/01/51 | 24863 |
| 3110552 | Federal Home Loan Mortgage Corp., Pool # SD8141, 2.50%, due 04/01/51 | 2609368 |
| 1902329 | Federal Home Loan Mortgage Corp., Pool # SD8146, 2.00%, due 05/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517712 |
| 2868100 | Federal Home Loan Mortgage Corp., Pool # SD8147, 2.50%, due 05/01/51 | 2404236 |
| 904727 | Federal Home Loan Mortgage Corp., Pool # SD8151, 2.50%, due 06/01/51 | 757282 |
| 1561166 | Federal Home Loan Mortgage Corp., Pool # SD8167, 2.50%, due 09/01/51 | 1307114 |
| 1257812 | Federal Home Loan Mortgage Corp., Pool # SD8193, 2.00%, due 02/01/52 | 1001586 |
| 2665516 | Federal Home Loan Mortgage Corp., Pool # SD8227, 4.00%, due 07/01/52 | 2489201 |
| 973598 | Federal Home Loan Mortgage Corp., Pool # SD8229, 4.50%, due 05/01/52 | 932349 |
| 399203 | Federal Home Loan Mortgage Corp., Pool # SD8278, 6.00%, due 12/01/52 | 406811 |
| 3616960 | Federal Home Loan Mortgage Corp., Pool # SD8288, 5.00%, due 01/01/53 | 3555844 |
| 1316022 | Federal Home Loan Mortgage Corp., Pool # SD8289, 5.50%, due 01/01/53 | 1317597 |
| 68754 | Federal Home Loan Mortgage Corp., Pool # V60565, 3.00%, due 06/01/29 | 67309 |
| 207856 | Federal Home Loan Mortgage Corp., Pool # V60599, 3.00%, due 09/01/29 | 203222 |
| 356347 | Federal Home Loan Mortgage Corp., Pool # V82292, 4.00%, due 04/01/46 | 338017 |
| 208271 | Federal Home Loan Mortgage Corp., Pool # V82848, 3.00%, due 12/01/46 | 186501 |
| 28515 | Federal Home Loan Mortgage Corp., Pool # V82980, 3.50%, due 02/01/47 | 26168 |
| 652522 | Federal Home Loan Mortgage Corp., Pool # ZM1609, 3.50%, due 09/01/46 | 600426 |
| 199369 | Federal Home Loan Mortgage Corp., Pool # ZS4727, 4.00%, due 07/01/47 | 188418 |
| 125286 | Federal Home Loan Mortgage Corp., Pool # ZS4760, 4.00%, due 03/01/48 | 118150 |
| 1094957 | Federal Home Loan Mortgage Corp., Pool # ZS4763, 3.50%, due 04/01/48 | 1000278 |
| 3325010 | Federal Home Loan Mortgage Corp., Pool # ZS7930, 3.00%, due 01/01/33 | 3199686 |

---

86 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 928365 | Federal Home Loan Mortgage Corp., Pool # ZT0536, 3.50%, due 03/01/48 | 850929 |
| 321440 | Federal Home Loan Mortgage Corp., Pool # ZT0657, 6.00%, due 07/01/40 | 337639 |
| 317859 | Federal Home Loan Mortgage Corp., Pool # ZT2100, 3.00%, due 04/01/47 | 280449 |
| 11257532 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K106, Class X1, 1.32%, due 01/25/30<sup>(e)</sup> 144A | 601749 |
| 28506 | Federal Home Loan Mortgage Corp. Reference REMICS, Series R007, Class ZA, 6.00%, due 05/15/36 | 29619 |
| 147747 | Federal National Mortgage Association, Pool # 745148, 5.00%, due 01/01/36 | 148944 |
| 145378 | Federal National Mortgage Association, Pool # 932807, 4.00%, due 09/01/40 | 140133 |
| 71384 | Federal National Mortgage Association, Pool # 983471, 5.50%, due 05/01/38 | 72565 |
| 146947 | Federal National Mortgage Association, Pool # 985184, 5.50%, due 08/01/38 | 149378 |
| 122875 | Federal National Mortgage Association, Pool # 995245, 5.00%, due 01/01/39 | 123456 |
| 8514 | Federal National Mortgage Association, Pool # AB5369, 3.50%, due 06/01/42 | 7939 |
| 270648 | Federal National Mortgage Association, Pool # AB6212, 3.00%, due 09/01/42 | 244391 |
| 432938 | Federal National Mortgage Association, Pool # AB6802, 3.50%, due 11/01/42 | 403721 |
| 113160 | Federal National Mortgage Association, Pool # AB7059, 2.50%, due 11/01/42 | 98162 |
| 216491 | Federal National Mortgage Association, Pool # AB8703, 3.00%, due 03/01/38 | 198600 |
| 91134 | Federal National Mortgage Association, Pool # AB9383, 4.00%, due 05/01/43 | 87580 |
| 707947 | Federal National Mortgage Association, Pool # AB9659, 3.00%, due 06/01/43 | 637054 |
| 1374545 | Federal National Mortgage Association, Pool # AC3668, 4.50%, due 10/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358278 |
| 143943 | Federal National Mortgage Association, Pool # AD9153, 4.50%, due 08/01/40 | 142195 |
| 106569 | Federal National Mortgage Association, Pool # AE0469, 6.00%, due 12/01/39 | 111158 |
| 303767 | Federal National Mortgage Association, Pool # AH4404, 4.00%, due 01/01/41 | 292302 |
| 58697 | Federal National Mortgage Association, Pool # AI1892, 5.00%, due 05/01/41 | 59235 |
| 289246 | Federal National Mortgage Association, Pool # AI4815, 4.50%, due 06/01/41 | 285285 |
| 246583 | Federal National Mortgage Association, Pool # AJ9278, 3.50%, due 12/01/41 | 229946 |
| 122897 | Federal National Mortgage Association, Pool # AJ9317, 4.00%, due 01/01/42 | 118245 |
| 255452 | Federal National Mortgage Association, Pool # AL0215, 4.50%, due 04/01/41 | 252034 |
| 486015 | Federal National Mortgage Association, Pool # AL1895, 3.50%, due 06/01/42 | 453218 |
| 298377 | Federal National Mortgage Association, Pool # AL2466, 4.00%, due 09/01/42 | 287020 |
| 317965 | Federal National Mortgage Association, Pool # AL3000, 3.50%, due 12/01/42 | 296501 |
| 370458 | Federal National Mortgage Association, Pool # AL3316, 3.50%, due 03/01/43 | 345452 |
| 22228 | Federal National Mortgage Association, Pool # AL5939, 3.50%, due 09/01/43 | 20728 |
| 437873 | Federal National Mortgage Association, Pool # AL6663, 4.00%, due 03/01/39 | 425712 |
| 487288 | Federal National Mortgage Association, Pool # AL7594, 3.50%, due 08/01/45 | 450608 |
| 392003 | Federal National Mortgage Association, Pool # AL8191, 4.00%, due 12/01/45 | 371407 |
| 34179 | Federal National Mortgage Association, Pool # AL8673, 3.50%, due 06/01/46 | 31463 |
| 38055 | Federal National Mortgage Association, Pool # AL9515, 3.50%, due 07/01/46 | 34951 |
| 99915 | Federal National Mortgage Association, Pool # AL9657, 3.50%, due 01/01/47 | 91975 |
| 56592 | Federal National Mortgage Association, Pool # AO4109, 4.00%, due 06/01/42 | 54396 |
| 40732 | Federal National Mortgage Association, Pool # AQ3381, 3.00%, due 11/01/42 | 36654 |
| 148351 | Federal National Mortgage Association, Pool # AQ7923, 3.00%, due 12/01/42 | 133682 |
| 26216 | Federal National Mortgage Association, Pool # AR8749, 3.00%, due 03/01/43 | 23607 |
| 262023 | Federal National Mortgage Association, Pool # AS5133, 3.50%, due 06/01/45 | 242300 |
| 30245 | Federal National Mortgage Association, Pool # AS5593, 3.50%, due 08/01/45 | 27959 |
| 8288 | Federal National Mortgage Association, Pool # AS6187, 3.50%, due 11/01/45 | 7659 |
| 111751 | Federal National Mortgage Association, Pool # AS6188, 3.50%, due 11/01/45 | 103235 |
| 61799 | Federal National Mortgage Association, Pool # AS6286, 4.00%, due 12/01/45 | 58545 |
| 86540 | Federal National Mortgage Association, Pool # AS6304, 4.00%, due 12/01/45 | 81984 |

---

See accompanying Notes to the Financial Statements. 87

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 135985 | Federal National Mortgage Association, Pool # AS6452, 3.50%, due 01/01/46 | 125341 |
| 62350 | Federal National Mortgage Association, Pool # AS7010, 3.50%, due 04/01/46 | 57205 |
| 77227 | Federal National Mortgage Association, Pool # AS7693, 2.00%, due 08/01/31 | 72974 |
| 161013 | Federal National Mortgage Association, Pool # AS8073, 2.50%, due 10/01/46 | 136673 |
| 1396515 | Federal National Mortgage Association, Pool # AS8483, 3.00%, due 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232218 |
| 30357 | Federal National Mortgage Association, Pool # AS8647, 3.00%, due 01/01/47 | 26997 |
| 97825 | Federal National Mortgage Association, Pool # AZ3743, 3.50%, due 11/01/45 | 90062 |
| 66016 | Federal National Mortgage Association, Pool # BC1489, 3.00%, due 08/01/46 | 58709 |
| 25940 | Federal National Mortgage Association, Pool # BC9078, 4.00%, due 12/01/46 | 24564 |
| 168389 | Federal National Mortgage Association, Pool # BC9468, 3.00%, due 06/01/46 | 149506 |
| 348947 | Federal National Mortgage Association, Pool # BD7043, 4.00%, due 03/01/47 | 330069 |
| 65372 | Federal National Mortgage Association, Pool # BD7118, 3.50%, due 04/01/47 | 59939 |
| 26606 | Federal National Mortgage Association, Pool # BE2974, 4.00%, due 01/01/47 | 25354 |
| 207222 | Federal National Mortgage Association, Pool # BE7192, 4.00%, due 03/01/47 | 196483 |
| 350711 | Federal National Mortgage Association, Pool # BK1023, 4.50%, due 02/01/48 | 340635 |
| 184569 | Federal National Mortgage Association, Pool # BK7611, 4.50%, due 09/01/48 | 179831 |
| 104526 | Federal National Mortgage Association, Pool # BM1013, 3.50%, due 03/01/47 | 96220 |
| 94938 | Federal National Mortgage Association, Pool # BM1277, 4.00%, due 05/01/47 | 89801 |
| 569485 | Federal National Mortgage Association, Pool # BM1573, 3.50%, due 07/01/47 | 524229 |
| 627570 | Federal National Mortgage Association, Pool # BM1972, 3.50%, due 10/01/37 | 603016 |
| 445218 | Federal National Mortgage Association, Pool # BM3033, 3.00%, due 10/01/47 | 394631 |
| 40034 | Federal National Mortgage Association, Pool # BM3077, 3.00%, due 11/01/47 | 35513 |
| 155053 | Federal National Mortgage Association, Pool # BM3258, 3.00%, due 02/01/47 | 138668 |
| 307587 | Federal National Mortgage Association, Pool # BM3332, 3.50%, due 01/01/48 | 281716 |
| 227108 | Federal National Mortgage Association, Pool # BM3491, 4.50%, due 01/01/38 | 227373 |
| 115190 | Federal National Mortgage Association, Pool # BM3628, 3.50%, due 03/01/48 | 106197 |
| 620847 | Federal National Mortgage Association, Pool # BM3641, 4.00%, due 04/01/48 | 585918 |
| 394042 | Federal National Mortgage Association, Pool # BM4377, 6.86%, (1 yr. RFUCC Treasury + 1.88%), due 04/01/38<sup>(b)</sup> | 408949 |
| 8137 | Federal National Mortgage Association, Pool # BM4426, 3.50%, due 06/01/48 | 7459 |
| 2555695 | Federal National Mortgage Association, Pool # BM4882, 4.50%, due 11/01/48 | 2492995 |
| 419577 | Federal National Mortgage Association, Pool # BM4896, 3.00%, due 02/01/47 | 377615 |
| 3665911 | Federal National Mortgage Association, Pool # BM5019, 4.00%, due 12/01/47 | 3494253 |
| 528575 | Federal National Mortgage Association, Pool # BM5213, 3.00%, due 07/01/45 | 472802 |
| 125621 | Federal National Mortgage Association, Pool # BM5293, 3.50%, due 02/01/49 | 114712 |
| 40191 | Federal National Mortgage Association, Pool # BM5682, 3.50%, due 03/01/49 | 36808 |
| 228786 | Federal National Mortgage Association, Pool # BM5694, 4.00%, due 06/01/48 | 215944 |
| 88174 | Federal National Mortgage Association, Pool # BM5874, 4.00%, due 01/01/48 | 83535 |
| 198879 | Federal National Mortgage Association, Pool # BM5950, 3.00%, due 11/01/48 | 176209 |
| 7264 | Federal National Mortgage Association, Pool # BM5971, 3.50%, due 06/01/49 | 6636 |
| 385130 | Federal National Mortgage Association, Pool # BM6482, 6.85%, (1 yr. RFUCC Treasury + 1.58%), due 04/01/47<sup>(b)</sup> | 398127 |
| 637469 | Federal National Mortgage Association, Pool # BN6216, 4.50%, due 03/01/49 | 621127 |
| 166145 | Federal National Mortgage Association, Pool # BO1420, 3.50%, due 09/01/49 | 151507 |
| 7572 | Federal National Mortgage Association, Pool # BO1439, 3.00%, due 10/01/49 | 6652 |
| 329831 | Federal National Mortgage Association, Pool # BO5387, 3.50%, due 12/01/49 | 301464 |
| 253830 | Federal National Mortgage Association, Pool # BP5568, 3.00%, due 06/01/50 | 222957 |
| 1217739 | Federal National Mortgage Association, Pool # BP6618, 2.50%, due 08/01/50 | 1024305 |
| 421531 | Federal National Mortgage Association, Pool # BQ3138, 2.50%, due 10/01/50 | 355914 |

---

88 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 861809 | Federal National Mortgage Association, Pool # BU8763, 3.00%, due 04/01/52 | 749171 |
| 1101081 | Federal National Mortgage Association, Pool # BV8474, 3.00%, due 05/01/52 | 969096 |
| 2624225 | Federal National Mortgage Association, Pool # BW9918, 5.00%, due 10/01/52 | 2594832 |
| 702074 | Federal National Mortgage Association, Pool # CA0623, 4.50%, due 10/01/47 | 685933 |
| 413281 | Federal National Mortgage Association, Pool # CA0655, 3.50%, due 11/01/47 | 378816 |
| 261897 | Federal National Mortgage Association, Pool # CA0855, 3.50%, due 12/01/47 | 239869 |
| 11368 | Federal National Mortgage Association, Pool # CA1545, 4.00%, due 04/01/48 | 10723 |
| 219966 | Federal National Mortgage Association, Pool # CA3828, 4.00%, due 07/01/49 | 207298 |
| 591265 | Federal National Mortgage Association, Pool # CA3986, 5.00%, due 08/01/49 | 588835 |
| 381733 | Federal National Mortgage Association, Pool # CA4149, 3.00%, due 09/01/49 | 331787 |
| 28347 | Federal National Mortgage Association, Pool # CA4546, 3.00%, due 11/01/49 | 24927 |
| 424743 | Federal National Mortgage Association, Pool # CA5229, 3.00%, due 02/01/50 | 369211 |
| 485282 | Federal National Mortgage Association, Pool # CA5556, 3.50%, due 04/01/50 | 442536 |
| 1012704 | Federal National Mortgage Association, Pool # CA6738, 3.00%, due 08/01/50 | 889059 |
| 2501139 | Federal National Mortgage Association, Pool # CA6840, 2.00%, due 09/01/35 | 2279512 |
| 481202 | Federal National Mortgage Association, Pool # CA6871, 2.50%, due 08/01/35 | 447750 |
| 1059357 | Federal National Mortgage Association, Pool # CA6872, 2.50%, due 08/01/35 | 986030 |
| 688233 | Federal National Mortgage Association, Pool # CA6909, 2.50%, due 09/01/50 | 582400 |
| 3159058 | Federal National Mortgage Association, Pool # CA8062, 2.50%, due 12/01/50 | 2663647 |
| 828353 | Federal National Mortgage Association, Pool # CA9171, 2.00%, due 02/01/51 | 663446 |
| 5071250 | Federal National Mortgage Association, Pool # CB0671, 2.50%, due 06/01/51 | 4296734 |
| 1229047 | Federal National Mortgage Association, Pool # CB1273, 2.00%, due 08/01/51 | 986563 |
| 1489847 | Federal National Mortgage Association, Pool # CB2243, 2.50%, due 11/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387262 |
| 474145 | Federal National Mortgage Association, Pool # CB2287, 2.50%, due 12/01/51 | 399054 |
| 405262 | Federal National Mortgage Association, Pool # CB2858, 2.50%, due 02/01/52 | 340722 |
| 1058539 | Federal National Mortgage Association, Pool # CB2889, 3.00%, due 02/01/52 | 920189 |
| 396534 | Federal National Mortgage Association, Pool # CB3126, 3.50%, due 03/01/52 | 361654 |
| 726914 | Federal National Mortgage Association, Pool # CB3158, 2.50%, due 03/01/52 | 611441 |
| 1912567 | Federal National Mortgage Association, Pool # CB3512, 4.00%, due 05/01/52 | 1793773 |
| 652530 | Federal National Mortgage Association, Pool # CB3601, 3.50%, due 05/01/52 | 593727 |
| 1514555 | Federal National Mortgage Association, Pool # CB3606, 3.50%, due 05/01/52 | 1368589 |
| 925013 | Federal National Mortgage Association, Pool # CB3618, 4.00%, due 05/01/52 | 864072 |
| 2133031 | Federal National Mortgage Association, Pool # CB3856, 4.00%, due 06/01/52 | 2000539 |
| 949379 | Federal National Mortgage Association, Pool # CB3865, 4.50%, due 06/01/52 | 915487 |
| 667698 | Federal National Mortgage Association, Pool # CB3910, 4.00%, due 06/01/52 | 623498 |
| 3344766 | Federal National Mortgage Association, Pool # CB4025, 4.50%, due 07/01/52 | 3233404 |
| 392113 | Federal National Mortgage Association, Pool # CB4028, 4.50%, due 07/01/52 | 377240 |
| 730383 | Federal National Mortgage Association, Pool # CB4040, 5.00%, due 07/01/52 | 719172 |
| 733465 | Federal National Mortgage Association, Pool # CB4090, 4.00%, due 07/01/52 | 687907 |
| 1434784 | Federal National Mortgage Association, Pool # CB4101, 4.50%, due 07/01/52 | 1376354 |
| 823376 | Federal National Mortgage Association, Pool # CB4167, 5.00%, due 07/01/52 | 816327 |
| 952586 | Federal National Mortgage Association, Pool # CB4300, 4.50%, due 08/01/52 | 913110 |
| 1126185 | Federal National Mortgage Association, Pool # CB4304, 4.50%, due 08/01/52 | 1079514 |
| 1923062 | Federal National Mortgage Association, Pool # CB4337, 4.50%, due 08/01/52 | 1868247 |
| 4591734 | Federal National Mortgage Association, Pool # CB4352, 5.00%, due 08/01/52 | 4571117 |
| 1396963 | Federal National Mortgage Association, Pool # CB4387, 4.50%, due 08/01/52 | 1339267 |
| 1804310 | Federal National Mortgage Association, Pool # CB4395, 4.50%, due 08/01/52 | 1729600 |
| 460704 | Federal National Mortgage Association, Pool # CB4675, 4.50%, due 09/01/52 | 442321 |
| 340517 | Federal National Mortgage Association, Pool # CB4838, 5.00%, due 10/01/52 | 335115 |

---

See accompanying Notes to the Financial Statements. 89

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 1684401 | Federal National Mortgage Association, Pool # CB5434, 5.00%, due 01/01/53 | 1672370 |
| 1377364 | Federal National Mortgage Association, Pool # CB6059, 5.00%, due 04/01/53 | 1361553 |
| 2098624 | Federal National Mortgage Association, Pool # CB6899, 5.00%, due 08/01/53 | 2094687 |
| 2910724 | Federal National Mortgage Association, Pool # CB7336, 5.50%, due 10/01/53 | 2915703 |
| 561135 | Federal National Mortgage Association, Pool # CB9463, 5.00%, due 11/01/54 | 556160 |
| 1913316 | Federal National Mortgage Association, Pool # CB9649, 5.00%, due 12/01/54 | 1883851 |
| 342097 | Federal National Mortgage Association, Pool # CB9794, 5.50%, due 01/01/55 | 345713 |
| 911754 | Federal National Mortgage Association, Pool # FA0243, 5.50%, due 12/01/54 | 916483 |
| 623210 | Federal National Mortgage Association, Pool # FM0030, 3.00%, due 02/01/49 | 552288 |
| 163972 | Federal National Mortgage Association, Pool # FM1001, 3.50%, due 11/01/48 | 149862 |
| 123299 | Federal National Mortgage Association, Pool # FM1347, 3.00%, due 12/01/48 | 109340 |
| 480299 | Federal National Mortgage Association, Pool # FM1467, 3.00%, due 12/01/47 | 426802 |
| 479834 | Federal National Mortgage Association, Pool # FM1588, 3.00%, due 10/01/49 | 423829 |
| 261591 | Federal National Mortgage Association, Pool # FM1715, 3.00%, due 12/01/45 | 232759 |
| 359398 | Federal National Mortgage Association, Pool # FM1790, 3.00%, due 11/01/49 | 312372 |
| 257348 | Federal National Mortgage Association, Pool # FM1864, 3.00%, due 11/01/49 | 226357 |
| 2467768 | Federal National Mortgage Association, Pool # FM2217, 3.00%, due 03/01/47 | 2221106 |
| 1629511 | Federal National Mortgage Association, Pool # FM2226, 3.00%, due 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466616 |
| 680061 | Federal National Mortgage Association, Pool # FM2274, 4.00%, due 08/01/49 | 640992 |
| 319042 | Federal National Mortgage Association, Pool # FM2336, 4.00%, due 01/01/50 | 300671 |
| 340865 | Federal National Mortgage Association, Pool # FM2461, 3.50%, due 03/01/50 | 309530 |
| 460042 | Federal National Mortgage Association, Pool # FM2570, 4.50%, due 04/01/48 | 454269 |
| 793907 | Federal National Mortgage Association, Pool # FM2664, 3.50%, due 03/01/50 | 718161 |
| 1027120 | Federal National Mortgage Association, Pool # FM2725, 3.00%, due 02/01/50 | 892836 |
| 1109224 | Federal National Mortgage Association, Pool # FM3250, 3.50%, due 05/01/50 | 1011531 |
| 617687 | Federal National Mortgage Association, Pool # FM4330, 2.50%, due 10/01/50 | 523171 |
| 2533069 | Federal National Mortgage Association, Pool # FM4765, 2.00%, due 11/01/50 | 2047394 |
| 1069397 | Federal National Mortgage Association, Pool # FM4947, 2.00%, due 12/01/50 | 863884 |
| 25210 | Federal National Mortgage Association, Pool # FM5035, 4.00%, due 07/01/50 | 23758 |
| 744835 | Federal National Mortgage Association, Pool # FM5996, 4.50%, due 03/01/49 | 724753 |
| 733038 | Federal National Mortgage Association, Pool # FM6039, 3.50%, due 06/01/50 | 668360 |
| 505592 | Federal National Mortgage Association, Pool # FM6273, 3.00%, due 12/01/34 | 488850 |
| 1768230 | Federal National Mortgage Association, Pool # FM6497, 2.00%, due 03/01/51 | 1433026 |
| 696162 | Federal National Mortgage Association, Pool # FM6585, 3.50%, due 11/01/40 | 651079 |
| 657077 | Federal National Mortgage Association, Pool # FM7341, 4.00%, due 03/01/48 | 621735 |
| 245595 | Federal National Mortgage Association, Pool # FM7441, 3.00%, due 05/01/51 | 213081 |
| 993566 | Federal National Mortgage Association, Pool # FM7785, 4.00%, due 05/01/49 | 936207 |
| 1618937 | Federal National Mortgage Association, Pool # FM7794, 4.00%, due 01/01/50 | 1522230 |
| 514807 | Federal National Mortgage Association, Pool # FM8161, 2.50%, due 08/01/51 | 433898 |
| 1603725 | Federal National Mortgage Association, Pool # FM8216, 4.00%, due 11/01/48 | 1511958 |
| 1048691 | Federal National Mortgage Association, Pool # FM8325, 2.50%, due 07/01/35 | 999669 |
| 789217 | Federal National Mortgage Association, Pool # FM8451, 2.50%, due 08/01/51 | 665122 |
| 1312699 | Federal National Mortgage Association, Pool # FM8603, 4.00%, due 09/01/49 | 1238280 |
| 4280083 | Federal National Mortgage Association, Pool # FM8779, 2.50%, due 09/01/51 | 3618137 |
| 2839686 | Federal National Mortgage Association, Pool # FM9000, 2.00%, due 06/01/51 | 2291146 |
| 1241219 | Federal National Mortgage Association, Pool # FM9461, 3.50%, due 11/01/51 | 1126862 |
| 349329 | Federal National Mortgage Association, Pool # FM9468, 2.50%, due 11/01/51 | 295199 |
| 956716 | Federal National Mortgage Association, Pool # FM9631, 3.00%, due 11/01/51 | 839880 |
| 1060778 | Federal National Mortgage Association, Pool # FM9674, 3.50%, due 06/01/49 | 969939 |

---

90 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 868065 | Federal National Mortgage Association, Pool # FM9726, 2.50%, due 11/01/51 | 733728 |
| 3504325 | Federal National Mortgage Association, Pool # FM9728, 2.50%, due 11/01/51 | 2952218 |
| 505061 | Federal National Mortgage Association, Pool # FM9977, 4.00%, due 02/01/50 | 474519 |
| 1235221 | Federal National Mortgage Association, Pool # FP0077, 3.50%, due 03/01/51 | 1124670 |
| 926302 | Federal National Mortgage Association, Pool # FS0027, 2.50%, due 11/01/51 | 782859 |
| 982255 | Federal National Mortgage Association, Pool # FS0065, 4.50%, due 12/01/50 | 955366 |
| 998707 | Federal National Mortgage Association, Pool # FS0194, 2.50%, due 01/01/52 | 840538 |
| 2058777 | Federal National Mortgage Association, Pool # FS0644, 3.00%, due 02/01/52 | 1801516 |
| 111006 | Federal National Mortgage Association, Pool # FS0703, 4.00%, due 01/01/49 | 104611 |
| 1921965 | Federal National Mortgage Association, Pool # FS0715, 3.00%, due 01/01/52 | 1681793 |
| 353608 | Federal National Mortgage Association, Pool # FS0717, 3.00%, due 02/01/52 | 307540 |
| 1179466 | Federal National Mortgage Association, Pool # FS1101, 2.00%, due 07/01/51 | 947151 |
| 416362 | Federal National Mortgage Association, Pool # FS1201, 3.00%, due 01/01/50 | 361793 |
| 656325 | Federal National Mortgage Association, Pool # FS1205, 3.50%, due 04/01/52 | 594551 |
| 1197688 | Federal National Mortgage Association, Pool # FS1228, 3.00%, due 03/01/52 | 1048022 |
| 490323 | Federal National Mortgage Association, Pool # FS1285, 3.50%, due 02/01/52 | 446470 |
| 369149 | Federal National Mortgage Association, Pool # FS1427, 3.00%, due 02/01/50 | 324543 |
| 2297291 | Federal National Mortgage Association, Pool # FS1443, 3.50%, due 04/01/52 | 2081127 |
| 295708 | Federal National Mortgage Association, Pool # FS1602, 4.00%, due 07/01/49 | 279005 |
| 473898 | Federal National Mortgage Association, Pool # FS1624, 2.50%, due 10/01/51 | 399062 |
| 199922 | Federal National Mortgage Association, Pool # FS1637, 4.00%, due 04/01/52 | 186984 |
| 2579590 | Federal National Mortgage Association, Pool # FS1938, 2.50%, due 02/01/52 | 2170537 |
| 1199340 | Federal National Mortgage Association, Pool # FS1976, 4.00%, due 08/01/51 | 1131845 |
| 2199877 | Federal National Mortgage Association, Pool # FS2167, 4.50%, due 06/01/52 | 2116431 |
| 985677 | Federal National Mortgage Association, Pool # FS2187, 4.00%, due 06/01/52 | 931680 |
| 2203754 | Federal National Mortgage Association, Pool # FS2238, 4.00%, due 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076520 |
| 66625 | Federal National Mortgage Association, Pool # FS2354, 4.00%, due 06/01/52 | 62777 |
| 247456 | Federal National Mortgage Association, Pool # FS2415, 4.50%, due 08/01/52 | 238807 |
| 1498191 | Federal National Mortgage Association, Pool # FS2896, 4.50%, due 09/01/52 | 1450282 |
| 933240 | Federal National Mortgage Association, Pool # FS2920, 3.00%, due 07/01/36 | 887872 |
| 439076 | Federal National Mortgage Association, Pool # FS2969, 4.50%, due 10/01/52 | 425036 |
| 151218 | Federal National Mortgage Association, Pool # FS3045, 5.00%, due 10/01/52 | 149029 |
| 572152 | Federal National Mortgage Association, Pool # FS3067, 4.00%, due 07/01/52 | 536613 |
| 576786 | Federal National Mortgage Association, Pool # FS3139, 4.50%, due 10/01/52 | 554907 |
| 608910 | Federal National Mortgage Association, Pool # FS3158, 4.50%, due 11/01/52 | 587172 |
| 457973 | Federal National Mortgage Association, Pool # FS3276, 4.50%, due 12/01/37 | 454395 |
| 288503 | Federal National Mortgage Association, Pool # FS3310, 4.50%, due 11/01/37 | 286546 |
| 943151 | Federal National Mortgage Association, Pool # FS3332, 5.50%, due 12/01/52 | 951267 |
| 560773 | Federal National Mortgage Association, Pool # FS3405, 5.50%, due 12/01/52 | 569620 |
| 868556 | Federal National Mortgage Association, Pool # FS3417, 5.00%, due 12/01/52 | 858591 |
| 200691 | Federal National Mortgage Association, Pool # FS3433, 5.50%, due 12/01/52 | 202366 |
| 1704356 | Federal National Mortgage Association, Pool # FS3560, 4.50%, due 04/01/53 | 1643514 |
| 3493355 | Federal National Mortgage Association, Pool # FS3669, 4.00%, due 03/01/46 | 3361284 |
| 1187335 | Federal National Mortgage Association, Pool # FS3811, 4.50%, due 12/01/52 | 1142300 |
| 1953537 | Federal National Mortgage Association, Pool # FS4223, 4.50%, due 05/01/47 | 1917935 |
| 1088290 | Federal National Mortgage Association, Pool # FS4312, 4.50%, due 03/01/53 | 1047007 |
| 1212351 | Federal National Mortgage Association, Pool # FS4758, 2.50%, due 01/01/36 | 1134140 |
| 837625 | Federal National Mortgage Association, Pool # FS5171, 3.00%, due 12/01/51 | 735403 |
| 366774 | Federal National Mortgage Association, Pool # FS5263, 4.50%, due 05/01/53 | 353955 |

---

See accompanying Notes to the Financial Statements. 91

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 1716648 | Federal National Mortgage Association, Pool # FS5284, 3.50%, due 09/01/50 | 1563135 |
| 1147541 | Federal National Mortgage Association, Pool # FS5373, 2.00%, due 04/01/37 | 1046132 |
| 2297878 | Federal National Mortgage Association, Pool # FS5397, 5.00%, due 07/01/53 | 2272495 |
| 309578 | Federal National Mortgage Association, Pool # FS5590, 5.50%, due 07/01/53 | 312365 |
| 901425 | Federal National Mortgage Association, Pool # FS5656, 5.50%, due 08/01/53 | 908656 |
| 1440249 | Federal National Mortgage Association, Pool # FS5871, 2.00%, due 07/01/51 | 1155558 |
| 1646671 | Federal National Mortgage Association, Pool # FS5912, 4.00%, due 05/01/52 | 1538095 |
| 2075893 | Federal National Mortgage Association, Pool # FS6146, 4.00%, due 05/01/53 | 1946952 |
| 424850 | Federal National Mortgage Association, Pool # FS6158, 4.00%, due 07/01/52 | 397407 |
| 1417634 | Federal National Mortgage Association, Pool # FS6255, 3.50%, due 08/01/52 | 1289022 |
| 2297475 | Federal National Mortgage Association, Pool # FS6485, 3.00%, due 12/01/51 | 2014820 |
| 402739 | Federal National Mortgage Association, Pool # FS6645, 3.00%, due 05/01/52 | 353086 |
| 708283 | Federal National Mortgage Association, Pool # FS7206, 5.50%, due 02/01/54 | 715268 |
| 624799 | Federal National Mortgage Association, Pool # FS7249, 4.50%, due 10/01/52 | 602959 |
| 911027 | Federal National Mortgage Association, Pool # FS7381, 3.50%, due 09/01/52 | 828073 |
| 1958035 | Federal National Mortgage Association, Pool # FS7404, 3.50%, due 01/01/48 | 1795192 |
| 633072 | Federal National Mortgage Association, Pool # FS7532, 5.50%, due 03/01/54 | 636710 |
| 2851193 | Federal National Mortgage Association, Pool # FS7948, 2.50%, due 04/01/52 | 2412145 |
| 2266421 | Federal National Mortgage Association, Pool # FS8006, 5.50%, due 05/01/54 | 2269121 |
| 1009517 | Federal National Mortgage Association, Pool # FS8125, 5.50%, due 05/01/54 | 1015397 |
| 1175660 | Federal National Mortgage Association, Pool # FS8422, 4.00%, due 09/01/53 | 1099577 |
| 3455570 | Federal National Mortgage Association, Pool # FS8488, 3.00%, due 03/01/52 | 3018446 |
| 951661 | Federal National Mortgage Association, Pool # FS8914, 3.00%, due 07/01/52 | 833656 |
| 610571 | Federal National Mortgage Association, Pool # FS9784, 5.50%, due 11/01/54 | 614334 |
| 61788 | Federal National Mortgage Association, Pool # MA2516, 3.00%, due 01/01/46 | 54859 |
| 94035 | Federal National Mortgage Association, Pool # MA2781, 2.50%, due 10/01/46 | 80161 |
| 15168 | Federal National Mortgage Association, Pool # MA2835, 4.00%, due 12/01/46 | 14344 |
| 2250106 | Federal National Mortgage Association, Pool # MA2863, 3.00%, due 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992522 |
| 274051 | Federal National Mortgage Association, Pool # MA3058, 4.00%, due 07/01/47 | 258941 |
| 282315 | Federal National Mortgage Association, Pool # MA3076, 2.50%, due 07/01/32 | 269131 |
| 76444 | Federal National Mortgage Association, Pool # MA3087, 3.50%, due 08/01/47 | 69913 |
| 312538 | Federal National Mortgage Association, Pool # MA3114, 2.50%, due 08/01/32 | 298611 |
| 298446 | Federal National Mortgage Association, Pool # MA3124, 2.50%, due 09/01/32 | 285014 |
| 60571 | Federal National Mortgage Association, Pool # MA3155, 3.00%, due 10/01/32 | 58489 |
| 2921031 | Federal National Mortgage Association, Pool # MA3182, 3.50%, due 11/01/47 | 2669652 |
| 6164461 | Federal National Mortgage Association, Pool # MA3210, 3.50%, due 12/01/47 | 5633475 |
| 122722 | Federal National Mortgage Association, Pool # MA3211, 4.00%, due 12/01/47 | 116056 |
| 88075 | Federal National Mortgage Association, Pool # MA3238, 3.50%, due 01/01/48 | 80475 |
| 223247 | Federal National Mortgage Association, Pool # MA3332, 3.50%, due 04/01/48 | 203926 |
| 61390 | Federal National Mortgage Association, Pool # MA3364, 3.50%, due 05/01/33 | 60142 |
| 47752 | Federal National Mortgage Association, Pool # MA3385, 4.50%, due 06/01/48 | 46403 |
| 210123 | Federal National Mortgage Association, Pool # MA3414, 3.50%, due 07/01/48 | 192406 |
| 67891 | Federal National Mortgage Association, Pool # MA3442, 3.50%, due 08/01/48 | 61992 |
| 53768 | Federal National Mortgage Association, Pool # MA3521, 4.00%, due 11/01/48 | 50671 |
| 549457 | Federal National Mortgage Association, Pool # MA3871, 3.00%, due 12/01/49 | 481372 |
| 3544451 | Federal National Mortgage Association, Pool # MA3937, 3.00%, due 02/01/50 | 3116122 |
| 113087 | Federal National Mortgage Association, Pool # MA3960, 3.00%, due 03/01/50 | 99140 |
| 283896 | Federal National Mortgage Association, Pool # MA4014, 3.00%, due 05/01/35 | 270146 |
| 649927 | Federal National Mortgage Association, Pool # MA4018, 2.00%, due 05/01/50 | 522162 |

---

92 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 2179991 | Federal National Mortgage Association, Pool # MA4026, 4.00%, due 05/01/50 | 2053330 |
| 408028 | Federal National Mortgage Association, Pool # MA4048, 3.00%, due 06/01/50 | 357825 |
| 112925 | Federal National Mortgage Association, Pool # MA4120, 2.50%, due 09/01/50 | 94904 |
| 1442957 | Federal National Mortgage Association, Pool # MA4158, 2.00%, due 10/01/50 | 1158393 |
| 941498 | Federal National Mortgage Association, Pool # MA4159, 2.50%, due 10/01/50 | 787279 |
| 378537 | Federal National Mortgage Association, Pool # MA4181, 1.50%, due 11/01/50 | 286640 |
| 290574 | Federal National Mortgage Association, Pool # MA4204, 2.00%, due 12/01/40 | 248630 |
| 685121 | Federal National Mortgage Association, Pool # MA4208, 2.00%, due 12/01/50 | 549901 |
| 3225937 | Federal National Mortgage Association, Pool # MA4209, 1.50%, due 12/01/50 | 2444908 |
| 444252 | Federal National Mortgage Association, Pool # MA4232, 2.00%, due 01/01/41 | 380075 |
| 455140 | Federal National Mortgage Association, Pool # MA4236, 1.50%, due 01/01/51 | 344571 |
| 1625198 | Federal National Mortgage Association, Pool # MA4237, 2.00%, due 01/01/51 | 1304186 |
| 791653 | Federal National Mortgage Association, Pool # MA4238, 2.50%, due 01/01/51 | 663996 |
| 903838 | Federal National Mortgage Association, Pool # MA4254, 1.50%, due 02/01/51 | 683466 |
| 1829388 | Federal National Mortgage Association, Pool # MA4255, 2.00%, due 02/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466348 |
| 453678 | Federal National Mortgage Association, Pool # MA4268, 2.00%, due 02/01/41 | 387938 |
| 92670 | Federal National Mortgage Association, Pool # MA4281, 2.00%, due 03/01/51 | 74251 |
| 268997 | Federal National Mortgage Association, Pool # MA4302, 1.50%, due 04/01/36 | 236929 |
| 204295 | Federal National Mortgage Association, Pool # MA4305, 2.00%, due 04/01/51 | 163625 |
| 8571782 | Federal National Mortgage Association, Pool # MA4325, 2.00%, due 05/01/51 | 6857219 |
| 1369223 | Federal National Mortgage Association, Pool # MA4326, 2.50%, due 05/01/51 | 1146082 |
| 371465 | Federal National Mortgage Association, Pool # MA4328, 1.50%, due 05/01/36 | 327179 |
| 779426 | Federal National Mortgage Association, Pool # MA4329, 2.00%, due 05/01/36 | 705990 |
| 253191 | Federal National Mortgage Association, Pool # MA4333, 2.00%, due 05/01/41 | 216423 |
| 293183 | Federal National Mortgage Association, Pool # MA4356, 2.50%, due 06/01/51 | 245221 |
| 674575 | Federal National Mortgage Association, Pool # MA4359, 1.50%, due 06/01/36 | 594143 |
| 365568 | Federal National Mortgage Association, Pool # MA4380, 3.00%, due 07/01/51 | 319739 |
| 1420273 | Federal National Mortgage Association, Pool # MA4382, 1.50%, due 07/01/36 | 1250079 |
| 407715 | Federal National Mortgage Association, Pool # MA4399, 2.50%, due 08/01/51 | 340509 |
| 2298723 | Federal National Mortgage Association, Pool # MA4414, 2.50%, due 09/01/51 | 1922658 |
| 691277 | Federal National Mortgage Association, Pool # MA4418, 2.00%, due 09/01/36 | 625926 |
| 1899567 | Federal National Mortgage Association, Pool # MA4466, 2.50%, due 11/01/51 | 1593776 |
| 2068702 | Federal National Mortgage Association, Pool # MA4497, 2.00%, due 12/01/36 | 1876162 |
| 877586 | Federal National Mortgage Association, Pool # MA4549, 3.00%, due 02/01/52 | 763070 |
| 533040 | Federal National Mortgage Association, Pool # MA4579, 3.00%, due 04/01/52 | 462678 |
| 426071 | Federal National Mortgage Association, Pool # MA4600, 3.50%, due 05/01/52 | 385050 |
| 1313615 | Federal National Mortgage Association, Pool # MA4618, 4.00%, due 04/01/52 | 1226309 |
| 2468700 | Federal National Mortgage Association, Pool # MA4624, 3.00%, due 06/01/52 | 2141873 |
| 1134462 | Federal National Mortgage Association, Pool # MA4644, 4.00%, due 05/01/52 | 1059424 |
| 2334317 | Federal National Mortgage Association, Pool # MA4656, 4.50%, due 07/01/52 | 2237579 |
| 800068 | Federal National Mortgage Association, Pool # MA4686, 5.00%, due 06/01/52 | 787375 |
| 2982250 | Federal National Mortgage Association, Pool # MA4733, 4.50%, due 09/01/52 | 2858765 |
| 965020 | Federal National Mortgage Association, Pool # MA4761, 5.00%, due 09/01/52 | 949460 |
| 1837560 | Federal National Mortgage Association, Pool # MA4806, 5.00%, due 11/01/52 | 1810397 |
| 1648810 | Federal National Mortgage Association, Pool # MA4894, 6.00%, due 01/01/53 | 1676014 |
| 1363284 | Federal National Mortgage Association, Pool # MA4918, 5.00%, due 02/01/53 | 1339884 |
| 4147849 | Federal National Mortgage Association, Pool # MA4979, 5.50%, due 04/01/53 | 4150979 |
| 14321257 | Federal National Mortgage Association, Pool # MA5010, 5.50%, due 05/01/53<sup>(k)</sup> | 14330218 |
| 430849 | Federal National Mortgage Association, Pool # MA5139, 6.00%, due 09/01/53 | 437851 |

---

See accompanying Notes to the Financial Statements. 93

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 1434590 | Federal National Mortgage Association, Pool # MA5190, 5.50%, due 11/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433640 |
| 376987 | Federal National Mortgage Association REMICS, Series 2011-59, Class NZ, 5.50%, due 07/25/41 | 386676 |
| 1226 | Federal National Mortgage Association REMICS, Series 2012-28, Class B, 6.50%, due 06/25/39 | 1257 |
| 102146 | Government National Mortgage Association, Pool # 004636, 4.50%, due 02/20/40 | 100631 |
| 19367 | Government National Mortgage Association, Pool # 004678, 4.50%, due 04/20/40 | 19068 |
| 114745 | Government National Mortgage Association, Pool # 004833, 4.00%, due 10/20/40 | 110210 |
| 108028 | Government National Mortgage Association, Pool # 004977, 4.00%, due 03/20/41 | 103758 |
| 271630 | Government National Mortgage Association, Pool # 004978, 4.50%, due 03/20/41 | 267207 |
| 422078 | Government National Mortgage Association, Pool # 005055, 4.50%, due 05/20/41 | 415206 |
| 217346 | Government National Mortgage Association, Pool # 734152, 4.00%, due 01/15/41 | 207518 |
| 16405 | Government National Mortgage Association, Pool # 783637, 3.00%, due 06/20/42 | 14904 |
| 1437052 | Government National Mortgage Association, Pool # 784369, 4.00%, due 08/15/45 | 1372932 |
| 151732 | Government National Mortgage Association, Pool # 784605, 4.50%, due 01/15/42 | 149185 |
| 2580909 | Government National Mortgage Association, Pool # 785283, 2.50%, due 01/20/51 | 2203195 |
| 361838 | Government National Mortgage Association, Pool # 796468, 4.00%, due 09/20/42 | 346596 |
| 83037 | Government National Mortgage Association, Pool # AL8626, 3.00%, due 08/15/45 | 74198 |
| 594106 | Government National Mortgage Association, Pool # AV9421, 3.50%, due 11/20/46 | 551387 |
| 319080 | Government National Mortgage Association, Pool # AY7555, 3.50%, due 04/20/47 | 296134 |
| 160175 | Government National Mortgage Association, Pool # MA0462, 3.50%, due 10/20/42 | 149460 |
| 23990 | Government National Mortgage Association, Pool # MA0624, 3.00%, due 12/20/42 | 21764 |
| 107060 | Government National Mortgage Association, Pool # MA0625, 3.50%, due 12/20/42 | 99898 |
| 60834 | Government National Mortgage Association, Pool # MA0698, 3.00%, due 01/20/43 | 55170 |
| 206402 | Government National Mortgage Association, Pool # MA0851, 3.00%, due 03/20/43 | 187122 |
| 165777 | Government National Mortgage Association, Pool # MA0852, 3.50%, due 03/20/43 | 154686 |
| 34664 | Government National Mortgage Association, Pool # MA1156, 3.00%, due 07/20/43 | 31361 |
| 112823 | Government National Mortgage Association, Pool # MA1376, 4.00%, due 10/20/43 | 108174 |
| 50485 | Government National Mortgage Association, Pool # MA1599, 3.00%, due 01/20/44 | 45691 |
| 104119 | Government National Mortgage Association, Pool # MA2371, 3.50%, due 11/20/44 | 96876 |
| 84008 | Government National Mortgage Association, Pool # MA2372, 4.00%, due 11/20/44 | 80373 |
| 75965 | Government National Mortgage Association, Pool # MA2825, 3.00%, due 05/20/45 | 68404 |
| 175763 | Government National Mortgage Association, Pool # MA3310, 3.50%, due 12/20/45 | 163084 |
| 70918 | Government National Mortgage Association, Pool # MA3377, 4.00%, due 01/20/46 | 67696 |
| 105643 | Government National Mortgage Association, Pool # MA3455, 4.00%, due 02/20/46 | 100876 |
| 200243 | Government National Mortgage Association, Pool # MA3456, 4.50%, due 02/20/46 | 196240 |
| 172837 | Government National Mortgage Association, Pool # MA3596, 3.00%, due 04/20/46 | 155455 |
| 330756 | Government National Mortgage Association, Pool # MA3803, 3.50%, due 07/20/46 | 307381 |
| 245297 | Government National Mortgage Association, Pool # MA3873, 3.00%, due 08/20/46 | 220509 |
| 396197 | Government National Mortgage Association, Pool # MA3936, 3.00%, due 09/20/46 | 356058 |
| 1192749 | Government National Mortgage Association, Pool # MA4003, 3.00%, due 10/20/46 | 1071602 |
| 114717 | Government National Mortgage Association, Pool # MA4004, 3.50%, due 10/20/46 | 106226 |
| 67950 | Government National Mortgage Association, Pool # MA4071, 4.50%, due 11/20/46 | 66592 |
| 59708 | Government National Mortgage Association, Pool # MA4125, 2.50%, due 12/20/46 | 51886 |
| 93937 | Government National Mortgage Association, Pool # MA4263, 4.00%, due 02/20/47 | 89142 |
| 147977 | Government National Mortgage Association, Pool # MA4585, 3.00%, due 07/20/47 | 132678 |
| 138709 | Government National Mortgage Association, Pool # MA4586, 3.50%, due 07/20/47 | 128348 |
| 355699 | Government National Mortgage Association, Pool # MA4720, 4.00%, due 09/20/47 | 336938 |
| 100763 | Government National Mortgage Association, Pool # MA4838, 4.00%, due 11/20/47 | 95407 |

---

94 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |  |
| 405371 | Government National Mortgage Association, Pool # MA5019, 3.50%, due 02/20/48 | 374855 |
| 47116 | Government National Mortgage Association, Pool # MA5021, 4.50%, due 02/20/48 | 45912 |
| 16660 | Government National Mortgage Association, Pool # MA5079, 4.50%, due 03/20/48 | 16237 |
| 197534 | Government National Mortgage Association, Pool # MA5264, 4.00%, due 06/20/48 | 186544 |
| 112667 | Government National Mortgage Association, Pool # MA5397, 3.50%, due 08/20/48 | 103940 |
| 114821 | Government National Mortgage Association, Pool # MA5466, 4.00%, due 09/20/48 | 108432 |
| 93211 | Government National Mortgage Association, Pool # MA5467, 4.50%, due 09/20/48 | 90685 |
| 39779 | Government National Mortgage Association, Pool # MA5530, 5.00%, due 10/20/48 | 39727 |
| 68385 | Government National Mortgage Association, Pool # MA5762, 3.50%, due 02/20/49 | 63227 |
| 3781145 | Government National Mortgage Association, Pool # MA5764, 4.50%, due 02/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677744 |
| 63807 | Government National Mortgage Association, Pool # MA5817, 4.00%, due 03/20/49 | 60257 |
| 227085 | Government National Mortgage Association, Pool # MA5874, 3.00%, due 04/20/49 | 203596 |
| 882877 | Government National Mortgage Association, Pool # MA5876, 4.00%, due 04/20/49 | 833763 |
| 445397 | Government National Mortgage Association, Pool # MA6038, 3.00%, due 07/20/49 | 398090 |
| 3691283 | Government National Mortgage Association, Pool # MA6090, 3.50%, due 08/20/49 | 3399754 |
| 160773 | Government National Mortgage Association, Pool # MA6338, 3.00%, due 12/20/49 | 143103 |
| 372499 | Government National Mortgage Association, Pool # MA6409, 3.00%, due 01/20/50 | 331782 |
| 73915 | Government National Mortgage Association, Pool # MA6476, 4.00%, due 02/20/50 | 69666 |
| 2018833 | Government National Mortgage Association, Pool # MA6540, 2.50%, due 03/20/50 | 1723731 |
| 47641 | Government National Mortgage Association, Pool # MA6865, 2.50%, due 09/20/50 | 40774 |
| 5244535 | Government National Mortgage Association, Pool # MA6930, 2.00%, due 10/20/50 | 4294170 |
| 218357 | Government National Mortgage Association, Pool # MA6931, 2.50%, due 10/20/50 | 186644 |
| 166354 | Government National Mortgage Association, Pool # MA6995, 2.50%, due 11/20/50 | 142144 |
| 1835867 | Government National Mortgage Association, Pool # MA7135, 2.00%, due 01/20/51 | 1503189 |
| 321727 | Government National Mortgage Association, Pool # MA7254, 2.00%, due 03/20/51 | 263511 |
| 1748014 | Government National Mortgage Association, Pool # MA7312, 2.50%, due 04/20/51 | 1493128 |
| 325736 | Government National Mortgage Association, Pool # MA7367, 2.50%, due 05/20/51 | 278124 |
| 1160989 | Government National Mortgage Association, Pool # MA7471, 2.00%, due 07/20/51 | 950605 |
| 2846359 | Government National Mortgage Association, Pool # MA7472, 2.50%, due 07/20/51 | 2430295 |
| 4209872 | Government National Mortgage Association, Pool # MA7589, 2.50%, due 09/20/51 | 3594497 |
| 1605915 | Government National Mortgage Association, Pool # MA7650, 3.00%, due 10/20/51 | 1423923 |
| 370319 | Government National Mortgage Association, Pool # MA7706, 3.00%, due 11/20/51 | 328760 |
| 1526258 | Government National Mortgage Association, Pool # MA7829, 3.50%, due 01/20/52 | 1401865 |
| 4084173 | Government National Mortgage Association, Pool # MA7880, 2.00%, due 02/20/52 | 3344078 |
| 2383524 | Government National Mortgage Association, Pool # MA7883, 3.50%, due 02/20/52 | 2189136 |
| 1682482 | Government National Mortgage Association, Pool # MA7938, 3.50%, due 03/20/52 | 1545002 |
| 874183 | Government National Mortgage Association, Pool # MA7939, 4.00%, due 03/20/52 | 820572 |
| 3957143 | Government National Mortgage Association, Pool # MA8044, 3.50%, due 05/20/52 | 3632165 |
| 1664989 | Government National Mortgage Association, Pool # MA8150, 4.00%, due 07/20/52 | 1561585 |
| 2538224 | Government National Mortgage Association, Pool # MA8267, 4.00%, due 09/20/52 | 2380674 |
| 8278535 | Government National Mortgage Association, Pool # MA8347, 4.50%, due 10/20/52 | 7953042 |
| 1551518 | Government National Mortgage Association, Pool # MA8429, 5.50%, due 11/20/52 | 1561393 |
| 2882902 | Government National Mortgage Association, Pool # MA8642, 2.50%, due 02/20/53 | 2481039 |
| 1302008 | Government National Mortgage Association, Pool # MA8644, 3.50%, due 02/20/53 | 1198801 |
| 940933 | Government National Mortgage Association, Pool # MA8725, 5.00%, due 03/20/53 | 927206 |
| 2853582 | Government National Mortgage Association, Pool # MA9782, 7.00%, due 07/20/54 | 2947605 |
| 1000000 | Uniform Mortgage-Backed Security, TBA, 2.50%, due 05/01/54 | 831592 |

---

See accompanying Notes to the Financial Statements. 95

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| 500000 |  | Uniform Mortgage-Backed Security, TBA, 4.00%, due 04/01/55 | 465934 |
|  |  |  | <br> 579340315 |
|  |  | **Municipal Obligations — 0.8%** |  |
| 60000 |  | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | 58727 |
| 355000 |  | Bay Area Toll Authority, 6.26%, due 04/01/49 | 379665 |
| 1525000 |  | California Health Facilities Financing Authority, 4.19%, due 06/01/37 | 1414829 |
| 1300000 |  | Dallas Fort Worth International Airport, 1.93%, due 11/01/28 | 1202206 |
| 90000 |  | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14<sup>(h)</sup> | 79242 |
| 1055000 |  | Empire State Development Corp., 5.77%, due 03/15/39 | 1078145 |
| 337000 |  | Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50 | 254696 |
| 735053 |  | Louisiana Local Government Environmental Facilities & Community Development Authority, 3.62%, due 02/01/29 | 729056 |
| 280000 |  | Maryland Economic Development Corp., 5.43%, due 05/31/56 | 273635 |
| 343000 |  | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | 375926 |
| 885000 |  | State of California, 7.50%, due 04/01/34 | 1024747 |
| 655000 |  | State of California, 7.55%, due 04/01/39 | 793156 |
| 935000 |  | State of Connecticut, 3.98%, due 06/15/29 | 924514 |
| 1785000 |  | State of Connecticut, 4.51%, due 05/15/28 | 1801179 |
| 3017078 |  | Texas Natural Gas Securitization Finance Corp., 5.10%, due 04/01/35 | 3059284 |
| 1690000 |  | University of Michigan, 4.45%, due 04/01/22<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366615 |
| 940000 |  | University of Virginia, 2.26%, due 09/01/50 | 542122 |
| 595000 |  | University of Virginia, 2.58%, due 11/01/51 | 368622 |
| 185000 |  | University of Virginia, 4.18%, due 09/01/17<sup>(h)</sup> | 139214 |
|  |  |  | 15865580 |
|  |  | **Sovereign Debt Obligations — 0.6%** |  |
| 200000 |  | Bermuda Government International Bonds, 2.38%, due 08/20/30 144A | 174740 |
| 800000 |  | Cassa Depositi e Prestiti SpA, 5.88%, due 04/30/29 144A | 831575 |
| 760000 |  | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | 749702 |
| 200000 |  | Indonesia Government International Bonds, 3.50%, due 01/11/28 | 194495 |
| 1840000 |  | Indonesia Government International Bonds, 5.60%, due 01/15/35 | 1881624 |
| 1399000 |  | Israel Government International Bonds, 5.38%, due 02/19/30 | 1410232 |
| 205000 |  | Korea National Oil Corp., 4.88%, due 04/03/28 144A | 207244 |
| 1075000 |  | Mexico Government International Bonds, 6.88%, due 05/13/37 | 1102520 |
| 700000 |  | Mexico Government International Bonds, 6.75%, due 09/27/34 | 733355 |
| 1130000 |  | Oman Government International Bonds, 4.75%, due 06/15/26 144A | 1125478 |
| 340000 |  | Province of Alberta, 1.30%, due 07/22/30 | 292555 |
| 175000 |  | Province of Alberta, 3.30%, due 03/15/28 | 171133 |
| 100000 |  | Province of Manitoba, 2.13%, due 06/22/26 | 97607 |
| 220000 |  | Province of Quebec, 2.75%, due 04/12/27 | 214093 |
| 1085000 |  | Republic of Poland Government International Bonds, 5.38%, due 02/12/35 | 1091813 |
| 690000 |  | Saudi Government International Bonds, 5.13%, due 01/13/28 144A | 698708 |
| 649000 | EUR | Serbia International Bonds, 3.13%, due 05/15/27<sup>(i)</sup> 144A | 692364 |
| 800000 |  | Serbia International Bonds, 6.25%, due 05/26/28<sup>(i)</sup> 144A | 818117 |
|  |  |  | 12487355 |

---

96 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — 15.9%** |  |
| 75000 | Federal National Mortgage Association, 0.88%, due 08/05/30 | 63665 |
| 310000 | Federal National Mortgage Association, 4.40%, due 03/17/31<sup>(j)</sup> | 239991 |
| 545000 | Federal National Mortgage Association, 6.63%, due 11/15/30 | 614620 |
| 150000 | Tennessee Valley Authority, 1.50%, due 09/15/31 | 127216 |
| 910000 | Tennessee Valley Authority, 5.25%, due 02/01/55 | 904975 |
| 60000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | 68430 |
| 95000 | Tennessee Valley Authority Generic STRIPS, 4.78%, due 07/15/34<sup>(j)</sup> | 61291 |
| 635000 | U.S. Treasury Bonds, 2.00%, due 02/15/50 | 384423 |
| 5240000 | U.S. Treasury Bonds, 2.38%, due 11/15/49 | 3467918 |
| 7485000 | U.S. Treasury Bonds, 2.38%, due 05/15/51 | 4896827 |
| 18190000 | U.S. Treasury Bonds, 3.00%, due 02/15/49<sup>(l)</sup> | 13760095 |
| 1954000 | U.S. Treasury Bonds, 3.38%, due 11/15/48 | 1586518 |
| 3905000 | U.S. Treasury Bonds, 3.63%, due 08/15/43 | 3433959 |
| 4824000 | U.S. Treasury Bonds, 3.63%, due 05/15/53 | 4064880 |
| 15096000 | U.S. Treasury Bonds, 4.00%, due 11/15/42 | 14087634 |
| 20470000 | U.S. Treasury Bonds, 4.25%, due 02/15/54 | 19292975 |
| 7676000 | U.S. Treasury Bonds, 4.25%, due 08/15/54 | 7247823 |
| 13843000 | U.S. Treasury Bonds, 4.38%, due 08/15/43 | 13494762 |
| 24970000 | U.S. Treasury Bonds, 4.50%, due 02/15/44 | 24679334 |
| 18659000 | U.S. Treasury Bonds, 4.50%, due 11/15/54 | 18390777 |
| 11065000 | U.S. Treasury Bonds, 4.63%, due 05/15/44 | 11104117 |
| 20004000 | U.S. Treasury Bonds, 4.63%, due 11/15/44 | 20035256 |
| 5578000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | 5616349 |
| 10867000 | U.S. Treasury Bonds, 4.75%, due 11/15/43 | 11105140 |
| 2508000 | U.S. Treasury Bonds, 4.75%, due 02/15/45 | 2554241 |
| 3832967 | U.S. Treasury Inflation-Indexed Notes, 0.13%, due 01/15/30 | 3607245 |
| 6301000 | U.S. Treasury Notes, 3.75%, due 08/15/27 | 6280940 |
| 26813000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | 26877938 |
| 9238000 | U.S. Treasury Notes, 4.00%, due 03/31/30 | 9257126 |
| 10711000 | U.S. Treasury Notes, 4.13%, due 02/28/27 | 10752422 |
| 16627000 | U.S. Treasury Notes, 4.13%, due 11/30/29 | 16758522 |
| 23322000 | U.S. Treasury Notes, 4.13%, due 03/31/32 | 23389415 |
| 2009000 | U.S. Treasury Notes, 4.25%, due 11/15/34 | 2015278 |
| 19290000 | U.S. Treasury Notes, 4.63%, due 02/15/35 | 19930488 |
| 2395000 | U.S. Treasury STRIPS Coupon, 2.66%, due 08/15/44<sup>(j)</sup> | 946919 |
| 3500000 | U.S. Treasury STRIPS Coupon, 2.67%, due 02/15/43<sup>(j)</sup> | 1490986 |
| 1200000 | U.S. Treasury STRIPS Coupon, 3.08%, due 11/15/40<sup>(j)</sup> | 577491 |
| 9155000 | U.S. Treasury STRIPS Coupon, 3.12%, due 11/15/41<sup>(j)</sup> | 4165331 |
| 2185000 | U.S. Treasury STRIPS Coupon, 3.16%, due 05/15/42<sup>(j)</sup> | 968845 |
| 345000 | U.S. Treasury STRIPS Coupon, 4.37%, due 08/15/43<sup>(j)</sup> | 143308 |
| 100000 | U.S. Treasury STRIPS Coupon, 4.72%, due 02/15/40<sup>(j)</sup> | 50171 |
| 2690000 | U.S. Treasury STRIPS Coupon, 4.84%, due 02/15/42<sup>(j)</sup> | 1209754 |
|  |  | 309705395 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,971,026,789) | 1924511747 |

---

See accompanying Notes to the Financial Statements. 97

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCK — 0.0%** |  |
|  | **Industrial — 0.0%** |  |
| 924 | Altera Infrastructure LP/Teekay Offshore Finance Corp.\*<sup>(m)(n)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26796 |
|  | TOTAL COMMON STOCK (COST $234,312) | 26796 |
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENTS — 0.9%** |  |
|  | **Mutual Fund - Securities Lending Collateral — 0.8%** |  |
| 16696885 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%<sup>(o)(p)</sup> | 16696885 |
|  | **U.S. Government and Agency Obligation — 0.1%** |  |
| 1340000 | U.S. Treasury Bills, 4.10%, due 10/30/25<sup>(j)</sup> | 1308749 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $18,005,865) | 18005634 |
|  | **TOTAL INVESTMENTS BEFORE TBA SALE COMMITMENTS — 99.8%**<br> (Cost $1,989,266,966) | 1942544177 |
|  | **TBA SALE COMMITMENTS — (0.1)%** |  |
| (500000) | Uniform Mortgage-Backed Security, TBA, 4.00%, due 06/01/52 | (465211) |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 4.00%, due 04/01/55 | (1397803) |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 4.50%, due 05/01/55 | (1434174) |
|  | TOTAL TBA SALE COMMITMENTS (PROCEEDS $3,297,812) | (3297188) |
|  | **TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 99.7%**<br> (Cost $1,985,969,154) | 1939246989 |
|  | Other Assets and Liabilities (net) — 0.3% | 6135028 |
|  | **NET ASSETS — 100.0%** | $**1945382017** |

---

**Notes to Schedule of Investments:** <br>

\* 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 March 31, 2025.

(c) Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate.

(d) When-issued security.

(e) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(f) All or a portion of this security is out on loan.

(g) Security is perpetual and has no stated maturity date.

(h) Year of maturity is greater than 2100.

98 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025
(i) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

(j) Interest rate presented is yield to maturity.

(k) All or a portion of this security is pledged for open futures collateral.

(l) All or a portion of this security is pledged for open centrally cleared swaps collateral.

(m) Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund.

(n) Securities fair valued by the Valuation Committee. The total market value of the securities at year end is $26,796 which represents 0.0% of net assets. The aggregate tax cost of these securities held at March 31, 2025 was $234,312.

(o) The rate disclosed is the 7-day net yield as of March 31, 2025.

(p) Represents an investment of securities lending cash collateral.

---

| | |
|:---|:---|
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $400,988,809 which represents 20.6% of net assets.  |

---

#### Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br>Appreciation<br> (Depreciation)  |
|  EUR | 24978208 | USD | 27057597 | 04/02/25 | Barclays Bank PLC | $(76122) |
|  USD | 27101334 | EUR | 24978208 | 05/02/25 | Barclays Bank PLC | 75997 |
|  USD | 26205098 | EUR | 24978208 | 04/02/25 | JPMorgan Chase Bank N.A. | (776377) |
|  USD | 679844 | EUR | 628997 | 05/02/25 | JPMorgan Chase Bank N.A. | (703) |
|  |  |  |  |  |  | $(777205) |

---

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br>Contracts | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Buys |  |  |  |  |
| 174 | U.S. Long Bond | Jun 2025 | $20406937 | $192475 |
| 157 | U.S. Treasury Note 10-Year | Jun 2025 | 17461344 | 107984 |
| 138 | U.S. Treasury Note 2-Year | Jun 2025 | 28589719 | 119339 |
| &nbsp;&nbsp;&nbsp;&nbsp;77 | U.S. Treasury Note 5-Year | Jun 2025 | 8328031 | 12069 |
| &nbsp;&nbsp;&nbsp;&nbsp;48 | U.S. Ultra 10-Year | Jun 2025 | 5478000 | (7756) |
| 129 | U.S. Ultra Bond | Jun 2025 | 15770250 | 216178 |
|  |  |  |  | $640289 |

---

See accompanying Notes to the Financial Statements. 99

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### Written Options

#### Written Exchange-Traded Options

---

| | | | | |
|:---|:---|:---|:---|:---|
| Type of Contract | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of <br>Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional <br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums <br>Received | Value at<br>March 31, 2025 |
|  PUT - 3-Month SOFR Futures Option<br>Strike @ $96.25<br>Expires 12/12/2025 | 30 | $72315 | $(18290) | $(18562) |
|  CALL - 3-Month SOFR Futures Option<br>Strike @ $96.25<br>Expires 12/12/2025 | 30 | 72315 | (27603) | (27750) |
|  Total Written Exchange-Traded Options |  |  | $(45893) | $(46312) |

---

#### Centrally Cleared Interest Rate Swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br>Received<br> by Fund | Payment<br>Frequency | Payments<br>Made<br>by Fund | Payment<br>Frequency | Maturity<br>Date | Upfront<br>Premiums<br>Paid<br>(Received) | Notional<br> Value | Notional<br> Value | Market<br>Value | Unrealized<br>Appreciation<br>(Depreciation) |
| 4.32% | Annual | FEDL | Annual | 05/07/25 | $— | USD | 58420000 | $(1325) | $(1325) |
| SOFR | Annual | 4.81% | Annual | 08/31/25 |  | USD | 11925000 | (22690) | (22690) |
| SOFR | Annual | 4.70% | Annual | 09/25/26 | 153 | USD | 830000 | (10094) | (10247) |
| SOFR | Annual | 4.67% | Annual | 05/17/26 |  | USD | 10955000 | (86589) | (86589) |
| SOFR | Annual | 4.25% | Annual | 05/13/29 | (9824) | USD | 9240000 | (205307) | (195483) |
| SOFR | Annual | 1.35% | Annual | 05/11/54 | 515808 | USD | 1130000 | 489217 | (26591) |
| 4.50% | Annual | SOFR | Annual | 05/13/27 | 5533 | USD | 14850000 | 229360 | 223827 |
| 5.11% | Annual | SOFR | Annual | 05/17/25 |  | USD | 21385000 | 17372 | 17372 |
|  |  |  |  |  |  |  |  |  | $(101726) |

---

#### OTC— Credit Default Swaps

#### Sell Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | |  | Receive |  |  | | Upfront | |
|  | | |  | (Pay) |  |  | Unrealized | Premiums | |
| Notional |  | Expiration |  | Fixed | Payment | Deliverable | Appreciation | Paid/ |  |
| Amount\* | Currency | Date | Counterparty | Rate | Frequency | on Default | (Depreciation) | (Received) | Value |
| 825000 | USD | 06/20/25 | Barclays Bank PLC | 1.00% | Quarterly | Republic of Italy Government International Bonds, 1.25%, 02/17/26 (Moody's rating: Baa3 ; S&P rating: BBB+) | $(814) | $2493 | $1679 |
| 470000 | USD | 06/20/25 | Barclays Bank PLC | 1.00% | Quarterly | Spain Government International Bonds, 5.01%, 11/21/44 (Moody's rating: Baa1; S&P rating: A) | (419) | 1396 | 977 |
|  |  |  |  |  | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | $(1233) | $3889 | $2656 |

---

100 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### Centrally Cleared Credit Default Swaps

#### Buy Protection

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Receive |  |  | | Upfront | |
|  |  |  | (Pay) |  |  | Unrealized | Premiums | |
| Notional |  | Expiration | Fixed | Payment |  | Appreciation | Paid |  |
| Amount\* | Currency | Date | Rate | Frequency | Deliverable on Default | (Depreciation) | (Received) | Value |
| 49864000 | USD | 06/20/30 | (1.00%) | Quarterly | CDX.NA.IG.S44\*\* | $65698 | $(954183) | $(888485) |

---

\* The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of purchased protection credit default swap contracts entered into by the Fund for the same referenced debt obligation. 

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

---

| | |
|:---|:---|
|  **<u>Currency Abbreviations</u>** | **<u>Currency Abbreviations</u>** |
|  EUR | Euro |
|  USD | U.S. Dollar |

---

---

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

---

See accompanying Notes to the Financial Statements. 101

------

#### Mercer Core Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
|  Debt Obligations | 98.9 |
|  Futures Contracts | 0.1 |
|  Equities | 0.0\* |
|  Written Options | (0.0)\* |
|  Swaps | (0.0)\* |
|  TBA Sale Commitments | (0.2) |
|  Forward Foreign Currency Contracts | (1.4) |
|  Short-Term Investments | 0.9 |
|  Other Assets and Liabilities (net) | 1.7 |
|  | 100.0 |

---

\* *Amount rounds to zero.*

102 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 89.5%** |  |
|  | **Asset Backed Securities — 3.5%** |  |
| 1280000 | 37 Capital CLO 4 Ltd., Series 2023-2A, Class BR, 5.80% (3 mo. USD Term SOFR + 1.50%), due 04/15/35<sup>(b)</sup> 144A | 1270865 |
| 220000 | AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 6.29% (3 mo. USD Term SOFR + 2.00%), due 04/20/36<sup>(b)</sup> 144A | 220132 |
| 518321 | Aegis Asset-Backed Securities Trust, Series 2005-5, Class M1, 5.08% (1 mo. USD Term SOFR + 0.76%), due 12/25/35<sup>(b)</sup> | 486565 |
| 8855000 | AGL CLO 35 Ltd., Series 2024-35A, Class A1, 5.85% (3 mo. USD Term SOFR + 1.34%), due 01/21/38<sup>(b)</sup> 144A | 8843533 |
| 830000 | AIMCO CLO 22 Ltd., Series 2024-22A, Class D, 7.69% (3 mo. USD Term SOFR + 3.40%), due 04/19/37<sup>(b)</sup> 144A | 832224 |
| 520000 | AMMC CLO 30 Ltd., Series 2024-30A, Class D, 8.80% (3 mo. USD Term SOFR + 4.50%), due 01/15/37<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526404 |
| 720000 | Apex Credit CLO Ltd., Series 2020-1A, Class DRR, 8.61% (3 mo. USD Term SOFR + 4.32%), due 04/20/35<sup>(b)</sup> 144A | 720000 |
| 420000 | Apidos CLO XXII Ltd., Series 2015-22A, Class DR, 11.30% (3 mo. USD Term SOFR + 7.01%), due 04/20/31<sup>(b)</sup> 144A | 422183 |
| 810000 | Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1, 3.03% (1 mo. USD Term SOFR + 0.53%), due 07/25/36<sup>(b)</sup> | 692675 |
| 410000 | Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class C, 4.25%, due 02/20/27 144A | 406381 |
| 500000 | Bain Capital Credit CLO Ltd., Series 2021-4A, Class D, 7.65% (3 mo. USD Term SOFR + 3.36%), due 10/20/34<sup>(b)</sup> 144A | 495994 |
| 500000 | Bain Capital Credit CLO Ltd., Series 2023-1A, Class D, 9.21% (3 mo. USD Term SOFR + 4.90%), due 04/16/36<sup>(b)</sup> 144A | 500651 |
| 550000 | Balboa Bay Loan Funding Ltd., Series 2022-1A, Class D, 8.29% (3 mo. USD Term SOFR + 4.00%), due 04/20/34<sup>(b)</sup> 144A | 550624 |
| 1000000 | Ballyrock CLO 19 Ltd., Series 2022-19A, Class D, 11.40% (3 mo. USD Term SOFR + 7.11%), due 04/20/35<sup>(b)</sup> 144A | 1003850 |
| 415000 | Ballyrock CLO Ltd., Series 2019-1A, Class A2R, 6.11% (3 mo. USD Term SOFR + 1.81%), due 07/15/32<sup>(b)</sup> 144A | 415474 |
| 4940000 | Battalion CLO XVI Ltd., Series 2019-16A, Class BR2, 6.19% (3 mo. USD Term SOFR + 1.75%), due 01/20/38<sup>(b)</sup> 144A | 4921174 |
| 590000 | Birch Grove CLO Ltd., Series 19A, Class D1RR, 8.15% (3 mo. USD Term SOFR + 3.85%), due 07/17/37<sup>(b)</sup> 144A | 595696 |
| 760000 | Blueberry Park CLO Ltd., Series 2024-1A, Class D1, 7.19% (3 mo. USD Term SOFR + 2.90%), due 10/20/37<sup>(b)</sup> 144A | 761569 |
| 850000 | BlueMountain CLO XXIX Ltd., Series 2020-29A, Class ER, 11.42% (3 mo. USD Term SOFR + 7.12%), due 07/25/34<sup>(b)</sup> 144A | 827176 |
| 255000 | Canyon CLO Ltd., Series 2021-4A, Class B, 6.26% (3 mo. USD Term SOFR + 1.96%), due 10/15/34<sup>(b)</sup> 144A | 255135 |
| 1475000 | Carlyle U.S. CLO Ltd., Series 2019-4A, Class A2R, 6.05% (3 mo. USD Term SOFR + 1.75%), due 04/15/35<sup>(b)</sup> 144A | 1464535 |
| 510000 | Carlyle U.S. CLO Ltd., Series 2021-8A, Class B, 6.21% (3 mo. USD Term SOFR + 1.91%), due 10/15/34<sup>(b)</sup> 144A | 509393 |
| 1020000 | CBAM Ltd., Series 2018-6A, Class B2R, 6.66% (3 mo. USD Term SOFR + 2.36%), due 01/15/31<sup>(b)</sup> 144A | 1020682 |
| 370000 | CIFC Funding Ltd., Series 2017-3A, Class D1R, 7.99% (3 mo. USD Term SOFR + 3.70%), due 04/20/37<sup>(b)</sup> 144A | 372478 |
| 900000 | Dryden 70 CLO Ltd., Series 2018-70A, Class E, 10.62% (3 mo. USD Term SOFR + 6.31%), due 01/16/32<sup>(b)</sup> 144A | 893185 |
| 500000 | Empower CLO Ltd., Series 2023-2A, Class C, 7.70% (3 mo. USD Term SOFR + 3.40%), due 07/15/36<sup>(b)</sup> 144A | 504050 |
| 53515 | Falcon Aerospace Ltd., Series 2017-1, 4.58%, due 02/15/42 144A | 52766 |

---

See accompanying Notes to the Financial Statements. 103

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 250000 | Fortress Credit BSL XII Ltd., Series 2021-4A, Class E, 11.69% (3 mo. USD Term SOFR + 7.39%), due 10/15/34<sup>(b)</sup> 144A | 230473 |
| 510000 | Galaxy XXVI CLO Ltd., Series 2018-26A, Class DR, 7.28% (3 mo. USD Term SOFR + 2.95%), due 11/22/31<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511073 |
| 500000 | Gallatin Funding Ltd., Series 2023-1A, Class C1, 8.14% (3 mo. USD Term SOFR + 3.85%), due 10/14/35<sup>(b)</sup> 144A | 500598 |
| 1060000 | Generate CLO 7 Ltd., Series 7A, Class BR, 6.49% (3 mo. USD Term SOFR + 2.20%), due 04/22/37<sup>(b)</sup> 144A | 1062494 |
| 250000 | Greenwood Park CLO Ltd., Series 2018-1A, Class E, 9.51% (3 mo. USD Term SOFR + 5.21%), due 04/15/31<sup>(b)</sup> 144A | 247613 |
| 630000 | Greystone CRE Notes, Series 2024-HC3, Class D, 9.65% (1 mo. USD Term SOFR + 5.33%), due 03/15/41<sup>(b)</sup> 144A | 627422 |
| 250000 | Greywolf CLO II Ltd., Series 2019-1RA, Class CR, 8.21% (3 mo. USD Term SOFR + 3.91%), due 04/17/34<sup>(b)</sup> 144A | 250803 |
| 255000 | Greywolf CLO VI Ltd., Series 2018-1A, Class A2, 6.19% (3 mo. USD Term SOFR + 1.89%), due 04/26/31<sup>(b)</sup> 144A | 255148 |
| 750000 | Greywolf CLO VI Ltd., Series 2018-1A, Class D, 10.31% (3 mo. USD Term SOFR + 6.01%), due 04/26/31<sup>(b)</sup> 144A | 752606 |
| 34963 | GSAA Home Equity Trust, Series 2007-7, Class A4, 4.97% (1 mo. USD Term SOFR + 0.65%), due 07/25/37<sup>(b)</sup> | 33493 |
| 840000 | Hayfin U.S. XV Ltd., Series 2024-15A, Class D1, 8.56% (3 mo. USD Term SOFR + 4.26%), due 04/28/37<sup>(b)</sup> 144A | 850366 |
| 730000 | Katayma CLO II Ltd., Series 2024-2A, Class D, 8.79% (3 mo. USD Term SOFR + 4.50%), due 04/20/37<sup>(b)</sup> 144A | 741410 |
| 776101 | KREF Ltd., Series 2022-FL3, Class A, 5.77% (1 mo. USD Term SOFR + 1.45%), due 02/17/39<sup>(b)</sup> 144A | 774608 |
| 131255 | Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 5.71% (1 mo. USD Term SOFR + 1.39%), due 02/25/35<sup>(b)</sup> | 128594 |
| 250000 | Madison Park Funding XLVIII Ltd., Series 2021-48A, Class B, 6.00% (3 mo. USD Term SOFR + 1.71%), due 04/19/33<sup>(b)</sup> 144A | 250433 |
| 780000 | Madison Park Funding XXIV Ltd., Series 2016-24A, Class DR2, 7.24% (3 mo. USD Term SOFR + 2.95%), due 10/20/29<sup>(b)</sup> 144A | 781445 |
| 650000 | Magnetite XII Ltd., Series 2015-12A, Class ER, 10.24% (3 mo. USD Term SOFR + 5.94%), due 10/15/31<sup>(b)</sup> 144A | 652430 |
| 550000 | Magnetite XXII Ltd., Series 2019-22A, Class DRR, 7.20% (3 mo. USD Term SOFR + 2.90%), due 07/15/36<sup>(b)</sup> 144A | 551075 |
| 1435000 | Magnetite XXIV Ltd., Series 2019-24A, Class BR, 6.05% (3 mo. USD Term SOFR + 1.75%), due 04/15/35<sup>(b)</sup> 144A | 1436715 |
| 349717 | Mill City Solar Loan Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A | 315837 |
| 415177 | Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.71%, due 12/20/46 144A | 341650 |
| 501914 | National Collegiate Student Loan Trust, Series 2007-2, Class A4, 4.72% (1 mo. USD Term SOFR + 0.40%), due 01/25/33<sup>(b)</sup> | 489318 |
| 316902 | Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due 06/16/42 144A | 310645 |
| 1342600 | Neighborly Issuer LLC, Series 2023-1A, Class A2, 7.31%, due 01/30/53 144A | 1366142 |
| 500000 | Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class CR, 6.39% (3 mo. USD Term SOFR + 2.10%), due 01/20/35<sup>(b)</sup> 144A | 500445 |
| 620000 | Ocean Trails CLO XII Ltd., Series 2022-12A, Class D1R, 7.79% (3 mo. USD Term SOFR + 3.50%), due 07/20/35<sup>(b)</sup> 144A | 621526 |
| 630000 | OCP CLO Ltd., Series 2016-11A, Class DR2, 8.00% (3 mo. USD Term SOFR + 3.70%), due 04/26/36<sup>(b)</sup> 144A | 631643 |
| 990000 | OCP CLO Ltd., Series 2023-27A, Class DR, 7.66% (3 mo. USD Term SOFR + 3.35%), due 07/16/35<sup>(b)</sup> 144A | 994571 |

---

104 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 325000 | Octagon Investment Partners 35 Ltd., Series 2018-1A, Class C, 7.15% (3 mo. USD Term SOFR + 2.86%), due 01/20/31<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325367 |
| 500000 | OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, 5.59% (3 mo. USD Term SOFR + 1.30%), due 02/24/37<sup>(b)</sup> 144A | 500233 |
| 850000 | Option One Mortgage Loan Trust, Series 2005-3, Class M4, 5.36% (1 mo. USD Term SOFR + 1.04%), due 08/25/35<sup>(b)</sup> | 725886 |
| 300000 | Palmer Square CLO Ltd., Series 2021-4A, Class B, 6.21% (3 mo. USD Term SOFR + 1.91%), due 10/15/34<sup>(b)</sup> 144A | 300159 |
| 990000 | Palmer Square Loan Funding Ltd., Series 2022-3A, Class CR, 7.30% (3 mo. USD Term SOFR + 3.00%), due 04/15/31<sup>(b)</sup> 144A | 991002 |
| 1030000 | Palmer Square Loan Funding Ltd., Series 2024-1A, Class B, 6.10% (3 mo. USD Term SOFR + 1.80%), due 10/15/32<sup>(b)</sup> 144A | 1026138 |
| 575000 | Park Avenue Institutional Advisers CLO Ltd., Series 2021-2A, Class B, 6.31% (3 mo. USD Term SOFR + 2.01%), due 07/15/34<sup>(b)</sup> 144A | 575574 |
| 390000 | Peace Park CLO Ltd., Series 2021-1A, Class E, 10.55% (3 mo. USD Term SOFR + 6.26%), due 10/20/34<sup>(b)</sup> 144A | 386005 |
| 1005000 | PPM CLO Ltd., Series 2018-1A, Class B2, 6.41% (3 mo. USD Term SOFR + 2.11%), due 07/15/31<sup>(b)</sup> 144A | 1006668 |
| 777261 | Renew, Series 2024-2A, Class M, 6.83%, due 11/20/60 144A | 760783 |
| 1160000 | Residential Asset Securities Corporation Trust, Series 2006-KS2, Class M3, 5.05% (1 mo. USD Term SOFR + 0.73%), due 03/25/36<sup>(b)</sup> | 1132967 |
| 620452 | Rockford Tower CLO Ltd., Series 2018-1A, Class A, 5.68% (3 mo. USD Term SOFR + 1.36%), due 05/20/31<sup>(b)</sup> 144A | 620556 |
| 325000 | Rockford Tower CLO Ltd., Series 2021-3A, Class BR, 6.29% (3 mo. USD Term SOFR + 1.85%), due 01/15/38<sup>(b)</sup> 144A | 323378 |
| 720000 | RR 18 Ltd., Series 2021-18A, Class D, 10.81% (3 mo. USD Term SOFR + 6.51%), due 10/15/34<sup>(b)</sup> 144A | 722522 |
| 930386 | Sierra Timeshare Receivables Funding LLC, Series 2024-2A, Class D, 7.48%, due 06/20/41 144A | 946998 |
| 515000 | Sixth Street CLO XVIII Ltd., Series 2021-18A, Class D, 7.45% (3 mo. USD Term SOFR + 3.16%), due 04/20/34<sup>(b)</sup> 144A | 515517 |
| 50000 | SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 8.30%, due 06/15/32<sup>(c)</sup> | 49603 |
| 50000 | SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 7.93%, due 03/15/33<sup>(c)</sup> | 49332 |
| 230359 | SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 144A | 204804 |
| 1500000 | SMB Private Education Loan Trust, Series 2023-B, Class B, 5.77%, due 10/16/56 144A | 1519183 |
| 1250000 | SMB Private Education Loan Trust, Series 2024-D, Class D, 7.51%, due 07/15/53 144A | 1278190 |
| 347800 | Stonepeak ABS, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A | 332379 |
| 1000000 | Symphony CLO XXV Ltd., Series 2021-25A, Class D, 8.15% (3 mo. USD Term SOFR + 3.86%), due 04/19/34<sup>(b)</sup> 144A | 1001742 |
| 790000 | Trinitas CLO XXVI Ltd., Series 2023-26A, Class C, 7.24% (3 mo. USD Term SOFR + 2.95%), due 01/20/35<sup>(b)</sup> 144A | 790690 |
| 1190000 | Trinitas CLO XXVII Ltd., Series 2024-27A, Class D1, 8.59% (3 mo. USD Term SOFR + 4.30%), due 04/18/37<sup>(b)</sup> 144A | 1207492 |
| 500000 | Venture 43 CLO Ltd., Series 2021-43A, Class D, 8.03% (3 mo. USD Term SOFR + 3.73%), due 04/15/34<sup>(b)</sup> 144A | 495935 |
| 660000 | Voya CLO Ltd., Series 2017-2A, Class A2AR, 6.21% (3 mo. USD Term SOFR + 1.91%), due 06/07/30<sup>(b)</sup> 144A | 661578 |
| 690000 | Warwick Capital CLO 3 Ltd., Series 2024-3A, Class D, 8.79% (3 mo. USD Term SOFR + 4.50%), due 04/20/37<sup>(b)</sup> 144A | 698367 |

---

See accompanying Notes to the Financial Statements. 105

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 250000 | Wind River CLO Ltd., Series 2021-4A, Class B, 6.20% (3 mo. USD Term SOFR + 1.91%), due 01/20/35<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250241 |
|  |  | 65175259 |
|  | **Bank Loans — 0.1%** |  |
| 1268285 | Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK Term Loan, 10.00% (10.00% Fixed or PIK), due 12/31/27<sup>(b)(d)(e)</sup> | 1215905 |
| 83745 | MPH Acquisition Holdings LLC, 2025 Exchange 1st Out Term Loan, 8.04% (3 mo. USD Term SOFR + 3.75%), due 12/31/30<sup>(b)</sup> | 83117 |
| 694193 | MPH Acquisition Holdings LLC, 2025 Second Out Term Loan, 9.15% (3 mo. USD Term SOFR + 4.60%), due 12/31/30<sup>(b)</sup> | 572997 |
| 542098 | Sonrava Health Holdings LLC, 2024 PIK 2nd Out Term Loan Tranche A, 5.56% (3 mo. USD Term SOFR + 1.00%, 5.50% PIK), due 08/18/28<sup>(b)</sup> | 210063 |
|  |  | 2082082 |
|  | **Convertible Debt — 0.5%** |  |
| 220000 | Axon Enterprise, Inc., 0.50%, due 12/15/27 | 516395 |
| 170000 | Booking Holdings, Inc., 0.75%, due 05/01/25 | 418498 |
| 400000 | Coinbase Global, Inc., 0.25%, due 04/01/30 | 371800 |
| 990000 | DraftKings Holdings, Inc., 4.68%, due 03/15/28<sup>(f)</sup> | 866745 |
| 430000 | Duke Energy Corp., 4.13%, due 04/15/26 | 466571 |
| 581015 | EchoStar Corp., 3.88%, due 11/30/30 | 649974 |
| 420000 | Evergy, Inc., 4.50%, due 12/15/27 | 494637 |
| 195000 | Freshpet, Inc., 3.00%, due 04/01/28 | 276120 |
| 76000 | Gannett Co., Inc., 6.00%, due 12/01/27 144A | 74352 |
| 435000 | Guidewire Software, Inc., 1.25%, due 11/01/29 144A | 454140 |
| 465000 | Insulet Corp., 0.38%, due 09/01/26 | 590590 |
| 185000 | InterDigital, Inc., 3.50%, due 06/01/27 | 497280 |
| 445000 | Itron, Inc., 1.38%, due 07/15/30 144A | 465859 |
| 370000 | Sea Ltd., 2.38%, due 12/01/25 | 545565 |
| 330000 | Seagate HDD Cayman, 3.50%, due 06/01/28 | 397939 |
| 375000 | Spotify USA, Inc., due 03/15/26<sup>(f)</sup> | 448013 |
| 2230000 | Stem, Inc., 0.50%, due 12/01/28 144A | 602094 |
| 300000 | Welltower OP LLC, 2.75%, due 05/15/28 144A | 489750 |
|  |  | 8626322 |
|  | **Corporate Debt — 38.0%** |  |
| 4530000 | 1261229 BC Ltd., 10.00%, due 04/15/32<sup>(g)</sup> 144A | 4507135 |
| 1880000 | 200 Park Funding Trust, 5.74%, due 02/15/55 144A | 1867057 |
| 2800000 | ABN AMRO Bank NV, 5.52% (1 yr. CMT + 1.25%), due 12/03/35<sup>(b)</sup> 144A | 2809801 |
| 1200000 | ABN AMRO Bank NV, 6.34% (1 yr. CMT + 1.65%), due 09/18/27<sup>(b)</sup> 144A | 1227443 |
| 625000 | Abu Dhabi Commercial Bank PJSC, 8.00% (5 yr. CMT + 3.52%)<sup>(b)(h)(i)</sup> | 668463 |
| 760000 | Abu Dhabi Crude Oil Pipeline LLC, 4.60%, due 11/02/47<sup>(h)</sup> | 682309 |
| 1205000 | Adani Ports & Special Economic Zone Ltd., 4.38%, due 07/03/29<sup>(h)</sup> | 1084112 |
| 700000 | Adani Ports & Special Economic Zone Ltd., 5.00%, due 08/02/41 144A | 548061 |
| 1128837 | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra, 4.63%, due 10/15/39<sup>(h)</sup> | 892097 |
| 830000 | Adient Global Holdings Ltd., 7.50%, due 02/15/33 144A | 777908 |
| 355000 | Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A | 350052 |

---

106 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 10000 |  | Advanced Drainage Systems, Inc., 5.00%, due 09/30/27 144A | 9818 |
| 1450000 |  | Advanced Drainage Systems, Inc., 6.38%, due 06/15/30 144A | 1457594 |
| 730000 |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647066 |
| 1145000 |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.38%, due 12/15/31 | 1154054 |
| 630000 |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.95% (5 yr. CMT + 2.72%), due 03/10/55<sup>(b)</sup> | 645064 |
| 300000 |  | AES Andes SA, 6.25%, due 03/14/32 144A | 302223 |
| 2245000 |  | AES Corp., 6.95% (5 yr. CMT + 2.89%), due 07/15/55<sup>(b)</sup> | 2144947 |
| 1095133 |  | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | 978424 |
| 610000 |  | Air Canada, 3.88%, due 08/15/26 144A | 596965 |
| 1495000 |  | Akbank TAS, 6.80%, due 02/06/26 144A | 1504045 |
| 880000 |  | Akumin, Inc., 9.00%, due 08/01/27 144A | 769969 |
| 3190000 |  | Alibaba Group Holding Ltd., 3.15%, due 02/09/51 | 2110421 |
| 1015000 |  | Alibaba Group Holding Ltd., 5.25%, due 05/26/35 144A | 1021316 |
| 410000 |  | Allen Media LLC/Allen Media Co-Issuer, Inc., 10.50%, due 02/15/28 144A | 141963 |
| 1895000 |  | Alpha Generation LLC, 6.75%, due 10/15/32 144A | 1897690 |
| 2890000 |  | Altice Financing SA, 5.75%, due 08/15/29 144A | 2118092 |
| 1820000 |  | Altice France Holding SA, 10.50%, due 05/15/27 144A | 534410 |
| 860000 |  | Altice France SA, 5.13%, due 07/15/29 144A | 674888 |
| 300000 |  | Altice France SA, 5.50%, due 10/15/29 144A | 238140 |
| 359000 |  | Ambipar Lux SARL, 9.88%, due 02/06/31 144A | 355472 |
| 550000 |  | Ambipar Lux SARL, 10.88%, due 02/05/33<sup>(j)</sup> 144A | 564163 |
| 470000 |  | AMC Entertainment Holdings, Inc., 7.50%, due 02/15/29 144A | 351485 |
| 340000 |  | AMC Networks, Inc., 10.25%, due 01/15/29 144A | 352684 |
| 385000 |  | Amentum Holdings, Inc., 7.25%, due 08/01/32 144A | 379134 |
| 2970000 |  | American Airlines, Inc., 8.50%, due 05/15/29 144A | 3016989 |
| 1055000 |  | Ameriprise Financial, Inc., 4.50%, due 05/13/32 | 1030833 |
| 2695000 |  | AmWINS Group, Inc., 6.38%, due 02/15/29 144A | 2717223 |
| 445000 |  | Anglo American Capital PLC, 2.88%, due 03/17/31 144A | 395836 |
| 365000 |  | Anglo American Capital PLC, 3.88%, due 03/16/29 144A | 352615 |
| 295000 |  | Anglo American Capital PLC, 3.95%, due 09/10/50 144A | 219195 |
| 4740000 |  | Anglo American Capital PLC, 5.75%, due 04/05/34 144A | 4810038 |
| 730000 |  | AngloGold Ashanti Holdings PLC, 3.75%, due 10/01/30 | 674740 |
| 380000 |  | Antares Holdings LP, 3.95%, due 07/15/26 144A | 372966 |
| 1125000 |  | Antares Holdings LP, 6.35%, due 10/23/29 144A | 1126482 |
| 200000 |  | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, due 11/01/29 144A | 197307 |
| 1340000 |  | Arcos Dorados BV, 6.38%, due 01/29/32 144A | 1370820 |
| 725000 |  | Arcosa, Inc., 6.88%, due 08/15/32 144A | 735621 |
| 310875 |  | ARD Finance SA, 6.50% (6.50% Cash or 7.25% PIK), due 06/30/27 144A | 20207 |
| 900000 |  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, due 09/01/29 144A | 767592 |
| 760000 |  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, due 06/15/27 144A | 750049 |
| 740000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27 144A | 342549 |
| 200000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27<sup>(j)</sup> 144A | 92581 |
| 2200000 | EUR | Ardonagh Finco Ltd., 6.88%, due 02/15/31 144A | 2429911 |
| 1320000 |  | Ardonagh Finco Ltd., 7.75%, due 02/15/31 144A | 1345700 |
| 2300000 |  | Ardonagh Group Finance Ltd., 8.88%, due 02/15/32 144A | 2344019 |

---

See accompanying Notes to the Financial Statements. 107

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 340000 |  | Ashtead Capital, Inc., 5.95%, due 10/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345100 |
| 37500000 | MXN | Asian Infrastructure Investment Bank, 9.89%, due 02/08/38<sup>(f)(h)</sup> | 562548 |
| 557000 |  | AT&T, Inc., 3.50%, due 09/15/53 | 380106 |
| 450000 |  | AT&T, Inc., 3.65%, due 09/15/59 | 303740 |
| 275000 |  | AT&T, Inc., 3.80%, due 12/01/57 | 193208 |
| 60000 |  | AutoNation, Inc., 4.75%, due 06/01/30 | 58928 |
| 605000 |  | Avient Corp., 6.25%, due 11/01/31 144A | 599821 |
| 1415000 |  | Avient Corp., 7.13%, due 08/01/30 144A | 1444452 |
| 780000 |  | Avnet, Inc., 5.50%, due 06/01/32 | 775017 |
| 460000 |  | Avolon Holdings Funding Ltd., 4.25%, due 04/15/26 144A | 457545 |
| 660000 |  | Axon Enterprise, Inc., 6.13%, due 03/15/30 144A | 667738 |
| 330000 |  | Axon Enterprise, Inc., 6.25%, due 03/15/33 144A | 334220 |
| 665000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30 144A | 666879 |
| 682884 |  | Azure Power Energy Ltd., 3.58%, due 08/19/26<sup>(h)</sup> | 644909 |
| 400000 |  | B3 SA - Brasil Bolsa Balcao, 4.13%, due 09/20/31 144A | 364753 |
| 2265000 |  | Bain Capital Specialty Finance, Inc., 2.55%, due 10/13/26 | 2170758 |
| 365000 |  | Bain Capital Specialty Finance, Inc., 5.95%, due 03/15/30 | 358884 |
| 3400000 |  | Banco Bilbao Vizcaya Argentaria SA, 7.75% (5 yr. CMT + 3.25%)<sup>(b)(i)</sup> | 3336594 |
| 2600000 |  | Banco Bilbao Vizcaya Argentaria SA, 7.88% (1 yr. CMT + 3.30%), due 11/15/34<sup>(b)</sup> | 2926903 |
| 975000 |  | Banco BTG Pactual SA, 6.25%, due 04/08/29<sup>(j)</sup> 144A | 993717 |
| 1975000 |  | Banco de Credito e Inversiones SA, 7.50% (5 yr. CMT + 3.77%)<sup>(b)(i)</sup> 144A | 1973880 |
| 510000 |  | Banco de Credito e Inversiones SA, 8.75% (5 yr. CMT + 4.94%)<sup>(b)(i)</sup> 144A | 542323 |
| 640000 |  | Banco do Brasil SA, 6.00%, due 03/18/31<sup>(j)</sup> 144A | 648596 |
| 1490000 |  | Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)<sup>(b)(i)</sup> 144A | 1464149 |
| 1340000 |  | Banco Mercantil del Norte SA, 8.38% (5 yr. CMT + 4.07%)<sup>(b)(i)</sup> 144A | 1329999 |
| 1335000 |  | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.62%, due 12/10/29 144A | 1352462 |
| 800000 |  | Banco Santander SA, 4.18% (1 yr. CMT + 2.00%), due 03/24/28<sup>(b)</sup> | 792169 |
| 1200000 |  | Banco Santander SA, 6.53% (1 yr. CMT + 1.65%), due 11/07/27<sup>(b)</sup> | 1235961 |
| 1400000 |  | Banco Santander SA, 6.92%, due 08/08/33 | 1485805 |
| 2000000 |  | Banco Santander SA, 8.00% (5 yr. CMT + 3.91%)<sup>(b)(i)</sup> | 2082270 |
| 3855000 |  | Bank of America Corp., 5.20% (SOFR + 1.63%), due 04/25/29<sup>(b)</sup> | 3917375 |
| 800000 |  | Bank of Nova Scotia, 8.00% (5 yr. CMT + 4.02%), due 01/27/84<sup>(b)</sup> | 828266 |
| 1515000 |  | Barclays PLC, 6.13% (5 yr. CMT + 5.87%)<sup>(b)(i)</sup> | 1515724 |
| 1980000 |  | Barclays PLC, 7.63% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.69%)<sup>(b)(i)</sup> | 1941283 |
| 575000 |  | Bausch & Lomb Corp., 8.38%, due 10/01/28 144A | 597281 |
| 530000 |  | Bausch Health Americas, Inc., 8.50%, due 01/31/27 144A | 504208 |
| 130000 |  | Bausch Health Cos., Inc., 5.75%, due 08/15/27 144A | 129854 |
| 650000 |  | Bausch Health Cos., Inc., 6.13%, due 02/01/27 144A | 659506 |
| 170000 |  | Bausch Health Cos., Inc., 6.25%, due 02/15/29 144A | 113767 |
| 2520000 |  | Baytex Energy Corp., 8.50%, due 04/30/30 144A | 2561890 |
| 1055000 |  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.13% (5 yr. CMT + 2.65%), due 01/18/33<sup>(b)(h)</sup> | 1003606 |
| 1670000 |  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 7.63% (5 yr. CMT + 3.38%), due 02/11/35<sup>(b)</sup> 144A | 1690374 |
| 905000 |  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 8.13% (5 yr. CMT + 4.21%), due 01/08/39<sup>(b)</sup> 144A | 922872 |
| 1050000 |  | Belron U.K. Finance PLC, 5.75%, due 10/15/29 144A | 1043647 |
| 4455000 |  | Biocon Biologics Global PLC, 6.67%, due 10/09/29 144A | 4188862 |

---

108 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 840000 | BlackRock TCP Capital Corp., 2.85%, due 02/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816057 |
| 655000 | Blue Owl Capital Corp., 8.45%, due 11/15/26 | 686862 |
| 820000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | 848889 |
| 340000 | BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%)<sup>(b)(i)</sup> 144A | 351052 |
| 860000 | BNP Paribas SA, 8.00% (5 yr. CMT + 3.73%)<sup>(b)(i)</sup> 144A | 895667 |
| 670000 | Bombardier, Inc., 7.00%, due 06/01/32 144A | 667939 |
| 730000 | Bombardier, Inc., 7.25%, due 07/01/31 144A | 733396 |
| 414000 | Bombardier, Inc., 7.88%, due 04/15/27 144A | 415827 |
| 1745000 | Boost Newco Borrower LLC, 7.50%, due 01/15/31 144A | 1817742 |
| 495000 | BorgWarner, Inc., 4.95%, due 08/15/29 | 495924 |
| 3190000 | BP Capital Markets America, Inc., 5.23%, due 11/17/34 | 3207642 |
| 1010000 | Braskem Netherlands Finance BV, 8.00%, due 10/15/34 144A | 967782 |
| 1160000 | BRF SA, 5.75%, due 09/21/50<sup>(h)</sup> | 939685 |
| 805000 | British Telecommunications PLC, 9.63%, due 12/15/30 | 983162 |
| 2165000 | Broadcom, Inc., 4.15%, due 04/15/32 144A | 2054349 |
| 900000 | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | 805821 |
| 1750000 | Builders FirstSource, Inc., 6.38%, due 03/01/34 144A | 1738729 |
| 800000 | Burford Capital Global Finance LLC, 6.25%, due 04/15/28 144A | 795647 |
| 630000 | Burford Capital Global Finance LLC, 9.25%, due 07/01/31 144A | 664541 |
| 1240000 | Cadence Design Systems, Inc., 4.70%, due 09/10/34 | 1211245 |
| 730000 | Caesars Entertainment, Inc., 6.50%, due 02/15/32 144A | 728169 |
| 930000 | Caesars Entertainment, Inc., 7.00%, due 02/15/30 144A | 943321 |
| 398000 | Caesars Entertainment, Inc., 8.13%, due 07/01/27 144A | 401051 |
| 1470000 | CaixaBank SA, 6.04% (SOFR + 2.26%), due 06/15/35<sup>(b)</sup> 144A | 1519779 |
| 2335000 | Capital One Financial Corp., 6.18% (SOFR + 2.04%), due 01/30/36<sup>(b)</sup> | 2330466 |
| 460000 | Capstone Copper Corp., 6.75%, due 03/31/33 144A | 458595 |
| 1000000 | Carnival Corp., 6.00%, due 05/01/29 144A | 993621 |
| 630000 | Carnival Corp., 6.13%, due 02/15/33 144A | 621299 |
| 1640000 | Carriage Purchaser, Inc., 7.88%, due 10/15/29 144A | 1468359 |
| 4095000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | 3632236 |
| 245000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, due 03/01/30 144A | 227453 |
| 770000 | Celulosa Arauco y Constitucion SA, 5.15%, due 01/29/50 144A | 659973 |
| 1185000 | Cemex SAB de CV, 5.13% (5 yr. CMT + 4.53%)<sup>(b)(i)</sup> 144A | 1161148 |
| 100000 | Charles Schwab Corp., 2.90%, due 03/03/32 | 87917 |
| 420000 | Charles Schwab Corp., 5.85% (SOFR + 2.50%), due 05/19/34<sup>(b)</sup> | 438887 |
| 180000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 4.40%, due 04/01/33 | 162806 |
| 560000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 5.13%, due 07/01/49 | 444793 |
| 330000 | Charter Communications Operating LLC/Charter Communications Operating Capital, 5.38%, due 04/01/38 | 297719 |
| 2070000 | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 5.13%, due 04/01/25 144A | 2070000 |
| 790000 | Chord Energy Corp., 6.75%, due 03/15/33 144A | 786577 |
| 990000 | CHS/Community Health Systems, Inc., 4.75%, due 02/15/31 144A | 783755 |
| 1150000 | CHS/Community Health Systems, Inc., 5.25%, due 05/15/30 144A | 950164 |
| 670000 | CHS/Community Health Systems, Inc., 5.63%, due 03/15/27 144A | 640333 |
| 840000 | CHS/Community Health Systems, Inc., 6.13%, due 04/01/30 144A | 504487 |
| 790000 | CHS/Community Health Systems, Inc., 6.88%, due 04/15/29 144A | 513096 |
| 1070000 | CHS/Community Health Systems, Inc., 10.88%, due 01/15/32 144A | 1055470 |

---

See accompanying Notes to the Financial Statements. 109

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 935000 | EUR | Cirsa Finance International SARL, 6.50%, due 03/15/29 144A | 1050848 |
| 1195000 | EUR | Cirsa Finance International SARL, 7.88%, due 07/31/28 144A | 1351730 |
| 720000 |  | Citigroup, Inc., 4.00% (5 yr. CMT + 3.60%)<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710612 |
| 310000 |  | Citrix Systems, Inc., 4.50%, due 12/01/27 | 286222 |
| 649609 |  | Claritev Corp., 6.75% (6.50% Cash or 0.75% PIK), due 03/31/31 144A | 390184 |
| 600000 |  | Clean Harbors, Inc., 5.13%, due 07/15/29 144A | 585735 |
| 2030000 |  | Clear Channel Outdoor Holdings, Inc., 5.13%, due 08/15/27 144A | 1963911 |
| 1150000 |  | Clearway Energy Operating LLC, 3.75%, due 02/15/31 144A | 1011303 |
| 235000 |  | Clearway Energy Operating LLC, 4.75%, due 03/15/28 144A | 228008 |
| 635000 |  | Cleveland-Cliffs, Inc., 7.38%, due 05/01/33 144A | 609975 |
| 1610000 |  | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 1638747 |
| 945000 |  | Coca-Cola Icecek AS, 4.50%, due 01/20/29 144A | 899166 |
| 500000 |  | Coherent Corp., 5.00%, due 12/15/29 144A | 477415 |
| 785000 |  | Colombia Telecomunicaciones SA ESP, 4.95%, due 07/17/30 144A | 707353 |
| 3140000 |  | Comerica, Inc., 5.98% (SOFR + 2.16%), due 01/30/30<sup>(b)</sup> | 3191763 |
| 1660000 |  | Comision Federal de Electricidad, 6.45%, due 01/24/35 144A | 1598178 |
| 530000 |  | Commercial Metals Co., 3.88%, due 02/15/31 | 475390 |
| 1600000 | EUR | Commerzbank AG, 6.13% (5 yr. EUR swap annual + 6.36%)<sup>(b)(h)(i)</sup> | 1743444 |
| 560000 |  | CommScope LLC, 9.50%, due 12/15/31 144A | 577315 |
| 1130000 |  | CommScope Technologies LLC, 5.00%, due 03/15/27 144A | 1016166 |
| 640000 |  | Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, due 09/15/29 144A | 584307 |
| 460000 |  | Continental Resources, Inc., 5.75%, due 01/15/31 144A | 463748 |
| 1600000 | EUR | Cooperatieve Rabobank UA, 4.63% (5 yr. EUR swap annual + 4.10%)<sup>(b)(h)(i)</sup> | 1736556 |
| 2710000 |  | CoreCivic, Inc., 4.75%, due 10/15/27 | 2631908 |
| 400000 |  | CoreCivic, Inc., 8.25%, due 04/15/29 | 423928 |
| 355000 |  | Cosan Luxembourg SA, 7.25%, due 06/27/31 144A | 373979 |
| 450000 |  | Country Garden Holdings Co. Ltd., 8.00%, due 01/27/24<sup>(h)(k)</sup> | 44325 |
| 3212000 | PEN | Credicorp Capital Sociedad Titulizadora SA, 10.10%, due 12/15/43<sup>(h)</sup> | 940643 |
| 2590000 |  | Credit Agricole SA, 5.86% (SOFR + 1.74%), due 01/09/36<sup>(b)</sup> 144A | 2650989 |
| 4770000 |  | Credit Agricole SA, 6.70% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.60%)<sup>(b)(i)(j)</sup> 144A | 4604241 |
| 1000000 | GBP | Credit Agricole SA, 7.50% (5 yr. GBP SONIA Linked ICE Swap + 4.81%)<sup>(b)(h)(i)</sup> | 1305155 |
| 1530000 |  | Credit Agricole SA, 8.13% (5 yr. USD Swap + 6.19%)<sup>(b)(i)</sup> 144A | 1557551 |
| 550000 |  | Crescent Energy Finance LLC, 7.63%, due 04/01/32 144A | 544504 |
| 590000 |  | Crescent Energy Finance LLC, 9.25%, due 02/15/28 144A | 613000 |
| 880000 |  | Crown Castle, Inc., 5.80%, due 03/01/34 | 897425 |
| 200000 |  | CSC Holdings LLC, 4.13%, due 12/01/30 144A | 145085 |
| 850000 |  | CSC Holdings LLC, 5.38%, due 02/01/28 144A | 726006 |
| 2590000 |  | CSC Holdings LLC, 5.50%, due 04/15/27 144A | 2400250 |
| 2630000 |  | CSC Holdings LLC, 11.75%, due 01/31/29 144A | 2552330 |
| 1095000 |  | CT Trust, 5.13%, due 02/03/32<sup>(h)</sup> | 1002051 |
| 890000 |  | Cushman & Wakefield U.S. Borrower LLC, 8.88%, due 09/01/31 144A | 945775 |
| 770000 |  | Deere & Co., 5.70%, due 01/19/55 | 802632 |
| 143000 |  | Dell International LLC/EMC Corp., 8.35%, due 07/15/46 | 179868 |
| 660000 |  | Deutsche Bank AG, 3.73% (SOFR + 2.76%), due 01/14/32<sup>(b)</sup> | 593732 |
| 325000 |  | Deutsche Bank AG, 6.72% (SOFR + 3.18%), due 01/18/29<sup>(b)</sup> | 340282 |
| 975000 |  | Deutsche Bank AG, 7.08% (SOFR + 3.65%), due 02/10/34<sup>(b)</sup> | 1027568 |
| 360000 |  | Devon Energy Corp., 5.00%, due 06/15/45 | 305666 |
| 1450000 |  | Devon Energy Corp., 5.60%, due 07/15/41 | 1354303 |

---

110 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 2840000 |  | Directv Financing LLC, 8.88%, due 02/01/30 144A | 2714288 |
| 450000 |  | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, due 08/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436491 |
| 660000 |  | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, due 02/15/31 144A | 634293 |
| 3340000 |  | Discover Financial Services, 7.96% (SOFR + 3.37%), due 11/02/34<sup>(b)</sup> | 3819311 |
| 1170000 |  | DISH DBS Corp., 5.13%, due 06/01/29 | 764866 |
| 270000 |  | DISH DBS Corp., 5.25%, due 12/01/26 144A | 248352 |
| 510000 |  | DISH DBS Corp., 5.75%, due 12/01/28 144A | 431064 |
| 800000 |  | DISH Network Corp., 11.75%, due 11/15/27 144A | 842961 |
| 1710000 |  | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> | 1770988 |
| 940000 |  | DP World Ltd., 5.63%, due 09/25/48 144A | 901307 |
| 1540000 |  | Duke Energy Corp., 5.80%, due 06/15/54 | 1508379 |
| 760235 |  | EchoStar Corp., 6.75%, due 11/30/30 | 690764 |
| 1711750 |  | EchoStar Corp., 10.75%, due 11/30/29 | 1800167 |
| 1460000 |  | Ecopetrol SA, 4.63%, due 11/02/31 | 1217664 |
| 1550000 |  | Ecopetrol SA, 8.38%, due 01/19/36 | 1511214 |
| 1150000 |  | Edison International, 5.38% (5 yr. CMT + 4.70%)<sup>(b)(i)</sup> | 1103489 |
| 75000 |  | Edison International, 6.25%, due 03/15/30<sup>(j)</sup> | 75997 |
| 835000 |  | El Puerto de Liverpool SAB de CV, 6.26%, due 01/22/32 144A | 848489 |
| 2640000 |  | Electricite de France SA, 5.75%, due 01/13/35 144A | 2677890 |
| 1015000 |  | Embraer Netherlands Finance BV, 5.98%, due 02/11/35 | 1033498 |
| 570000 |  | Empire Communities Corp., 9.75%, due 05/01/29 144A | 577205 |
| 1530000 | EUR | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.38%, due 12/15/30 144A | 1703528 |
| 2250000 |  | Enbridge, Inc., 6.20%, due 11/15/30 | 2381989 |
| 615000 |  | Endeavour Mining PLC, 5.00%, due 10/14/26<sup>(h)</sup> | 608754 |
| 730000 |  | Endo Finance Holdings, Inc., 8.50%, due 04/15/31 144A | 761956 |
| 980000 |  | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(h)</sup> 144A | 901999 |
| 1065000 | EUR | Energizer Gamma Acquisition BV, 3.50%, due 06/30/29 144A | 1073392 |
| 180000 |  | Energy Transfer LP, 5.35%, due 05/15/45 | 161778 |
| 1560000 |  | Energy Transfer LP, 6.25%, due 04/15/49 | 1548976 |
| 775000 |  | Engie SA, 5.63%, due 04/10/34 144A | 788441 |
| 890000 |  | Entergy Arkansas LLC, 5.75%, due 06/01/54 | 887277 |
| 500000 |  | Enterprise Products Operating LLC, 5.38% (3 mo. USD Term SOFR + 2.83%), due 02/15/78<sup>(b)</sup> | 490330 |
| 1665000 |  | Enterprise Products Operating LLC, 5.55%, due 02/16/55 | 1618357 |
| 265000 |  | EPR Properties, 3.75%, due 08/15/29 | 248584 |
| 140000 |  | EQM Midstream Partners LP, 7.50%, due 06/01/27 144A | 143021 |
| 630000 |  | EQM Midstream Partners LP, 7.50%, due 06/01/30 144A | 681141 |
| 70000 |  | EQT Corp., 7.00%, due 02/01/30 | 75516 |
| 390000 |  | EquipmentShare.com, Inc., 8.00%, due 03/15/33 144A | 393093 |
| 930000 |  | EquipmentShare.com, Inc., 8.63%, due 05/15/32 144A | 959779 |
| 1240000 | EUR | Eroski S Coop, 10.63%, due 04/30/29 144A | 1450446 |
| 690000 |  | Esab Corp., 6.25%, due 04/15/29 144A | 700932 |
| 6000000 | ZAR | Eskom Holdings SOC Ltd., 7.50%, due 09/15/33 | 260444 |
| 27624000 | MXN | European Investment Bank, 6.50%, due 07/07/27<sup>(h)</sup> | 1301423 |
| 3230000 |  | Expand Energy Corp., 4.75%, due 02/01/32 | 3058010 |
| 2005000 |  | Expedia Group, Inc., 5.40%, due 02/15/35 | 1998276 |
| 1930000 |  | Falabella SA, 3.38%, due 01/15/32<sup>(h)</sup> | 1655717 |
| 1360000 |  | First Quantum Minerals Ltd., 8.00%, due 03/01/33 144A | 1379728 |
| 1980000 |  | First Quantum Minerals Ltd., 8.63%, due 06/01/31 144A | 2029431 |

---

See accompanying Notes to the Financial Statements. 111

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 2360000 |  | First Quantum Minerals Ltd., 9.38%, due 03/01/29 144A | 2484835 |
| 980000 |  | FirstCash, Inc., 5.63%, due 01/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951012 |
| 380000 |  | FirstEnergy Corp., 2.65%, due 03/01/30 | 342364 |
| 1409418 |  | Five Point Operating Co. LP/Five Point Capital Corp., 10.50%, due 01/15/28<sup>(l)</sup> 144A | 1436973 |
| 1680000 |  | Foot Locker, Inc., 4.00%, due 10/01/29 144A | 1393035 |
| 20000 |  | Ford Motor Co., 3.25%, due 02/12/32 | 16491 |
| 3240000 |  | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | 2788717 |
| 1395000 |  | Ford Motor Credit Co. LLC, 6.95%, due 03/06/26 | 1410471 |
| 220000 |  | Fox Corp., 6.50%, due 10/13/33 | 235729 |
| 2190000 |  | Freeport Indonesia PT, 5.32%, due 04/14/32 144A | 2150201 |
| 585000 |  | Freeport Indonesia PT, 6.20%, due 04/14/52 144A | 568438 |
| 300000 |  | Freeport Minerals Corp., 7.13%, due 11/01/27 | 313190 |
| 455000 |  | Freeport-McMoRan, Inc., 4.63%, due 08/01/30 | 444879 |
| 2810000 |  | Freeport-McMoRan, Inc., 5.45%, due 03/15/43 | 2637226 |
| 2010000 |  | Frontier Communications Holdings LLC, 6.75%, due 05/01/29 144A | 2021685 |
| 2540000 |  | Full House Resorts, Inc., 8.25%, due 02/15/28 144A | 2512498 |
| 160685 |  | Galaxy Pipeline Assets Bidco Ltd., 1.75%, due 09/30/27<sup>(h)</sup> | 155012 |
| 755000 |  | Gates Corp., 6.88%, due 07/01/29 144A | 769023 |
| 1150000 | GBP | Gatwick Airport Finance PLC, 4.38%, due 04/07/26<sup>(h)</sup> | 1461541 |
| 960000 |  | Gen Digital, Inc., 6.25%, due 04/01/33 144A | 958034 |
| 880000 |  | Gen Digital, Inc., 7.13%, due 09/30/30 144A | 899169 |
| 1170000 |  | General Electric Co., 5.88%, due 01/14/38 | 1236741 |
| 360000 |  | General Motors Co., 6.60%, due 04/01/36 | 371876 |
| 1820000 |  | Genuine Parts Co., 4.95%, due 08/15/29 | 1826655 |
| 1150000 |  | GEO Group, Inc., 10.25%, due 04/15/31 | 1250995 |
| 430000 |  | GFL Environmental, Inc., 4.75%, due 06/15/29 144A | 414161 |
| 1190000 |  | GFL Environmental, Inc., 6.75%, due 01/15/31 144A | 1228154 |
| 3060000 |  | GGAM Finance Ltd., 8.00%, due 06/15/28 144A | 3211311 |
| 250000 |  | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.38%, due 01/15/29 144A | 225801 |
| 1880000 |  | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, due 01/15/32 144A | 1585507 |
| 410000 |  | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, due 08/15/29 144A | 401107 |
| 2475000 |  | Goldman Sachs Group, Inc., 5.05% (SOFR + 1.21%), due 07/23/30<sup>(b)</sup> | 2496056 |
| 3315000 |  | Goldman Sachs Group, Inc., 6.85% (5 yr. CMT + 2.46%)<sup>(b)(i)</sup> | 3364715 |
| 3060000 |  | Goldman Sachs Group, Inc., 7.50% (5 yr. CMT + 2.81%)<sup>(b)(i)</sup> | 3217211 |
| 710000 |  | Gray Media, Inc., 7.00%, due 05/15/27 144A | 696741 |
| 964425 |  | Greenko Power II Ltd., 4.30%, due 12/13/28<sup>(h)</sup> | 892805 |
| 980000 |  | Grupo Televisa SAB, 5.00%, due 05/13/45 | 713195 |
| 1830000 |  | H&E Equipment Services, Inc., 3.88%, due 12/15/28 144A | 1825390 |
| 550000 |  | HCA, Inc., 7.50%, due 11/06/33 | 622326 |
| 545000 | GBP | Heathrow Funding Ltd., 6.75%, due 12/03/28<sup>(h)</sup> | 722653 |
| 560000 |  | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | 523894 |
| 810000 |  | Hilcorp Energy I LP/Hilcorp Finance Co., 8.38%, due 11/01/33 144A | 830898 |
| 410000 |  | Howard Midstream Energy Partners LLC, 7.38%, due 07/15/32 144A | 420373 |
| 560000 |  | Howard Midstream Energy Partners LLC, 8.88%, due 07/15/28 144A | 584379 |
| 1075000 |  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC, 7.25%, due 02/15/31 144A | 1086106 |
| 200000 |  | HSBC Holdings PLC, 4.60% (5 yr. CMT + 3.65%)<sup>(b)(i)</sup> | 177335 |
| 3385000 |  | HSBC Holdings PLC, 6.95% (5 yr. CMT + 2.64%)<sup>(b)(i)</sup> | 3378935 |
| 2400000 |  | HSBC Holdings PLC, 7.40% (SOFR + 3.02%), due 11/13/34<sup>(b)</sup> | 2639343 |

---

112 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 2045000 |  | HTA Group Ltd., 7.50%, due 06/04/29 144A | 2078385 |
| 1680000 |  | Hudbay Minerals, Inc., 6.13%, due 04/01/29 144A | 1672881 |
| 655000 |  | Hyatt Hotels Corp., 5.75%, due 03/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658796 |
| 237500 |  | iHeartCommunications, Inc., 9.13%, due 05/01/29 144A | 190036 |
| 1235000 |  | IHS Holding Ltd., 8.25%, due 11/29/31 144A | 1230124 |
| 2185000 |  | Iliad Holding SASU, 7.00%, due 10/15/28 144A | 2213194 |
| 3470000 |  | Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, due 07/01/28 144A | 3452957 |
| 265000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A | 282508 |
| 260000 |  | ING Groep NV, 5.75% (5 yr. CMT + 4.34%)<sup>(b)(i)</sup> | 258172 |
| 345000 |  | ING Groep NV, 6.11% (SOFR + 2.09%), due 09/11/34<sup>(b)</sup> | 362043 |
| 835000 |  | ING Groep NV, 6.50% (5 yr. USD Swap + 4.45%)<sup>(b)(i)(j)</sup> | 835018 |
| 370000 |  | Intel Corp., 5.70%, due 02/10/53 | 340354 |
| 494000000 | INR | Inter-American Development Bank, 7.35%, due 10/06/30 | 5922972 |
| 51000000 | MXN | International Finance Corp., 7.75%, due 01/18/30 | 2427444 |
| 1450000 |  | Intesa Sanpaolo SpA, 4.95% (1 yr. CMT + 2.75%), due 06/01/42<sup>(b)</sup> 144A | 1166896 |
| 350000 |  | Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A | 351038 |
| 710000 |  | Intesa Sanpaolo SpA, 7.20%, due 11/28/33 144A | 787900 |
| 1065000 |  | Intesa Sanpaolo SpA, 7.78% (1 yr. CMT + 3.90%), due 06/20/54<sup>(b)</sup> 144A | 1183932 |
| 3040000 |  | Intesa Sanpaolo SpA, 7.80%, due 11/28/53 144A | 3521621 |
| 2294000 |  | Itau Unibanco Holding SA, 7.56% (5 yr. CMT + 3.22%)<sup>(b)(i)</sup> 144A | 2313905 |
| 1165000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30 144A | 1174238 |
| 1195000 |  | Jackson Financial, Inc., 3.13%, due 11/23/31 | 1040379 |
| 530000 |  | Jane Street Group/JSG Finance, Inc., 4.50%, due 11/15/29 144A | 500982 |
| 880000 |  | Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 144A | 866521 |
| 1730000 |  | Jane Street Group/JSG Finance, Inc., 7.13%, due 04/30/31 144A | 1778466 |
| 225000 |  | Jazz Securities DAC, 4.38%, due 01/15/29 144A | 213952 |
| 1380000 |  | JB Poindexter & Co., Inc., 8.75%, due 12/15/31 144A | 1419921 |
| 651000 |  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, due 04/01/33 | 661764 |
| 665000 |  | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 04/20/35 144A | 684152 |
| 4060000 |  | Jefferies Financial Group, Inc., 6.20%, due 04/14/34 | 4140758 |
| 1665000 |  | JPMorgan Chase & Co., 6.50% (5 yr. CMT + 2.15%)<sup>(b)(i)</sup> | 1708195 |
| 590000 |  | KazMunayGas National Co. JSC, 5.75%, due 04/19/47<sup>(h)</sup> | 516109 |
| 175000 |  | Kimmeridge Texas Gas LLC, 8.50%, due 02/15/30 144A | 175035 |
| 2035000 |  | Kinder Morgan, Inc., 5.95%, due 08/01/54 | 1991039 |
| 880000 |  | Klabin Austria GmbH, 3.20%, due 01/12/31 144A | 767438 |
| 1187000 |  | Kosmos Energy Ltd., 7.13%, due 04/04/26 144A | 1170413 |
| 1590000 |  | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, due 07/15/31 144A | 1633073 |
| 680000 |  | Las Vegas Sands Corp., 3.50%, due 08/18/26 | 667277 |
| 2495000 |  | Latam Airlines Group SA, 7.88%, due 04/15/30 144A | 2476599 |
| 425000 |  | Lazard Group LLC, 4.38%, due 03/11/29 | 418650 |
| 985000 |  | LD Celulose International GmbH, 7.95%, due 01/26/32 144A | 1016224 |
| 460000 |  | Leviathan Bond Ltd., 6.50%, due 06/30/27<sup>(h)</sup> 144A | 454627 |
| 800000 |  | Leviathan Bond Ltd., 6.75%, due 06/30/30<sup>(h)</sup> 144A | 779510 |
| 1590000 |  | Liberty Mutual Group, Inc., 4.30%, due 02/01/61 144A | 992739 |
| 2500000 |  | LifePoint Health, Inc., 9.88%, due 08/15/30 144A | 2640880 |
| 1225000 |  | Light & Wonder International, Inc., 7.00%, due 05/15/28 144A | 1225269 |
| 2380000 |  | Lightning Power LLC, 7.25%, due 08/15/32 144A | 2452376 |

---

See accompanying Notes to the Financial Statements. 113

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 550000 |  | Lloyds Banking Group PLC, 8.00% (5 yr. CMT + 3.91%)<sup>(b)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572151 |
| 920000 | GBP | Lloyds Banking Group PLC, 8.50% (5 yr. U.K. Government Bond + 5.14%)<sup>(b)(i)</sup> | 1224490 |
| 1235000 | EUR | Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A | 1333141 |
| 1015000 | EUR | Lottomatica Group SpA, 6.49% (3 mo. EURIBOR + 4.00%), due 12/15/30<sup>(b)</sup> 144A | 1102229 |
| 780000 |  | LPL Holdings, Inc., 4.00%, due 03/15/29 144A | 747423 |
| 1585000 |  | MARB BondCo PLC, 3.95%, due 01/29/31<sup>(h)</sup> | 1367641 |
| 490000 |  | Marks & Spencer PLC, 7.13%, due 12/01/37 144A | 527692 |
| 2025000 |  | Marriott International, Inc., 5.50%, due 04/15/37 | 2003723 |
| 1683565 |  | Mcclatchy Media Co. LLC, 11.00% (11.00% Cash or 12.5% PIK), due 12/01/31 144A | 1750908 |
| 1265000 |  | McCormick & Co., Inc., 4.95%, due 04/15/33 | 1251077 |
| 1845000 |  | McGraw-Hill Education, Inc., 7.38%, due 09/01/31 144A | 1857040 |
| 2485000 |  | Mclaren Finance PLC, 7.50%, due 08/01/26 144A | 2472575 |
| 160000 |  | Medline Borrower LP, 3.88%, due 04/01/29 144A | 149667 |
| 1780000 |  | Medline Borrower LP, 5.25%, due 10/01/29 144A | 1709269 |
| 460000 |  | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, due 04/01/29 144A | 466430 |
| 790000 |  | Medtronic Global Holdings SCA, 4.25%, due 03/30/28 | 789519 |
| 1720000 |  | MEGlobal Canada ULC, 5.88%, due 05/18/30 144A | 1792240 |
| 1120000 |  | Meituan, 3.05%, due 10/28/30<sup>(j)</sup> 144A | 1018892 |
| 680000 |  | Melco Resorts Finance Ltd., 4.88%, due 06/06/25 144A | 677537 |
| 320000 |  | Melco Resorts Finance Ltd., 5.38%, due 12/04/29 144A | 294893 |
| 670000 |  | Melco Resorts Finance Ltd., 7.63%, due 04/17/32 144A | 667802 |
| 600000 |  | MercadoLibre, Inc., 3.13%, due 01/14/31 | 532073 |
| 1940000 |  | Met Tower Global Funding, 4.85%, due 01/16/27 144A | 1956913 |
| 1515000 |  | Meta Platforms, Inc., 4.45%, due 08/15/52 | 1290795 |
| 1050000 |  | Methanex U.S. Operations, Inc., 6.25%, due 03/15/32 144A | 1023725 |
| 1685000 |  | MGM China Holdings Ltd., 5.88%, due 05/15/26<sup>(h)</sup> | 1683925 |
| 935000 |  | MGM China Holdings Ltd., 7.13%, due 06/26/31 144A | 954830 |
| 550000 |  | Michaels Cos., Inc., 5.25%, due 05/01/28 144A | 380324 |
| 560000 |  | Micron Technology, Inc., 3.37%, due 11/01/41 | 414018 |
| 1440000 |  | Micron Technology, Inc., 6.75%, due 11/01/29 | 1545400 |
| 700000 |  | Midcap Financial Issuer Trust, 5.63%, due 01/15/30 144A | 635802 |
| 235000 |  | Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A | 226754 |
| 1980000 |  | Millennium Escrow Corp., 6.63%, due 08/01/26 144A | 1405910 |
| 747000 |  | Millicom International Cellular SA, 4.50%, due 04/27/31 144A | 662422 |
| 1570500 |  | Millicom International Cellular SA, 6.25%, due 03/25/29<sup>(h)</sup> | 1564876 |
| 504000 |  | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | 502195 |
| 1375000 |  | Minera Mexico SA de CV, 5.63%, due 02/12/32 144A | 1365127 |
| 890000 |  | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 02/01/30 144A | 802195 |
| 580000 |  | Moody's Corp., 5.00%, due 08/05/34 | 576823 |
| 1310000 |  | Morgan Stanley, 5.16% (SOFR + 1.59%), due 04/20/29<sup>(b)</sup> | 1327999 |
| 3315000 |  | Morgan Stanley, 5.59% (SOFR + 1.42%), due 01/18/36<sup>(b)</sup> | 3386772 |
| 75238 |  | MPH Acquisition Holdings LLC, 5.75%, due 12/31/30 144A | 54636 |
| 115152 |  | MPH Acquisition Holdings LLC, 11.50%, due 12/31/30 144A | 100125 |
| 2180000 |  | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27 | 1972253 |
| 1100000 |  | MPT Operating Partnership LP/MPT Finance Corp., 8.50%, due 02/15/32 144A | 1121399 |
| 685000 |  | Muthoot Finance Ltd., 6.38%, due 04/23/29<sup>(h)</sup> | 674332 |
| 1675000 |  | Nationstar Mortgage Holdings, Inc., 6.50%, due 08/01/29 144A | 1699452 |
| 1120000 | GBP | NatWest Group PLC, 4.50% (5 yr. U.K. Government Bond + 3.99%)<sup>(b)(i)</sup> | 1321793 |
| 1685000 |  | NatWest Group PLC, 8.13% (5 yr. CMT + 3.75%)<sup>(b)(i)</sup> | 1773257 |

---

114 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 995000 |  | Navoi Mining & Metallurgical Combinat, 6.95%, due 10/17/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993234 |
| 200000 |  | NBM U.S. Holdings, Inc., 7.00%, due 05/14/26 144A | 200593 |
| 690000 |  | NCL Corp. Ltd., 6.75%, due 02/01/32 144A | 682063 |
| 1750000 |  | NCL Corp. Ltd., 7.75%, due 02/15/29 144A | 1824972 |
| 430000 |  | NCL Corp. Ltd., 8.13%, due 01/15/29 144A | 452598 |
| 376000 |  | NCR Voyix Corp., 5.13%, due 04/15/29 144A | 358542 |
| 640000 |  | Neptune Bidco U.S., Inc., 9.29%, due 04/15/29 144A | 555815 |
| 515000 |  | NetApp, Inc., 5.70%, due 03/17/35 | 514432 |
| 1835000 |  | Nexstar Media, Inc., 5.63%, due 07/15/27 144A | 1809231 |
| 3335000 |  | NextEra Energy Capital Holdings, Inc., 5.45%, due 03/15/35 | 3366206 |
| 520000 |  | Noble Finance II LLC, 8.00%, due 04/15/30 144A | 520027 |
| 1980000 |  | Nordea Bank Abp, 6.30% (5 yr. CMT + 2.66%)<sup>(b)(i)</sup> 144A | 1913599 |
| 700000 |  | Northern Oil & Gas, Inc., 8.13%, due 03/01/28 144A | 702444 |
| 400000 |  | Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, due 11/01/22<sup>(k)</sup> | 8 |
| 1100000 |  | NRG Energy, Inc., 6.25%, due 11/01/34 144A | 1083819 |
| 395000 |  | NTT Finance Corp., 4.37%, due 07/27/27 144A | 394957 |
| 1065000 |  | NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, due 01/15/33 | 1049013 |
| 1790000 |  | Occidental Petroleum Corp., 4.40%, due 08/15/49 | 1268908 |
| 650000 |  | Occidental Petroleum Corp., 5.20%, due 08/01/29 | 650076 |
| 1650000 |  | Occidental Petroleum Corp., 6.45%, due 09/15/36 | 1699726 |
| 1540000 |  | Occidental Petroleum Corp., 7.15%, due 05/15/28 | 1636365 |
| 1380000 |  | Occidental Petroleum Corp., 7.95%, due 06/15/39 | 1575721 |
| 1110000 |  | OCP SA, 3.75%, due 06/23/31<sup>(h)</sup> | 986601 |
| 1200000 |  | OCP SA, 5.13%, due 06/23/51 144A | 924092 |
| 1500000 |  | OCP SA, 6.75%, due 05/02/34 144A | 1543546 |
| 790000 | EUR | Olympus Water U.S. Holding Corp., 9.63%, due 11/15/28 144A | 891391 |
| 2790000 | EUR | Olympus Water U.S. Holding Corp., 9.63%, due 11/15/28<sup>(h)</sup> | 3148075 |
| 395000 |  | Oncor Electric Delivery Co. LLC, 5.35%, due 04/01/35 144A | 399569 |
| 1019000 | EUR | Opal Bidco SAS, 5.50%, due 03/31/32<sup>(g)</sup> | 1100724 |
| 1660000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, due 04/30/28 144A | 1552572 |
| 2155000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A | 1880614 |
| 1310000 |  | Pacific Gas & Electric Co., 5.70%, due 03/01/35 | 1311000 |
| 1970000 |  | Pampa Energia SA, 7.88%, due 12/16/34 144A | 1997383 |
| 990000 |  | Pampa Energia SA, 7.95%, due 09/10/31 144A | 1005513 |
| 1000000 |  | Pan American Energy LLC, 8.50%, due 04/30/32 144A | 1074945 |
| 835000 |  | Panther Escrow Issuer LLC, 7.13%, due 06/01/31 144A | 851350 |
| 1640000 |  | Paramount Global, 7.88%, due 07/30/30 | 1802274 |
| 2375000 |  | Parkland Corp., 6.63%, due 08/15/32 144A | 2375659 |
| 2460000 |  | Performance Food Group, Inc., 6.13%, due 09/15/32 144A | 2448220 |
| 440000 |  | Permian Resources Operating LLC, 5.88%, due 07/01/29 144A | 434574 |
| 850000 |  | Permian Resources Operating LLC, 6.25%, due 02/01/33 144A | 847305 |
| 1620000 |  | Permian Resources Operating LLC, 7.00%, due 01/15/32 144A | 1657992 |
| 200000 |  | Permian Resources Operating LLC, 8.00%, due 04/15/27 144A | 203922 |
| 1070000 |  | Petrobras Global Finance BV, 6.00%, due 01/13/35<sup>(j)</sup> | 1016183 |
| 1360000 |  | Petrobras Global Finance BV, 6.85%, due 06/05/15<sup>(m)</sup> | 1211168 |
| 1215000 |  | Petroleos Mexicanos, 6.70%, due 02/16/32 | 1068524 |
| 1550000 |  | PetSmart, Inc./PetSmart Finance Corp., 4.75%, due 02/15/28 144A | 1452004 |
| 2020000 |  | PetSmart, Inc./PetSmart Finance Corp., 7.75%, due 02/15/29 144A | 1856611 |
| 980000 |  | Plains All American Pipeline LP, 8.69% (3 mo. USD Term SOFR + 4.37%)<sup>(b)(i)</sup> | 980307 |

---

See accompanying Notes to the Financial Statements. 115

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 1290000 | EUR | PLT VII Finance SARL, 6.00%, due 06/15/31 144A | 1432998 |
| 1398000 | EUR | PLT VII Finance SARL, 6.00% (3 mo. EURIBOR + 3.50%), due 06/15/31<sup>(b)</sup> 144A | 1512008 |
| 3490000 |  | PM General Purchaser LLC, 9.50%, due 10/01/28 144A | 3332952 |
| 580000 |  | PNC Financial Services Group, Inc., 5.07% (SOFR + 1.93%), due 01/24/34<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574378 |
| 540000 |  | Power Finance Corp. Ltd., 3.95%, due 04/23/30 144A | 513268 |
| 365000 |  | PPL Capital Funding, Inc., 5.25%, due 09/01/34 | 363381 |
| 1860000 |  | Precision Drilling Corp., 6.88%, due 01/15/29 144A | 1818921 |
| 9000 |  | Precision Drilling Corp., 7.13%, due 01/15/26 144A | 9014 |
| 290000 |  | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, due 04/01/29 144A | 289476 |
| 1550000 |  | Prosus NV, 3.06%, due 07/13/31 144A | 1337516 |
| 1045000 |  | Prosus NV, 4.03%, due 08/03/50 144A | 704576 |
| 1070000 |  | Prosus NV, 4.19%, due 01/19/32 144A | 975775 |
| 1770000 |  | Prosus NV, 4.19%, due 01/19/32<sup>(h)</sup> | 1614133 |
| 3405000 |  | Prudential Financial, Inc., 5.20%, due 03/14/35 | 3410934 |
| 1000000 |  | Puma International Financing SA, 7.75%, due 04/25/29 144A | 1010817 |
| 590000 |  | QazaqGaz NC JSC, 4.38%, due 09/26/27 144A | 572340 |
| 1560000 |  | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 1571177 |
| 156000 |  | Rackspace Finance LLC, 3.50%, due 05/15/28 144A | 64319 |
| 1490000 |  | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, due 11/15/28 144A | 1461462 |
| 685000 |  | Raizen Fuels Finance SA, 5.70%, due 01/17/35 144A | 651367 |
| 3390000 |  | Raizen Fuels Finance SA, 6.70%, due 02/25/37 144A | 3395678 |
| 1240000 |  | Range Resources Corp., 4.75%, due 02/15/30 144A | 1180611 |
| 1790000 |  | Range Resources Corp., 8.25%, due 01/15/29 | 1842644 |
| 725000 |  | RingCentral, Inc., 8.50%, due 08/15/30 144A | 762762 |
| 1045000 |  | Rio Tinto Finance USA PLC, 5.25%, due 03/14/35 | 1053423 |
| 1810000 |  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.63%, due 03/01/29 144A | 1670621 |
| 540000 |  | Rockies Express Pipeline LLC, 6.75%, due 03/15/33 144A | 549718 |
| 340000 |  | Rockies Express Pipeline LLC, 7.50%, due 07/15/38 144A | 343490 |
| 315000 |  | Rollins, Inc., 5.25%, due 02/24/35 144A | 313600 |
| 1920000 | EUR | Rolls-Royce PLC, 4.63%, due 02/16/26<sup>(h)</sup> | 2098962 |
| 890000 |  | Royal Caribbean Cruises Ltd., 4.25%, due 07/01/26 144A | 877039 |
| 340000 |  | Royal Caribbean Cruises Ltd., 5.50%, due 08/31/26 144A | 340229 |
| 1110000 |  | Royal Caribbean Cruises Ltd., 6.00%, due 02/01/33 144A | 1110168 |
| 430000 |  | Royal Caribbean Cruises Ltd., 6.25%, due 03/15/32 144A | 434192 |
| 1240000 |  | Royal Caribbean Cruises Ltd., 7.50%, due 10/15/27 | 1299706 |
| 1340000 |  | RR Donnelley & Sons Co., 9.50%, due 08/01/29 144A | 1328631 |
| 1170000 |  | Rumo Luxembourg SARL, 4.20%, due 01/18/32 144A | 1031040 |
| 2185000 |  | S&S Holdings LLC, 8.38%, due 10/01/31 144A | 2066825 |
| 2733000 |  | Sabre GLBL, Inc., 10.75%, due 11/15/29 144A | 2763136 |
| 3605000 |  | Saks Global Enterprises LLC, 11.00%, due 12/15/29 144A | 2925418 |
| 230000 |  | Sands China Ltd., 2.30%, due 03/08/27 | 218036 |
| 500000 |  | Sands China Ltd., 2.85%, due 03/08/29 | 452543 |
| 200000 |  | Sands China Ltd., 5.13%, due 08/08/25 | 199953 |
| 640000 |  | Sands China Ltd., 5.40%, due 08/08/28 | 641223 |
| 420000 |  | Sasol Financing USA LLC, 5.50%, due 03/18/31 | 353466 |
| 1951000 |  | Saturn Oil & Gas, Inc., 9.63%, due 06/15/29 144A | 1888628 |
| 2435000 |  | Saudi Arabian Oil Co., 5.75%, due 07/17/54 144A | 2302216 |
| 310000 | EUR | SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, due 11/01/26 144A | 333656 |
| 2860000 | EUR | SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, due 07/15/28<sup>(h)</sup> | 3248608 |

---

116 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** |  |
| 545000 |  | Sempra, 3.70%, due 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523328 |
| 1355000 |  | SEPLAT Energy PLC, 9.13%, due 03/21/30 144A | 1352439 |
| 490000 |  | Service Properties Trust, 5.50%, due 12/15/27 | 473061 |
| 1475000 |  | Shelf Drilling Holdings Ltd., 9.63%, due 04/15/29 144A | 1276396 |
| 1640000 |  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 08/15/32 144A | 1654327 |
| 400000 |  | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, due 03/01/29 144A | 371331 |
| 1070000 |  | Sitios Latinoamerica SAB de CV, 6.00%, due 11/25/29 144A | 1081310 |
| 980000 |  | Snap, Inc., 6.88%, due 03/01/33 144A | 980813 |
| 935000 |  | Sociedad Quimica y Minera de Chile SA, 5.50%, due 09/10/34 144A | 907404 |
| 1530000 |  | Sotera Health Holdings LLC, 7.38%, due 06/01/31 144A | 1557358 |
| 590000 |  | Southwestern Public Service Co., 6.00%, due 06/01/54 | 597613 |
| 1782162 |  | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 11.00% (11.00% Cash or 4.00% PIK), due 03/06/30 144A | 1588352 |
| 2135000 |  | Standard Chartered PLC, 4.30% (5 yr. CMT + 3.14%)<sup>(b)(i)</sup> 144A | 1922513 |
| 765000 |  | Standard Chartered PLC, 4.75% (5 yr. CMT + 3.81%)<sup>(b)(h)(i)</sup> | 677434 |
| 2150000 |  | Standard Chartered PLC, 5.91% (1 yr. CMT + 1.45%), due 05/14/35<sup>(b)</sup> 144A | 2204495 |
| 880000 |  | Star Parent, Inc., 9.00%, due 10/01/30 144A | 868477 |
| 1550000 |  | Starwood Property Trust, Inc., 4.38%, due 01/15/27 144A | 1507746 |
| 620000 |  | Starwood Property Trust, Inc., 7.25%, due 04/01/29 144A | 636367 |
| 570000 |  | State Street Corp., 6.70% (5 yr. CMT + 2.61%)<sup>(b)(i)</sup> | 585827 |
| 1075000 |  | Stellantis Finance U.S., Inc., 6.45%, due 03/18/35 144A | 1067768 |
| 670000 |  | Stena International SA, 7.25%, due 01/15/31 144A | 670411 |
| 755000 |  | Stonepeak Nile Parent LLC, 7.25%, due 03/15/32 144A | 770232 |
| 926000 |  | Strathcona Resources Ltd., 6.88%, due 08/01/26 144A | 924734 |
| 421000 |  | Studio City Finance Ltd., 6.00%, due 07/15/25 144A | 421960 |
| 470000 |  | Studio City Finance Ltd., 6.50%, due 01/15/28 144A | 456851 |
| 593000 |  | Sunnova Energy Corp., 5.88%, due 09/01/26 144A | 252698 |
| 1250000 |  | Suzano Austria GmbH, 3.13%, due 01/15/32 | 1065345 |
| 930000 |  | Suzano Austria GmbH, 7.00%, due 03/16/47<sup>(h)</sup> | 985219 |
| 595000 |  | Synchrony Financial, 5.45% (SOFR + 1.68%), due 03/06/31<sup>(b)</sup> | 590969 |
| 445000 |  | Synopsys, Inc., 5.15%, due 04/01/35 | 447513 |
| 330000 |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 313421 |
| 1220000 |  | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, due 01/15/29 | 1247912 |
| 1335000 |  | TC Ziraat Bankasi AS, 7.25%, due 02/04/30 144A | 1315058 |
| 60000 |  | Teck Resources Ltd., 6.00%, due 08/15/40 | 60138 |
| 745000 |  | Telecomunicaciones Digitales SA, 4.50%, due 01/30/30<sup>(h)</sup> | 675142 |
| 910000 |  | Tencent Holdings Ltd., 3.24%, due 06/03/50<sup>(h)</sup> | 623454 |
| 1085000 |  | Tencent Holdings Ltd., 3.93%, due 01/19/38<sup>(h)</sup> | 962076 |
| 735000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 03/31/27<sup>(h)</sup> | 766874 |
| 1280000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 7.38%, due 09/15/29 | 1546422 |
| 3250000 |  | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46 | 2352246 |
| 510000 |  | Teva Pharmaceutical Finance Netherlands III BV, 4.75%, due 05/09/27 | 502697 |
| 280000 |  | Teva Pharmaceutical Finance Netherlands III BV, 8.13%, due 09/15/31 | 312418 |
| 690000 | GBP | Time Warner Cable LLC, 5.25%, due 07/15/42 | 717512 |
| 300000 |  | Time Warner Cable LLC, 6.75%, due 06/15/39 | 300038 |
| 1550000 |  | Titan International, Inc., 7.00%, due 04/30/28 | 1535054 |
| 1900000 |  | TK Elevator U.S. Newco, Inc., 5.25%, due 07/15/27 144A | 1865666 |
| 800000 |  | TKC Holdings, Inc., 6.88%, due 05/15/28 144A | 797866 |

---

See accompanying Notes to the Financial Statements. 117

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 440000 | TKC Holdings, Inc., 10.50%, due 05/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440237 |
| 760000 | T-Mobile USA, Inc., 3.50%, due 04/15/31 | 703519 |
| 1515000 | T-Mobile USA, Inc., 4.70%, due 01/15/35 | 1458665 |
| 660000 | TopBuild Corp., 4.13%, due 02/15/32 144A | 587719 |
| 1230000 | Toronto-Dominion Bank, 8.13% (5 yr. CMT + 4.08%), due 10/31/82<sup>(b)</sup> | 1275393 |
| 1100000 | TransAlta Corp., 6.50%, due 03/15/40 | 1038817 |
| 830000 | TransAlta Corp., 7.75%, due 11/15/29 | 862571 |
| 3375000 | TransDigm, Inc., 6.00%, due 01/15/33 144A | 3325665 |
| 3210000 | TransDigm, Inc., 6.63%, due 03/01/32 144A | 3254922 |
| 915000 | Transnet SOC Ltd., 8.25%, due 02/06/28 144A | 932739 |
| 1201000 | Transocean, Inc., 8.00%, due 02/01/27 144A | 1197243 |
| 1165000 | Transocean, Inc., 8.25%, due 05/15/29 144A | 1139667 |
| 890000 | Truist Financial Corp., 5.87% (SOFR + 2.36%), due 06/08/34<sup>(b)</sup> | 915925 |
| 1400000 | Turk Telekomunikasyon AS, 7.38%, due 05/20/29 144A | 1414364 |
| 965000 | Turk Telekomunikasyon AS, 7.38%, due 05/20/29<sup>(h)</sup> | 974804 |
| 1990000 | Turkcell Iletisim Hizmetleri AS, 7.65%, due 01/24/32 144A | 2014746 |
| 655000 | Turkiye Garanti Bankasi AS, 8.13% (5 yr. CMT + 3.84%), due 01/03/35<sup>(b)</sup> 144A | 652606 |
| 725000 | Turkiye Garanti Bankasi AS, 8.38% (5 yr. CMT + 4.09%), due 02/28/34<sup>(b)</sup> 144A | 729441 |
| 1685000 | Turkiye Vakiflar Bankasi TAO, 6.88%, due 01/07/30 144A | 1639624 |
| 1490000 | Tutor Perini Corp., 11.88%, due 04/30/29 144A | 1642186 |
| 136422 | U.S. Airways Pass-Through Trust, 3.95%, due 05/15/27 | 135533 |
| 770000 | U.S. Bancorp, 5.84% (SOFR + 2.26%), due 06/12/34<sup>(b)</sup> | 794829 |
| 171500 | U.S. Renal Care, Inc., 10.63%, due 06/28/28 144A | 146633 |
| 1955000 | UBS Group AG, 6.54% (SOFR + 3.92%), due 08/12/33<sup>(b)</sup> 144A | 2095453 |
| 4095000 | UBS Group AG, 7.00% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.08%)<sup>(b)(i)</sup> 144A | 4043120 |
| 1000000 | UBS Group AG, 7.13% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.18%)<sup>(b)(i)</sup> 144A | 986117 |
| 1360000 | UBS Group AG, 7.75% (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.16%)<sup>(b)(i)</sup> 144A | 1418412 |
| 680000 | UBS Group AG, 9.25% (5 yr. CMT + 4.75%)<sup>(b)(i)</sup> 144A | 740207 |
| 1195000 | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(i)</sup> 144A | 1366724 |
| 1270000 | UKG, Inc., 6.88%, due 02/01/31 144A | 1289271 |
| 770000 | UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35<sup>(b)</sup> 144A | 756885 |
| 235000 | UniCredit SpA, 7.30% (5 yr. USD ICE Swap + 4.91%), due 04/02/34<sup>(b)</sup> 144A | 248105 |
| 30720 | United Airlines Pass-Through Trust, 4.88%, due 07/15/27 | 30675 |
| 287695 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 293252 |
| 3270000 | United Rentals North America, Inc., 6.00%, due 12/15/29 144A | 3326338 |
| 249000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, due 02/15/28 144A | 264699 |
| 1340000 | Usiminas International SARL, 7.50%, due 01/27/32 144A | 1354405 |
| 290000 | Utah Acquisition Sub, Inc., 5.25%, due 06/15/46 | 232181 |
| 810000 | Vale Overseas Ltd., 6.40%, due 06/28/54 | 800166 |
| 935000 | Vedanta Resources Finance II PLC, 10.88%, due 09/17/29 144A | 966234 |
| 1060000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 982026 |
| 500000 | Venture Global Calcasieu Pass LLC, 3.88%, due 11/01/33 144A | 430730 |
| 350000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | 318258 |
| 1500000 | Venture Global Calcasieu Pass LLC, 6.25%, due 01/15/30 144A | 1523455 |
| 2520000 | Venture Global LNG, Inc., 9.00% (5 yr. CMT + 5.44%)<sup>(b)(i)</sup> 144A | 2393443 |
| 1600000 | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | 1716698 |

---

118 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 1200000 | Venture Global LNG, Inc., 9.88%, due 02/01/32 144A | 1275252 |
| 490000 | Verizon Communications, Inc., 2.85%, due 09/03/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345115 |
| 1320000 | Vermilion Energy, Inc., 7.25%, due 02/15/33 144A | 1258209 |
| 690000 | Vertiv Group Corp., 4.13%, due 11/15/28 144A | 657609 |
| 1100000 | VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, due 06/15/31 144A | 1131088 |
| 650000 | Viasat, Inc., 5.63%, due 04/15/27 144A | 624423 |
| 2750000 | Viking Cruises Ltd., 7.00%, due 02/15/29 144A | 2761019 |
| 1630000 | Viking Cruises Ltd., 9.13%, due 07/15/31 144A | 1742480 |
| 555000 | Virginia Electric & Power Co., 5.05%, due 08/15/34 | 549279 |
| 330000 | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, due 05/01/27 144A | 324441 |
| 810000 | Vistra Operations Co. LLC, 6.88%, due 04/15/32 144A | 826274 |
| 420000 | VOC Escrow Ltd., 5.00%, due 02/15/28 144A | 409977 |
| 758670 | Vortex Opco LLC, 8.00%, due 04/30/30 144A | 182081 |
| 910000 | WE Soda Investments Holding PLC, 9.50%, due 10/06/28<sup>(h)</sup> | 938406 |
| 3010000 | Wells Fargo & Co., 5.43% (SOFR + 1.07%), due 04/22/28<sup>(b)</sup> | 3033202 |
| 1975000 | WESCO Distribution, Inc., 6.63%, due 03/15/32 144A | 2005948 |
| 2840000 | Western Midstream Operating LP, 5.30%, due 03/01/48 | 2440185 |
| 1425000 | Western Midstream Operating LP, 5.45%, due 04/01/44 | 1273563 |
| 60000 | Williams Cos., Inc., 8.75%, due 03/15/32 | 72194 |
| 265000 | Winnebago Industries, Inc., 6.25%, due 07/15/28 144A | 262305 |
| 150000 | Wrangler Holdco Corp., 6.63%, due 04/01/32 144A | 152873 |
| 800000 | WW International, Inc., 4.50%, due 04/15/29 144A | 204854 |
| 820000 | Wynn Macau Ltd., 5.63%, due 08/26/28 144A | 789440 |
| 1210000 | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, due 02/15/31 144A | 1252937 |
| 1280000 | Xiaomi Best Time International Ltd., 4.10%, due 07/14/51<sup>(h)</sup> | 1009179 |
| 730000 | XPO, Inc., 6.25%, due 06/01/28 144A | 739451 |
| 180000 | Yamana Gold, Inc., 4.63%, due 12/15/27 | 178712 |
| 1355000 | Yapi ve Kredi Bankasi AS, 7.25%, due 03/03/30 144A | 1336792 |
| 2745000 | YPF Energia Electrica SA, 7.88%, due 10/16/32 144A | 2687080 |
| 460000 | YPF SA, 6.95%, due 07/21/27 144A | 457177 |
| 1995000 | YPF SA, 8.25%, due 01/17/34 144A | 1976646 |
| 127400 | YPF SA, 9.00%, due 02/12/26<sup>(l)</sup> 144A | 129642 |
| 300000 | ZF North America Capital, Inc., 6.75%, due 04/23/30 144A | 285421 |
| 1050000 | ZF North America Capital, Inc., 6.88%, due 04/23/32 144A | 975407 |
| 2014000 | ZF North America Capital, Inc., 7.13%, due 04/14/30 144A | 1940664 |
| 3925000 | Ziff Davis, Inc., 4.63%, due 10/15/30 144A | 3565044 |
|  |  | 705630655 |
|  | **Mortgage Backed Securities - Private Issuers — 5.4%** |  |
| 1550000 | 280 Park Avenue Mortgage Trust, Series 2017-280P, Class D, 6.16% (1 mo. USD Term SOFR + 1.84%), due 09/15/34<sup>(b)</sup> 144A | 1497898 |
| 1450591 | Angel Oak Mortgage Trust, Series 2022-3, Class A3, 4.14%, due 01/25/67<sup>(c)</sup> 144A | 1362140 |
| 712564 | Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1, 5.02%, due 03/25/49<sup>(c)</sup> 144A | 712071 |
| 820000 | ARES Commercial Mortgage Trust, Series 2024-IND2, Class A, 5.76% (1 mo. USD Term SOFR + 1.44%), due 10/15/34<sup>(b)</sup> 144A | 819187 |
| 355000 | Bank, Series 2020-BNK25, Class AS, 2.84%, due 01/15/63 | 318225 |
| 1280000 | Bank, Series 2022-BNK42, Class A5, 4.49%, due 06/15/55<sup>(c)</sup> | 1232652 |
| 1270000 | Bank, Series 2022-BNK44, Class D, 4.00%, due 11/15/32<sup>(c)</sup> 144A | 971486 |

---

See accompanying Notes to the Financial Statements. 119

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 870000 | Bank, Series 2023-BNK45, Class A5, 5.20%, due 02/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879200 |
| 6030366 | Bank, Series 2023-BNK46, Class XA, 0.62%, due 08/15/56<sup>(c)</sup> | 222153 |
| 1020000 | Bank, Series 2024-BNK48, Class A5, 5.05%, due 10/15/57 | 1021196 |
| 922000 | BBCCRE Trust, Series 2015-GTP, Class F, 4.56%, due 08/10/33<sup>(c)</sup> 144A | 528232 |
| 280000 | BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52 | 260163 |
| 345000 | BBCMS Mortgage Trust, Series 2020-C6, Class AS, 2.84%, due 02/15/53 | 308853 |
| 390000 | BBCMS Trust, Series 2018-CBM, Class D, 7.01% (1 mo. USD Term SOFR + 2.69%), due 07/15/37<sup>(b)</sup> 144A | 344263 |
| 250000 | Benchmark Mortgage Trust, Series 2020-B16, Class AM, 2.94%, due 02/15/53<sup>(c)</sup> | 223850 |
| 630000 | Benchmark Mortgage Trust, Series 2023-V3, Class D, 4.00%, due 07/15/56 144A | 554605 |
| 1000000 | BHMS Mortgage Trust, Series 2018-MZB, Class MZB, 11.25% (1 mo. USD Term SOFR + 6.93%), due 07/15/25<sup>(b)</sup> 144A | 982536 |
| 860000 | BIG Commercial Mortgage Trust, Series 2022-BIG, Class F, 9.75% (1 mo. USD Term SOFR + 5.44%), due 02/15/39<sup>(b)</sup> 144A | 859239 |
| 1080000 | BOCA Commercial Mortgage Trust, Series 2024-BOCA, Class E, 8.76% (1 mo. USD Term SOFR + 4.44%), due 08/15/41<sup>(b)</sup> 144A | 1081517 |
| 655912 | BRAVO Residential Funding Trust, Series 2022-NQM1, Class A3, 4.09%, due 09/25/61<sup>(c)</sup> 144A | 620331 |
| 211674 | BRAVO Residential Funding Trust, Series 2022-NQM2, Class A3, 5.24%, due 11/25/61<sup>(c)</sup> 144A | 210448 |
| 192328 | BRAVO Residential Funding Trust, Series 2022-NQM3, Class A3, 5.50%, due 07/25/62<sup>(c)</sup> 144A | 191772 |
| 1153193 | BRAVO Residential Funding Trust, Series 2024-NQM2, Class A3, 6.59%, due 02/25/64<sup>(l)</sup> 144A | 1160950 |
| 590000 | BX Commercial Mortgage Trust, Series 2019-IMC, Class E, 6.52% (1 mo. USD Term SOFR + 2.20%), due 04/15/34<sup>(b)</sup> 144A | 582072 |
| 1005623 | BX Commercial Mortgage Trust, Series 2021-21M, Class A, 5.16% (1 mo. USD Term SOFR + 0.84%), due 10/15/36<sup>(b)</sup> 144A | 997961 |
| 762996 | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.28% (1 mo. USD Term SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A | 761187 |
| 222657 | BX Commercial Mortgage Trust, Series 2021-VINO, Class A, 5.09% (1 mo. USD Term SOFR + 0.77%), due 05/15/38<sup>(b)</sup> 144A | 222133 |
| 690000 | BX Commercial Mortgage Trust, Series 2021-VOLT, Class G, 7.28% (1 mo. USD Term SOFR + 2.96%), due 09/15/36<sup>(b)</sup> 144A | 680934 |
| 357000 | BX Commercial Mortgage Trust, Series 2021-XL2, Class J, 8.32% (1 mo. USD Term SOFR + 4.00%), due 10/15/38<sup>(b)</sup> 144A | 348388 |
| 1260000 | BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 5.31% (1 mo. USD Term SOFR + 0.99%), due 01/17/39<sup>(b)</sup> 144A | 1248232 |
| 672000 | BX Commercial Mortgage Trust, Series 2022-LP2, Class G, 8.43% (1 mo. USD Term SOFR + 4.11%), due 02/15/39<sup>(b)</sup> 144A | 671449 |
| 820000 | BX Commercial Mortgage Trust, Series 2024-BIO2, Class D, 7.71%, due 08/13/41<sup>(c)</sup> 144A | 814069 |
| 1006746 | BX Commercial Mortgage Trust, Series 2024-KING, Class E, 8.01% (1 mo. USD Term SOFR + 3.69%), due 05/15/34<sup>(b)</sup> 144A | 1004956 |
| 1600000 | BX Trust, Series 2021-ARIA, Class E, 6.68% (1 mo. USD Term SOFR + 2.36%), due 10/15/36<sup>(b)</sup> 144A | 1589613 |
| 1657780 | BX Trust, Series 2021-SDMF, Class F, 6.37% (1 mo. USD Term SOFR + 2.05%), due 09/15/34<sup>(b)</sup> 144A | 1621104 |
| 830000 | BX Trust, Series 2022-LBA6, Class D, 6.32% (1 mo. USD Term SOFR + 2.00%), due 01/15/39<sup>(b)</sup> 144A | 828521 |
| 1310189 | BX Trust, Series 2024-CNYN, Class D, 7.01% (1 mo. USD Term SOFR + 2.69%), due 04/15/41<sup>(b)</sup> 144A | 1310025 |

---

120 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 418677 | Cantor Commercial Real Estate Lending, Series 2019-CF1, Class A2, 3.62%, due 05/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398649 |
| 77629 | CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.25%, due 12/15/47<sup>(c)</sup> 144A | 74659 |
| 425000 | CFK Trust, Series 2020-MF2, Class F, 3.46%, due 03/15/39<sup>(c)</sup> 144A | 230956 |
| 1210000 | Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class B, 3.76%, due 04/10/48<sup>(c)</sup> | 1171746 |
| 1640000 | Citigroup Commercial Mortgage Trust, Series 2015-P1, Class C, 4.39%, due 09/15/48<sup>(c)</sup> | 1580365 |
| 270000 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.47%, due 10/12/50 | 261676 |
| 1440000 | COLT Mortgage Loan Trust, Series 2024-1, Class M1, 6.59%, due 02/25/69<sup>(c)</sup> 144A | 1447962 |
| 290249 | COMM Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A | 272586 |
| 1780000 | CSAIL Commercial Mortgage Trust, Series 2015-C3, Class C, 4.36%, due 08/15/48<sup>(c)</sup> | 1576811 |
| 300000 | CSMC Trust, Series 2019-UVIL, Class A, 3.16%, due 12/15/41 144A | 274617 |
| 765000 | DBGS Mortgage Trust, Series 2018-BIOD, Class D, 5.92% (1 mo. USD Term SOFR + 1.60%), due 05/15/35<sup>(b)</sup> 144A | 752886 |
| 930000 | Ellington Financial Mortgage Trust, Series 2020-1, Class B1, 5.09%, due 05/25/65<sup>(c)</sup> 144A | 979578 |
| 781631 | Ellington Financial Mortgage Trust, Series 2023-1, Class A3, 6.54%, due 02/25/68<sup>(l)</sup> 144A | 784273 |
| 769105 | ELP Commercial Mortgage Trust, Series 2021-ELP, Class D, 5.95% (1 mo. USD Term SOFR + 1.63%), due 11/15/38<sup>(b)</sup> 144A | 765599 |
| 424414 | Extended Stay America Trust, Series 2021-ESH, Class F, 8.13% (1 mo. USD Term SOFR + 3.81%), due 07/15/38<sup>(b)</sup> 144A | 424963 |
| 92789 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2017-2, Class M1, 4.00%, due 08/25/56<sup>(c)</sup> 144A | 92281 |
| 415000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-3, Class M, 4.75%, due 08/25/57<sup>(c)</sup> 144A | 400890 |
| 246016 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, Class M, 4.75%, due 07/25/58<sup>(c)</sup> 144A | 239594 |
| 678762 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, Class M, 4.75%, due 10/25/58<sup>(c)</sup> 144A | 662198 |
| 560000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M, 4.50%, due 02/25/59<sup>(c)</sup> 144A | 526112 |
| 370000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M, 4.25%, due 08/25/59<sup>(c)</sup> 144A | 352749 |
| 614613 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-2, Class M, 4.25%, due 11/25/59<sup>(c)</sup> 144A | 589218 |
| 590000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-3, Class M, 4.25%, due 05/25/60<sup>(c)</sup> 144A | 563465 |
| 489989 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-1, Class M, 4.25%, due 09/25/60 144A | 462932 |
| 1620000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2024-1, Class M, 5.00%, due 11/25/63<sup>(c)</sup> 144A | 1361440 |
| 1060000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2020-DNA6, Class B1, 7.34% (SOFR 30-day average + 3.00%), due 12/25/50<sup>(b)</sup> 144A | 1141997 |
| 970000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA1, Class B2, 9.09% (SOFR 30-day average + 4.75%), due 01/25/51<sup>(b)</sup> 144A | 1060327 |
| 910000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA2, Class B1, 7.74% (SOFR 30-day average + 3.40%), due 08/25/33<sup>(b)</sup> 144A | 1008492 |
| 380000 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA3, Class B1, 7.84% (SOFR 30-day average + 3.50%), due 10/25/33<sup>(b)</sup> 144A | 423424 |
| 1018782 | Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA3, Class M2, 6.44% (SOFR 30-day average + 2.10%), due 10/25/33<sup>(b)</sup> 144A | 1051754 |

---

See accompanying Notes to the Financial Statements. 121

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | |
|:---|:---|
| **Par Value<sup>(a)</sup>** | **Value ($)** |
| 1270000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA5, Class B1, 7.39% (SOFR 30-day average + 3.05%), due 01/25/34<sup>(b)</sup> 144A | 1344289 |
| 492164<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA5, Class M2, 5.99% (SOFR 30-day average + 1.65%), due 01/25/34<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493227 |
| 980000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA6, Class B1, 7.74% (SOFR 30-day average + 3.40%), due 10/25/41<sup>(b)</sup> 144A | 1004680 |
| 391486<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA6, Class M2, 5.84% (SOFR 30-day average + 1.50%), due 10/25/41<sup>(b)</sup> 144A | 391825 |
| 1000000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA7, Class M2, 6.14% (SOFR 30-day average + 1.80%), due 11/25/41<sup>(b)</sup> 144A | 1005118 |
| 1100000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class B1, 9.09% (SOFR 30-day average + 4.75%), due 02/25/42<sup>(b)</sup> 144A | 1150313 |
| 1420000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA2, Class M2, 8.09% (SOFR 30-day average + 3.75%), due 02/25/42<sup>(b)</sup> 144A | 1469347 |
| 1090000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA3, Class M1B, 7.24% (SOFR 30-day average + 2.90%), due 04/25/42<sup>(b)</sup> 144A | 1121668 |
| 1390000<br> Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA6, Class M2, 10.09% (SOFR 30-day average + 5.75%), due 09/25/42<sup>(b)</sup> 144A | 1514948 |
| 209088<br> Federal Home Loan Mortgage Corp. STACR Securitized Participation Interests Trust, Series 2017-SPI1, Class B, 4.11%, due 09/25/47<sup>(c)</sup> 144A | 154762 |
| 440000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2017-C07, Class 1B1, 8.45% (SOFR 30-day average + 4.11%), due 05/25/30<sup>(b)</sup> 144A | 474840 |
| 610000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2018-C01, Class 1B1, 8.00% (SOFR 30-day average + 3.66%), due 07/25/30<sup>(b)</sup> 144A | 656206 |
| 492500<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2018-C06, Class 1B1, 8.20% (SOFR 30-day average + 3.86%), due 03/25/31<sup>(b)</sup> 144A | 531324 |
| 713450<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R03, Class 1B1, 8.55% (SOFR 30-day average + 4.21%), due 09/25/31<sup>(b)</sup> 144A | 753598 |
| 588592<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2019-R07, Class 1B1, 7.85% (SOFR 30-day average + 3.51%), due 10/25/39<sup>(b)</sup> 144A | 603966 |
| 260000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1, 7.70% (SOFR 30-day average + 3.36%), due 01/25/40<sup>(b)</sup> 144A | 268558 |
| 2280000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1, 7.44% (SOFR 30-day average + 3.10%), due 10/25/41<sup>(b)</sup> 144A | 2320267 |
| 1210000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 10.34% (SOFR 30-day average + 6.00%), due 10/25/41<sup>(b)</sup> 144A | 1261419 |
| 1260000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2021-R03, Class 1B1, 7.09% (SOFR 30-day average + 2.75%), due 12/25/41<sup>(b)</sup> 144A | 1281450 |
| 1230000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R01, Class 1B1, 7.49% (SOFR 30-day average + 3.15%), due 12/25/41<sup>(b)</sup> 144A | 1259264 |
| 1000000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2022-R04, Class 1M2, 7.44% (SOFR 30-day average + 3.10%), due 03/25/42<sup>(b)</sup> 144A | 1032062 |
| 1020000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2023-R06, Class 1B1, 8.24% (SOFR 30-day average + 3.90%), due 07/25/43<sup>(b)</sup> 144A | 1077134 |
| 1590000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2024-R01, Class 1B1, 7.04% (SOFR 30-day average + 2.70%), due 01/25/44<sup>(b)</sup> 144A | 1622929 |
| 1600000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2024-R02, Class 1B1, 6.84% (SOFR 30-day average + 2.50%), due 02/25/44<sup>(b)</sup> 144A | 1622675 |
| 1380000<br> Federal National Mortgage Association Connecticut Avenue Securities Trust, Series 2024-R04, Class 1B1, 6.54% (SOFR 30-day average + 2.20%), due 05/25/44<sup>(b)</sup> 144A | 1391335 |
| 900000<br> GS Mortgage Securities Corp. II, Series 2024-70P, Class E, 8.37%, due 03/10/41<sup>(c)</sup> 144A | 931585 |
| 510000<br> GS Mortgage Securities Corp. Trust, Series 2018-LUAU, Class G, 9.07% (1 mo. USD Term SOFR + 4.75%), due 11/15/32<sup>(b)</sup> 144A | 512073 |
| 280000<br> GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.48%, due 06/10/47<sup>(c)</sup> 144A | 94912 |

---

122 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 604179 | GS Mortgage Securities Trust, Series 2015-GC28, Class D, 4.56%, due 02/10/48<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576242 |
| 720000 | GS Mortgage Securities Trust, Series 2015-GC32, Class D, 3.35%, due 07/10/48 | 672901 |
| 125224 | HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 5.33% (1 mo. USD Term SOFR + 1.01%), due 06/20/35<sup>(b)</sup> | 117735 |
| 1350000 | HIH Trust, Series 2024-61P, Class F, 9.76% (1 mo. USD Term SOFR + 5.44%), due 10/15/41<sup>(b)</sup> 144A | 1349842 |
| 100000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class C, 4.72%, due 01/15/49<sup>(c)</sup> | 91438 |
| 1210000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFL, 7.46% (1 mo. USD Term SOFR + 3.14%), due 07/05/33<sup>(b)</sup> 144A | 633174 |
| 810000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-HTL5, Class F, 8.85% (1 mo. USD Term SOFR + 4.53%), due 11/15/38<sup>(b)</sup> 144A | 801380 |
| 1030000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class D, 7.25% (SOFR 30-day average + 2.90%), due 03/15/39<sup>(b)</sup> 144A | 1031429 |
| 624869 | KIND Trust, Series 2021-KIND, Class D, 6.74% (1 mo. USD Term SOFR + 2.41%), due 08/15/38<sup>(b)</sup> 144A | 610828 |
| 486009 | KIND Trust, Series 2021-KIND, Class E, 7.69% (1 mo. USD Term SOFR + 3.36%), due 08/15/38<sup>(b)</sup> 144A | 474407 |
| 455000 | Life Mortgage Trust, Series 2021-BMR, Class F, 6.78% (1 mo. USD Term SOFR + 2.46%), due 03/15/38<sup>(b)</sup> 144A | 446231 |
| 271192 | MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.23% (1 mo. USD Term SOFR + 0.92%), due 04/15/38<sup>(b)</sup> 144A | 270593 |
| 472000 | MHC Trust, Series 2021-MHC2, Class E, 6.38% (1 mo. USD Term SOFR + 2.06%), due 05/15/38<sup>(b)</sup> 144A | 469375 |
| 320000 | Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.28%, due 07/11/40<sup>(c)</sup> 144A | 297428 |
| 300935 | MSBAM Commercial Mortgage Securities Trust, Series 2012-CKSV, Class A2, 3.28%, due 10/15/30 144A | 286647 |
| 490000 | MSWF Commercial Mortgage Trust, Series 2023-1, Class A4, 5.47%, due 05/15/56 | 498075 |
| 540000 | MSWF Commercial Mortgage Trust, Series 2023-2, Class C, 7.02%, due 12/15/56<sup>(c)</sup> | 583928 |
| 425156 | Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, 7.70% (SOFR 30-day average + 3.36%), due 10/25/49<sup>(b)</sup> 144A | 432704 |
| 428417 | Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, 8.20% (SOFR 30-day average + 3.86%), due 03/25/50<sup>(b)</sup> 144A | 436037 |
| 271634 | Natixis Commercial Mortgage Securities Trust, Series 2019-MILE, Class A, 5.90% (1 mo. USD Term SOFR + 1.58%), due 07/15/36<sup>(b)</sup> 144A | 257083 |
| 291288 | New Residential Mortgage Loan Trust, Series 2017-5A, Class B4, 6.38%, due 06/25/57<sup>(c)</sup> 144A | 284277 |
| 362226 | OBX Trust, Series 2022-NQM6, Class A1, 4.70%, due 07/25/62<sup>(l)</sup> 144A | 364179 |
| 1560000 | ONNI Commerical Mortgage Trust, Series 2024-APT, Class D, 6.54%, due 07/15/39<sup>(c)</sup> 144A | 1606290 |
| 650000 | OPG Trust, Series 2021-PORT, Class D, 5.57% (1 mo. USD Term SOFR + 1.25%), due 10/15/36<sup>(b)</sup> 144A | 646332 |
| 1580000 | SMRT Commercial Mortgage Trust, Series 2022-MINI, Class D, 6.27% (1 mo. USD Term SOFR + 1.95%), due 01/15/39<sup>(b)</sup> 144A | 1549522 |
| 230000 | Starwood Retail Property Trust, Series 2014-STAR, Class C, 7.50% (U.S. (Fed) Prime Rate + 0.00%), due 11/15/27<sup>(b)(e)</sup> 144A | 55476 |
| 900000 | Starwood Retail Property Trust, Series 2014-STAR, Class D, 7.50% (U.S. (Fed) Prime Rate + 0.00%), due 11/15/27<sup>(b)(e)</sup> 144A | 40140 |
| 241867 | Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 4.99% (1 mo. USD Term SOFR + 0.67%), due 05/25/45<sup>(b)</sup> | 180255 |
| 590000 | Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59<sup>(c)</sup> 144A | 463830 |
| 196915 | UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, due 12/15/50 | 190936 |
| 1550000 | Verus Securitization Trust, Series 2023-4, Class B1, 8.09%, due 05/25/68<sup>(c)</sup> 144A | 1560140 |

---

See accompanying Notes to the Financial Statements. 123

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 448827 |  | Verus Securitization Trust, Series 2023-8, Class A3, 6.97%, due 12/25/68<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455142 |
| 1160000 |  | Verus Securitization Trust, Series 2023-8, Class B1, 8.11%, due 12/25/68<sup>(c)</sup> 144A | 1175652 |
| 1576200 |  | Verus Securitization Trust, Series 2024-4, Class B1, 7.64%, due 06/25/69<sup>(c)</sup> 144A | 1594213 |
| 259777 |  | WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR16, Class 2A2, 4.52%, due 12/25/36<sup>(c)</sup> | 230621 |
| 350000 |  | WB Commercial Mortgage Trust, Series 2024-HQ, Class D, 7.48%, due 03/15/40<sup>(c)</sup> 144A | 356653 |
| 74255 |  | Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class B, 3.96%, due 12/15/47 | 73467 |
| 1190000 |  | Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class D, 2.80%, due 12/15/50<sup>(c)</sup> 144A | 811500 |
| 162488 |  | Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, 6.70%, due 04/25/36<sup>(c)</sup> | 159324 |
|  |  |  | 99459010 |
|  |  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 0.0%** |  |
| 169094 |  | Federal National Mortgage Association, Pool # FS5059, 3.50%, due 11/01/48 | 155898 |
|  |  | **Sovereign Debt Obligations — 33.0%** |  |
| 1055000 |  | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(h)</sup> | 937879 |
| 240000 |  | Angola Government International Bonds, 8.75%, due 04/14/32 144A | 206844 |
| 390000 |  | Angola Government International Bonds, 9.13%, due 11/26/49<sup>(h)</sup> | 301743 |
| 4955 |  | Argentina Republic Government International Bonds, 1.00%, due 07/09/29 | 3852 |
| 2330000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(l)</sup> | 1461670 |
| 319996 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/46<sup>(l)</sup> | 198237 |
| 600000 |  | Bahamas Government International Bonds, 6.00%, due 11/21/28 144A | 576750 |
| 380000 |  | Bahamas Government International Bonds, 8.95%, due 10/15/32<sup>(h)</sup> | 393775 |
| 975000 |  | Bahrain Government International Bonds, 5.63%, due 05/18/34<sup>(h)</sup> | 903270 |
| 870000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 2.30%, due 10/01/28<sup>(h)</sup> | 834427 |
| 510000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 4.50%, due 03/01/26 | 535276 |
| 2380000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 4.70%, due 09/01/30<sup>(h)</sup> 144A | 2380599 |
| 205000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35 | 203998 |
| 740000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.10%, due 07/15/50 | 723802 |
| 2560000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.80%, due 10/01/34<sup>(h)</sup> | 2764746 |
| 215000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 04/01/33<sup>(h)</sup> | 228721 |
| 2360000 |  | Brazil Government International Bonds, 4.75%, due 01/14/50 | 1669134 |
| 8167000 | BRL | Brazil Letras do Tesouro Nacional, 12.50%, due 01/01/30 | 742173 |
| 2113000 | BRL | Brazil Letras do Tesouro Nacional, 12.89%, due 07/01/25 | 357159 |
| 5550000 | BRL | Brazil Letras do Tesouro Nacional, Series LTN, 10.02%, due 07/01/27 | 711903 |
| 7975000 | BRL | Brazil Letras do Tesouro Nacional, Series LTN, 10.42%, due 07/01/26 | 1169791 |
| 60747000 | BRL | Brazil Letras do Tesouro Nacional, Series LTN, 13.15%, due 01/01/26 | 9543952 |
| 140000 | BRL | Brazil Notas do Tesouro Nacional, 6.00%, due 05/15/35 | 97785 |
| 1437000 | BRL | Brazil Notas do Tesouro Nacional, 6.00%, due 05/15/45 | 962601 |
| 1088000 | BRL | Brazil Notas do Tesouro Nacional, 6.00%, due 08/15/50 | 717278 |
| 43197000 | BRL | Brazil Notas do Tesouro Nacional, Series F, 10.00%, due 01/01/35 | 5734170 |
| 37922000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/27 | 6165363 |
| 96953000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/29 | 14791808 |
| 100209000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/31 | 14394558 |
| 56236000 | BRL | Brazil Notas do Tesouro Nacional, Series NTNF, 10.00%, due 01/01/33 | 7742387 |
| 548000 |  | Chile Government International Bonds, 2.55%, due 01/27/32 | 473795 |

---

124 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 905000 | EUR | Chile Government International Bonds, 4.13%, due 07/05/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986619 |
| 403000 |  | Chile Government International Bonds, 4.34%, due 03/07/42 | 346818 |
| 6210000 | CNY | China Government Bonds, 1.61%, due 02/15/35 | 840783 |
| 5870000 | CNY | China Government Bonds, 2.52%, due 08/25/33 | 849700 |
| 5790000 | CNY | China Government Bonds, 2.68%, due 05/21/30 | 837280 |
| 7120000 | CNY | China Government Bonds, 2.80%, due 03/25/30 | 1033616 |
| 13660000 | CNY | China Government Bonds, 2.88%, due 02/25/33 | 2030009 |
| 6230000 | CNY | China Government Bonds, 3.00%, due 10/15/53 | 1028529 |
| 4690000 | CNY | China Government Bonds, 3.02%, due 05/27/31 | 695597 |
| 6770000 | CNY | China Government Bonds, 3.27%, due 11/19/30 | 1015913 |
| 8870000 | CNY | China Government Bonds, 3.53%, due 10/18/51 | 1567904 |
| 1080000 | CNY | China Government Bonds, 3.72%, due 04/12/51 | 196090 |
| 4870000 | CNY | China Government Bonds, Series 1915, 3.13%, due 11/21/29 | 716693 |
| 16970000 | CNY | China Government Bonds, Series INBK, 2.27%, due 05/25/34 | 2431759 |
| 710000 |  | Colombia Government International Bonds, 4.50%, due 03/15/29 | 670240 |
| 1105000 |  | Colombia Government International Bonds, 5.00%, due 06/15/45 | 745046 |
| 2681700000 | COP | Colombia TES, 11.50%, due 07/25/46 | 567737 |
| 5218100000 | COP | Colombia TES, Series B, 5.75%, due 11/03/27 | 1117643 |
| 33610300000 | COP | Colombia TES, Series B, 6.00%, due 04/28/28 | 7126478 |
| 6812900000 | COP | Colombia TES, Series B, 6.25%, due 07/09/36 | 1022785 |
| 27238000000 | COP | Colombia TES, Series B, 7.00%, due 03/26/31 | 5237548 |
| 12446400000 | COP | Colombia TES, Series B, 7.00%, due 06/30/32 | 2286105 |
| 37875100000 | COP | Colombia TES, Series B, 7.25%, due 10/18/34 | 6572599 |
| 18606800000 | COP | Colombia TES, Series B, 7.25%, due 10/26/50 | 2577486 |
| 9648400000 | COP | Colombia TES, Series B, 7.50%, due 08/26/26 | 2244425 |
| 19391500000 | COP | Colombia TES, Series B, 7.75%, due 09/18/30 | 3973480 |
| 16245200000 | COP | Colombia TES, Series B, 9.25%, due 05/28/42 | 2941388 |
| 18864800000 | COP | Colombia TES, Series B, 13.25%, due 02/09/33 | 4758364 |
| 1517200000 | COP | Colombia TES, Series G, 7.00%, due 03/26/31 | 291740 |
| 595000 |  | Costa Rica Government International Bonds, 6.13%, due 02/19/31<sup>(h)</sup> | 603146 |
| 38500000 | CZK | Czech Republic Government Bonds, 6.20%, due 06/16/31 | 1872159 |
| 34210000 | CZK | Czech Republic Government Bonds, Series 103, 2.00%, due 10/13/33 | 1253323 |
| 34270000 | CZK | Czech Republic Government Bonds, Series 105, 2.75%, due 07/23/29 | 1426944 |
| 31340000 | CZK | Czech Republic Government Bonds, Series 11Y, 4.90%, due 04/14/34 | 1428223 |
| 55220000 | CZK | Czech Republic Government Bonds, Series 121, 1.20%, due 03/13/31 | 2051998 |
| 36730000 | CZK | Czech Republic Government Bonds, Series 130, 0.05%, due 11/29/29 | 1342612 |
| 37320000 | CZK | Czech Republic Government Bonds, Series 138, 1.75%, due 06/23/32 | 1387177 |
| 10450000 | CZK | Czech Republic Government Bonds, Series 145, 3.50%, due 05/30/35 | 424656 |
| 206800000 | CZK | Czech Republic Government Bonds, Series 150, 5.00%, due 09/30/30 | 9455503 |
| 207830000 | CZK | Czech Republic Government Bonds, Series 153, 5.75%, due 03/29/29 | 9682219 |
| 13370000 | CZK | Czech Republic Government Bonds, Series 49, 4.20%, due 12/04/36<sup>(h)</sup> | 569900 |
| 47710000 | CZK | Czech Republic Government Bonds, Series 94, 0.95%, due 05/15/30<sup>(h)</sup> | 1793566 |
| 15220000 | CZK | Czech Republic Government Bonds, Series 95, 1.00%, due 06/26/26<sup>(h)</sup> | 640057 |
| 270000 |  | Dominican Republic International Bonds, 4.50%, due 01/30/30<sup>(h)</sup> | 253193 |
| 780000 |  | Dominican Republic International Bonds, 4.88%, due 09/23/32<sup>(h)</sup> | 709956 |
| 350000 |  | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | 345258 |
| 1180000 |  | Dominican Republic International Bonds, 5.88%, due 01/30/60<sup>(h)</sup> | 998516 |
| 1005000 |  | Dominican Republic International Bonds, 6.00%, due 07/19/28 144A | 1012538 |
| 112850000 | DOP | Dominican Republic International Bonds, 10.50%, due 03/15/37 144A | 1834105 |

---

See accompanying Notes to the Financial Statements. 125

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 214450000 | DOP | Dominican Republic International Bonds, 10.75%, due 06/01/36 144A | 3538081 |
| 23800000 | DOP | Dominican Republic International Bonds, 13.63%, due 02/03/33<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448054 |
| 2103642 |  | Ecuador Government International Bonds, 5.50%, due 07/31/35<sup>(h)(l)</sup> | 1031823 |
| 167137000 | EGP | Egypt Government Bonds, 25.32%, due 08/13/27 | 3480205 |
| 2130000 |  | Egypt Government International Bonds, 5.88%, due 02/16/31<sup>(h)</sup> | 1754268 |
| 440000 |  | Egypt Government International Bonds, 7.05%, due 01/15/32<sup>(h)</sup> | 371831 |
| 675000 |  | Egypt Government International Bonds, 7.60%, due 03/01/29<sup>(h)</sup> | 644763 |
| 680000 |  | Egypt Government International Bonds, 8.63%, due 02/04/30 144A | 658874 |
| 340000 |  | El Salvador Government International Bonds, 9.25%, due 04/17/30 144A | 354953 |
| 625000 |  | El Salvador Government International Bonds, 9.25%, due 04/17/30<sup>(h)</sup> | 652487 |
| 510000 |  | El Salvador Government International Bonds, 9.65%, due 11/21/54 144A | 512154 |
| 6232400000 | IDR | European Bank for Reconstruction & Development, 4.60%, due 12/09/25 | 371666 |
| 1275000 |  | Gabon Government International Bonds, 7.00%, due 11/24/31<sup>(h)</sup> | 998558 |
| 2329600 |  | Ghana Government International Bonds, 1.50%, due 01/03/37 144A | 973677 |
| 89540 |  | Ghana Government International Bonds, 5.00%, due 07/03/29<sup>(l)</sup> 144A | 78329 |
| 128760 |  | Ghana Government International Bonds, 5.00%, due 07/03/35<sup>(l)</sup> 144A | 91799 |
| 8880 |  | Ghana Government International Bonds, 5.11%, due 07/03/26<sup>(f)</sup> 144A | 8352 |
| 300000 |  | Guatemala Government Bonds, 4.38%, due 06/05/27<sup>(h)</sup> | 293547 |
| 1340000 |  | Guatemala Government Bonds, 4.88%, due 02/13/28<sup>(h)</sup> | 1315069 |
| 1155000 |  | Hazine Mustesarligi Varlik Kiralama AS, 8.51%, due 01/14/29 144A | 1228108 |
| 1055000 |  | Honduras Government International Bonds, 5.63%, due 06/24/30<sup>(h)</sup> | 951610 |
| 143770000 | HUF | Hungary Government Bonds, Series 26/D, 2.75%, due 12/22/26 | 363795 |
| 182140000 | HUF | Hungary Government Bonds, Series 27/A, 3.00%, due 10/27/27 | 450263 |
| 326560000 | HUF | Hungary Government Bonds, Series 28/A, 6.75%, due 10/22/28 | 875885 |
| 363030000 | HUF | Hungary Government Bonds, Series 29/A, 2.00%, due 05/23/29 | 809882 |
| 1430030000 | HUF | Hungary Government Bonds, Series 30/A, 3.00%, due 08/21/30 | 3180013 |
| 224860000 | HUF | Hungary Government Bonds, Series 31/A, 3.25%, due 10/22/31 | 489271 |
| 1161120000 | HUF | Hungary Government Bonds, Series 32/A, 4.75%, due 11/24/32 | 2704098 |
| 407220000 | HUF | Hungary Government Bonds, Series 33/A, 2.25%, due 04/20/33 | 784205 |
| 695120000 | HUF | Hungary Government Bonds, Series 35/A, 7.00%, due 10/24/35 | 1833831 |
| 466370000 | HUF | Hungary Government Bonds, Series 38/A, 3.00%, due 10/27/38 | 798425 |
| 423440000 | HUF | Hungary Government Bonds, Series 41/A, 3.00%, due 04/25/41 | 681033 |
| 259610000 | HUF | Hungary Government Bonds, Series 51/G, 4.00%, due 04/28/51 | 430221 |
| 895000 | EUR | Hungary Government International Bonds, 5.38%, due 09/12/33<sup>(h)</sup> | 1011348 |
| 960000 | EUR | Indonesia Government International Bonds, 4.13%, due 01/15/37 | 1009123 |
| 227016000000 | IDR | Indonesia Treasury Bonds, 6.75%, due 07/15/35 | 13385445 |
| 26192000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 08/15/40 | 1582441 |
| 19756000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 08/15/45 | 1189106 |
| 45331000000 | IDR | Indonesia Treasury Bonds, Series 100, 6.63%, due 02/15/34 | 2655321 |
| 8139000000 | IDR | Indonesia Treasury Bonds, Series 101, 6.88%, due 04/15/29 | 494245 |
| 6017000000 | IDR | Indonesia Treasury Bonds, Series FR54, 9.50%, due 07/15/31 | 409356 |
| 6443000000 | IDR | Indonesia Treasury Bonds, Series FR56, 8.38%, due 09/15/26 | 398882 |
| 2658000000 | IDR | Indonesia Treasury Bonds, Series FR58, 8.25%, due 06/15/32 | 170992 |
| 6751000000 | IDR | Indonesia Treasury Bonds, Series FR59, 7.00%, due 05/15/27 | 410078 |
| 7852000000 | IDR | Indonesia Treasury Bonds, Series FR64, 6.13%, due 05/15/28 | 466255 |
| 95754000000 | IDR | Indonesia Treasury Bonds, Series FR68, 8.38%, due 03/15/34 | 6232653 |
| 8328000000 | IDR | Indonesia Treasury Bonds, Series FR71, 9.00%, due 03/15/29 | 540812 |
| 9389000000 | IDR | Indonesia Treasury Bonds, Series FR72, 8.25%, due 05/15/36 | 608780 |
| 16736000000 | IDR | Indonesia Treasury Bonds, Series FR73, 8.75%, due 05/15/31 | 1095693 |

---

126 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 10159000000 | IDR | Indonesia Treasury Bonds, Series FR74, 7.50%, due 08/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627280 |
| 25877000000 | IDR | Indonesia Treasury Bonds, Series FR75, 7.50%, due 05/15/38 | 1599037 |
| 4546000000 | IDR | Indonesia Treasury Bonds, Series FR76, 7.38%, due 05/15/48 | 279181 |
| 14309000000 | IDR | Indonesia Treasury Bonds, Series FR78, 8.25%, due 05/15/29 | 908535 |
| 43397000000 | IDR | Indonesia Treasury Bonds, Series FR79, 8.38%, due 04/15/39 | 2894693 |
| 74527000000 | IDR | Indonesia Treasury Bonds, Series FR83, 7.50%, due 04/15/40 | 4598082 |
| 13243000000 | IDR | Indonesia Treasury Bonds, Series FR87, 6.50%, due 02/15/31 | 780969 |
| 23108000000 | IDR | Indonesia Treasury Bonds, Series FR88, 6.25%, due 06/15/36 | 1298326 |
| 26443000000 | IDR | Indonesia Treasury Bonds, Series FR91, 6.38%, due 04/15/32 | 1537431 |
| 6949000000 | IDR | Indonesia Treasury Bonds, Series FR92, 7.13%, due 06/15/42 | 414815 |
| 40472000000 | IDR | Indonesia Treasury Bonds, Series FR96, 7.00%, due 02/15/33 | 2426922 |
| 6443000000 | IDR | Indonesia Treasury Bonds, Series FR97, 7.13%, due 06/15/43 | 384796 |
| 80932000000 | IDR | Indonesia Treasury Bonds, Series FR98, 7.13%, due 06/15/38 | 4847585 |
| 34000000 | INR | International Bank for Reconstruction & Development, 6.71%, due 01/21/35 | 399292 |
| 1060000 |  | Ivory Coast Government International Bonds, 6.13%, due 06/15/33<sup>(h)</sup> | 945169 |
| 2090000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33 144A | 2036047 |
| 440000 |  | Ivory Coast Government International Bonds, 8.25%, due 01/30/37 144A | 423507 |
| 590000 |  | Jamaica Government International Bonds, 6.75%, due 04/28/28 | 604721 |
| 224500000 | JMD | Jamaica Government International Bonds, 9.63%, due 11/03/30 | 1481054 |
| 990000 |  | Jordan Government International Bonds, 7.50%, due 01/13/29<sup>(h)</sup> | 992386 |
| 820000 |  | Jordan Government International Bonds, 7.75%, due 01/15/28 144A | 832847 |
| 8243000 | MYR | Malaysia Government Bonds, 4.05%, due 04/18/39 | 1886246 |
| 4179000 | MYR | Malaysia Government Bonds, 4.50%, due 04/30/29 | 975654 |
| 11000000 | MYR | Malaysia Government Bonds, Series 0119, 3.91%, due 07/15/26 | 2497512 |
| 3721000 | MYR | Malaysia Government Bonds, Series 0120, 4.07%, due 06/15/50 | 830154 |
| 32406000 | MYR | Malaysia Government Bonds, Series 0122, 3.58%, due 07/15/32 | 7240977 |
| 2380000 | MYR | Malaysia Government Bonds, Series 0123, 4.46%, due 03/31/53 | 563908 |
| 2586000 | MYR | Malaysia Government Bonds, Series 0212, 3.89%, due 03/15/27 | 588523 |
| 1597000 | MYR | Malaysia Government Bonds, Series 0216, 4.74%, due 03/15/46 | 395162 |
| 40767000 | MYR | Malaysia Government Bonds, Series 0219, 3.89%, due 08/15/29 | 9304697 |
| 14071000 | MYR | Malaysia Government Bonds, Series 0220, 2.63%, due 04/15/31 | 2991673 |
| 10203000 | MYR | Malaysia Government Bonds, Series 0222, 4.70%, due 10/15/42 | 2505179 |
| 5658000 | MYR | Malaysia Government Bonds, Series 0223, 3.52%, due 04/20/28 | 1276739 |
| 1921000 | MYR | Malaysia Government Bonds, Series 0307, 3.50%, due 05/31/27 | 433934 |
| 4721000 | MYR | Malaysia Government Bonds, Series 0310, 4.50%, due 04/15/30 | 1107305 |
| 12842000 | MYR | Malaysia Government Bonds, Series 0311, 4.39%, due 04/15/26 | 2927082 |
| 12103000 | MYR | Malaysia Government Bonds, Series 0316, 3.90%, due 11/30/26 | 2752778 |
| 2852000 | MYR | Malaysia Government Bonds, Series 0317, 4.76%, due 04/07/37 | 696829 |
| 6273000 | MYR | Malaysia Government Bonds, Series 0318, 4.64%, due 11/07/33 | 1506076 |
| 2614000 | MYR | Malaysia Government Bonds, Series 0411, 4.23%, due 06/30/31 | 606320 |
| 624000 | MYR | Malaysia Government Bonds, Series 0412, 4.13%, due 04/15/32 | 144068 |
| 3363000 | MYR | Malaysia Government Bonds, Series 0413, 3.84%, due 04/15/33 | 762293 |
| 5018000 | MYR | Malaysia Government Bonds, Series 0415, 4.25%, due 05/31/35 | 1175243 |
| 6866000 | MYR | Malaysia Government Bonds, Series 0417, 3.90%, due 11/16/27 | 1564982 |
| 6402000 | MYR | Malaysia Government Bonds, Series 0418, 4.89%, due 06/08/38 | 1590187 |
| 3486000 | MYR | Malaysia Government Bonds, Series 0419, 3.83%, due 07/05/34 | 789076 |
| 27549000 | MYR | Malaysia Government Bonds, Series 0513, 3.73%, due 06/15/28 | 6250857 |
| 3943000 | MYR | Malaysia Government Bonds, Series 0519, 3.76%, due 05/22/40 | 871879 |
| 66387000 | MXN | Mexico Bonos, Series M, 5.50%, due 03/04/27 | 3070969 |

---

See accompanying Notes to the Financial Statements. 127

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 96236100 | MXN | Mexico Bonos, Series M, 5.75%, due 03/05/26 | 4586670 |
| 3902000 | MXN | Mexico Bonos, Series M, 7.00%, due 09/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187089 |
| 103252300 | MXN | Mexico Bonos, Series M, 7.50%, due 05/26/33 | 4551464 |
| 143848800 | MXN | Mexico Bonos, Series M, 7.75%, due 05/29/31 | 6621349 |
| 175126500 | MXN | Mexico Bonos, Series M, 7.75%, due 11/23/34 | 7710073 |
| 224260900 | MXN | Mexico Bonos, Series M, 7.75%, due 11/13/42 | 9019766 |
| 98572200 | MXN | Mexico Bonos, Series M, 8.00%, due 11/07/47 | 3993241 |
| 32564900 | MXN | Mexico Bonos, Series M, 8.00%, due 07/31/53 | 1304107 |
| 23163200 | MXN | Mexico Bonos, Series M, 8.00%, due 07/31/53 | 927603 |
| 33388100 | MXN | Mexico Bonos, Series M, 8.50%, due 03/01/29 | 1612770 |
| 7731000 | MXN | Mexico Bonos, Series M, 8.50%, due 05/31/29 | 373708 |
| 145211000 | MXN | Mexico Bonos, Series M 20, 7.50%, due 06/03/27 | 6950787 |
| 43654800 | MXN | Mexico Bonos, Series M 20, 8.50%, due 05/31/29 | 2110224 |
| 38039100 | MXN | Mexico Bonos, Series M 30, 8.50%, due 11/18/38 | 1702534 |
| 68432400 | MXN | Mexico Bonos, Series M 30, 8.50%, due 11/18/38 | 3062862 |
| 7390300 | MXN | Mexico Bonos, Series M 30, 10.00%, due 11/20/36 | 378717 |
| 2020000 |  | Mexico Government International Bonds, 2.66%, due 05/24/31 | 1704481 |
| 4294000 |  | Mexico Government International Bonds, 4.75%, due 03/08/44 | 3338585 |
| 595000 |  | Mexico Government International Bonds, 4.88%, due 05/19/33 | 547079 |
| 1130000 |  | Mexico Government International Bonds, 6.00%, due 05/07/36 | 1094349 |
| 1275000 |  | Mexico Government International Bonds, 7.38%, due 05/13/55 | 1305600 |
| 20454351 | MXN | Mexico Udibonos, Series S, 4.50%, due 11/22/35 | 967079 |
| 320000 |  | Mongolia Government International Bonds, 8.65%, due 01/19/28 144A | 332458 |
| 350000 |  | Mozambique International Bonds, 9.00%, due 09/15/31<sup>(h)(l)</sup> | 287415 |
| 590000 |  | Nigeria Government International Bonds, 7.14%, due 02/23/30<sup>(h)</sup> | 534452 |
| 1000000 |  | Nigeria Government International Bonds, 8.38%, due 03/24/29<sup>(h)</sup> | 967767 |
| 1520000 |  | Oman Government International Bonds, 5.63%, due 01/17/28 144A | 1532586 |
| 1190000 |  | Pakistan Government International Bonds, 6.88%, due 12/05/27<sup>(h)</sup> | 1087306 |
| 645000 |  | Panama Government International Bonds, 6.40%, due 02/14/35 | 606752 |
| 2110000 |  | Paraguay Government International Bonds, 5.40%, due 03/30/50<sup>(h)</sup> | 1816816 |
| 425000 |  | Paraguay Government International Bonds, 6.65%, due 03/04/55 144A | 427104 |
| 5919000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31 | 742025 |
| 5723000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31<sup>(h)</sup> | 706495 |
| 15088000000 | PYG | Paraguay Government International Bonds, 8.50%, due 03/04/35 | 1882836 |
| 9436000 | PEN | Peru Government Bonds, 5.40%, due 08/12/34 | 2347836 |
| 11333000 | PEN | Peru Government Bonds, 7.30%, due 08/12/33<sup>(h)</sup> | 3268279 |
| 13770000 | PEN | Peru Government Bonds, 7.60%, due 08/12/39<sup>(h)</sup> | 3885911 |
| 2450000 | PEN | Peru Government International Bonds, 6.35%, due 08/12/28<sup>(h)</sup> | 711115 |
| 18944000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(h)</sup> | 5094206 |
| 10343670 | PEN | Peru Government International Bonds, 6.95%, due 08/12/31<sup>(h)</sup> | 3018061 |
| 7787330 | PEN | Peru Government International Bonds, 6.95%, due 08/12/31<sup>(h)</sup> | 2272176 |
| 7080000 | PEN | Peru Government International Bonds, 7.30%, due 08/12/33 | 2041773 |
| 18085000 | PEN | Peru Government International Bonds, 7.30%, due 08/12/33<sup>(h)</sup> | 5215462 |
| 12200000 | PHP | Philippines Government Bonds, Series 1069, 6.75%, due 09/15/32 | 223136 |
| 392750000 | PHP | Philippines Government Bonds, Series 1072, 6.25%, due 01/25/34 | 6931920 |
| 960000 | EUR | Philippines Government International Bonds, 3.63%, due 02/04/32 | 1022267 |
| 1910056 |  | Provincia de Buenos Aires/Government Bonds, 6.63%, due 09/01/37<sup>(l)</sup> 144A | 1229599 |
| 1533667 |  | Provincia de Buenos Aires/Government Bonds, 6.63%, due 09/01/37<sup>(h)(l)</sup> | 987298 |
| 140546 |  | Provincia de Cordoba, 6.88%, due 12/10/25<sup>(l)</sup> 144A | 140546 |

---

128 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 400000 |  | Qatar Government International Bonds, 5.10%, due 04/23/48 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383711 |
| 2036231 | GHS | Republic of Ghana Government Bonds, Series G10Y, 9.25%, (Unsecured), due 02/08/33 | 66223 |
| 807687 | GHS | Republic of Ghana Government Bonds, Series G11Y, 9.40%, (Unsecured), due 02/07/34 | 25453 |
| 809670 | GHS | Republic of Ghana Government Bonds, Series G12Y, 9.55%, (Unsecured), due 02/06/35 | 24942 |
| 811659 | GHS | Republic of Ghana Government Bonds, Series G13Y, 9.70%, (Unsecured), due 02/05/36 | 24114 |
| 813648 | GHS | Republic of Ghana Government Bonds, Series G14Y, 9.85%, (Unsecured), due 02/03/37 | 23944 |
| 820740 | GHS | Republic of Ghana Government Bonds, Series G15Y, 10.00%, (Unsecured), due 02/02/38 | 24040 |
| 10326413 | GHS | Republic of Ghana Government Bonds, Series G4Y, 8.35%, (Unsecured), due 02/16/27 | 535391 |
| 4422424 | GHS | Republic of Ghana Government Bonds, Series G5Y, 8.50%, (Unsecured), due 02/15/28 | 204783 |
| 10464590 | GHS | Republic of Ghana Government Bonds, Series G6Y, 8.65%, (Unsecured), due 02/13/29 | 436204 |
| 7679008 | GHS | Republic of Ghana Government Bonds, Series G7Y, 8.80%, (Unsecured), due 02/12/30 | 298549 |
| 5812326 | GHS | Republic of Ghana Government Bonds, Series G8Y, 8.95%, (Unsecured), due 02/11/31 | 209717 |
| 2032058 | GHS | Republic of Ghana Government Bonds, Series G9Y, 9.10%, (Unsecured), due 02/10/32 | 69690 |
| 350000 |  | Republic of Kenya Government International Bonds, 6.30%, due 01/23/34<sup>(h)</sup> | 273415 |
| 1050000 |  | Republic of Kenya Government International Bonds, 7.25%, due 02/28/28<sup>(h)</sup> | 1012354 |
| 265000 |  | Republic of Kenya Government International Bonds, 8.00%, due 05/22/32<sup>(h)</sup> | 238444 |
| 1355000 |  | Republic of Kenya Government International Bonds, 9.50%, due 03/05/36 144A | 1244580 |
| 1580000 |  | Republic of Kenya Government International Bonds, 9.75%, due 02/16/31 144A | 1548440 |
| 35350000 | KES | Republic of Kenya Infrastructure Bonds, Series 7Y, 17.93%, due 05/06/30 | 314528 |
| 193450000 | KES | Republic of Kenya Infrastructure Bonds, Series 8.5Y, 18.46%, due 08/09/32 | 1797150 |
| 4343000 | PLN | Republic of Poland Government Bonds, Series 0428, 2.75%, due 04/25/28 | 1046249 |
| 14378000 | PLN | Republic of Poland Government Bonds, Series 0432, 1.75%, due 04/25/32 | 2905998 |
| 8511000 | PLN | Republic of Poland Government Bonds, Series 0527, 3.75%, due 05/25/27 | 2138371 |
| 1834000 | PLN | Republic of Poland Government Bonds, Series 0726, 2.50%, due 07/25/26 | 458577 |
| 3743000 | PLN | Republic of Poland Government Bonds, Series 0727, 2.50%, due 07/25/27 | 911603 |
| 35563000 | PLN | Republic of Poland Government Bonds, Series 0728, 7.50%, due 07/25/28 | 9812376 |
| 5958000 | PLN | Republic of Poland Government Bonds, Series 1026, 0.25%, due 10/25/26 | 1429683 |
| 18529000 | PLN | Republic of Poland Government Bonds, Series 1029, 2.75%, due 10/25/29 | 4304819 |
| 8242000 | PLN | Republic of Poland Government Bonds, Series 1030, 1.25%, due 10/25/30 | 1713924 |
| 13649000 | PLN | Republic of Poland Government Bonds, Series 1033, 6.00%, due 10/25/33 | 3599986 |
| 3529000 | PLN | Republic of Poland Government Bonds, Series 1034, 5.00%, due 10/25/34 | 862591 |
| 23000000 | ZAR | Republic of South Africa Government Bonds, 10.00%, due 03/31/33 | 1252753 |
| 18500000 | ZAR | Republic of South Africa Government Bonds, 10.88%, due 03/31/38 | 988359 |
| 9099571 | ZAR | Republic of South Africa Government Bonds, 11.63%, due 03/31/53 | 499069 |
| 117256422 | ZAR | Republic of South Africa Government Bonds, Series 2030, 8.00%, due 01/31/30 | 6109767 |
| 74103211 | ZAR | Republic of South Africa Government Bonds, Series 2032, 8.25%, due 03/31/32 | 3705453 |
| 191589847 | ZAR | Republic of South Africa Government Bonds, Series 2035, 8.88%, due 02/28/35 | 9327321 |
| 213823048 | ZAR | Republic of South Africa Government Bonds, Series 2037, 8.50%, due 01/31/37 | 9669000 |
| 228113511 | ZAR | Republic of South Africa Government Bonds, Series 2040, 9.00%, due 01/31/40 | 10252251 |
| 164054520 | ZAR | Republic of South Africa Government Bonds, Series 2044, 8.75%, due 01/31/44 | 6999334 |
| 232715319 | ZAR | Republic of South Africa Government Bonds, Series 2048, 8.75%, due 02/28/48 | 9814891 |
| 73362301 | ZAR | Republic of South Africa Government Bonds, Series R186, 10.50%, due 12/21/26 | 4128718 |
| 23887221 | ZAR | Republic of South Africa Government Bonds, Series R209, 6.25%, due 03/31/36 | 920440 |
| 52242316 | ZAR | Republic of South Africa Government Bonds, Series R213, 7.00%, due 02/28/31 | 2522299 |
| 82281783 | ZAR | Republic of South Africa Government Bonds, Series R214, 6.50%, due 02/28/41 | 2887349 |
| 2880000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 2741502 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 14.25%, due 06/22/34 | 1364915 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 15.00%, due 06/18/43 | 1358402 |
| 380000 |  | Republic of Uzbekistan International Bonds, 3.90%, due 10/19/31<sup>(h)</sup> | 318227 |

---

See accompanying Notes to the Financial Statements. 129

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 935000 | EUR | Republic of Uzbekistan International Bonds, 5.10%, due 02/25/29 144A | 1008043 |
| 500000 | EUR | Republic of Uzbekistan International Bonds, 5.38%, due 05/29/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546696 |
| 320000 |  | Republic of Uzbekistan International Bonds, 5.38%, due 02/20/29<sup>(h)</sup> | 306045 |
| 600000 |  | Republic of Uzbekistan International Bonds, 6.90%, due 02/28/32 144A | 595334 |
| 27350000 | RON | Romania Government Bonds, 6.30%, due 04/26/28 | 5797997 |
| 16840000 | RON | Romania Government Bonds, 6.30%, due 04/25/29 | 3540268 |
| 9525000 | RON | Romania Government Bonds, 7.65%, due 07/27/31 | 2109116 |
| 1405000 | RON | Romania Government Bonds, 8.75%, due 10/30/28 | 319597 |
| 1570000 | RON | Romania Government Bonds, Series 10Y, 5.00%, due 02/12/29 | 317792 |
| 7815000 | RON | Romania Government Bonds, Series 15Y, 4.75%, due 10/11/34 | 1396487 |
| 1560000 | RON | Romania Government Bonds, Series 15YR, 5.80%, due 07/26/27 | 331754 |
| 1250000 | EUR | Romania Government International Bonds, 6.75%, due 07/11/39<sup>(g)</sup> 144A | 1342077 |
| 720000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | 733040 |
| 350000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(h)</sup> | 261855 |
| 867000 | EUR | Serbia International Bonds, 1.00%, due 09/23/28 144A | 841958 |
| 37292 |  | Sri Lanka Government International Bonds, 3.10%, due 01/15/30<sup>(l)</sup> 144A | 33143 |
| 301736 |  | Sri Lanka Government International Bonds, 3.35%, due 03/15/33<sup>(l)</sup> 144A | 238371 |
| 49392 |  | Sri Lanka Government International Bonds, 3.60%, due 06/15/35<sup>(l)</sup> 144A | 33710 |
| 34279 |  | Sri Lanka Government International Bonds, 3.60%, due 05/15/36<sup>(l)</sup> 144A | 26866 |
| 282922 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(l)</sup> 144A | 223862 |
| 44397 |  | Sri Lanka Government International Bonds, 4.00%, due 04/15/28 144A | 41844 |
| 131639000 | THB | Thailand Government Bonds, 2.13%, due 12/17/26 | 3909650 |
| 52500000 | THB | Thailand Government Bonds, 2.65%, due 06/17/28 | 1593579 |
| 133726000 | THB | Thailand Government Bonds, 2.80%, due 06/17/34 | 4209329 |
| 69347000 | THB | Thailand Government Bonds, 3.35%, due 06/17/33 | 2260276 |
| 11367000 | THB | Thailand Government Bonds, 3.39%, due 06/17/37 | 379848 |
| 57886000 | THB | Thailand Government Bonds, 3.45%, due 06/17/43 | 1942273 |
| 47954545 | THB | Thailand Government Bonds, Series ILB, 1.25%, due 03/12/28<sup>(h)</sup> | 1385368 |
| 5281000 | THB | Thailand Government Bonds, Series THAI, 2.75%, due 06/17/52 | 157227 |
| 310000 |  | Trinidad & Tobago Government International Bonds, 4.50%, due 08/04/26<sup>(h)</sup> | 304575 |
| 38421001 | TRY | Turkiye Government Bonds, 12.60%, due 10/01/25 | 879548 |
| 31657744 | TRY | Turkiye Government Bonds, 17.30%, due 07/19/28 | 550606 |
| 500102181 | TRY | Turkiye Government Bonds, 26.20%, due 10/05/33 | 11191104 |
| 41315000 | TRY | Turkiye Government Bonds, 27.70%, due 09/27/34 | 975816 |
| 191500262 | TRY | Turkiye Government Bonds, 30.00%, due 09/12/29 | 4452146 |
| 69492174 | TRY | Turkiye Government Bonds, 31.08%, due 11/08/28 | 1671593 |
| 86901000 | TRY | Turkiye Government Bonds, 36.00%, due 08/12/26 | 2100808 |
| 620000 |  | Turkiye Government International Bonds, 7.63%, due 05/15/34 | 625604 |
| 545000 |  | Turkiye Government International Bonds, 9.38%, due 01/19/33 | 604905 |
| 137540 |  | Ukraine Government International Bonds, 1.75%, due 02/01/34<sup>(h)(l)</sup> | 73642 |
| 240696 |  | Ukraine Government International Bonds, 1.75%, due 02/01/35<sup>(h)(l)</sup> | 126594 |
| 309466 |  | Ukraine Government International Bonds, 1.75%, due 02/01/36<sup>(h)(l)</sup> | 161779 |
| 37565 |  | Ukraine Government International Bonds, 3.00%, due 02/01/30<sup>(h)(l)</sup> | 19503 |
| 140377 |  | Ukraine Government International Bonds, 3.00%, due 02/01/34<sup>(h)(l)</sup> | 55668 |
| 118628 |  | Ukraine Government International Bonds, 3.00%, due 02/01/35<sup>(h)(l)</sup> | 65690 |
| 98857 |  | Ukraine Government International Bonds, 3.00%, due 02/01/36<sup>(h)(l)</sup> | 56563 |
| 5268329 | UYU | Uruguay Government International Bonds, 3.40%, due 05/16/45 | 126829 |
| 7884000 | UYU | Uruguay Government International Bonds, 8.50%, due 03/15/28<sup>(h)</sup> | 182791 |

---

130 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** |  |
| 661506 |  | Zambia Government International Bonds, 5.75%, due 06/30/33<sup>(h)(l)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579289 |
|  |  |  | 613015597 |
|  |  | **U.S. Government and Agency Obligations — 9.0%** |  |
| 960000 |  | U.S. Treasury Bonds, 4.50%, due 11/15/54 | 946200 |
| 2708600 |  | U.S. Treasury Notes, 2.25%, due 11/15/25 | 2677572 |
| 5000000 |  | U.S. Treasury Notes, 3.50%, due 09/30/26 | 4967480 |
| 10000000 |  | U.S. Treasury Notes, 3.50%, due 09/30/29 | 9820312 |
| 8000000 |  | U.S. Treasury Notes, 3.75%, due 08/31/26 | 7976562 |
| 27110000 |  | U.S. Treasury Notes, 3.88%, due 08/15/34<sup>(n)</sup> | 26430132 |
| 160000 |  | U.S. Treasury Notes, 4.00%, due 02/28/30 | 160388 |
| 65540000 |  | U.S. Treasury Notes, 4.13%, due 10/31/26 | 65712811 |
| 6560000 |  | U.S. Treasury Notes, 4.13%, due 11/30/29 | 6611891 |
| 4562300 |  | U.S. Treasury Notes, 4.25%, due 10/15/25<sup>(o)</sup> | 4563539 |
| 16280000 |  | U.S. Treasury Notes, 4.25%, due 11/30/26 | 16360446 |
| 12000000 |  | U.S. Treasury Notes, 4.25%, due 12/31/26 | 12063047 |
| 6620000 |  | U.S. Treasury Notes, 4.25%, due 11/15/34 | 6640687 |
| 3142700 |  | U.S. Treasury Notes, 4.63%, due 06/30/25 | 3145024 |
|  |  |  | 168076091 |
|  |  | TOTAL DEBT OBLIGATIONS (COST $1,689,401,822) | 1662220914 |
| **Shares** |  | **Description** | **Value ($)** |
|  |  | **COMMON STOCKS — 0.0%** |  |
|  |  | **Basic Materials — 0.0%** |  |
| 1282 |  | Arctic Canadian Diamond Co. Ltd.<sup>(d)(e)</sup> | 61944 |
|  |  | **Industrial — 0.0%** |  |
| 24811 |  | Spirit Aviation Holdings, Inc. | 396971 |
|  |  | TOTAL COMMON STOCKS (COST $529,982) | 458915 |
| **Par Value<sup>(a)</sup>** |  | **Description** | **Value ($)** |
|  |  | **SHORT-TERM INVESTMENTS — 5.7%** |  |
|  |  | **Mutual Fund - Securities Lending Collateral — 0.1%** |  |
| 2829455 |  | State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%<sup>(p)(q)</sup> | 2829455 |
|  |  | **Sovereign Debt Obligations — 0.6%** |  |
| 122350000 | EGP | Egypt Treasury Bills, 25.69%, due 12/09/25<sup>(f)</sup> | 2064087 |
| 244475000 | EGP | Egypt Treasury Bills, 27.76%, due 07/15/25<sup>(f)</sup> | 4510805 |
| 1718643000 | NGN | Nigeria OMO Bills, 23.37%, due 05/20/25<sup>(f)</sup> | 1086553 |
| 1650961000 | NGN | Nigeria OMO Bills, 26.32%, due 08/19/25<sup>(f)</sup> | 981748 |
| 935354000 | NGN | Nigeria OMO Bills, 27.66%, due 06/17/25<sup>(f)</sup> | 579966 |
| 243738000 | NGN | Nigeria OMO Bills, 28.15%, due 05/06/25<sup>(f)</sup> | 155622 |

---

See accompanying Notes to the Financial Statements. 131

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Sovereign Debt Obligations — continued** |  |
| 1583653000<br> NGN | Nigeria OMO Bills, 28.49%, due 05/27/25<sup>(f)</sup> | 996323 |
|  |  | 10375104 |
|  | **U.S. Government and Agency Obligations — 5.0%** |  |
| 3490900 | U.S. Treasury Bills, 4.28%, due 05/15/25<sup>(f)</sup> | 3472856 |
| 7000000 | U.S. Treasury Bills, 4.33%, due 05/08/25<sup>(f)</sup> | 6969567 |
| 75790000 | U.S. Treasury Bills, 4.28%, due 06/20/25<sup>(f)</sup> | 75083351 |
| 7490000 | U.S. Treasury Bills, 4.30%, due 06/24/25<sup>(f)</sup> | 7416773 |
|  |  | 92942547 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $106,238,240) | 106147106 |
|  | **TOTAL INVESTMENTS — 95.2%**<br> (Cost $1,796,170,044) | 1768826935 |
|  | Other Assets and Liabilities (net) — 4.8% | 88908775 |
|  | **NET ASSETS — 100.0%** | 1857735710 |
|  | <br> **Notes to Schedule of Investments:** | <br> **Notes to Schedule of Investments:** |
| <br> (a)  | <br> Unless otherwise indicated, all par values are denominated in United States dollars ($). | <br> Unless otherwise indicated, all par values are denominated in United States dollars ($). |
| <br> (b)  | <br> Variable or floating rate note. Rate shown is as of March 31, 2025. | <br> Variable or floating rate note. Rate shown is as of March 31, 2025. |
| <br> (c)  | <br> Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. | <br> Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| <br> (d)  | <br> Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund. | <br> Level 3 - significant unobservable inputs were used in determining the value of this security in the Fund. |
| <br> (e)  | <br> Securities fair valued by the Valuation Committee. The total market value of the securities at year end is $1,373,465 which represents 0.1% of net assets. The aggregate tax cost of these securities held at March 31, 2025 was $2,227,585. | <br> Securities fair valued by the Valuation Committee. The total market value of the securities at year end is $1,373,465 which represents 0.1% of net assets. The aggregate tax cost of these securities held at March 31, 2025 was $2,227,585. |
| <br> (f)  | <br> Interest rate presented is yield to maturity. | <br> Interest rate presented is yield to maturity. |
| <br> (g)  | <br> When-issued security. | <br> When-issued security. |
| <br> (h)  | <br> Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. | <br> Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| <br> (i)  | <br> Security is perpetual and has no stated maturity date. | <br> Security is perpetual and has no stated maturity date. |
| <br> (j)  | <br> All or a portion of this security is out on loan. | <br> All or a portion of this security is out on loan. |
| <br> (k)  | <br> Security is currently in default. | <br> Security is currently in default. |
| <br> (l)  | <br> Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate. | <br> Step coupon security that pays an initial coupon rate for the first period and then a lower/higher coupon rate for the following periods. Rate shown is current coupon rate. |
| <br> (m)  | <br> Year of maturity is greater than 2100. | <br> Year of maturity is greater than 2100. |
| <br> (n)  | <br> All or a portion of this security is pledged for open centrally cleared swaps collateral. | <br> All or a portion of this security is pledged for open centrally cleared swaps collateral. |
| <br> (o)  | <br> All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, and/or OTC options collateral. | <br> All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, and/or OTC options collateral. |
| <br> (p)  | <br> The rate disclosed is the 7-day net yield as of March 31, 2025. | <br> The rate disclosed is the 7-day net yield as of March 31, 2025. |

---

132 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025
(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 may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $625,369,185 which represents 33.7% of net assets.  |

---

#### Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  AUD | 4032727 | USD | 2497040 | 04/16/25 | Bank of America, N.A. | $16237 |
|  AUD | 10665000 | USD | 6784956 | 05/19/25 | Morgan Stanley Capital Services, Inc. | (136556) |
|  AUD | 6410000 | USD | 4047896 | 05/07/25 | State Street Bank London | (52378) |
|  BRL | 5650000 | USD | 983943 | 04/02/25 | Bank of America, N.A. | 2500 |
|  BRL | 6040000 | USD | 1051862 | 04/02/25 | Barclays Bank PLC | 2672 |
|  BRL | 49145758 | USD | 8499344 | 04/02/25 | Citibank N.A. | 81096 |
|  BRL | 40490860 | USD | 7040049 | 06/03/25 | Citibank N.A. | (59356) |
|  BRL | 8360000 | USD | 1447213 | 04/02/25 | Deutsche Bank AG | 12373 |
|  BRL | 49145758 | USD | 8558698 | 04/02/25 | Goldman Sachs & Co. | 21742 |
|  BRL | 49145758 | USD | 8527660 | 05/05/25 | Goldman Sachs & Co. | (1472) |
|  BRL | 6560000 | USD | 1142419 | 04/02/25 | Goldman Sachs International | 2902 |
|  BRL | 1125000 | USD | 195918 | 04/02/25 | HSBC Bank PLC | 498 |
|  BRL | 2250000 | USD | 389310 | 05/05/25 | HSBC Bank PLC | 1038 |
|  BRL | 47137144 | USD | 8009573 | 06/03/25 | HSBC Bank PLC | 116952 |
|  BRL | 3830000 | USD | 666992 | 04/02/25 | JPMorgan Chase Bank N.A. | 1694 |
|  BRL | 1547200 | USD | 271594 | 04/03/25 | JPMorgan Chase Bank N.A. | (1528) |
|  BRL | 14845000 | USD | 2589308 | 04/02/25 | UBS AG | 2505 |
|  CAD | 1390000 | USD | 964067 | 04/02/25 | The BNY Mellon | 1761 |
|  CHF | 6060906 | USD | 6855682 | 04/02/25 | Goldman Sachs International | (5265) |
|  CLP | 313630000 | USD | 340291 | 04/02/25 | Goldman Sachs International | (10839) |
|  CLP | 581160000 | USD | 609777 | 04/02/25 | Goldman Sachs International | 701 |
|  CLP | 1400530000 | USD | 1491909 | 04/02/25 | HSBC Bank PLC | (20726) |
|  CLP | 434590000 | USD | 455990 | 04/02/25 | HSBC Bank PLC | 525 |
|  CLP | 862741638 | USD | 913709 | 04/02/25 | JPMorgan Chase Bank N.A. | (7443) |
|  CLP | 420540000 | USD | 441248 | 04/02/25 | JPMorgan Chase Bank N.A. | 508 |
|  CLP | 920003000 | USD | 1003910 | 04/03/25 | JPMorgan Chase Bank N.A. | (37501) |
|  CLP | 920003000 | USD | 1000884 | 04/08/25 | JPMorgan Chase Bank N.A. | (34504) |
|  CLP | 313630000 | USD | 329073 | 04/02/25 | Morgan Stanley and Co. International PLC | 379 |
|  CLP | 347537408 | USD | 372191 | 06/18/25 | Standard Chartered Bank | (7331) |
|  CLP | 826981638 | USD | 867702 | 04/02/25 | UBS AG | 998 |
|  CLP | 364571638 | USD | 394692 | 05/07/25 | UBS AG | (11779) |
|  CNH | 6980000 | USD | 961613 | 04/02/25 | HSBC Bank PLC | (962) |
|  CNH | 34833400 | USD | 4814341 | 04/01/25 | JPMorgan Chase Bank N.A. | (20248) |
|  CNH | 19895200 | USD | 2739292 | 04/03/25 | JPMorgan Chase Bank N.A. | (932) |
|  CNH | 34833400 | USD | 4807936 | 04/08/25 | JPMorgan Chase Bank N.A. | (11749) |
|  CNH | 50241896 | USD | 6923400 | 05/07/25 | UBS AG | 7949 |
|  CNY | 43261896 | USD | 5958217 | 04/02/25 | State Street Bank London | 7542 |
|  CNY | 1830000 | USD | 251791 | 05/07/25 | State Street Bank London | 1126 |

---

See accompanying Notes to the Financial Statements. 133

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  CNY | 2810000 | USD | 388554 | 05/07/25 | State Street Bank London | $(195) |
|  COP | 9190350000 | USD | 2207885 | 04/02/25 | Bank of America, N.A. | (15776) |
|  COP | 40396430000 | USD | 9716169 | 06/18/25 | Citibank N.A. | (178117) |
|  COP | 2038770000 | USD | 488299 | 04/02/25 | Goldman Sachs International | (2006) |
|  COP | 1732530000 | USD | 413315 | 04/02/25 | HSBC Bank PLC | (67) |
|  COP | 2159110000 | USD | 515081 | 04/02/25 | JPMorgan Chase Bank N.A. | (84) |
|  COP | 27010784300 | USD | 6573566 | 04/03/25 | JPMorgan Chase Bank N.A. | (131764) |
|  COP | 2524410000 | USD | 608171 | 05/07/25 | JPMorgan Chase Bank N.A. | (8825) |
|  COP | 141251504420 | USD | 33911840 | 04/02/25 | Morgan Stanley and Co. International PLC | (220125) |
|  COP | 5634291000 | USD | 1363080 | 04/07/25 | Morgan Stanley Capital Services, Inc. | (20098) |
|  COP | 1554110000 | USD | 372331 | 05/07/25 | Natwest Markets PLC | (3354) |
|  CZK | 5070000 | USD | 210280 | 04/02/25 | Bank of America, N.A. | 8876 |
|  CZK | 13200000 | USD | 551934 | 04/02/25 | Deutsche Bank AG | 18651 |
|  CZK | 950000 | USD | 39872 | 05/07/25 | Deutsche Bank AG | 1222 |
|  CZK | 20181203 | USD | 872927 | 05/07/25 | Goldman Sachs International | 42 |
|  CZK | 16960000 | USD | 735694 | 06/18/25 | Merrill Lynch International | (1349) |
|  CZK | 14750000 | USD | 639876 | 05/07/25 | Morgan Stanley and Co. International PLC | (1842) |
|  CZK | 7300000 | USD | 317388 | 05/07/25 | State Street Bank London | (1615) |
|  CZK | 1911203 | USD | 80179 | 04/02/25 | Toronto Dominion Bank | 2435 |
|  EGP | 24050000 | USD | 429234 | 09/17/25 | Citibank N.A. | 12397 |
|  EGP | 91780000 | USD | 1639514 | 09/17/25 | Goldman Sachs International | 45848 |
|  EGP | 98294600 | USD | 1910463 | 04/22/25 | JPMorgan Chase Bank N.A. | 16016 |
|  EGP | 75280000 | USD | 1343326 | 09/17/25 | Standard Chartered Bank | 39045 |
|  EUR | 1150000 | USD | 1248820 | 04/02/25 | Barclays Bank PLC | (6589) |
|  EUR | 930000 | USD | 1011525 | 04/02/25 | Goldman Sachs International | (6939) |
|  EUR | 3980000 | USD | 4188127 | 04/02/25 | HSBC Bank PLC | 111071 |
|  EUR | 3360000 | USD | 3649965 | 04/02/25 | HSBC Bank PLC | (20491) |
|  EUR | 940000 | USD | 980588 | 04/02/25 | JPMorgan Chase Bank N.A. | 34800 |
|  EUR | 900000 | USD | 980731 | 04/02/25 | Morgan Stanley and Co. International PLC | (8550) |
|  EUR | 1443961 | USD | 1556196 | 04/02/25 | Natwest Markets PLC | 3572 |
|  EUR | 910000 | USD | 984637 | 04/02/25 | Toronto Dominion Bank | (1654) |
|  EUR | 3256000 | USD | 3507060 | 04/07/25 | UBS AG | 10991 |
|  GBP | 783057 | USD | 1008907 | 04/02/25 | Deutsche Bank AG | 1824 |
|  GBP | 418015 | USD | 539053 | 04/16/25 | Morgan Stanley Capital Services, Inc. | 483 |
|  GHS | 8280000 | USD | 510481 | 06/18/25 | Standard Chartered Bank | 2031 |
|  GHS | 8280000 | USD | 489579 | 09/17/25 | Standard Chartered Bank | (10716) |
|  HUF | 152200000 | USD | 392312 | 05/07/25 | Barclays Bank PLC | 14811 |
|  HUF | 233900000 | USD | 635563 | 05/07/25 | Goldman Sachs International | (9901) |
|  HUF | 4313240000 | USD | 11717929 | 06/18/25 | Goldman Sachs International | (204497) |
|  HUF | 74628599 | USD | 195088 | 04/02/25 | HSBC Bank PLC | 4922 |
|  HUF | 177230000 | USD | 480073 | 05/07/25 | HSBC Bank PLC | (5998) |
|  HUF | 2648090200 | USD | 7268613 | 04/03/25 | JPMorgan Chase Bank N.A. | (171915) |
|  HUF | 2648090200 | USD | 7168503 | 04/08/25 | JPMorgan Chase Bank N.A. | (73572) |

---

134 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  HUF | 242400000 | USD | 657038 | 05/07/25 | Morgan Stanley and Co. International PLC | $(8639) |
|  HUF | 55380000 | USD | 148687 | 05/07/25 | State Street Bank London | (550) |
|  HUF | 22700000 | USD | 58732 | 05/07/25 | Toronto Dominion Bank | 1989 |
|  HUF | 74628599 | USD | 200287 | 05/07/25 | UBS AG | (662) |
|  IDR | 40513110000 | USD | 2434258 | 05/07/25 | Bank of America, N.A. | (5956) |
|  IDR | 8930330000 | USD | 544865 | 05/07/25 | Citibank N.A. | (9593) |
|  IDR | 10445402077 | USD | 629981 | 05/07/25 | Deutsche Bank AG | (3898) |
|  IDR | 24787510000 | USD | 1511781 | 05/07/25 | HSBC Bank PLC | (26052) |
|  IDR | 118440561141 | USD | 7172130 | 04/08/25 | JPMorgan Chase Bank N.A. | (22698) |
|  IDR | 118440561141 | USD | 7140135 | 04/08/25 | JPMorgan Chase Bank N.A. | 9297 |
|  IDR | 7143363675 | USD | 432821 | 05/07/25 | JPMorgan Chase Bank N.A. | (4657) |
|  IDR | 12524780461 | USD | 758076 | 06/18/25 | Merrill Lynch International | (4479) |
|  IDR | 7470170000 | USD | 451359 | 05/07/25 | Morgan Stanley and Co. International PLC | (3607) |
|  IDR | 56035822000 | USD | 3439469 | 04/08/25 | Morgan Stanley Capital Services, Inc. | (56976) |
|  IDR | 56035822000 | USD | 3376832 | 05/08/25 | Morgan Stanley Capital Services, Inc. | 269 |
|  IDR | 6478640000 | USD | 389955 | 06/18/25 | Standard Chartered Bank | (145) |
|  INR | 50691715 | USD | 584174 | 04/16/25 | Citibank N.A. | 8265 |
|  INR | 158910000 | USD | 1814849 | 04/02/25 | Deutsche Bank AG | 44345 |
|  INR | 3358317880 | USD | 38803460 | 04/02/25 | HSBC Bank PLC | 487751 |
|  INR | 1672043940 | USD | 19431978 | 05/07/25 | HSBC Bank PLC | 72371 |
|  INR | 118266400 | USD | 1372759 | 04/03/25 | JPMorgan Chase Bank N.A. | 10919 |
|  INR | 59133200 | USD | 688043 | 04/08/25 | JPMorgan Chase Bank N.A. | 3517 |
|  INR | 1717140000 | USD | 19657310 | 06/18/25 | Standard Chartered Bank | 321050 |
|  JPY | 474517021 | USD | 3030205 | 04/16/25 | Citibank N.A. | 147932 |
|  JPY | 629190000 | USD | 4234720 | 04/02/25 | Deutsche Bank AG | (27217) |
|  JPY | 1009856000 | USD | 6882269 | 04/07/25 | Deutsche Bank AG | (125470) |
|  JPY | 249980000 | USD | 1673506 | 04/02/25 | HSBC Bank PLC | (1847) |
|  JPY | 622229423 | USD | 4170849 | 04/02/25 | JPMorgan Chase Bank N.A. | (9894) |
|  JPY | 215760000 | USD | 1438808 | 04/02/25 | JPMorgan Chase Bank N.A. | 4017 |
|  JPY | 30210000 | USD | 201208 | 04/02/25 | Morgan Stanley and Co. International PLC | 812 |
|  JPY | 435190000 | USD | 2933041 | 04/02/25 | State Street Bank London | (22850) |
|  JPY | 1537619423 | USD | 10262184 | 05/07/25 | State Street Bank London | 60625 |
|  JPY | 67410000 | USD | 451288 | 04/02/25 | The BNY Mellon | (506) |
|  KRW | 4147270000 | USD | 2876593 | 04/02/25 | HSBC Bank PLC | (60111) |
|  KRW | 13924500000 | USD | 9635132 | 06/18/25 | HSBC Bank PLC | (139363) |
|  KRW | 1507800000 | USD | 1039272 | 04/02/25 | JPMorgan Chase Bank N.A. | (15299) |
|  KRW | 19118719800 | USD | 13181052 | 04/03/25 | JPMorgan Chase Bank N.A. | (196521) |
|  KRW | 19118719800 | USD | 13013191 | 04/08/25 | JPMorgan Chase Bank N.A. | (25258) |
|  KRW | 4980696000 | USD | 3451626 | 04/07/25 | Morgan Stanley Capital Services, Inc. | (68263) |
|  KRW | 5655070000 | USD | 3845417 | 04/02/25 | UBS AG | (4962) |
|  KRW | 5655070000 | USD | 3863042 | 05/07/25 | UBS AG | (20076) |
|  MXN | 113448743 | USD | 5524222 | 04/16/25 | Citibank N.A. | 10616 |
|  MXN | 59915000 | USD | 2905251 | 06/18/25 | Citibank N.A. | (6291) |

---

See accompanying Notes to the Financial Statements. 135

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  MXN | 800000 | USD | 38790 | 05/07/25 | Deutsche Bank AG | $129 |
|  MXN | 9080000 | USD | 449178 | 05/07/25 | Deutsche Bank AG | (7451) |
|  MXN | 114500000 | USD | 5559197 | 04/16/25 | Goldman Sachs & Co. | 26929 |
|  MXN | 20420000 | USD | 996573 | 05/07/25 | Goldman Sachs International | (3174) |
|  MXN | 38510000 | USD | 1895041 | 06/18/25 | Goldman Sachs International | (31753) |
|  MXN | 29957500 | USD | 1454509 | 06/18/25 | HSBC Bank PLC | (5029) |
|  MXN | 45856800 | USD | 2285741 | 04/03/25 | JPMorgan Chase Bank N.A. | (44560) |
|  MXN | 101015067 | USD | 4902669 | 04/16/25 | Morgan Stanley Capital Services, Inc. | 25567 |
|  MXN | 29957500 | USD | 1452608 | 06/18/25 | Standard Chartered Bank | (3128) |
|  MXN | 13290000 | USD | 632618 | 05/07/25 | State Street Bank London | 13918 |
|  MXN | 20200000 | USD | 994102 | 05/07/25 | State Street Bank London | (11405) |
|  MXN | 131197303 | USD | 6510026 | 04/02/25 | Toronto Dominion Bank | (97097) |
|  MXN | 2070000 | USD | 101223 | 05/07/25 | Toronto Dominion Bank | (520) |
|  MYR | 20207473 | USD | 4582401 | 06/18/25 | Natwest Markets PLC | (11350) |
|  MYR | 26310000 | USD | 5962868 | 06/18/25 | Standard Chartered Bank | (17038) |
|  NGN | 65000000 | USD | 41963 | 05/20/25 | Citibank N.A. | (733) |
|  NGN | 2894960000 | USD | 1563991 | 08/12/25 | Citibank N.A. | 189297 |
|  NGN | 231136000 | USD | 143296 | 08/12/25 | Merrill Lynch International | (3312) |
|  NOK | 21610400 | USD | 1934924 | 04/02/25 | Bank of America, N.A. | 116440 |
|  NOK | 10953484 | USD | 960410 | 04/16/25 | Citibank N.A. | 79355 |
|  NZD | 11822000 | USD | 6793394 | 05/19/25 | Barclays Bank PLC | (90466) |
|  NZD | 1700000 | USD | 952416 | 04/02/25 | JPMorgan Chase Bank N.A. | 10379 |
|  NZD | 855725 | USD | 484486 | 04/02/25 | UBS AG | 154 |
|  PEN | 2000000 | USD | 551177 | 04/02/25 | Barclays Bank PLC | (5065) |
|  PEN | 30773583 | USD | 8462074 | 04/02/25 | Goldman Sachs International | (59157) |
|  PEN | 26643583 | USD | 7254495 | 04/02/25 | HSBC Bank PLC | 20700 |
|  PEN | 1570000 | USD | 427478 | 04/02/25 | JPMorgan Chase Bank N.A. | 1220 |
|  PEN | 2499215 | USD | 681226 | 06/18/25 | Standard Chartered Bank | (47) |
|  PEN | 4560000 | USD | 1241593 | 04/02/25 | UBS AG | 3542 |
|  PHP | 4440000 | USD | 76541 | 04/02/25 | Bank of America, N.A. | 1047 |
|  PHP | 4440000 | USD | 77506 | 04/02/25 | JPMorgan Chase Bank N.A. | 83 |
|  PHP | 121315400 | USD | 2115462 | 04/03/25 | JPMorgan Chase Bank N.A. | 4510 |
|  PHP | 121315400 | USD | 2110384 | 04/08/25 | JPMorgan Chase Bank N.A. | 9311 |
|  PHP | 37170000 | USD | 643030 | 05/07/25 | JPMorgan Chase Bank N.A. | 5297 |
|  PHP | 38340000 | USD | 667665 | 06/18/25 | Standard Chartered Bank | 1162 |
|  PLN | 2460000 | USD | 635747 | 04/02/25 | Bank of America, N.A. | (1399) |
|  PLN | 1670000 | USD | 414178 | 04/02/25 | Barclays Bank PLC | 16456 |
|  PLN | 2470000 | USD | 641128 | 04/02/25 | Barclays Bank PLC | (4201) |
|  PLN | 3800000 | USD | 953420 | 04/02/25 | Deutsche Bank AG | 26466 |
|  PLN | 6484684 | USD | 1667707 | 05/07/25 | Deutsche Bank AG | 2274 |
|  PLN | 1880000 | USD | 487864 | 04/02/25 | HSBC Bank PLC | (3078) |
|  PLN | 15199950 | USD | 3939808 | 04/03/25 | JPMorgan Chase Bank N.A. | (20423) |
|  PLN | 24060000 | USD | 6224453 | 06/18/25 | Standard Chartered Bank | (38410) |

---

136 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  PLN | 1250000 | USD | 321436 | 05/07/25 | State Street Bank London | $472 |
|  RON | 980000 | USD | 204466 | 04/02/25 | Barclays Bank PLC | 8192 |
|  RON | 37215847 | USD | 8095681 | 06/18/25 | Barclays Bank PLC | (40384) |
|  RON | 5114555 | USD | 1107139 | 04/02/25 | Goldman Sachs International | 2706 |
|  RON | 6525000 | USD | 1409098 | 04/07/25 | UBS AG | 6611 |
|  SGD | 2510000 | USD | 1892921 | 06/18/25 | HSBC Bank PLC | (18017) |
|  THB | 22440000 | USD | 659422 | 04/02/25 | Barclays Bank PLC | 2037 |
|  THB | 8830000 | USD | 261108 | 04/02/25 | Goldman Sachs International | (828) |
|  THB | 675667418 | USD | 19905591 | 05/07/25 | Goldman Sachs International | 59418 |
|  THB | 67001643 | USD | 2000945 | 06/18/25 | Goldman Sachs International | (15186) |
|  THB | 658527418 | USD | 19452163 | 04/02/25 | HSBC Bank PLC | (40891) |
|  THB | 35359900 | USD | 1052996 | 04/03/25 | JPMorgan Chase Bank N.A. | (10630) |
|  THB | 35359900 | USD | 1040441 | 04/08/25 | JPMorgan Chase Bank N.A. | 2277 |
|  THB | 21550000 | USD | 636534 | 04/02/25 | Morgan Stanley and Co. International PLC | (1310) |
|  TRY | 258400000 | USD | 5909405 | 06/18/25 | Barclays Bank PLC | 283841 |
|  TRY | 103771080 | USD | 2434213 | 09/17/25 | Barclays Bank PLC | (165893) |
|  TRY | 18920001 | USD | 482038 | 04/16/25 | Goldman Sachs International | 7529 |
|  TRY | 16550000 | USD | 353708 | 06/18/25 | Goldman Sachs International | 42957 |
|  TRY | 18940000 | USD | 475281 | 05/07/25 | HSBC Bank PLC | 2265 |
|  TRY | 13320000 | USD | 332614 | 05/07/25 | JPMorgan Chase Bank N.A. | 3231 |
|  TWD | 20820244 | USD | 635073 | 04/02/25 | Bank of America, N.A. | (8005) |
|  TWD | 31960000 | USD | 974390 | 04/02/25 | Barclays Bank PLC | (11812) |
|  TWD | 471860000 | USD | 14425337 | 06/18/25 | Citibank N.A. | (122837) |
|  TWD | 30830000 | USD | 938779 | 04/02/25 | HSBC Bank PLC | (10235) |
|  TWD | 11400000 | USD | 350494 | 06/18/25 | Standard Chartered Bank | (4950) |
|  TWD | 13080000 | USD | 397640 | 04/02/25 | UBS AG | (3694) |
|  TWD | 96690244 | USD | 2911918 | 04/02/25 | UBS AG | 219 |
|  TWD | 96690244 | USD | 2923423 | 05/07/25 | UBS AG | (8196) |
|  USD | 1245317 | AUD | 1950000 | 05/07/25 | HSBC Bank PLC | 29831 |
|  USD | 491513 | AUD | 780000 | 05/07/25 | JPMorgan Chase Bank N.A. | 5319 |
|  USD | 1977596 | AUD | 3110000 | 05/07/25 | State Street Bank London | 39053 |
|  USD | 857735 | AUD | 1350000 | 05/07/25 | UBS AG | 16245 |
|  USD | 984689 | BRL | 5650000 | 04/02/25 | Bank of America, N.A. | (1754) |
|  USD | 1049102 | BRL | 6040000 | 04/02/25 | Barclays Bank PLC | (5431) |
|  USD | 8558698 | BRL | 49145758 | 04/02/25 | Citibank N.A. | (21742) |
|  USD | 1455888 | BRL | 8360000 | 04/02/25 | Deutsche Bank AG | (3698) |
|  USD | 8575425 | BRL | 49145758 | 04/02/25 | Goldman Sachs & Co. | (5016) |
|  USD | 465877 | BRL | 2692350 | 05/05/25 | Goldman Sachs & Co. | (1213) |
|  USD | 1135420 | BRL | 6560000 | 04/02/25 | Goldman Sachs International | (9902) |
|  USD | 192546 | BRL | 1125000 | 04/02/25 | HSBC Bank PLC | (3870) |
|  USD | 656856 | BRL | 3830000 | 04/02/25 | JPMorgan Chase Bank N.A. | (11831) |
|  USD | 271522 | BRL | 1547200 | 04/03/25 | JPMorgan Chase Bank N.A. | 1456 |
|  USD | 271351 | BRL | 1547200 | 04/08/25 | JPMorgan Chase Bank N.A. | 1594 |

---

See accompanying Notes to the Financial Statements. 137

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  USD | 916878 | BRL | 5320000 | 05/07/25 | Natwest Markets PLC | $(5678) |
|  USD | 13221927 | BRL | 77959125 | 06/03/25 | Standard Chartered Bank | (218359) |
|  USD | 2585246 | BRL | 14845000 | 04/02/25 | UBS AG | (6567) |
|  USD | 2572974 | BRL | 14845000 | 05/07/25 | UBS AG | (1337) |
|  USD | 980062 | CAD | 1402075 | 04/02/25 | Bank of America, N.A. | 5845 |
|  USD | 55795 | CAD | 80000 | 04/16/25 | BNP Paribas S.A. | 169 |
|  USD | 490030 | CAD | 700000 | 04/02/25 | Morgan Stanley and Co. International PLC | 3642 |
|  USD | 496301 | CAD | 712075 | 05/07/25 | State Street Bank London | 674 |
|  USD | 5868607 | CHF | 5250906 | 04/02/25 | Bank of America, N.A. | (66296) |
|  USD | 4301731 | CHF | 3883767 | 04/16/25 | Citibank N.A. | (95283) |
|  USD | 6884408 | CHF | 6060906 | 05/07/25 | Goldman Sachs International | 5321 |
|  USD | 607753 | CHF | 540000 | 04/02/25 | Morgan Stanley and Co. International PLC | (2589) |
|  USD | 306102 | CHF | 270000 | 04/02/25 | Morgan Stanley and Co. International PLC | 931 |
|  USD | 516815 | CLP | 491930000 | 05/07/25 | Bank of America, N.A. | 137 |
|  USD | 611181 | CLP | 581160000 | 04/02/25 | Goldman Sachs International | 703 |
|  USD | 329073 | CLP | 313630000 | 04/02/25 | Goldman Sachs International | (379) |
|  USD | 340228 | CLP | 313630000 | 05/07/25 | Goldman Sachs International | 10820 |
|  USD | 473251 | CLP | 434590000 | 04/02/25 | HSBC Bank PLC | 16737 |
|  USD | 1469493 | CLP | 1400530000 | 04/02/25 | HSBC Bank PLC | (1690) |
|  USD | 443734 | CLP | 420540000 | 04/02/25 | JPMorgan Chase Bank N.A. | 1979 |
|  USD | 905224 | CLP | 862741638 | 04/02/25 | JPMorgan Chase Bank N.A. | (1041) |
|  USD | 1000874 | CLP | 920003000 | 04/03/25 | JPMorgan Chase Bank N.A. | 34464 |
|  USD | 486412 | CLP | 448550000 | 05/07/25 | JPMorgan Chase Bank N.A. | 15297 |
|  USD | 339599 | CLP | 313630000 | 04/02/25 | Morgan Stanley and Co. International PLC | 10147 |
|  USD | 894398 | CLP | 826981638 | 04/02/25 | UBS AG | 25697 |
|  USD | 136925 | CNH | 984967 | 06/18/25 | BNP Paribas S.A. | 655 |
|  USD | 482630 | CNH | 3480000 | 05/07/25 | Deutsche Bank AG | 2531 |
|  USD | 317209 | CNH | 2290000 | 05/07/25 | HSBC Bank PLC | 1282 |
|  USD | 4805622 | CNH | 34833400 | 04/01/25 | JPMorgan Chase Bank N.A. | 11529 |
|  USD | 2752356 | CNH | 19895200 | 04/03/25 | JPMorgan Chase Bank N.A. | 13996 |
|  USD | 2740320 | CNH | 19895200 | 04/08/25 | JPMorgan Chase Bank N.A. | 964 |
|  USD | 5685673 | CNH | 41730000 | 04/16/25 | JPMorgan Chase Bank N.A. | (63228) |
|  USD | 842468 | CNH | 6110000 | 05/07/25 | Morgan Stanley and Co. International PLC | (465) |
|  USD | 6907095 | CNH | 50241896 | 04/02/25 | UBS AG | (7657) |
|  USD | 2199926 | COP | 9190350000 | 04/02/25 | Bank of America, N.A. | 7818 |
|  USD | 486372 | COP | 2038770000 | 04/02/25 | Goldman Sachs International | 79 |
|  USD | 421645 | COP | 1732530000 | 04/02/25 | HSBC Bank PLC | 8397 |
|  USD | 524765 | COP | 2159110000 | 04/02/25 | JPMorgan Chase Bank N.A. | 9768 |
|  USD | 6536501 | COP | 27010784300 | 04/03/25 | JPMorgan Chase Bank N.A. | 94699 |
|  USD | 6568770 | COP | 27010784300 | 04/08/25 | JPMorgan Chase Bank N.A. | 131404 |
|  USD | 1851251 | COP | 7849305000 | 06/18/25 | Merrill Lynch International | (2058) |
|  USD | 33922192 | COP | 141251504420 | 04/02/25 | Morgan Stanley and Co. International PLC | 230477 |
|  USD | 16571260 | COP | 68896672210 | 05/07/25 | Morgan Stanley and Co. International PLC | 213795 |

---

138 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  USD | 1358970 | COP | 5634291000 | 04/07/25 | Morgan Stanley Capital Services, Inc. | $15989 |
|  USD | 1853437 | COP | 7849305000 | 06/18/25 | Standard Chartered Bank | 128 |
|  USD | 1196354 | CZK | 27560000 | 05/07/25 | Deutsche Bank AG | 4203 |
|  USD | 872279 | CZK | 20181203 | 04/02/25 | Goldman Sachs International | (77) |
|  USD | 24206 | CZK | 560000 | 06/18/25 | Goldman Sachs International | (41) |
|  USD | 2170459 | CZK | 49680000 | 06/18/25 | Goldman Sachs International | 19383 |
|  USD | 19994065 | CZK | 458119028 | 06/18/25 | HSBC Bank PLC | 158138 |
|  USD | 1022634 | CZK | 23420000 | 05/07/25 | Morgan Stanley and Co. International PLC | 9567 |
|  USD | 304586 | CZK | 7250000 | 05/07/25 | State Street Bank London | (9024) |
|  USD | 521022 | CZK | 11920000 | 05/07/25 | Toronto Dominion Bank | 5404 |
|  USD | 428775 | EGP | 24050000 | 09/17/25 | Citibank N.A. | (12857) |
|  USD | 1623604 | EGP | 91780000 | 09/17/25 | Goldman Sachs International | (61757) |
|  USD | 1335088 | EGP | 75280000 | 09/17/25 | Standard Chartered Bank | (47283) |
|  USD | 7225750 | EUR | 6883961 | 04/02/25 | Bank of America, N.A. | (210309) |
|  USD | 982962 | EUR | 900000 | 04/02/25 | Bank of America, N.A. | 10781 |
|  USD | 1411736 | EUR | 1350000 | 04/03/25 | Bank of America, N.A. | (46611) |
|  USD | 1318013 | EUR | 1250000 | 04/07/25 | Bank of America, N.A. | (32591) |
|  USD | 4337242 | EUR | 3975000 | 04/15/25 | Bank of America, N.A. | 40464 |
|  USD | 1625581 | EUR | 1505000 | 04/30/25 | Bank of America, N.A. | (2586) |
|  USD | 3758761 | EUR | 3437000 | 04/14/25 | Barclays Bank PLC | 43738 |
|  USD | 290244 | EUR | 266000 | 04/15/25 | Barclays Bank PLC | 2712 |
|  USD | 3889214 | EUR | 3600000 | 04/30/25 | Citibank N.A. | (5403) |
|  USD | 3743583 | EUR | 3490000 | 04/02/25 | HSBC Bank PLC | (26316) |
|  USD | 1110496 | EUR | 1015000 | 04/14/25 | HSBC Bank USA, N.A. | 13392 |
|  USD | 2545005 | EUR | 2340000 | 04/02/25 | Morgan Stanley and Co. International PLC | 17336 |
|  USD | 2428061 | EUR | 2239000 | 04/10/25 | Morgan Stanley Capital Services, Inc. | 8475 |
|  USD | 1093843 | EUR | 1000000 | 04/14/25 | Morgan Stanley Capital Services, Inc. | 12952 |
|  USD | 6270160 | EUR | 6060942 | 04/16/25 | Morgan Stanley Capital Services, Inc. | (281776) |
|  USD | 2389578 | EUR | 2200000 | 04/25/25 | Morgan Stanley Capital Services, Inc. | 10186 |
|  USD | 1559176 | EUR | 1443961 | 05/07/25 | Natwest Markets PLC | (3575) |
|  USD | 2940465 | EUR | 2700000 | 04/11/25 | Royal Bank of Canada | 22537 |
|  USD | 5828231 | EUR | 5340000 | 06/18/25 | Standard Chartered Bank | 34860 |
|  USD | 2402908 | EUR | 2200000 | 04/22/25 | State Street Bank and Trust | 23906 |
|  USD | 3431235 | EUR | 3256000 | 04/07/25 | UBS AG | (86817) |
|  USD | 776334 | GBP | 600000 | 04/30/25 | Bank of America, N.A. | 1932 |
|  USD | 12061312 | GBP | 9783262 | 04/16/25 | BNP Paribas S.A. | (566024) |
|  USD | 724920 | GBP | 560000 | 04/30/25 | BNP Paribas S.A. | 2145 |
|  USD | 992622 | GBP | 783057 | 04/02/25 | Deutsche Bank AG | (18109) |
|  USD | 1008820 | GBP | 783057 | 05/07/25 | Deutsche Bank AG | (1843) |
|  USD | 963576 | HUF | 365680000 | 05/07/25 | Barclays Bank PLC | (14587) |
|  USD | 2264722 | HUF | 840910000 | 06/18/25 | Citibank N.A. | 20062 |
|  USD | 7170128 | HUF | 2648090200 | 04/03/25 | JPMorgan Chase Bank N.A. | 73430 |
|  USD | 500579 | HUF | 183620000 | 05/07/25 | Morgan Stanley and Co. International PLC | 9411 |

---

See accompanying Notes to the Financial Statements. 139

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  USD | 2305795 | HUF | 859710000 | 06/18/25 | Standard Chartered Bank | $10951 |
|  USD | 328405 | HUF | 120920000 | 05/07/25 | Toronto Dominion Bank | 4954 |
|  USD | 200637 | HUF | 74628599 | 04/02/25 | UBS AG | 628 |
|  USD | 135915 | HUF | 50780000 | 05/07/25 | UBS AG | 83 |
|  USD | 1335769 | IDR | 22203928541 | 06/18/25 | Citibank N.A. | (208) |
|  USD | 7161289 | IDR | 118440561141 | 04/08/25 | JPMorgan Chase Bank N.A. | 11857 |
|  USD | 7140135 | IDR | 118440561141 | 04/08/25 | JPMorgan Chase Bank N.A. | (9297) |
|  USD | 7169092 | IDR | 118440561141 | 04/14/25 | JPMorgan Chase Bank N.A. | 22252 |
|  USD | 959922 | IDR | 15813280000 | 05/07/25 | Morgan Stanley and Co. International PLC | 12096 |
|  USD | 3381621 | IDR | 56035822000 | 04/08/25 | Morgan Stanley Capital Services, Inc. | (872) |
|  USD | 1852940 | INR | 158910000 | 04/02/25 | Deutsche Bank AG | (6254) |
|  USD | 39141568 | INR | 3358317880 | 04/02/25 | HSBC Bank PLC | (149641) |
|  USD | 1379259 | INR | 118266400 | 04/03/25 | JPMorgan Chase Bank N.A. | (4419) |
|  USD | 1324821 | JPY | 194780000 | 04/02/25 | Citibank N.A. | 22293 |
|  USD | 1021433 | JPY | 150190000 | 04/02/25 | Goldman Sachs International | 17086 |
|  USD | 1488682 | JPY | 219830000 | 04/02/25 | State Street Bank London | 18641 |
|  USD | 1005988 | JPY | 147550000 | 04/02/25 | The BNY Mellon | 19296 |
|  USD | 2008055 | KES | 264260000 | 06/18/25 | Citibank N.A. | (14393) |
|  USD | 2820121 | KRW | 4147270000 | 04/02/25 | HSBC Bank PLC | 3639 |
|  USD | 9587159 | KRW | 13924500000 | 06/18/25 | HSBC Bank PLC | 91391 |
|  USD | 1025296 | KRW | 1507800000 | 04/02/25 | JPMorgan Chase Bank N.A. | 1323 |
|  USD | 13009737 | KRW | 19118719800 | 04/03/25 | JPMorgan Chase Bank N.A. | 25207 |
|  USD | 3856066 | KRW | 5655070000 | 04/02/25 | UBS AG | 15611 |
|  USD | 4971867 | MXN | 102500000 | 04/16/25 | Goldman Sachs & Co. | (28814) |
|  USD | 605828 | MXN | 12224748 | 04/16/25 | Goldman Sachs & Co. | 9417 |
|  USD | 977062 | MXN | 19570000 | 05/07/25 | Goldman Sachs International | 25014 |
|  USD | 1874455 | MXN | 38520000 | 06/18/25 | Goldman Sachs International | 10682 |
|  USD | 2285121 | MXN | 45856800 | 04/03/25 | JPMorgan Chase Bank N.A. | 43941 |
|  USD | 2284094 | MXN | 45856800 | 04/08/25 | JPMorgan Chase Bank N.A. | 44423 |
|  USD | 1449560 | MXN | 29860000 | 05/07/25 | JPMorgan Chase Bank N.A. | (3079) |
|  USD | 5738908 | MXN | 117527303 | 04/02/25 | Morgan Stanley and Co. International PLC | (5831) |
|  USD | 866995 | MXN | 17580000 | 05/07/25 | Morgan Stanley and Co. International PLC | 11757 |
|  USD | 606728 | MXN | 12529834 | 04/16/25 | Morgan Stanley Capital Services, Inc. | (4567) |
|  USD | 405318 | MXN | 8190000 | 06/18/25 | Standard Chartered Bank | 9048 |
|  USD | 665689 | MXN | 13670000 | 04/02/25 | State Street Bank London | (2501) |
|  USD | 1661421 | MXN | 33760000 | 05/07/25 | State Street Bank London | 19052 |
|  USD | 6479379 | MXN | 131197303 | 05/07/25 | Toronto Dominion Bank | 96847 |
|  USD | 8390848 | MYR | 37082583 | 06/18/25 | Standard Chartered Bank | 10509 |
|  USD | 39394 | NGN | 65000000 | 05/20/25 | Citibank N.A. | (1836) |
|  USD | 1973719 | NOK | 21640000 | 04/02/25 | JPMorgan Chase Bank N.A. | (80455) |
|  USD | 970300 | NZD | 1705725 | 04/02/25 | HSBC Bank PLC | 4263 |
|  USD | 486890 | NZD | 850000 | 04/02/25 | The BNY Mellon | 5493 |
|  USD | 484902 | NZD | 855725 | 05/07/25 | UBS AG | (146) |

---

140 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  USD | 544559 | PEN | 2000000 | 04/02/25 | Barclays Bank PLC | $(1554) |
|  USD | 2165779 | PEN | 7930000 | 06/18/25 | Citibank N.A. | 4400 |
|  USD | 8379008 | PEN | 30773583 | 04/02/25 | Goldman Sachs International | (23909) |
|  USD | 8454520 | PEN | 30773583 | 05/07/25 | Goldman Sachs International | 58714 |
|  USD | 7260940 | PEN | 26643583 | 04/02/25 | HSBC Bank PLC | (14255) |
|  USD | 427805 | PEN | 1570000 | 04/02/25 | JPMorgan Chase Bank N.A. | (894) |
|  USD | 8224425 | PEN | 30126070 | 06/18/25 | Standard Chartered Bank | 13345 |
|  USD | 1429641 | PEN | 5253930 | 06/18/25 | Standard Chartered Bank | (2356) |
|  USD | 1252385 | PEN | 4560000 | 04/02/25 | UBS AG | 7249 |
|  USD | 77506 | PHP | 4440000 | 04/02/25 | Bank of America, N.A. | (83) |
|  USD | 76871 | PHP | 4440000 | 04/02/25 | JPMorgan Chase Bank N.A. | (718) |
|  USD | 2110530 | PHP | 121315400 | 04/03/25 | JPMorgan Chase Bank N.A. | (9442) |
|  USD | 315162 | PLN | 1245316 | 04/02/25 | Citibank N.A. | (5961) |
|  USD | 1669836 | PLN | 6484684 | 04/02/25 | Deutsche Bank AG | (2336) |
|  USD | 389130 | PLN | 1500000 | 04/02/25 | Goldman Sachs International | 2333 |
|  USD | 97537 | PLN | 380000 | 04/02/25 | HSBC Bank PLC | (452) |
|  USD | 111179 | PLN | 430000 | 06/18/25 | HSBC Bank PLC | 622 |
|  USD | 3975064 | PLN | 15199950 | 04/03/25 | JPMorgan Chase Bank N.A. | 55679 |
|  USD | 3939027 | PLN | 15199950 | 04/08/25 | JPMorgan Chase Bank N.A. | 20381 |
|  USD | 694760 | PLN | 2670000 | 04/02/25 | Morgan Stanley and Co. International PLC | 6261 |
|  USD | 225063 | RON | 1030000 | 04/02/25 | Barclays Bank PLC | 1555 |
|  USD | 1068779 | RON | 5064555 | 04/02/25 | Goldman Sachs International | (30216) |
|  USD | 1105942 | RON | 5114555 | 05/07/25 | Goldman Sachs International | (2739) |
|  USD | 8131895 | RON | 37215847 | 06/18/25 | HSBC Bank PLC | 76598 |
|  USD | 1373366 | RON | 6525000 | 04/07/25 | UBS AG | (42343) |
|  USD | 1895069 | SGD | 2510000 | 06/18/25 | Merrill Lynch International | 20165 |
|  USD | 19874968 | THB | 675667418 | 04/02/25 | Goldman Sachs International | (41537) |
|  USD | 1040089 | THB | 35359900 | 04/03/25 | JPMorgan Chase Bank N.A. | (2278) |
|  USD | 3533875 | THB | 119710000 | 06/18/25 | Standard Chartered Bank | (14028) |
|  USD | 1056672 | THB | 35680000 | 04/02/25 | UBS AG | 4940 |
|  USD | 5053187 | TRY | 218110000 | 06/18/25 | Barclays Bank PLC | (174403) |
|  USD | 773913 | TRY | 35600000 | 09/17/25 | Barclays Bank PLC | (4263) |
|  USD | 355914 | TRY | 16550000 | 06/18/25 | Goldman Sachs International | (40751) |
|  USD | 627021 | TWD | 20820244 | 04/02/25 | Bank of America, N.A. | (47) |
|  USD | 962506 | TWD | 31960000 | 04/02/25 | Barclays Bank PLC | (72) |
|  USD | 928474 | TWD | 30830000 | 04/02/25 | HSBC Bank PLC | (70) |
|  USD | 2917651 | TWD | 96690244 | 04/02/25 | UBS AG | 5514 |
|  USD | 393917 | TWD | 13080000 | 04/02/25 | UBS AG | (30) |
|  USD | 2683140 | UGX | 10023834129 | 06/18/25 | Standard Chartered Bank | (15938) |
|  USD | 1222365 | ZAR | 22813000 | 04/07/25 | Bank of America, N.A. | (17543) |
|  USD | 818039 | ZAR | 15140304 | 06/18/25 | Citibank N.A. | (85) |
|  USD | 1036712 | ZAR | 19160000 | 04/02/25 | Deutsche Bank AG | (5051) |
|  USD | 721367 | ZAR | 13360000 | 04/02/25 | Goldman Sachs International | (5040) |

---

See accompanying Notes to the Financial Statements. 141

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Foreign Currency Contracts — continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br>Date | Counterparty | Unrealized<br> Appreciation<br> (Depreciation)  |
|  USD | 465138 | ZAR | 8450000 | 05/07/25 | Goldman Sachs International | $6968 |
|  USD | 1002239 | ZAR | 18490000 | 05/07/25 | Goldman Sachs International | (312) |
|  USD | 2575461 | ZAR | 47390000 | 06/18/25 | Goldman Sachs International | 14689 |
|  USD | 12227548 | ZAR | 224151732 | 05/07/25 | HSBC Bank PLC | 73759 |
|  USD | 3801790 | ZAR | 69480000 | 06/18/25 | HSBC Bank PLC | 47358 |
|  USD | 2080054 | ZAR | 37581600 | 04/03/25 | JPMorgan Chase Bank N.A. | 36833 |
|  USD | 5213595 | ZAR | 94995700 | 04/07/25 | JPMorgan Chase Bank N.A. | 50488 |
|  USD | 2064920 | ZAR | 37581600 | 04/08/25 | JPMorgan Chase Bank N.A. | 22481 |
|  USD | 5204507 | ZAR | 94995700 | 04/14/25 | JPMorgan Chase Bank N.A. | 44243 |
|  USD | 972924 | ZAR | 17730000 | 05/07/25 | JPMorgan Chase Bank N.A. | 11581 |
|  USD | 1496298 | ZAR | 27150000 | 05/07/25 | Morgan Stanley and Co. International PLC | 24191 |
|  USD | 497061 | ZAR | 9090000 | 05/07/25 | Natwest Markets PLC | 4190 |
|  USD | 102047 | ZAR | 1890000 | 06/18/25 | Standard Chartered Bank | (81) |
|  USD | 622761 | ZAR | 11400000 | 06/18/25 | Standard Chartered Bank | 6749 |
|  USD | 10889850 | ZAR | 201211732 | 04/02/25 | State Street Bank London | (50386) |
|  ZAR | 22813000 | USD | 1238791 | 04/07/25 | Bank of America, N.A. | 1117 |
|  ZAR | 17630000 | USD | 960015 | 05/07/25 | Barclays Bank PLC | (4094) |
|  ZAR | 11550000 | USD | 634201 | 05/07/25 | Deutsche Bank AG | (7945) |
|  ZAR | 2160000 | USD | 117405 | 06/18/25 | Goldman Sachs International | (687) |
|  ZAR | 224151732 | USD | 12261595 | 04/02/25 | HSBC Bank PLC | (74071) |
|  ZAR | 37581600 | USD | 2065782 | 04/03/25 | JPMorgan Chase Bank N.A. | (22561) |
|  ZAR | 94995700 | USD | 5207410 | 04/07/25 | JPMorgan Chase Bank N.A. | (44302) |
|  ZAR | 8220000 | USD | 445545 | 05/07/25 | Morgan Stanley and Co. International PLC | 154 |
|  ZAR | 9580000 | USD | 511298 | 04/02/25 | State Street Bank London | 9584 |
|  ZAR | 32800000 | USD | 1785395 | 05/07/25 | State Street Bank London | (6937) |
|  ZAR | 7740000 | USD | 414053 | 05/07/25 | UBS AG | 5620 |
|  |  |  |  |  |  | $(774263) |

---

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br> Contracts  | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Buys |  |  |  |  |
| 335 | 10-Year Australian Bond Futures | Jun 2025 | $23518290 | $145437 |
| 263 | Euro BUND | Jun 2025 | 36599669 | (272924) |
| 101 | Long Gilt Futures | Jun 2025 | 11953241 | (115237) |
| 10 | U.S. Long Bond | Jun 2025 | 1172813 | 7108 |
| 195 | U.S. Treasury Note 10-Year | Jun 2025 | 21687656 | 108798 |
| 486 | U.S. Treasury Note 2-Year | Jun 2025 | 100685532 | (36491) |
| 45 | U.S. Treasury Note 5-Year | Jun 2025 | 4867031 | 21433 |
| 261 | U.S. Ultra 10-Year | Jun 2025 | 29786625 | 117701 |

---

142 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Futures Contracts — continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br> Contracts  | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| 190 | U.S. Ultra Bond | Jun 2025 | $23227500 | $179314 |
|  |  |  |  | $155139 |
|  Sales |  |  |  |  |
| 140 | U.S. Treasury Note 10-Year | Jun 2025 | $15570625 | $(86711) |
| 40 | U.S. Treasury Note 2-Year | Jun 2025 | 8286875 | (17257) |
| 211 | U.S. Treasury Note 5-Year | Jun 2025 | 22820969 | (138834) |
| 17 | U.S. Ultra 10-Year | Jun 2025 | 1940125 | (27686) |
|  |  |  |  | $(270488) |

---

#### OTC — Interest Rate Swaps

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br>Received<br>by Fund | Payment<br>Frequency | Payments<br>Made by<br>Fund | Payment<br>Frequency | Maturity<br>Date | Counterparty | Upfront<br>Premiums<br>Paid<br>(Received) | Notional<br>Value | Notional<br>Value | Market<br>Value | Unrealized<br>Appreciation<br>(Depreciation) |
| BRL-CDI | At Maturity | 14.85% | At Maturity | 01/04/27 | HSBC Bank PLC | $– | BRL | (93900000) | $(1636) | $(1636) |
| 9.80% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | JPMorgan Chase Bank N.A. | – | BRL | (7138618) | (126876) | (126876) |
| 10.12% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | HSBC Sec. New York | – | BRL | (3314365) | (101472) | (101472) |
| 10.12% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | HSBC Sec. New York | – | BRL | (4045627) | (123582) | (123582) |
| 10.18% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | Citibank N.A. | – | BRL | (3890000) | (115430) | (115430) |
| 10.23% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | JPMorgan Chase Bank N.A. | – | BRL | (40970000) | (804791) | (804791) |
| 10.29% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | Bank of America, N.A. | – | BRL | (1078605) | (18725) | (18725) |
| 10.41% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | HSBC Sec. New York | – | BRL | (4903343) | (81510) | (81510) |
| 10.81% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | Bank of America, N.A. | – | BRL | (6010963) | (77272) | (77272) |
| 10.87% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | JPMorgan Chase Bank N.A. | – | BRL | (3621722) | (45505) | (45505) |
| 11.03% | At Maturity | BRL-CDI | At Maturity | 01/02/26 | Bank of America, N.A. | – | BRL | (107452000) | (518143) | (518143) |
| 11.07% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | JPMorgan Chase Bank N.A. | – | BRL | (6209175) | (72371) | (72371) |
| 11.81% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | Bank of America, N.A. | – | BRL | (3447253) | (59230) | (59230) |
| 11.93% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | Bank of America, N.A. | – | BRL | (5164395) | (84627) | (84627) |
| 12.16% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | JPMorgan Chase Bank N.A. | – | BRL | (2793720) | (40814) | (40814) |
| 12.41% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | JPMorgan Chase Bank N.A. | – | BRL | (2485227) | (15853) | (15853) |
| 12.74% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | HSBC Sec. New York | – | BRL | (2290799) | (23464) | (23464) |
| 13.96% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | HSBC Sec. New York | – | BRL | (4462141) | (15975) | (15975) |
| 14.54% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | HSBC Sec. New York | – | BRL | (6785919) | (6808) | (6808) |
| 14.82% | At Maturity | BRL-CDI | At Maturity | 01/02/26 | HSBC Sec. New York | – | BRL | (14950986) | (1677) | (1677) |
| COP-IBR | Quarterly | 8.87% | Quarterly | 03/19/35 | HSBC Sec. New York | – | COP | (1889992403) | 7679 | 7679 |
|  |  |  |  |  |  | $– |  |  | $(2328082) | $(2328082) |

---

#### Centrally Cleared Interest Rate Swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br> Received<br> by Fund | Payment<br>Frequency | Payments<br>Made<br> by Fund | Payment<br>Frequency | Maturity<br>Date | Upfront<br>Premiums<br>Paid<br>(Received) | Notional<br>Value | Notional<br>Value | Market<br>Value | Unrealized<br>Appreciation<br>(Depreciation) |
| 8.02% | Monthly | 1-Month TIIE | Monthly | 06/16/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | MXN | 326979800 | $71340 | $71340 |
| 8.89% | Monthly | 1-Month TIIE | Monthly | 11/10/34 |  | MXN | 203790000 | 350473 | 350473 |

---

See accompanying Notes to the Financial Statements. 143

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Centrally Cleared Interest Rate Swaps — continued

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br> Received<br> by Fund | Payment<br>Frequency | Payments<br> Made<br> by Fund | Payment<br>Frequency | Maturity<br>Date | Upfront<br>Premiums<br>Paid<br>(Received) | Notional<br>Value | Notional<br>Value | Market<br>Value | Unrealized<br>Appreciation<br>(Depreciation) |
| 9.04% | Monthly | 1-Month TIIE | Monthly | 11/14/29 | $3 | MXN | 7778091 | $15093 | $15090 |
| 1.63% | Quarterly | 3-Month Baht Interest Rate Fixing | Quarterly | 06/18/30 |  | THB | 205000000 | 26730 | 26730 |
| 3-Month JIBAR | Quarterly | 9.08% | Quarterly | 09/17/35 | 32 | ZAR | 31279439 | (11000) | (11032) |
| 3-Month JIBAR | Quarterly | 8.19% | Quarterly | 11/23/28 |  | ZAR | 40430000 | (46083) | (46083) |
| 8.33% | Quarterly | 3-Month JIBAR | Quarterly | 03/06/29 | 1 | ZAR | 37000000 | 51838 | 51837 |
| 3-Month KSDA | Quarterly | 2.63% | Quarterly | 06/18/35 | 10562 | KRW | 9016300000 | (428) | (10990) |
| 2.53% | Quarterly | 3-Month KSDA | Quarterly | 06/18/28 | (223) | KRW | 26099432057 | 620 | 843 |
| 6.34% | Annual | 6-Month BUBOR | Semi-Annual | 09/17/27 | 10 | HUF | 797026433 | (8618) | (8628) |
| 6.53% | Annual | 6-Month BUBOR | Semi-Annual | 09/17/30 | 14 | HUF | 456236907 | (11811) | (11825) |
| 6-Month CLICP | Semi-Annual | 4.92% | Semi-Annual | 06/18/27 |  | CLP | 19949000000 | (7059) | (7059) |
| 5.83% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 06/18/27 | 1690 | INR | 1347000000 | 5619 | 3929 |
| 5.93% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 06/18/30 | 249 | INR | 585000000 | 9364 | 9115 |
| 5.97% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 56 | INR | 257807500 | (6325) | (6381) |
| 6.00% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 09/17/35 | 21 | INR | 95481111 | 336 | 315 |
| 6.04% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 14 | INR | 66738385 | 2088 | 2074 |
| 6.05% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 38 | INR | 174688000 | 8167 | 8129 |
| 6.10% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 12 | INR | 55414000 | 4827 | 4815 |
| 6.19% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 22 | INR | 107244000 | 17724 | 17702 |
| 6.21% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 21 | INR | 102691000 | 18868 | 18847 |
| 6.26% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/30 | 10 | INR | 73891000 | 12838 | 12828 |
| 6.26% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/19/35 | 9 | INR | 44581000 | 9914 | 9905 |
| 6.73% | Annual | 6-Month MIBOR | Semi-Annual | 09/17/30 | 15 | HUF | 492558145 | 15 |  |
| 3.60% | Annual | 6-Month PRIBOR | Semi-Annual | 09/17/30 | 35 | CZK | 73082659 | 3493 | 3458 |
| 1.56% | Quarterly | 7-Day CNRR | Quarterly | 09/17/30 | 15 | CNY | 9294607 | (1151) | (1166) |
| 1.64% | Quarterly | 7-Day CNRR | Quarterly | 09/17/30 | 22 | CNY | 13863486 | 5272 | 5250 |
| 1.67% | Quarterly | 7-Day CNRR | Quarterly | 06/18/30 | 4826 | CNY | 68500000 | 39340 | 34514 |
| 2.03% | Quarterly | Thai Baht Interest Rate Fixing | Quarterly | 03/19/30 | 58 | THB | 176532299 | 123804 | 123746 |
| 2.36% | Quarterly | Thai Baht Interest Rate Fixing | Quarterly | 03/19/35 | 139 | THB | 259121488 | 348460 | 348321 |
|  |  |  |  |  |  |  |  |  | $1016097 |

---

#### OTC— Credit Default Swaps

#### Buy Protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount\* | Currency | Expiration<br>Date | Counterparty | Receive<br>(Pay)<br>Fixed<br>Rate | Payment<br>Frequency | Deliverable<br> on Default | Unrealized<br>Appreciation<br>(Depreciation) | Upfront<br>Premiums<br>Paid/<br>(Received) | Value |
| 4019000 | USD | 06/20/30 | Morgan Stanley Capital<br> Services, Inc. | (1.00%) | Quarterly | Brazil Government International Bonds, 3.75%, 09/12/31 | $(16475) | $174793 | $158318 |
|  |  |  |  |  | Total OTC Credit Default Swap | Total OTC Credit Default Swap | $(16475) | $174793 | $158318 |

---

144 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Centrally Cleared Credit Default Swaps

#### Buy Protection

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount\* | Currency | Expiration<br>Date | Receive<br>(Pay)<br>Fixed<br>Rate | Payment<br>Frequency | Deliverable on Default | Unrealized<br>Appreciation<br>(Depreciation) | Upfront<br>Premiums<br>Paid<br>(Received) | Value |
| 1730000 | USD | 12/20/29 | (1.00%) | Quarterly | MDC Holdings, Inc. | $(2343) | $(49830) | $(52173) |

---

#### Sell Protection

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount\* | Currency | Expiration<br>Date | Receive<br>(Pay)<br>Fixed<br>Rate | Payment<br>Frequency | Deliverable on Default | Unrealized<br>Appreciation<br>(Depreciation) | Upfront<br>Premiums<br> Paid<br> (Received) | Value |
| 1095000 | USD | 12/20/29 | 5.00% | Quarterly | American Airlines Group, Inc. | $(105913) | $49141 | $(56772) |
| 309000 | USD | 06/20/30 | 5.00% | Quarterly | American Airlines Group, Inc. | (5269) | (14537) | (19806) |
| 11980000 | USD | 12/20/29 | 5.00% | Quarterly | CDX.NA.HY.S43\*\* | (232929) | 863099 | 630170 |
| 35700000 | USD | 12/20/29 | 5.00% | Quarterly | CDX.NA.HY.S43\*\* | (854788) | 2732674 | 1877886 |
| 94446000 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\* | (811758) | 5605338 | 4793580 |
| 4213000 | USD | 06/20/30 | 1.00% | Quarterly | CDX.NA.IG.S44\*\*\* | (7071) | 82139 | 75068 |
| 1730000 | USD | 12/20/29 | 1.00% | Quarterly | Lennar Corp. | (33690) | 24546 | (9144) |
|  |  |  |  | Total Sell Protection | Total Sell Protection | $(2051418) |  |  |
|  |  |  | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | $(2053761) |  |  |

---

#### OTC — Total Return Swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Pays  | Fund Receives | Counterparty | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | Payment<br> Frequency | Premiums Paid <br>(Received) | Notional<br>Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | Unrealized <br> Appreciation <br> (Depreciation) |
|  Daily SOFR +<br>1.10% | JPEIFNTR | JPMorgan<br>Chase Bank<br>N.A. | 07/03/25 | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3412000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(56947) | $(56947) |

---

\* 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.

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

U.S. Treasury securities in the amount of $1,759,944 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

See accompanying Notes to the Financial Statements. 145

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **<u>Currency Abbreviations</u>** | **<u>Currency Abbreviations</u>** |
|  AUD | Australian Dollar |
|  BRL | Brazilian Real |
|  CAD | Canadian Dollar |
|  CHF | Swiss Franc |
|  CLP | Chilean Peso |
|  CNH | Chinese Yuan Renminbi |
|  CNY | Chinese Yuan |
|  COP | Colombian Peso |
|  CZK | Czech Koruna |
|  DOP | Dominican Pesos |
|  EGP | Egyptian Pound |
|  EUR | Euro |
|  GBP | United Kingdom Pound |
|  GHS | New Ghanaian Cedi |
|  HUF | Hungarian Forint |
|  IDR | Indonesian Rupiah |
|  INR | Indian Rupee |
|  JMD | Jamaica Dollar |
|  JPY | Japanese Yen |
|  KES | Kenyan Shilling |
|  KRW | South Korean Won |
|  MXN | Mexican Peso |
|  MYR | Malaysian Ringgit |
|  NGN | Nigeria Naira |
|  NOK | Norwegian Krona |
|  NZD | New Zealand Dollar |
|  PEN | Peruvian Nuevo Sol |
|  PHP | Philippines Peso |
|  PLN | Polish Zloty |
|  PYG | Paraguay Guarani |
|  RON | Romanian New Leu |
|  SGD | Singapore Dollar |
|  THB | Thai Baht |
|  TRY | Turkish New Lira |
|  TWD | Taiwan Dollar |
|  UGX | Ugandan Shilling |
|  USD | U.S. Dollar |
|  UYU | Uruguayan Peso |
|  ZAR | South African Rand |

---

146 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **<u>Abbreviations</u>** | **<u>Abbreviations</u>** |
|  BUBOR | Budapest Interbank Offered Rate |
|  CDI | CREST Depository Interest |
|  CLICP | Chilean Average Chamber Index |
|  CLO | Collateralized Loan Obligation |
|  CMT | Constant Maturity Treasury Index |
|  CNRR | China Fixing Repo Rates |
|  EURIBOR | Euro Interbank Offered Rate |
|  ICE | Intercontinental Exchange |
|  JIBAR | Johannesburg Interbank Average Rate |
|  KSDA | South Korea Three Month Interbank Rate |
|  MIBOR | Mumbai Interbank Offered Rate |
|  PIK | Payment In Kind |
|  PRIBOR | Prague Interbank Offered Rate |
|  SOFR | Secured Overnight Financing Rate |
|  SONIA | Sterling Overnight Index Average |
|  STACR | Structured Agency Credit Risk |
|  TIIE | Mexican Interbank Equilibrium Interest Rate |

---

See accompanying Notes to the Financial Statements. 147

------

#### Mercer Opportunistic Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
|  Corporate Debt | 38.0 |
|  Sovereign Debt Obligations | 33.0 |
|  U.S. Government and Agency Obligations | 9.0 |
|  Mortgage Backed Securities - Private Issuers | 5.4 |
|  Asset Backed Securities | 3.5 |
|  Convertible Debt | 0.5 |
|  Bank Loans | 0.1 |
|  Centrally Cleared Interest Rate Swaps | 0.0\* |
|  Common Stocks | 0.0\* |
|  OTC Credit Default Swap | 0.0\* |
|  Mortgage Backed Securities - U.S. Government Agency Obligations | 0.0\* |
|  OTC Total Return Swap | 0.0\* |
|  Futures Contracts | 0.0\* |
|  Forward Foreign Currency Contracts | 0.0\* |
|  Centrally Cleared Credit Default Swaps | (0.1) |
|  OTC Interest Rate Swaps | (0.1) |
|  Short-Term Investments | 5.7 |
|  Other Assets and Liabilities (net) | 5.0 |
|  | 100.0% |

---

\* *Amount rounds to zero.* 

148 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 99.2%** |  |
|  | **Asset Backed Securities — 22.6%** |  |
| 81825 | Ally Auto Receivables Trust, Series 2024-2, Class A2, 4.46%, due 07/15/27 | 81784 |
| 250000 | American Express Credit Account Master Trust, Series 2023-4, Class A, 5.15%, due 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257368 |
| 150000 | American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, due 07/15/29 | 151361 |
| 84809 | AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2A, 5.75%, due 02/18/28 | 85087 |
| 100000 | AREIT Ltd., Series 2025-CRE10, Class A, 5.71% (1 mo. USD Term SOFR + 1.39%), due 12/17/29<sup>(b)</sup> 144A | 99629 |
| 200000 | BA Credit Card Trust, Series 2023-A2, Class A2, 4.98%, due 11/15/28 | 202180 |
| 250000 | Bain Capital CLO Ltd., Series 2024-1A, Class A1, 5.86% (3 mo. USD Term SOFR + 1.55%), due 04/16/37<sup>(b)</sup> 144A | 250490 |
| 250000 | Barclays Dryrock Issuance Trust, Series 2023-2, Class A, 5.25% (SOFR 30-day average + 0.90%), due 08/15/28<sup>(b)</sup> | 250733 |
| 250000 | Barings CLO Ltd., Series 2024-1A, Class A, 5.92% (3 mo. USD Term SOFR + 1.63%), due 01/20/37<sup>(b)</sup> 144A | 251250 |
| 250000 | Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class AR, 5.48% (3 mo. USD Term SOFR + 1.18%), due 01/25/38<sup>(b)</sup> 144A | 250154 |
| 250000 | Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A1R, 5.32% (3 mo. USD Term SOFR + 1.00%), due 01/15/35<sup>(b)</sup> 144A | 248682 |
| 60000 | BMW Vehicle Owner Trust, Series 2024-A, Class A4, 5.04%, due 04/25/31 | 61143 |
| 180000 | Capital One Multi-Asset Execution Trust, Series 2024-A1, Class A, 3.92%, due 09/15/29 | 178996 |
| 100000 | Chase Issuance Trust, Series 2024-A2, Class A, 4.63%, due 01/15/31 | 101083 |
| 250000 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1, 5.23%, due 12/08/27 | 251176 |
| 100000 | Citizens Auto Receivables Trust, Series 2024-1, Class A3, 5.11%, due 04/17/28 144A | 100735 |
| 100000 | CNH Equipment Trust, Series 2022-B, Class A4, 3.91%, due 03/15/28 | 99340 |
| 135000 | CNH Equipment Trust, Series 2024-C, Class A2A, 4.30%, due 02/18/28 | 134795 |
| 100000 | Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59%, due 08/22/30 144A | 100359 |
| 160000 | DLLAA LLC, Series 2025-1A, Class A3, 4.95%, due 09/20/29 144A | 162178 |
| 250000 | Empower CLO Ltd., Series 2022-1A, Class A1R, 5.68% (3 mo. USD Term SOFR + 1.39%), due 10/20/37<sup>(b)</sup> 144A | 249857 |
| 127630 | Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, due 10/22/29 144A | 128305 |
| 226175 | FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, due 10/19/37 144A | 221589 |
| 127718 | Flatiron CLO 18 Ltd., Series 2018-1A, Class A, 5.51% (3 mo. USD Term SOFR + 1.21%), due 04/17/31<sup>(b)</sup> 144A | 127750 |
| 200000 | Ford Credit Auto Lease Trust, Series 2023-A, Class C, 5.54%, due 12/15/26 | 200388 |
| 100000 | Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05%, due 06/15/27 | 100587 |
| 250000 | Ford Credit Auto Owner Trust, Series 2023-A, Class B, 5.07%, due 01/15/29 | 252278 |
| 26839 | Ford Credit Auto Owner Trust, Series 2023-C, Class A2A, 5.68%, due 09/15/26 | 26887 |
| 75000 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3, 4.07%, due 07/15/29 | 74700 |
| 250000 | Fort Greene Park CLO LLC, Series 2025-2A, Class AR, 5.27% (3 mo. USD Term SOFR + 0.95%), due 04/22/34<sup>(b)</sup> 144A | 248275 |
| 100000 | FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.69% (1 mo. USD Term SOFR + 1.39%), due 08/19/42<sup>(b)</sup> 144A | 99719 |
| 75000 | GM Financial Automobile Leasing Trust, Series 2024-2, Class A3, 5.39%, due 07/20/27 | 75734 |
| 100000 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3, 4.21%, due 10/20/27 | 99809 |
| 115000 | GM Financial Automobile Leasing Trust, Series 2025-1, Class A3, 4.66%, due 02/21/28 | 115601 |
| 236472 | GM Financial Consumer Automobile Receivables Trust, Series 2021-3, Class A4, 0.73%, due 08/16/27 | 233907 |
| 275000 | GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class C, 5.21%, due 12/18/28 | 278054 |

---

See accompanying Notes to the Financial Statements. 149

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 172000 | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A3, 5.78%, due 08/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174299 |
| 100000 | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class B, 5.16%, due 08/16/29 | 101114 |
| 250000 | GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2017-1A, Class A1R3, 5.27% (3 mo. USD Term SOFR + 0.97%), due 04/20/34<sup>(b)</sup> 144A | 249383 |
| 73393 | Hilton Grand Vacations Trust, Series 2024-2A, Class A, 5.50%, due 03/25/38 144A | 74888 |
| 88246 | Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, due 08/27/40 144A | 89016 |
| 200000 | Honda Auto Receivables Owner Trust, Series 2024-4, Class A2, 4.56%, due 03/15/27 | 200027 |
| 100000 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3, 5.41%, due 05/17/27 144A | 100922 |
| 95000 | Hyundai Auto Receivables Trust, Series 2024-C, Class A3, 4.41%, due 05/15/29 | 95187 |
| 300000 | Invesco U.S. CLO Ltd., Series 2023-1A, Class AR, 5.86% (3 mo. USD Term SOFR + 1.57%), due 04/22/37<sup>(b)</sup> 144A | 301439 |
| 350000 | John Deere Owner Trust, Series 2023-C, Class A4, 5.39%, due 08/15/30 | 357429 |
| 45000 | John Deere Owner Trust, Series 2024-A, Class A3, 4.96%, due 11/15/28 | 45475 |
| 100000 | John Deere Owner Trust, Series 2024-B, Class A3, 5.20%, due 03/15/29 | 101538 |
| 105000 | John Deere Owner Trust, Series 2024-C, Class A3, 4.06%, due 06/15/29 | 104431 |
| 100000 | John Deere Owner Trust, Series 2025-A, Class A4, 4.42%, due 02/17/32 | 100087 |
| 86431 | Kubota Credit Owner Trust, Series 2022-2A, Class A3, 4.09%, due 12/15/26 144A | 86256 |
| 50000 | Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, due 10/15/30 144A | 50077 |
| 100000 | LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.70% (1 mo. USD Term SOFR + 1.39%), due 08/17/42<sup>(b)</sup> 144A | 99801 |
| 133101 | Magnetite XII Ltd., Series 2015-12A, Class AR4, 5.45% (3 mo. USD Term SOFR + 1.15%), due 10/15/31<sup>(b)</sup> 144A | 133221 |
| 82603 | Magnetite XV Ltd., Series 2015-15A, Class AR, 5.57% (3 mo. USD Term SOFR + 1.27%), due 07/25/31<sup>(b)</sup> 144A | 82646 |
| 250000 | Magnetite XXVI Ltd., Series 2020-26A, Class AR2, 5.42% (3 mo. USD Term SOFR + 1.15%), due 01/25/38<sup>(b)</sup> 144A | 248809 |
| 60000 | Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A3, 5.32%, due 01/18/28 | 60745 |
| 100000 | MF1 LLC, Series 2025-FL17, Class A, 5.63% (1 mo. USD Term SOFR + 1.32%), due 02/18/40<sup>(b)</sup> 144A | 99761 |
| 112497 | MVW LLC, Series 2024-1A, Class A, 5.32%, due 02/20/43 144A | 114205 |
| 223621 | MVW LLC, Series 2024-2A, Class A, 4.43%, due 03/20/42 144A | 221984 |
| 209864 | Navient Private Education Refi Loan Trust, Series 2020-EA, Class A, 1.69%, due 05/15/69 144A | 196223 |
| 366704 | Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, due 09/16/69 144A | 339366 |
| 92264 | Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due 01/15/69 144A | 86748 |
| 80210 | Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, due 10/15/72 144A | 81709 |
| 143892 | Navient Student Loan Trust, Series 2019-BA, Class A2A, 3.39%, due 12/15/59 144A | 140948 |
| 225906 | Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class AR, 5.54% (3 mo. USD Term SOFR + 1.25%), due 01/20/32<sup>(b)</sup> 144A | 225974 |
| 250000 | Neuberger Berman Loan Advisers CLO 42 Ltd., Series 2021-42A, Class AR, 5.67% (3 mo. USD Term SOFR + 0.95%), due 07/16/35<sup>(b)</sup> 144A | 249174 |
| 250000 | Neuberger Berman Loan Advisers CLO 43Ltd., Series 2021-43A, Class BR, 5.77% (3 mo. USD Term SOFR + 1.45%), due 07/17/36<sup>(b)</sup> 144A | 248715 |
| 100000 | Nissan Auto Lease Trust, Series 2024-A, Class A4, 4.97%, due 09/15/28 | 100598 |
| 120311 | Octagon Loan Funding Ltd., Series 2014-1A, Class ARR, 5.76% (3 mo. USD Term SOFR + 1.44%), due 11/18/31<sup>(b)</sup> 144A | 120341 |

---

150 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** |  |
| 18199 | Palmer Square Loan Funding Ltd., Series 2021-3A, Class A1, 5.35% (3 mo. USD Term SOFR + 1.06%), due 07/20/29<sup>(b)</sup> 144A | 18208 |
| 250000 | Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, 5.95% (3 mo. USD Term SOFR + 1.66%), due 07/20/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250162 |
| 250000 | Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N, 5.45% (3 mo. USD Term SOFR + 1.00%), due 01/15/33<sup>(b)</sup> 144A | 249222 |
| 220000 | PFS Financing Corp., Series 2023-C, Class A, 5.52%, due 10/15/28 144A | 223756 |
| 243298 | Porsche Financial Auto Securitization Trust, Series 2023-2A, Class A3, 5.79%, due 01/22/29 144A | 245077 |
| 20252 | Santander Drive Auto Receivables Trust, Series 2023-6, Class A2, 6.08%, due 05/17/27 | 20275 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25%, due 04/17/28 | 100263 |
| 86377 | Santander Drive Auto Receivables Trust, Series 2024-3, Class A2, 5.91%, due 06/15/27 | 86547 |
| 79980 | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, due 09/15/27 | 80010 |
| 50000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, due 01/16/29 | 50215 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, due 03/17/31 | 100634 |
| 80000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.71%, due 06/15/28 | 80047 |
| 9883 | SBNA Auto Receivables Trust, Series 2024-A, Class A2, 5.70%, due 03/15/27 144A | 9886 |
| 100000 | SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, due 02/27/34 144A | 100848 |
| 250000 | Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.74%, due 10/15/29 | 255102 |
| 114734 | Tesla Electric Vehicle Trust, Series 2023-1, Class A2A, 5.54%, due 12/21/26 144A | 115016 |
| 250000 | Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, due 06/20/28 144A | 252437 |
| 100000 | Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83%, due 10/16/28 | 100606 |
| 119871 | Toyota Auto Receivables Owner Trust, Series 2024-D, Class A2A, 4.55%, due 08/16/27 | 119946 |
| 100000 | Verizon Master Trust, Series 2023-2, Class A, 4.89%, due 04/13/28 | 100006 |
| 190000 | Verizon Master Trust, Series 2024-4, Class A1A, 5.21%, due 06/20/29 | 191847 |
| 200000 | Verizon Master Trust, Series 2024-6, Class A1A, 4.17%, due 08/20/30 | 199293 |
| 75000 | Verizon Master Trust, Series 2024-8, Class B, 4.82%, due 11/20/30 | 75693 |
| 135000 | Verizon Master Trust, Series 2025-3, Class A1A, 4.51%, due 03/20/30 | 135296 |
| 60000 | Volvo Financial Equipment LLC, Series 2024-1A, Class A3, 4.29%, due 10/16/28 144A | 59848 |
| 100000 | Volvo Financial Equipment LLC, Series 2025-1A, Class A3, 4.46%, due 05/15/29 144A | 100104 |
| 100000 | World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3, 4.42%, due 04/17/28 | 100018 |
|  |  | 14354861 |
|  | **Bank Loans — 3.3%** |  |
| 196939 | Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, 8.17% (1 mo. USD Term SOFR + 3.75%), due 05/12/28<sup>(b)</sup> | 196939 |
| 99002 | Applied Systems, Inc., 2024 1st Lien Term Loan, 7.05% (3 mo. USD Term SOFR + 2.75%), due 02/24/31<sup>(b)</sup> | 98986 |
| 99750 | Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 6.07% (1 mo. USD Term SOFR + 1.75%), due 06/24/30<sup>(b)</sup> | 99775 |
| 124375 | Belron Finance LLC, 2024 USD Term Loan B, 7.05% (3 mo. USD Term SOFR + 2.75%), due 10/16/31<sup>(b)</sup> | 124336 |
| 77365 | Carnival Corp., 2025 Term Loan (2028), 6.32% (1 mo. USD Term SOFR + 2.00%), due 10/18/28<sup>(b)</sup> | 77365 |
| 98450 | Deerfield Dakota Holding LLC, 2020 USD Term Loan B, 8.05% (3 mo. USD Term SOFR + 3.75%), due 04/09/27<sup>(b)</sup> | 93527 |
| 67270 | Elanco Animal Health, Inc., Term Loan B, 6.17% (1 mo. USD Term SOFR + 1.75%), due 08/01/27<sup>(b)</sup> | 67222 |
| 80305 | Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 7.32% (1 mo. USD Term SOFR + 3.00%), due 10/09/29<sup>(b)</sup> | 80305 |

---

See accompanying Notes to the Financial Statements. 151

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Bank Loans — continued** |  |
| 100000 | Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, 6.07% (1 mo. USD Term SOFR + 1.75%), due 11/08/30<sup>(b)</sup> | 99922 |
| 134583 | Medline Borrower LP, 2024 USD Add-on Term Loan B, 6.57% (1 mo. USD Term SOFR + 2.25%), due 10/23/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134476 |
| 98469 | Polaris Newco LLC, USD Term Loan B, 8.30% (3 mo. USD Term SOFR + 3.75%), due 06/02/28<sup>(b)</sup> | 94400 |
| 59912 | Proampac PG Borrower LLC, 2024 Term Loan, 8.30% (3 mo. USD Term SOFR + 4.00%), due 09/15/28<sup>(b)</sup> | 59800 |
| 38840 | Proampac PG Borrower LLC, 2024 Term Loan, 8.32% (3 mo. USD Term SOFR + 4.00%), due 09/15/28<sup>(b)</sup> | 38767 |
| 98755 | Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, 7.05% (3 mo. USD Term SOFR + 2.75%), due 11/22/29<sup>(b)</sup> | 98409 |
| 97729 | SBA Senior Finance II LLC, 2024 Term Loan B, 6.08% (1 mo. USD Term SOFR + 1.75%), due 01/25/31<sup>(b)</sup> | 97770 |
| 131283 | Titan Acquisition Ltd., 2024 Term Loan B, 8.72% (6 mo. USD Term SOFR + 4.50%), due 02/15/29<sup>(b)</sup> | 130939 |
| 198001 | TransDigm, Inc., 2023 Term Loan J, 6.80% (3 mo. USD Term SOFR + 2.50%), due 02/28/31<sup>(b)</sup> | 197203 |
| 197995 | UKG, Inc., 2024 Term Loan B, 7.30% (3 mo. USD Term SOFR + 3.00%), due 02/10/31<sup>(b)</sup> | 197923 |
| 124621 | United Airlines, Inc., 2024 1st Lien Term Loan B, 6.30% (3 mo. USD Term SOFR + 2.00%), due 02/22/31<sup>(b)</sup> | 124523 |
|  |  | 2112587 |
|  | **Corporate Debt — 36.5%** |  |
| 18000 | 3M Co., 4.80%, due 03/15/30 | 18063 |
| 10000 | AbbVie, Inc., 3.20%, due 11/21/29 | 9450 |
| 23000 | AbbVie, Inc., 4.80%, due 03/15/29 | 23296 |
| 10000 | Accenture Capital, Inc., 3.90%, due 10/04/27 | 9936 |
| 25000 | Accenture Capital, Inc., 4.05%, due 10/04/29 | 24654 |
| 145000 | Adobe, Inc., 4.75%, due 01/17/28<sup>(c)</sup> | 147141 |
| 13000 | Advanced Micro Devices, Inc., 4.32%, due 03/24/28 | 13075 |
| 49000 | AEP Texas, Inc., 3.85%, due 10/01/25 144A | 48697 |
| 43000 | AES Corp., 5.45%, due 06/01/28 | 43759 |
| 28000 | Aflac, Inc., 1.13%, due 03/15/26 | 27124 |
| 5000 | AGCO Corp., 5.45%, due 03/21/27 | 5064 |
| 48000 | Alabama Power Co., 3.75%, due 09/01/27 | 47421 |
| 19000 | Albemarle Corp., 4.65%, due 06/01/27 | 18848 |
| 61000 | Amcor Flexibles North America, Inc., 4.80%, due 03/17/28 144A | 61351 |
| 11000 | Amcor Flexibles North America, Inc., 5.10%, due 03/17/30 144A | 11094 |
| 23000 | Ameren Corp., 5.70%, due 12/01/26 | 23415 |
| 12000 | Ameren Illinois Co., 3.80%, due 05/15/28 | 11812 |
| 124604 | American Airlines Pass-Through Trust, 3.00%, due 04/15/30 | 117832 |
| 125900 | American Airlines Pass-Through Trust, 3.20%, due 12/15/29 | 120080 |
| 93413 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | 87370 |
| 37000 | American Electric Power Co., Inc., 5.20%, due 01/15/29 | 37624 |
| 14000 | American Express Co., 4.99% (SOFR + 1.00%), due 05/01/26<sup>(b)</sup> | 14002 |
| 7000 | American Express Co., 5.10% (SOFR + 1.00%), due 02/16/28<sup>(b)</sup> | 7086 |
| 45000 | American Express Co., 5.28% (SOFR + 1.28%), due 07/27/29<sup>(b)</sup> | 45925 |
| 23000 | American Express Co., 5.39% (SOFR + 0.97%), due 07/28/27<sup>(b)</sup> | 23249 |
| 20000 | American Express Co., 5.65% (SOFR + 0.75%), due 04/23/27<sup>(b)</sup> | 20231 |

---

152 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 13000 | American Honda Finance Corp., 1.30%, due 09/09/26 | 12440 |
| 10000 | American Honda Finance Corp., 4.40%, due 10/05/26 | 9995 |
| 15000 | American Honda Finance Corp., 4.45%, due 10/22/27 | 14998 |
| 200000 | American Tower Corp., 2.75%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193689 |
| 25000 | American Tower Corp., 3.65%, due 03/15/27 | 24586 |
| 7000 | American Tower Corp., 5.25%, due 07/15/28 | 7127 |
| 17000 | Ameriprise Financial, Inc., 3.00%, due 04/02/25 | 16999 |
| 34000 | Amgen, Inc., 5.15%, due 03/02/28 | 34617 |
| 17000 | Analog Devices, Inc., 2.95%, due 04/01/25 | 17000 |
| 2000 | Aon North America, Inc., 5.13%, due 03/01/27 | 2022 |
| 6000 | AppLovin Corp., 5.13%, due 12/01/29 | 6025 |
| 50000 | Arthur J Gallagher & Co., 4.60%, due 12/15/27 | 50124 |
| 21000 | Arthur J Gallagher & Co., 4.85%, due 12/15/29 | 21155 |
| 110000 | Asian Development Bank, 2.00%, due 04/24/26 | 107634 |
| 120000 | Astrazeneca Finance LLC, 4.80%, due 02/26/27 | 121301 |
| 38000 | AT&T, Inc., 1.70%, due 03/25/26 | 36966 |
| 24000 | Athene Global Funding, 5.68%, due 02/23/26 144A | 24247 |
| 250000 | Atlas Warehouse Lending Co. LP, 6.05%, due 01/15/28 144A | 252290 |
| 29000 | Avangrid, Inc., 3.20%, due 04/15/25 | 28977 |
| 100000 | Aviation Capital Group LLC, 4.75%, due 04/14/27 144A | 100089 |
| 20000 | Aviation Capital Group LLC, 6.38%, due 07/15/30 144A | 20995 |
| 34000 | Avnet, Inc., 6.25%, due 03/15/28 | 35186 |
| 200000 | Avolon Holdings Funding Ltd., 2.13%, due 02/21/26 144A | 195310 |
| 42000 | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | 39327 |
| 25000 | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, due 12/15/26 | 24096 |
| 136000 | Baltimore Gas & Electric Co., 2.40%, due 08/15/26 | 132508 |
| 200000 | Banco Santander SA, 5.37% (1 yr. CMT + 0.95%), due 07/15/28<sup>(b)</sup> | 202935 |
| 13000 | Bank of America Corp., 1.20% (SOFR + 1.01%), due 10/24/26<sup>(b)</sup> | 12755 |
| 50000 | Bank of America Corp., 1.32% (SOFR + 1.15%), due 06/19/26<sup>(b)</sup> | 49644 |
| 246000 | Bank of America Corp., 1.73% (SOFR + 0.96%), due 07/22/27<sup>(b)</sup> | 237167 |
| 5000 | Bank of America Corp., 2.55% (SOFR + 1.05%), due 02/04/28<sup>(b)</sup> | 4825 |
| 29000 | Bank of America Corp., 3.19% (3 mo. USD Term SOFR + 1.44%), due 07/23/30<sup>(b)</sup> | 27209 |
| 32000 | Bank of America Corp., 3.42% (3 mo. USD Term SOFR + 1.30%), due 12/20/28<sup>(b)</sup> | 31019 |
| 2000 | Bank of America Corp., 3.71% (3 mo. USD Term SOFR + 1.77%), due 04/24/28<sup>(b)</sup> | 1966 |
| 7000 | Bank of America Corp., 4.38% (SOFR + 1.58%), due 04/27/28<sup>(b)</sup> | 6972 |
| 150000 | Bank of America Corp., 4.98% (SOFR + 0.83%), due 01/24/29<sup>(b)</sup> | 151540 |
| 20000 | Bank of America Corp., 5.20% (SOFR + 1.63%), due 04/25/29<sup>(b)</sup> | 20324 |
| 300000 | Bank of America Corp., 5.93% (SOFR + 1.34%), due 09/15/27<sup>(b)</sup> | 305935 |
| 44000 | Bank of Montreal, 5.30%, due 06/05/26 | 44409 |
| 14000 | Bank of New York Mellon Corp., 4.41% (SOFR + 1.35%), due 07/24/26<sup>(b)</sup> | 13989 |
| 37000 | Bank of New York Mellon Corp., 4.89% (SOFR + 0.84%), due 07/21/28<sup>(b)</sup> | 37355 |
| 19000 | Bank of New York Mellon Corp., 4.95% (SOFR + 1.03%), due 04/26/27<sup>(b)</sup> | 19101 |
| 19000 | Bank of Nova Scotia, 3.45%, due 04/11/25 | 18993 |
| 155000 | Bank of Nova Scotia, 4.40% (SOFR + 1.00%), due 09/08/28<sup>(b)(c)</sup> | 154304 |
| 31000 | Becton Dickinson & Co., 4.69%, due 02/13/28 | 31125 |
| 30000 | BHP Billiton Finance USA Ltd., 5.25%, due 09/08/26 | 30384 |
| 180000 | BlackRock Funding, Inc., 4.60%, due 07/26/27 | 181489 |
| 23000 | Blackstone Holdings Finance Co. LLC, 1.63%, due 08/05/28 144A | 20961 |
| 8000 | Blackstone Holdings Finance Co. LLC, 2.50%, due 01/10/30 144A | 7279 |

---

See accompanying Notes to the Financial Statements. 153

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 28000 | BMW U.S. Capital LLC, 1.25%, due 08/12/26 144A | 26813 |
| 50000 | Boeing Co., 6.26%, due 05/01/27 | 51456 |
| 200000 | Booz Allen Hamilton, Inc., 3.88%, due 09/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190039 |
| 5000 | Booz Allen Hamilton, Inc., 4.00%, due 07/01/29 144A | 4707 |
| 17000 | BorgWarner, Inc., 4.95%, due 08/15/29 | 17032 |
| 150000 | Boston Properties LP, 2.75%, due 10/01/26 | 145474 |
| 27000 | Boston Scientific Corp., 1.90%, due 06/01/25 | 26867 |
| 52339 | British Airways Pass-Through Trust, 3.35%, due 12/15/30 144A | 49935 |
| 32000 | Broadcom, Inc., 3.46%, due 09/15/26 | 31560 |
| 74000 | Broadcom, Inc., 4.15%, due 02/15/28 | 73389 |
| 29000 | Broadcom, Inc., 4.80%, due 04/15/28 | 29219 |
| 150000 | Broadcom, Inc., 5.05%, due 07/12/29 | 152121 |
| 200000 | Brooklyn Union Gas Co., 4.63%, due 08/05/27 144A | 199593 |
| 40000 | Bunge Ltd. Finance Corp., 1.63%, due 08/17/25 | 39535 |
| 15000 | Cadence Design Systems, Inc., 4.20%, due 09/10/27 | 14959 |
| 13000 | Canadian Imperial Bank of Commerce, 4.86% (SOFR + 1.03%), due 03/30/29<sup>(b)(c)</sup> | 13050 |
| 180000 | Canadian Imperial Bank of Commerce, 5.00%, due 04/28/28<sup>(c)</sup> | 182209 |
| 40000 | Canadian Natural Resources Ltd., 2.05%, due 07/15/25 | 39697 |
| 21000 | Capital One Financial Corp., 1.88% (SOFR + 0.86%), due 11/02/27<sup>(b)</sup> | 20094 |
| 37000 | Capital One Financial Corp., 5.47% (SOFR + 2.08%), due 02/01/29<sup>(b)</sup> | 37627 |
| 35000 | Capital One Financial Corp., 5.70% (SOFR + 1.91%), due 02/01/30<sup>(b)</sup> | 35761 |
| 12000 | Cardinal Health, Inc., 4.70%, due 11/15/26 | 12054 |
| 10000 | Cardinal Health, Inc., 5.00%, due 11/15/29 | 10085 |
| 41000 | Cardinal Health, Inc., 5.13%, due 02/15/29 | 41672 |
| 15000 | Cargill, Inc., 3.63%, due 04/22/27 144A | 14777 |
| 17000 | Caterpillar Financial Services Corp., 4.40%, due 03/03/28 | 17049 |
| 15000 | Caterpillar Financial Services Corp., 4.80%, due 01/08/30 | 15215 |
| 100000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | 99913 |
| 27000 | CenterPoint Energy Houston Electric LLC, 4.80%, due 03/15/30 | 27177 |
| 23000 | Charles Schwab Corp., 5.88%, due 08/24/26 | 23432 |
| 9000 | Charles Schwab Corp., 6.20% (SOFR + 1.88%), due 11/17/29<sup>(b)</sup> | 9497 |
| 18000 | Chevron USA, Inc., 4.69%, due 04/15/30 | 18159 |
| 8000 | Cigna Group, 1.25%, due 03/15/26 | 7755 |
| 27000 | Cigna Group, 5.00%, due 05/15/29 | 27369 |
| 13000 | Cisco Systems, Inc., 4.55%, due 02/24/28 | 13112 |
| 31000 | Cisco Systems, Inc., 4.75%, due 02/24/30 | 31505 |
| 210000 | Citigroup, Inc., 1.46% (SOFR + 0.77%), due 06/09/27<sup>(b)</sup> | 202324 |
| 40000 | Citigroup, Inc., 4.79% (SOFR + 0.87%), due 03/04/29<sup>(b)</sup> | 40093 |
| 15000 | CME Group, Inc., 4.40%, due 03/15/30 | 14980 |
| 10000 | CNH Industrial Capital LLC, 5.10%, due 04/20/29 | 10130 |
| 50000 | Coca-Cola Consolidated, Inc., 5.25%, due 06/01/29 | 51113 |
| 31000 | Comcast Corp., 4.55%, due 01/15/29 | 31133 |
| 15000 | Connecticut Light & Power Co., 4.65%, due 01/01/29 | 15084 |
| 23000 | Consumers Energy Co., 4.90%, due 02/15/29 | 23301 |
| 150670 | Consumers Securitization Funding LLC, 5.55%, due 03/01/28 | 152687 |
| 25000 | Corebridge Financial, Inc., 3.65%, due 04/05/27 | 24568 |
| 36000 | Corebridge Global Funding, 0.90%, due 09/22/25 144A | 35381 |
| 250000 | Credit Agricole SA, 5.23% (SOFR + 1.13%), due 01/09/29<sup>(b)</sup> 144A | 252765 |
| 40000 | Crown Castle, Inc., 5.60%, due 06/01/29 | 40892 |

---

154 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 19000 | CSL Finance PLC, 3.85%, due 04/27/27 144A | 18755 |
| 175000 | CVS Health Corp., 1.30%, due 08/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161636 |
| 35000 | CVS Health Corp., 5.40%, due 06/01/29 | 35667 |
| 100000 | Darden Restaurants, Inc., 4.35%, due 10/15/27 | 99291 |
| 11000 | Dell International LLC/EMC Corp., 5.00%, due 04/01/30<sup>(d)</sup> | 11055 |
| 75000 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/25 144A | 74747 |
| 15000 | Diamondback Energy, Inc., 5.15%, due 01/30/30 | 15234 |
| 15000 | Diamondback Energy, Inc., 5.20%, due 04/18/27 | 15188 |
| 100000 | DTE Energy Co., 4.95%, due 07/01/27 | 100778 |
| 18000 | DTE Energy Co., 5.10%, due 03/01/29 | 18244 |
| 125000 | Duke Energy Corp., 2.65%, due 09/01/26 | 121745 |
| 104303 | Duke Energy Florida Project Finance LLC, 2.54%, due 09/01/31 | 99373 |
| 37000 | Eastman Chemical Co., 5.00%, due 08/01/29 | 37210 |
| 33000 | Ecolab, Inc., 1.65%, due 02/01/27 | 31516 |
| 175000 | Edison International, 5.45%, due 06/15/29 | 172774 |
| 24000 | EIDP, Inc., 4.50%, due 05/15/26 | 24030 |
| 41000 | Element Fleet Management Corp., 3.85%, due 06/15/25 144A | 40907 |
| 113000 | Element Fleet Management Corp., 5.64%, due 03/13/27 144A | 114900 |
| 133000 | Eli Lilly & Co., 4.55%, due 02/12/28 | 134340 |
| 6000 | Eli Lilly & Co., 4.75%, due 02/12/30 | 6094 |
| 150000 | Energy Transfer LP, 5.55%, due 02/15/28 | 153583 |
| 23000 | Entergy Corp., 0.90%, due 09/15/25 | 22630 |
| 33000 | Equinix, Inc., 1.25%, due 07/15/25 | 32669 |
| 20000 | ERAC USA Finance LLC, 5.00%, due 02/15/29 144A | 20229 |
| 100000 | Essential Utilities, Inc., 4.80%, due 08/15/27 | 100406 |
| 190000 | Essex Portfolio LP, 3.63%, due 05/01/27 | 186391 |
| 20000 | Eversource Energy, 2.90%, due 03/01/27 | 19378 |
| 31000 | Eversource Energy, 4.75%, due 05/15/26 | 31020 |
| 29000 | Exelon Corp., 5.15%, due 03/15/29 | 29500 |
| 22000 | FedEx Corp., 3.25%, due 04/01/26 | 21734 |
| 8000 | Fiserv, Inc., 5.15%, due 03/15/27 | 8081 |
| 30000 | Fiserv, Inc., 5.45%, due 03/02/28 | 30689 |
| 100000 | Flex Ltd., 6.00%, due 01/15/28 | 102802 |
| 200000 | Ford Motor Credit Co. LLC, 3.38%, due 11/13/25 | 197631 |
| 20000 | GATX Corp., 5.40%, due 03/15/27 | 20264 |
| 100000 | GE HealthCare Technologies, Inc., 5.60%, due 11/15/25 | 100472 |
| 22000 | General Motors Financial Co., Inc., 3.80%, due 04/07/25 | 21995 |
| 10000 | General Motors Financial Co., Inc., 4.35%, due 01/17/27 | 9912 |
| 21000 | General Motors Financial Co., Inc., 5.05%, due 04/04/28 | 21028 |
| 28000 | General Motors Financial Co., Inc., 5.25%, due 03/01/26 | 28059 |
| 19000 | General Motors Financial Co., Inc., 5.40%, due 04/06/26 | 19085 |
| 10000 | General Motors Financial Co., Inc., 5.55%, due 07/15/29 | 10083 |
| 24000 | Georgia Power Co., 5.00%, due 02/23/27 | 24308 |
| 35000 | Georgia-Pacific LLC, 1.75%, due 09/30/25<sup>(c)</sup> 144A | 34511 |
| 16000 | Gilead Sciences, Inc., 4.80%, due 11/15/29 | 16164 |
| 13000 | GlaxoSmithKline Capital, Inc., 4.50%, due 04/15/30 | 13003 |
| 18000 | Global Payments, Inc., 1.20%, due 03/01/26 | 17436 |
| 7000 | Goldman Sachs Bank USA, 5.28% (SOFR + 0.78%), due 03/18/27<sup>(b)</sup> | 7046 |
| 3000 | Goldman Sachs Bank USA, 5.41% (SOFR + 0.75%), due 05/21/27<sup>(b)</sup> | 3029 |

---

See accompanying Notes to the Financial Statements. 155

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 218000 | Goldman Sachs Group, Inc., 2.64% (SOFR + 1.11%), due 02/24/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210492 |
| 17000 | Goldman Sachs Group, Inc., 5.05% (SOFR + 1.21%), due 07/23/30<sup>(b)</sup> | 17145 |
| 5000 | Goldman Sachs Group, Inc., 5.73% (SOFR + 1.27%), due 04/25/30<sup>(b)</sup> | 5159 |
| 250000 | Goldman Sachs Group, Inc., 5.80% (SOFR + 1.08%), due 08/10/26<sup>(b)</sup> | 251024 |
| 25000 | Goldman Sachs Group, Inc., 6.48% (SOFR + 1.77%), due 10/24/29<sup>(b)</sup> | 26414 |
| 17000 | Hanover Insurance Group, Inc., 4.50%, due 04/15/26 | 16958 |
| 120000 | HCA, Inc., 5.00%, due 03/01/28 | 121010 |
| 39000 | HCA, Inc., 5.63%, due 09/01/28 | 39899 |
| 116000 | HEICO Corp., 5.25%, due 08/01/28 | 118080 |
| 18000 | Hershey Co., 4.75%, due 02/24/30 | 18218 |
| 133000 | Hewlett Packard Enterprise Co., 4.55%, due 10/15/29 | 131594 |
| 20000 | Home Depot, Inc., 4.88%, due 06/25/27 | 20285 |
| 35000 | Honda Motor Co. Ltd., 2.53%, due 03/10/27 | 33774 |
| 15000 | HP, Inc., 2.20%, due 06/17/25 | 14911 |
| 30000 | Humana, Inc., 5.75%, due 03/01/28 | 30845 |
| 116000 | Hyatt Hotels Corp., 5.05%, due 03/30/28 | 116552 |
| 31000 | Hyundai Capital America, 1.30%, due 01/08/26 144A | 30199 |
| 150000 | Hyundai Capital America, 4.88%, due 11/01/27 144A | 150371 |
| 11000 | Hyundai Capital America, 5.65%, due 06/26/26 144A | 11122 |
| 12000 | Hyundai Capital America, 5.95%, due 09/21/26 144A | 12213 |
| 34000 | Hyundai Capital America, 6.10%, due 09/21/28 144A | 35253 |
| 21000 | Hyundai Capital America, 6.25%, due 11/03/25 144A | 21169 |
| 50000 | IDEX Corp., 4.95%, due 09/01/29 | 50116 |
| 100000 | Infor LLC, 1.75%, due 07/15/25 144A | 98997 |
| 15000 | Ingersoll Rand, Inc., 5.20%, due 06/15/27 | 15214 |
| 21000 | JB Hunt Transport Services, Inc., 4.90%, due 03/15/30 | 21138 |
| 13000 | John Deere Capital Corp., 2.35%, due 03/08/27 | 12554 |
| 28000 | Johnson & Johnson, 4.55%, due 03/01/28 | 28314 |
| 234000 | JPMorgan Chase & Co., 1.47% (SOFR + 0.77%), due 09/22/27<sup>(b)</sup> | 223874 |
| 38000 | JPMorgan Chase & Co., 1.58% (SOFR + 0.89%), due 04/22/27<sup>(b)</sup> | 36855 |
| 43000 | JPMorgan Chase & Co., 2.07% (SOFR + 1.02%), due 06/01/29<sup>(b)</sup> | 39820 |
| 57000 | JPMorgan Chase & Co., 2.08% (SOFR + 1.85%), due 04/22/26<sup>(b)</sup> | 56908 |
| 30000 | JPMorgan Chase & Co., 2.95% (SOFR + 1.17%), due 02/24/28<sup>(b)</sup> | 29151 |
| 60000 | JPMorgan Chase & Co., 3.51% (3 mo. USD Term SOFR + 1.21%), due 01/23/29<sup>(b)</sup> | 58330 |
| 5000 | JPMorgan Chase & Co., 3.96% (3 mo. USD Term SOFR + 1.51%), due 01/29/27<sup>(b)</sup> | 4976 |
| 25000 | JPMorgan Chase & Co., 4.51% (SOFR + 0.86%), due 10/22/28<sup>(b)</sup> | 24980 |
| 5000 | JPMorgan Chase & Co., 4.60% (SOFR + 1.04%), due 10/22/30<sup>(b)</sup> | 4968 |
| 100000 | JPMorgan Chase & Co., 4.92% (SOFR + 0.80%), due 01/24/29<sup>(b)</sup> | 100967 |
| 200000 | JPMorgan Chase & Co., 4.98% (SOFR + 0.93%), due 07/22/28<sup>(b)</sup> | 201810 |
| 5000 | JPMorgan Chase & Co., 5.00% (SOFR + 1.13%), due 07/22/30<sup>(b)</sup> | 5046 |
| 37000 | JPMorgan Chase & Co., 5.01% (SOFR + 1.31%), due 01/23/30<sup>(b)</sup> | 37419 |
| 30000 | JPMorgan Chase & Co., 5.04% (SOFR + 1.19%), due 01/23/28<sup>(b)</sup> | 30267 |
| 40000 | JPMorgan Chase & Co., 5.57% (SOFR + 0.93%), due 04/22/28<sup>(b)</sup> | 40804 |
| 16000 | JPMorgan Chase & Co., 5.58% (SOFR + 1.16%), due 04/22/30<sup>(b)</sup> | 16506 |
| 230000 | JPMorgan Chase & Co., 6.07% (SOFR + 1.33%), due 10/22/27<sup>(b)</sup> | 235473 |
| 4000 | Keurig Dr. Pepper, Inc., 5.05%, due 03/15/29 | 4054 |
| 28000 | Kinder Morgan, Inc., 1.75%, due 11/15/26 | 26798 |
| 100000 | Kite Realty Group Trust, 4.75%, due 09/15/30 | 98789 |
| 50000 | Kyndryl Holdings, Inc., 2.05%, due 10/15/26 | 48044 |

---

156 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 8000 | L3Harris Technologies, Inc., 4.40%, due 06/15/28 | 7944 |
| 10000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 9804 |
| 50000 | Las Vegas Sands Corp., 5.90%, due 06/01/27 | 50820 |
| 150000 | Lennox International, Inc., 5.50%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153968 |
| 14000 | Liberty Utilities Co., 5.58%, due 01/31/29 144A | 14335 |
| 240000 | Lloyds Banking Group PLC, 4.72% (1 yr. CMT + 1.75%), due 08/11/26<sup>(b)</sup> | 239864 |
| 200000 | Lloyds Banking Group PLC, 5.46% (1 yr. CMT + 1.38%), due 01/05/28<sup>(b)</sup> | 202632 |
| 200000 | Lloyds Banking Group PLC, 5.99% (1 yr. CMT + 1.48%), due 08/07/27<sup>(b)</sup> | 203334 |
| 15000 | Lowe's Cos., Inc., 3.35%, due 04/01/27 | 14691 |
| 13000 | LPL Holdings, Inc., 4.63%, due 11/15/27 144A | 12899 |
| 150000 | LPL Holdings, Inc., 5.70%, due 05/20/27 | 152499 |
| 24000 | Main Street Capital Corp., 6.95%, due 03/01/29 | 24698 |
| 50000 | Marriott International, Inc., 5.55%, due 10/15/28 | 51445 |
| 197000 | Mars, Inc., 4.60%, due 03/01/28 144A | 197829 |
| 11000 | Mars, Inc., 4.80%, due 03/01/30 144A | 11066 |
| 120000 | Mastercard, Inc., 4.10%, due 01/15/28 | 119789 |
| 28000 | Mastercard, Inc., 4.55%, due 03/15/28 | 28212 |
| 6000 | McKesson Corp., 4.25%, due 09/15/29 | 5944 |
| 25000 | Meta Platforms, Inc., 4.30%, due 08/15/29 | 25001 |
| 150000 | Microchip Technology, Inc., 4.90%, due 03/15/28 | 150483 |
| 6000 | Mondelez International, Inc., 4.75%, due 02/20/29 | 6072 |
| 12000 | Morgan Stanley, 0.99% (SOFR + 0.72%), due 12/10/26<sup>(b)</sup> | 11705 |
| 235000 | Morgan Stanley, 1.51% (SOFR + 0.86%), due 07/20/27<sup>(b)</sup> | 225947 |
| 31000 | Morgan Stanley, 1.59% (SOFR + 0.88%), due 05/04/27<sup>(b)</sup> | 30026 |
| 26000 | Morgan Stanley, 2.48% (SOFR + 1.00%), due 01/21/28<sup>(b)</sup> | 25082 |
| 18000 | Morgan Stanley, 3.13%, due 07/27/26 | 17693 |
| 200000 | Morgan Stanley, 4.68% (SOFR + 1.67%), due 07/17/26<sup>(b)</sup> | 199967 |
| 27000 | Morgan Stanley, 5.04% (SOFR + 1.22%), due 07/19/30<sup>(b)</sup> | 27231 |
| 5000 | Morgan Stanley, 5.12% (SOFR + 1.73%), due 02/01/29<sup>(b)</sup> | 5069 |
| 20000 | Morgan Stanley, 5.16% (SOFR + 1.59%), due 04/20/29<sup>(b)</sup> | 20275 |
| 27000 | Morgan Stanley, 5.23% (SOFR + 1.11%), due 01/15/31<sup>(b)</sup> | 27445 |
| 200000 | Morgan Stanley, 5.66% (SOFR + 1.26%), due 04/18/30<sup>(b)</sup> | 206236 |
| 36000 | Morgan Stanley, 6.30% (SOFR + 2.24%), due 10/18/28<sup>(b)</sup> | 37445 |
| 250000 | Morgan Stanley Bank NA, 5.02% (SOFR + 0.91%), due 01/12/29<sup>(b)</sup> | 253050 |
| 8000 | National Rural Utilities Cooperative Finance Corp., 4.12%, due 09/16/27 | 7955 |
| 13000 | National Rural Utilities Cooperative Finance Corp., 5.15%, due 06/15/29 | 13276 |
| 10000 | National Rural Utilities Cooperative Finance Corp., 5.60%, due 11/13/26 | 10188 |
| 18000 | New York State Electric & Gas Corp., 5.65%, due 08/15/28 144A | 18561 |
| 21000 | NextEra Energy Capital Holdings, Inc., 1.88%, due 01/15/27 | 20070 |
| 22000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28 | 20303 |
| 19000 | NextEra Energy Capital Holdings, Inc., 4.63%, due 07/15/27 | 19075 |
| 12000 | NextEra Energy Capital Holdings, Inc., 4.90%, due 02/28/28 | 12115 |
| 37000 | NextEra Energy Capital Holdings, Inc., 5.05%, due 03/15/30 | 37497 |
| 23000 | Niagara Mohawk Power Corp., 1.96%, due 06/27/30 144A | 19894 |
| 33000 | NiSource, Inc., 0.95%, due 08/15/25 | 32573 |
| 150000 | NiSource, Inc., 5.20%, due 07/01/29 | 152812 |
| 125000 | Nordson Corp., 4.50%, due 12/15/29 | 123137 |
| 15000 | Novartis Capital Corp., 3.80%, due 09/18/29 | 14692 |
| 20000 | Nucor Corp., 2.00%, due 06/01/25 | 19906 |

---

See accompanying Notes to the Financial Statements. 157

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 28000 | Nucor Corp., 4.65%, due 06/01/30 | 27924 |
| 200000 | Nutrien Ltd., 3.00%, due 04/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| 7000 | Nutrien Ltd., 4.90%, due 03/27/28 | 7065 |
| 71000 | Nutrien Ltd., 5.20%, due 06/21/27 | 71846 |
| 7000 | Occidental Petroleum Corp., 6.63%, due 09/01/30 | 7358 |
| 150000 | OGE Energy Corp., 5.45%, due 05/15/29 | 153546 |
| 36000 | ONE Gas, Inc., 5.10%, due 04/01/29 | 36768 |
| 75000 | ONEOK, Inc., 4.25%, due 09/24/27 | 74353 |
| 33000 | Oracle Corp., 1.65%, due 03/25/26 | 32081 |
| 19000 | Oracle Corp., 2.50%, due 04/01/25 | 19000 |
| 32000 | Oracle Corp., 2.65%, due 07/15/26 | 31247 |
| 14000 | Oracle Corp., 4.80%, due 08/03/28 | 14117 |
| 21000 | Ovintiv, Inc., 5.38%, due 01/01/26 | 21031 |
| 26000 | PACCAR Financial Corp., 4.00%, due 09/26/29 | 25596 |
| 25000 | Pacific Life Global Funding II, 1.20%, due 06/24/25 144A | 24812 |
| 150000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, due 07/01/27 144A | 149316 |
| 27000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.35%, due 01/12/27 144A | 27286 |
| 30000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, due 08/01/28 144A | 31147 |
| 135000 | Pepsico Singapore Financing I Pte. Ltd., 4.93% (SOFR + 0.56%), due 02/16/27<sup>(b)</sup> | 135663 |
| 125000 | Petroleos Mexicanos, 6.50%, due 03/13/27 | 122373 |
| 200000 | Pfizer Investment Enterprises Pte. Ltd., 4.45%, due 05/19/26 | 200354 |
| 29000 | Philip Morris International, Inc., 4.88%, due 02/13/29 | 29312 |
| 21000 | Phillips 66, 3.85%, due 04/09/25 | 20996 |
| 33000 | Pioneer Natural Resources Co., 1.13%, due 01/15/26 | 32156 |
| 100000 | PNC Financial Services Group, Inc., 5.30% (SOFR + 1.34%), due 01/21/28<sup>(b)</sup> | 101397 |
| 180000 | PNC Financial Services Group, Inc., 6.62% (SOFR + 1.73%), due 10/20/27<sup>(b)</sup> | 185552 |
| 21000 | Principal Life Global Funding II, 5.10%, due 01/25/29 144A | 21342 |
| 115000 | Private Export Funding Corp., 4.50%, due 02/07/27 144A | 115604 |
| 16000 | Prologis LP, 4.88%, due 06/15/28 | 16182 |
| 5000 | Prologis Targeted U.S. Logistics Fund LP, 5.25%, due 04/01/29 144A | 5104 |
| 235000 | Prudential Insurance Co. of America, 8.30%, due 07/01/25 144A | 236953 |
| 23000 | Public Service Enterprise Group, Inc., 0.80%, due 08/15/25 | 22665 |
| 11000 | Public Service Enterprise Group, Inc., 5.85%, due 11/15/27 | 11365 |
| 100000 | Public Service Enterprise Group, Inc., 5.88%, due 10/15/28 | 104051 |
| 10000 | Quanta Services, Inc., 4.75%, due 08/09/27 | 10021 |
| 15000 | Quest Diagnostics, Inc., 4.60%, due 12/15/27 | 15080 |
| 150000 | Regal Rexnord Corp., 6.05%, due 02/15/26 | 151163 |
| 17000 | RELX Capital, Inc., 4.75%, due 03/27/30 | 17105 |
| 59000 | Rio Tinto Finance USA PLC, 4.50%, due 03/14/28 | 59359 |
| 6000 | Rio Tinto Finance USA PLC, 4.88%, due 03/14/30 | 6063 |
| 36000 | Rogers Communications, Inc., 5.00%, due 02/15/29 | 36044 |
| 28000 | Ross Stores, Inc., 4.60%, due 04/15/25 | 27996 |
| 21000 | Royal Bank of Canada, 1.15%, due 07/14/26 | 20197 |
| 21000 | Royal Bank of Canada, 4.52% (SOFR + 0.86%), due 10/18/28<sup>(b)</sup> | 20951 |
| 15000 | Royal Bank of Canada, 4.72% (SOFR + 0.81%), due 03/27/28<sup>(b)</sup> | 15045 |
| 35000 | Royal Bank of Canada, 4.95%, due 02/01/29 | 35467 |
| 150000 | Royal Bank of Canada, 4.97% (SOFR + 0.83%), due 01/24/29<sup>(b)</sup> | 151167 |
| 37000 | Royal Bank of Canada, 4.97% (SOFR + 1.10%), due 08/02/30<sup>(b)</sup> | 37276 |
| 30000 | Royal Bank of Canada, 5.20%, due 07/20/26 | 30304 |

---

158 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 125000 | RTX Corp., 5.75%, due 11/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127331 |
| 11000 | Ryder System, Inc., 4.95%, due 09/01/29 | 11074 |
| 22000 | Ryder System, Inc., 5.25%, due 06/01/28 | 22392 |
| 9000 | Ryder System, Inc., 5.38%, due 03/15/29 | 9210 |
| 3000 | Ryder System, Inc., 5.50%, due 06/01/29 | 3082 |
| 26000 | S&P Global, Inc., 2.70%, due 03/01/29 | 24380 |
| 7000 | Sempra, 5.40%, due 08/01/26 | 7057 |
| 25000 | Smith & Nephew PLC, 5.15%, due 03/20/27 | 25232 |
| 25000 | Solventum Corp., 5.45%, due 02/25/27 | 25368 |
| 85000 | Southern California Edison Co., 3.65%, due 03/01/28 | 82331 |
| 250000 | Southern California Gas Co., 2.95%, due 04/15/27 | 242791 |
| 29000 | Southern Co., 5.50%, due 03/15/29 | 29917 |
| 27000 | Southern Co. Gas Capital Corp., 3.25%, due 06/15/26 | 26619 |
| 200000 | Spectra Energy Partners LP, 3.38%, due 10/15/26 | 196465 |
| 69000 | Sprint Capital Corp., 6.88%, due 11/15/28 | 73686 |
| 120000 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 5.15%, due 09/20/29 144A | 120317 |
| 27000 | Stanley Black & Decker, Inc., 6.00%, due 03/06/28 | 28155 |
| 27000 | State Street Corp., 3.03% (SOFR + 1.49%), due 11/01/34<sup>(b)</sup> | 24588 |
| 42000 | State Street Corp., 4.53% (SOFR + 1.02%), due 02/20/29<sup>(b)</sup> | 42030 |
| 32000 | State Street Corp., 4.54%, due 02/28/28 | 32158 |
| 7000 | State Street Corp., 4.73%, due 02/28/30 | 7039 |
| 12000 | Stryker Corp., 3.65%, due 03/07/28 | 11730 |
| 40000 | Stryker Corp., 4.70%, due 02/10/28 | 40268 |
| 14000 | Synopsys, Inc., 4.65%, due 04/01/28 | 14084 |
| 5000 | Synopsys, Inc., 4.85%, due 04/01/30 | 5034 |
| 31000 | Take-Two Interactive Software, Inc., 3.55%, due 04/14/25 | 30986 |
| 100000 | Targa Resources Corp., 6.15%, due 03/01/29 | 104599 |
| 24000 | T-Mobile USA, Inc., 2.05%, due 02/15/28 | 22421 |
| 12000 | T-Mobile USA, Inc., 2.25%, due 02/15/26 | 11765 |
| 16000 | T-Mobile USA, Inc., 4.95%, due 03/15/28 | 16188 |
| 29000 | Toll Brothers Finance Corp., 4.35%, due 02/15/28 | 28606 |
| 42000 | Toronto-Dominion Bank, 1.15%, due 06/12/25 | 41714 |
| 31000 | Toronto-Dominion Bank, 3.77%, due 06/06/25 | 30941 |
| 20000 | Toronto-Dominion Bank, 4.98%, due 04/05/27 | 20214 |
| 34000 | Toronto-Dominion Bank, 5.53%, due 07/17/26 | 34454 |
| 205000 | Toyota Motor Credit Corp., 4.35%, due 10/08/27 | 205119 |
| 25000 | Toyota Motor Credit Corp., 5.00%, due 03/19/27 | 25335 |
| 30000 | Toyota Motor Credit Corp., 5.40%, due 11/20/26 | 30539 |
| 24000 | Trans-Allegheny Interstate Line Co., 3.85%, due 06/01/25 144A | 23958 |
| 18000 | Truist Financial Corp., 1.27% (SOFR + 0.61%), due 03/02/27<sup>(b)</sup> | 17455 |
| 46000 | Truist Financial Corp., 1.89% (SOFR + 0.86%), due 06/07/29<sup>(b)</sup> | 42153 |
| 17000 | Truist Financial Corp., 4.26% (SOFR + 1.46%), due 07/28/26<sup>(b)</sup> | 16970 |
| 37000 | Truist Financial Corp., 5.44% (SOFR + 1.62%), due 01/24/30<sup>(b)</sup> | 37774 |
| 35000 | Truist Financial Corp., 7.16% (SOFR + 2.45%), due 10/30/29<sup>(b)</sup> | 37696 |
| 5000 | Tyson Foods, Inc., 5.40%, due 03/15/29 | 5115 |
| 31726 | U.S. Airways Pass-Through Trust, 3.95%, due 05/15/27 | 31519 |
| 220000 | U.S. Bancorp, 2.22% (SOFR + 0.73%), due 01/27/28<sup>(b)</sup> | 211207 |
| 19000 | U.S. Bancorp, 5.38% (SOFR + 1.56%), due 01/23/30<sup>(b)</sup> | 19389 |

---

See accompanying Notes to the Financial Statements. 159

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** |  |
| 20000 | U.S. Bancorp, 5.78% (SOFR + 2.02%), due 06/12/29<sup>(b)</sup> | 20630 |
| 15000 | Uber Technologies, Inc., 4.30%, due 01/15/30 | 14746 |
| 200000 | UBS Group AG, 4.49% (1 yr. CMT + 1.55%), due 05/12/26<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199934 |
| 245000 | UBS Group AG, 4.70% (1 yr. CMT + 2.05%), due 08/05/27<sup>(b)</sup> 144A | 245016 |
| 90638 | United Airlines Pass-Through Trust, 3.10%, due 01/07/30 | 86196 |
| 144539 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 142886 |
| 3410 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 3476 |
| 23000 | UnitedHealth Group, Inc., 2.95%, due 10/15/27 | 22263 |
| 14000 | UnitedHealth Group, Inc., 4.80%, due 01/15/30 | 14161 |
| 250000 | Ventas Realty LP, 3.85%, due 04/01/27 | 246630 |
| 50000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 46322 |
| 232000 | Veralto Corp., 5.50%, due 09/18/26 | 234906 |
| 100000 | VICI Properties LP, 4.75%, due 02/15/28 | 100071 |
| 120000 | Vistra Operations Co. LLC, 5.05%, due 12/30/26 144A | 120467 |
| 28000 | VMware LLC, 1.40%, due 08/15/26 | 26821 |
| 25000 | VMware LLC, 3.90%, due 08/21/27 | 24569 |
| 27000 | Warnermedia Holdings, Inc., 3.76%, due 03/15/27 | 26343 |
| 15000 | Waste Management, Inc., 4.95%, due 07/03/27 | 15236 |
| 14000 | WEC Energy Group, Inc., 4.75%, due 01/09/26 | 14006 |
| 5000 | WEC Energy Group, Inc., 5.00%, due 09/27/25 | 5006 |
| 7000 | WEC Energy Group, Inc., 5.15%, due 10/01/27 | 7102 |
| 105000 | WEC Energy Group, Inc., 5.60%, due 09/12/26 | 106549 |
| 25000 | Wells Fargo & Co., 2.88% (3 mo. USD Term SOFR + 1.43%), due 10/30/30<sup>(b)</sup> | 23051 |
| 225000 | Wells Fargo & Co., 3.53% (SOFR + 1.51%), due 03/24/28<sup>(b)</sup> | 220525 |
| 10000 | Wells Fargo & Co., 3.58% (3 mo. USD Term SOFR + 1.57%), due 05/22/28<sup>(b)</sup> | 9793 |
| 11000 | Wells Fargo & Co., 4.54% (SOFR + 1.56%), due 08/15/26<sup>(b)</sup> | 10996 |
| 32000 | Wells Fargo & Co., 5.57% (SOFR + 1.74%), due 07/25/29<sup>(b)</sup> | 32876 |
| 15000 | Workday, Inc., 3.50%, due 04/01/27 | 14710 |
| 70000 | Xcel Energy, Inc., 4.75%, due 03/21/28 | 70281 |
| 125000 | XPLR Infrastructure Operating Partners LP, 7.25%, due 01/15/29<sup>(c)</sup> 144A | 123095 |
| 15000 | Zimmer Biomet Holdings, Inc., 4.70%, due 02/19/27 | 15051 |
| 21000 | Zoetis, Inc., 5.40%, due 11/14/25 | 21084 |
|  |  | 23209429 |
|  | **Mortgage Backed Securities - Private Issuers — 5.8%** |  |
| 100000 | BMP Trust, Series 2024-MF23, Class A, 5.69% (1 mo. USD Term SOFR + 1.37%), due 06/15/41<sup>(b)</sup> 144A | 100007 |
| 200000 | BOCA Commercial Mortgage Trust, Series 2024-BOCA, Class A, 6.24% (1 mo. USD Term SOFR + 1.92%), due 08/15/41<sup>(b)</sup> 144A | 201219 |
| 171460 | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 5.28% (1 mo. USD Term SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A | 171053 |
| 81241 | BX Commercial Mortgage Trust, Series 2021-XL2, Class A, 5.12% (1 mo. USD Term SOFR + 0.80%), due 10/15/38<sup>(b)</sup> 144A | 80983 |
| 175000 | BX Commercial Mortgage Trust, Series 2024-AIR2, Class A, 5.81% (1 mo. USD Term SOFR + 1.49%), due 10/15/41<sup>(b)</sup> 144A | 175262 |
| 100000 | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 6.01% (1 mo. USD Term SOFR + 1.69%), due 08/15/39<sup>(b)</sup> 144A | 100164 |
| 79666 | BX Commercial Mortgage Trust, Series 2024-MDHS, Class A, 5.96% (1 mo. USD Term SOFR + 1.64%), due 05/15/41<sup>(b)</sup> 144A | 79737 |

---

160 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** |  |
| 169066 | BX Trust, Series 2021-RISE, Class A, 5.18% (1 mo. USD Term SOFR + 0.86%), due 11/15/36<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167679 |
| 200000 | BX Trust, Series 2022-LBA6, Class A, 5.32% (1 mo. USD Term SOFR + 1.00%), due 01/15/39<sup>(b)</sup> 144A | 199642 |
| 200000 | BX Trust, Series 2022-VAMF, Class A, 5.17% (1 mo. USD Term SOFR + 0.85%), due 01/15/39<sup>(b)</sup> 144A | 198975 |
| 120000 | BX Trust, Series 2024-BIO, Class A, 5.96% (1 mo. USD Term SOFR + 1.64%), due 02/15/41<sup>(b)</sup> 144A | 120025 |
| 93956 | BX Trust, Series 2024-FNX, Class A, 5.76% (1 mo. USD Term SOFR + 1.44%), due 11/15/41<sup>(b)</sup> 144A | 93865 |
| 129808 | BX Trust, Series 2024-PALM, Class A, 5.86% (1 mo. USD Term SOFR + 1.54%), due 06/15/37<sup>(b)</sup> 144A | 129519 |
| 100000 | BX Trust, Series 2025-DIME, Class A, 5.47% (1 mo. USD Term SOFR + 1.15%), due 02/15/35<sup>(b)</sup> 144A | 98903 |
| 200000 | FS Trust, Series 2024-HULA, Class A, 6.13% (1 mo. USD Term SOFR + 1.81%), due 08/15/39<sup>(b)</sup> 144A | 200712 |
| 188979 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class A, 5.48% (1 mo. USD Term SOFR + 1.16%), due 04/15/38<sup>(b)</sup> 144A | 188689 |
| 14668 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class A5, 3.67%, due 11/15/47 | 14348 |
| 100000 | JW Trust, Series 2024-BERY, Class A, 5.91% (1 mo. USD Term SOFR + 1.59%), due 11/15/39<sup>(b)</sup> 144A | 100071 |
| 182323 | MHP Trust, Series 2022-MHIL, Class A, 5.13% (1 mo. USD Term SOFR + 0.81%), due 01/15/39<sup>(b)</sup> 144A | 181274 |
| 200000 | ORL Trust, Series 2024-GLKS, Class A, 5.81% (1 mo. USD Term SOFR + 1.49%), due 12/15/39<sup>(b)</sup> 144A | 200187 |
| 400000 | SMRT Commercial Mortgage Trust, Series 2022-MINI, Class A, 5.32% (1 mo. USD Term SOFR + 1.00%), due 01/15/39<sup>(b)</sup> 144A | 397242 |
| 125000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, 5.76% (1 mo. USD Term SOFR + 1.44%), due 03/15/42<sup>(b)</sup> 144A | 123817 |
| 89087 | THPT Mortgage Trust, Series 2023-THL, Class A, 6.99%, due 12/10/34<sup>(e)</sup> 144A | 90889 |
| 153809 | TTAN, Series 2021-MHC, Class A, 5.28% (1 mo. USD Term SOFR + 0.96%), due 03/15/38<sup>(b)</sup> 144A | 153429 |
| 100000 | Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class A, 5.27%, due 03/15/38<sup>(e)</sup> 144A | 99872 |
|  |  | 3667563 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 10.3%** |  |
| 316926 | Federal Home Loan Mortgage Corp., Pool # G18575, 3.00%, due 11/01/30 | 308317 |
| 98933 | Federal Home Loan Mortgage Corp., Pool # RC2071, 2.00%, due 06/01/36 | 90148 |
| 106683 | Federal Home Loan Mortgage Corp., Pool # SB0935, 3.00%, due 07/01/33 | 103175 |
| 100000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KIR1, Class A2, 2.85%, due 03/25/26 | 98406 |
| 200000 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KVAD, Class A, 3.12%, due 07/25/25 | 198679 |
| 241260 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KW01, Class A2, 2.85%, due 01/25/26 | 238671 |
| 245267 | Federal Home Loan Mortgage Corp. REMICS, Series 5502, Class FH, 5.74%, (SOFR 30-day average + 1.40%), due 02/25/55<sup>(b)</sup> | 246966 |
| 353417 | Federal Home Loan Mortgage Corp. REMICS, Series 5410, Class DF, 5.79%, (SOFR 30-day average + 1.45%), due 05/25/54<sup>(b)</sup> | 357087 |
| 495742 | Federal Home Loan Mortgage Corp. REMICS, Series 5486, Class FA, 5.79%, (SOFR 30-day average + 1.45%), due 12/25/54<sup>(b)</sup> | 500083 |

---

See accompanying Notes to the Financial Statements. 161

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **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** |
| 97178 | Federal National Mortgage Association, Pool # AL8943, 2.79%, due 10/01/25<sup>(e)</sup> | 96450 |
| 128776 | Federal National Mortgage Association, Pool # AM9939, 2.85%, due 11/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127366 |
| 190474 | Federal National Mortgage Association, Pool # AN0293, 2.81%, due 11/01/25 | 188259 |
| 129495 | Federal National Mortgage Association, Pool # AN0558, 2.94%, due 01/01/26 | 127875 |
| 93703 | Federal National Mortgage Association, Pool # AN3359, 2.65%, due 12/01/26 | 91254 |
| 113770 | Federal National Mortgage Association, Pool # AN4048, 3.01%, due 12/01/26 | 111332 |
| 142877 | Federal National Mortgage Association, Pool # AN5377, 3.02%, due 05/01/27 | 139533 |
| 193786 | Federal National Mortgage Association, Pool # AN7475, 3.06%, due 11/01/27 | 188253 |
| 75000 | Federal National Mortgage Association, Pool # BL0240, 3.54%, due 11/01/25 | 74431 |
| 190971 | Federal National Mortgage Association, Pool # BL0677, 3.50%, due 11/01/25 | 189506 |
| 170000 | Federal National Mortgage Association, Pool # BL1942, 3.15%, due 03/01/26 | 167837 |
| 165000 | Federal National Mortgage Association, Pool # BL2331, 2.91%, due 04/01/26 | 162197 |
| 275000 | Federal National Mortgage Association, Pool # BL6406, 1.63%, due 05/01/27 | 260516 |
| 340452 | Federal National Mortgage Association, Pool # BM3919, 3.00%, due 02/01/33 | 329420 |
| 193373 | Federal National Mortgage Association, Pool # BM7189, 2.92%, due 10/01/25<sup>(e)</sup> | 192269 |
| 100000 | Federal National Mortgage Association, Pool # BS5008, 2.22%, due 03/01/27 | 96297 |
| 146396 | Federal National Mortgage Association, Pool # MA3097, 3.50%, due 08/01/27 | 144999 |
| 176814 | Federal National Mortgage Association, Pool # MA4053, 2.50%, due 06/01/35 | 164319 |
| 281013 | Federal National Mortgage Association REMICS, Series 2006-83, Class FG, 4.95%, (SOFR 30-day average + 0.61%), due 09/25/36<sup>(b)</sup> | 279532 |
| 343528 | Federal National Mortgage Association REMICS, Series 2024-103, Class FH, 5.59%, (SOFR 30-day average + 1.25%), due 01/25/55<sup>(b)</sup> | 342641 |
| 268215 | Federal National Mortgage Association REMICS, Series 2024-15, Class FD, 5.69%, (SOFR 30-day average + 1.35%), due 04/25/54<sup>(b)</sup> | 269821 |
| 142149 | Federal National Mortgage Association-ACES, Series 2016-M6, Class A2, 2.49%, due 05/25/26 | 139343 |
| 149236 | Federal National Mortgage Association-ACES, Series 2017-M1, Class A2, 2.42%, due 10/25/26<sup>(e)</sup> | 145002 |
| 169341 | Government National Mortgage Association REMICS, Series 2020-H13, Class FC, 4.87%, (1 mo. USD Term SOFR + 0.56%), due 07/20/70<sup>(b)</sup> | 167134 |
| 215791 | Government National Mortgage Association REMICS, Series 2016-H16, Class FE, 6.30%, (1 yr. USD Term SOFR + 1.10%), due 06/20/66<sup>(b)</sup> | 216858 |
|  |  | 6553976 |
|  | **Sovereign Debt Obligation — 0.3%** |  |
| 190000 | Province of Ontario, 1.05%, due 04/14/26 | 184027 |
|  | **U.S. Government and Agency Obligations — 20.4%** |  |
| 1515000 | U.S. Treasury Notes, 2.63%, due 01/31/26 | 1496983 |
| 72000 | U.S. Treasury Notes, 3.38%, due 09/15/27 | 71154 |
| 600000 | U.S. Treasury Notes, 3.88%, due 03/31/27 | 599813 |
| 475000 | U.S. Treasury Notes, 3.88%, due 11/30/27 | 474861 |
| 2552000 | U.S. Treasury Notes, 3.88%, due 03/15/28 | 2551701 |
| 350000 | U.S. Treasury Notes, 4.00%, due 01/15/27 | 350410 |
| 500000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | 501211 |
| 133000 | U.S. Treasury Notes, 4.00%, due 03/31/30 | 133275 |
| 400000 | U.S. Treasury Notes, 4.13%, due 03/31/29 | 402992 |
| 1805000 | U.S. Treasury Notes, 4.25%, due 12/31/26 | 1814483 |
| 305000 | U.S. Treasury Notes, 4.25%, due 01/15/28 | 307895 |
| 3230000 | U.S. Treasury Notes, 4.25%, due 06/30/29 | 3269933 |

---

162 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### (showing percentage of net assets)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
| **Par Value<sup>(a)</sup>** | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** |  |
| 1000000 | U.S. Treasury Notes, 4.38%, due 11/30/28 | 1015723 |
| 2000 | U.S. Treasury Notes, 4.63%, due 02/15/35 | 2067 |
|  |  | 12992501 |
|  | TOTAL DEBT OBLIGATIONS (COST $62,536,650) | 63074944 |
|  | **SHORT-TERM INVESTMENT — 1.1%** |  |
|  | **Mutual Fund - Securities Lending Collateral — 1.1%** |  |
| 676683 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.36%<sup>(f)(g)</sup> | 676683 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $676,683) | 676683 |
|  | **TOTAL INVESTMENTS — 100.3%**<br> (Cost $63,213,333) | 63751627 |
|  | Other Assets and Liabilities (net) — (0.3)% | (178133) |
|  | **NET ASSETS — 100.0%** | **63573494** |
|  | <br> **Notes to Schedule of Investments:** | <br> **Notes to Schedule of Investments:** |
| <br> (a)  | <br> Unless otherwise indicated, all par values are denominated in United States dollars ($). | <br> Unless otherwise indicated, all par values are denominated in United States dollars ($). |
| <br> (b)  | <br> Variable or floating rate note. Rate shown is as of March 31, 2025. | <br> Variable or floating rate note. Rate shown is as of March 31, 2025. |
| <br> (c)  | <br> All or a portion of this security is out on loan. | <br> All or a portion of this security is out on loan. |
| <br> (d)  | <br> When-issued security. | <br> When-issued security. |
| <br> (e)  | <br> Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. | <br> Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| <br> (f)  | <br> The rate disclosed is the 7-day net yield as of March 31, 2025. | <br> The rate disclosed is the 7-day net yield as of March 31, 2025. |
| <br> (g)  | <br> Represents an investment of securities lending cash collateral. | <br> Represents an investment of securities lending cash collateral. |
| <br> 144A  | <br> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $15,442,637 which represents 24.3% of net assets. | <br> Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at year end is $15,442,637 which represents 24.3% of net assets. |

---

#### Futures Contracts

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of<br> Contracts  | Description | Expiration Date | Notional<br>Value | Market Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Buys |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | U.S. Treasury Note 2-Year | Jun 2025 | $8494047 | $38258 |
|  Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | U.S. Treasury Note 10-Year | Jun 2025 | $222438 | $(723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | U.S. Treasury Note 5-Year | Jun 2025 | 1730500 | (11734) |
|  |  |  |  | $(12457) |

---

See accompanying Notes to the Financial Statements. 163

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

---

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

---

164 See accompanying Notes to the Financial Statements.

------

#### Mercer Short Duration Fixed Income Fund

#### Schedule of Investments (Continued)

#### March 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
|  Corporate Debt | 36.5 |
|  Asset Backed Securities | 22.6 |
|  U.S. Government and Agency Obligations | 20.4 |
|  Mortgage Backed Securities - U.S. Government Agency Obligations | 10.3 |
|  Mortgage Backed Securities - Private Issuers | 5.8 |
|  Bank Loans | 3.3 |
|  Sovereign Debt Obligation | 0.3 |
|  Futures Contracts | 0.0\* |
|  Short-Term Investment | 1.1 |
|  Other Assets and Liabilities (net) | (0.3) |
|  | 100.0% |

---

*\** *Amount rounds to zero.* 

See accompanying Notes to the Financial Statements. 165

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Statements of Assets and Liabilities

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US<br>Small/Mid Cap<br>Equity Fund** | **Mercer Emerging<br>Markets Equity Fund** | **Mercer Non-US<br>Core Equity Fund** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value<sup>(a)(b)</sup> | 1591323051 | 930015808 | 3731021375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value<sup>(c)</sup> |  | 6092409 | 18017329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 72727012 | 52068305 | 103735826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3535633 | 4035600 | 15792945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 51251 | 2594515 | 3019746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest receivable | 1193617 | 2791605 | 16838115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker on open futures contracts | 3681000 | 885554 | 1126000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts |  | 111326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable |  | 44747 | 11815012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 10420 | 10255 | 84850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9379 | 5959 | 21444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate for advisory fee waived | 2069586 | 1439007 | 3493161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1674600949 | 1000095090 | 3904965803 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 5897697 | 531424 | 13621151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligation to return securities lending collateral | 7836298 | 2150443 | 135135696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 12765698 | 1358 | 26933347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for foreign capital gains tax |  | 68189 | 137654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliates for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 3801562 | 1983479 | 6517688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees |  | 251 | 4789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fees - Class I | 6156 | 455 | 114584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on open futures contracts | 85051 |  | 23016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 489971 | 927061 | 1301148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 30882433 | 5662660 | 183789073 |
|  **Net assets** | $**1643718516** | $**994432430** | $**3721176730** |

---

166 See accompanying Notes to the Financial Statements.

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US**<br>**Small/Mid Cap**<br>**Equity Fund** | **Mercer Emerging**<br>**Markets Equity Fund** | **Mercer Non-US**<br>**Core Equity Fund** |
|  **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 1469423147 | $1289882460 | $3141076317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated loss) | 174295369 | (295450030) | 580100413 |
|  **Net assets** | $**1643718516** | $**994432430** | $**3721176730** |
|  **Net assets attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | $1627828324 | $993231138 | $3386550719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $15890192 | $1201292 | $334626011 |
|  **Shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | 155501420 | 126731848 | 305618000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1520265 | 153385 | 30290132 |
|  **Net asset value per unit:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | $10.47 | $7.84 | $11.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $10.45 | $7.83 | $11.05 |
| (a) Investments in securities, at cost | $1446019021 | $1000896905 | $3263840564 |
| (b) Securities loaned, at value | $126250654 | $27472270 | $257777049 |
| (c) Foreign currency, at cost | $— | $6085683 | $18071303 |

---

See accompanying Notes to the Financial Statements. 167

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core<br>Fixed Income Fund** | **Mercer Opportunistic<br>Fixed Income Fund** | **Mercer Short**<br>**Duration**<br>**Fixed Income Fund** |
|  **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value<sup>(a)(b)</sup> | 1942544177 | 1768826935 | 63751627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value<sup>(c)</sup> | 287402 | 14523943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 19502687 | 45691952 | 166293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 29922083 | 1001418 | 1169611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for TBA and/or when-issued securities sold | 13920593 | 1087425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 577406 | 85557 | 534447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend and interest receivable | 14430401 | 29293660 | 432518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker on open centrally cleared swap contracts |  | 10159497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker on open futures contracts |  | 3612961 | 45875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral held at broker on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts |  | 1545138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward foreign currency contracts | 75997 | 5492602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on open futures contracts | 110632 | 1471280 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for expenses reimbursed from affiliate |  |  | 69521 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC — Swap contracts, at value (up-front net premiums paid of $3,889, $174,793 and $—, respectively) | 2656 | 165997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims receivable |  | 16434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for swap contract premiums | 506668 | 2783433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 9728 | 26397 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 11910 | 9679 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate for advisory fee waived | 1181727 | 1953193 | 30715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2023084067 | 1887747501 | 66201164 |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 38413224 | 3197725 | 1696415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for TBA and/or when-issued securities purchased | 13446484 | 8059460 | 10982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obligation to return securities lending collateral | 16696885 | 2829455 | 676683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 2236138 | 891130 | 19317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts | 853202 | 6266865 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC — Swap contracts, at value (up-front net premiums received of $—, $0 and $—, respectively) |  | 2392708 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for variation margin on open centrally cleared swap contracts | 489070 | 971910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker on open forward foreign currency contracts, open OTC options, and open OTC swaps contracts |  | 748900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for foreign capital gains tax |  | 18393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options, at value<sup>(d)</sup> | 46312 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments, at value<sup>(e)</sup> | 3297188 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliates for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 1593003 | 3608366 | 48497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 825 | 428 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative service fees - Class I | 9017 | 2026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest payable on TBA securities | 5083 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 615619 | 1024425 | 175762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 77702050 | 30011791 | 2627670 |
|  **Net assets** | $**1945382017** | $**1857735710** | $**63573494** |

---

168 See accompanying Notes to the Financial Statements.

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

#### March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core<br>Fixed Income Fund** | **Mercer Opportunistic<br>Fixed Income Fund** | **Mercer Short<br>Duration<br>Fixed Income Fund** |
|  **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $2132740146 | $2024743070 | $62980623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (Accumulated loss) | (187358129) | (167007360) | 592871 |
|  **Net assets** | $**1945382017** | $**1857735710** | $**63573494** |
|  **Net assets attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | $1922339217 | $1852266102 | $63573494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $23042800 | $5469608 | $— |
|  **Shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | 213965339 | 224765847 | 6307133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 2563043 | 664563 |  |
|  **Net asset value per unit:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | $8.98 | $8.24 | $10.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $8.99 | $8.23 | $— |
| (a) Investments in securities, at cost | $1989266966 | $1796170044 | $63213333 |
| (b) Securities loaned, at value | $33007013 | $7440309 | $662521 |
| (c) Foreign currency, at cost | $288898 | $14681220 | $— |
| (d) Premiums on written options | $45893 | $— | $— |
| (e) Proceeds for TBA Sale Commitments | $3297812 | $— | $— |

---

See accompanying Notes to the Financial Statements. 169

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Statements of Operations

#### Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US**<br>**Small/Mid Cap**<br>**Equity Fund** | **Mercer Emerging<br>Markets Equity Fund** | **Mercer Non-US**<br>**Core Equity Fund** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $20690506 | $28287725 | $125345196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 2398618 | 2458291 | 5889814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes | (17264) | (3067319) | (12324143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 98278 | 165118 | 664600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 521 |  | 6713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 23170659 | 27843815 | 119582180 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 14874678 | 8371330 | 26626386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 250354 | 480327 | 686960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 54221 | 66235 | 38225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 46607 | 49014 | 55484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 271588 | 179633 | 661949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 150355 | 95500 | 340082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 42930 | 40344 | 53961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 22382 | 1705 | 402641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 14922 | 1137 | 268427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 125707 | 112096 | 363833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15853744 | 9397321 | 29497948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee waiver | (8139476) | (5164783) | (14560458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7714268 | 4232538 | 14937490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 15456391 | 23611277 | 104644690 |
|  **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 146933984 | 57759782<sup>1</sup> | 284332643<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closed futures contracts | (2204424) | 6563915 | (571557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions | 28 | (1705820) | (2880713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 144729588 | 62617877 | 280880373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (217889427) | (17755857)<sup>3</sup> | (86927165)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open futures contracts | (559555) | (298432) | (596422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related translations | (24) | 85823 | 149581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (218449006) | (17968466) | (87374006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (73719418) | 44649411 | 193506367 |
|  **Net increase (decrease) in net assets resulting from operations** | $**(58263027)** | $**68260688** | $**298151057** |

---

---

| | |
|:---|:---|
| 1 | Net of foreign capital gains tax of $4,355,962.  |

---

---

| | |
|:---|:---|
| 2 | Net of foreign capital gains tax of $245,604.  |

---

---

| | |
|:---|:---|
| 3 | Including net increase in accrued foreign capital gains taxes of $3,433,371.  |

---

---

| | |
|:---|:---|
| 4 | Including net decrease in accrued foreign capital gains taxes of $23,401.  |

---

170 See accompanying Notes to the Financial Statements.

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Statements of Operations (Continued)

#### Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core<br>Fixed Income Fund** | **Mercer Opportunistic<br>Fixed Income Fund** | **Mercer Short**<br>**Duration**<br>**Fixed Income Fund** |
|  **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $334585 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 95111045 | 136803145 | 2966252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes |  | (1068894) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 119189 | 392416 | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | 7113 | 31263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 95237347 | 136492515 | 2968957 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 6557610 | 14004064 | 172212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial offering fee |  |  | 74697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and fund accounting fees | 337085 | 629839 | 95706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 81127 | 108329 | 78814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 56018 | 52916 | 24790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 358517 | 305031 | 9473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 183952 | 160142 | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 44055 | 42405 | 34623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 58731 | 7979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 39154 | 5320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expense |  | 1916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 127262 | 108915 | 12444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 7843511 | 15426856 | 507941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee waiver | (4834428) | (7624812) | (107267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement |  |  | (285866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3009083 | 7802044 | 114808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 92228264 | 128690471 | 2854149 |
|  **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (21222764) | (20518993)<sup>5</sup> | 208133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased option contracts | (1050) | (862813) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 351685 | 969272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closed futures contracts | (875788) | (5602887) | (28908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | 591 | 522177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1095127 | 294536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related transactions | 85659 | (3549158) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20566540) | (28747866) | 179225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 44151521 | (15205013)<sup>6</sup> | 307126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased option contracts |  | 162670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments |  | (5253) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | (21491) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (29133) | (3419611) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open futures contracts | 924274 | (854580) | 33097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | (419) | (26573) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (869554) | (1244869) |  |

---

See accompanying Notes to the Financial Statements. 171

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Statements of Operations (Continued)

#### Year Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core<br>Fixed Income Fund** | **Mercer Opportunistic<br>Fixed Income Fund** | **Mercer Short<br>Duration<br>Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency related translations | 3450 | (84786) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 44158648 | (20678015) | 340223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 23592108 | (49425881) | 519448 |
|  **Net increase in net assets resulting from operations** | $**115820372** | $**79264590** | $**3373597** |

---

---

| | |
|:---|:---|
| 5 | Net of foreign capital gains tax of $46,831.  |

---

---

| | |
|:---|:---|
| 6 | Including net increase in accrued foreign capital gains taxes of $103,521.  |

---

172 See accompanying Notes to the Financial Statements.

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer US**<br>**Small/Mid Cap**<br>**Equity Fund** | **Mercer US**<br>**Small/Mid Cap**<br>**Equity Fund** | **Mercer Emerging**<br>**Markets Equity Fund** | **Mercer Emerging**<br>**Markets Equity Fund** |
|  | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2024** |
|  **Increase (decrease) in Net Assets:** |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $15456391 | $14732208 | $23611277 | $34197789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 144729588 | 87067360 | 62617877 | (74327822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (218449006) | 225636711 | (17968466) | 60073306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (58263027) | 327436279 | 68260688 | 19943273 |
|  Distributions to shareholders (See Note 2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | (160530536) | (59320377) | (15825614) | (34591171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1580704) | (263781) | (14554) | (24210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (162111240) | (59584158) | (15840168) | (34615381) |
|  Net share transactions (See Note 7): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | 64685892 | (144189994) | (347513187) | (278697417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 5502395 | 11411696 | (70155) | 1212826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from net shares transactions | 70188287 | (132778298) | (347583342) | (277484591) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (150185980) | 135073823 | (295162822) | (292156699) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1793904496 | 1658830673 | 1289595252 | 1581751951 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1643718516 | $1793904496 | $994432430 | $1289595252 |

---

\* *The Class commenced operations on June 27, 2023.* 

See accompanying Notes to the Financial Statements. 173

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer Non-US**<br>**Core Equity Fund** | **Mercer Non-US**<br>**Core Equity Fund** | **Mercer Core**<br>**Fixed Income Fund** | **Mercer Core**<br>**Fixed Income Fund** |
|  | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended**<br>**March 31, 2025** | **Year Ended**<br>**March 31, 2024** |
|  **Increase (decrease) in Net Assets:** |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $104644690 | $109236830 | $92228264 | $68168031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 280880373 | 62185541 | (20566540) | (50581734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (87374006) | 443998888 | 44158648 | 28169853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 298151057 | 615421259 | 115820372 | 45756150 |
|  Distributions to shareholders (See Note 2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | (273386414) | (120220349) | (86206607) | (59141553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (24006676) | (6002327) | (1249065) | (1572859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (297393090) | (126222676) | (87455672) | (60714412) |
|  Net share transactions (See Note 7): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | (244111628) | (388611554) | 86796027 | 579337031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 128717067 | 43195082 | (27902645) | 1353280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets resulting from net shares transactions | (115394561) | (345416472) | 58893382 | 580690311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (114636594) | 143782111 | 87258082 | 565732049 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3835813324 | 3692031213 | 1858123935 | 1292391886 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3721176730 | $3835813324 | $1945382017 | $1858123935 |

---

174 See accompanying Notes to the Financial Statements.

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer Opportunistic**<br>**Fixed Income Fund** | **Mercer Opportunistic**<br>**Fixed Income Fund** | **Mercer Short Duration**<br>**Fixed Income Fund** | **Mercer Short Duration**<br>**Fixed Income Fund** |
|  | **Year Ended<br>March 31, 2025** | **Year Ended**<br>**March 31, 2024** | **Year Ended<br>March 31, 2025** | **Period Ended<br>March 31, 2024<sup>#</sup>** |
|  **Increase (decrease) in Net Assets:** |  |  |  |  |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $128690471 | $104623431 | $2854149 | $1093138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (28747866) | (48068887) | 179225 | 222353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (20678015) | 50545052 | 340223 | 223872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 79264590 | 107099596 | 3373597 | 1539363 |
|  Distributions to shareholders (See Note 2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | (117610188) | (90725929) | (3159886) | (1160203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (338641) | (342477) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (117948829) | (91068406) | (3159886) | (1160203) |
|  Net share transactions (See Note 7): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y-3 | 114810842 | 427147036 | 3255405 | 59725218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 403000 | 5248961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in net assets resulting from net shares transactions | 115213842 | 432395997 | 3255405 | 59725218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 76529603 | 448427187 | 3469116 | 60104378 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1781206107 | 1332778920 | 60104378 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1857735710 | $1781206107 | $63573494 | $60104378 |

---

\* *The Class commenced operations on June 27, 2023.* 

# *The Fund commenced operations on December 1, 2023.* 

See accompanying Notes to the Financial Statements. 175

------

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

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights

---

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

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(b) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

176 See accompanying Notes to the Financial Statements.

------

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

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The Class commenced operations on June 27, 2023.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

\* Not annualized.

\*\* Annualized.

See accompanying Notes to the Financial Statements. 177

------

#### Mercer Emerging Markets Equity Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(b) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

178 See accompanying Notes to the Financial Statements.

------

#### Mercer Emerging Markets Equity Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The Class commenced operations on June 27, 2023.

(b) Amount rounds to less than ($0.01) per share.

(c) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(d) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

\* Not annualized.

\*\* Annualized.

See accompanying Notes to the Financial Statements. 179

------

#### Mercer Non-US Core Equity Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(b) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

180 See accompanying Notes to the Financial Statements.

------

#### Mercer Non-US Core Equity Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The Class commenced operations on July 22, 2021.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

\* Not annualized.

\*\* Annualized.

See accompanying Notes to the Financial Statements. 181

------

#### Mercer Core Fixed Income Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(b) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(c) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 107%, 95%, 125%, 96%, and 100% for the years ended March 31, 2025, March 31, 2024, March 31, 2023, March 31, 2022 and March 31, 2021, respectively.

(d) Portfolio turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the year.

182 See accompanying Notes to the Financial Statements.

------

#### Mercer Core Fixed Income Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The Class commenced operations on December 27, 2021.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(d) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 107%, 95%, 125% and 96% for the years ended March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022, respectively.

(e) Portfolio turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions.

† Computed using average shares outstanding throughout the year.

\* Not annualized.

\*\* Annualized.

See accompanying Notes to the Financial Statements. 183

------

#### Mercer Opportunistic Fixed Income Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(b) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

(c) Portfolio turnover calculation does not include $400,305,493 of securities transferred out of the Fund as part of in-kind redemptions.

† Computed using average shares outstanding throughout the year.

184 See accompanying Notes to the Financial Statements.

------

#### Mercer Opportunistic Fixed Income Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The Class commenced operations on June 27, 2023.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

\* Not annualized.

\*\* Annualized.

See accompanying Notes to the Financial Statements. 185

------

#### Mercer Short Duration Fixed Income Fund

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Highlights (Continued)

---

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

---

(a) The Fund commenced operations on December 1, 2023.

(b) The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the years shown.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements).

† Computed using average shares outstanding throughout the year.

\* Not annualized.

\*\* Annualized.

186 See accompanying Notes to the Financial Statements.

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements

#### March 31, 2025
**1.** **Organization** 

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

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

Investment Objectives:

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

Each Fund has registered and is authorized to offer interests in four classes of shares: Adviser Class, Class I, Class Y-2 and Class Y-3. The principal difference among the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of March 31, 2025, Class Y-3 shares were outstanding in each of the Funds and Class I shares were outstanding in each of the Funds except Short Duration Fixed.

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

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

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

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

The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the exchange rate in effect at a uniform time on each business day. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the NYSE. When valuing foreign equity securities that meet certain criteria that the Adviser, which has been designated as the Funds' Valuation Designee under Rule 2a-5 of the 1940 Act by the Board of Trustees of the Trust (the "Board"), has approved the use of a fair value

187.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments in open-end investment companies are valued at their net asset value ("NAV") per share.

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

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

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

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

The Board has designated the Adviser as the Valuation Designee responsible for valuing portfolio securities, subject to continuing Board oversight. The Adviser has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the Adviser or the applicable Sub-adviser) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. Depending on market movements throughout the year ended March 31, 2025, substantially all foreign equity securities held by Non-US Core Equity and Emerging Markets may be fair valued using valuations provided by an independent valuation service consistent with the valuation procedures approved by the Board.

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

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

188.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
broad Levels listed below.

• Level 1 — quoted prices unadjusted in active markets for identical investments

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

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

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

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for "to-be-announced" or "TBA" commitments or when-issued securities approximate fair value and are determined using Level 2 inputs as of March 31, 2025. The assets and liabilities shown in the Statements of Assets and Liabilities related to cash collateral held at broker for futures contracts, options, forward foreign currency contracts and swap contracts are determined using Level 1 inputs as of March 31, 2025.

The following is a summary of the portfolio securities by level based on inputs used as of March 31, 2025 in valuing the assets and liabilities of the Funds for which fair valuation was used:

#### Small/Mid Cap

#### ASSETS VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br> (Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $34080694 | $— | $— | $34080694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 42927481 |  |  | 42927481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical | 266653826 |  | 0 \* | 266653826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical | 382281128 |  |  | 382281128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 67482480 |  |  | 67482480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 310064091 |  |  | 310064091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government | 2152666 |  |  | 2152666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 272592058 |  |  | 272592058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 171401891 |  |  | 171401891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 33850438 |  |  | 33850438 |
|  Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583486753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583486753 |
|  Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending Collateral | 7836298 |  |  | 7836298 |

---

189.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br> (Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | $403730 | $— | $— | $403730 |
|  Total | $1591726781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1591726781 |

---

\* *Represents one or more Level 3 securities at $0 value as of March 31, 2025.* 

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

#### Emerging Markets

#### ASSETS VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $51700617 | $— | $— | $51700617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 4534577 |  |  | 4534577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 7815516 |  |  | 7815516 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 17939245 | 250902074 |  | &nbsp;&nbsp;&nbsp;&nbsp;268841319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia | 1714996 |  |  | 1714996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 1046779 |  | 1046779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 7757941 |  | 7757941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 5002004 |  | 5002004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 3892607 |  | 3892607 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 11893422 | 141583847 |  | 153477269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 95798 | 13813361 |  | 13909159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 3701944 |  | 3701944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 2118189 |  | 2118189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 2143164 |  | 0 \* | 2143164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait |  | 3043370 |  | 3043370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 124229 |  | 124229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 1830632 |  | 1830632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 10046048 |  | 10046048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 31051585 | 827243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556 | 31888384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 3777619 |  | 3777619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama | 1760623 |  |  | 1760623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 4967396 |  |  | 4967396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 289712 | 3841666 |  | 4131378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 6978132 |  | 6978132 |

---

190.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal | $— | $3523646 | $— | $3523646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar |  | 3020131 |  | 3020131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 483373 | 483373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 24874947 |  | 24874947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 2673088 |  |  | 2673088 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1423546 | 25308794 |  | 26732340 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 3298426 | 75533342 |  | 78831768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 133725932 |  | 133725932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 2489313 | 12740173 |  | 15229486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 4203116 |  | 4203116 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 9009767 |  | 9009767 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 4618794 |  | 4618794 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 4800593 |  |  | 4800593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 1708376 |  | 1708376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia | 2843136 |  |  | 2843136 |
|  Total Common Stocks | 153434753 | 758554703 | 492929 | 912482385 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 12849622 |  |  | 12849622 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 2523832 |  | 2523832 |
|  Total Preferred Stocks | 12849622 | 2523832 |  | 15373454 |
|  Rights | 9526 |  |  | 9526 |
|  Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending Collateral | 2150443 |  |  | 2150443 |
|  Total | $168444344 | $761078535 | $492929 | $930015808 |

---

191.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

#### LIABILITIES VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br> (Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | $(297486) | $— | $— | $(297486) |
|  Total | $(297486) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(297486) |

---

*\** *Represents one or more Level 3 securities at $0 value as of March 31, 2025.* 

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

#### Non-US Core Equity

#### ASSETS VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $3524552 | $72888749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $76413301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 13663721 |  | 13663721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 13380010 |  | 13380010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 21869693 | 943416 |  | 22813109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burkina Faso | 201662 |  |  | 201662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 208902604 |  |  | 208902604 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 11633901 | 73357774 |  | 84991675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 40080875 |  | 40080875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 20098386 |  | 20098386 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 310974434 |  | 310974434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 3427058 |  | 3427058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 1253327 | 315358271 |  | 316611598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 6292971 |  | 6292971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 170693 |  |  | 170693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 344612 | 59603605 |  | 59948217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 4392063 |  | 4392063 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 7900934 | 2277216 |  | 10178150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 83056 |  | 83056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 1081061 | 54556373 |  | 55637434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 4986960 | 15548749 |  | 20535709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 8483660 | 177459756 |  | 185943416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 803322 | 683877145 |  | 684680467 |

---

192.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br> (Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | $— | $385678 | $— | $385678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 2705533 |  | 2705533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3931478 | 133516108 |  | 137447586 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 2466069 |  | 2466069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria |  | 142200 |  | 142200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway | 877100 | 29328144 |  | 30205244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 12513262 |  | 12513262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 228825 | 228825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 5993014 | 23141042 |  | 29134056 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 713684 |  | 713684 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 25028953 |  | 25028953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 1345243 | 130235940 |  | 131581183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 1940435 | 82972577 |  | 84913012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 20106886 | 181268476 |  | 201375362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 13517546 | 18958816 |  | 32476362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 2025415 |  | 2025415 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 26598911 | 383465975 |  | 410064886 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 83119179 | 245678165 |  | 328797344 |
|  Total Common Stocks | 428586773 | 3142809665 | 228825 | 3571625263 |
|  Investment Companies | 12875253 |  |  | 12875253 |
|  Preferred Stocks |  | 11385163 |  | 11385163 |
|  Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending Collateral | 135135696 |  |  | 135135696 |
|  Total | $576597722 | $3154194828 | $228825 | $3731021375 |

---

#### LIABILITIES VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | $(304889) | $— | $— | $(304889) |
|  Total | $(304889) | $— | $— | $(304889) |

---

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

193.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

#### Core Fixed

#### ASSETS VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Debt Obligations | $— | $1924511747 | $— | $1924511747 |
|  Common Stock |  |  | 26796 | 26796 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending Collateral | 16696885 |  |  | 16696885 |
|  U.S. Government and Agency Obligation |  | 1308749 |  | 1308749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 16696885 | 1308749 |  | 18005634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 75997 |  | 75997 |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | 648045 |  |  | 648045 |
|  Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps<sup>†</sup> |  | 241199 |  | 241199 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps |  | 2656 |  | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swap<sup>†</sup> |  | 65698 |  | 65698 |
|  Total Swaps |  | 309553 |  | 309553 |
|  Total | $17344930 | $1926206046 | $26796 | $1943577772 |

---

#### LIABILITIES VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  TBA Sale Commitments | $— | $(3297188) | $— | $(3297188) |
|  Forward Foreign Currency Contracts |  | (853202) |  | (853202) |
|  Futures Contract<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | (7756) |  |  | (7756) |
|  Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Exchange-Traded Options | (46312) |  |  | (46312) |

---

194<br>

------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps<sup>†</sup> | $— | $(342925) | $— | $(342925) |
|  Total | $(54068) | $(4493315) | $— | $(4547383) |

---

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

#### Opportunistic Fixed

#### ASSETS VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Debt Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Backed Securities | $— | $65175259 | $— | $65175259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 866177 | 1215905 | 2082082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Debt |  | 8626322 |  | 8626322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt |  | 705630655 |  | 705630655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - Private Issuers |  | 99459010 |  | 99459010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 155898 |  | 155898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 613015597 |  | 613015597 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations |  | 168076091 |  | 168076091 |
|  Total Debt Obligations |  | 1661005009 | 1215905 | 1662220914 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  |  | 61944 | 61944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 396971 |  | 396971 |
|  Total Common Stocks |  | 396971 | 61944 | 458915 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending Collateral | 2829455 |  |  | 2829455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 10375104 |  | 10375104 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations |  | 92942547 |  | 92942547 |
|  Total Short-Term Investments | 2829455 | 103317651 |  | 106147106 |
|  Forward Foreign Currency Contracts<sup>†</sup> |  | 5492602 |  | 5492602 |

---

195.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | $579791 | $— | $— | $579791 |
|  Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Interest Rate Swap |  | 7679 |  | 7679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps<sup>†</sup> |  | 1119261 |  | 1119261 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swap |  | 158318 |  | 158318 |
|  Total Swaps |  | 1285258 |  | 1285258 |
|  Total | $3409246 | $1771497491 | $1277849 | $1776184586 |

---

#### LIABILITIES VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level3) | Total |
|  Forward Foreign Currency Contracts<sup>†</sup> | $— | $(6266865) | $— | $(6266865) |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buys | (424652) |  |  | (424652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | (270488) |  |  | (270488) |
|  Total Futures Contracts | (695140) |  |  | (695140) |
|  Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps |  | (2335761) |  | (2335761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps<sup>†</sup> |  | (103164) |  | (103164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps<sup>†</sup> |  | (2053761) |  | (2053761) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swap |  | (56947) |  | (56947) |
|  Total Swaps |  | (4549633) |  | (4549633) |
|  Total | $(695140) | $(10816498) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(11511638) |

---

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

196.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

#### Short Duration Fixed

#### ASSETS VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Debt Obligations | $— | $63074944 | $— | $63074944 |
|  Short-Term Investment |  |  |  |  |
|  Mutual Fund - Securities Lending Collateral | 676683 |  |  | 676683 |
|  Futures Contract<sup>†</sup> |  |  |  |  |
|  Buys | 38258 |  |  | 38258 |
|  Total | $714941 | $63074944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $63789885 |

---

#### LIABILITIES VALUATION INPUT

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
|  Futures Contracts<sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales | $(12457) | $— | $— | $(12457) |
|  Total | $(12457) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(12457) |

---

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

Emerging Markets had Level 3 transfers during the year ended March 31, 2025; however, none of the transfers individually or collectively had a material impact on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments in derivative instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Foreign currency translation

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

197.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Forward foreign currency contracts

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

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

During the year ended March 31, 2025, Core Fixed and Opportunistic Fixed used forward foreign currency contracts for a variety of purposes, including hedging, risk management, efficient portfolio management, enhancing total returns, or as a substitute for taking a position in the underlying asset. See the Core Fixed and Opportunistic Fixed Schedules of Investments for a listing of open forward foreign currency contracts as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Futures

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

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

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as "initial margin." This amount is maintained by the futures commission merchant in a segregated account at the futures commission merchant. Thereafter, a "variation margin" may be paid by the Fund to or drawn by the Fund from such account in accordance with controls set for such accounts, depending upon changes in the price of the underlying securities, or currencies, subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable on the Statements of Assets and Liabilities. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

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

In entering into futures contracts and options on futures contracts, there is a credit risk that a counterparty will not be able to meet its obligations to the Funds. The counterparty for futures contracts and options on futures contracts traded in the United States and on most foreign futures exchanges is

198.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of its members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will be able to meet its obligations to the Funds.

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

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

During the year ended March 31, 2025, Small/Mid Cap, Non-US Core Equity and Emerging Markets used futures to equitize cash. Core Fixed, Opportunistic Fixed and Short Duration Fixed used futures to adjust interest rate exposure and replicate government bond positions. Emerging Markets also used futures to create passive index exposure to certain emerging market country indices in the Fund. See each Fund's Schedule of Investments for a listing of open futures contracts as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Options

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

The Funds may enter into swap options ("swaptions"). A swaption is a contract that gives a counterparty the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Each Fund may sell (write) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund generally will incur a greater degree of risk when the Fund writes a swaption than the Fund will incur when it purchases a swaption. When a Fund purchases a swaption, the Fund's risk of loss is limited to the amount of the premium it has paid should it decide to let the swaption expire unexercised. However, when a Fund writes a swaption, upon exercise of the option, the Fund will become obligated according to the terms of the underlying agreement.

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

Whether an option which a Fund has written expires on its stipulated expiration date or a Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized

199.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
gain or loss on the underlying security, and the liability related to such option is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the underlying security, and the cost basis of the lots sold are decreased by the premium originally received. When a put option which a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

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

During the year ended March 31, 2025, Core Fixed and Opportunistic Fixed used options for tail risk hedging (i.e., hedging strategies designed to protect against large unexpected market movements) and to manage currency, interest rate, duration and volatility exposure. See the Core Fixed and Opportunistic Fixed Schedules of Investments for the listing of options as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Swaps

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

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

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

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

200.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and an increased market perception that there is a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swaps on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rates, serve as an indication of the current status of the payment/performance risk.

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

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

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

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

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

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

201.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
Certain standardized swaps, including certain U.S. dollar and non-U.S. dollar denominated interest rate and credit default index swaps, are subject to mandatory clearing, which interposes a central clearing house as the counterparty to each participant's swap, and exchange-trading. Additional swap asset classes are expected to be subject to mandatory clearing and exchange-trading in the future. The counterparty risk for cleared derivatives is generally considered to be lower than for uncleared derivatives, but cleared contracts are not risk-free. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Funds' ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

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

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

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

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

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

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Like most other investments, swaps are subject to the risk that the market value of the instrument will change in a way detrimental

202.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
to a Fund's interest. A Fund bears the risk that Sub-adviser will not accurately forecast future market trends or the values of assets, reference rates, indices, or other economic factors in establishing swap positions for the Fund. If a Sub-adviser attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund's investments. If the Sub-adviser is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

During the year ended March 31, 2025, Core Fixed and Opportunistic Fixed used swaps to adjust interest rate and yield curve exposure or to manage interest fluctuation and credit exposure. See Core Fixed and Opportunistic Fixed Schedules of Investments for a listing of open swaps as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Derivatives risk exposures**

At March 31, 2025 and during the year then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Risk | Foreign<br>Currency Risk | Credit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk |<br>Equity Risk |<br>Total |
|  **Small/Mid Cap** |  |  |  |  |  |
|  **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $403730 | $403730 |
|  **Net Realized Gain (Loss)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (2204424) | (2204424) |
|  **Change in Appreciation (Depreciation)**<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (559555) | (559555) |
|  **Emerging Markets** |  |  |  |  |  |
|  **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  |  |  | (297486) | (297486) |
|  **Net Realized Gain (Loss)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | 6563915 | 6563915 |
|  **Change in Appreciation (Depreciation)**<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (298432) | (298432) |
|  **Non-US Core Equity** |  |  |  |  |  |
|  **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> |  |  |  | (304889) | (304889) |
|  **Net Realized Gain (Loss)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |  |  | (571557) | (571557) |

---

203.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Risk | Foreign<br>Currency Risk | Credit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk |<br>Equity Risk |<br>Total |
|  **Change in Appreciation (Depreciation)**<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $— | $— | $— | $(596422) | $(596422) |
|  **Core Fixed** |  |  |  |  |  |
|  **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | 648045 |  |  |  | 648045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>(4)</sup> |  | 75997 |  |  | 75997 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps Contracts |  |  | 2656 |  | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts<sup>(5)</sup> | 241199 |  | 65698 |  | 306897 |
|  Total Value | $889244 | $75997 | $68354 | $— | $1033595 |
|  **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written<sup>(6)</sup> | (46312) |  |  |  | (46312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | (7756) |  |  |  | (7756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>(7)</sup> |  | (853202) |  |  | (853202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts<sup>(5)</sup> | (342925) |  |  |  | (342925) |
|  Total Value | $(396993) | $(853202) | $— | $— | $(1250195) |
|  **Net Realized Gain (Loss)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | (1050) |  |  |  | (1050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written | 591 |  |  |  | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts | 110166 |  | 241519 |  | 351685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (875788) |  |  |  | (875788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 1095127 |  |  | 1095127 |
|  Total Realized Gain (Loss) | $(766081) | $1095127 | $241519 | $— | $570565 |
|  **Change in Appreciation (Depreciation)**<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written | (419) |  |  |  | (419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts | (93598) |  | 64465 |  | (29133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 924274 |  |  |  | 924274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | (869554) |  |  | (869554) |
|  Total Change in Appreciation (Depreciation) | $830257 | $(869554) | $64465 | $— | $25168 |
|  **Opportunistic Fixed** |  |  |  |  |  |
|  **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | 579791 |  |  |  | 579791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>(4)</sup> |  | 5492602 |  |  | 5492602 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps Contracts | 7679 |  | 158318 |  | 165997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts<sup>(5)</sup> | 1119261 |  |  |  | 1119261 |
|  Total Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158318 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357651 |

---

204.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate Risk | Foreign<br>Currency Risk | Credit<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk |<br>Equity Risk |<br>Total |
|  **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | $(695140) | $— | $— | $— | $(695140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts<sup>(7)</sup> |  | (6266865) |  |  | (6266865) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps Contracts | (2335761) |  |  | (56947) | (2392708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swap Contracts<sup>(5)</sup> | (103164) |  | (2053761) |  | (2156925) |
|  Total Value | $(3134065) | $(6266865) | $(2053761) | $(56947) | $(11511638) |
|  **Net Realized Gain (Loss)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased | (253821) | (561591) |  | (47401) | (862813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written | 438650 |  |  | 83527 | 522177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts | (1393141) |  | 2147086 | 215327 | 969272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (5602887) |  |  |  | (5602887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 294536 |  |  | 294536 |
|  Total Realized Gain (Loss) | $(6811199) | $(267055) | $2147086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251453 | $(4679715) |
|  **Change in Appreciation (Depreciation)**<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  | 41234 |  | 121436 | 162670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Written |  |  |  | (26573) | (26573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps Contracts | (1238266) |  | (2124398) | (56947) | (3419611) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (854580) |  |  |  | (854580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | (1244869) |  |  | (1244869) |
|  Total Change in Appreciation (Depreciation) | $(2092846) | $(1203635) | $(2124398) | $37916 | $(5382963) |
|  **Short Duration Fixed** |  |  |  |  |  |
|  **Asset Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | 38258 |  |  |  | 38258 |
|  **Liability Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts<sup>(1)</sup> | (12457) |  |  |  | (12457) |
|  **Net Realized Gain (Loss)**<sup>(2)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (28908) |  |  |  | (28908) |
|  **Change in Appreciation (Depreciation)**<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | 33097 |  |  |  | 33097 |

---

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

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

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

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

205.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
(5) *Centrally Cleared Swaps are valued at unrealized appreciation (depreciation) on the Schedule of Investments. Only current day's variation margin receivable or payable, if any, is reported on the Statements of Assets and Liabilities.* 

(6) *Statements of Assets and Liabilities location: Written options, at value.* 

(7) *Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts.* 

For the year ended March 31, 2025, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Options<br>Purchased |<br>Swaps<br>Contracts |<br>Buy<br>Futures<br>Contracts |<br>Sell<br>Futures<br>Contracts |<br>Options<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written | Forward<br>Foreign<br>Currency<br>Contracts |
|  Small/Mid Cap | $— | $— | $44528384 | $— | $— | $— |
|  Emerging Markets |  |  | 61583276 |  |  |  |
|  Non-US Core Equity |  |  | 91672682 |  |  |  |
|  Core Fixed | 8000 | 117539084 | 102635800 | (9287730) | (41500) | 67084420 |
|  Opportunistic Fixed | 58191329 | 306116093 | 320170748 | (38018413) | (59883366) | 1027406473 |
|  Short Duration Fixed |  |  | 7233663 | (1574495) |  |  |

---

(1) *Amounts disclosed represent the average number of contracts or notional amounts outstanding for the months that the Funds held such derivatives during the year ended March 31, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Netting agreements and collateral requirements**

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

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

206.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash collateral held at broker or cash collateral due to broker, respectively. Non-cash collateral pledged by or received by a Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required, which is determined each day at the close of business of the Fund, typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement and any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the Fund and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Fund from their counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

The following tables present the Funds' derivative assets and liabilities by counterparty, net of amounts available for offset under a Master Netting Agreement ("MNA") and net of related collateral received by the Funds for assets or pledged by the Funds for liabilities as of March 31, 2025.

#### Core Fixed

#### Offsetting of financial assets and derivative assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets Subject<br>to MNA | Derivative<br> Assets/(Liabilities) <br>available for<br>offset | Non-cash<br>Collateral<br>Received | Cash<br>Collateral<br>Received\* | Net Amount<br>of Derivative<br>Assets<sup>(a)</sup> |
|  Barclays Bank PLC | $78653 | $(76122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2531 |

---

#### Offsetting of financial liabilities and derivative liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject<br>to MNA | Derivative<br>Assets/(Liabilities)<br>available for<br>offset | Non-cash<br>Collateral<br>Pledged | Cash<br>Collateral<br>Pledged\* | Net Amount<br>of Derivative<br>Liabilities<sup>(b)</sup> |
|  Barclays Bank PLC | $(76122) | $76122 | $— | $— | $— |
|  JPMorgan Chase Bank N.A. | (823392) |  |  |  | (823392) |
|  Total | $(899514) | $&nbsp;&nbsp;&nbsp;&nbsp;76122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(823392) |

---

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

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

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

207.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

#### Opportunistic Fixed

#### Offsetting of financial assets and derivative assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets Subject<br>to MNA | Derivative<br>Assets/(Liabilities)<br>available for<br>offset | Non-cash<br>Collateral<br>Received | Cash<br>Collateral<br>Received\* | Net Amount<br>of Derivative<br>Assets<sup>(a)</sup> |
|  Bank of America, N.A. | $213194 | $(213194) | $— | $— | $— |
|  Barclays Bank PLC | 376014 | (376014) |  |  |  |
|  BNP Paribas S.A. | 2969 | (2969) |  |  |  |
|  Citibank N.A. | 575713 | (575713) |  |  |  |
|  Deutsche Bank AG | 114018 | (114018) |  |  |  |
|  Goldman Sachs & Co. | 58088 | (36515) |  |  | 21573 |
|  Goldman Sachs International | 333895 | (333895) |  |  |  |
|  HSBC Bank PLC | 1330108 | (624868) |  | (270000) | 435240 |
|  HSBC Bank USA, N.A. | 13392 |  |  |  | 13392 |
|  HSBC Sec. New York | 7679 | (7679) |  |  |  |
|  JPMorgan Chase Bank N.A. | 903664 | (903664) |  |  |  |
|  Merrill Lynch International | 20165 | (11198) |  |  | 8967 |
|  Morgan Stanley and Co. International PLC | 550956 | (252958) | (297998) |  |  |
|  Morgan Stanley Capital Services, Inc. | 232239 | (232239) |  |  |  |
|  Natwest Markets PLC | 7762 | (7762) |  |  |  |
|  Royal Bank of Canada | 22537 |  |  |  | 22537 |
|  Standard Chartered Bank | 448878 | (379810) |  |  | 69068 |
|  State Street Bank and Trust | 23906 |  |  |  | 23906 |
|  State Street Bank London | 170687 | (157841) |  |  | 12846 |
|  The BNY Mellon | 26550 | (506) |  |  | 26044 |
|  Toronto Dominion Bank | 111629 | (99271) |  |  | 12358 |
|  UBS AG | 114556 | (114556) |  |  |  |
|  Total | $5658599 | $(4444670) | $(297998) | $(270000) | $645931 |

---

#### Offsetting of financial liabilities and derivative liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject<br>to MNA | Derivative<br>Assets/(Liabilities)<br>available for<br>offset | Non-cash<br>Collateral<br>Pledged | Cash<br>Collateral<br>Pledged\* | Net Amount<br>of Derivative<br>Liabilities<sup>(b)</sup> |
|  Bank of America, N.A. | $(1166953) | $213194 | $244066 | $500000 | $(209693) |
|  Barclays Bank PLC | (528814) | 376014 | 29008 |  | (123792) |
|  BNP Paribas S.A. | (566024) | 2969 |  |  | (563055) |
|  Citibank N.A. | (650125) | 575713 | 74412 |  |  |
|  Deutsche Bank AG | (209272) | 114018 |  |  | (95254) |
|  Goldman Sachs & Co. | (36515) | 36515 |  |  |  |
|  Goldman Sachs International | (566892) | 333895 | 9002 | 130000 | (93995) |
|  HSBC Bank PLC | (624868) | 624868 |  |  |  |
|  HSBC Sec. New York | (354488) | 7679 | 82022 |  | (264787) |

---

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#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject<br>to MNA | Derivative<br>Assets/(Liabilities)<br>available for<br>offset | Non-cash<br>Collateral<br>Pledged | Cash<br>Collateral<br>Pledged\* | Net Amount<br>of Derivative<br>Liabilities<sup>(b)</sup> |
|  JPMorgan Chase Bank N.A. | (2266707) | $903664 | $315086 | $910000 | $(137957) |
|  Merrill Lynch International | (11198) | 11198 |  |  |  |
|  Morgan Stanley and Co. International PLC | (252958) | 252958 |  |  |  |
|  Morgan Stanley Capital Services, Inc. | (569108) | 232239 |  |  | (336869) |
|  Natwest Markets PLC | (23957) | 7762 | 16195 |  |  |
|  Standard Chartered Bank | (379810) | 379810 |  |  |  |
|  State Street Bank London | (157841) | 157841 |  |  |  |
|  The BNY Mellon | (506) | 506 |  |  |  |
|  Toronto Dominion Bank | (99271) | 99271 |  |  |  |
|  UBS AG | (194266) | 114556 | 10041 |  | (69669) |
|  Total | $(8659573) | $4444670 | $779832 | $1540000 | $(1895071) |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments in other securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Bank loans

Core Fixed, Opportunistic Fixed and Short Duration Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ''Lender'') that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, 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 March 31, 2025, the Funds had no unfunded loan commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Indexed securities

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

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#### Notes to Financial Statements (Continued)

#### March 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mortgage-related and other asset-backed securities

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

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class), while the other class will receive all of the principal (the principal-only, or "PO" class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedule of Investments for mortgage-backed and asset-backed securities held by Core Fixed, Opportunistic Fixed and Short Duration Fixed as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Real estate investment trusts

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

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder's proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT's failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Fund's Schedule of Investments for REIT securities held as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. When-issued securities/TBA securities

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

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#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund's NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer's failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date.

A Fund may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Fund's other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under "Security Valuation". See the Schedules of Investments for TBA and when-issued securities held as of March 31, 2025.

To mitigate counterparty risk, certain Funds have entered into Master Securities Forward Transaction Agreements (or MSFTAs) with their respective counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all the when-issued or delayed-delivery transactions (including TBA securities) with a particular counterparty. Cash collateral, if any, is presented on the Statement of Assets and Liabilities as an asset (Cash pledged as collateral for delayed-delivery or when-issued securities) and a liability (Cash received as collateral for delayed-delivery or when-issued securities). At March 31, 2025, there was no collateral pledged or received for open when-issued or delayed-delivery transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities transactions and related investment income

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

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

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

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

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

211.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund's net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund's ability to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Securities lending

A Fund may lend its portfolio securities to qualified broker/dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked to market daily and maintained in an amount at least equal to the current fair value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate fair value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. As of period end March 31, 2025, securities on loan were collateralized by Cash and/or U.S. Government Obligations. A liability for cash collateral is reflected in the Statements of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in collateral in the event of default or insolvency of a borrower of a Fund's portfolio securities. A Fund may not retain voting rights on securities while they are on loan.

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

Securities on loan are fully collateralized and the collateral was equal to or exceeded the securities on loan at March 31, 2025. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. Cash collateral is invested in State Street Navigator Securities Lending Government Money Market Portfolio. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at March 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Market Value of<br>Loaned Securities | Value of<br>Cash Collateral | Value of<br>Non-Cash Collateral |
|  Small/Mid Cap | $126250654 | $7836298 | $122129158 |
|  Emerging Markets | 27472270 | 2150443 | 26542430 |
|  Non-US Core Equity | 257777049 | 135135696 | 139817664 |
|  Core Fixed | 33007013 | 16696885 | 17037190 |
|  Opportunistic Fixed | 7440309 | 2829455 | 4776262 |
|  Short Duration Fixed | 662521 | 676683 |  |

---

For Small/Mid Cap, Emerging Markets and Non-US Core Equity, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund's Schedule of Investments at March 31, 2025, with a contractual maturity of overnight and continuous. For Core Fixed, Opportunistic Fixed and Short Duration Fixed, all of the securities on loan collateralized by cash are classified as Corporate Debt in each Fund's Schedule of Investments at March 31, 2025, with a contractual maturity of overnight and continuous.

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#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Taxes and distributions

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

The Funds utilize the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the "RIC Modernization Act"), net capital losses recognized after December 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses, as applicable. Prior to the enactment of the RIC Modernization Act, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the RIC Modernization Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

On March 31, 2025, the following Funds had deferred capital losses available to be offset against future net capital gains through the indicated expiration dates as follows:

---

| | |
|:---|:---|
|  | Unlimited |
|  Emerging Markets | $207227471 |
|  Core Fixed | $161104630 |
|  Opportunistic Fixed | $144407701 |

---

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of March 31, 2025, no Funds have elected to defer current year post-October losses.

As of March 31, 2025, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments and derivatives were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Income Tax<br>Cost | Tax Basis<br>Unrealized<br>Appreciation | Tax Basis<br>Unrealized<br>Depreciation | Net<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  Small/Mid Cap | $1455110871 | $281577123 | $(145364943) | $136212180 |
|  Emerging Markets | 1024943259 | 87617792 | (182547452) | (94929660) |
|  Non-US Core Equity | 3317062027 | 655927378 | (241972392) | 413954986 |
|  Core Fixed | 1989239183 | 14755700 | (64849621) | (50093921) |
|  Opportunistic Fixed | 1806006287 | 29253471 | (64974124) | (35720653) |
|  Short Duration Fixed | 63279472 | 574814 | (102659) | 472155 |

---

The temporary differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies, futures contracts mark to market and other basis adjustments. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or the results of operations. These differences primarily relate to swap income, gains and losses from passive foreign investment companies and other basis adjustments during the period ended March 31, 2025.

213.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
As of March 31, 2025, the Funds had no uncertain tax positions that would require recognition, de-recognition, or disclosure. Each of the Funds' federal tax returns filed in the 3-year period ended March 31, 2025 remains subject to examination by the Internal Revenue Service.

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

During the years ended March 31, 2025 and March 31, 2024, the tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
|  | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital |
|  Small/Mid Cap | $27733491 | $134377749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $15787232 | $43796926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Emerging Markets | 15840168 |  |  | 34615381 |  |  |
|  Non-US Core Equity | 187293469 | 110099621 |  | 126222676 |  |  |
|  Core Fixed | 87455672 |  |  | 60714412 |  |  |
|  Opportunistic Fixed | 117948829 |  |  | 91068406 |  |  |
|  Short Duration Fixed | 3152864 | 7022 |  | 1160203 |  |  |

---

As of March 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Gains | Capital Losses and<br>Other Temporary<br>Differences | Unrealized<br>Appreciation<br>(Depreciation) | Total<br>Distributable<br>Earnings |
|  Small/Mid Cap | $2245808 | $35837379 | $— | $136212182 | $174295369 |
|  Emerging Markets | 6772035 |  | (207227471) | (94994594) | (295450030) |
|  Non-US Core Equity | 24820128 | 141582529 |  | 413697756 | 580100413 |
|  Core Fixed | 23827828 |  | (161104630) | (50081327) | (187358129) |
|  Opportunistic Fixed | 13398099 |  | (144407701) | (35994658) | (167004260) |
|  Short Duration Fixed | 51924 | 68792 |  | 472155 | 592871 |

---

All other differences are temporary losses related to mostly organizational costs and other timing adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Allocation of expenses and income

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

214.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Redemption fees

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

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

The Trust has entered into a Credit Agreement on behalf of the Funds (the "Credit Agreement") with State Street Bank and Trust Company in order to establish a committed, unsecured revolving line of credit. The current term of the line of credit under the Credit Agreement is through January 16, 2026. Borrowings for each Fund under the Credit Agreement are limited to the lesser of $50,000,000 or 33 1/3% of a Fund's Adjusted Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Credit Agreement, the Trust pays an annual commitment fee at the rate 0.25% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate per annum equal to the Applicable Rate plus the Applicable Margin, which rate shall be subject to change from time to time as and when the Applicable Rate changes (as such terms are defined in the Credit Agreement). Interest is charged to the Funds based on its borrowings at a variable rate equal to 1.10% plus the higher of (i) the Federal Funds Rate or (ii) the Federal Reserve Bank of New York Overnight Bank Funding Rate. The Funds did not borrow under the Credit Agreement during the year ended March 31, 2025.

**4.** **Indemnities** 

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

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

As of March 31, 2025, the Adviser provides investment advisory services to each Fund pursuant to an investment management agreement. Pursuant to the investment management agreement, each Fund pays the Adviser a fee for managing the Fund's investments at an annual rate of:

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fee\* on Net Assets | Investment Advisory Fee\* on Net Assets | Investment Advisory Fee\* on Net Assets |
|  | Average net assets<br>up to<br>$750 million | Average net assets<br>in excess of<br>$750 million up to<br>$1 billion | Average net assets<br>in excess of<br>$1 billion |
|  Small/Mid Cap | 0.90% | 0.88% | 0.83% |
|  Emerging Markets | 0.80% | 0.78% | 0.73% |
|  Non-US Core Equity | 0.75% | 0.73% | 0.68% |
|  Core Fixed | 0.35% | 0.33% | 0.28% |
|  Opportunistic Fixed | 0.80% | 0.78% | 0.73% |
|  Short Duration Fixed | 0.30% | 0.28% | 0.23% |

---

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

The Adviser has contractually agreed, until at least July 31, 2025, to waive any portion of its management fee that exceeds the aggregate amount of the sub-advisory fees that the Adviser is required to pay to a Fund's Sub-adviser. This contractual fee waiver agreement may only be changed or eliminated with the approval of the Fund's Board. The fees waived by the Adviser pursuant to this

215.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
expense waiver agreement are not subject to reimbursement by the Fund to the Adviser. The fees waived are shown in the Advisory fee waiver line in the Statements of Operations.

With respect to Short Duration Fixed, the Adviser has also contractually agreed, until at least July 31, 2025, to waive fees and/or reimburse Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described in the note above, exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-3 shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business. This contractual fee waiver and reimbursement agreement cannot be eliminated prior to July 31, 2025 without the approval of the Fund's Board. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Fund to the Adviser. The fees waived and/or reimbursed are shown in the Expense reimbursement line in the Statements of Operations.

The Adviser provides certain internal administrative services to the Adviser Class, Class I and Class Y-2 shares of the Funds, for which the Adviser receives a fee of 0.15%, 0.15% and 0.15% of the average daily net assets of the Adviser Class, Class I and Class Y-2 shares of the Funds, respectively. These internal administrative services include attending to shareholder correspondence, assisting with the processing of purchases and redemptions of shares, preparing and disseminating information and documents for use by beneficial shareholders and monitoring, and overseeing non-advisory relationships with entities providing services to the Adviser Class, Class I and Class Y-2 shares, including the transfer agent. As of March 31, 2025, all Funds had Class I shares outstanding, except for Short Duration Fixed. As of March 31, 2025, there were no Adviser Class or Class Y-2 shares of any of the Funds outstanding and, as such, the Adviser did not receive any administrative services fees from those classes of those Funds for the period ended March 31, 2025.

The Funds have adopted a plan of marketing and service, or "12b-1 plan," to finance the provision of certain shareholder services to the owners of Adviser Class shares of the Funds. The plan provides for payments at annual rates (based on average net assets) of up to 0.25% of each Fund's Adviser Class shares. There were no Advisor Class shares of any of the Funds outstanding as of March 31, 2025, and as a result, no 12b-1 fees were paid by any of the Funds for the period ended March 31, 2025.

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

Cost of purchases and proceeds from sales of securities, excluding short-term investments and in-kind transactions, if any, for the year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long-Term<br>U.S. Government<br>Securities | Other<br>Long-Term<br>Securities |
|  *Purchases* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small/Mid Cap | $— | $762244054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets |  | 887695313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-US Core Equity |  | 2105522549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Fixed | 2,090,786,242\* | 522039825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Fixed | 203074879 | 1117459252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Duration Fixed | 74287504 | 25545582 |

---

216.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | Long-Term<br>U.S. Government<br>Securities | Other<br>Long-Term<br>Securities |
|  *Sales* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small/Mid Cap | $— | $828553617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Markets |  | (1028767496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-US Core Equity |  | 2385695915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Fixed | 2,089,651,473\* | 454895073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opportunistic Fixed | 57555018 | 1206320194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Duration Fixed | 70835276 | 23305894 |

---

\* *Includes purchases of $327,969,033 and sales of $340,585,811 for TBA securities.* 

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

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

Small/Mid Cap

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 | Year Ended<br>March 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  **Class Y-3:** |  |  |  |  |
|  Shares sold | 24254537 | $278212262 | 25306266 | $269251416 |
|  Shares issued to shareholders in reinvestment of distributions | 13614483 | 160106322 | 5503350 | 59216045 |
|  Shares repurchased | (32101408) | (373632692) | (44390682) | (472657455) |
|  Net increase (decrease) | 5767612 | $64685892 | (13581066) | $(144189994) |
|  **Class I:\*** |  |  |  |  |
|  Shares sold | 595937 | 6940335 | 1117337 | 12115833 |
|  Shares issued to shareholders in reinvestment of distributions | 47223 | 554868 | 819 | 8818 |
|  Shares repurchased | (171711) | (1992808) | (69340) | (712955) |
|  Net increase | 471449 | $5502395 | 1048816 | $11411696 |

---

217.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
Emerging Markets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 | Year Ended<br>March 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  **Class Y-3:** |  |  |  |  |
|  Shares sold | 9894856 | $76181388 | 26346696 | $195401537 |
|  Shares issued to shareholders in reinvestment of distributions | 2036759 | 15825614 | 4718177 | 34501855 |
|  Shares repurchased | (56921271) | (439520189) | (68564959) | (508600809) |
|  Net decrease | (44989656) | $(347513187) | (37500086) | $(278697417) |
|  **Class I:\*** |  |  |  |  |
|  Shares sold | 72712 | 554614 | 171042 | 1281643 |
|  Shares issued to shareholders in reinvestment of distributions | —\*\* | 1 |  |  |
|  Shares repurchased | (80824) | (624770) | (9545) | (68817) |
|  Net increase (decrease) | (8112) | $(70155) | 161497 | $1212826 |

---

Non-US Core Equity

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 | Year Ended<br>March 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  **Class Y-3:** |  |  |  |  |
|  Shares sold | 55007346 | $607990810 | 46441349 | $475372521 |
|  Shares issued to shareholders in reinvestment of distributions | 26098308 | 272205349 | 11753290 | 119883560 |
|  Shares repurchased | (100367508) | (1124307787) | (96263583) | (983867635) |
|  Net decrease | (19261854) | $(244111628) | (38068944) | $(388611554) |
|  **Class I:** |  |  |  |  |
|  Shares sold | 13237017 | 147082613 | 4990454 | 50931310 |
|  Shares issued to shareholders in reinvestment of distributions | 1930574 | 20097274 | 545732 | 5555553 |
|  Shares repurchased | (3612861) | (38462820) | (1318721) | (13291781) |
|  Net increase | 11554730 | $128717067 | 4217465 | $43195082 |

---

218.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
Core Fixed

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 | Year Ended<br>March 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  **Class Y-3:** |  |  |  |  |
|  Shares sold | 91031661 | $814323702 | 70877145 | $631797171 |
|  Shares issued through in-kind contributions |  |  | 21336068 | 192237977 |
|  Shares issued to shareholders in reinvestment of distributions | 9680009 | 85668080 | 6604150 | 58776932 |
|  Shares repurchased | (89429933) | (813195755) | (34137543) | (303475049) |
|  Net increase | 11281737 | $86796027 | 64679820 | $579337031 |
|  **Class I:** |  |  |  |  |
|  Shares sold | 194749 | 1753051 | 2361163 | 21003454 |
|  Shares issued to shareholders in reinvestment of distributions | 85294 | 755702 | 128087 | 1139977 |
|  Shares repurchased | (3354258) | (30411398) | (2372422) | (20790151) |
|  Net increase (decrease) | (3074215) | $(27902645) | 116828 | $1353280 |
| Opportunistic Fixed |  |  |  |  |
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2024 | Year Ended<br>March 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  **Class Y-3:** |  |  |  |  |
|  Shares sold | 54680306 | $464386034 | 83226820 | $699340647 |
|  Shares issued to shareholders in reinvestment of distributions | 14342374 | 117464048 | 10880577 | 90635204 |
|  Shares repurchased | (54857782) | (467039240) | (43181956) | (362828815) |
|  Net increase | 14164898 | $114810842 | 50925441 | $427147036 |
|  **Class I:\*** |  |  |  |  |
|  Shares sold | 168371 | 1404573 | 706065 | 6003743 |
|  Shares issued to shareholders in reinvestment of distributions | 1 | 7 |  |  |
|  Shares repurchased | (119754) | (1001580) | (90120) | (754782) |
|  Net increase | 48618 | $403000 | 615945 | $5248961 |

---

219.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
Short Duration Fixed

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>March 31, 2025 | Year Ended<br>March 31, 2025 | Period Ended<br>March 31, 2024 | Period Ended<br>March 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  **Class Y-3:\*\*\*\*** |  |  |  |  |
|  Shares sold | 1757434 | $17668218 | 7815073 | $78165580 |
|  Shares issued to shareholders in reinvestment of distributions | 313483 | 3159886 | 115256 | 1160203 |
|  Shares repurchased | (1748532) | (17572699) | (1945581) | (19600565) |
|  Net increase | 322385 | $3255405 | 5984748 | $59725218 |

---

\* *The Class commenced operations on June 27, 2023.* 

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

\*\*\* *On April 27, 2023, Core Fixed received securities in-kind valued at $192,237,977 from Mercer Diversified Bond Fund. This resulted in the issuance of 21,336,068 shares valued at $192,237,977.* 

\*\*\*\* *The Fund commenced operations on December 1, 2023.* 

**8.** **Recent accounting pronouncements and regulatory updates** 

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

**9.** **Certain risks** 

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

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

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

220.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Notes to Financial Statements (Continued)

#### March 31, 2025
the value and liquidity of the Funds' investments may go down.

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

**10.** **Subsequent events** 

Effective May 20, 2025, Barrow Hanley, Mewhinney & Strauss, LLC has been terminated as a subadviser to Emerging Markets.

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

Management has evaluated the impact of subsequent events through May 23, 2025, the date the financial statements were issued, for possible adjustment to and/or additional disclosure in the Funds' financial statements. Management has determined that there are no material events that would require adjustment to and/or additional disclosure in the Funds' financial statements through this date.

221.0 ------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Trustees of Mercer Funds

#### Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Mercer US Small/Mid Cap Equity Fund, Mercer Emerging Markets Equity Fund, Mercer Non-US Core Equity Fund, Mercer Core Fixed Income Fund, Mercer Opportunistic Fixed Income Fund, and Mercer Short Duration Fixed Income Fund (the "Funds"), each a series of Mercer Funds, including the schedules of investments as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except Mercer Short Duration Fixed Income Fund; the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year then ended and for the period from December 1, 2023 (commencement of operations) through March 31, 2024, for Mercer Short Duration Fixed Income Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds, except Mercer Short Duration Fixed Income Fund, as of March 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Mercer Short Duration Fixed Income Fund as of March 31, 2025, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period from December 1, 2023 (commencement of operations) through March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

222.0 ------

Boston, Massachusetts

May 23, 2025

We have served as the auditor of one or more Mercer investment companies since 2006.

223.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited)

#### Federal Tax Information
The amount of long-term capital gains paid for the fiscal year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| Fund |  |
|  Small/Mid Cap | $134377749 |
|  Non-US Core Equity | 110099621 |
|  Short Duration Fixed | 7022 |

---

For the year ended March 31, 2025, Emerging Markets and Non-US Core Equity had foreign tax credits in the amount of $7,419,100 and $12,569,741, respectively, and foreign source income of $27,634,355 and $124,538,025, respectively.

Qualified dividend income received by the Funds through March 31, 2025, that qualified for a reduced tax rate pursuant to the Code Section 1(h)(11) are as follows:

---

| | |
|:---|:---|
| Fund |  |
|  Small/Mid Cap | $17520400 |
|  Emerging Markets | 16000036 |
|  Non-US Core Equity | 112736501 |
|  Opportunistic Fixed | 319265 |

---

224.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
For corporate shareholders, a portion of the ordinary dividends paid during the Funds' year ended March 31, 2025 qualified for the dividends received deduction, as follows:

---

| | |
|:---|:---|
| Fund |  |
|  Small/Mid Cap | 55.31% |
|  Emerging Markets | 0.21% |
|  Non-US Core Equity | 0.21% |
|  Opportunistic Fixed | 0.27% |

---

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

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

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

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

#### Board Approval of Subadvisory Agreements for the Period October 1, 2024 through March 31, 2025

#### Mercer Emerging Markets Equity Fund
At a meeting of the Board of Trustees (the "Board") of the Mercer Funds (the "Trust") held on October 8, 2024 (the "October Meeting"), the Board, including the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust or Mercer Investments LLC, the Trust's investment adviser (the "Adviser" and such Trustees collectively, the "Independent Trustees"), recommended the appointment of Baillie Gifford Overseas Limited ("Baillie Gifford"), Robeco Institutional Asset Management US Inc. ("Robeco") and Pzena Investment Management, LLC ("Pzena") (each a "Subadviser" and collectively, the "Subadvisers") to serve as Subadvisers for the Mercer Emerging Markets Equity Fund (the "Emerging Markets Fund" or the "Fund"). The Adviser had informed the Board that it was recommending that the Subadvisers be appointed as Subadvisers for the Emerging Markets Fund in an effort to improve the Fund's risk/return profile and to lower the overall tracking error for the Fund relative to its benchmark index. The Adviser also recommended the reallocation of the assets of the Fund among certain of the existing Subadvisers to the Fund (such changes to the subadvisory arrangements for the Fund collectively, the "New Emerging Markets Fund Structure").

*Approval of Subadvisory Agreement with Baillie Gifford Overseas Limited* 

In considering the approval of the subadvisory agreement with Baillie Gifford (the "Baillie Gifford Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the October Meeting. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

During their review of this information, the Independent Trustees considered the factors they deemed relevant with respect to the Subadviser, including, but not limited to: the nature, extent, and quality of the services that were to be provided to the Emerging Markets Fund by the Subadviser and the Subadviser's historical performance record managing the investment mandate it would employ for the Fund. The Independent Trustees also took into consideration the nature and extent of the oversight duties to be performed by the Adviser in

225.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
connection with the Subadviser, which includes extensive investment management and compliance due diligence with respect to the management and operations of the Subadviser. Additionally, the Independent Trustees met separately with their independent legal counsel and received assistance from counsel regarding their statutory responsibilities and the legal standards that are applicable to the approvals of advisory agreements.

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the October Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses, given the Fund's management fee waiver agreement (the "Fee Waiver Agreement"), which requires the Adviser to waive any portion of the management fee it is entitled to with respect to the Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to the Fund's Subadvisers for the management of their allocated portions of the Fund. The Independent Trustees noted that, as a result of the appointment of Baillie Gifford and the implementation of the New Emerging Markets Fund Structure, the Fund's overall subadvisory fees would be reduced and that these cost savings would accrue to the Fund, given the Fee Waiver Agreement. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context.

The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information

226.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates). However, the Independent Trustees also considered the Subadviser's statement that it had already achieved certain benefits of scale with respect to the infrastructure and processes supporting the strategy to be employed by the Subadviser for the Fund.

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) T*he extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement included breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser increased. It was noted that the benefit of breakpoints would indirectly go to the Fund, given the Fee Waiver Agreement.

(e) *The investment performance of the Fund and the Subadviser.* Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser in managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

*Conclusion*. Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Baillie Gifford Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Approval of Subadvisory Agreement with Robeco Institutional Asset Management US Inc.
In considering the approval of the subadvisory agreement with Robeco (the "Robeco Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the October Meeting. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

During their review of this information, the Independent Trustees considered the factors they deemed relevant with respect to the Subadviser, including, but not limited to: the nature, extent, and quality of the services that

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#### Additional Information (Unaudited) (Continued)
were to be provided to the Emerging Markets Fund by the Subadviser and the Subadviser's historical performance record managing the investment mandate it would employ for the Fund. The Independent Trustees also took into consideration the nature and extent of the oversight duties to be performed by the Adviser in connection with the Subadviser, which includes extensive investment management and compliance due diligence with respect to the management and operations of the Subadviser. Additionally, the Independent Trustees met separately with their independent legal counsel and received assistance from counsel regarding their statutory responsibilities and the legal standards that are applicable to the approvals of advisory agreements.

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the October Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses. The Independent Trustees noted that, as a result of the appointment of Robeco and the implementation of the New Emerging Markets Fund Structure, the Fund's overall subadvisory fees would be reduced and that these cost savings would accrue to the Fund, given the Fee Waiver Agreement. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context. The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser and noted the Subadviser's statements with respect to the relative competitiveness of the subadvisory fee to be charged to the Fund.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information

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#### Additional Information (Unaudited) (Continued)
provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fun*d.* As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates). However, the Independent Trustees also considered the Subadviser's statement that it would not derive any indirect benefits from the Subadviser's relationship with the Fund.

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders*. With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement included a breakpoint that would reduce the Subadviser's fee as the allocated portion of the Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser increased. It was noted that the benefit of the breakpoint would indirectly go to the Fund, given the Fee Waiver Agreement.

(e) *The investment performance of the Fund and the Subadviser.* Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Robeco Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Approval of Subadvisory Agreement with Pzena Investment Management, LLC
In considering the approval of the subadvisory agreement with Pzena (the "Pzena Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the October Meeting. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

During their review of this information, the Independent Trustees considered the factors they deemed relevant with respect to the Subadviser, including, but not limited to: the nature, extent, and quality of the services that were to be provided to the Emerging Markets Fund by the Subadviser and the Subadviser's historical

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
performance record managing the investment mandate it would employ for the Fund. The Independent Trustees also took into consideration the nature and extent of the oversight duties to be performed by the Adviser in connection with the Subadviser, which includes extensive investment management and compliance due diligence with respect to the management and operations of the Subadviser. Additionally, the Independent Trustees met separately with their independent legal counsel and received assistance from counsel regarding their statutory responsibilities and the legal standards that are applicable to the approvals of advisory agreements.

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadvise*r. The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the October Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses. The Independent Trustees noted that, as a result of the appointment of Pzena and the implementation of the New Emerging Markets Fund Structure, the Fund's overall subadvisory fees would be reduced and that these cost savings would accrue to the Fund, given the Fee Waiver Agreement. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context. The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser and noted the Subadviser's statements with respect to the relative competitiveness of the subadvisory fee to be charged to the Fund.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information

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#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and may direct Fund brokerage transactions to certain brokers to obtain research and other services. However, the Independent Trustees noted that the Subadviser was required to select brokers who met the Fund's requirements for seeking best execution, and that the Adviser would monitor and evaluate the Subadviser's trade execution with respect to Fund brokerage transactions.

The Independent Trustees considered that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates). The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered that the subadvisory fee to be charged by Pzena for providing services to the Fund did not include breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund managed by the Subadviser increased. The Independent Trustees also noted the Subadviser's statements that the subadvisory fee was the result of the Adviser's ability to negotiate an advantaged fee schedule as part of a global fee arrangement and currently reflected economies of scale.

(e) The investment performance of the Fund and the Subadviser. Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Pzena Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Mercer Opportunistic Fixed Income Fund
At a meeting of the Board held on March 10-11, 2025 (the "March Meeting"), the Board, including the Independent Trustees, recommended the appointment of Ares Capital Management II LLC ("Ares"), Crescent Capital Group LP ("Crescent"), Pacific Investment Management Company LLC ("PIMCO"), Polen Capital Credit, LLC ("Polen"), and Wellington Management Company LLP ("Wellington") (each a "Subadviser" and collectively, the "Subadvisers") to serve as Subadvisers for the Mercer Opportunistic Fixed Income Fund (the "Opportunistic Fixed Income Fund" or the "Fund"). The Adviser had informed the Board that it was recommending that the Subadvisers be appointed as Subadvisers for the Opportunistic Fixed Income Fund to transition the Fund to a core/satellite structure in an effort to improve the Fund's risk/return profile by reducing

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#### Additional Information (Unaudited) (Continued)
uncompensated macroeconomic risks in favor of sector and security allocation. The Adviser also recommended the reallocation of the assets of the Fund with respect to the one current remaining subadviser to the Fund, Ninety One North America, Inc. (such changes to the subadvisory arrangements for the Fund collectively, the "New Opportunistic Fixed Income Fund Structure").

#### Approval of Subadvisory Agreement with Ares Capital Management II LLC
In considering the approval of the subadvisory agreement with Ares (the "Ares Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the March Meeting. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

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

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's

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#### Additional Information (Unaudited) (Continued)
recommendation at the March Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses, given the Fund's management fee waiver agreement (the "Fee Waiver Agreement"), which requires the Adviser to waive any portion of the management fee it is entitled to with respect to the Fund that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to the Fund's Subadvisers for the management of their allocated portions of the Fund. The Independent Trustees noted that, as a result of the appointment of Ares and the implementation of the New Opportunistic Fixed Income Fund Structure, the Fund's overall subadvisory fees would be the same at current asset levels. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context.

The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits*. The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates).

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement included breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser increased. It was noted that the benefit of breakpoints would indirectly go to the Fund, given the Fee Waiver Agreement.

(e) *The investment performance of the Fund and the Subadviser.* Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser in managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

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#### Additional Information (Unaudited) (Continued)
*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Ares Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Approval of Subadvisory Agreement with Crescent Capital Group LP
In considering the approval of the subadvisory agreement with Crescent (the "Crescent Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the March Meeting. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

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

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and

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#### Additional Information (Unaudited) (Continued)
quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the March Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses, given the Fee Waiver Agreement. The Independent Trustees noted that, as a result of the appointment of Crescent and the implementation of the New Opportunistic Fixed Income Fund Structure, the Fund's overall subadvisory fees would be the same at current asset levels. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context.

The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates). The Independent Trustees also considered the Subadviser's statements that it may benefit from its relationship with the Fund by: (1) diversifying its distribution channels and revenue mix; (2) experiencing additional trading efficiencies; (3) accessing market information and investment opportunities (not available to smaller investors); and (4) increasing its ability to invest in the firm.

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders*. With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement did not include breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser increased. The Independent Trustees also noted the Subadviser's statements that the negotiated subadvisory fee was lower than its standard fee for the strategy to be employed for the Fund and factored in potential future economies of scale.

(e) *The investment performance of the Fund and the Subadviser.* Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser in managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

235.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Crescent Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Approval of Subadvisory Agreement with Pacific Investment Management Company LLC
In considering the approval of the subadvisory agreement with PIMCO (the "PIMCO Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the March Meeting. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

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

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and

236.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the March Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses, given the Fee Waiver Agreement. The Independent Trustees noted that, as a result of the appointment of PIMCO and the implementation of the New Opportunistic Fixed Income Fund Structure, the Fund's overall subadvisory fees would be the same at current asset levels. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context.

The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits (including due to an increase in assets under management), and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates). The Independent Trustees also considered the Subadviser's statements that it may benefit from its relationship with the Fund by receiving research, statistical and quotation services from broker-dealers executing Fund portfolio transactions on an agency basis; and utilizing service providers in which the Subadviser or its affiliates have an interest.

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement did not include breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund managed by the Subadviser increased. The Independent Trustees noted the Subadviser's statements that, in the context of managing an investment company, the Subadviser has not observed that the "per-unit" cost of successfully managing a fund necessarily decreases as the fund's assets grow. The Independent Trustees also considered the Subadviser's statements that any economies of scale, if achieved, may be seen as being shared with the Fund through, among other things, the Subadviser's enhancements of its investment practices, operations and service levels.

(e) *The investment performance of the Fund and the Subadviser*. Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser in managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

237.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the PIMCO Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Approval of Subadvisory Agreement with Polen Capital Credit, LLC
In considering the approval of the subadvisory agreement with Polen (the "Polen Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser at the March Meeting and at a special meeting of the Board held on October 23, 2024 (together with the March Meeting, the "Meetings"). In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the Meetings. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

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

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to

238.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the March Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses, given the Fee Waiver Agreement. The Independent Trustees noted that, as a result of the appointment of Polen and the implementation of the New Opportunistic Fixed Income Fund Structure, the Fund's overall subadvisory fees would be the same at current asset levels. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context.

The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates).

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement did not include breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser increased. The Independent Trustees also noted the Subadviser's statement that the negotiated subadvisory fee factored in current and potential future economies of scale.

(e) *The investment performance of the Fund and the Subadviser.* Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser in managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed

239.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
relevant, the Independent Trustees concluded that the approval of the Polen Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

#### Approval of Subadvisory Agreement with Wellington Management Company LLP
In considering the approval of the subadvisory agreement with Wellington (the "Wellington Subadvisory Agreement" or the "Subadvisory Agreement"), the Independent Trustees considered the information and materials furnished by the Adviser and the Subadviser at the Meetings. In addition, the Independent Trustees considered presentations made by, and discussions held with, representatives of the Adviser and representatives of the Subadviser at the Meetings. In connection with their review of this information, the Independent Trustees considered the answers and responses provided by the Subadviser to the questions and information requests contained in a due diligence questionnaire submitted to the Subadviser.

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

In consideration of the approval of the Subadvisory Agreement, the Independent Trustees considered the following factors:

(a) *The nature, extent, and quality of the advisory services to be provided by the Subadviser.* The Independent Trustees reviewed the nature, extent, and quality of the advisory services that the Subadviser would provide to the Fund. The Independent Trustees considered the specific investment management process that would be employed by the Subadviser to manage the assets that would be allocated to the Subadviser (which had been discussed with the Subadviser and described in detail in the materials provided by the Adviser and the Subadviser); the qualifications, experience, and capabilities of the Subadviser; certain financial considerations relating to the Subadviser; information regarding legal, regulatory and compliance matters with respect to the Subadviser; and information provided regarding the Subadviser's brokerage practices.

The Independent Trustees also considered the Adviser's review, selection, and due diligence process employed by the Adviser in deciding to recommend the Subadviser as a Subadviser to the Fund (the "due diligence process"); the Adviser's assessment and conclusion as to the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser and the Adviser's recommendation that the Subadvisory Agreement be approved.

Based on their consideration and review of the foregoing, the Independent Trustees determined that the Fund would benefit from the nature, extent, and quality of the subadvisory services that were to be provided by the Subadviser, and would benefit from the Subadviser's ability to provide these services, and concluded that such services supported the approval of the Subadvisory Agreement.

(b) *The costs of the services to be provided and the profits to be realized by the Subadviser and its affiliates from the Subadviser's relationship with the Fund.* In considering the Adviser's due diligence process, the Independent Trustees took account of the Adviser's assessment and conclusion that the compensation payable to the Subadviser for its services to the Fund was competitive, fair and reasonable in light of the nature, extent and quality of the services to be furnished to the Fund. The Independent Trustees also noted the Adviser's recommendation at the March Meeting that the Subadvisory Agreement be approved, including in light of the fact that the Subadviser's fees would be indirectly borne by the Fund and its shareholders.

240.0 ------

#### Mercer Funds

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Additional Information (Unaudited) (Continued)
The Independent Trustees considered the expected impact of the subadvisory fees on the Fund's overall operating expenses, given the Fee Waiver Agreement. The Independent Trustees noted that, as a result of the appointment of Wellington and the implementation of the New Opportunistic Fixed Income Fund Structure, the Fund's overall subadvisory fees would be the same at current asset levels. In addition, since the fees to be paid by the Adviser to the Subadviser were the result of arm's-length bargaining between unaffiliated parties, the relevance of the Subadviser's profitability was considered by the Independent Trustees in that context.

The Independent Trustees took into account the Adviser's ability to negotiate a global fee arrangement in connection with the Subadviser managing assets for the Fund along with other accounts of the Adviser or its affiliates. The Independent Trustees also considered the information provided with respect to the Subadviser regarding the fees charged to other comparable client accounts of the Subadviser.

Based on their consideration and review of the foregoing, the Independent Trustees concluded that, in light of the nature, extent and quality of the subadvisory services to be provided by the Subadviser, the information provided regarding the fees to be paid to the Subadviser with respect to the Fund assets that would be allocated to the Subadviser supported the approval of the Subadvisory Agreement.

(c) *Ancillary benefits.* The Independent Trustees considered whether there were any ancillary or "fall-out" benefits that may accrue to the Subadviser as a result of its proposed relationships with the Fund. As part of their review, the Independent Trustees noted that the Subadviser may experience benefits due to its relationship with the Fund, which include reputational and marketing benefits, and that the Subadviser also may experience certain economies of scale in connection with the strategy to be employed for the Fund (with respect to the Fund and other client accounts utilizing the same strategy) to the extent that strategy assets grow as a result of the Subadviser's relationship with the Fund and the Adviser (or its affiliates).

The Independent Trustees took into account the foregoing potential benefits that would accrue to the Subadviser by virtue of its relationship with the Fund in determining to approve the Subadvisory Agreement.

(d) *The extent to which economies of scale would be realized as the Fund grows, and whether fee levels reflected sharing of these economies of scale for the benefit of Fund shareholders.* With respect to economies of scale, the Independent Trustees considered the Subadviser's fee schedule for providing services to the Fund and noted that the Subadvisory Agreement included breakpoints that would reduce the Subadviser's fee as the allocated portion of the Fund (and/or certain assets globally with respect to the Adviser and its affiliates) managed by the Subadviser increased. It was noted that the benefit of breakpoints would indirectly go to the Fund, given the Fee Waiver Agreement. The Independent Trustees also noted the Subadviser's statement that the negotiated fee schedule reflects the economies of scale inherent in providing investment advice to funds similar in size to the Fund.

(e) *The investment performance of the Fund and the Subadviser.* Because the Subadviser was a newly proposed Subadviser to the Fund, the Independent Trustees could not consider the Subadviser's investment performance in managing the Fund as a factor in evaluating the Subadvisory Agreement. However, the Independent Trustees considered the historical performance record of the Subadviser in managing the investment mandate it would employ for the Fund as compared to a relevant index and the Adviser's explanations with respect to the role of the Subadviser's investment strategy in supporting the Fund's multi-manager structure. The Independent Trustees also considered the Adviser's conclusions, and the reasons supporting the Adviser's conclusions, that the performance record of the Subadviser, including on an absolute basis and relative to the Subadviser's benchmark index over different time periods, supported the approval of the Subadvisory Agreement.

*Conclusion.* Following consideration of the foregoing factors, it was reported that no single factor was determinative to the decision of the Independent Trustees. Based on these factors, along with the determinations of the Adviser at the conclusion of its review and due diligence process and such other matters as were deemed relevant, the Independent Trustees concluded that the approval of the Wellington Subadvisory Agreement was in the best interests of the Fund and its shareholders and the Board, including a majority of the Independent Trustees, approved the Subadvisory Agreement.

241.0 ------

Shares of Mercer Funds are distributed by MGI Funds Distributors, LLC.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Refer to item 7 of this Form, Additional Information

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Refer to item 7 of this Form, Additional Information

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Refer to item 7 of this Form, Additional Information

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer to item 7 of this Form, Additional Information

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### Item 16. Controls and Procedures.
(a) The Registrant's Principal Executive Officer and Principal Financial Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)), are effective based on the evaluation of Registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)), that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation** – No recovery of erroneously awarded compensation

#### Item 19. Exhibits.
[(a)(1) Code of Ethics attached.](d925915dex99codeeth.htm)

(a)(2) Not applicable

[(a)(3) Section 302 Certifications are attached](d925915dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable

(a)(5) Change in Registrant's independent public accountant – No changes

&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d925915dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Mercer Funds

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Stephen Gouthro |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Stephen Gouthro<br> &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |

---

Date <u>May 23, 2025</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Stephen Gouthro |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Stephen Gouthro<br> &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |

---

Date <u>May 23, 2025</u> 

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Barry Vallan |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Barry Vallan<br> &nbsp;&nbsp;&nbsp;&nbsp;Vice President, Treasurer and Chief Financial Officer<br> &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) |

---

Date <u>May 23, 2025</u>

## Ex-99.Code

![LOGO](g925915dsp006a.jpg)

CODE OF ETHICS FOR SENIOR OFFICERS

SUMMARY

The Mercer Funds ("Funds") are committed to conducting their business in accordance with applicable laws, rules and regulations, to the highest standards of business ethics and with full and accurate financial disclosure. This Code of Ethics for Senior Officers ("Code of Ethics") sets forth specific policies as a guide in the performance of their duties.

The Funds' President, Chief Financial Officer and Chief Investment Officer are the "Senior Officers" of the Funds. Senior Officers of the Funds must not only comply with applicable laws, rules and regulations; they also have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, and maintaining a work environment that deters wrongdoing, encourages employees to raise concerns, and promptly addresses employee compliance concerns.

The Funds are advised by Mercer Investments LLC ("Mercer"), a U.S. registered investment advisor that employs the Senior Officers. Mercer is an indirect, wholly-owned subsidiary of Marsh & McLennan Companies, Inc. ("MMC"). All Mercer employees are subject to Mercer's Code of Ethics, which this Code of Ethics is intended to supplement. Mercer's Code of Ethics sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business. All Mercer employees also are bound by the requirements and standards set forth in the MMC Code of Business Conduct and Ethics and other applicable policies and procedures.

SCOPE

This policy applies to the Mercer Funds.

COLLEAGUE RESPONSIBILITIES

**Compliance with Laws, Rules and Regulations** 

Senior Officers are required to comply with all applicable laws, rules and regulations governing the conduct of our business and to report any suspected violations to the Funds' Chief Compliance Officer ("CCO").

**Conflicts of Interest** 

A conflict of interest occurs when a Senior Officer's private interests interfere in any way, or even appear to interfere, with the interests of the Funds and their shareholders. Senior Officers should conduct the

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| | |
|:---|:---|
| ![LOGO](g925915dsp006b.jpg) | This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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|:---|:---|
| **COMPLIANCE POLICY: CODE OF ETHICS FOR SENIOR OFFICERS**<br> JUNE 17, 2019 | ![LOGO](g925915dsp007a.jpg) |

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Funds' business in an honest and ethical manner, which includes the ethical handling of actual or apparent conflicts of interest between personal and professional interests or relationships.

Before making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest, Senior Officers must make full disclosure to the CCO and comply with other applicable policies and procedures (e.g., personal trading procedures).

**Disclosures** 

As a registered investment company, the Funds must file various periodic and other reports with the Securities and Exchange Commission ("SEC"). It is the Funds' policy to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Funds file with, or submit to, the SEC and in all other public communications made by the Funds. Senior Officers are required to promote compliance with this policy in their area of responsibility and amongst their colleagues and to abide by all Fund standards, policies and procedures designed to promote compliance with this policy.

POLICY COMPLIANCE

Should a Senior Officer have questions about this Code of Ethics, they should seek guidance from the CCO. If a Senior Officer knows of or suspects a violation of applicable laws or regulations or this Code of Ethics, they must immediately report that information to the CCO. No one will be subject to retaliation because of a good faith report of a suspected violation.

Violations of this Code of Ethics may result in disciplinary action, up to and including termination.

DELEGATION

Nothing in this policy shall be interpreted to prevent the CCO from relying upon work performed, and reports written, by persons under the CCO' s supervision, provided the CCO determines that such delegation is appropriate.

EXCEPTIONS

Should a Senior Officer wish to seek a waiver of this Code of Ethics they must make full disclosure of their particular circumstances to the CCO. Only the Funds' Board of Trustees may grant waivers of the Code. Changes in and waivers of this Code of Ethics will be disclosed as required under applicable laws and regulations.

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| | |
|:---|:---|
| ![LOGO](g925915dsp006b.jpg) | INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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|:---|:---|
| **COMPLIANCE POLICY: CODE OF ETHICS FOR SENIOR OFFICERS**<br> JUNE 17, 2019 | ![LOGO](g925915dsp007a.jpg) |

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RESOURCES

Any questions regarding this policy should be raised with the CCO. ∎

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|:---|:---|
| &nbsp;&nbsp;&nbsp;Last Amended: | June 17, 2019 |
| &nbsp;&nbsp;&nbsp;Last Reviewed: | October 29, 2021 |

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|:---|:---|
| ![LOGO](g925915dsp006b.jpg) | INTERNAL USE ONLY<br> This policy supersedes and replaces any previous Mercer policies on this subject. Mercer reserves the right to modify, suspend or terminate this policy at any time. |

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## Ex-99.Cert

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| | |
|:---|:---|
| **N-CSR Exhibit for Item 19(a)(3): Section 302 Certifications** | **Exhibit 99CERT** |

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I, Stephen Gouthro, certify that:

1. I have reviewed this report on Form N-CSR of Mercer Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30(a)-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>May 23, 2025</u> | /s/<u> </u>Stephen Gouthro |
|  | Stephen Gouthro |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
|  | Mercer Funds |

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------

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 19(a)(3): Section 302 Certifications** | **Exhibit 99CERT** |

---

I, Barry Vallan, certify that:

1. I have reviewed this report on Form N-CSR of Mercer Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30(a)-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>May 23, 2025</u> | /s/ Barry Vallan |
|  | Barry Vallan |
|  | Vice President, Treasurer and Chief Financial Officer |
|  | Mercer Funds |

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## Exhibit 99.906

Exhibit 99.906 CERT

**<u>Certification Under Section 906</u>**

**<u>Of the Sarbanes-Oxley Act Of 2002</u>**

Stephen Gouthro, President and Chief Executive Officer (Principal Executive Officer) of Mercer Funds (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the year
ended March 31, 2025, (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

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| |
|:---|
| /s/ Stephen Gouthro |
| Stephen Gouthro |
| President and Chief Executive Officer |
| (Principal Executive Officer) |
| Mercer Funds |

---

Date: May 23, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C Section 1350 and is not being filed as part of the Form N-CSR with the Commission.

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Exhibit 99.906 CERT

**<u>Certification Under Section 906</u>**

**<u>Of the Sarbanes-Oxley Act Of 2002</u>**

Barry Vallan, Vice President, Treasurer and Chief Financial Officer of Mercer Funds (the "Registrant"), certifies to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended March 31, 2025, the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

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| |
|:---|
| <u>/s/ Barry Vallan</u> |
| Barry Vallan |
| Vice President, Treasurer and Chief Financial Officer |
| Mercer Funds |

---

Date: <u>May 23, 2025</u> 

This certification is being furnished to the Securities and Exchange Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C Section 1350 and is not being filed as part of the Form N-CSR with the Commission.