# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0001193125-26-251046
**Filing Date:** 2026-6
**Character Count:** 1081257
**Document Hash:** 781c599d75ba6dcd6a8eb3aef18797b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251046.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251046

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**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:** 261049832

**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           |
| C000246251 | Class I      | MSDBX           |

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

---

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

---

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-21732

## Mercer Fund

#### (Exact name of registrant as specified in charter)

#### 99 High Street

#### Boston, MA 02110

#### (Address of principal executive office)(Zip code)

#### Caroline Hulme, Esq.

#### Mercer Investments LLC

#### 99 High Street

#### Boston, MA 02110

#### (Name and Address of Agent for Service)

#### Registrant's Telephone Number, including Area Code:
(617) 747-9500

#### Date of Fiscal Year End: March 31, 2026

#### Date of Reporting Period: March 31, 2026

------

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

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

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

#### Class I /

#### MSCQX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer US Small/Mid Cap Equity Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer US Small/Mid Cap Equity Fund (Class I / MSCQX) | $76 | 0.71% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund underperformed its benchmark, the Russell 2500<sup>®</sup> Index.

* Broadly speaking, the period was marked by a market that rewarded companies that were unprofitable and/or had lower returns on equity.

* This made for a difficult environment for small/mid cap investors who tend to anchor toward long-term fundamentals such as earnings, cash flow growth, and balance sheet strength.

**Top Contributors**

* Considering the market backdrop outlined above, underweight in the Real Estate sector helped the fund's relative returns.

* The fund also benefited from idiosyncratic stock selection decisions in the Utilities sector.

**Top Detractors**

* Stock selection in the Health Care sector hurt fund results as the market environment was supportive of names in the biotech industry. 

* The Consumer Discretionary sector detracted from results owing to weakness in the automotive space.

* The Information Technology sector was a source of relative weakness and came from a combination of sector positioning and stock selection. Names believed to be associated with artificial intelligence (AI) saw particular strength.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g67h39.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer US Small/Mid Cap Equity Fund - Class I** | **Russell 2500<sup>®</sup> Index** |
| **6/27/2023** | $10000 | $10000 |
| **6/30/2023** | $10184 | $10358 |
| **9/30/2023** | $9855 | $9863 |
| **12/31/2023** | $10945 | $11180 |
| **3/31/2024** | $11950 | $11953 |
| **6/30/2024** | $11377 | $11443 |
| **9/30/2024** | $12282 | $12444 |
| **12/31/2024** | $12386 | $12521 |
| **3/31/2025** | $11557 | $11582 |
| **6/30/2025** | $12287 | $12577 |
| **9/30/2025** | $12939 | $13709 |
| **12/31/2025** | $13154 | $14013 |
| **3/31/2026** | $13332 | $14299 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **Since Inception** |
| Mercer US Small/Mid Cap Equity Fund - Class I - 06/27/2023 | 15.46% | 11.00% |
| Russell 2500<sup>®</sup> Index | 23.45% | 13.83% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $1707096645 |
| Total number of portfolio holdings | 458 |
| Total advisory fees paid net of reimbursement | $6630918 |
| Portfolio turnover rate as of the end of the reporting period | 59% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 2.1% |
| Insmed, Inc. | 1.2% |
| BJ's Wholesale Club Holdings, Inc. | 1.1% |
| Ascendis Pharma AS | 1.0% |
| Jazz Pharmaceuticals PLC | 1.0% |
| Jabil, Inc. | 0.9% |
| FTAI Aviation Ltd. | 0.9% |
| Advanced Energy Industries, Inc. | 0.9% |
| API Group Corp. | 0.8% |
| Tapestry, Inc. | 0.8% |
| Total | 10.7% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Industrial | 25.4% |
| Consumer, Non-cyclical | 22.3% |
| Financial | 17.6% |
| Consumer, Cyclical | 14.1% |
| Technology | 7.9% |
| Energy | 4.6% |
| Communications | 3.1% |
| Basic Materials | 2.6% |
| Utilities | 1.8% |
| Government | 0.2% |
| Cash Equivalents | 0.4% |
| 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.

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

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

#### Class Y-3 /

#### MSCGX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer US Small/Mid Cap Equity Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer US Small/Mid Cap Equity Fund (Class Y-3 / MSCGX) | $51 | 0.47% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund underperformed its benchmark, the Russell 2500<sup>®</sup> Index.

* Broadly speaking, the period was marked by a market that rewarded companies that were unprofitable and/or had lower returns on equity.

* This made for a difficult environment for small/mid cap investors who tend to anchor toward long-term fundamentals such as earnings, cash flow growth, and balance sheet strength.

**Top Contributors**

* Considering the market backdrop outlined above, underweight in the Real Estate sector helped the fund's relative returns.

* The fund also benefited from idiosyncratic stock selection decisions in the Utilities sector.

**Top Detractors**

* Stock selection in the Health Care sector hurt fund results as the market environment was supportive of names in the biotech industry. 

* The Consumer Discretionary sector detracted from results owing to weakness in the automotive space.

* The Information Technology sector was a source of relative weakness and came from a combination of sector positioning and stock selection. Names believed to be associated with artificial intelligence (AI) saw particular strength.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g54c40.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer US Small/Mid Cap Equity Fund - Class Y-3** | **Russell 2500<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 |
| **6/30/2016** | $10194 | $10357 |
| **9/30/2016** | $10757 | $11037 |
| **12/31/2016** | $11504 | $11713 |
| **3/31/2017** | $12124 | $12153 |
| **6/30/2017** | $12404 | $12412 |
| **9/30/2017** | $12904 | $13001 |
| **12/31/2017** | $13678 | $13682 |
| **3/31/2018** | $13656 | $13649 |
| **6/30/2018** | $14223 | $14428 |
| **9/30/2018** | $14745 | $15106 |
| **12/31/2018** | $11872 | $12313 |
| **3/31/2019** | $13682 | $14261 |
| **6/30/2019** | $14182 | $14683 |
| **9/30/2019** | $14034 | $14495 |
| **12/31/2019** | $15365 | $15733 |
| **3/31/2020** | $10721 | $11057 |
| **6/30/2020** | $13516 | $13994 |
| **9/30/2020** | $14405 | $14817 |
| **12/31/2020** | $17777 | $18878 |
| **3/31/2021** | $19747 | $20942 |
| **6/30/2021** | $20733 | $22081 |
| **9/30/2021** | $20747 | $21489 |
| **12/31/2021** | $22108 | $22310 |
| **3/31/2022** | $20429 | $21012 |
| **6/30/2022** | $17434 | $17444 |
| **9/30/2022** | $16897 | $16952 |
| **12/31/2022** | $18405 | $18211 |
| **3/31/2023** | $19062 | $18829 |
| **6/30/2023** | $19719 | $19812 |
| **9/30/2023** | $19099 | $18865 |
| **12/31/2023** | $21213 | $21383 |
| **3/31/2024** | $23180 | $22863 |
| **6/30/2024** | $22090 | $21887 |
| **9/30/2024** | $23862 | $23802 |
| **12/31/2024** | $24070 | $23949 |
| **3/31/2025** | $22481 | $22153 |
| **6/30/2025** | $23899 | $24056 |
| **9/30/2025** | $25187 | $26221 |
| **12/31/2025** | $25620 | $26803 |
| **3/31/2026** | $25989 | $27350 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| Mercer US Small/Mid Cap Equity Fund - Class Y-3 - 08/15/2005 | 15.71% | 5.67% | 10.03% |
| Russell 2500<sup>®</sup> Index | 23.45% | 5.48% | 10.58% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $1707096645 |
| Total number of portfolio holdings | 458 |
| Total advisory fees paid net of reimbursement | $6630918 |
| Portfolio turnover rate as of the end of the reporting period | 59% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Comfort Systems USA, Inc. | 2.1% |
| Insmed, Inc. | 1.2% |
| BJ's Wholesale Club Holdings, Inc. | 1.1% |
| Ascendis Pharma AS | 1.0% |
| Jazz Pharmaceuticals PLC | 1.0% |
| Jabil, Inc. | 0.9% |
| FTAI Aviation Ltd. | 0.9% |
| Advanced Energy Industries, Inc. | 0.9% |
| API Group Corp. | 0.8% |
| Tapestry, Inc. | 0.8% |
| Total | 10.7% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Industrial | 25.4% |
| Consumer, Non-cyclical | 22.3% |
| Financial | 17.6% |
| Consumer, Cyclical | 14.1% |
| Technology | 7.9% |
| Energy | 4.6% |
| Communications | 3.1% |
| Basic Materials | 2.6% |
| Utilities | 1.8% |
| Government | 0.2% |
| Cash Equivalents | 0.4% |
| 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.

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Non-US Core Equity Fund

#### Class I /

#### MNCSX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Non-US Core Equity Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Non-US Core Equity Fund (Class I / MNCSX) | $71 | 0.63% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the MSCI World ex USA IMI Index.

**Top Contributors**

* Security selection within materials and information technology was a large contributor to relative outperformance from a sector perspective.

* A relative overweight to materials, specifically metals and mining, was beneficial for performance.

* Security selection within Switzerland was strong, namely in healthcare.

* An off-benchmark exposure to Taiwan Semiconductor Manufacturing Company proved to be a large driver of outperformance.

* Similarly, a relative overweight to Canada based mining company Barrick Mining was beneficial.

**Top Detractors**

* A relative underweight paired with security selection in industrials hurt relative performance.

* An underweight to industrials in Canada, specifically a lack of exposure to Bombardier Inc., was a key detractor from relative performance.

* An underweight to Spain detracted as the country significantly outperformed the broader index, MSCI World ex USA IMI Index.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g54p08.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Non-US Core Equity Fund - Class I** | **MSCI World ex USA IMI Index** |
| **7/22/2021** | $10000 | $10000 |
| **9/30/2021** | $9892 | $10047 |
| **12/31/2021** | $10224 | $10319 |
| **3/31/2022** | $9403 | $9785 |
| **6/30/2022** | $8081 | $8302 |
| **9/30/2022** | $7278 | $7536 |
| **12/31/2022** | $8485 | $8745 |
| **3/31/2023** | $9170 | $9408 |
| **6/30/2023** | $9452 | $9659 |
| **9/30/2023** | $9199 | $9271 |
| **12/31/2023** | $10060 | $10246 |
| **3/31/2024** | $10828 | $10777 |
| **6/30/2024** | $10760 | $10698 |
| **9/30/2024** | $11479 | $11568 |
| **12/31/2024** | $10664 | $10701 |
| **3/31/2025** | $11655 | $11324 |
| **6/30/2025** | $13142 | $12762 |
| **9/30/2025** | $14018 | $13477 |
| **12/31/2025** | $14605 | $14145 |
| **3/31/2026** | $14665 | $14024 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **Since Inception** |
| Mercer Non-US Core Equity Fund - Class I - 07/22/2021 | 25.82% | 8.50% |
| MSCI World ex USA IMI Index | 23.84% | 7.48% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $4402881231 |
| Total number of portfolio holdings | 1044 |
| Total advisory fees paid net of reimbursement | $12784873 |
| Portfolio turnover rate as of the end of the reporting period | 67% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| TotalEnergies SE | 1.4% |
| Franco-Nevada Corp. | 1.2% |
| Schneider Electric SE | 1.1% |
| UniCredit SpA | 1.0% |
| Roche Holding AG | 1.0% |
| Barrick Mining Corp. | 0.9% |
| Legrand SA | 0.9% |
| Lasertec Corp. | 0.9% |
| NatWest Group PLC | 0.8% |
| Total | 11.2% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financial | 23.4% |
| Consumer, Non-cyclical | 17.4% |
| Industrial | 15.1% |
| Basic Materials | 12.3% |
| Technology | 9.6% |
| Consumer, Cyclical | 9.1% |
| Energy | 6.8% |
| Communications | 2.8% |
| Utilities | 1.5% |
| Investment Companies (ETF) | 0.4% |
| Diversified | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 1.6% |
| Total | 100.0% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 21.0% |
| United Kingdom | 10.1% |
| United States | 10.0% |
| Canada | 8.4% |
| France | 7.1% |
| Germany | 5.2% |
| Italy | 4.1% |
| Netherlands | 4.0% |
| Switzerland | 4.0% |
| Australia | 3.4% |
| Spain | 2.8% |
| Hong Kong | 2.5% |
| Sweden | 2.1% |
| China | 1.8% |
| Norway | 1.5% |
| Ireland | 1.3% |
| Denmark | 1.3% |
| Brazil | 1.0% |
| Total Countries each less than 1.0% | 6.8% |
| Cash Equivalents | 1.6% |
| Total | 100.0% |

---

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

On April 20, 2026 American Century Investments Management, Inc. was terminated as sub-adviser to the Fund, and the Board of Trustees of the Fund approved the hiring of Hardman Johnston Global Advisors, LLC and WCM Investment Management, LLC as new sub-advisers to the Fund.

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Non-US Core Equity Fund

#### Class Y-3 /

#### MNCEX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Non-US Core Equity Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Non-US Core Equity Fund (Class Y-3 / MNCEX) | $44 | 0.39% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the MSCI World ex USA IMI Index.

**Top Contributors**

* Security selection within materials and information technology was a large contributor to relative outperformance from a sector perspective.

* A relative overweight to materials, specifically metals and mining, was beneficial for performance.

* Security selection within Switzerland was strong, namely in healthcare.

* An off-benchmark exposure to Taiwan Semiconductor Manufacturing Company proved to be a large driver of outperformance.

* Similarly, a relative overweight to Canada based mining company Barrick Mining was beneficial.

**Top Detractors**

* A relative underweight paired with security selection in industrials hurt relative performance.

* An underweight to industrials in Canada, specifically a lack of exposure to Bombardier Inc., was a key detractor from relative performance.

* An underweight to Spain detracted as the country significantly outperformed the broader index, MSCI World ex USA IMI Index.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g60v17.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Non-US Core Equity Fund - Class Y-3** | **MSCI World ex USA IMI Index** |
| **3/31/2016** | $10000 | $10000 |
| **6/30/2016** | $9938 | $9891 |
| **9/30/2016** | $10499 | $10537 |
| **12/31/2016** | $10320 | $10463 |
| **3/31/2017** | $11062 | $11187 |
| **6/30/2017** | $11835 | $11843 |
| **9/30/2017** | $12524 | $12537 |
| **12/31/2017** | $13153 | $13096 |
| **3/31/2018** | $13165 | $12859 |
| **6/30/2018** | $13016 | $12760 |
| **9/30/2018** | $13210 | $12885 |
| **12/31/2018** | $11427 | $11174 |
| **3/31/2019** | $12616 | $12349 |
| **6/30/2019** | $13063 | $12781 |
| **9/30/2019** | $12987 | $12674 |
| **12/31/2019** | $14215 | $13734 |
| **3/31/2020** | $11033 | $10438 |
| **6/30/2020** | $12950 | $12129 |
| **9/30/2020** | $13954 | $12814 |
| **12/31/2020** | $16057 | $14877 |
| **3/31/2021** | $16706 | $15497 |
| **6/30/2021** | $17585 | $16352 |
| **9/30/2021** | $17368 | $16279 |
| **12/31/2021** | $17971 | $16720 |
| **3/31/2022** | $16528 | $15854 |
| **6/30/2022** | $14219 | $13452 |
| **9/30/2022** | $12825 | $12210 |
| **12/31/2022** | $14946 | $14169 |
| **3/31/2023** | $16170 | $15243 |
| **6/30/2023** | $16683 | $15650 |
| **9/30/2023** | $16236 | $15021 |
| **12/31/2023** | $17756 | $16601 |
| **3/31/2024** | $19127 | $17461 |
| **6/30/2024** | $19041 | $17333 |
| **9/30/2024** | $20310 | $18743 |
| **12/31/2024** | $18874 | $17339 |
| **3/31/2025** | $20644 | $18348 |
| **6/30/2025** | $23309 | $20678 |
| **9/30/2025** | $24874 | $21836 |
| **12/31/2025** | $25916 | $22919 |
| **3/31/2026** | $26043 | $22722 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| Mercer Non-US Core Equity Fund - Class Y-3 - 08/18/2006 | 26.15% | 9.29% | 10.04% |
| MSCI World ex USA IMI Index | 23.84% | 7.96% | 8.56% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $4402881231 |
| Total number of portfolio holdings | 1044 |
| Total advisory fees paid net of reimbursement | $12784873 |
| Portfolio turnover rate as of the end of the reporting period | 67% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| TotalEnergies SE | 1.4% |
| Franco-Nevada Corp. | 1.2% |
| Schneider Electric SE | 1.1% |
| UniCredit SpA | 1.0% |
| Roche Holding AG | 1.0% |
| Barrick Mining Corp. | 0.9% |
| Legrand SA | 0.9% |
| Lasertec Corp. | 0.9% |
| NatWest Group PLC | 0.8% |
| Total | 11.2% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Financial | 23.4% |
| Consumer, Non-cyclical | 17.4% |
| Industrial | 15.1% |
| Basic Materials | 12.3% |
| Technology | 9.6% |
| Consumer, Cyclical | 9.1% |
| Energy | 6.8% |
| Communications | 2.8% |
| Utilities | 1.5% |
| Investment Companies (ETF) | 0.4% |
| Diversified | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 1.6% |
| Total | 100.0% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| Japan | 21.0% |
| United Kingdom | 10.1% |
| United States | 10.0% |
| Canada | 8.4% |
| France | 7.1% |
| Germany | 5.2% |
| Italy | 4.1% |
| Netherlands | 4.0% |
| Switzerland | 4.0% |
| Australia | 3.4% |
| Spain | 2.8% |
| Hong Kong | 2.5% |
| Sweden | 2.1% |
| China | 1.8% |
| Norway | 1.5% |
| Ireland | 1.3% |
| Denmark | 1.3% |
| Brazil | 1.0% |
| Total Countries each less than 1.0% | 6.8% |
| Cash Equivalents | 1.6% |
| Total | 100.0% |

---

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

On April 20, 2026 American Century Investments Management, Inc. was terminated as sub-adviser to the Fund, and the Board of Trustees of the Fund approved the hiring of Hardman Johnston Global Advisors, LLC and WCM Investment Management, LLC as new sub-advisers to the Fund.

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Core Fixed Income Fund

#### Class I /

#### MCFQX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Core Fixed Income Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.mercer.com/mercer-funds-core-fixed. You can also request this information by contacting us at 1-888-887-0619.

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

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Core Fixed Income Fund (Class I / MCFQX) | $41 | 0.40% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

**Top Contributors**

* Sector allocation within overweight's to Collateralized Mortgage-Backed Securities (CMBS), Asset Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS), and Collateralized Mortgage-Backed Obligations (CMO) all contributed positively to performance.

* Sector allocation within overweight's to investment grade corporates in the Utilities and Financials sectors contributed positively to performance. 

* Curve and duration positioning with overweight's to the 0-1 year and 4-5 year maturity bonds were beneficial. 

**Top Detractors**

* Negative impact from spread sectors due to security selection.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g57a81.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Core Fixed Income Fund - Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/27/2021** | $10000 | $10000 |
| **12/31/2021** | $10000 | $10016 |
| **3/31/2022** | $9386 | $9422 |
| **6/30/2022** | $8859 | $8980 |
| **9/30/2022** | $8447 | $8554 |
| **12/31/2022** | $8601 | $8714 |
| **3/31/2023** | $8878 | $8971 |
| **6/30/2023** | $8818 | $8896 |
| **9/30/2023** | $8532 | $8609 |
| **12/31/2023** | $9140 | $9196 |
| **3/31/2024** | $9100 | $9124 |
| **6/30/2024** | $9110 | $9131 |
| **9/30/2024** | $9589 | $9605 |
| **12/31/2024** | $9304 | $9311 |
| **3/31/2025** | $9548 | $9570 |
| **6/30/2025** | $9665 | $9686 |
| **9/30/2025** | $9881 | $9883 |
| **12/31/2025** | $9992 | $9991 |
| **3/31/2026** | $9970 | $9986 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **Since Inception** |
| Mercer Core Fixed Income Fund - Class I - 12/27/2021 | 4.41% | -0.07% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | -0.04% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $1540367249 |
| Total number of portfolio holdings | 1864 |
| Total advisory fees paid net of reimbursement | $1274780 |
| Portfolio turnover rate as of the end of the reporting period | 125% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 33.1% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 28.0% |
| U.S. Government and Agency Obligations | 20.1% |
| Asset Backed Securities | 9.7% |
| Mortgage Backed Securities - Private Issuers | 7.2% |
| Municipal Obligations | 0.5% |
| Sovereign Debt Obligations | 0.4% |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 1.0% |
| Total | 100.0% |

---

---

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

---

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 1.3% |
| 1 to 3 Years | 8.7% |
| 3 to 5 Years | 10.2% |
| 5 to 10 Years | 21.3% |
| 10 to 30 Years | 53.6% |
| Greater than 30 Years | 4.9% |
| Total | 100.0% |

---

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

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

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Core Fixed Income Fund

#### Class Y-3 /

#### MCFIX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Core Fixed Income Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.mercer.com/mercer-funds-core-fixed. You can also request this information by contacting us at 1-888-887-0619.

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

#### What were the Fund costs for the past year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Core Fixed Income Fund (Class Y-3 / MCFIX) | $15 | 0.15% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index.

**Top Contributors**

* Sector allocation within overweight's to Collateralized Mortgage-Backed Securities (CMBS), Asset Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS), and Collateralized Mortgage-Backed Obligations (CMO) all contributed positively to performance.

* Sector allocation within overweight's to investment grade corporates in the Utilities and Financials sectors contributed positively to performance. 

* Curve and duration positioning with overweight's to the 0-1 year and 4-5 year maturity bonds were beneficial. 

**Top Detractors**

* Negative impact from spread sectors due to security selection.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g05q88.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Core Fixed Income Fund - Class Y-3** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/31/2016** | $10000 | $10000 |
| **6/30/2016** | $10247 | $10221 |
| **9/30/2016** | $10335 | $10268 |
| **12/31/2016** | $10066 | $9962 |
| **3/31/2017** | $10168 | $10044 |
| **6/30/2017** | $10342 | $10189 |
| **9/30/2017** | $10454 | $10276 |
| **12/31/2017** | $10497 | $10316 |
| **3/31/2018** | $10351 | $10165 |
| **6/30/2018** | $10330 | $10149 |
| **9/30/2018** | $10351 | $10151 |
| **12/31/2018** | $10446 | $10318 |
| **3/31/2019** | $10803 | $10621 |
| **6/30/2019** | $11148 | $10948 |
| **9/30/2019** | $11418 | $11197 |
| **12/31/2019** | $11458 | $11217 |
| **3/31/2020** | $11647 | $11570 |
| **6/30/2020** | $12180 | $11906 |
| **9/30/2020** | $12347 | $11979 |
| **12/31/2020** | $12545 | $12060 |
| **3/31/2021** | $12139 | $11653 |
| **6/30/2021** | $12406 | $11867 |
| **9/30/2021** | $12429 | $11873 |
| **12/31/2021** | $12401 | $11874 |
| **3/31/2022** | $11652 | $11170 |
| **6/30/2022** | $10998 | $10646 |
| **9/30/2022** | $10498 | $10140 |
| **12/31/2022** | $10703 | $10330 |
| **3/31/2023** | $11046 | $10635 |
| **6/30/2023** | $10985 | $10546 |
| **9/30/2023** | $10641 | $10205 |
| **12/31/2023** | $11391 | $10901 |
| **3/31/2024** | $11352 | $10816 |
| **6/30/2024** | $11378 | $10824 |
| **9/30/2024** | $11976 | $11387 |
| **12/31/2024** | $11623 | $11038 |
| **3/31/2025** | $11942 | $11345 |
| **6/30/2025** | $12101 | $11483 |
| **9/30/2025** | $12376 | $11716 |
| **12/31/2025** | $12528 | $11845 |
| **3/31/2026** | $12508 | $11839 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| Mercer Core Fixed Income Fund - Class Y-3 - 08/15/2005 | 4.74% | 0.60% | 2.26% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $1540367249 |
| Total number of portfolio holdings | 1864 |
| Total advisory fees paid net of reimbursement | $1274780 |
| Portfolio turnover rate as of the end of the reporting period | 125% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 33.1% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 28.0% |
| U.S. Government and Agency Obligations | 20.1% |
| Asset Backed Securities | 9.7% |
| Mortgage Backed Securities - Private Issuers | 7.2% |
| Municipal Obligations | 0.5% |
| Sovereign Debt Obligations | 0.4% |
| Common Stocks | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 1.0% |
| Total | 100.0% |

---

---

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

---

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 1.3% |
| 1 to 3 Years | 8.7% |
| 3 to 5 Years | 10.2% |
| 5 to 10 Years | 21.3% |
| 10 to 30 Years | 53.6% |
| Greater than 30 Years | 4.9% |
| Total | 100.0% |

---

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

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

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Emerging Markets Equity Fund

#### Class I /

#### MEMSX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Emerging Markets Equity Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Emerging Markets Equity Fund (Class I / MEMSX) | $70 | 0.61% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the MSCI Emerging Markets<sup>®</sup> Index.

**Top Contributors**

* Continuing acceleration of technology spending related to artificial intelligence (AI) was beneficial for Korean technology hardware and semiconductors such as Samsung Electronics.

* The Fund benefitted from an underweight to India as performance lagged peers due to inflated valuations.

**Top Detractors**

* Exposure to Chinese consumer discretionary holdings was disadvantageous as the country experienced ongoing weak domestic demand.

* Holdings in Indian financials detracted from performance, specically HDFC Bank.

* While AI was a notable bright spot, an underweight to Taiwan Semiconductor Manufacturing Co. specifically was a headwind.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g18z96.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Emerging Markets Equity Fund - Class I** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **6/27/2023** | $10000 | $10000 |
| **6/30/2023** | $10013 | $10020 |
| **9/30/2023** | $9526 | $9726 |
| **12/31/2023** | $10110 | $10491 |
| **3/31/2024** | $10110 | $10740 |
| **6/30/2024** | $10460 | $11277 |
| **9/30/2024** | $11229 | $12260 |
| **12/31/2024** | $10286 | $11278 |
| **3/31/2025** | $10696 | $11608 |
| **6/30/2025** | $11816 | $13000 |
| **9/30/2025** | $12840 | $14383 |
| **12/31/2025** | $13450 | $15064 |
| **3/31/2026** | $13899 | $15038 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **Since Inception** |
| Mercer Emerging Markets Equity Fund - Class I - 06/27/2023 | 29.95% | 12.65% |
| MSCI Emerging Markets<sup>®</sup> Index | 29.55% | 15.93% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $1344766268 |
| Total number of portfolio holdings | 648 |
| Total advisory fees paid net of reimbursement | $3061787 |
| Portfolio turnover rate as of the end of the reporting period | 49% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| Tencent Holdings Ltd. | 3.7% |
| SK Hynix, Inc. | 2.3% |
| Alibaba Group Holding Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.3% |
| Ping An Insurance Group Co. of China Ltd., Class H | 0.9% |
| Credicorp Ltd. | 0.9% |
| Samsung Electronics Co. Ltd., 1.464% | 0.8% |
| Chroma ATE, Inc. | 0.8% |
| Total | 29.6% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Technology | 26.2% |
| Financial | 22.2% |
| Communications | 12.1% |
| Consumer, Cyclical | 10.1% |
| Consumer, Non-cyclical | 9.3% |
| Industrial | 8.2% |
| Basic Materials | 5.9% |
| Energy | 3.5% |
| Utilities | 1.7% |
| Diversified | 0.4% |
| Cash Equivalents | 0.4% |
| Total | 100.0% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 24.7% |
| Taiwan | 19.6% |
| South Korea | 13.9% |
| India | 11.2% |
| Brazil | 8.1% |
| Mexico | 2.9% |
| South Africa | 2.7% |
| Saudi Arabia | 2.0% |
| Thailand | 1.4% |
| Indonesia | 1.1% |
| Total Countries each less than 1.0% | 12.0% |
| Cash Equivalents | 0.4% |
| Total | 100.0% |

---

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

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

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Emerging Markets Equity Fund

#### Class Y-3 /

#### MEMQX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Emerging Markets Equity Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Emerging Markets Equity Fund (Class Y-3 / MEMQX) | $41 | 0.36% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the MSCI Emerging Markets<sup>®</sup> Index.

**Top Contributors**

* Continuing acceleration of technology spending related to artificial intelligence (AI) was beneficial for Korean technology hardware and semiconductors such as Samsung Electronics.

* The Fund benefitted from an underweight to India as performance lagged peers due to inflated valuations.

**Top Detractors**

* Exposure to Chinese consumer discretionary holdings was disadvantageous as the country experienced ongoing weak domestic demand.

* Holdings in Indian financials detracted from performance, specically HDFC Bank.

* While AI was a notable bright spot, an underweight to Taiwan Semiconductor Manufacturing Co. specifically was a headwind.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g94x06.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Emerging Markets Equity Fund - Class Y-3** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **3/31/2016** | $10000 | $10000 |
| **6/30/2016** | $10151 | $10066 |
| **9/30/2016** | $10920 | $10975 |
| **12/31/2016** | $10402 | $10518 |
| **3/31/2017** | $11614 | $11722 |
| **6/30/2017** | $12351 | $12457 |
| **9/30/2017** | $13243 | $13439 |
| **12/31/2017** | $14058 | $14439 |
| **3/31/2018** | $14289 | $14644 |
| **6/30/2018** | $12952 | $13479 |
| **9/30/2018** | $12758 | $13332 |
| **12/31/2018** | $11688 | $12336 |
| **3/31/2019** | $12821 | $13560 |
| **6/30/2019** | $12963 | $13642 |
| **9/30/2019** | $12467 | $13063 |
| **12/31/2019** | $13872 | $14609 |
| **3/31/2020** | $10314 | $11161 |
| **6/30/2020** | $12380 | $13179 |
| **9/30/2020** | $13542 | $14439 |
| **12/31/2020** | $16003 | $17284 |
| **3/31/2021** | $16687 | $17680 |
| **6/30/2021** | $17458 | $18573 |
| **9/30/2021** | $15974 | $17070 |
| **12/31/2021** | $16005 | $16846 |
| **3/31/2022** | $14126 | $15672 |
| **6/30/2022** | $12477 | $13878 |
| **9/30/2022** | $11027 | $12272 |
| **12/31/2022** | $12123 | $13462 |
| **3/31/2023** | $12782 | $13996 |
| **6/30/2023** | $12833 | $14122 |
| **9/30/2023** | $12241 | $13708 |
| **12/31/2023** | $12987 | $14785 |
| **3/31/2024** | $12987 | $15136 |
| **6/30/2024** | $13454 | $15892 |
| **9/30/2024** | $14458 | $17278 |
| **12/31/2024** | $13246 | $15894 |
| **3/31/2025** | $13774 | $16360 |
| **6/30/2025** | $15234 | $18321 |
| **9/30/2025** | $16571 | $20271 |
| **12/31/2025** | $17365 | $21230 |
| **3/31/2026** | $17945 | $21194 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| Mercer Emerging Markets Equity Fund - Class Y-3 - 05/01/2012 | 30.24% | 1.49% | 6.03% |
| MSCI Emerging Markets<sup>®</sup> Index | 29.55% | 3.69% | 7.80% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $1344766268 |
| Total number of portfolio holdings | 648 |
| Total advisory fees paid net of reimbursement | $3061787 |
| Portfolio turnover rate as of the end of the reporting period | 49% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Top Ten Holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.1% |
| Samsung Electronics Co. Ltd. | 4.9% |
| Tencent Holdings Ltd. | 3.7% |
| SK Hynix, Inc. | 2.3% |
| Alibaba Group Holding Ltd. | 1.9% |
| HDFC Bank Ltd. | 1.3% |
| Ping An Insurance Group Co. of China Ltd., Class H | 0.9% |
| Credicorp Ltd. | 0.9% |
| Samsung Electronics Co. Ltd., 1.464% | 0.8% |
| Chroma ATE, Inc. | 0.8% |
| Total | 29.6% |

---

#### Sector Allocation

---

| | |
|:---|:---|
| Technology | 26.2% |
| Financial | 22.2% |
| Communications | 12.1% |
| Consumer, Cyclical | 10.1% |
| Consumer, Non-cyclical | 9.3% |
| Industrial | 8.2% |
| Basic Materials | 5.9% |
| Energy | 3.5% |
| Utilities | 1.7% |
| Diversified | 0.4% |
| Cash Equivalents | 0.4% |
| Total | 100.0% |

---

#### Geographic Allocation

---

| | |
|:---|:---|
| China | 24.7% |
| Taiwan | 19.6% |
| South Korea | 13.9% |
| India | 11.2% |
| Brazil | 8.1% |
| Mexico | 2.9% |
| South Africa | 2.7% |
| Saudi Arabia | 2.0% |
| Thailand | 1.4% |
| Indonesia | 1.1% |
| Total Countries each less than 1.0% | 12.0% |
| Cash Equivalents | 0.4% |
| Total | 100.0% |

---

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

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

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Opportunistic Fixed Income Fund

#### Class I /

#### MOFTX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Opportunistic Fixed Income Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Opportunistic Fixed Income Fund (Class I / MOFTX) | $69 | 0.67% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its primary benchmark and underperformed its current and prior secondary benchmarks for the relevant periods.

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

* Secondary Benchmark as of May 1, 2025: 33.3% Bloomberg U.S. Corporate High Yield Index (USD), 33.3% Morningstar LSTA U.S. Leveraged Loan Index and 33.3% JP Morgan EMBI Global Diversified Index (USD).

**Top Contributors**

* Allocations to global high yield and out of secondary benchmark exposure to convertibles.

* Positioning within bank loans, notably underweight exposure to technology sector.

* Tactical exposure to securitized credit, especially agency and non-agency Mortgage-Back Securities (MBS) and Asset Back Securities (ABS).

* Tactical exposure to investment grade credit benefiting from spread tightening. 

* Tactical exposure to a basket of emerging market currencies appreciating against the U.S. dollar.

**Top Detractors**

* Positioning within emerging markets external debt, particularly underweight exposure to select sovereign debt.

* Underperformance driven by Latin America and African/Middle Eastern regions due to underweight sovereign debt exposure as select prices appreciated.

* Duration positioning detracted.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g67r62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mercer Opportunistic Fixed Income Fund - Class I** | **Bloomberg U.S. Aggregate Bond Index** | **33.3% BBG U.S. HY, 33.3% Mng LSTA U.S. Loans, 33.3% JPM EMBI GD** | **35% BBG TR, 17.5% BBG HY, 10.5% JPM CEMBI , 7% S&P/LSTA, 30% JPM GBI-EM** |
| **6/27/2023** | $10000 | $10000 | $10000 | $10000 |
| **6/30/2023** | $9988 | $9958 | $10044 | $10003 |
| **9/30/2023** | $9800 | $9636 | $10098 | $9877 |
| **12/31/2023** | $10553 | $10294 | $10743 | $10588 |
| **3/31/2024** | $10553 | $10213 | $10956 | $10615 |
| **6/30/2024** | $10503 | $10220 | $11077 | $10623 |
| **9/30/2024** | $11142 | $10752 | $11573 | $11262 |
| **12/31/2024** | $10777 | $10423 | $11592 | $10989 |
| **3/31/2025** | $10990 | $10713 | $11735 | $11253 |
| **6/30/2025** | $11351 | $10842 | $12094 | $11689 |
| **9/30/2025** | $11665 | $11062 | $12458 | $12041 |
| **12/31/2025** | $11869 | $11184 | $12700 | $12275 |
| **3/31/2026** | $11737 | $11178 | $12602 | $12183 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **Since Inception** |
| Mercer Opportunistic Fixed Income Fund - Class I - 06/27/2023 | 6.80% | 5.97% |
| Bloomberg U.S. Aggregate Bond Index (Primary Benchark) | 4.35% | 4.11% |
| 33.3% BBG U.S. HY, 33.3% Mng LSTA U.S. Loans, 33.3% JPM EMBI GD (Secondary Benchmark) | 7.40% | 8.75% |
| 35% BBG TR, 17.5% BBG HY, 10.5% JPM CEMBI , 7% S&P/LSTA, 30% JPM GBI-EM | 8.26% | 7.42% |

---

**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.

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

#### Key Fund Statistics

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $2093681860 |
| Total number of portfolio holdings | 2078 |
| Total advisory fees paid net of reimbursement | $6688734 |
| Portfolio turnover rate as of the end of the reporting period | 246% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 34.0% |
| Bank Loans | 15.6% |
| Sovereign Debt Obligations | 15.0% |
| Asset Backed Securities | 8.7% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 8.0% |
| U.S. Government and Agency Obligations | 5.5% |
| Mortgage Backed Securities - Private Issuers | 4.2% |
| Repurchase Agreements | 1.8% |
| Convertible Debt | 1.8% |
| Investment Companies | 1.1% |
| Common Stocks | 0.7% |
| Preferred Stocks | 0.2% |
| Purchased Currency Options | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 3.4% |
| Total | 100.0% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 63.8% |
| Cayman Islands | 3.6% |
| Mexico | 2.2% |
| Total Countries each less than 2.0% | 27.0% |
| Cash Equivalents | 3.4% |
| Total | 100.0% |

---

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

On March 11, 2025, Blackrock International Limited, Colchester Global Investors Limited, Loomis, Sayles & Company, L.P. and Western Asset Management Company, LLC were terminated as 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.

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

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Opportunistic Fixed Income Fund

#### Class Y-3 /

#### MOFIX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Opportunistic Fixed Income Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Opportunistic Fixed Income Fund (Class Y-3 / MOFIX) | $45 | 0.43% |

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its primary benchmark and underperformed its current and prior secondary benchmarks for the relevant periods.

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

* Secondary Benchmark as of May 1, 2025: 33.3% Bloomberg U.S. Corporate High Yield Index (USD), 33.3% Morningstar LSTA U.S. Leveraged Loan Index and 33.3% JP Morgan EMBI Global Diversified Index (USD).

**Top Contributors**

* Allocations to global high yield and out of secondary benchmark exposure to convertibles.

* Positioning within bank loans, notably underweight exposure to technology sector.

* Tactical exposure to securitized credit, especially agency and non-agency Mortgage-Back Securities (MBS) and Asset Back Securities (ABS).

* Tactical exposure to investment grade credit benefiting from spread tightening. 

* Tactical exposure to a basket of emerging market currencies appreciating against the U.S. dollar.

**Top Detractors**

* Positioning within emerging markets external debt, particularly underweight exposure to select sovereign debt.

* Underperformance driven by Latin America and African/Middle Eastern regions due to underweight sovereign debt exposure as select prices appreciated.

* Duration positioning detracted.

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g78j39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mercer Opportunistic Fixed Income Fund - Class Y-3** | **Bloomberg U.S. Aggregate Bond Index** | **33.3% BBG U.S. HY, 33.3% Mng LSTA U.S. Loans, 33.3% JPM EMBI GD** | **35% BBG TR, 17.5% BBG HY, 10.5% JPM CEMBI , 7% S&P/LSTA, 30% JPM GBI-EM** |
| **3/31/2016** | $10000 | $10000 | $10000 | $10000 |
| **6/30/2016** | $10344 | $10221 | $10448 | $10365 |
| **9/30/2016** | $10746 | $10268 | $10889 | $10776 |
| **12/31/2016** | $10509 | $9962 | $10886 | $10473 |
| **3/31/2017** | $11031 | $10044 | $11165 | $10972 |
| **6/30/2017** | $11363 | $10189 | $11357 | $11344 |
| **9/30/2017** | $11730 | $10276 | $11571 | $11708 |
| **12/31/2017** | $11824 | $10316 | $11677 | $11803 |
| **3/31/2018** | $12070 | $10165 | $11632 | $12051 |
| **6/30/2018** | $11233 | $10149 | $11560 | $11333 |
| **9/30/2018** | $11134 | $10151 | $11813 | $11353 |
| **12/31/2018** | $11171 | $10318 | $11449 | $11396 |
| **3/31/2019** | $11448 | $10621 | $12143 | $11755 |
| **6/30/2019** | $11826 | $10948 | $12477 | $12134 |
| **9/30/2019** | $11789 | $11197 | $12637 | $12213 |
| **12/31/2019** | $12147 | $11217 | $12897 | $12502 |
| **3/31/2020** | $10921 | $11570 | $11219 | $11512 |
| **6/30/2020** | $11966 | $11906 | $12423 | $12634 |
| **9/30/2020** | $12289 | $11979 | $12880 | $12888 |
| **12/31/2020** | $13150 | $12060 | $13569 | $13629 |
| **3/31/2021** | $12776 | $11653 | $13478 | $13197 |
| **6/30/2021** | $13149 | $11867 | $13849 | $13562 |
| **9/30/2021** | $13069 | $11873 | $13908 | $13453 |
| **12/31/2021** | $12985 | $11874 | $13956 | $13343 |
| **3/31/2022** | $12336 | $11170 | $13252 | $12515 |
| **6/30/2022** | $11245 | $10646 | $12111 | $11553 |
| **9/30/2022** | $10913 | $10140 | $11953 | $11167 |
| **12/31/2022** | $11484 | $10330 | $12545 | $11775 |
| **3/31/2023** | $11971 | $10635 | $12909 | $12197 |
| **6/30/2023** | $12157 | $10546 | $13214 | $12375 |
| **9/30/2023** | $11942 | $10205 | $13285 | $12220 |
| **12/31/2023** | $12874 | $10901 | $14133 | $13099 |
| **3/31/2024** | $12874 | $10816 | $14414 | $13132 |
| **6/30/2024** | $12828 | $10824 | $14573 | $13143 |
| **9/30/2024** | $13607 | $11387 | $15225 | $13932 |
| **12/31/2024** | $13163 | $11038 | $15250 | $13595 |
| **3/31/2025** | $13440 | $11345 | $15439 | $13922 |
| **6/30/2025** | $13897 | $11483 | $15911 | $14462 |
| **9/30/2025** | $14287 | $11716 | $16390 | $14897 |
| **12/31/2025** | $14533 | $11845 | $16708 | $15186 |
| **3/31/2026** | $14398 | $11839 | $16580 | $15072 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| Mercer Opportunistic Fixed Income Fund - Class Y-3 - 08/21/2013 | 7.13% | 2.42% | 3.71% |
| Bloomberg U.S. Aggregate Bond Index (Primary Benchark) | 4.35% | 0.31% | 1.70% |
| 33.3% BBG U.S. HY, 33.3% Mng LSTA U.S. Loans, 33.3% JPM EMBI GD (Secondary Benchmark) | 7.40% | 4.24% | 5.19% |
| 35% BBG TR, 17.5% BBG HY, 10.5% JPM CEMBI , 7% S&P/LSTA, 30% JPM GBI-EM | 8.26% | 2.69% | 4.19% |

---

**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.

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

#### Key Fund Statistics

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $2093681860 |
| Total number of portfolio holdings | 2078 |
| Total advisory fees paid net of reimbursement | $6688734 |
| Portfolio turnover rate as of the end of the reporting period | 246% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 34.0% |
| Bank Loans | 15.6% |
| Sovereign Debt Obligations | 15.0% |
| Asset Backed Securities | 8.7% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 8.0% |
| U.S. Government and Agency Obligations | 5.5% |
| Mortgage Backed Securities - Private Issuers | 4.2% |
| Repurchase Agreements | 1.8% |
| Convertible Debt | 1.8% |
| Investment Companies | 1.1% |
| Common Stocks | 0.7% |
| Preferred Stocks | 0.2% |
| Purchased Currency Options | 0.0%<sup>Footnote Reference\*</sup> |
| Cash Equivalents | 3.4% |
| Total | 100.0% |

---

---

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

---

#### Geographic Allocation

---

| | |
|:---|:---|
| United States | 63.8% |
| Cayman Islands | 3.6% |
| Mexico | 2.2% |
| Total Countries each less than 2.0% | 27.0% |
| Cash Equivalents | 3.4% |
| Total | 100.0% |

---

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

On March 11, 2025, Blackrock International Limited, Colchester Global Investors Limited, Loomis, Sayles & Company, L.P. and Western Asset Management Company, LLC were terminated as 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.

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

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

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Short Duration Fixed Income Fund

#### Class I /

#### MSDBX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Short Duration Fixed Income Fund (the "Fund") for the period December 30, 2025 to March 31, 2026. 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)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mercer Short Duration Fixed Income Fund (Class I / MSDBX) | $11 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

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

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the Bloomberg U.S. 1-3 Government/Credit Index.

**Top Contributors**

* Sector allocation contributed the most to relative returns within overweights to Collateralized Loan Obligations (CLO), Non-Agency Collateralized Mortgage Backed Securities (CMBS), Mortgage-Backed Securities (MBS), High Yield Corporates and Emerging Markets and an underweight to the Technology Sector.

* Security selection within investment grade corporates contributed positively to performance.

**Top Detractors**

* Underweight sector exposure to investment grade corporates was a relative detractor. 

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g14z51.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Short Duration Fixed Income Fund - Class I** | **Bloomberg U.S. 1-3 Government/Credit Index** |
| **12/30/2025** | $10000 | $10000 |
| **12/31/2025** | $10001 | $10000 |
| **1/31/2026** | $10024 | $10000 |
| **2/28/2026** | $10075 | $10000 |
| **3/31/2026** | $10018 | $10028 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | |
|:---|:---|
| **Fund and Inception Date** | **Since Inception** |
| Mercer Short Duration Fixed Income Fund - Class I - 12/30/2025 | 0.18% |
| Bloomberg U.S. 1-3 Government/Credit Index | 0.28% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $84702094 |
| Total number of portfolio holdings | 676 |
| Total advisory fees paid net of reimbursement | $81813 |
| Portfolio turnover rate as of the end of the reporting period | 166% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 42.0% |
| Asset Backed Securities | 22.4% |
| U.S. Government and Agency Obligations | 18.6% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 7.9% |
| Mortgage Backed Securities - Private Issuers | 6.8% |
| Bank Loans | 1.8% |
| Sovereign Debt Obligations | 0.2% |
| Cash Equivalents | 0.3% |
| Total | 100.0% |

---

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 6.1% |
| 1 to 3 Years | 40.8% |
| 3 to 5 Years | 28.7% |
| 5 to 10 Years | 8.2% |
| 10 to 30 Years | 12.6% |
| Greater than 30 Years | 3.6% |
| 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.

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

![Image](g89714g62m48.jpg)

![Image](g89714g90h24.jpg)

#### Mercer Short Duration Fixed Income Fund

#### Class Y-3 /

#### MSDYX

#### Annual Shareholder Report - March 31, 2026
This annual shareholder report contains important information about Mercer Short Duration Fixed Income Fund (the "Fund") for the period April 1, 2025 to March 31, 2026. 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)

---

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

---

#### Market Commentary and Fund Performance
**How did the Fund perform during the reporting period?**

* For the 12 months ending March 31, 2026, the Fund outperformed its benchmark, the Bloomberg U.S. 1-3 Government/Credit Index.

**Top Contributors**

* Sector allocation contributed the most to relative returns within overweights to Collateralized Loan Obligations (CLO), Non-Agency Collateralized Mortgage Backed Securities (CMBS), Mortgage-Backed Securities (MBS), High Yield Corporates and Emerging Markets and an underweight to the Technology Sector.

* Security selection within investment grade corporates contributed positively to performance.

**Top Detractors**

* Underweight sector exposure to investment grade corporates was a relative detractor. 

Mercer Mutual Funds

continued>>

#### Comparison of the change in value of a $10,000 investment for the periods indicated.
![Growth of 10K Chart](g89714g28x91.jpg)

---

| | | |
|:---|:---|:---|
| | **Mercer Short Duration Fixed Income Fund - Class Y-3** | **Bloomberg U.S. 1-3 Government/Credit Index** |
| **12/1/2023** | $10000 | $10000 |
| **12/31/2023** | $10139 | $10119 |
| **3/31/2024** | $10215 | $10161 |
| **6/30/2024** | $10336 | $10258 |
| **9/30/2024** | $10653 | $10562 |
| **12/31/2024** | $10672 | $10560 |
| **3/31/2025** | $10838 | $10732 |
| **6/30/2025** | $10994 | $10868 |
| **9/30/2025** | $11148 | $10997 |
| **12/31/2025** | $11287 | $11125 |
| **3/31/2026** | $11325 | $11156 |

---

#### Average Annual Total Returns for Periods Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **Since Inception** |
| Mercer Short Duration Fixed Income Fund - Class Y-3 - 12/01/2023 | 4.49% | 5.47% |
| Bloomberg U.S. 1-3 Government/Credit Index | 3.96% | 4.81% |

---

**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

#### (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund's net assets | $84702094 |
| Total number of portfolio holdings | 676 |
| Total advisory fees paid net of reimbursement | $81813 |
| Portfolio turnover rate as of the end of the reporting period | 166% |

---

Mercer Mutual Funds

continued>>

#### Graphical Representation of Holdings

#### (as of March 31, 2026)
The tables below show the investment make up of the Fund, representing a percentage of total investments of the Fund.

#### Asset Allocation

---

| | |
|:---|:---|
| Corporate Debt | 42.0% |
| Asset Backed Securities | 22.4% |
| U.S. Government and Agency Obligations | 18.6% |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 7.9% |
| Mortgage Backed Securities - Private Issuers | 6.8% |
| Bank Loans | 1.8% |
| Sovereign Debt Obligations | 0.2% |
| Cash Equivalents | 0.3% |
| Total | 100.0% |

---

#### Maturity

---

| | |
|:---|:---|
| Less than 1 Year | 6.1% |
| 1 to 3 Years | 40.8% |
| 3 to 5 Years | 28.7% |
| 5 to 10 Years | 8.2% |
| 10 to 30 Years | 12.6% |
| Greater than 30 Years | 3.6% |
| 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.

For additional information please scan the code for hosted material at

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

![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.mercer.com/mercer-funds-delegated-solutions](g89714g02v52.jpg)

Mercer Mutual Funds

------

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

#### 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 19(a)(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 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 $389,494 and $379,000 for the fiscal years ended March 31, 2025, and March 31, 2026, respectively.

(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended March 31, 2025, and March 31, 2026, 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 $76,953 and $68,486 for the fiscal years ended March 31, 2025, and March 31, 2026, 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;&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, 2026, 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, 2026, 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.

(i) Not applicable

(j) Not applicable

------

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

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

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

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

------

![](g89714img43c0b2811.gif)

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

**Annual Financial**

**Statements and Other**

**Information**

**March 31, 2026** 

---

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

---

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

------

**MERCER FUNDS**

**TABLE OF CONTENTS**

------

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

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments (N-CSR Item 6)](#xx_425fb575-f889-4336-a54d-04727c858086_SOI-Continued_1) | 1 |
| [Statements of Assets and Liabilities (N-CSR Item 7(a))](#xx_425fb575-f889-4336-a54d-04727c858086_FS-Continued_1) | 199 |
| [Statements of Operations (N-CSR Item 7(a))](#xx_425fb575-f889-4336-a54d-04727c858086_SOH-Continued_1) | 204 |
| [Statements of Changes in Net Assets (N-CSR Item 7(a))](#xx_425fb575-f889-4336-a54d-04727c858086_SCH-Continued_1) | 207 |
| [Financial Highlights (N-CSR Item 7(b))](#xx_425fb575-f889-4336-a54d-04727c858086_FIHI-Continued_1) | 210 |
| [Notes to Financial Statements](#xx_425fb575-f889-4336-a54d-04727c858086_NTF-Continued-297_1) | 222 |
| [Report of Independent Registered Public Accounting Firm](#xx_425fb575-f889-4336-a54d-04727c858086_AUD-Continued_1) | 260 |
| [Additional Information](#xx_425fb575-f889-4336-a54d-04727c858086_ADI-Continued_1) | 262 |
| *[N-CSR Item 8](#xx_425fb575-f889-4336-a54d-04727c858086_ADI-Continued_1)* |  |
| *[N-CSR Item 9](#xx_425fb575-f889-4336-a54d-04727c858086_ADI-Continued_1)* |  |
| *[N-CSR Item 10](#xx_425fb575-f889-4336-a54d-04727c858086_ADI-Continued_1)* |  |
| *[N-CSR Item 11](#xx_425fb575-f889-4336-a54d-04727c858086_ADI-Continued_1)* |  |

---

------

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

**Schedule of Investments**

**(showing percentage of net assets)**

**March 31, 2026**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** |
|  | **Basic Materials — 2.5%** | **Basic Materials — 2.5%** |
| 29500 | Cabot Corp. | 2221645 |
| 22000 | CF Industries Holdings, Inc. | 2856480 |
| 84510 | Coeur Mining, Inc.\* | 1586253 |
| 34800 | Eastman Chemical Co. | 2655936 |
| 254641 | Element Solutions, Inc. | 8693444 |
| 57438 | International Flavors & Fragrances, Inc. | 4167127 |
| 58700 | Koppers Holdings, Inc. | 2270516 |
| 12817 | Magnera Corp.\* | 121890 |
| 70400 | Mosaic Co. | 1795200 |
| 5000 | NewMarket Corp. | 3204750 |
| 34407 | Quaker Chemical Corp.<sup>(a)</sup> <br>| 4274381 |
| 57581 | RPM International, Inc. | 5723551 |
| 14800 | Steel Dynamics, Inc. | 2664000 |
|  |  | 42235173 |
|  | **Communications — 3.0%** | **Communications — 3.0%** |
| 47900 | AMC Networks, Inc. Class A\*<sup>(a)</sup> <br>| 325241 |
| 48000 | Cargurus, Inc.\* | 1634400 |
| 10347 | Ciena Corp.\* | 4017016 |
| 19387 | Credo Technology Group Holding Ltd.\* | 1819858 |
| 62106 | ePlus, Inc. | 4673476 |
| 19500 | Expedia Group, Inc. | 4502355 |
| 16390 | F5, Inc.\* | 4742119 |
| 64000 | Fox Corp. Class A | 3737600 |
| 129400 | Gen Digital, Inc. | 2436602 |
| 7377 | InterDigital, Inc.<sup>(a)</sup> <br>| 2227854 |
| 95800 | Lyft, Inc. Class A\*<sup>(a)</sup> <br>| 1274140 |
| 82500 | Maplebear, Inc.\* | 3090450 |
| 67800 | Match Group, Inc. | 2082138 |
| 11700 | Nexstar Media Group, Inc. | 2115711 |
| 67510 | Roku, Inc.\* | 6387796 |
| 60300 | Sirius XM Holdings, Inc.<sup>(a)</sup> <br>| 1391724 |
| 77353 | TripAdvisor, Inc.\*<sup>(a)</sup> <br>| 824583 |
| 120800 | Upwork, Inc.\*<sup>(a)</sup> <br>| 1323968 |
| 37400 | Yelp, Inc.\*<sup>(a)</sup> <br>| 925276 |
| 39000 | Ziff Davis, Inc.\*<sup>(a)</sup> <br>| 1636440 |
|  |  | 51168747 |
|  | **Consumer, Cyclical — 13.6%** | **Consumer, Cyclical — 13.6%** |
| 33100 | Allison Transmission Holdings, Inc. | 3874686 |
| 149210 | Amer Sports, Inc.\* | 4911993 |
| 32200 | Autoliv, Inc. | 3386152 |
| 5400 | AutoNation, Inc.\* | 1054404 |
| 189898 | BJ's Wholesale Club Holdings, Inc.\* | 18689761 |
| 89400 | Bloomin' Brands, Inc. | 482760 |
| 76000 | BorgWarner, Inc. | 4123760 |
| 18786 | Brunswick Corp. | 1366869 |
| 27444 | Burlington Stores, Inc.\* | 8929729 |

---

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, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| 15900 | Carter's, Inc. | 568584 |
| 5881 | Casey's General Stores, Inc. | 4280545 |
| 16989 | Cavco Industries, Inc.\* | 8227603 |
| 51100 | Churchill Downs, Inc. | 4590313 |
| 25900 | Crocs, Inc.\*<sup>(a)</sup> <br>| 2150218 |
| 50547 | Dorman Products, Inc.\* | 5275085 |
| 66240 | Dutch Bros, Inc. Class A\*<sup>(a)</sup> <br>| 3355718 |
| 106600 | Gap, Inc. | 2579720 |
| 73400 | Garrett Motion, Inc. | 1333678 |
| 102000 | Goodyear Tire & Rubber Co.\* | 676260 |
| 20678 | Group 1 Automotive, Inc. | 6836767 |
| 79000 | Harley-Davidson, Inc. | 1597380 |
| 41100 | Haverty Furniture Cos., Inc. | 870498 |
| 11940 | Installed Building Products, Inc. | 3165891 |
| 14500 | Jack in the Box, Inc.\*<sup>(a)</sup> <br>| 140215 |
| 61300 | La-Z-Boy, Inc. | 1970182 |
| 37372 | LCI Industries | 4596009 |
| 286852 | Levi Strauss & Co. Class A | 5303893 |
| 37636 | LGI Homes, Inc.\* | 1487751 |
| 105718 | Life Time Group Holdings, Inc.\* | 2848043 |
| 22756 | Lithia Motors, Inc. | 5682628 |
| 84781 | LKQ Corp.<sup>(a)</sup> <br>| 2490018 |
| 94700 | Macy's, Inc. | 1713123 |
| 138500 | Mattel, Inc.\* | 2012405 |
| 39300 | MGM Resorts International\* | 1454493 |
| 158700 | MillerKnoll, Inc. | 2294802 |
| 14079 | Murphy USA, Inc. | 6954604 |
| 67263 | National Vision Holdings, Inc.\*<sup>(a)</sup> <br>| 1742112 |
| 14874 | Ollie's Bargain Outlet Holdings, Inc.\* | 1369003 |
| 29300 | Phinia, Inc. | 2005292 |
| 71397 | Planet Fitness, Inc. Class A\* | 5310509 |
| 11927 | Pool Corp. | 2413190 |
| 22565 | PriceSmart, Inc. | 3396033 |
| 33000 | PulteGroup, Inc. | 3881130 |
| 68362 | Pursuit Attractions & Hospitality, Inc.\* | 2504100 |
| 31600 | PVH Corp. | 2204416 |
| 71683 | Red Rock Resorts, Inc. Class A | 3825005 |
| 81900 | Sally Beauty Holdings, Inc.\* | 1134315 |
| 36400 | ScanSource, Inc.\* | 1321320 |
| 50610 | SharkNinja, Inc.\* | 5359599 |
| 15300 | Signet Jewelers Ltd. | 1294992 |
| 48684 | SiteOne Landscape Supply, Inc.\* | 6480327 |
| 91930 | Tapestry, Inc. | 12972242 |
| 57558 | Texas Roadhouse, Inc. | 9505128 |
| 28800 | Toll Brothers, Inc. | 3930336 |
| 44000 | Travel & Leisure Co. | 3044360 |
| 83200 | Tri Pointe Homes, Inc.\* | 3887936 |
| 20522 | UniFirst Corp. | 5163130 |
| 33800 | United Airlines Holdings, Inc.\* | 3111966 |

---

2See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| 100290 | United Parks & Resorts, Inc.\*<sup>(a)</sup> <br>| 3275471 |
| 24798 | Vail Resorts, Inc.<sup>(a)</sup> <br>| 3182079 |
| 14144 | VSE Corp. | 2608154 |
| 5081 | WESCO International, Inc. | 1390263 |
| 43280 | Wynn Resorts Ltd. | 4395084 |
|  |  | 231984032 |
|  | **Consumer, Non-cyclical — 21.6%** | **Consumer, Non-cyclical — 21.6%** |
| 39680 | Abivax SA, ADR\* | 4418368 |
| 59400 | ABM Industries, Inc. | 2288088 |
| 157500 | ACCO Brands Corp. | 472500 |
| 163040 | Adaptive Biotechnologies Corp.\* | 2262995 |
| 338400 | ADT, Inc. | 2223288 |
| 62740 | Affirm Holdings, Inc.\* | 2874747 |
| 256500 | Albertsons Cos., Inc. Class A | 4370760 |
| 11500 | Align Technology, Inc.\* | 1971445 |
| 80724 | Alignment Healthcare, Inc.\* | 1422357 |
| 65380 | Alkermes PLC\* | 2311837 |
| 342011 | API Group Corp.\* | 13858286 |
| 75367 | Ascendis Pharma AS, ADR\* | 17238694 |
| 65000 | Baxter International, Inc.<sup>(a)</sup> <br>| 1092000 |
| 116573 | BellRing Brands, Inc.\* | 1875660 |
| 60654 | BioMarin Pharmaceutical, Inc.\* | 3426344 |
| 16434 | Bio-Rad Laboratories, Inc. Class A\*<sup>(a)</sup> <br>| 4580977 |
| 76962 | Bio-Techne Corp. | 4022034 |
| 32996 | Bridgebio Pharma, Inc.\* | 2450283 |
| 49735 | BrightSpring Health Services, Inc.\* | 2119208 |
| 14800 | Brink's Co. | 1533724 |
| 43005 | Cal-Maine Foods, Inc.<sup>(a)</sup> <br>| 3403846 |
| 123010 | Celsius Holdings, Inc.\* | 4364395 |
| 9157 | Charles River Laboratories International, Inc.\* | 1579582 |
| 3221 | Chemed Corp. | 1216701 |
| 17212 | Colliers International Group, Inc. | 1839791 |
| 52900 | Conagra Brands, Inc. | 831588 |
| 88962 | Cooper Cos., Inc.\* | 6360783 |
| 388708 | CoreCivic, Inc.\* | 7350468 |
| 80478 | Crinetics Pharmaceuticals, Inc.\* | 2922961 |
| 13600 | DaVita, Inc.\* | 2090184 |
| 60000 | Deluxe Corp. | 1652400 |
| 142804 | Dole PLC | 2040669 |
| 137038 | Embecta Corp.<sup>(a)</sup> <br>| 1211416 |
| 57220 | Enovis Corp.\* | 1301755 |
| 126500 | Exelixis, Inc.\* | 5425585 |
| 79500 | Fresh Del Monte Produce, Inc. | 3200670 |
| 31850 | GeneDx Holdings Corp.\* | 2045407 |
| 29044 | Glaukos Corp.\* | 3126877 |
| 76112 | Globus Medical, Inc. Class A\* | 6557810 |
| 29739 | Grand Canyon Education, Inc.\* | 5056522 |
| 36070 | Guardant Health, Inc.\* | 3331786 |

---

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, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| 44200 | H&R Block, Inc. | 1402908 |
| 58738 | Haemonetics Corp.\* | 3310474 |
| 92689 | Halozyme Therapeutics, Inc.\* | 5990490 |
| 74800 | Harmony Biosciences Holdings, Inc.\* | 2095148 |
| 28783 | HealthEquity, Inc.\* | 2405395 |
| 65700 | Herbalife Ltd.\* | 967104 |
| 17928 | ICON PLC\* | 1983912 |
| 27634 | ICU Medical, Inc.\* | 3568931 |
| 56200 | Incyte Corp.\* | 5289544 |
| 58200 | Indivior Pharmaceuticals, Inc.\* | 1773936 |
| 34000 | Ingles Markets, Inc. Class A | 3056260 |
| 35900 | Ingredion, Inc. | 4044494 |
| 119542 | Insmed, Inc.\* | 19547508 |
| 51109 | Integer Holdings Corp.\*<sup>(a)</sup> <br>| 4497592 |
| 52526 | Ionis Pharmaceuticals, Inc.\* | 3944177 |
| 12962 | IRhythm Holdings, Inc.\* | 1529775 |
| 20500 | J.M. Smucker Co. | 1977020 |
| 88940 | Jazz Pharmaceuticals PLC\* | 16814107 |
| 96721 | Laureate Education, Inc.\* | 3369760 |
| 55218 | Legence Corp. Class A\*<sup>(a)</sup> <br>| 3117608 |
| 101206 | Legend Biotech Corp., ADR\* | 1830817 |
| 193729 | LifeStance Health Group, Inc.\* | 1234054 |
| 33000 | ManpowerGroup, Inc. | 972180 |
| 23896 | Marzetti Co. | 3305534 |
| 9920 | Masimo Corp.\* | 1764470 |
| 12788 | Medpace Holdings, Inc.\* | 6140670 |
| 85900 | Molson Coors Beverage Co. Class B | 3698854 |
| 55669 | Natera, Inc.\* | 11133243 |
| 68898 | Neurocrine Biosciences, Inc.\* | 9076623 |
| 67140 | Newamsterdam Pharma Co. NV\*<sup>(a)</sup> <br>| 2149151 |
| 195610 | Nomad Foods Ltd. | 1879812 |
| 258400 | Organon & Co.<sup>(a)</sup> <br>| 1547816 |
| 41360 | Paylocity Holding Corp.\* | 4468534 |
| 78472 | Perdoceo Education Corp. | 2919943 |
| 86522 | Performance Food Group Co.\* | 7411475 |
| 120006 | Privia Health Group, Inc.\* | 2468523 |
| 52100 | PROG Holdings, Inc. | 1494749 |
| 21493 | PTC Therapeutics, Inc.\* | 1464318 |
| 123960 | Rentokil Initial PLC, ADR<sup>(a)</sup> <br>| 3902261 |
| 17173 | Repligen Corp.\* | 2023323 |
| 39980 | Revolution Medicines, Inc.\* | 3888055 |
| 55538 | Rhythm Pharmaceuticals, Inc.\* | 4830140 |
| 102696 | Simply Good Foods Co.\* | 1473688 |
| 116268 | Smith & Nephew PLC, ADR<sup>(a)</sup> <br>| 3694997 |
| 28538 | Sprouts Farmers Market, Inc.\* | 2201136 |
| 6668 | Stevanato Group SpA | 91685 |
| 183108 | Tandem Diabetes Care, Inc.\* | 3510180 |
| 31614 | Teleflex, Inc. | 3781351 |
| 14000 | Tenet Healthcare Corp.\* | 2641940 |

---

4See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| 102970 | Toast, Inc. Class A\* | 2729735 |
| 34716 | Travere Therapeutics, Inc.\* | 1031412 |
| 7100 | United Therapeutics Corp.\* | 4210158 |
| 14100 | Universal Health Services, Inc. Class B | 2523477 |
| 68561 | Universal Technical Institute, Inc.\*<sup>(a)</sup> <br>| 2475052 |
| 61200 | Upbound Group, Inc. | 1104660 |
| 147419 | Varex Imaging Corp.\* | 1564116 |
| 105580 | Vaxcyte, Inc.\* | 6135254 |
| 112001 | Vericel Corp.\* | 3603072 |
| 129151 | Verra Mobility Corp.\* | 1845568 |
| 168200 | Viatris, Inc. | 2272382 |
| 21252 | WEX, Inc.\*<sup>(a)</sup> <br>| 3252406 |
| 118770 | WillScot Holdings Corp.<sup>(a)</sup> <br>| 2061847 |
| 38660 | Xenon Pharmaceuticals, Inc.\* | 2248079 |
|  |  | 368467674 |
|  | **Energy — 4.4%** | **Energy — 4.4%** |
| 107637 | Antero Resources Corp.\* | 4568114 |
| 99000 | APA Corp. | 4201560 |
| 23000 | Chord Energy Corp. | 3270140 |
| 26800 | CNX Resources Corp.\* | 1033140 |
| 88194 | Delek U.S. Holdings, Inc. | 3974904 |
| 162949 | DNOW, Inc.\* | 1940723 |
| 108929 | Flowco Holdings, Inc. Class A | 2243937 |
| 103089 | HF Sinclair Corp. | 6431723 |
| 77419 | Innovex International, Inc.\* | 1888249 |
| 276982 | Magnolia Oil & Gas Corp. Class A | 8744322 |
| 165538 | Matador Resources Co. | 10458691 |
| 37800 | Murphy Oil Corp. | 1559250 |
| 117500 | NOV, Inc. | 2210175 |
| 108846 | Ovintiv, Inc. | 6461099 |
| 26691 | Par Pacific Holdings, Inc.\* | 1671924 |
| 440294 | Permian Resources Corp. Class A | 9387068 |
| 134852 | SunCoke Energy, Inc. | 877886 |
| 71830 | TechnipFMC PLC | 4965608 |
|  |  | 75888513 |
|  | **Financial — 17.0%** | **Financial — 17.0%** |
| 57513 | Agree Realty Corp., REIT | 4335330 |
| 40400 | Ally Financial, Inc. | 1584892 |
| 64200 | American Assets Trust, Inc., REIT | 1181922 |
| 31860 | American International Group, Inc. | 2397465 |
| 44750 | Annaly Capital Management, Inc., REIT | 946463 |
| 107000 | Apple Hospitality REIT, Inc., REIT | 1231570 |
| 60900 | ARES Capital Corp.<sup>(a)</sup> <br>| 1097418 |
| 84400 | Associated Banc-Corp. | 2182584 |
| 26035 | Assurant, Inc. | 5670683 |
| 72472 | Assured Guaranty Ltd. | 5905019 |
| 152766 | Atlantic Union Bankshares Corp. | 5459857 |

---

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, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 58781 | Axis Capital Holdings Ltd. | 5960981 |
| 34376 | Axos Financial, Inc.\*<sup>(a)</sup> <br>| 2925054 |
| 109100 | Banc of California, Inc. | 1917978 |
| 51800 | Bank of NT Butterfield & Son Ltd. | 2718464 |
| 61000 | Blue Owl Capital Corp.<sup>(a)</sup> <br>| 674660 |
| 177700 | Brandywine Realty Trust, REIT | 481567 |
| 44000 | Brixmor Property Group, Inc., REIT | 1267200 |
| 83300 | Broadstone Net Lease, Inc., REIT | 1521891 |
| 19000 | Burke & Herbert Financial Services Corp. | 1183510 |
| 6897 | C&F Financial Corp. | 503067 |
| 31000 | Cathay General Bancorp | 1545660 |
| 59900 | Chimera Investment Corp., REIT | 751745 |
| 67300 | Citizens Financial Group, Inc. | 4035981 |
| 56655 | CNA Financial Corp.<sup>(a)</sup> <br>| 2601598 |
| 129300 | CNO Financial Group, Inc. | 5309058 |
| 24453 | Community Trust Bancorp, Inc. | 1484786 |
| 85780 | Core Scientific, Inc.\*<sup>(a)</sup> <br>| 1283269 |
| 39800 | Corebridge Financial, Inc. | 949628 |
| 39009 | Cullen/Frost Bankers, Inc. | 5347354 |
| 22600 | EastGroup Properties, Inc., REIT | 4183034 |
| 19849 | Enova International, Inc.\* | 2696090 |
| 59300 | EPR Properties, REIT | 2962628 |
| 29500 | Equitable Holdings, Inc. | 1094745 |
| 24300 | Essent Group Ltd. | 1420092 |
| 65600 | Federated Hermes, Inc. | 3720176 |
| 106500 | Fidelis Insurance Holdings Ltd. | 2035215 |
| 90100 | First BanCorp | 1924536 |
| 62100 | First Busey Corp. | 1569267 |
| 63800 | First Commonwealth Financial Corp. | 1121604 |
| 207300 | First Horizon Corp. | 4718148 |
| 96000 | FNB Corp. | 1605120 |
| 632292 | Genworth Financial, Inc.\* | 5134211 |
| 91504 | Glacier Bancorp, Inc. | 4087484 |
| 58870 | Globe Life, Inc. | 8192938 |
| 25630 | Hamilton Lane, Inc. Class A | 2547622 |
| 28700 | Hancock Whitney Corp. | 1825033 |
| 106812 | Hanmi Financial Corp. | 2815564 |
| 162567 | Healthpeak Properties, Inc., REIT | 2670976 |
| 75500 | Highwoods Properties, Inc., REIT | 1616455 |
| 83300 | Hope Bancorp, Inc. | 930461 |
| 197400 | Host Hotels & Resorts, Inc., REIT | 3782184 |
| 23398 | Howard Hughes Holdings, Inc.\* | 1480157 |
| 63380 | Independent Bank Corp. | 2110554 |
| 64000 | Industrial Logistics Properties Trust, REIT | 363520 |
| 20550 | Jackson Financial, Inc. Class A | 2172546 |
| 39267 | Jefferies Financial Group, Inc. | 1620549 |
| 19940 | Jones Lang LaSalle, Inc.\* | 6068141 |
| 272984 | KeyCorp | 5473329 |
| 44400 | Kilroy Realty Corp., REIT | 1252524 |

---

6See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 12869 | Kinsale Capital Group, Inc.<sup>(a)</sup> <br>| 4396823 |
| 56600 | Kite Realty Group Trust, REIT | 1389530 |
| 36800 | Lincoln National Corp. | 1306400 |
| 23263 | LPL Financial Holdings, Inc. | 6998208 |
| 75448 | McGrath RentCorp | 8320405 |
| 135300 | MGIC Investment Corp. | 3551625 |
| 37747 | Mid-America Apartment Communities, Inc., REIT | 4609664 |
| 66400 | Navient Corp. | 543152 |
| 199800 | New Mountain Finance Corp.<sup>(a)</sup> <br>| 1550448 |
| 81808 | OceanFirst Financial Corp. | 1475816 |
| 54000 | OFG Bancorp | 2184840 |
| 60400 | Old Republic International Corp. | 2409960 |
| 16400 | OneMain Holdings, Inc. | 877236 |
| 89300 | Outfront Media, Inc., REIT | 2366450 |
| 195700 | Piedmont Realty Trust, Inc., REIT\* | 1285749 |
| 46070 | Pinnacle Financial Partners, Inc. | 3968470 |
| 90124 | Piper Sandler Cos. | 6898992 |
| 25500 | Popular, Inc. | 3421335 |
| 129575 | Radian Group, Inc. | 4286341 |
| 72100 | Regions Financial Corp. | 1883252 |
| 14459 | Reinsurance Group of America, Inc. | 2951949 |
| 161504 | Ridgepost Capital, Inc. Class A<sup>(a)</sup> <br>| 1172519 |
| 106890 | Riot Platforms, Inc.\* | 1321160 |
| 62600 | Sabra Health Care REIT, Inc., REIT | 1203798 |
| 104400 | Service Properties Trust, REIT | 141462 |
| 110398 | Stifel Financial Corp. | 8160620 |
| 25081 | StoneX Group, Inc.\* | 2022783 |
| 34509 | Sun Communities, Inc., REIT | 4346754 |
| 47400 | Synchrony Financial | 3224148 |
| 42685 | UMB Financial Corp. | 4814441 |
| 20100 | Universal Insurance Holdings, Inc. | 686616 |
| 72000 | Unum Group | 5258160 |
| 127700 | Valley National Bancorp | 1568156 |
| 48700 | Victory Capital Holdings, Inc. Class A<sup>(a)</sup> <br>| 3188876 |
| 106897 | Voya Financial, Inc. | 7303203 |
| 129900 | Western Union Co.<sup>(a)</sup> <br>| 1134027 |
| 4948 | White Mountains Insurance Group Ltd. | 10870558 |
| 41610 | Wintrust Financial Corp. | 5781293 |
| 54300 | Zions Bancorp NA | 3128766 |
|  |  | 289655542 |
|  | **Government — 0.2%** | **Government — 0.2%** |
| 58816 | Banco Latinoamericano de Comercio Exterior SA | 3004321 |
|  | **Industrial — 24.5%** | **Industrial — 24.5%** |
| 8497 | Advanced Drainage Systems, Inc. | 1165194 |
| 43787 | Advanced Energy Industries, Inc. | 14130503 |
| 27100 | AGCO Corp. | 3140077 |
| 27489 | Allegion PLC | 3993877 |

---

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, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| 42100 | Apogee Enterprises, Inc. | 1412034 |
| 21133 | Applied Industrial Technologies, Inc. | 5607008 |
| 53617 | AptarGroup, Inc. | 6756814 |
| 12707 | Armstrong World Industries, Inc. | 2094114 |
| 20900 | Arrow Electronics, Inc.\* | 2997269 |
| 21631 | ATI, Inc.\* | 3146445 |
| 24600 | Atkore, Inc. | 1449186 |
| 12468 | Axon Enterprise, Inc.\* | 5295035 |
| 31970 | Bloom Energy Corp. Class A\* | 4331615 |
| 21600 | Boise Cascade Co. | 1638360 |
| 21480 | BWX Technologies, Inc. | 4392445 |
| 16349 | Casella Waste Systems, Inc. Class A\*<sup>(a)</sup> <br>| 1297130 |
| 24790 | CH Robinson Worldwide, Inc. | 4116875 |
| 15144 | Clean Harbors, Inc.\* | 4342239 |
| 250621 | CNH Industrial NV | 2756831 |
| 93324 | Cognex Corp. | 4571943 |
| 33504 | Coherent Corp.\* | 7980988 |
| 24972 | Comfort Systems USA, Inc. | 34436138 |
| 19000 | Covenant Logistics Group, Inc. | 515850 |
| 13753 | Crane Co. | 2351763 |
| 5106 | Curtiss-Wright Corp. | 3477799 |
| 26806 | Eagle Materials, Inc. | 5078397 |
| 91200 | Energizer Holdings, Inc.<sup>(a)</sup> <br>| 1497504 |
| 33600 | EnerSys | 5836992 |
| 60735 | Entegris, Inc. | 7120571 |
| 18443 | Esab Corp. | 1782700 |
| 10957 | Fabrinet\* | 5714295 |
| 78316 | Federal Signal Corp. | 8469092 |
| 34000 | Flex Ltd.\* | 2225640 |
| 38820 | Flowserve Corp. | 2853658 |
| 58280 | FTAI Aviation Ltd. | 14278600 |
| 324949 | Gates Industrial Corp. PLC\* | 7347097 |
| 15262 | Generac Holdings, Inc.\* | 2981126 |
| 28200 | Greenbrier Cos., Inc. | 1484730 |
| 20800 | Griffon Corp. | 1511744 |
| 152930 | GXO Logistics, Inc.\* | 7929421 |
| 29981 | Hexcel Corp. | 2426362 |
| 49204 | Hub Group, Inc. Class A | 1773312 |
| 13357 | Huntington Ingalls Industries, Inc. | 5074324 |
| 24700 | IDEX Corp. | 4681885 |
| 63897 | ITT, Inc. | 12174295 |
| 57269 | Jabil, Inc. | 15212365 |
| 60055 | James Hardie Industries PLC\* | 1137442 |
| 177721 | Janus International Group, Inc.\* | 915263 |
| 32096 | Karman Holdings, Inc.\*<sup>(a)</sup> <br>| 2569285 |
| 41400 | Kennametal, Inc. | 1495782 |
| 42990 | Kratos Defense & Security Solutions, Inc.\* | 3031225 |
| 53091 | Leonardo DRS, Inc. | 2363611 |
| 41624 | Lincoln Electric Holdings, Inc. | 10367706 |

---

8See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| 25634 | Loar Holdings, Inc.\*<sup>(a)</sup> <br>| 1468572 |
| 14330 | MasTec, Inc.\* | 4610534 |
| 93317 | Mirion Technologies, Inc.\* | 1734763 |
| 14700 | Mohawk Industries, Inc.\* | 1447362 |
| 25775 | Moog, Inc. Class A | 7542796 |
| 19200 | Mueller Industries, Inc. | 2127360 |
| 26885 | Nordson Corp. | 7153023 |
| 45829 | Novanta, Inc.\*<sup>(a)</sup> <br>| 5412863 |
| 64000 | O-I Glass, Inc.\* | 672640 |
| 40700 | Oshkosh Corp. | 5991447 |
| 58487 | Owens Corning | 6329463 |
| 17650 | Packaging Corp. of America | 3745683 |
| 15257 | Powell Industries, Inc. | 8255258 |
| 22292 | RBC Bearings, Inc.\* | 12107231 |
| 20250 | Regal Rexnord Corp. | 3792015 |
| 109280 | Rocket Lab Corp.\* | 7017962 |
| 32200 | Ryder System, Inc. | 6591662 |
| 10000 | Sanmina Corp.\* | 1296400 |
| 118265 | Schneider National, Inc. Class B | 3117465 |
| 41700 | Scorpio Tankers, Inc. | 3113322 |
| 22142 | Simpson Manufacturing Co., Inc. | 3800010 |
| 57900 | Sonoco Products Co. | 3131811 |
| 34215 | SPX Technologies, Inc.\* | 6840947 |
| 11164 | Sterling Infrastructure, Inc.\* | 4546762 |
| 41588 | TD SYNNEX Corp. | 7016312 |
| 64900 | Textron, Inc. | 5682644 |
| 3069 | TopBuild Corp.\* | 1078140 |
| 38580 | Trimble, Inc.\* | 2516573 |
| 32806 | UFP Industries, Inc. | 3022089 |
| 175085 | Vontier Corp. | 6210265 |
| 15620 | Woodward, Inc. | 5590710 |
| 75700 | World Kinect Corp. | 1746399 |
| 42908 | Worthington Enterprises, Inc. | 2237223 |
| 26320 | XPO, Inc.\* | 5120556 |
|  |  | 418800218 |
|  | **Technology — 7.6%** | **Technology — 7.6%** |
| 5606 | ACM Research, Inc. Class A\* | 220596 |
| 93076 | Allegro MicroSystems, Inc.\* | 2934686 |
| 44000 | Amdocs Ltd. | 2871440 |
| 27500 | Amkor Technology, Inc. | 1238325 |
| 7176 | Appfolio, Inc. Class A\* | 1132516 |
| 34180 | Astera Labs, Inc.\* | 3746128 |
| 8082 | CACI International, Inc. Class A\* | 4395557 |
| 44700 | Cirrus Logic, Inc.\* | 6464514 |
| 24511 | Descartes Systems Group, Inc.\* | 1754007 |
| 145200 | Dropbox, Inc. Class A\* | 3298944 |
| 115750 | Dynatrace, Inc.\* | 4280435 |
| 58661 | Everpure, Inc. Class A\* | 3463346 |

---

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, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** | **Technology — continued** |
| 72200 | Genpact Ltd. | 2689450 |
| 9493 | Guidewire Software, Inc.\* | 1419773 |
| 42799 | Hinge Health, Inc. Class A\* | 1650330 |
| 19262 | HubSpot, Inc.\* | 4701854 |
| 30300 | LiveRamp Holdings, Inc.\* | 803556 |
| 57534 | MACOM Technology Solutions Holdings, Inc.\* | 12776575 |
| 15868 | Manhattan Associates, Inc.\* | 2112348 |
| 29043 | Maximus, Inc. | 1861656 |
| 55590 | Microchip Technology, Inc. | 3591670 |
| 40323 | MKS, Inc. | 9266629 |
| 54993 | nCino, Inc.\* | 823795 |
| 21700 | NCR Atleos Corp.\* | 945686 |
| 90200 | NetScout Systems, Inc.\* | 2867458 |
| 7681 | Nova Ltd.\*<sup>(a)</sup> <br>| 3335705 |
| 23227 | Paycom Software, Inc. | 2823010 |
| 72800 | Photronics, Inc.\* | 2941848 |
| 171700 | Pitney Bowes, Inc. | 1897285 |
| 37200 | Planet Labs PBC\* | 1039740 |
| 26897 | Power Integrations, Inc.<sup>(a)</sup> <br>| 1377126 |
| 82187 | Procore Technologies, Inc.\* | 4684659 |
| 37800 | Qorvo, Inc.\* | 2925720 |
| 28064 | Rambus, Inc.\* | 2414346 |
| 110240 | Rigetti Computing, Inc.\* | 1547770 |
| 61700 | RingCentral, Inc. Class A<sup>(a)</sup> <br>| 2294623 |
| 274435 | SailPoint, Inc.\*<sup>(a)</sup> <br>| 3633519 |
| 163650 | Samsara, Inc. Class A\* | 5186069 |
| 42878 | Science Applications International Corp. | 4069980 |
| 33366 | Semtech Corp.\* | 2565512 |
| 10441 | Silicon Laboratories, Inc.\* | 2173294 |
| 41900 | Skyworks Solutions, Inc. | 2243745 |
| 18108 | Workiva, Inc.\* | 1079780 |
| 191700 | ZoomInfo Technologies, Inc.\*<sup>(a)</sup> <br>| 1146366 |
|  |  | 130691371 |
|  | **Utilities — 1.8%** | **Utilities — 1.8%** |
| 48388 | IDACORP, Inc. | 6918032 |
| 181742 | MDU Resources Group, Inc. | 3765694 |
| 24700 | National Fuel Gas Co. | 2320812 |
| 27042 | Northwestern Energy Group, Inc. | 1783150 |
| 85194 | Portland General Electric Co. | 4495688 |
| 37740 | Southwest Gas Holdings, Inc. | 3279606 |
| 10652 | Talen Energy Corp.\* | 3400438 |
| 123693 | UGI Corp. | 4504899 |
|  |  | 30468319 |
|  | TOTAL COMMON STOCKS (COST $1,418,637,388) | 1642363910 |

---

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

10See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value ($)**  | **Description** | **Value ($)** |
|  | **Short-Term Investment — 0.4%** | **Short-Term Investment — 0.4%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.4%** | **Mutual Fund - Securities Lending Collateral — 0.4%** |
| 6193268 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.68%<sup>(b)(c)</sup> <br>| 6193268 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $6,193,268) | 6193268 |
|  | **TOTAL INVESTMENTS — 96.6**% <br>(Cost $1,424,830,656)<br>| 1648557178 |
|  | Other Assets and Liabilities (net) — 3.4% | 58539467 |
|  | **NET ASSETS — 100.0%** | **$1707096645** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | The rate disclosed is the 7-day net yield as of March 31, 2026. |
| (c) | Represents an investment of securities lending cash collateral. |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 143 | Russell 2000 E-mini Index | Jun 2026 | &nbsp;&nbsp; $17962230 | &nbsp;&nbsp; $110331 |
| 57 | S&P Mid 400 E-mini Index | Jun 2026 | &nbsp;&nbsp; 19360050 | &nbsp;&nbsp; 185166 |
|  |  |  |  | &nbsp;&nbsp; $295497 |

---

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

---

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

---

See accompanying Notes to the Financial Statements.

------

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

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| **Asset Class Summary** | **% of Net Assets** |
| Common Stocks | 96.2 |
| Futures Contracts | 0.0\* |
| Short-Term Investment | 0.4 |
| Other Assets and Liabilities (net) | 3.4 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

12See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**March 31, 2026**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 90.5%** | **COMMON STOCKS — 90.5%** |
|  | **Australia — 0.1%** | **Australia — 0.1%** |
| 19628 | Anglogold Ashanti PLC | 1946813 |
|  | **Brazil — 5.7%** | **Brazil — 5.7%** |
| 81600 | Allos SA | 474103 |
| 1482200 | Ambev SA | 4328565 |
| 317400 | Axia Energia | 3559388 |
| 2487300 | B3 SA - Brasil Bolsa Balcao | 8764220 |
| 124700 | Banco Bradesco SA | 399034 |
| 641000 | Banco do Brasil SA | 2823275 |
| 67200 | BB Seguridade Participacoes SA | 447961 |
| 167700 | Caixa Seguridade Participacoes SA | 589300 |
| 69300 | Cia Paranaense de Energia - Copel | 204770 |
| 19473 | Cia Paranaense de Energia - Copel, ADR<sup>(a)</sup> <br>| 232508 |
| 54700 | CPFL Energia SA | 510762 |
| 869948 | Dexco SA\* | 784660 |
| 585100 | EcoRodovias Infraestrutura e Logistica SA | 944550 |
| 198684 | Itau Unibanco Holding SA, ADR | 1664972 |
| 111620 | Lojas Renner SA | 319772 |
| 38300 | MBRF Global Foods Co. SA | 158717 |
| 4383 | MercadoLibre, Inc.\* | 7578295 |
| 1859200 | Natura Cosmeticos SA\* | 3717011 |
| 141148 | NU Holdings Ltd. Class A \* | 2028297 |
| 161651 | Pagseguro Digital Ltd. Class A  | 1619743 |
| 340839 | Petroleo Brasileiro SA - Petrobras, ADR | 7072409 |
| 261338 | Petroleo Brasileiro SA - Petrobras, Preferred ADR | 4900088 |
| 63400 | PRIO SA\* | 803860 |
| 522746 | Raia Drogasil SA | 2355483 |
| 1336300 | Sendas Distribuidora SA | 2425937 |
| 5245 | StoneCo Ltd. Class A \* | 74059 |
| 136276 | Telefonica Brasil SA, ADR<sup>(a)</sup> <br>| 2168151 |
| 40901 | TIM SA, ADR<sup>(a)</sup> <br>| 1083468 |
| 204200 | TOTVS SA | 1366300 |
| 62500 | Ultrapar Participacoes SA | 343741 |
| 185600 | Vale SA | 2931527 |
| 381295 | Vale SA, ADR | 6066403 |
| 27500 | Vibra Energia SA | 166518 |
| 291700 | WEG SA | 2849437 |
| 60723 | XP, Inc. Class A  | 1156166 |
|  |  | 76913450 |
|  | **Canada — 0.3%** | **Canada — 0.3%** |
| 16180 | Franco-Nevada Corp. | 3997269 |
|  | **Chile — 0.7%** | **Chile — 0.7%** |
| 12346 | Banco de Credito e Inversiones SA | 793351 |
| 5577768 | Enel Chile SA | 427065 |
| 225291 | Falabella SA | 1368091 |
| 18970 | Latam Airlines Group SA, ADR | 937877 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Chile — continued** | **Chile — continued** |
| 70669 | Plaza SA | 298355 |
| 73630 | Sociedad Quimica y Minera de Chile SA, ADR\* | 5959612 |
|  |  | 9784351 |
|  | **China — 23.1%** | **China — 23.1%** |
| 362000 | 37 Interactive Entertainment Network Technology Group Co. Ltd. Class A  | 1145276 |
| 134500 | 3SBio, Inc. 144A | 395549 |
| 29090 | ACM Research Shanghai, Inc. Class A  | 607849 |
| 12887 | Advanced Micro-Fabrication Equipment, Inc. China Class A  | 581212 |
| 399600 | Agricultural Bank of China Ltd. Class A  | 386866 |
| 4404800 | Agricultural Bank of China Ltd. Class H  | 3166314 |
| 113000 | Airtac International Group | 3578302 |
| 1495391 | Alibaba Group Holding Ltd. | 23544225 |
| 61200 | Aluminum Corp. of China Ltd. Class A  | 102525 |
| 130000 | Aluminum Corp. of China Ltd. Class H  | 189344 |
| 54933 | Amlogic Shanghai Co. Ltd. Class A \* | 636572 |
| 635000 | AviChina Industry & Technology Co. Ltd. Class H <sup>(a)</sup> <br>| 270710 |
| 204050 | Baidu, Inc. Class A \* | 2837129 |
| 119400 | Bank of Beijing Co. Ltd. Class A  | 95380 |
| 167900 | Bank of China Ltd. Class A  | 142603 |
| 6481000 | Bank of China Ltd. Class H  | 4172165 |
| 187600 | Bank of Communications Co. Ltd. Class A  | 190577 |
| 684000 | Bank of Communications Co. Ltd. Class H  | 623396 |
| 1002600 | Bank of Jiangsu Co. Ltd. Class A  | 1587693 |
| 1164137 | Bank of Shanghai Co. Ltd. Class A  | 1673810 |
| 88000 | Beijing Enterprises Holdings Ltd. | 339834 |
| 1222669 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A  | 2730517 |
| 68800 | Bilibili, Inc. Class Z \*<sup>(a)</sup> <br>| 1551521 |
| 193700 | BYD Co. Ltd. Class A  | 2961263 |
| 95400 | BYD Co. Ltd. Class H  | 1308142 |
| 1213000 | China CITIC Bank Corp. Ltd. Class H  | 1227202 |
| 384000 | China Communications Services Corp. Ltd. Class H  | 208036 |
| 94700 | China Construction Bank Corp. Class A  | 132168 |
| 8674600 | China Construction Bank Corp. Class H  | 9422658 |
| 222500 | China Everbright Bank Co. Ltd. Class A  | 103629 |
| 1283000 | China Everbright Bank Co. Ltd. Class H <sup>(a)</sup> <br>| 498091 |
| 1355000 | China Feihe Ltd.<sup>(a)</sup> 144A | 602077 |
| 264000 | China Galaxy Securities Co. Ltd. Class H  | 268221 |
| 341500 | China Jushi Co. Ltd. Class A  | 1218661 |
| 869000 | China Lesso Group Holdings Ltd. | 560215 |
| 971000 | China Life Insurance Co. Ltd. Class H  | 3102979 |
| 696200 | China Merchants Bank Co. Ltd. Class A  | 3972929 |
| 300000 | China Merchants Bank Co. Ltd. Class H  | 1904945 |
| 86000 | China Merchants Port Holdings Co. Ltd. | 160930 |
| 36400 | China Merchants Securities Co. Ltd. Class A  | 81815 |
| 163200 | China Minsheng Banking Corp. Ltd. Class A  | 90115 |
| 962000 | China National Building Material Co. Ltd. Class H  | 589851 |
| 286000 | China Oilfield Services Ltd. Class H  | 326681 |
| 2722500 | China Overseas Land & Investment Ltd. | 4046098 |

---

14See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 32500 | China Pacific Insurance Group Co. Ltd. Class A  | 175566 |
| 129600 | China Pacific Insurance Group Co. Ltd. Class H  | 532610 |
| 137700 | China Petroleum & Chemical Corp. Class A  | 115185 |
| 3077000 | China Reinsurance Group Corp. Class H  | 580913 |
| 459500 | China Resources Pharmaceutical Group Ltd. 144A | 340692 |
| 28000 | China Shenhua Energy Co. Ltd. Class A  | 187931 |
| 743300 | China State Construction Engineering Corp. Ltd. Class A  | 540836 |
| 55800 | China Taiping Insurance Holdings Co. Ltd. | 147920 |
| 9200 | China Tourism Group Duty Free Corp. Ltd. Class A  | 94487 |
| 601000 | Chongqing Rural Commercial Bank Co. Ltd. Class H  | 527664 |
| 412600 | Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> <br>| 576201 |
| 1374000 | CITIC Ltd. | 2088838 |
| 61700 | CITIC Securities Co. Ltd. Class A  | 215989 |
| 77900 | CMOC Group Ltd. Class A  | 197597 |
| 996000 | CMOC Group Ltd. Class H  | 2092758 |
| 100279 | Contemporary Amperex Technology Co. Ltd. Class A  | 5877695 |
| 61800 | COSCO SHIPPING Holdings Co. Ltd. Class A  | 134624 |
| 779000 | COSCO SHIPPING Holdings Co. Ltd. Class H <sup>(a)</sup> <br>| 1483666 |
| 115300 | CRRC Corp. Ltd. Class A  | 106326 |
| 1062000 | CRRC Corp. Ltd. Class H  | 688424 |
| 464903 | DiDi Global, Inc., ADR\* | 1910751 |
| 164736 | Fiberhome Telecommunication Technologies Co. Ltd. Class A  | 1210789 |
| 33800 | Ganfeng Lithium Group Co. Ltd. Class H 144A | 320795 |
| 8300 | G-bits Network Technology Xiamen Co. Ltd. Class A  | 439122 |
| 1095000 | Geely Automobile Holdings Ltd. | 2954777 |
| 64800 | GF Securities Co. Ltd. Class H  | 120111 |
| 168000 | GoerTek, Inc. Class A  | 549316 |
| 461500 | Great Wall Motor Co. Ltd. Class H  | 735893 |
| 203900 | Gree Electric Appliances, Inc. of Zhuhai Class A  | 1123636 |
| 300000 | Guangdong Investment Ltd. | 302400 |
| 35500 | Guotai Haitong Securities Co. Ltd. | 85740 |
| 180500 | H World Group Ltd. | 911211 |
| 30000 | Haier Smart Home Co. Ltd. Class A  | 93424 |
| 1412800 | Haier Smart Home Co. Ltd. Class H  | 3769965 |
| 23700 | Hangzhou Chang Chuan Technology Co. Ltd. Class A  | 424977 |
| 402171 | Hangzhou Robam Appliances Co. Ltd. Class A  | 1236519 |
| 418000 | Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> 144A | 1901919 |
| 8780 | Hesai Group\* | 166668 |
| 430291 | Hongfa Technology Co. Ltd. Class A  | 1751402 |
| 34500 | Huatai Securities Co. Ltd. Class A  | 89483 |
| 313400 | Huatai Securities Co. Ltd. Class H <sup>(a)</sup> 144A | 596081 |
| 1332490 | Huaxia Bank Co. Ltd. Class A  | 1412774 |
| 469600 | Huayu Automotive Systems Co. Ltd. Class A  | 1312622 |
| 301200 | Industrial & Commercial Bank of China Ltd. Class A  | 333223 |
| 6795000 | Industrial & Commercial Bank of China Ltd. Class H  | 6030660 |
| 278500 | Innovent Biologics, Inc.\* 144A | 3055767 |
| 253050 | JD Health International, Inc.\* 144A | 1549417 |
| 846500 | JD Logistics, Inc.\* 144A | 1490927 |
| 215050 | JD.com, Inc. Class A  | 3172466 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 319000 | Jiangxi Copper Co. Ltd. Class H  | 1417988 |
| 121690 | Kanzhun Ltd., ADR | 1629429 |
| 66800 | Kingsoft Corp. Ltd.<sup>(a)</sup> <br>| 194080 |
| 768500 | Kuaishou Technology 144A | 4526563 |
| 85300 | Legend Holdings Corp. Class H \* 144A | 87852 |
| 1208000 | Lenovo Group Ltd.<sup>(a)</sup> <br>| 1435715 |
| 755500 | Li Ning Co. Ltd. | 2106705 |
| 1454000 | Lonking Holdings Ltd. | 557096 |
| 85926 | Luckin Coffee, Inc., ADR\*<sup>(a)</sup> <br>| 2758225 |
| 148000 | Meitu, Inc.<sup>(a)</sup> 144A | 83057 |
| 458350 | Meituan Class B \* 144A | 4981727 |
| 703612 | Midea Group Co. Ltd. Class A  | 7816411 |
| 32200 | Midea Group Co. Ltd. Class H  | 349501 |
| 832000 | MMG Ltd.\* | 783903 |
| 80024 | Montage Technology Co. Ltd. Class A  | 1497333 |
| 13100 | NetEase Cloud Music, Inc.\*<sup>(a)</sup> 144A | 219418 |
| 163600 | NetEase, Inc. | 3640486 |
| 336400 | New China Life Insurance Co. Ltd. Class H  | 2011550 |
| 255000 | New Oriental Education & Technology Group, Inc. | 1440453 |
| 112500 | Ningxia Baofeng Energy Group Co. Ltd. Class A  | 462178 |
| 120180 | NIO, Inc. Class A \* | 718566 |
| 215200 | Nongfu Spring Co. Ltd. Class H 144A | 1301965 |
| 71785 | PDD Holdings, Inc., ADR\* | 7334991 |
| 2666000 | People's Insurance Co. Group of China Ltd. Class H  | 1855068 |
| 91700 | PetroChina Co. Ltd. Class A  | 158078 |
| 428000 | PetroChina Co. Ltd. Class H  | 581510 |
| 180000 | PICC Property & Casualty Co. Ltd. Class H  | 331721 |
| 51732 | Ping An Insurance Group Co. of China Ltd. Class A  | 431975 |
| 1453500 | Ping An Insurance Group Co. of China Ltd. Class H <sup>(a)</sup> <br>| 11336392 |
| 8358 | Piotech, Inc. Class A  | 458007 |
| 14500 | Pony AI, Inc. Class A \* | 134072 |
| 138300 | Postal Savings Bank of China Co. Ltd. Class A  | 103395 |
| 6400 | Rockchip Electronics Co. Ltd. Class A  | 142783 |
| 39800 | Sany Heavy Industry Co. Ltd. Class A  | 111975 |
| 16700 | Shandong Gold Mining Co. Ltd. Class A  | 100516 |
| 634000 | Shanghai Construction Group Co. Ltd. Class A  | 252966 |
| 88000 | Shanghai Industrial Holdings Ltd. | 158393 |
| 294400 | Shanghai Rural Commercial Bank Co. Ltd. Class A  | 388321 |
| 246600 | Shanghai Tunnel Engineering Co. Ltd. Class A  | 227903 |
| 60200 | Shanjin International Gold Co. Ltd. Class A  | 263313 |
| 116700 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A  | 2791081 |
| 567600 | Shenzhou International Group Holdings Ltd. | 3450140 |
| 209300 | Sichuan Road & Bridge Group Co. Ltd. Class A  | 306450 |
| 348000 | Silergy Corp. | 3197493 |
| 2475000 | Sino Biopharmaceutical Ltd. | 1876575 |
| 212000 | Sinoma International Engineering Co. Class A  | 318965 |
| 97500 | Sinoma Science & Technology Co. Ltd. Class A  | 564335 |
| 272000 | Sinotruk Hong Kong Ltd. | 1385315 |
| 101000 | SooChow Securities Co. Ltd. Class A  | 115149 |

---

16See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 16600 | Sungrow Power Supply Co. Ltd. Class A  | 364982 |
| 67600 | Sunny Optical Technology Group Co. Ltd. | 465857 |
| 85704 | TAL Education Group, ADR\* | 974454 |
| 738900 | Tencent Holdings Ltd. | 46654113 |
| 38207 | Tencent Music Entertainment Group, ADR | 354561 |
| 226000 | Tianneng Power International Ltd.<sup>(a)</sup> <br>| 214249 |
| 771200 | Tongcheng Travel Holdings Ltd.<sup>(b)</sup> <br>| 1779475 |
| 204000 | TravelSky Technology Ltd. Class H  | 253861 |
| 27650 | Trip.com Group Ltd.\* | 1367725 |
| 1348000 | Uni-President China Holdings Ltd.<sup>(a)</sup> <br>| 1353906 |
| 101365 | Vipshop Holdings Ltd., ADR | 1593458 |
| 1084000 | Weichai Power Co. Ltd. Class H  | 3864632 |
| 175600 | Western Mining Co. Ltd. Class A  | 648867 |
| 1604400 | Wilmar International Ltd. | 4816978 |
| 143000 | Wingtech Technology Co. Ltd. Class A \* | 658871 |
| 11600 | WuXi AppTec Co. Ltd. Class A  | 166199 |
| 77800 | WuXi AppTec Co. Ltd. Class H 144A | 1176668 |
| 348500 | Wuxi Biologics Cayman, Inc.\* 144A | 1485957 |
| 21000 | XD, Inc.<sup>(a)(b)</sup> <br>| 165635 |
| 520500 | Xiamen C & D, Inc. Class A  | 671972 |
| 719600 | Xiaomi Corp. Class B \* 144A | 2960754 |
| 1107949 | Yifeng Pharmacy Chain Co. Ltd. Class A  | 3925418 |
| 35350 | Yum China Holdings, Inc. | 1759380 |
| 170301 | Yunnan Aluminium Co. Ltd. Class A  | 772891 |
| 68900 | Yunnan Baiyao Group Co. Ltd. Class A  | 548436 |
| 590500 | Zhejiang Dahua Technology Co. Ltd. Class A  | 1454178 |
| 508000 | Zhejiang Expressway Co. Ltd. Class H  | 466372 |
| 160800 | Zhejiang Leapmotor Technology Co. Ltd. Class H \* 144A | 972353 |
| 532200 | Zhejiang Longsheng Group Co. Ltd. Class A  | 1010533 |
| 238700 | Zhejiang NHU Co. Ltd. Class A  | 1196145 |
| 5800 | Zhongji Innolight Co. Ltd. Class A  | 487460 |
| 1180500 | Zhongsheng Group Holdings Ltd.<sup>(a)</sup> <br>| 1250292 |
| 231000 | Zhuzhou CRRC Times Electric Co. Ltd. Class H  | 1077748 |
| 99100 | Zijin Mining Group Co. Ltd. Class A  | 484081 |
| 248000 | Zijin Mining Group Co. Ltd. Class H  | 1126895 |
| 18500 | ZTE Corp. Class A  | 88190 |
| 138200 | ZTO Express Cayman, Inc.<sup>(a)</sup> <br>| 3399310 |
| 60716 | ZTO Express Cayman, Inc., ADR | 1528222 |
|  |  | 311032993 |
|  | **Colombia — 0.1%** | **Colombia — 0.1%** |
| 20438 | Grupo Cibest SA | 474289 |
| 8613 | Grupo Cibest SA, ADR | 627112 |
| 33752 | Interconexion Electrica SA ESP | 258318 |
|  |  | 1359719 |
|  | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| 10002 | CEZ AS | 563197 |
| 5901 | Komercni Banka AS | 299646 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Czech Republic — continued** | **Czech Republic — continued** |
| 20057 | Moneta Money Bank AS 144A | 174506 |
|  |  | 1037349 |
|  | **Greece — 0.3%** | **Greece — 0.3%** |
| 130417 | Alpha Bank SA | 482983 |
| 46349 | Eurobank SA | 185513 |
| 75261 | Jumbo SA | 1921341 |
| 8701 | National Bank of Greece SA | 134432 |
| 92007 | Piraeus Bank SA | 755917 |
|  |  | 3480186 |
|  | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| 4000 | Orient Overseas International Ltd.<sup>(a)</sup> <br>| 71684 |
| 3426000 | WH Group Ltd. 144A | 4514964 |
| 36400 | Zijin Gold International Co. Ltd.\* | 829518 |
|  |  | 5416166 |
|  | **Hungary — 0.6%** | **Hungary — 0.6%** |
| 32435 | MOL Hungarian Oil & Gas PLC | 382785 |
| 49148 | OTP Bank Nyrt | 5258515 |
| 76045 | Richter Gedeon Nyrt | 2696196 |
|  |  | 8337496 |
|  | **India — 10.5%** | **India — 10.5%** |
| 22209 | Ajanta Pharma Ltd. | 667336 |
| 10636 | Alkem Laboratories Ltd. | 597464 |
| 24959 | APL Apollo Tubes Ltd. | 527573 |
| 1096312 | Ashok Leyland Ltd. | 1864783 |
| 49606 | Asian Paints Ltd. | 1158440 |
| 30682 | Aurobindo Pharma Ltd. | 429178 |
| 49556 | Axis Bank Ltd. | 633102 |
| 15222 | Bajaj Auto Ltd. | 1416578 |
| 30693 | Bajaj Finserv Ltd. | 549186 |
| 614029 | Bank of Baroda | 1662996 |
| 133472 | Bharat Electronics Ltd. | 578233 |
| 640199 | Bharat Petroleum Corp. Ltd. | 1963165 |
| 120616 | Bharti Airtel Ltd. | 2302010 |
| 742 | Bosch Ltd. | 232219 |
| 34649 | Britannia Industries Ltd. | 2018762 |
| 14200 | BSE Ltd. | 406642 |
| 1180323 | Canara Bank | 1597185 |
| 434630 | Cipla Ltd. | 5701862 |
| 55657 | Coal India Ltd. | 268808 |
| 20093 | Coromandel International Ltd. | 409551 |
| 28304 | Cummins India Ltd. | 1344141 |
| 155293 | Dr. Reddy's Laboratories Ltd., ADR | 2150808 |
| 31701 | Eicher Motors Ltd. | 2285929 |
| 8940 | GE Vernova T&D India Ltd. | 361473 |
| 21100 | Glenmark Pharmaceuticals Ltd. | 475783 |
| 20767 | Grasim Industries Ltd. | 559858 |

---

18See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| 94546 | Great Eastern Shipping Co. Ltd. | 1418937 |
| 154785 | HCL Technologies Ltd. | 2237760 |
| 24773 | HDFC Asset Management Co. Ltd. 144A | 598477 |
| 2029534 | HDFC Bank Ltd. | 16213682 |
| 23184 | HDFC Bank Ltd., ADR | 576818 |
| 90717 | HDFC Life Insurance Co. Ltd. 144A | 571547 |
| 37315 | Hero MotoCorp Ltd. | 2064359 |
| 271755 | Hindalco Industries Ltd. | 2589828 |
| 36654 | Hindustan Aeronautics Ltd.<sup>(b)</sup> <br>| 1354046 |
| 482179 | Hindustan Petroleum Corp. Ltd. | 1774422 |
| 12054 | Hindustan Unilever Ltd. | 266675 |
| 871 | Hitachi Energy India Ltd. | 225828 |
| 173625 | ICICI Bank Ltd. | 2271376 |
| 113617 | ICICI Bank Ltd., ADR | 2942680 |
| 1277602 | Indian Oil Corp. Ltd. | 1884071 |
| 1059603 | Indraprastha Gas Ltd. | 1643179 |
| 95009 | Indus Towers Ltd.\* | 418666 |
| 206315 | Infosys Ltd. | 2744619 |
| 315524 | Infosys Ltd., ADR<sup>(a)</sup> <br>| 4262729 |
| 13137 | Jindal Stainless Ltd. | 99260 |
| 114349 | Kfin Technologies Ltd. | 1089670 |
| 720359 | Kotak Mahindra Bank Ltd. | 2748770 |
| 2248 | Larsen & Toubro Ltd. | 83842 |
| 19897 | Laurus Labs Ltd. 144A | 214827 |
| 83016 | LIC Housing Finance Ltd. | 437119 |
| 7034 | LTIMindtree Ltd. 144A | 300649 |
| 82634 | Lupin Ltd. | 2048776 |
| 31191 | Mahindra & Mahindra Financial Services Ltd. | 98291 |
| 117792 | Mahindra & Mahindra Ltd. | 3817977 |
| 19719 | MakeMyTrip Ltd.\* | 735322 |
| 218377 | Marico Ltd. | 1719364 |
| 7897 | Maruti Suzuki India Ltd. | 1051588 |
| 61 | MRF Ltd. | 84648 |
| 47444 | Muthoot Finance Ltd. | 1609043 |
| 15625 | Natco Pharma Ltd. | 162165 |
| 272959 | National Aluminium Co. Ltd. | 1143029 |
| 1742604 | NMDC Ltd. | 1439256 |
| 231123 | Oil & Natural Gas Corp. Ltd. | 695647 |
| 1827 | Oracle Financial Services Software Ltd. | 130208 |
| 83097 | PB Fintech Ltd.\* | 1274315 |
| 5072 | Persistent Systems Ltd. | 264594 |
| 369868 | Petronet LNG Ltd. | 1006189 |
| 32502 | Pidilite Industries Ltd. | 446343 |
| 14096 | Polycab India Ltd. | 1026527 |
| 114502 | Power Finance Corp. Ltd. | 474388 |
| 603697 | Power Grid Corp. of India Ltd. | 1894678 |
| 1167672 | Punjab National Bank | 1294783 |
| 3342 | Radico Khaitan Ltd. | 93630 |
| 177384 | REC Ltd. | 575287 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| 514653 | Reliance Industries Ltd. | 7481992 |
| 343564 | Samvardhana Motherson International Ltd. | 399759 |
| 52991 | Shriram Finance Ltd. | 490947 |
| 6789 | Siemens Energy India Ltd. | 190562 |
| 4594 | Solar Industries India Ltd. | 596231 |
| 129363 | State Bank of India | 1380637 |
| 61048 | Sun Pharmaceutical Industries Ltd. | 1152688 |
| 16721 | Sun TV Network Ltd. | 100884 |
| 144850 | Tata Consultancy Services Ltd. | 3676519 |
| 154420 | Tata Motors Ltd./new\* | 648809 |
| 393482 | Tata Motors Passenger Vehicles Ltd. | 1278694 |
| 91398 | Tech Mahindra Ltd. | 1385966 |
| 6790 | Titan Co. Ltd. | 291201 |
| 22708 | Torrent Pharmaceuticals Ltd. | 1009151 |
| 60078 | TVS Motor Co. Ltd. | 2196923 |
| 918574 | Union Bank of India Ltd. | 1650755 |
| 28877 | United Spirits Ltd. | 373539 |
| 745382 | UPL Ltd. | 4505973 |
| 104869 | Vedanta Ltd. | 749226 |
| 25081 | WAAREE Energies Ltd. | 854814 |
| 988799 | Wipro Ltd. | 1981616 |
| 3284823 | Yes Bank Ltd.\* | 615520 |
| 149106 | Zydus Lifesciences Ltd. | 1414245 |
|  |  | 140709600 |
|  | **Indonesia — 1.0%** | **Indonesia — 1.0%** |
| 3748500 | Astra International Tbk. PT | 1397529 |
| 11173400 | Bank Central Asia Tbk. PT | 4274791 |
| 1113600 | Bank Mandiri Persero Tbk. PT | 312265 |
| 411100 | Bank Negara Indonesia Persero Tbk. PT | 91575 |
| 25311100 | Bank Rakyat Indonesia Persero Tbk. PT | 4988100 |
| 3976500 | Kalbe Farma Tbk. PT | 228706 |
| 4505500 | Perusahaan Gas Negara Persero Tbk. PT | 493076 |
| 847800 | United Tractors Tbk. PT | 1554708 |
|  |  | 13340750 |
|  | **Italy — 0.2%** | **Italy — 0.2%** |
| 43341 | Coca-Cola HBC AG Class DI  | 2447863 |
|  | **Japan — 0.1%** | **Japan — 0.1%** |
| 82700 | Nexon Co. Ltd. | 1554954 |
|  | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| 49990 | Kaspi.KZ JSC, ADR\* | 3702759 |
|  | **Kuwait — 0.4%** | **Kuwait — 0.4%** |
| 1354902 | Kuwait Finance House KSCP | 3521809 |
| 150732 | Mobile Telecommunications Co. KSCP | 278748 |

---

20See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Kuwait — continued** | **Kuwait — continued** |
| 714078 | National Bank of Kuwait SAKP | 2113463 |
|  |  | 5914020 |
|  | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| 7658 | Reinet Investments SCA | 248221 |
|  | **Macau — 0.2%** | **Macau — 0.2%** |
| 738000 | Galaxy Entertainment Group Ltd. | 3327511 |
|  | **Malaysia — 0.9%** | **Malaysia — 0.9%** |
| 1134500 | AMMB Holdings Bhd. | 1857737 |
| 153000 | Axiata Group Bhd. | 83867 |
| 32900 | Hong Leong Bank Bhd. | 178561 |
| 25900 | Kuala Lumpur Kepong Bhd. | 137919 |
| 658600 | Malayan Banking Bhd. | 1855113 |
| 273700 | MISC Bhd. | 568913 |
| 65900 | Petronas Dagangan Bhd. | 355628 |
| 605500 | Press Metal Aluminium Holdings Bhd. | 1197110 |
| 874500 | RHB Bank Bhd. | 1827708 |
| 1318900 | SD Guthrie Bhd. | 1971087 |
| 1023400 | Sime Darby Bhd. | 575543 |
| 544000 | Telekom Malaysia Bhd. | 955959 |
| 312960 | YTL Corp. Bhd. | 132244 |
|  |  | 11697389 |
|  | **Mexico — 2.7%** | **Mexico — 2.7%** |
| 88537 | America Movil SAB de CV, ADR | 2255923 |
| 297180 | Arca Continental SAB de CV<sup>(a)</sup> <br>| 3400649 |
| 215385 | Cemex SAB de CV, ADR | 2464004 |
| 39294 | Coca-Cola Femsa SAB de CV, ADR | 3833130 |
| 309671 | Credito Real SAB de CV SOFOM ER\*<sup>(c)(d)</sup> <br>|  |
| 76508 | Fomento Economico Mexicano SAB de CV, ADR | 8496979 |
| 12500 | Gruma SAB de CV Class B <sup>(a)</sup> <br>| 227323 |
| 480559 | Grupo Financiero Banorte SAB de CV Class O  | 5286242 |
| 263900 | Grupo Mexico SAB de CV | 2804216 |
| 26800 | Industrias Penoles SAB de CV\* | 1186841 |
| 95400 | Kimberly-Clark de Mexico SAB de CV Class A <sup>(a)</sup> <br>| 224415 |
| 57765 | Promotora y Operadora de Infraestructura SAB de CV | 929766 |
| 668000 | Sigma Foods SAB de CV | 663872 |
| 6436 | Southern Copper Corp. | 1107378 |
| 162906 | Unifin Financiera SAB de CV\*<sup>(c)(d)</sup> <br>|  |
| 1263353 | Wal-Mart de Mexico SAB de CV | 4092251 |
|  |  | 36972989 |
|  | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| 51497 | Heineken Holding NV | 3671855 |
|  | **Panama — 0.2%** | **Panama — 0.2%** |
| 25445 | Copa Holdings SA Class A  | 2890806 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Peru — 0.9%** | **Peru — 0.9%** |
| 13393 | Cia de Minas Buenaventura SAA, ADR | 482684 |
| 33072 | Credicorp Ltd. | 11217361 |
|  |  | 11700045 |
|  | **Philippines — 0.2%** | **Philippines — 0.2%** |
| 19640 | Ayala Corp. | 164140 |
| 29090 | GT Capital Holdings, Inc. | 250202 |
| 122040 | International Container Terminal Services, Inc. | 1399555 |
| 620050 | Metropolitan Bank & Trust Co. | 651378 |
|  |  | 2465275 |
|  | **Poland — 0.7%** | **Poland — 0.7%** |
| 235584 | Allegro.eu SA\* 144A | 1684420 |
| 13930 | Asseco Poland SA | 635043 |
| 2594 | Bank Polska Kasa Opieki SA | 152688 |
| 26283 | KGHM Polska Miedz SA\* | 1916218 |
| 27 | LPP SA | 162931 |
| 50598 | Orange Polska SA | 191720 |
| 173070 | PGE Polska Grupa Energetyczna SA\* | 500131 |
| 15285 | Powszechna Kasa Oszczednosci Bank Polski SA | 359922 |
| 136113 | Powszechny Zaklad Ubezpieczen SA | 2377770 |
| 94663 | Tauron Polska Energia SA\* | 262569 |
| 9262 | XTB SA 144A | 237552 |
| 51038 | Zabka Group SA\* | 305310 |
|  |  | 8786274 |
|  | **Portugal — 0.3%** | **Portugal — 0.3%** |
| 153125 | Jeronimo Martins SGPS SA | 3661714 |
|  | **Qatar — 0.4%** | **Qatar — 0.4%** |
| 366325 | Ooredoo QPSC | 1253551 |
| 31629 | Qatar Fuel QSC | 125763 |
| 41715 | Qatar International Islamic Bank QSC | 127058 |
| 233868 | Qatar Islamic Bank QPSC | 1458633 |
| 539798 | Qatar National Bank QPSC | 2532282 |
|  |  | 5497287 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| 214920 | Evraz PLC\*<sup>(c)(d)(e)</sup> <br>|  |
| 7610 | Gazprom Neft PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 1043282 | Gazprom PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 99121 | Globaltrans Investment PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 1645900 | GMK Norilskiy Nickel PAO\*<sup>(c)(d)(e)</sup> <br>|  |
| 5000 | HeadHunter Group PLC, ADR\*<sup>(c)(d)(e)</sup> <br>|  |
| 44258 | LSR Group PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 136755 | LUKOIL PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 8543 | Magnit PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 984659 | Magnitogorsk Iron & Steel Works PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 9 | MMC Norilsk Nickel PJSC, ADR\*<sup>(c)(d)(e)</sup> <br>|  |
| 126700 | Mobile TeleSystems PJSC, ADR\*<sup>(c)(d)(e)</sup> <br>|  |

---

22See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Russia — continued** | **Russia — continued** |
| 154250 | Novatek PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 1715500 | Novolipetsk Steel PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 5323 | PhosAgro PJSC\*<sup>(c)(d)(e)(f)</sup> <br>|  |
| 103 | PhosAgro PJSC\*<sup>(c)(d)(e)(f)</sup> <br>|  |
| 2 | PhosAgro PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 250620 | Polyus PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 1 | Polyus PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 4954 | Ros Agro PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 5496180 | Sberbank of Russia PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 105511 | Severstal PAO, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 25625090 | Surgutneftegas PAO\*<sup>(c)(d)(e)</sup> <br>|  |
| 598704 | Tatneft PJSC\*<sup>(c)(d)(e)</sup> <br>|  |
| 16391 | TCS Group Holding PLC, GDR\*<sup>(c)(d)(e)</sup> <br>|  |
| 8773 | T-Tekhnologii MKPAO, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
| 47122 | X5 Retail Group NV, GDR\*<sup>(b)(c)(d)(e)</sup> <br>|  |
|  |  | 0 |
|  | **Saudi Arabia — 1.8%** | **Saudi Arabia — 1.8%** |
| 61630 | Al Rajhi Bank | 1755123 |
| 274566 | Arab National Bank | 1577286 |
| 4736 | Astra Industrial Group Co. | 192912 |
| 61872 | Bank Al-Jazira | 193717 |
| 388887 | Banque Saudi Fransi | 2064372 |
| 102199 | Etihad Etisalat Co. | 1778134 |
| 46524 | Jarir Marketing Co. | 175442 |
| 161113 | Mobile Telecommunications Co. Saudi Arabia | 495579 |
| 7747 | Mouwasat Medical Services Co. | 149934 |
| 4935 | Nahdi Medical Co. | 138360 |
| 271765 | Riyad Bank | 2141618 |
| 59893 | SABIC Agri-Nutrients Co. | 2312516 |
| 437865 | Saudi Arabian Oil Co. 144A | 3192772 |
| 240745 | Saudi Awwal Bank | 2398094 |
| 132158 | Saudi Energy Co. | 597092 |
| 211564 | Saudi Investment Bank | 745980 |
| 361073 | Saudi National Bank | 4019188 |
| 42398 | Saudi Telecom Co. | 479980 |
| 38690 | Savola Group\* | 273596 |
|  |  | 24681695 |
|  | **Singapore — 0.1%** | **Singapore — 0.1%** |
| 24825 | Sea Ltd., ADR\* | 2055758 |
|  | **South Africa — 2.6%** | **South Africa — 2.6%** |
| 9994 | Absa Group Ltd. | 141291 |
| 59615 | AVI Ltd. | 363427 |
| 133260 | Bid Corp. Ltd.<sup>(a)</sup> <br>| 3174051 |
| 32407 | Exxaro Resources Ltd. | 423875 |
| 92856 | Gold Fields Ltd., ADR | 4215662 |
| 506166 | Growthpoint Properties Ltd., REIT | 480916 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Africa — continued** | **South Africa — continued** |
| 8780 | Harmony Gold Mining Co. Ltd. | 133883 |
| 27655 | Impala Platinum Holdings Ltd.<sup>(a)</sup> <br>| 401774 |
| 150231 | Investec Ltd. | 1112571 |
| 65496 | Kumba Iron Ore Ltd. | 1237559 |
| 688077 | Momentum Group Ltd. | 1447643 |
| 256318 | MTN Group Ltd. | 2940076 |
| 56957 | Naspers Ltd. Class N  | 2915920 |
| 924778 | Old Mutual Ltd. | 753292 |
| 50935 | OUTsurance Group Ltd.<sup>(a)</sup> <br>| 208274 |
| 1622601 | Redefine Properties Ltd., REIT | 566804 |
| 400384 | Sanlam Ltd. | 2085320 |
| 56846 | Sasol Ltd.\* | 749004 |
| 243597 | Shoprite Holdings Ltd. | 3941026 |
| 498321 | Sibanye Stillwater Ltd. | 1506374 |
| 219887 | Standard Bank Group Ltd. | 3940038 |
| 28580 | Tiger Brands Ltd. | 503890 |
| 5219 | Valterra Platinum Ltd. | 443519 |
| 100088 | Vodacom Group Ltd. | 846008 |
|  |  | 34532197 |
|  | **South Korea — 12.2%** | **South Korea — 12.2%** |
| 744 | APR Corp. | 166679 |
| 35974 | Coupang, Inc.\* | 679189 |
| 7424 | DB HiTek Co. Ltd. | 390782 |
| 2122 | DB Insurance Co. Ltd. | 231958 |
| 66590 | Doosan Bobcat, Inc. | 2509641 |
| 526 | Doosan Co. Ltd. | 365829 |
| 3717 | Ecopro BM Co. Ltd. | 478291 |
| 4660 | GS Holdings Corp. | 192018 |
| 39843 | Hana Financial Group, Inc. | 2822727 |
| 1821 | Hanjin Kal Corp. | 134123 |
| 108902 | Hankook Tire & Technology Co. Ltd. | 3883897 |
| 919 | Hanwha Aerospace Co. Ltd. | 748831 |
| 13714 | Hanwha Engine\* | 394908 |
| 850 | Hanwha Ocean Co. Ltd.\* | 67546 |
| 5628 | Hanwha Systems Co. Ltd. | 415637 |
| 9524 | HD Hyundai Co. Ltd. | 1499283 |
| 4102 | HD Hyundai Electric Co. Ltd. | 2288334 |
| 2850 | HD Hyundai Heavy Industries Co. Ltd. | 879273 |
| 2917 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 665830 |
| 422 | Hyosung Heavy Industries Corp. | 693627 |
| 16097 | Hyundai Glovis Co. Ltd. | 2225825 |
| 15330 | Hyundai Mobis Co. Ltd. | 3942428 |
| 3284 | Hyundai Motor Co. | 978760 |
| 1041 | Hyundai Rotem Co. Ltd. | 115829 |
| 28481 | Industrial Bank of Korea | 406414 |
| 7835 | JB Financial Group Co. Ltd. | 152769 |
| 16451 | Kakao Corp. | 500252 |
| 70708 | KB Financial Group, Inc. | 6615097 |

---

24See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| 54233 | Kia Corp. | 5220064 |
| 34351 | Korea Electric Power Corp. | 943554 |
| 8225 | Korea Investment Holdings Co. Ltd. | 1123772 |
| 1472 | Krafton, Inc. | 247547 |
| 121653 | KT Corp., ADR | 2609457 |
| 7103 | LEENO Industrial, Inc. | 447506 |
| 3764 | LG Chem Ltd. | 748948 |
| 7481 | LG Corp. | 408774 |
| 73856 | LG Display Co. Ltd.\* | 551065 |
| 24235 | LG Electronics, Inc. | 1737994 |
| 2212 | LG Innotek Co. Ltd. | 433790 |
| 158614 | LG Uplus Corp. | 1601918 |
| 1788 | LOTTE Fine Chemical Co. Ltd. | 56651 |
| 1576 | NAVER Corp. | 210137 |
| 18284 | Netmarble Corp. 144A | 595994 |
| 51256 | NH Investment & Securities Co. Ltd. | 1011448 |
| 4108 | Posco International Corp. | 190863 |
| 4709 | Samsung C&T Corp. | 799627 |
| 10431 | Samsung E&A Co. Ltd. | 246050 |
| 9454 | Samsung Electro-Mechanics Co. Ltd. | 2584515 |
| 545709 | Samsung Electronics Co. Ltd. | 61299513 |
| 560 | Samsung Episholdings Co. Ltd.\* | 184303 |
| 106216 | Samsung Heavy Industries Co. Ltd.\* | 1723192 |
| 93588 | Shinhan Financial Group Co. Ltd. | 5396676 |
| 5415 | SK Biopharmaceuticals Co. Ltd.\* | 339041 |
| 53882 | SK Hynix, Inc. | 29306024 |
| 19917 | SK Square Co. Ltd.\* | 6321055 |
| 2790 | SK, Inc. | 565771 |
| 1702 | S-Oil Corp.\* | 113134 |
| 118341 | Woori Financial Group, Inc. | 2496712 |
|  |  | 163960872 |
|  | **Taiwan — 18.3%** | **Taiwan — 18.3%** |
| 52000 | Accton Technology Corp. | 2531920 |
| 29000 | ADATA Technology Co. Ltd. | 318186 |
| 317792 | Advantech Co. Ltd. | 3215337 |
| 64000 | Ardentec Corp. | 320436 |
| 384000 | ASE Technology Holding Co. Ltd. | 4212436 |
| 715000 | Asia Cement Corp. | 780353 |
| 18000 | Asia Vital Components Co. Ltd. | 1162942 |
| 7000 | ASPEED Technology, Inc. | 2414545 |
| 65000 | Asustek Computer, Inc. | 1131407 |
| 16059 | Bizlink Holding, Inc. | 899809 |
| 682000 | Cathay Financial Holding Co. Ltd. | 1525832 |
| 644000 | Chang Hwa Commercial Bank Ltd. | 415649 |
| 2246000 | China Airlines Ltd. | 1280196 |
| 208000 | Chroma ATE, Inc. | 9944747 |
| 1000 | Chunghwa Precision Test Tech Co. Ltd. | 99845 |
| 4481000 | Compal Electronics, Inc. | 3850400 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** | **Taiwan — continued** |
| 1052000 | CTBC Financial Holding Co. Ltd. | 1710182 |
| 179000 | Delta Electronics, Inc. | 7966878 |
| 1644123 | E.Sun Financial Holding Co. Ltd. | 1636971 |
| 132000 | Elan Microelectronics Corp. | 512530 |
| 16000 | Elite Material Co. Ltd. | 1339482 |
| 1608000 | Eva Airways Corp. | 1718652 |
| 331000 | Evergreen Marine Corp. Taiwan Ltd. | 2069233 |
| 2164000 | Far Eastern New Century Corp. | 1792506 |
| 1717000 | First Financial Holding Co. Ltd. | 1530105 |
| 21000 | Genius Electronic Optical Co. Ltd. | 291021 |
| 12000 | Gold Circuit Electronics Ltd. | 333060 |
| 808000 | Hon Hai Precision Industry Co. Ltd. | 4861553 |
| 6000 | Hon Precision, Inc. | 690047 |
| 129000 | Hua Nan Financial Holdings Co. Ltd. | 135839 |
| 9000 | King Slide Works Co. Ltd. | 912545 |
| 90000 | King Yuan Electronics Co. Ltd. | 777602 |
| 205000 | Lite-On Technology Corp. | 921931 |
| 153000 | MediaTek, Inc. | 7408426 |
| 2000 | MPI Corp. | 234548 |
| 80000 | Nan Ya Plastics Corp. | 188806 |
| 609000 | Pegatron Corp. | 1466129 |
| 14000 | Phison Electronics Corp. | 689801 |
| 1497000 | Pou Chen Corp. | 1338089 |
| 269998 | President Chain Store Corp. | 1899236 |
| 461000 | Primax Electronics Ltd. | 1028259 |
| 327000 | Radiant Opto-Electronics Corp. | 956507 |
| 85000 | Realtek Semiconductor Corp. | 1291237 |
| 48000 | Simplo Technology Co. Ltd. | 505737 |
| 131000 | Sitronix Technology Corp. | 796807 |
| 803980 | Taiwan Business Bank | 379209 |
| 2706924 | Taiwan Semiconductor Manufacturing Co. Ltd. | 152604023 |
| 1574000 | TS Financial Holding Co. Ltd. | 1158205 |
| 50000 | Unimicron Technology Corp. | 723772 |
| 1676000 | United Microelectronics Corp. | 2996068 |
| 57000 | Voltronic Power Technology Corp. | 1314627 |
| 126000 | Wan Hai Lines Ltd. | 305429 |
| 420000 | Winbond Electronics Corp. | 1249307 |
| 63000 | WNC Corp. | 351744 |
| 100000 | WPG Holdings Ltd. | 282675 |
| 18000 | WT Microelectronics Co. Ltd. | 124772 |
| 315000 | Yageo Corp. | 2513474 |
| 297000 | Yang Ming Marine Transport Corp. | 486322 |
| 288550 | Yuanta Financial Holding Co. Ltd. | 410775 |
| 25000 | Zhen Ding Technology Holding Ltd. | 166979 |
|  |  | 246175140 |
|  | **Thailand — 1.3%** | **Thailand — 1.3%** |
| 166200 | Advanced Info Service PCL, NVDR | 1902335 |
| 814100 | Bangkok Bank PCL, NVDR | 4150195 |

---

26See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Thailand — continued** | **Thailand — continued** |
| 55500 | Bumrungrad Hospital PCL, NVDR | 279349 |
| 2180800 | Charoen Pokphand Foods PCL, NVDR | 1402823 |
| 107400 | Delta Electronics Thailand PCL, NVDR | 872123 |
| 340700 | Gulf Development PCL, NVDR | 624530 |
| 2056000 | Indorama Ventures PCL, NVDR | 1604177 |
| 1756500 | Krung Thai Bank PCL, NVDR | 1885995 |
| 652900 | SCB X PCL | 2869473 |
| 243800 | SCB X PCL, NVDR | 1072598 |
| 334100 | Thanachart Capital PCL, NVDR | 579721 |
|  |  | 17243319 |
|  | **Turkey — 0.8%** | **Turkey — 0.8%** |
| 1783777 | Akbank TAS | 2699942 |
| 183435 | Aselsan Elektronik Sanayi Ve Ticaret AS | 1322375 |
| 83386 | Haci Omer Sabanci Holding AS | 170744 |
| 512330 | KOC Holding AS | 2274866 |
| 196416 | Turk Hava Yollari AO | 1298020 |
| 757721 | Turkcell Iletisim Hizmetleri AS | 1829264 |
| 156021 | Turkiye Petrol Rafinerileri AS | 899494 |
|  |  | 10494705 |
|  | **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** |
| 188246 | Abu Dhabi Commercial Bank PJSC | 640524 |
| 215276 | Abu Dhabi Islamic Bank PJSC | 1217703 |
| 115316 | Air Arabia PJSC | 128269 |
| 388142 | Aldar Properties PJSC\* | 831052 |
| 113810 | Dubai Islamic Bank PJSC\* | 229249 |
| 77457 | Emaar Development PJSC | 288521 |
| 924531 | Emaar Properties PJSC | 2985113 |
| 177414 | Emirates NBD Bank PJSC | 1303872 |
| 382746 | First Abu Dhabi Bank PJSC | 1781800 |
|  |  | 9406103 |
|  | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| 25017 | Unilever PLC | 1397428 |
|  | **United States — 0.7%** | **United States — 0.7%** |
| 131400 | BeOne Medicines Ltd. Class H \* | 2978814 |
| 47065 | Cognizant Technology Solutions Corp. Class A  | 2887438 |
| 64472 | Globant SA\* | 2972804 |
| 16510 | JBS NV Class A \* | 296519 |
|  |  | 9135575 |
|  | **Vietnam — 0.7%** | **Vietnam — 0.7%** |
| 996400 | Military Commercial Joint Stock Bank | 1009828 |
| 1055700 | Mobile World Investment Corp. | 3336461 |
| 1455630 | Vietnam Dairy Products JSC | 3380045 |
| 1531700 | Vietnam Prosperity JSC Bank | 1569417 |
|  |  | 9295751 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Zambia — 0.5%** | **Zambia — 0.5%** |
| 284457 | First Quantum Minerals Ltd.\* | 6779435 |
|  | TOTAL COMMON STOCKS (COST $1,111,883,634) | 1217053082 |
|  | **PREFERRED STOCKS — 2.7%** | **PREFERRED STOCKS — 2.7%** |
|  | **Brazil — 1.8%** | **Brazil — 1.8%** |
| 18400 | Axia Energia, 6.43%, Class B | 226144 |
| 69744 | Axia Energia 0.00, Class C\* | 756480 |
| 435400 | Banco Bradesco SA, 7.49% | 1598372 |
| 2748900 | Cia Energetica de Minas Gerais, 13.41% | 6638062 |
| 56400 | Gerdau SA, 3.26% | 205211 |
| 660003 | Itau Unibanco Holding SA, 7.84% | 5495443 |
| 1811347 | Itausa SA, 8.78% | 4849267 |
| 533500 | Petroleo Brasileiro SA - Petrobras, 6.01% | 4972366 |
|  |  | 24741345 |
|  | **India — 0.0%** | **India — 0.0%** |
| 151872 | TVS Motor Co. Ltd., 6.00%\* | 16332 |
|  | **South Korea — 0.9%** | **South Korea — 0.9%** |
| 2869 | Hyundai Motor Co., 4.35%, Second-Preferred Stock | 460910 |
| 1854 | Hyundai Motor Co., 4.39% | 293480 |
| 133945 | Samsung Electronics Co. Ltd., 1.46% | 10664904 |
|  |  | 11419294 |
|  | TOTAL PREFERRED STOCKS (COST $27,368,099) | 36176971 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.3%** | **SHORT-TERM INVESTMENT — 0.3%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.3%** | **Mutual Fund - Securities Lending Collateral — 0.3%** |
| 4667854 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.68%<sup>(g)(h)</sup> <br>| 4667854 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $4,667,854) | 4667854 |
|  | **TOTAL INVESTMENTS — 93.5**% <br>(Cost $1,143,919,587)<br>| 1257897907 |
|  | Other Assets and Liabilities (net) — 6.5% | 86868361 |
|  | **NET ASSETS — 100.0%** | **$1344766268** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|

---

28See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| (c) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (d) | Securities fair valued by the Valuation Committee. The total market value of the securities at year <br> end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at <br> March 31, 2026 was $85,883,964.<br>|
| (e) | Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total <br> market value of the securities at year end is $0 which represents 0.0% of net assets. The aggregate <br> cost of these securities held at March 31, 2026 was $85,541,075.<br>|
| (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, 2026. |
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at year end is $40,135,246 which represents 3.0% of net <br> assets.<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 1123 | MSCI Emerging Markets E-mini Index | Jun 2026 | &nbsp;&nbsp; $81675790 | &nbsp;&nbsp; $(527237)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **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.

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| **Industry Sector Summary** | **% of Net Assets** |
| Technology | 24.5 |
| Financial | 20.8 |
| Communications | 11.4 |
| Consumer, Cyclical | 9.4 |
| Consumer, Non-cyclical | 8.7 |
| Industrial | 7.7 |
| Basic Materials | 5.5 |
| Energy | 3.2 |
| Utilities | 1.6 |
| Diversified | 0.4 |
| Short-Term Investment | 0.3 |
| Other Assets and Liabilities (net) | 6.5 |
|  | 100.0% |

---

30See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**March 31, 2026**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** |
|  | **Australia — 3.3%** | **Australia — 3.3%** |
| 13757 | Ampol Ltd. | 315071 |
| 109490 | ANZ Group Holdings Ltd. | 2732246 |
| 1562648 | Aurizon Holdings Ltd. | 4276397 |
| 20785 | Austal Ltd.\* | 69634 |
| 788100 | Bank of Queensland Ltd.<sup>(a)</sup> <br>| 3632614 |
| 1114622 | Beach Energy Ltd.<sup>(a)</sup> <br>| 978620 |
| 33754 | BlueScope Steel Ltd. | 595913 |
| 77550 | Brambles Ltd. | 1202921 |
| 26892 | Capricorn Metals Ltd. | 212530 |
| 6513 | Codan Ltd. | 142391 |
| 41228 | Downer EDI Ltd. | 217960 |
| 111792 | Evolution Mining Ltd. | 1005730 |
| 59296 | Genesis Minerals Ltd.\*<sup>(a)</sup> <br>| 250654 |
| 4297102 | Glencore PLC\* | 32622685 |
| 317600 | Harvey Norman Holdings Ltd. | 1081348 |
| 1256900 | Helia Group Ltd. | 4545024 |
| 247966 | Iluka Resources Ltd. | 1142889 |
| 939594 | Northern Star Resources Ltd. | 13616571 |
| 276171 | OceanaGold Corp. | 8679632 |
| 45391 | Orica Ltd. | 630641 |
| 1494000 | Perenti Ltd. | 2027140 |
| 835959 | Perseus Mining Ltd. | 3070113 |
| 926865 | Qantas Airways Ltd. | 5403749 |
| 568600 | QBE Insurance Group Ltd. | 8293301 |
| 101704 | Ramelius Resources Ltd. | 268116 |
| 2968 | REA Group Ltd.<sup>(a)</sup> <br>| 326315 |
| 34775 | Regis Resources Ltd. | 165244 |
| 219355 | Resolute Mining Ltd.\* | 217839 |
| 106206 | Rio Tinto Ltd.<sup>(a)</sup> <br>| 11853747 |
| 257572 | Rio Tinto PLC, ADR | 24028892 |
| 154784 | Santos Ltd. | 843830 |
| 20707 | SEEK Ltd. | 197946 |
| 426700 | Super Retail Group Ltd. | 3783156 |
| 137272 | Tabcorp Holdings Ltd. | 89884 |
| 234917 | Telstra Group Ltd. | 858877 |
| 175933 | Transurban Group | 1697318 |
| 59179 | Vault Minerals Ltd. | 176767 |
| 51401 | Ventia Services Group Pty. Ltd. | 185166 |
| 54019 | Viva Energy Group Ltd. 144A | 94172 |
| 63735 | Wesfarmers Ltd. | 3207233 |
| 34296 | West African Resources Ltd.\* | 77173 |
| 43777 | Westgold Resources Ltd. | 185285 |
| 48429 | Whitehaven Coal Ltd. | 303822 |
| 70200 | Woolworths Group Ltd. | 1754676 |
|  |  | 147061232 |
|  | **Austria — 0.6%** | **Austria — 0.6%** |
| 74122 | ANDRITZ AG | 5114199 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Austria — continued** | **Austria — continued** |
| 122762 | Erste Group Bank AG<sup>(b)</sup> <br>| 13223248 |
| 2114 | Erste Group Bank AG<sup>(b)</sup> <br>| 228725 |
| 2170 | EVN AG | 71539 |
| 85700 | Kontron AG | 1865046 |
| 76138 | OMV AG | 5511894 |
| 4906 | UNIQA Insurance Group AG | 86540 |
| 1416 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 101801 |
| 6280 | voestalpine AG | 282487 |
|  |  | 26485479 |
|  | **Belgium — 0.3%** | **Belgium — 0.3%** |
| 2262 | Aedifica SA, REIT | 182035 |
| 27200 | Ageas SA | 1985894 |
| 2428 | Deme Group NV | 522304 |
| 1239 | D'ieteren Group | 228339 |
| 16800 | KBC Ancora | 1365596 |
| 21907 | Proximus SADP | 177385 |
| 62000 | Solvay SA<sup>(a)</sup> <br>| 1910761 |
| 21933 | UCB SA | 6585598 |
| 11647 | Umicore SA | 219824 |
| 9208 | Warehouses De Pauw CVA, REIT | 238578 |
|  |  | 13416314 |
|  | **Brazil — 1.0%** | **Brazil — 1.0%** |
| 39777 | ERO Copper Corp.\* | 1060853 |
| 211940 | Petroleo Brasileiro SA - Petrobras, Preferred ADR | 3973875 |
| 224600 | Vale SA | 3547527 |
| 27732 | Wheaton Precious Metals Corp.<sup>(b)</sup> <br>| 3633169 |
| 224255 | Wheaton Precious Metals Corp.<sup>(b)</sup> <br>| 29342527 |
| 51300 | Yara International ASA | 2968381 |
|  |  | 44526332 |
|  | **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** |
| 38503 | IAMGOLD Corp.\* | 724626 |
|  | **Cambodia — 0.0%** | **Cambodia — 0.0%** |
| 1014000 | NagaCorp Ltd. | 503223 |
|  | **Canada — 8.1%** | **Canada — 8.1%** |
| 5363 | 5N Plus, Inc.\* | 121744 |
| 142213 | Agnico Eagle Mines Ltd.<sup>(a)(b)</sup> <br>| 28774809 |
| 83576 | Agnico Eagle Mines Ltd.<sup>(b)</sup> <br>| 16964257 |
| 9431 | Air Canada\*<sup>(a)</sup> <br>| 122453 |
| 9011 | Alamos Gold, Inc. Class A <sup>(b)</sup> <br>| 400359 |
| 16542 | Alamos Gold, Inc. Class A <sup>(a)(b)</sup> <br>| 733606 |
| 282 | Allied Gold Corp.\*<sup>(b)</sup> <br>| 8713 |
| 7357 | Allied Gold Corp.\*<sup>(b)</sup> <br>| 228361 |
| 14266 | Americas Gold & Silver Corp.\* | 74469 |
| 67041 | Aritzia, Inc.\* | 5453401 |
| 10931 | Atco Ltd. Class I <sup>(a)</sup> <br>| 533332 |

---

32See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| 27595 | Athabasca Oil Corp.\* | 222453 |
| 2033 | Badger Infrastructure Solutions Ltd. | 90378 |
| 973687 | Barrick Mining Corp.<sup>(b)</sup> <br>| 39716693 |
| 146600 | Barrick Mining Corp.<sup>(b)</sup> <br>| 5971990 |
| 40893 | Baytex Energy Corp.<sup>(a)</sup> <br>| 182261 |
| 3920 | BCE, Inc.<sup>(a)(b)</sup> <br>| 98593 |
| 794 | BCE, Inc.<sup>(b)</sup> <br>| 20041 |
| 8593 | Brookfield Renewable Corp. | 342259 |
| 19140 | Canada Packers, Inc.<sup>(a)</sup> <br>| 276632 |
| 5418 | Canadian Apartment Properties REIT | 137862 |
| 77900 | Canadian Imperial Bank of Commerce | 7359347 |
| 33478 | Canadian National Railway Co. | 3440534 |
| 90282 | Canadian Natural Resources Ltd. | 4399442 |
| 41389 | Canadian Tire Corp. Ltd. Class A <sup>(a)</sup> <br>| 5548389 |
| 7900 | Canadian Utilities Ltd. Class A  | 276589 |
| 49732 | Capstone Copper Corp.\* | 373823 |
| 9335 | CCL Industries, Inc. Class B  | 583024 |
| 1035 | Celestica, Inc.\*<sup>(b)</sup> <br>| 291539 |
| 5941 | Celestica, Inc.\*<sup>(b)</sup> <br>| 1670572 |
| 368752 | Centerra Gold, Inc. | 6537153 |
| 18802 | CES Energy Solutions Corp. | 248035 |
| 18800 | CGI, Inc. | 1370041 |
| 1226 | Constellation Software, Inc. | 2145305 |
| 9915 | Descartes Systems Group, Inc.\* | 709517 |
| 38980 | Discovery Silver Corp.\* | 249709 |
| 4132 | Docebo, Inc.\* | 72186 |
| 16982 | Dollarama, Inc. | 2077559 |
| 11574 | DPM Metals, Inc. | 406216 |
| 166700 | Empire Co. Ltd. Class A  | 5952249 |
| 18327 | Endeavour Silver Corp.\* | 170624 |
| 76670 | Extendicare, Inc.<sup>(a)</sup> <br>| 1445992 |
| 75200 | Finning International, Inc.<sup>(a)</sup> <br>| 4638469 |
| 22872 | First Majestic Silver Corp.<sup>(b)</sup> <br>| 488727 |
| 175212 | First Majestic Silver Corp.<sup>(b)</sup> <br>| 3763554 |
| 18654 | Fortuna Mining Corp.\*<sup>(a)</sup> <br>| 184863 |
| 11687 | Franco-Nevada Corp.<sup>(b)</sup> <br>| 2887273 |
| 200969 | Franco-Nevada Corp.<sup>(b)</sup> <br>| 49603219 |
| 24398 | Hudbay Minerals, Inc.<sup>(a)</sup> <br>| 509271 |
| 40600 | iA Financial Corp., Inc. | 4491296 |
| 34700 | Imperial Oil Ltd. | 4530606 |
| 43690 | Intact Financial Corp. | 7891781 |
| 14230 | K92 Mining, Inc.\* | 240744 |
| 1584 | Kinaxis, Inc.\* | 159359 |
| 657102 | Kinross Gold Corp. | 20054753 |
| 2314 | Linamar Corp.<sup>(a)</sup> <br>| 142881 |
| 4297 | Lundin Gold, Inc.<sup>(b)</sup> <br>| 327336 |
| 2267 | Lundin Gold, Inc.<sup>(b)</sup> <br>| 173724 |
| 96044 | Magna International, Inc.<sup>(b)</sup> <br>| 5346751 |
| 134276 | Magna International, Inc.<sup>(b)</sup> <br>| 7493944 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| 173000 | Manulife Financial Corp. | 5940425 |
| 6577 | MDA Space Ltd.\* | 166080 |
| 13773 | Montage Gold Corp.\* | 156230 |
| 2811 | North West Co., Inc.<sup>(a)</sup> <br>| 109838 |
| 14751 | Northland Power, Inc.<sup>(a)</sup> <br>| 246704 |
| 89875 | Nutrien Ltd.<sup>(a)(b)</sup> <br>| 6762763 |
| 28407 | Nutrien Ltd.<sup>(b)</sup> <br>| 2143592 |
| 255346 | Open Text Corp.<sup>(a)</sup> <br>| 5672119 |
| 8320 | OR Royalties, Inc.<sup>(b)</sup> <br>| 316326 |
| 3116 | OR Royalties, Inc.<sup>(b)</sup> <br>| 118272 |
| 25780 | Pan American Silver Corp. | 1408361 |
| 5933 | Parex Resources, Inc. | 116232 |
| 122700 | Power Corp. of Canada<sup>(a)</sup> <br>| 5888158 |
| 1154 | Precision Drilling Corp.\* | 113205 |
| 8758 | Quebecor, Inc. Class B  | 370703 |
| 7847 | RioCan Real Estate Investment Trust, REIT | 106778 |
| 22316 | Rogers Communications, Inc. Class B  | 858050 |
| 117200 | Russel Metals, Inc.<sup>(a)</sup> <br>| 4031099 |
| 15151 | Saputo, Inc.<sup>(a)</sup> <br>| 471830 |
| 9757 | Solaris Resources, Inc.\* | 83715 |
| 1462 | Sprott, Inc. | 208920 |
| 12764 | SSR Mining, Inc.\* | 373714 |
| 11532 | Stella-Jones, Inc. | 771307 |
| 99600 | Suncor Energy, Inc.<sup>(b)</sup> <br>| 6566727 |
| 450732 | Suncor Energy, Inc.<sup>(b)</sup> <br>| 29797893 |
| 195560 | TC Energy Corp.<sup>(a)</sup> <br>| 12206823 |
| 62832 | Teck Resources Ltd. Class B <sup>(b)</sup> <br>| 3251556 |
| 190836 | Teck Resources Ltd. Class B <sup>(b)</sup> <br>| 9859393 |
| 4942 | TFI International, Inc. | 536849 |
| 5902 | Torex Gold Resources, Inc. | 270032 |
| 4469 | Triple Flag Precious Metals Corp. | 155119 |
| 7164 | Vermilion Energy, Inc. | 98720 |
| 14802 | Wesdome Gold Mines Ltd.\* | 263467 |
|  |  | 358172062 |
|  | **Chile — 0.2%** | **Chile — 0.2%** |
| 140566 | Antofagasta PLC | 6230177 |
| 85482 | Lundin Mining Corp.<sup>(b)</sup> <br>| 2124876 |
| 41774 | Lundin Mining Corp.<sup>(b)</sup> <br>| 996016 |
|  |  | 9351069 |
|  | **China — 1.8%** | **China — 1.8%** |
| 6252000 | Agricultural Bank of China Ltd. Class H  | 4494142 |
| 120000 | Aluminum Corp. of China Ltd. Class H  | 174779 |
| 947000 | BOC Hong Kong Holdings Ltd. | 5218729 |
| 984500 | Budweiser Brewing Co. APAC Ltd. 144A | 903555 |
| 3187000 | China Galaxy Securities Co. Ltd. Class H  | 3237959 |
| 1323600 | China International Capital Corp. Ltd. Class H 144A | 2933369 |
| 980000 | China Life Insurance Co. Ltd. Class H  | 3131740 |

---

34See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| 824000 | China Medical System Holdings Ltd. | 1408827 |
| 7106000 | China National Building Material Co. Ltd. Class H  | 4357052 |
| 864000 | China Oilfield Services Ltd. Class H  | 986897 |
| 319000 | China Sanjiang Fine Chemicals Co. Ltd.\* | 189568 |
| 396000 | China Southern Airlines Co. Ltd. Class H \* | 200324 |
| 485400 | China Taiping Insurance Holdings Co. Ltd. | 1286744 |
| 1402000 | CIMC Enric Holdings Ltd. | 1801992 |
| 584000 | COSCO SHIPPING Ports Ltd. | 386426 |
| 42000 | Fuyao Glass Industry Group Co. Ltd. Class H 144A | 315481 |
| 97001 | Goldwind Science & Technology Co. Ltd. Class H  | 178927 |
| 172000 | Haier Smart Home Co. Ltd. Class H  | 458971 |
| 212000 | Hansoh Pharmaceutical Group Co. Ltd. 144A | 964609 |
| 119900 | Huaxin Building Materials Group Co. Ltd. Class H  | 246581 |
| 9092000 | Industrial & Commercial Bank of China Ltd. Class H  | 8069280 |
| 1060200 | J&T Global Express Ltd.\* | 1384701 |
| 1450500 | JD Logistics, Inc.\* 144A | 2554742 |
| 370500 | Kingboard Holdings Ltd. | 1592825 |
| 30000 | PICC Property & Casualty Co. Ltd. Class H  | 55287 |
| 172000 | Pop Mart International Group Ltd. 144A | 3229095 |
| 30000 | Precision Tsugami China Corp. Ltd.<sup>(c)</sup> <br>| 131902 |
| 241000 | Sany Heavy Equipment International Holdings Co. Ltd. | 351822 |
| 4518 | Silvercorp Metals, Inc.<sup>(a)(b)</sup> <br>| 48432 |
| 8958 | Silvercorp Metals, Inc.<sup>(b)</sup> <br>| 96209 |
| 2973000 | Sino Biopharmaceutical Ltd. | 2254165 |
| 8738000 | Sinofert Holdings Ltd. | 1704384 |
| 717600 | Sinopharm Group Co. Ltd. Class H  | 1850848 |
| 83000 | SITC International Holdings Co. Ltd. | 366468 |
| 1219500 | Sunshine Insurance Group Co. Ltd. Class H  | 567912 |
| 349000 | Weichai Power Co. Ltd. Class H  | 1244240 |
| 1878500 | Wuxi Biologics Cayman, Inc.\* 144A | 8009669 |
| 2395700 | Yangzijiang Shipbuilding Holdings Ltd. | 7094217 |
| 23150 | ZTO Express Cayman, Inc. | 569421 |
| 159396 | ZTO Express Cayman, Inc., ADR | 4011997 |
|  |  | 78064288 |
|  | **Colombia — 0.0%** | **Colombia — 0.0%** |
| 11280 | Aris Mining Corp.\* | 209470 |
|  | **Denmark — 1.3%** | **Denmark — 1.3%** |
| 3135 | AL Sydbank | 252313 |
| 13702 | ALK-Abello AS | 430402 |
| 57980 | Carlsberg AS Class B  | 7211923 |
| 116457 | Coloplast AS Class B  | 7915673 |
| 26700 | D/S Norden AS | 1222788 |
| 184000 | Danske Bank AS | 8905042 |
| 71900 | Dfds AS\* | 1171598 |
| 3847 | Genmab AS\* | 1026102 |
| 179676 | Genmab AS, ADR\* | 4820707 |
| 8545 | ISS AS | 312447 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Denmark — continued** | **Denmark — continued** |
| 33297 | Jyske Bank AS | 4595542 |
| 2926 | NKT AS\* | 382127 |
| 248629 | Novonesis Novozymes B Class B  | 14665499 |
| 731 | Per Aarsleff Holding AS | 85036 |
| 1595 | Ringkjoebing Landbobank AS | 383159 |
| 5510 | Rockwool AS Class B  | 153336 |
| 2673 | Royal Unibrew AS | 217628 |
| 3946 | Tryg AS | 94163 |
| 55122 | Vestas Wind Systems AS | 1645240 |
|  |  | 55490725 |
|  | **Finland — 0.5%** | **Finland — 0.5%** |
| 19312 | Kone OYJ Class B  | 1227374 |
| 79200 | Konecranes OYJ<sup>(a)</sup> <br>| 2579989 |
| 23496 | Neste OYJ | 756384 |
| 623742 | Nokia OYJ<sup>(b)</sup> <br>| 4955485 |
| 11884 | Nokia OYJ<sup>(a)(b)</sup> <br>| 94831 |
| 307100 | Nordea Bank Abp<sup>(a)</sup> <br>| 5269310 |
| 5690 | Orion OYJ Class B  | 458726 |
| 97589 | TietoEVRY OYJ<sup>(a)</sup> <br>| 2112090 |
| 102900 | Valmet OYJ<sup>(a)</sup> <br>| 2925050 |
| 28649 | Wartsila OYJ Abp | 1067851 |
|  |  | 21447090 |
|  | **France — 6.9%** | **France — 6.9%** |
| 10536 | Air France-KLM\* | 106317 |
| 26041 | Airbus SE<sup>(b)</sup> <br>| 4875714 |
| 4602 | Airbus SE<sup>(b)</sup> <br>| 861938 |
| 169380 | AXA SA | 7740816 |
| 298501 | BNP Paribas SA | 28345702 |
| 70155 | Bollore SE | 399720 |
| 73076 | Bouygues SA | 4202628 |
| 31200 | Capgemini SE | 3635288 |
| 315800 | Carrefour SA | 5803629 |
| 181074 | Cie de Saint-Gobain SA | 14854470 |
| 77000 | Cie Generale des Etablissements Michelin SCA | 2613749 |
| 263437 | Credit Agricole SA | 4929906 |
| 12521 | Dassault Aviation SA | 4629370 |
| 631824 | Dassault Systemes SE<sup>(a)</sup> <br>| 12823238 |
| 30277 | Edenred SE<sup>(a)</sup> <br>| 600927 |
| 21700 | Eiffage SA | 3321150 |
| 77090 | EssilorLuxottica SA | 17884899 |
| 42955 | Gecina SA, REIT | 3385819 |
| 21000 | Ipsen SA | 3925722 |
| 48500 | IPSOS SA | 1912916 |
| 204256 | Klepierre SA, REIT | 7674310 |
| 255687 | Legrand SA | 39385174 |
| 21960 | L'Oreal SA | 8976601 |
| 125400 | Metropole Television SA<sup>(a)</sup> <br>| 1669219 |

---

36See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** | **France — continued** |
| 1843 | Nexans SA | 248582 |
| 131800 | Orange SA | 2684468 |
| 130044 | Pernod Ricard SA | 9675704 |
| 28300 | Publicis Groupe SA | 2333045 |
| 35500 | Quadient SA<sup>(a)</sup> <br>| 444219 |
| 189212 | Rubis SCA | 7547191 |
| 36122 | Safran SA | 11776140 |
| 9505 | SCOR SE | 334751 |
| 34444 | Societe BIC SA | 2147344 |
| 271606 | Societe Generale SA | 19768981 |
| 15100 | Sopra Steria Group | 2101331 |
| 219200 | Television Francaise 1 SA | 1768153 |
| 5837 | Thales SA | 1708373 |
| 630370 | TotalEnergies SE | 58020298 |
| 26812 | Vivendi SE\* | 55795 |
| 360 | Vusion<sup>(a)</sup> <br>| 46232 |
|  |  | 305219829 |
|  | **Georgia — 0.1%** | **Georgia — 0.1%** |
| 45361 | Lion Finance Group PLC | 5605771 |
| 4128 | TBC Bank Group PLC | 222889 |
|  |  | 5828660 |
|  | **Germany — 4.9%** | **Germany — 4.9%** |
| 27273 | adidas AG | 4284275 |
| 7040 | AIXTRON SE | 264087 |
| 25019 | Allianz SE | 10334828 |
| 3020 | Aumovio SE\* | 116280 |
| 34443 | Aurubis AG | 5954069 |
| 8026 | Auto1 Group SE\* | 140563 |
| 181146 | Bayer AG | 8209082 |
| 61000 | Bayerische Motoren Werke AG | 5491783 |
| 84482 | Beiersdorf AG | 7450723 |
| 16199 | Bilfinger SE | 1828370 |
| 67400 | Commerzbank AG | 2412116 |
| 3716 | CTS Eventim AG & Co. KGaA | 212437 |
| 186900 | Daimler Truck Holding AG | 8881636 |
| 219400 | Deutsche Bank AG | 6399805 |
| 110700 | Deutsche Boerse AG | 32082841 |
| 34549 | Deutsche Lufthansa AG | 284269 |
| 118200 | Deutsche Pfandbriefbank AG 144A | 402532 |
| 135000 | Deutsche Post AG | 6940123 |
| 185110 | Deutsche Telekom AG | 6804200 |
| 10092 | GEA Group AG | 710953 |
| 164636 | HUGO BOSS AG | 6955454 |
| 144119 | Infineon Technologies AG | 6312332 |
| 1621 | IONOS Group SE\* | 46427 |
| 9857 | K&S AG | 185018 |
| 17992 | KION Group AG | 931805 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Germany — continued** | **Germany — continued** |
| 88245 | Knorr-Bremse AG | 9821122 |
| 16578 | Krones AG | 2200118 |
| 85400 | Mercedes-Benz Group AG | 5157585 |
| 12193 | MTU Aero Engines AG | 4351352 |
| 26320 | Nemetschek SE | 1931113 |
| 7562 | Nordex SE\* | 397026 |
| 137033 | SAP SE | 23117274 |
| 4235 | Scout24 SE 144A | 323467 |
| 115838 | Siemens Energy AG | 19003896 |
| 258982 | Symrise AG | 21858350 |
| 25000 | Talanx AG | 3032871 |
| 30280 | thyssenkrupp AG | 260352 |
| 1514 | Tkms AG& Co. KGaA\* | 136847 |
|  |  | 215227381 |
|  | **Greece — 0.2%** | **Greece — 0.2%** |
| 38700 | Metlen Energy & Metals PLC\*<sup>(a)</sup> <br>| 1505991 |
| 407092 | National Bank of Greece SA | 6289640 |
|  |  | 7795631 |
|  | **Guernsey — 0.0%** | **Guernsey — 0.0%** |
| 134265 | Super Group SGHC Ltd. | 1450062 |
|  | **Hong Kong — 2.4%** | **Hong Kong — 2.4%** |
| 1831000 | AIA Group Ltd. | 20571801 |
| 15600 | ASMPT Ltd. | 203495 |
| 30000 | Bank of East Asia Ltd. | 50058 |
| 480000 | CK Asset Holdings Ltd. | 2742190 |
| 96500 | CLP Holdings Ltd. | 908696 |
| 454000 | Cowell e Holdings, Inc.\* | 1508934 |
| 3478 | Futu Holdings Ltd., ADR\* | 475651 |
| 2004000 | Hang Lung Properties Ltd. | 2251711 |
| 1141000 | Henderson Land Development Co. Ltd. | 4232447 |
| 233000 | HKT Trust & HKT Ltd. | 363322 |
| 576900 | Hong Kong Exchanges & Clearing Ltd. | 29244085 |
| 333900 | Hongkong Land Holdings Ltd. | 2611583 |
| 239000 | Hysan Development Co. Ltd. | 582021 |
| 6500 | Johnson Electric Holdings Ltd. | 19526 |
| 893000 | Kerry Properties Ltd. | 2503848 |
| 635500 | Link REIT, REIT | 2942780 |
| 34000 | Luk Fook Holdings International Ltd. | 102626 |
| 11340 | Melco Resorts & Entertainment Ltd., ADR\* | 64411 |
| 85500 | MTR Corp. Ltd. | 350907 |
| 440000 | Pacific Basin Shipping Ltd. | 162708 |
| 255000 | PCCW Ltd. | 188677 |
| 81000 | Power Assets Holdings Ltd. | 631177 |
| 121119 | Prudential PLC | 1682790 |
| 294500 | Sun Hung Kai Properties Ltd. | 4992090 |
| 26000 | Swire Pacific Ltd. Class A  | 285194 |

---

38See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Hong Kong — continued** | **Hong Kong — continued** |
| 796000 | Techtronic Industries Co. Ltd. | 10596624 |
| 2732000 | United Laboratories International Holdings Ltd. | 3370843 |
| 2928000 | Value Partners Group Ltd. | 742383 |
| 59100 | VTech Holdings Ltd. | 446429 |
| 6818500 | WH Group Ltd. 144A | 8985780 |
| 292000 | Wharf Real Estate Investment Co. Ltd. | 846672 |
|  |  | 104661459 |
|  | **Hungary — 0.1%** | **Hungary — 0.1%** |
| 223400 | MOL Hungarian Oil & Gas PLC | 2636478 |
| 68200 | Richter Gedeon Nyrt | 2418049 |
|  |  | 5054527 |
|  | **India — 0.1%** | **India — 0.1%** |
| 3195400 | NMDC Ltd. | 2639154 |
| 768300 | Redington Ltd. | 1662977 |
|  |  | 4302131 |
|  | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| 98000 | First Pacific Co. Ltd. | 68819 |
| 8400 | Jardine Matheson Holdings Ltd. | 603006 |
|  |  | 671825 |
|  | **Ireland — 1.3%** | **Ireland — 1.3%** |
| 2886372 | AIB Group PLC | 30602274 |
| 979675 | Bank of Ireland Group PLC | 17871934 |
| 101715 | Kerry Group PLC Class A  | 8029979 |
|  |  | 56504187 |
|  | **Israel — 0.7%** | **Israel — 0.7%** |
| 349426 | Bank Hapoalim BM | 8144609 |
| 111989 | Bank Leumi Le-Israel BM | 2485270 |
| 1321356 | Bezeq The Israeli Telecommunication Corp. Ltd. | 3155146 |
| 65262 | Check Point Software Technologies Ltd.\* | 9322677 |
| 4300 | Clal Insurance Enterprises Holdings Ltd. | 303870 |
| 426 | Delek Group Ltd. | 142178 |
| 832 | Elbit Systems Ltd.<sup>(b)</sup> <br>| 694053 |
| 840 | Elbit Systems Ltd.<sup>(b)</sup> <br>| 713236 |
| 5893 | Enlight Renewable Energy Ltd.\* | 391946 |
| 3467 | First International Bank of Israel Ltd. | 266583 |
| 5479 | Harel Insurance Investments & Financial Services Ltd. | 304067 |
| 233 | Israel Corp. Ltd. | 64807 |
| 69957 | Israel Discount Bank Ltd. Class A  | 698481 |
| 1253 | Menora Mivtachim Holdings Ltd. | 181107 |
| 34974 | Migdal Insurance & Financial Holdings Ltd.\* | 184074 |
| 9049 | Mizrahi Tefahot Bank Ltd. | 653442 |
| 3822 | Next Vision Stabilized Systems Ltd. | 368556 |
| 13311 | Phoenix Financial Ltd. | 704116 |
| 4002 | Plus500 Ltd. | 215255 |
| 11682 | Shufersal Ltd. | 169783 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Israel — continued** | **Israel — continued** |
| 5313 | Tel Aviv Stock Exchange Ltd. | 234268 |
| 62500 | Teva Pharmaceutical Industries Ltd.\* | 1870223 |
| 2928 | Wix.com Ltd.\* | 263725 |
|  |  | 31531472 |
|  | **Italy — 4.0%** | **Italy — 4.0%** |
| 1334600 | A2A SpA | 3770908 |
| 2288 | Avio SpA | 88217 |
| 4616 | Azimut Holding SpA<sup>(a)</sup> <br>| 174786 |
| 3634 | Banca Generali SpA | 216007 |
| 12495 | Banca Mediolanum SpA | 252978 |
| 359909 | BPER Banca SpA | 4683345 |
| 38614 | Coca-Cola HBC AG Class DI  | 2180886 |
| 282645 | Eni SpA | 8000724 |
| 29300 | Ferrari NV | 9844974 |
| 5574 | Fincantieri SpA\*<sup>(a)</sup> <br>| 85000 |
| 37346 | FinecoBank Banca Fineco SpA | 826573 |
| 304740 | Generali | 12248549 |
| 156564 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> 144A | 1249148 |
| 7260 | Interpump Group SpA | 275895 |
| 4545801 | Intesa Sanpaolo SpA | 27545379 |
| 11135 | Iveco Group NV<sup>(a)</sup> <br>| 246234 |
| 398818 | Leonardo SpA | 26703231 |
| 8021 | Maire SpA | 124780 |
| 173500 | Mediobanca Banca di Credito Finanziario SpA | 3362021 |
| 673960 | MFE-MediaForEurope NV Class A  | 2017413 |
| 501000 | Pirelli & C SpA 144A | 3439226 |
| 224028 | Poste Italiane SpA 144A | 5254201 |
| 16278 | Prysmian SpA | 1897437 |
| 254967 | Ryanair Holdings PLC, ADR | 14737093 |
| 590445 | Telecom Italia SpA\* | 412259 |
| 598839 | UniCredit SpA | 43014535 |
| 167357 | Unipol Assicurazioni SpA | 3905347 |
| 31466 | Webuild SpA | 83367 |
|  |  | 176640513 |
|  | **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** |
| 102911 | Endeavour Mining PLC<sup>(a)(b)</sup> <br>| 6150841 |
| 40893 | Endeavour Mining PLC<sup>(b)</sup> <br>| 2466494 |
|  |  | 8617335 |
|  | **Japan — 20.5%** | **Japan — 20.5%** |
| 4400 | ABC-Mart, Inc. | 70179 |
| 129400 | Advantest Corp. | 17464891 |
| 2300 | AEON REIT Investment Corp., REIT | 1812786 |
| 223000 | AGC, Inc. | 7845235 |
| 40600 | Aichi Steel Corp.<sup>(a)</sup> <br>| 739678 |
| 23200 | Air Water, Inc. | 315145 |
| 28200 | Aisin Corp. | 389420 |
| 41300 | Ajinomoto Co., Inc. | 1155193 |

---

40See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 11400 | Alfresa Holdings Corp. | 183260 |
| 96900 | Alps Alpine Co. Ltd.<sup>(a)</sup> <br>| 1307893 |
| 14300 | ALSOK Co. Ltd. | 114083 |
| 32500 | Amada Co. Ltd. | 449812 |
| 55200 | Amano Corp. | 1319626 |
| 31100 | ANA Holdings, Inc. | 551625 |
| 6900 | Anritsu Corp. | 123717 |
| 18700 | ARE Holdings, Inc.<sup>(a)</sup> <br>| 406803 |
| 121400 | Artience Co. Ltd. | 2897206 |
| 11000 | Asahi Intecc Co. Ltd. | 234109 |
| 318100 | Asahi Kasei Corp. | 3072795 |
| 35900 | Asics Corp. | 952316 |
| 475800 | Astellas Pharma, Inc. | 7749581 |
| 88600 | Azbil Corp. | 764784 |
| 122100 | Bandai Namco Holdings, Inc. | 3008630 |
| 42000 | Bic Camera, Inc. | 458869 |
| 17300 | BIPROGY, Inc. | 508368 |
| 238000 | Brother Industries Ltd. | 4357341 |
| 34600 | Canon Marketing Japan, Inc. | 760384 |
| 233600 | Canon, Inc. | 6489924 |
| 37100 | Capcom Co. Ltd. | 784795 |
| 7600 | Casio Computer Co. Ltd. | 67612 |
| 220200 | Central Japan Railway Co. | 5688294 |
| 931294 | Chiba Bank Ltd. | 11970217 |
| 105100 | Chubu Electric Power Co., Inc. | 1721200 |
| 1800 | Chudenko Corp. | 52432 |
| 15400 | Chugoku Electric Power Co., Inc. | 97454 |
| 343900 | Citizen Watch Co. Ltd.<sup>(a)</sup> <br>| 3639699 |
| 114200 | Coca-Cola Bottlers Japan Holdings, Inc. | 2593831 |
| 7000 | COMSYS Holdings Corp. | 223452 |
| 11000 | Cosmo Energy Holdings Co. Ltd.<sup>(a)</sup> <br>| 307504 |
| 1800 | Cosmos Pharmaceutical Corp. | 77149 |
| 182000 | Credit Saison Co. Ltd. | 4702800 |
| 114200 | CyberAgent, Inc. | 965542 |
| 447500 | Daicel Corp.<sup>(a)</sup> <br>| 3492589 |
| 111500 | Daido Steel Co. Ltd. | 1308968 |
| 111200 | Daiichi Sankyo Co. Ltd. | 1955764 |
| 21500 | Daikin Industries Ltd. | 2601979 |
| 55600 | Daiwa House Industry Co. Ltd. | 1733827 |
| 12100 | Dexerials Corp. | 166324 |
| 40400 | DIC Corp. | 942336 |
| 5000 | Dowa Holdings Co. Ltd. | 284396 |
| 58600 | East Japan Railway Co. | 1334142 |
| 13700 | Eisai Co. Ltd. | 424727 |
| 217700 | Electric Power Development Co. Ltd.<sup>(a)</sup> <br>| 5975474 |
| 224300 | ENEOS Holdings, Inc. | 1996781 |
| 33000 | EXEO Group, Inc. | 562273 |
| 145800 | Ezaki Glico Co. Ltd. | 5405951 |
| 393400 | FANUC Corp. | 13668715 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 33500 | Fast Retailing Co. Ltd. | 13301149 |
| 121000 | Food & Life Cos. Ltd. | 7143816 |
| 10500 | Fuji Corp. | 319536 |
| 66200 | FUJIFILM Holdings Corp. | 1255128 |
| 420000 | Fujikura Ltd. | 11400117 |
| 41600 | Fukuoka Financial Group, Inc. | 1575606 |
| 28700 | Futaba Industrial Co. Ltd. | 174786 |
| 173 | GLP J-Reit, REIT | 141501 |
| 2300 | GMO internet group, Inc. | 42251 |
| 21300 | Hamamatsu Photonics KK | 245219 |
| 25000 | Hankyu Hanshin Holdings, Inc.<sup>(a)</sup> <br>| 720955 |
| 8000 | Hanwa Co. Ltd. | 79779 |
| 3700 | Harmonic Drive Systems, Inc. | 84207 |
| 54700 | Hirose Electric Co. Ltd. | 7125076 |
| 57000 | Hokkaido Electric Power Co., Inc.<sup>(a)</sup> <br>| 387312 |
| 751400 | Honda Motor Co. Ltd.<sup>(a)</sup> <br>| 6067550 |
| 2000 | Horiba Ltd. | 232751 |
| 8000 | Hoshizaki Corp. | 255912 |
| 21400 | Hoya Corp. | 3682480 |
| 6400 | Ichinen Holdings Co. Ltd. | 86312 |
| 64000 | Idemitsu Kosan Co. Ltd. | 620681 |
| 9500 | Iida Group Holdings Co. Ltd. | 144111 |
| 212 | Industrial & Infrastructure Fund Investment Corp., REIT | 189185 |
| 11600 | INFRONEER Holdings, Inc.<sup>(a)</sup> <br>| 161092 |
| 477000 | Inpex Corp. | 13962186 |
| 14800 | Internet Initiative Japan, Inc. | 229515 |
| 256000 | Isuzu Motors Ltd. | 3668421 |
| 26100 | Iwatani Corp.<sup>(a)</sup> <br>| 333063 |
| 28700 | JAC Recruitment Co. Ltd. | 153875 |
| 257700 | Japan Airlines Co. Ltd. | 4182646 |
| 3900 | Japan Airport Terminal Co. Ltd.<sup>(a)</sup> <br>| 127484 |
| 171600 | Japan Exchange Group, Inc. | 1987603 |
| 533000 | Japan Petroleum Exploration Co. Ltd. | 8762209 |
| 261000 | Japan Post Bank Co. Ltd. | 4283618 |
| 1019200 | Japan Post Holdings Co. Ltd. | 11664619 |
| 600300 | Japan Post Insurance Co. Ltd. | 6049996 |
| 21700 | Japan Securities Finance Co. Ltd. | 285359 |
| 35200 | JFE Holdings, Inc.<sup>(a)</sup> <br>| 409027 |
| 13400 | JTEKT Corp. | 142589 |
| 33300 | JX Advanced Metals Corp. | 722069 |
| 51000 | Kakaku.com, Inc.<sup>(a)</sup> <br>| 667005 |
| 120400 | Kamigumi Co. Ltd. | 4156280 |
| 89700 | Kaneka Corp. | 2730317 |
| 442000 | Kanematsu Corp. | 6265978 |
| 51900 | Kansai Electric Power Co., Inc. | 852798 |
| 8400 | Kansai Paint Co. Ltd.<sup>(a)</sup> <br>| 125443 |
| 92200 | Kao Corp. | 3594010 |
| 4200 | Kato Sangyo Co. Ltd. | 177824 |
| 173900 | Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> <br>| 2920569 |

---

42See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 31500 | Keio Corp. | 153564 |
| 31600 | Keisei Electric Railway Co. Ltd. | 235126 |
| 39000 | Keyence Corp. | 13778629 |
| 44100 | Kikkoman Corp.<sup>(a)</sup> <br>| 401026 |
| 36200 | Kintetsu Group Holdings Co. Ltd.<sup>(a)</sup> <br>| 736049 |
| 132700 | Kioxia Holdings Corp.\* | 16828814 |
| 137900 | Kirin Holdings Co. Ltd. | 2188742 |
| 92500 | Kitz Corp. | 1066116 |
| 230600 | Kobe Steel Ltd.<sup>(a)</sup> <br>| 2777155 |
| 76200 | Kohnan Shoji Co. Ltd. | 1962961 |
| 10800 | Koito Manufacturing Co. Ltd. | 167382 |
| 11000 | Kokusai Electric Corp. | 363612 |
| 86300 | Komatsu Ltd. | 3379503 |
| 6200 | Konami Group Corp. | 769537 |
| 27086 | Kose Holdings Corp.<sup>(a)</sup> <br>| 1007819 |
| 187400 | Kuraray Co. Ltd. | 1968427 |
| 23500 | Kurita Water Industries Ltd. | 1115455 |
| 76000 | Kyocera Corp. | 1172078 |
| 38400 | Kyowa Kirin Co. Ltd. | 632782 |
| 25200 | Kyushu Electric Power Co., Inc. | 289431 |
| 8500 | Kyushu Railway Co. | 201296 |
| 166600 | Lasertec Corp. | 36644622 |
| 7600 | Life Corp. | 122552 |
| 37200 | Lintec Corp. | 1067638 |
| 119300 | Lion Corp. | 1242337 |
| 16500 | Lixil Corp.<sup>(a)</sup> <br>| 169966 |
| 194300 | LY Corp.<sup>(a)</sup> <br>| 469776 |
| 697300 | M3, Inc.<sup>(a)</sup> <br>| 7101515 |
| 69200 | Mabuchi Motor Co. Ltd. | 692891 |
| 133600 | Macnica Holdings, Inc.<sup>(a)</sup> <br>| 2003739 |
| 600 | Makino Milling Machine Co. Ltd.\* | 43343 |
| 34800 | Makita Corp. | 1127533 |
| 20100 | MatsukiyoCocokara & Co. | 320429 |
| 39400 | Mazda Motor Corp.<sup>(a)</sup> <br>| 265340 |
| 5200 | McDonald's Holdings Co. Japan Ltd. | 270832 |
| 870300 | Mebuki Financial Group, Inc. | 6687355 |
| 11700 | Medipal Holdings Corp. | 217832 |
| 200 | MEIJI Holdings Co. Ltd. | 4868 |
| 1200 | Meiko Electronics Co. Ltd. | 191057 |
| 1500 | Micronics Japan Co. Ltd. | 92167 |
| 16900 | MISUMI Group, Inc. | 286098 |
| 559000 | Mitsubishi Chemical Group Corp. | 3229353 |
| 693500 | Mitsubishi Electric Corp. | 22593157 |
| 32500 | Mitsubishi Gas Chemical Co., Inc. | 757255 |
| 280300 | Mitsubishi HC Capital, Inc. | 2498237 |
| 8500 | Mitsubishi Materials Corp. | 265021 |
| 35600 | Mitsubishi Motors Corp.<sup>(a)</sup> <br>| 69497 |
| 61500 | Mitsui Chemicals, Inc.<sup>(a)</sup> <br>| 731294 |
| 118700 | Mitsui Fudosan Co. Ltd. | 1253347 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 39900 | Mitsui Kinzoku Co. Ltd. | 7463739 |
| 5100 | Miura Co. Ltd. | 102140 |
| 65900 | Mizuho Financial Group, Inc. | 2624023 |
| 456000 | Mizuho Leasing Co. Ltd. | 4026988 |
| 14300 | Modec, Inc. | 1362731 |
| 30200 | MonotaRO Co. Ltd. | 323872 |
| 4000 | Morinaga Milk Industry Co. Ltd. | 120288 |
| 7500 | MS&AD Insurance Group Holdings, Inc.<sup>(a)</sup> <br>| 195796 |
| 92700 | Murata Manufacturing Co. Ltd. | 2073371 |
| 100600 | Nabtesco Corp. | 2504179 |
| 244800 | Nagase & Co. Ltd. | 1810161 |
| 11500 | Nagoya Railroad Co. Ltd.<sup>(a)</sup> <br>| 125289 |
| 6100 | Nankai Electric Railway Co. Ltd.<sup>(a)</sup> <br>| 117977 |
| 380000 | NEC Corp. | 9444271 |
| 245600 | Nexon Co. Ltd. | 4617855 |
| 287000 | NGK Insulators Ltd. | 7423735 |
| 67600 | NH Foods Ltd. | 2984691 |
| 46000 | NIDEC Corp. | 577528 |
| 5500 | Nifco, Inc. | 155216 |
| 27000 | Nippon Electric Glass Co. Ltd. | 1039753 |
| 219000 | Nippon Express Holdings, Inc. | 4932774 |
| 6800 | Nippon Gas Co. Ltd. | 126124 |
| 62600 | Nippon Paint Holdings Co. Ltd. | 389783 |
| 25600 | Nippon Sanso Holdings Corp. | 911789 |
| 140500 | Nippon Shinyaku Co. Ltd. | 4571076 |
| 6800 | Nippon Shokubai Co. Ltd. | 98062 |
| 128100 | Nippon Soda Co. Ltd.<sup>(a)</sup> <br>| 2841336 |
| 56400 | Nippon Yusen KK<sup>(a)</sup> <br>| 2064998 |
| 7400 | Nishi-Nippon Financial Holdings, Inc. | 176451 |
| 4200 | Nishi-Nippon Railroad Co. Ltd. | 80376 |
| 8700 | Nissan Chemical Corp.<sup>(a)</sup> <br>| 333004 |
| 12200 | Nisshin Seifun Group, Inc. | 161400 |
| 54600 | Nisshinbo Holdings, Inc. | 504914 |
| 275700 | Nissin Foods Holdings Co. Ltd.<sup>(a)</sup> <br>| 5232163 |
| 348700 | Nitori Holdings Co. Ltd.<sup>(a)</sup> <br>| 5524819 |
| 3100 | Nitto Boseki Co. Ltd. | 382969 |
| 546500 | Nitto Denko Corp. | 10907408 |
| 125100 | NOF Corp. | 2467000 |
| 17700 | Nojima Corp. | 121549 |
| 1233400 | Nomura Holdings, Inc. | 9732099 |
| 196 | Nomura Real Estate Master Fund, Inc., REIT | 193460 |
| 143100 | Nomura Research Institute Ltd. | 3955355 |
| 11300 | North Pacific Bank Ltd. | 68785 |
| 21800 | NSK Ltd. | 153234 |
| 1917700 | NTT, Inc. | 1899340 |
| 36700 | OBIC Business Consultants Co. Ltd. | 1458340 |
| 136100 | Obic Co. Ltd. | 3308541 |
| 28200 | Odakyu Electric Railway Co. Ltd. | 292844 |
| 10700 | Okinawa Electric Power Co., Inc. | 71521 |

---

44See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 453700 | Olympus Corp. | 4308951 |
| 10600 | Omron Corp. | 304617 |
| 218100 | Ono Pharmaceutical Co. Ltd.<sup>(a)</sup> <br>| 3476637 |
| 12200 | Open House Group Co. Ltd. | 779341 |
| 2100 | Oracle Corp. Japan | 114739 |
| 132900 | Oriental Land Co. Ltd.<sup>(a)</sup> <br>| 2256989 |
| 153500 | ORIX Corp. | 4587726 |
| 190100 | Osaka Gas Co. Ltd. | 7690258 |
| 77500 | OSG Corp. | 1255933 |
| 40600 | Otsuka Corp. | 776721 |
| 80100 | Otsuka Holdings Co. Ltd. | 5640303 |
| 105600 | Pan Pacific International Holdings Corp. | 646206 |
| 402800 | Panasonic Holdings Corp. | 6671981 |
| 7000 | Park24 Co. Ltd. | 83918 |
| 1340900 | Persol Holdings Co. Ltd. | 1957313 |
| 20100 | Raito Kogyo Co. Ltd. | 489434 |
| 5300 | Rakuten Bank Ltd.\* | 191528 |
| 80200 | Recruit Holdings Co. Ltd. | 3461129 |
| 504100 | Rengo Co. Ltd.<sup>(a)</sup> <br>| 4074983 |
| 2362100 | Resona Holdings, Inc. | 26219403 |
| 12000 | Resorttrust, Inc. | 131646 |
| 29400 | Ricoh Co. Ltd. | 247956 |
| 26900 | Rinnai Corp. | 624629 |
| 618800 | Rohto Pharmaceutical Co. Ltd. | 9410516 |
| 6400 | Rorze Corp. | 109053 |
| 655500 | Ryohin Keikaku Co. Ltd. | 13906531 |
| 2100 | Sanki Engineering Co. Ltd.<sup>(a)</sup> <br>| 90788 |
| 215000 | Sankyo Co. Ltd. | 2642947 |
| 34400 | Sankyu, Inc. | 1909867 |
| 223000 | Sanrio Co. Ltd.<sup>(a)</sup> <br>| 1372748 |
| 295600 | Santen Pharmaceutical Co. Ltd. | 3348921 |
| 18200 | Sanwa Holdings Corp. | 413243 |
| 50800 | Sanyo Chemical Industries Ltd. | 1609476 |
| 29300 | Secom Co. Ltd. | 1122320 |
| 9300 | Sega Sammy Holdings, Inc. | 142898 |
| 12200 | Seibu Holdings, Inc. | 339848 |
| 204000 | Seiko Epson Corp.<sup>(a)</sup> <br>| 2513833 |
| 3200 | Seiko Group Corp. | 113856 |
| 148200 | Sekisui Chemical Co. Ltd. | 2464820 |
| 341 | Sekisui House Reit, Inc., REIT | 192687 |
| 3500 | Shibaura Mechatronics Corp. | 91540 |
| 7900 | Shikoku Electric Power Co., Inc. | 87663 |
| 430000 | Shimadzu Corp. | 10176198 |
| 78400 | Shimano, Inc. | 8195782 |
| 100500 | Shin-Etsu Chemical Co. Ltd. | 4079206 |
| 365300 | Shionogi & Co. Ltd. | 8107911 |
| 12000 | Sinfonia Technology Co. Ltd. | 822139 |
| 13800 | Skylark Holdings Co. Ltd. | 297488 |
| 11500 | SMC Corp. | 4487223 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 145400 | Sojitz Corp. | 5728946 |
| 354600 | Sompo Holdings, Inc. | 13821870 |
| 561100 | Sony Group Corp. | 11545434 |
| 182500 | Stanley Electric Co. Ltd.<sup>(a)</sup> <br>| 3311159 |
| 249500 | Subaru Corp. | 3976196 |
| 88600 | Sugi Holdings Co. Ltd. | 1947212 |
| 4000 | Sumitomo Bakelite Co. Ltd. | 123872 |
| 157400 | Sumitomo Corp. | 5844094 |
| 81000 | Sumitomo Mitsui Financial Group, Inc. | 2663594 |
| 118400 | Sumitomo Mitsui Trust Group, Inc.<sup>(a)</sup> <br>| 3758720 |
| 20900 | Sumitomo Osaka Cement Co. Ltd. | 506285 |
| 430400 | Sumitomo Pharma Co. Ltd.\*<sup>(a)</sup> <br>| 5724855 |
| 282600 | Sumitomo Realty & Development Co. Ltd. | 7925993 |
| 332000 | Sumitomo Rubber Industries Ltd. | 4281649 |
| 2800 | Sumitomo Warehouse Co. Ltd.<sup>(a)</sup> <br>| 71637 |
| 2200 | Sundrug Co. Ltd. | 54226 |
| 63800 | Suntory Beverage & Food Ltd. | 1799767 |
| 12100 | Suzuken Co. Ltd. | 455038 |
| 510100 | Suzuki Motor Corp. | 6096704 |
| 29400 | Sysmex Corp. | 255685 |
| 29800 | T&D Holdings, Inc. | 755569 |
| 6500 | Taiheiyo Cement Corp. | 144994 |
| 71900 | Taisei Corp. | 7490606 |
| 4300 | Taiyo Holdings Co. Ltd. | 137244 |
| 249800 | Takeda Pharmaceutical Co. Ltd. | 9193035 |
| 168500 | Takeda Pharmaceutical Co. Ltd., ADR | 3120620 |
| 118800 | TDK Corp. | 1536574 |
| 6100 | Teijin Ltd. | 63529 |
| 1607500 | Terumo Corp. | 21471825 |
| 3900 | THK Co. Ltd. | 116042 |
| 12700 | TIS, Inc. | 273382 |
| 50400 | Tobu Railway Co. Ltd. | 908103 |
| 129000 | Toho Co. Ltd. | 1357499 |
| 18400 | Toho Gas Co. Ltd. | 148021 |
| 29900 | Tohoku Electric Power Co., Inc.<sup>(a)</sup> <br>| 222044 |
| 37100 | TOKAI Holdings Corp.<sup>(a)</sup> <br>| 272508 |
| 17400 | Token Corp. | 1477237 |
| 185600 | Tokuyama Corp.<sup>(a)</sup> <br>| 4451223 |
| 818900 | Tokyo Electric Power Co. Holdings, Inc.\* | 3328494 |
| 45400 | Tokyo Electron Ltd. | 11075797 |
| 19900 | Tokyo Gas Co. Ltd. | 937342 |
| 17400 | Tokyo Metro Co. Ltd.<sup>(a)</sup> <br>| 177499 |
| 55400 | Tokyo Ohka Kogyo Co. Ltd. | 2694951 |
| 31900 | Tokyu Corp. | 375885 |
| 206400 | Toray Industries, Inc. | 1451692 |
| 10800 | Tosoh Corp. | 159463 |
| 84400 | TOTO Ltd. | 2769267 |
| 115300 | Toyo Seikan Group Holdings Ltd. | 2623112 |
| 270700 | Toyo Suisan Kaisha Ltd. | 18853226 |

---

46See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 4200 | Toyoda Gosei Co. Ltd. | 109066 |
| 4200 | Toyota Boshoku Corp.<sup>(a)</sup> <br>| 65174 |
| 234000 | Toyota Motor Corp. | 4838916 |
| 3600 | Toyota Tsusho Corp. | 140530 |
| 7200 | Trend Micro, Inc. | 239857 |
| 210600 | TS Tech Co. Ltd. | 2366288 |
| 45500 | Tsubakimoto Chain Co. | 671329 |
| 13640 | Tsuruha Holdings, Inc. | 214792 |
| 56200 | UACJ Corp. | 833756 |
| 39000 | Ulvac, Inc. | 2083097 |
| 1540000 | Unicharm Corp. | 8946024 |
| 56100 | Unisia Holdings Co.<sup>(a)</sup> <br>| 674707 |
| 173 | United Urban Investment Corp., REIT | 186213 |
| 25700 | Valor Holdings Co. Ltd. | 594514 |
| 23900 | Warabeya Nichiyo Holdings Co. Ltd. | 452315 |
| 24000 | West Japan Railway Co. | 475537 |
| 57500 | Yakult Honsha Co. Ltd.<sup>(a)</sup> <br>| 961561 |
| 44400 | Yamada Holdings Co. Ltd. | 147596 |
| 11700 | Yamaguchi Financial Group, Inc. | 180389 |
| 83700 | Yamaha Corp.<sup>(a)</sup> <br>| 588610 |
| 32100 | Yamato Holdings Co. Ltd. | 353627 |
| 1700 | Yamato Kogyo Co. Ltd. | 130153 |
| 7700 | Yamazaki Baking Co. Ltd. | 172009 |
| 170100 | Yaskawa Electric Corp. | 4492380 |
| 102100 | Yokogawa Electric Corp. | 3155008 |
| 180600 | Yokohama Rubber Co. Ltd. | 6876977 |
| 2000 | Yonex Co. Ltd. | 37488 |
| 19800 | Zensho Holdings Co. Ltd. | 1145731 |
| 9300 | Zeon Corp. | 104319 |
|  |  | 900570092 |
|  | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| 296478 | ArcelorMittal SA | 15398176 |
| 9961 | Eurofins Scientific SE | 726167 |
| 13643 | SES SA<sup>(a)</sup> <br>| 96980 |
|  |  | 16221323 |
|  | **Macau — 0.2%** | **Macau — 0.2%** |
| 1953000 | Galaxy Entertainment Group Ltd. | 8805730 |
| 72400 | MGM China Holdings Ltd. | 102996 |
| 797200 | Sands China Ltd. | 1694570 |
|  |  | 10603296 |
|  | **Mexico — 0.0%** | **Mexico — 0.0%** |
| 13230 | Fresnillo PLC | 583913 |
|  | **Netherlands — 3.9%** | **Netherlands — 3.9%** |
| 228997 | ABN AMRO Bank NV CVA<sup>(c)</sup> <br>| 7301370 |
| 3240 | Adyen NV\* 144A | 3231863 |
| 2648 | ASM International NV | 2010684 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Netherlands — continued** | **Netherlands — continued** |
| 64042 | ASML Holding NV<sup>(b)</sup> <br>| 84500656 |
| 160 | ASML Holding NV<sup>(b)</sup> <br>| 209206 |
| 8449 | ASML Holding NV, ADR NYRS | 11159693 |
| 35849 | ASR Nederland NV | 2461910 |
| 1760 | Basic-Fit NV\* 144A | 60420 |
| 143003 | Euronext NV 144A | 22936346 |
| 52400 | Heineken Holding NV | 3736241 |
| 343291 | ING Groep NV | 8941621 |
| 209400 | Koninklijke Ahold Delhaize NV | 9744717 |
| 1139 | Koninklijke Heijmans NV | 102840 |
| 6442 | Koninklijke Vopak NV | 346499 |
| 122385 | NN Group NV | 9542882 |
| 5836 | SBM Offshore NV | 231374 |
| 82741 | Wolters Kluwer NV | 6170320 |
|  |  | 172688642 |
|  | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| 13382 | Fisher & Paykel Healthcare Corp. Ltd. | 284194 |
| 9806 | Xero Ltd.\* | 520689 |
|  |  | 804883 |
|  | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| 66241 | Airtel Africa PLC 144A | 304455 |
|  | **Norway — 1.5%** | **Norway — 1.5%** |
| 544271 | Aker BP ASA | 19862632 |
| 100400 | Austevoll Seafood ASA | 1068535 |
| 119200 | DNB Bank ASA | 3695386 |
| 695244 | DNO ASA | 1548813 |
| 286673 | Equinor ASA | 12061445 |
| 278491 | Equinor ASA, ADR | 11752320 |
| 4445 | Frontline PLC | 154953 |
| 12337 | Kitron ASA | 119491 |
| 100715 | Kongsberg Gruppen ASA | 4286737 |
| 680588 | Norsk Hydro ASA | 7173521 |
| 179300 | Orkla ASA | 2241551 |
| 3174 | Protector Forsikring ASA | 152935 |
| 27309 | Storebrand ASA | 490669 |
| 38072 | Telenor ASA | 666546 |
| 9972 | TGS ASA | 133215 |
|  |  | 65408749 |
|  | **Peru — 0.0%** | **Peru — 0.0%** |
| 20384 | Hochschild Mining PLC | 165047 |
|  | **Portugal — 0.5%** | **Portugal — 0.5%** |
| 536228 | Banco Comercial Portugues SA Class R  | 524013 |
| 39527 | CTT-Correios de Portugal SA | 278768 |
| 1806055 | EDP SA | 9531668 |
| 98448 | Galp Energia SGPS SA | 2385861 |

---

48See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Portugal — continued** | **Portugal — continued** |
| 205523 | Jeronimo Martins SGPS SA | 4914719 |
| 1650798 | Sonae SGPS SA | 3653464 |
|  |  | 21288493 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| 3792080 | Gazprom PJSC\*<sup>(d)(e)(f)</sup> <br>|  |
| 843000 | GMK Norilskiy Nickel PAO\*<sup>(d)(e)(f)</sup> <br>|  |
| 113778 | LUKOIL PJSC\*<sup>(d)(e)(f)</sup> <br>|  |
| 18119 | Novatek PJSC\*<sup>(d)(e)(f)</sup> <br>|  |
| 169349 | Rosneft Oil Co. PJSC\*<sup>(d)(e)(f)</sup> <br>|  |
| 1092670 | Sberbank of Russia PJSC\*<sup>(d)(e)(f)</sup> <br>|  |
| 296674 | Tatneft PJSC\*<sup>(d)(e)(f)</sup> <br>|  |
|  |  | 0 |
|  | **Singapore — 0.5%** | **Singapore — 0.5%** |
| 126600 | ComfortDelGro Corp. Ltd. | 142337 |
| 1000 | Genting Singapore Ltd.<sup>(a)</sup> <br>| 523 |
| 16364 | Hafnia Ltd. | 123697 |
| 120400 | iFAST Corp. Ltd.<sup>(a)</sup> <br>| 844893 |
| 500000 | IGG, Inc. | 224036 |
| 122300 | Jardine Cycle & Carriage Ltd. | 3292971 |
| 230400 | Keppel Infrastructure Trust | 91303 |
| 84500 | Keppel Ltd. | 781511 |
| 159200 | Netlink NBN Trust<sup>(c)</sup> <br>| 119400 |
| 51400 | SATS Ltd. | 141301 |
| 84300 | Singapore Airlines Ltd. | 434710 |
| 310200 | Singapore Exchange Ltd. | 4743252 |
| 111400 | Singapore Technologies Engineering Ltd. | 946151 |
| 1904400 | Singapore Telecommunications Ltd. | 7346790 |
| 99000 | United Overseas Bank Ltd. | 2837577 |
| 23500 | UOL Group Ltd. | 178385 |
| 15500 | Venture Corp. Ltd. | 185827 |
| 99900 | Yangzijiang Financial Holding Ltd. | 19437 |
| 99900 | Yangzijiang Maritime Development Ltd.\* | 40563 |
|  |  | 22494664 |
|  | **South Africa — 0.4%** | **South Africa — 0.4%** |
| 199073 | Anglo American PLC<sup>(b)</sup> <br>| 8426246 |
| 20126 | Anglo American PLC<sup>(a)(b)</sup> <br>| 850461 |
| 104100 | Gold Fields Ltd. | 4787088 |
| 46600 | Naspers Ltd. Class N  | 2385692 |
| 1003000 | Old Mutual Ltd.<sup>(a)</sup> <br>| 824883 |
| 72831 | Pan African Resources PLC<sup>(b)</sup> <br>| 137017 |
| 112725 | Pan African Resources PLC<sup>(b)</sup> <br>| 210417 |
|  |  | 17621804 |
|  | **South Korea — 0.4%** | **South Korea — 0.4%** |
| 84300 | Doosan Bobcat, Inc. | 3177095 |
| 1496 | Hyundai Mobis Co. Ltd. | 384727 |
| 38000 | Kia Corp. | 3657596 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| 41937 | Samsung Electronics Co. Ltd. | 4710785 |
| 16040 | Samsung Fire & Marine Insurance Co. Ltd. | 4650393 |
|  |  | 16580596 |
|  | **Spain — 2.7%** | **Spain — 2.7%** |
| 13794 | ACS Actividades de Construccion y Servicios SA | 1701514 |
| 178601 | Amadeus IT Group SA | 10120558 |
| 13979 | Atalaya Mining Copper SA | 131679 |
| 300961 | Banco Bilbao Vizcaya Argentaria SA | 6548126 |
| 336312 | Banco de Sabadell SA | 1205326 |
| 1499960 | Banco Santander SA | 16918926 |
| 785541 | Bankinter SA<sup>(a)</sup> <br>| 12327382 |
| 2668856 | CaixaBank SA | 31920856 |
| 98952 | Cellnex Telecom SA\* 144A | 3202575 |
| 14934 | Grifols SA<sup>(a)</sup> <br>| 156355 |
| 704120 | Iberdrola SA | 16112538 |
| 1222320 | Mapfre SA | 5454344 |
| 421992 | Repsol SA | 11818897 |
| 3614 | Solaria Energia y Medio Ambiente SA\* | 100887 |
| 62325 | Unicaja Banco SA 144A | 185079 |
|  |  | 117905042 |
|  | **Sweden — 2.0%** | **Sweden — 2.0%** |
| 17313 | Alfa Laval AB | 938754 |
| 546496 | Assa Abloy AB Class B  | 19474947 |
| 547920 | Atlas Copco AB Class A  | 9577052 |
| 202200 | Betsson AB Class B  | 2153410 |
| 1942 | Camurus AB\* | 96373 |
| 334900 | Elekta AB Class B <sup>(a)</sup> <br>| 1976298 |
| 16306 | Epiroc AB Class A  | 397835 |
| 20466 | Epiroc AB Class B  | 437381 |
| 4839 | Granges AB | 75858 |
| 107429 | H & M Hennes & Mauritz AB Class B <sup>(a)</sup> <br>| 1990320 |
| 15338 | Husqvarna AB Class B  | 59988 |
| 189 | L E Lundbergforetagen AB Class B  | 10727 |
| 27924 | Loomis AB | 1256152 |
| 63300 | NCC AB Class B  | 1396489 |
| 185400 | Securitas AB Class B  | 3097164 |
| 168700 | SKF AB Class B  | 4004054 |
| 800117 | Svenska Cellulosa AB SCA Class B <sup>(a)</sup> <br>| 9203140 |
| 242800 | Swedbank AB Class A <sup>(a)</sup> <br>| 8192002 |
| 17804 | Swedish Orphan Biovitrum AB\* | 739700 |
| 32256 | Tele2 AB Class B  | 658915 |
| 250056 | Telefonaktiebolaget LM Ericsson, ADR | 2818131 |
| 879161 | Telefonaktiebolaget LM Ericsson Class B <sup>(a)</sup> <br>| 9896071 |
| 12034 | Trelleborg AB Class B  | 445598 |
| 284900 | Volvo AB Class B  | 9236675 |
|  |  | 88133034 |

---

50See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Switzerland — 3.9%** | **Switzerland — 3.9%** |
| 111543 | ABB Ltd.<sup>(b)</sup> <br>| 9027496 |
| 20306 | ABB Ltd.<sup>(b)</sup> <br>| 1638551 |
| 6656 | Accelleron Industries AG | 598207 |
| 121600 | Adecco Group AG<sup>(a)</sup> <br>| 2928372 |
| 53300 | Avolta AG | 3181508 |
| 570 | Belimo Holding AG | 458449 |
| 325 | Chocoladefabriken Lindt & Spruengli AG | 4541069 |
| 51291 | Cie Financiere Richemont SA Class A  | 9094763 |
| 62406 | Clariant AG | 615708 |
| 381 | Comet Holding AG<sup>(a)</sup> <br>| 119940 |
| 1230 | Flughafen Zurich AG | 381722 |
| 66852 | Galderma Group AG | 12896242 |
| 15080 | Huber & Suhner AG | 3323787 |
| 183353 | Julius Baer Group Ltd. | 13444602 |
| 1261 | Kardex Holding AG | 375393 |
| 11959 | Landis & Gyr Group AG | 758343 |
| 13875 | Logitech International SA<sup>(b)</sup> <br>| 1261509 |
| 21169 | Logitech International SA<sup>(b)</sup> <br>| 1928919 |
| 32084 | Lonza Group AG | 20426092 |
| 190310 | On Holding AG Class A \* | 6474346 |
| 330345 | Sandoz Group AG | 25784374 |
| 24214 | Schindler Holding AG | 7934980 |
| 57252 | Sika AG | 9474739 |
| 15786 | Sonova Holding AG | 3560673 |
| 4989 | Sunrise Communications AG Class A  | 296149 |
| 3730 | Temenos AG | 320236 |
| 712566 | UBS Group AG<sup>(b)</sup> <br>| 27578314 |
| 59066 | UBS Group AG<sup>(b)</sup> <br>| 2307709 |
| 1526 | VAT Group AG 144A | 936747 |
|  |  | 171668939 |
|  | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| 971000 | Chipbond Technology Corp. | 2156040 |
| 413000 | Hon Hai Precision Industry Co. Ltd. | 2484927 |
| 196000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 11049586 |
| 72770 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 24592622 |
| 1296000 | United Microelectronics Corp. | 2316769 |
|  |  | 42599944 |
|  | **Turkey — 0.1%** | **Turkey — 0.1%** |
| 1439800 | Coca-Cola Icecek AS | 2310814 |
| 2418 | Eldorado Gold Corp.<sup>(a)</sup> <br>| 82769 |
|  |  | 2393583 |
|  | **United Kingdom — 9.8%** | **United Kingdom — 9.8%** |
| 13543 | Admiral Group PLC | 569223 |
| 19594 | AJ Bell PLC | 121747 |
| 18468 | Allfunds Group PLC | 184220 |
| 162841 | Associated British Foods PLC | 4060511 |
| 91660 | AstraZeneca PLC<sup>(b)</sup> <br>| 17836564 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 35958 | AstraZeneca PLC<sup>(b)</sup> <br>| 7032169 |
| 35820 | AstraZeneca PLC<sup>(b)</sup> <br>| 7064420 |
| 52604 | Autotrader Group PLC 144A | 327836 |
| 758803 | Aviva PLC | 6021876 |
| 403600 | B&M European Value Retail PLC<sup>(a)</sup> <br>| 905635 |
| 15031 | Babcock International Group PLC | 230674 |
| 327500 | BAE Systems PLC | 9497893 |
| 33877 | Balfour Beatty PLC | 337726 |
| 6205653 | Barclays PLC | 32579287 |
| 9364 | Bodycote PLC | 76490 |
| 189610 | British American Tobacco PLC | 11004018 |
| 1801577 | BT Group PLC | 5031084 |
| 16442 | Burberry Group PLC\* | 239687 |
| 1899300 | Centrica PLC | 5352500 |
| 18927 | Chemring Group PLC | 127714 |
| 533500 | CK Hutchison Holdings Ltd. | 4100683 |
| 76712 | Coca-Cola Europacific Partners PLC | 6955477 |
| 347505 | Compass Group PLC | 9619236 |
| 38456 | Computacenter PLC | 1521200 |
| 79402 | Croda International PLC | 2956007 |
| 24891 | Currys PLC | 41249 |
| 609694 | Diageo PLC | 11286354 |
| 456268 | Drax Group PLC | 5369745 |
| 16570 | easyJet PLC<sup>(a)</sup> <br>| 76541 |
| 34193 | Firstgroup PLC | 74823 |
| 21894 | Halma PLC | 1108194 |
| 30173 | Hikma Pharmaceuticals PLC | 503873 |
| 303200 | Hiscox Ltd. | 6087926 |
| 556400 | HSBC Holdings PLC | 9070788 |
| 243634 | IG Group Holdings PLC | 4578319 |
| 485332 | IMI PLC | 16484865 |
| 229500 | Imperial Brands PLC | 9305938 |
| 20462 | Inchcape PLC | 201645 |
| 73625 | Informa PLC | 731259 |
| 1260030 | International Consolidated Airlines Group SA Class DI <sup>(b)</sup> <br>| 5885908 |
| 28915 | International Consolidated Airlines Group SA Class DI <sup>(b)</sup> <br>| 137757 |
| 1101600 | J Sainsbury PLC | 4928570 |
| 6214 | JET2 PLC | 91918 |
| 14049 | Johnson Matthey PLC | 355973 |
| 1751120 | Kingfisher PLC | 6624845 |
| 19121 | Lancashire Holdings Ltd. | 148657 |
| 320213 | Legal & General Group PLC | 1051474 |
| 20576416 | Lloyds Banking Group PLC | 25337339 |
| 1514 | Lloyds Banking Group PLC, ADR | 7615 |
| 273839 | London Stock Exchange Group PLC | 32244075 |
| 949651 | Man Group PLC | 3196773 |
| 393300 | Mitchells & Butlers PLC\* | 1318855 |
| 32159 | MONY Group PLC | 64198 |
| 4685129 | NatWest Group PLC | 34635182 |

---

52See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| 21024 | OSB Group PLC | 145103 |
| 401613 | Paragon Banking Group PLC | 3835986 |
| 345600 | QinetiQ Group PLC | 2082354 |
| 45155 | Quilter PLC 144A | 104865 |
| 158001 | Reckitt Benckiser Group PLC | 10682666 |
| 563840 | RELX PLC<sup>(b)</sup> <br>| 18520525 |
| 31420 | RELX PLC<sup>(b)</sup> <br>| 1039017 |
| 39924 | Rightmove PLC | 226573 |
| 909171 | Rolls-Royce Holdings PLC | 13832497 |
| 287132 | Sage Group PLC | 3195016 |
| 15358 | Senior PLC | 58647 |
| 630866 | Serco Group PLC | 2381475 |
| 899794 | Smith & Nephew PLC | 14161031 |
| 19202 | Smith & Nephew PLC, ADR | 610240 |
| 67868 | Spirax Group PLC | 6051565 |
| 88784 | Standard Chartered PLC | 1837024 |
| 1391600 | Tesco PLC | 8742015 |
| 50139 | TP ICAP Group PLC | 180654 |
| 8111 | Vesuvius PLC | 42744 |
| 7271337 | Vodafone Group PLC | 10984449 |
| 1209680 | Vodafone Group PLC, ADR | 18169394 |
|  |  | 431588375 |
|  | **United States — 9.4%** | **United States — 9.4%** |
| 37463 | Adobe, Inc.\* | 9106506 |
| 761026 | Aegon Ltd. | 5531041 |
| 120999 | Agilent Technologies, Inc. | 13791466 |
| 150550 | Alcon AG<sup>(b)</sup> <br>| 11238876 |
| 14482 | Alcon AG<sup>(b)</sup> <br>| 1091219 |
| 167 | AP Moller - Maersk AS Class A  | 404409 |
| 234 | AP Moller - Maersk AS Class B  | 578105 |
| 8754 | Autodesk, Inc.\* | 2095708 |
| 836623 | BP PLC | 6570333 |
| 76930 | BP PLC, ADR | 3615710 |
| 6963 | Brixmor Property Group, Inc., REIT | 200534 |
| 1964 | BRP, Inc. | 141035 |
| 5906 | Carnival PLC, ADR | 152198 |
| 35900 | Chipotle Mexican Grill, Inc.\* | 1149159 |
| 52637 | Cisco Systems, Inc. | 4084105 |
| 111694 | Comcast Corp. Class A  | 3206735 |
| 60107 | CRH PLC | 6318448 |
| 3212 | Domino's Pizza, Inc. | 1152433 |
| 518652 | Experian PLC | 17960857 |
| 14352 | Ferrovial SE<sup>(b)</sup> <br>| 930197 |
| 11672 | Ferrovial SE<sup>(b)</sup> <br>| 759264 |
| 27256 | Fortinet, Inc.\* | 2227360 |
| 39487 | Gap, Inc. | 955585 |
| 44294 | Gen Digital, Inc. | 834056 |
| 510904 | GSK PLC | 13959590 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| 54127 | GSK PLC, ADR | 2987269 |
| 5766410 | Haleon PLC | 28437622 |
| 296049 | Haleon PLC, ADR | 2963451 |
| 9293 | InterContinental Hotels Group PLC | 1223906 |
| 15480 | Intuit, Inc. | 6693242 |
| 14963 | Las Vegas Sands Corp. | 806206 |
| 23942 | McDonald's Corp. | 7440934 |
| 172400 | Novartis AG | 26046743 |
| 106231 | Roche Holding AG | 41740796 |
| 37147 | Roche Holding AG, ADR | 1846577 |
| 19160 | Roper Technologies, Inc. | 6779958 |
| 73145 | Salesforce, Inc. | 13653977 |
| 26217 | Sandisk Corp.\* | 16656709 |
| 94600 | Sanofi SA | 9095901 |
| 7114 | SBA Communications Corp., REIT | 1224391 |
| 179706 | Schneider Electric SE | 49203973 |
| 249001 | Shell PLC<sup>(b)</sup> <br>| 11603380 |
| 354073 | Shell PLC<sup>(b)</sup> <br>| 16472861 |
| 140378 | Shell PLC, ADR | 13055154 |
| 155300 | Signify NV 144A | 3237267 |
| 32025 | Sinch AB\*<sup>(a)</sup> 144A | 84114 |
| 15420 | Spotify Technology SA\* | 7477312 |
| 6637 | Stryker Corp. | 2180852 |
| 56700 | Swiss Re AG<sup>(a)</sup> <br>| 9421843 |
| 389377 | Tenaris SA | 11337600 |
| 39881 | Waters Corp.\* | 11876562 |
| 8601 | Zoetis, Inc. | 1016724 |
|  |  | 412620253 |
|  | **Zambia — 0.0%** | **Zambia — 0.0%** |
| 41123 | First Quantum Minerals Ltd.\* | 980080 |
|  | TOTAL COMMON STOCKS (COST $3,410,765,595) | 4192182129 |
|  | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** |
|  | **United States — 0.4%** | **United States — 0.4%** |
| 84735 | iShares Core MSCI EAFE ETF | 7671059 |
| 46592 | iShares MSCI EAFE ETF | 4525481 |
| 13975 | iShares MSCI Eurozone ETF | 875394 |
| 58582 | Vanguard FTSE Developed Markets ETF | 3753935 |
|  | TOTAL INVESTMENT COMPANIES (COST $15,085,295) | 16825869 |

---

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

---

| | | |
|:---|:---|:---|
|  | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
|  | **Germany — 0.1%** | **Germany — 0.1%** |
| 22700 | Henkel AG & Co. KGaA, 3.06% | 1738593 |
| 2606 | Jungheinrich AG, 3.06% | 77878 |
| 69 | Porsche Automobil Holding SE, 6.11% | 2474 |

---

54See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
|  | **Germany — continued** | **Germany — continued** |
| 44927 | Volkswagen AG, 7.28% | 4484866 |
|  |  | 6303811 |
|  | TOTAL PREFERRED STOCKS (COST $10,860,116) | 6303811 |
|  | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
|  | **Italy — 0.0%** | **Italy — 0.0%** |
| 590445 | Telecom Italia SpA\*<sup>(d)(e)</sup> <br>| 6 |
|  | TOTAL RIGHTS (COST $—) | 6 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 1.6%** | **SHORT-TERM INVESTMENT — 1.6%** |
|  | **Mutual Fund - Securities Lending Collateral — 1.6%** | **Mutual Fund - Securities Lending Collateral — 1.6%** |
| 68911201 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.68%<sup>(g)(h)</sup> <br>| 68911201 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $68,911,201) | 68911201 |
|  | **TOTAL INVESTMENTS — 97.3**% <br>(Cost $3,505,622,207)<br>| 4284223016 |
|  | Other Assets and Liabilities (net) — 2.7% | 118658215 |
|  | **NET ASSETS — 100.0%** | **$4402881231** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | Securities are traded on separate exchanges for the same entity.  |
| (c) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (d) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (e) | Securities fair valued by the Valuation Committee. The total market value of the securities at year <br> end is $6 which represents 0.0% of net assets. The aggregate tax cost of these securities held at <br> March 31, 2026 was $29,569,045.<br>|
| (f) | Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total <br> market value of the securities at year end is $0 which represents 0.0% of net assets. The aggregate <br> cost of these securities held at March 31, 2026 was $29,569,045.<br>|
| (g) | The rate disclosed is the 7-day net yield as of March 31, 2026. |
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at year end is $73,270,613 which represents 1.7% of net <br> assets.<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 1235 | MSCI EAFE | Jun 2026 | &nbsp;&nbsp; $179142925 | &nbsp;&nbsp; $428143 |

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ADR |  | American Depository Receipt |
| CVA |  | Certificaten Van Aandelen |
| ETF |  | Exchange-traded fund |
| NYRS |  | New York Registry Shares |
| REIT |  | Real Estate Investment Trust |

---

56See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| **Industry Sector Summary** | **% of Net Assets** |
| Financial | 22.7 |
| Consumer, Non-cyclical | 16.9 |
| Industrial | 14.7 |
| Basic Materials | 12.0 |
| Technology | 9.3 |
| Consumer, Cyclical | 8.9 |
| Energy | 6.6 |
| Communications | 2.7 |
| Utilities | 1.5 |
| Investment Companies | 0.4 |
| Diversified | 0.0\* |
| Short-Term Investment | 1.6 |
| Other Assets and Liabilities (net) | 2.7 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**March 31, 2026**

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

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>|  | **Description** | **Value ($)** |
|  |  | **DEBT OBLIGATIONS — 98.9%** | **DEBT OBLIGATIONS — 98.9%** |
|  |  | **Asset Backed Securities — 9.7%** | **Asset Backed Securities — 9.7%** |
| 133645 |  | ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/29/30 <br> 144A<br>| 122046 |
| 1800000 |  | Affirm Master Trust, Series 2025-1A, Class A, 4.99%, due 02/15/33 144A | 1811553 |
| 221000 |  | Aligned Data Centers Issuer LLC, Series 2023-2A, Class A2, 6.50%, due 11/16/48 144A | 223130 |
| 92825 |  | AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27 | 92500 |
| 700000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28 | 710106 |
| 800000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C, 6.00%, due 07/18/29 | 817743 |
| 2742000 |  | AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A | 2715348 |
| 181000 |  | AMSR Trust, Series 2025-SFR1, Class A, 3.66%, due 06/17/42 144A | 172517 |
| 211000 |  | AMSR Trust, Series 2025-SFR2, Class A, 4.28%, due 11/17/42 144A | 206529 |
| 496125 |  | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | 484375 |
| 1466000 |  | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class A, 5.23%, due <br> 12/20/30 144A<br>| 1492867 |
| 2500000 | EUR | Barings Euro CLO DAC, Series 2015-1A, Class ARR, 3.01% (3 mo. EURIBOR + <br> 0.98%), due 07/25/35<sup>(b)</sup> 144A<br>| 2876300 |
| 2600000 |  | Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R2, 4.91% (3 mo. <br> USD Term SOFR + 1.24%), due 01/15/39<sup>(b)</sup> 144A<br>| 2598050 |
| 883806 |  | BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, due <br> 04/25/54<sup>(c)</sup> 144A<br>| 892113 |
| 1950000 |  | Capital One Multi-Asset Execution Trust, Series 2025-A3, Class A, 4.65%, due 10/15/37 | 1930658 |
| 400000 |  | CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27 | 399617 |
| 200000 |  | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28 | 199811 |
| 393529 |  | CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | 332903 |
| 386454 |  | CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A | 313681 |
| 3650000 |  | CIFC Funding Ltd., Series 2023-1A, Class A1R, 4.91% (3 mo. USD Term SOFR + <br> 1.24%), due 10/15/38<sup>(b)</sup> 144A<br>| 3649883 |
| 282087 |  | CLI Funding IX LLC, Series 2025-1A, Class A, 5.35%, due 06/20/50 144A | 284917 |
| 329318 |  | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | 310029 |
| 242829 |  | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A | 225405 |
| 259305 |  | CLI Funding VIII LLC, Series 2022-1A, Class A, 2.72%, due 01/18/47 144A | 240419 |
| 2152000 |  | CNH Equipment Trust, Series 2025-B, Class A3, 4.30%, due 10/15/30 | 2158216 |
| 256000 |  | Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.25%, due 02/25/49 <br> 144A<br>| 255849 |
| 328000 |  | Compass Datacenters Issuer II LLC, Series 2025-1A, Class A1, 5.32%, due 05/25/50 <br> 144A<br>| 326457 |
| 199000 |  | Compass Datacenters Issuer III LLC, Series 2025-2A, Class A2, 5.84%, due 02/25/50 <br> 144A<br>| 200686 |
| 1003000 |  | Compass Datacenters Issuer III LLC, Series 2025-3A, Class A2, 5.29%, due 07/25/50 <br> 144A<br>| 994737 |
| 1469000 |  | Compass Datacenters Issuer III LLC, Series 2026-1A, Class A21, 4.90%, due 02/25/56 <br> 144A<br>| 1458648 |
| 221000 |  | Concord Music Royalties LLC, Series 2025-2A, Class A, 5.79%, due 07/20/75 144A | 223307 |
| 235000 |  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, <br> Class A2, 6.00%, due 05/20/55 144A<br>| 238762 |
| 176000 |  | Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-4A, <br> Class A2, 5.52%, due 12/20/55 144A<br>| 177302 |
| 451000 |  | CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48 <br> 144A<br>| 443015 |
| 419000 |  | CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, 4.50%, due 05/20/49 <br> 144A<br>| 407789 |
| 273000 |  | DataBank Issuer LLC, Series 2026-1A, Class A2, 5.81%, due 02/25/56 144A | 271880 |

---

58See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 256680 |  | DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A | 254337 |
| 154613 |  | DB Master Finance LLC, Series 2025-1A, Class A2I, 4.89%, due 08/20/55 144A | 153491 |
| 165585 |  | DB Master Finance LLC, Series 2025-1A, Class A2II, 5.17%, due 08/20/55 144A | 163560 |
| 152000 |  | Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 <br> 144A<br>| 149162 |
| 389972 |  | Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 <br> 144A<br>| 369519 |
| 177000 |  | Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2I, 4.93%, due 07/25/55 <br> 144A<br>| 176655 |
| 2702000 |  | Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2II, 5.22%, due 07/25/55 <br> 144A<br>| 2694409 |
| 335492 |  | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | 315050 |
| 398857 |  | Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A | 360386 |
| 225435 |  | Driven Brands Funding LLC, Series 2025-1A, Class A2, 5.30%, due 10/20/55 144A | 202379 |
| 2600000 |  | Eldridge CLO Ltd., Series 2026-3A, Class A, 4.94% (3 mo. USD Term SOFR + 1.22%), <br> due 03/31/38<sup>(b)</sup> 144A<br>| 2601009 |
| 531000 |  | FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A | 525005 |
| 175000 |  | Flexential Issuer LLC, Series 2025-1A, Class A2, 6.03%, due 10/25/60 144A | 174197 |
| 385000 |  | Ford Credit Auto Owner Trust, Series 2026-1, Class A, 4.32%, due 08/15/38<sup>(c)</sup> 144A | 382688 |
| 279720 |  | GBX Leasing LLC, Series 2026-1A, Class A, 5.13%, due 02/20/56 144A | 278662 |
| 500000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, <br> due 01/16/29<br>| 506792 |
| 700000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class B, 6.16%, <br> due 04/16/29<br>| 715963 |
| 500000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class C, 6.41%, <br> due 05/16/29<br>| 511740 |
| 160000 |  | GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, due 12/11/36 <br> 144A<br>| 163129 |
| 2973000 |  | GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/15/30 <br> 144A<br>| 3040296 |
| 128480 |  | Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due <br> 01/22/29 144A<br>| 124305 |
| 278703 |  | Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due <br> 04/20/29 144A<br>| 257240 |
| 5000000 | EUR | Harvest CLO XXXII DAC, Series 32A, Class A, 3.48% (3 mo. EURIBOR + 1.45%), <br> due 07/25/37<sup>(b)</sup> 144A<br>| 5768586 |
| 402000 |  | HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A | 398707 |
| 167000 |  | Hotwire Funding LLC, Series 2024-1A, Class A2, 5.89%, due 06/20/54 144A | 169071 |
| 2800000 |  | HPS Loan Management Ltd., Series 2021-16A, Class A1R, 4.78% (3 mo. USD Term <br> SOFR + 1.11%), due 01/23/35<sup>(b)</sup> 144A<br>| 2798757 |
| 3750000 | EUR | ICG Euro CLO DAC, Series 2023-1A, Class AR, 3.28% (3 mo. EURIBOR + 1.25%), <br> due 10/19/38<sup>(b)</sup> 144A<br>| 4303216 |
| 833754 | EUR | Invesco Euro CLO I DAC, Series 1A, Class A1R, 2.67% (3 mo. EURIBOR + 0.65%), <br> due 07/15/31<sup>(b)</sup> 144A<br>| 958154 |
| 430919 |  | Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, due 09/17/41 144A | 420110 |
| 261360 |  | Jersey Mike's Funding LLC, Series 2024-1A, Class A2, 5.64%, due 02/15/55 144A | 264709 |
| 388050 |  | Jersey Mike's Funding LLC, Series 2025-1A, Class A2, 5.61%, due 08/16/55 144A | 394514 |
| 347000 |  | Jersey Mike's Funding LLC, Series 2026-1A, Class A2I, 4.95%, due 02/15/56 144A | 343066 |
| 854928 |  | JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 4.87% (30 day USD SOFR <br> Average + 1.20%), due 02/25/55<sup>(b)</sup> 144A<br>| 855767 |
| 154000 |  | Kinetic ABS Issuer LLC, Series 2026-1A, Class A2, 5.22%, due 02/25/56 144A | 153935 |
| 405660 |  | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 09/20/65 144A | 408472 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 352000 | MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.40%, due 08/20/55 <br> 144A<br>| 355469 |
| 185000 | MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, due 12/20/55 <br> 144A<br>| 184576 |
| 220000 | MetroNet Infrastructure Issuer LLC, Series 2026-1A, Class A2, 5.27%, due 04/20/56 <br> 144A<br>| 220217 |
| 2500000 | MidOcean Credit CLO XIV Ltd., Series 2024-14A, Class A1R, 4.93% (3 mo. USD Term <br> SOFR + 1.22%), due 04/15/37<sup>(b)</sup> 144A<br>| 2500625 |
| 384000 | Navient Refinance Loan Trust, Series 2026-A, Class A, 4.50%, due 01/18/56 144A | 380075 |
| 55475 | Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A | 49207 |
| 612457 | Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A | 587530 |
| 196800 | Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A | 185692 |
| 107256 | New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.66% (1 mo. USD <br> Term SOFR + 0.83%), due 10/25/33<sup>(b)</sup> 144A<br>| 110808 |
| 506000 | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due <br> 10/20/61 144A<br>| 425724 |
| 258000 | New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due <br> 10/20/61 144A<br>| 166250 |
| 2068000 | NextGear Floorplan Master Owner Trust, Series 2026-1A, Class A2, 4.07%, due <br> 02/18/31 144A<br>| 2050714 |
| 4750000 | NGC Ltd., Series 2024-1A, Class A1, 5.27% (3 mo. USD Term SOFR + 1.60%), due <br> 07/20/37<sup>(b)</sup> 144A<br>| 4752095 |
| 45570 | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due <br> 07/25/26 144A<br>| 45216 |
| 2550000 | Ocean Trails CLO 8, Series 2020-8A, Class A1R2, 5.09% (3 mo. USD Term SOFR + <br> 1.28%), due 03/15/38<sup>(b)</sup> 144A<br>| 2543204 |
| 3650000 | Octagon 55 Ltd., Series 2021-1A, Class A1R, 4.93% (3 mo. USD Term SOFR + 1.26%), <br> due 03/20/38<sup>(b)</sup> 144A<br>| 3651730 |
| 1994000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 02/15/29 144A | 2006834 |
| 2486000 | PFS Financing Corp., Series 2025-F, Class A, 4.40%, due 08/15/30 144A | 2486792 |
| 1498185 | Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.77%, due 06/05/54 <br> 144A<br>| 1508745 |
| 1000000 | Polen Capital CLO Ltd., Series 2025-1A, Class A1, 4.99% (3 mo. USD Term SOFR + <br> 1.32%), due 03/06/38<sup>(b)</sup> 144A<br>| 1003383 |
| 1487648 | Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A | 1463016 |
| 1563940 | Progress Residential Trust, Series 2024-SFR3, Class A, 3.00%, due 06/17/41 144A | 1482034 |
| 222866 | Progress Residential Trust, Series 2025-SFR1, Class A, 3.40%, due 02/17/42 144A | 212301 |
| 296146 | Progress Residential Trust, Series 2025-SFR2, Class A, 3.31%, due 04/17/42 144A | 279303 |
| 319000 | Progress Residential Trust, Series 2025-SFR4, Class A, 4.30%, due 08/17/42 144A | 311655 |
| 249742 | Progress Residential Trust, Series 2025-SFR5, Class A, 3.85%, due 10/17/42 144A | 239183 |
| 286000 | Progress Residential Trust, Series 2025-SFR6, Class A, 4.00%, due 12/17/42 144A | 276270 |
| 224000 | Progress Residential Trust, Series 2026-SFR1, Class A, 3.85%, due 02/17/43 144A | 213742 |
| 544503 | RCKT Mortgage Trust, Series 2024-CES3, Class A1A, 6.59%, due 05/25/44<sup>(d)</sup> 144A | 550107 |
| 633080 | RCKT Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 01/25/45<sup>(c)</sup> 144A | 636642 |
| 2000000 | Regatta XII Funding Ltd., Series 2019-1A, Class ARR, 5.06% (3 mo. USD Term SOFR <br> + 1.39%), due 10/15/37<sup>(b)</sup> 144A<br>| 2001712 |
| 311000 | Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, due <br> 09/15/48 144A<br>| 310356 |
| 1384000 | Retained Vantage Data Centers Issuer LLC, Series 2024-1A, Class A2, 4.99%, due <br> 09/15/49 144A<br>| 1347808 |
| 302000 | RIN II Ltd., Series 2019-1A, Class AR, 5.15% (3 mo. USD Term SOFR + 1.48%), due <br> 01/15/38<sup>(b)</sup> 144A<br>| 302002 |

---

60See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 331000 | RIN XII LLC, Series 2025-1A, Class A1, 4.97% (3 mo. USD Term SOFR + 1.30%), <br> due 04/15/38<sup>(b)</sup> 144A<br>| 330351 |
| 246000 | Sabey Data Center Issuer LLC, Series 2026-1, Class A2, 5.48%, due 01/20/51 144A | 244530 |
| 149260 | Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30 | 150018 |
| 600000 | Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, due 11/15/30 | 608854 |
| 900000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, due 12/15/31 | 919208 |
| 400000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class B, 5.98%, due 04/16/29 | 403992 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class C, 6.40%, due 03/17/31 | 102792 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2024-1, Class C, 5.45%, due 03/15/30 | 504648 |
| 500000 | Santander Drive Auto Receivables Trust, Series 2024-2, Class C, 5.84%, due 06/17/30 | 509128 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-3, Class C, 5.64%, due 08/15/30 | 1016704 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 1005445 |
| 2100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class C, 5.04%, due 03/17/31 | 2120254 |
| 2700000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class C, 5.06%, due 05/15/31 | 2725180 |
| 2982551 | SBA Small Business Investment Cos., Series 2024-10A, Class 1, 5.04%, due 03/10/34 | 2993850 |
| 240000 | Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class A2, 5.67%, due 07/25/55 144A | 236484 |
| 274482 | ServiceMaster Funding LLC, Series 2021-1, Class A2II, 3.11%, due 07/30/51 144A | 236662 |
| 130340 | Servpro Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, due 01/25/54 144A | 133642 |
| 270000 | Sesac Finance LLC, Series 2025-1, Class A2, 5.50%, due 07/25/55 144A | 265262 |
| 33584 | SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 <br> 144A<br>| 30770 |
| 348719 | SMB Private Education Loan Trust, Series 2024-A, Class A1A, 5.24%, due 03/15/56 <br> 144A<br>| 352166 |
| 396032 | SMB Private Education Loan Trust, Series 2024-E, Class A1A, 5.09%, due 10/16/56 <br> 144A<br>| 399353 |
| 415433 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | 411524 |
| 360990 | Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A | 335779 |
| 250000 | Sprite Ltd., Series 2026-1, Class A, 5.23%, due 03/15/41 144A | 246571 |
| 2271307 | STORE Master Funding LLC, Series 2025-1A, Class A2, 4.98%, due 10/20/55 144A | 2210702 |
| 128375 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 07/30/54 144A | 129296 |
| 2719575 | Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, due 07/30/54 144A | 2746571 |
| 438450 | Subway Funding LLC, Series 2024-3A, Class A23, 5.91%, due 07/30/54 144A | 428606 |
| 307000 | Summit Issuer LLC, Series 2025-1A, Class A2, 5.21%, due 11/20/55 144A | 306940 |
| 103000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, due 06/25/54 144A | 101134 |
| 386000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, due 03/25/55 144A | 372623 |
| 202000 | Switch ABS Issuer LLC, Series 2025-2A, Class A21, 5.12%, due 10/25/55 144A | 197634 |
| 2828000 | Taco Bell Funding LLC, Series 2025-1A, Class A2I, 4.82%, due 08/25/55 144A | 2790793 |
| 263000 | Taco Bell Funding LLC, Series 2025-1A, Class A2II, 5.05%, due 08/25/55 144A | 257642 |
| 257890 | TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A | 235634 |
| 665739 | Towd Point Mortgage Trust, Series 2024-CES3, Class A1, 6.29%, due 05/25/64<sup>(d)</sup> 144A | 671605 |
| 695605 | Towd Point Mortgage Trust, Series 2024-CES4, Class A1, 5.12%, due 09/25/64<sup>(c)</sup> 144A | 694412 |
| 669789 | Towd Point Mortgage Trust, Series 2025-CRM1, Class A1, 5.80%, due 01/25/65<sup>(c)</sup> 144A | 674697 |
| 4007346 | Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10%, due 07/17/40 144A | 3992787 |
| 1383295 | Tricon Residential Trust, Series 2025-SFR1, Class A, 4.77% (1 mo. USD Term SOFR + <br> 1.10%), due 03/17/42<sup>(b)</sup> 144A<br>| 1381118 |
| 349320 | Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 <br> 144A<br>| 328813 |
| 192050 | Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 <br> 144A<br>| 177712 |
| 674573 | U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | 647799 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 527816 | U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | 509476 |
| 622402 | U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | 598559 |
| 255160 | U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | 246039 |
| 192548 | U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | 183511 |
| 672412 | U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | 574872 |
| 2235039 | U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47 | 2162754 |
| 2008438 | U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47 | 2037873 |
| 1574412 | U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48 | 1564176 |
| 1202051 | U.S. Small Business Administration, Series 2023-25L, Class 1, 5.28%, due 12/01/48 | 1235045 |
| 1733906 | U.S. Small Business Administration, Series 2024-25D, Class 1, 5.38%, due 04/01/49 | 1786577 |
| 249000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 04/20/55 144A | 253153 |
| 172000 | Uniti Fiber ABS Issuer LLC, Series 2025-2A, Class A2, 5.18%, due 01/20/56 144A | 171722 |
| 288000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | 275148 |
| 193000 | VB-S1 Issuer LLC, Series 2026-1A, Class C2, 4.69%, due 03/15/56 144A | 189877 |
| 275000 | Verizon Master Trust, Series 2025-9, Class A1A, 3.96%, due 10/21/30 | 274266 |
| 1955689 | Wendy's Funding LLC, Series 2019-1A, Class A2II, 4.08%, due 06/15/49 144A | 1883469 |
| 1797550 | Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A | 1665131 |
| 1090357 | Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, due 09/19/39 <br> 144A<br>| 1097747 |
| 247156 | Willis Engine Structured Trust IX, Series 2025-B, Class A, 5.16%, due 12/15/50 144A | 246648 |
| 128199 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | 124396 |
| 243315 | Willis Engine Structured Trust VIII, Series 2025-A, Class A, 5.58%, due 06/15/50 144A | 246784 |
| 277000 | Wingstop Funding LLC, Series 2024-1A, Class A2, 5.86%, due 12/05/54 144A | 281823 |
| 247345 | Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A | 234938 |
| 354000 | Zayo Issuer LLC, Series 2025-1A, Class A2, 5.65%, due 03/20/55 144A | 357703 |
|  |  | 149288575 |
|  | **Corporate Debt — 33.1%** | **Corporate Debt — 33.1%** |
| 225000 | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | 220061 |
| 1193000 | Abbott Laboratories, 4.30%, due 03/15/33 | 1167884 |
| 1670000 | Abbott Laboratories, 4.65%, due 03/15/36 | 1633666 |
| 65000 | AbbVie, Inc., 4.05%, due 11/21/39 | 57082 |
| 402000 | AbbVie, Inc., 4.40%, due 03/15/33 | 394751 |
| 860000 | AbbVie, Inc., 5.05%, due 03/15/34 | 873138 |
| 500000 | AbbVie, Inc., 5.40%, due 03/15/54 | 477763 |
| 189000 | Advanced Drainage Systems, Inc., 5.38%, due 03/01/34 144A | 184392 |
| 1340000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30 | 1224057 |
| 400000 | AEP Texas, Inc., 3.80%, due 10/01/47 | 288004 |
| 315000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | 232147 |
| 2250000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28 | 2166384 |
| 1253000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | 1138435 |
| 256000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50% (5 yr. CMT + <br> 2.44%), due 01/31/56<sup>(b)</sup> <br>| 256475 |
| 250000 | Aeropuertos Dominicanos Siglo XXI SA, 7.00%, due 06/30/34 144A | 254936 |
| 297785 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | 275894 |
| 370000 | Aetna, Inc., 4.75%, due 03/15/44 | 311755 |
| 150000 | Aker BP ASA, 3.75%, due 01/15/30 144A | 144181 |
| 2133000 | Aker BP ASA, 4.00%, due 01/15/31 144A | 2047125 |
| 150000 | Albertsons Cos., Inc., 5.63%, due 03/31/32<sup>(e)</sup> 144A | 147800 |

---

62See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 25000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, due <br> 03/31/31 144A<br>| 24748 |
| 812000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, due <br> 03/31/34 144A<br>| 795432 |
| 655000 | Alexandria Real Estate Equities, Inc., 2.00%, due 05/18/32 | 548275 |
| 870000 | Alexandria Real Estate Equities, Inc., 5.50%, due 10/01/35 | 866348 |
| 225599 | Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A | 171702 |
| 463000 | Ally Financial, Inc., 5.55% (1 day USD SOFR + 1.78%), due 07/31/33<sup>(b)</sup> <br>| 455063 |
| 231000 | Ally Financial, Inc., 5.74% (1 day USD SOFR Index + 1.96%), due 05/15/29<sup>(b)</sup> <br>| 234661 |
| 311000 | Ally Financial, Inc., 6.18% (1 day USD SOFR + 2.29%), due 07/26/35<sup>(b)</sup> <br>| 312082 |
| 394000 | Ally Financial, Inc., 8.00%, due 11/01/31 | 437573 |
| 576000 | Alphabet, Inc., 4.40%, due 02/15/33 | 568993 |
| 350000 | Alphabet, Inc., 4.70%, due 11/15/35 | 345930 |
| 75000 | Alphabet, Inc., 5.50%, due 02/15/46 | 74442 |
| 95000 | Alphabet, Inc., 5.65%, due 02/15/56 | 94762 |
| 101000 | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | 102682 |
| 1798000 | Amazon.com, Inc., 4.10%, due 04/13/62 | 1343833 |
| 439000 | Amazon.com, Inc., 4.55%, due 03/13/33 | 434903 |
| 140000 | Amazon.com, Inc., 5.80%, due 03/13/56 | 139986 |
| 140000 | Amazon.com, Inc., 5.95%, due 03/13/66 | 140566 |
| 155000 | Amazon.com, Inc., 6.05%, due 03/13/76 | 154212 |
| 1780000 | Ameren Illinois Co., 4.95%, due 06/01/33 | 1789688 |
| 608427 | American Airlines Pass-Through Trust, 2.88%, due 01/11/36 | 545255 |
| 366212 | American Airlines Pass-Through Trust, 3.15%, due 08/15/33 | 341801 |
| 60755 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | 57900 |
| 483562 | American Airlines Pass-Through Trust, 3.50%, due 08/15/33 | 446974 |
| 163372 | American Airlines Pass-Through Trust, 3.60%, due 04/15/31 | 155834 |
| 259348 | American Airlines Pass-Through Trust, 3.65%, due 08/15/30 | 252499 |
| 147697 | American Airlines Pass-Through Trust, 3.85%, due 08/15/29 | 144495 |
| 304825 | American Airlines Pass-Through Trust, 3.95%, due 01/11/32 | 291164 |
| 232675 | American Airlines Pass-Through Trust, 4.00%, due 08/15/30 | 225732 |
| 401197 | American Airlines Pass-Through Trust, 4.10%, due 07/15/29 | 394332 |
| 381000 | American Airlines Pass-Through Trust, 4.90%, due 11/11/39 | 372092 |
| 133000 | American Airlines Pass-Through Trust, 5.65%, due 05/11/36 | 133937 |
| 6000 | American Airlines, Inc., 7.25%, due 02/15/28 144A | 6039 |
| 96000 | American Electric Power Co., Inc., 5.63%, due 03/01/33 | 99247 |
| 221000 | American Electric Power Co., Inc., 5.80% (5 yr. CMT + 2.13%), due 03/15/56<sup>(b)(e)</sup> <br>| 218460 |
| 101000 | American Electric Power Co., Inc., 6.05% (5 yr. CMT + 1.94%), due 03/15/56<sup>(b)</sup> <br>| 100142 |
| 349000 | American Tower Corp., 4.70%, due 12/15/32 | 343078 |
| 285000 | American Tower Corp., 5.55%, due 07/15/33 | 293009 |
| 284000 | American Tower Corp., 5.65%, due 03/15/33 | 293625 |
| 2305000 | American Tower Trust, 5.49%, due 03/15/53 144A | 2331780 |
| 1444000 | Amgen, Inc., 5.25%, due 03/02/33 | 1482371 |
| 535000 | Amgen, Inc., 5.65%, due 03/02/53 | 518521 |
| 204000 | Amphenol Corp., 4.40%, due 02/15/33 | 199164 |
| 374000 | Anglo American Capital PLC, 5.00%, due 03/21/33 144A | 368419 |
| 686000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | 618595 |
| 332000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, due 10/15/33 <br> 144A<br>| 328546 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 831000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, due 07/01/34 <br> 144A<br>| 819451 |
| 367000 | Apollo Debt Solutions BDC, 6.70%, due 07/29/31 | 371501 |
| 604000 | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | 618280 |
| 1526000 | AppLovin Corp., 5.13%, due 12/01/29 | 1535205 |
| 980000 | AptarGroup, Inc., 3.60%, due 03/15/32 | 912135 |
| 645000 | AptarGroup, Inc., 4.75%, due 03/30/31 | 639575 |
| 875000 | Aptiv Swiss Holdings Ltd., 5.15%, due 09/13/34<sup>(e)</sup> <br>| 893869 |
| 239000 | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 6.25%, due 01/30/31 144A<br>| 237140 |
| 444000 | ARES Strategic Income Fund, 5.15%, due 01/15/31 144A | 419669 |
| 222000 | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | 219798 |
| 292000 | ARES Strategic Income Fund, 5.60%, due 02/15/30<sup>(e)</sup> <br>| 284293 |
| 48000 | ARES Strategic Income Fund, 5.70%, due 03/15/28 | 47946 |
| 385000 | ARES Strategic Income Fund, 5.80%, due 09/09/30 144A | 374593 |
| 259000 | ARES Strategic Income Fund, 6.20%, due 03/21/32 | 254017 |
| 161000 | ARES Strategic Income Fund, 6.35%, due 08/15/29 | 161593 |
| 1780000 | Arizona Public Service Co., 5.70%, due 08/15/34 | 1845749 |
| 94000 | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | 90932 |
| 256000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | 246837 |
| 710000 | Ascension Health, 2.53%, due 11/15/29 | 667761 |
| 150000 | Ascension Health, 3.11%, due 11/15/39 | 117717 |
| 387000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29 144A | 386853 |
| 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/32 144A | 121810 |
| 139000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 07/15/33 144A | 141479 |
| 2050000 | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | 1802544 |
| 660000 | Ashtead Capital, Inc., 5.50%, due 08/11/32 144A | 669549 |
| 547000 | Ashtead Capital, Inc., 5.55%, due 05/30/33 144A | 552606 |
| 351000 | Asurion LLC/Asurion Co-Issuer, Inc., 8.38%, due 02/01/34 144A | 341022 |
| 2200000 | AT&T, Inc., 2.25%, due 02/01/32 | 1922693 |
| 870000 | AT&T, Inc., 2.75%, due 06/01/31 | 795844 |
| 814000 | AT&T, Inc., 3.50%, due 06/01/41 | 631856 |
| 1014000 | AT&T, Inc., 3.65%, due 09/15/59 | 657566 |
| 249000 | AT&T, Inc., 4.50%, due 05/15/35 | 236137 |
| 1824000 | AT&T, Inc., 4.75%, due 04/30/33 | 1807259 |
| 238000 | Athene Global Funding, 4.72%, due 10/08/29 144A | 234285 |
| 248000 | Athene Global Funding, 5.32%, due 11/13/31 144A | 245333 |
| 266000 | Athene Holding Ltd., 3.50%, due 01/15/31 | 246949 |
| 172000 | Athene Holding Ltd., 6.63% (5 yr. CMT + 2.61%), due 10/15/54<sup>(b)</sup> <br>| 158964 |
| 2371000 | Atlas Warehouse Lending Co. LP, 4.63%, due 11/15/28 144A | 2335907 |
| 250000 | Atlas Warehouse Lending Co. LP, 5.25%, due 01/15/33 144A | 242254 |
| 250000 | Atlas Warehouse Lending Co. LP, 6.25%, due 01/15/30 144A | 257218 |
| 168000 | Augusta SpinCo Corp., 4.95%, due 03/23/33 | 167468 |
| 400000 | Augusta SpinCo Corp., 5.25%, due 03/23/36 | 400250 |
| 1720000 | AutoNation, Inc., 4.75%, due 06/01/30 | 1709648 |
| 1939000 | Aviation Capital Group LLC, 6.38%, due 07/15/30 144A | 2043051 |
| 200000 | Azul Secured Finance LLP, 9.88%, due 02/15/31 144A | 183125 |
| 254000 | Azule Energy Finance PLC, 8.63%, due 01/22/33 144A | 256422 |
| 220000 | Ball Corp., 5.50%, due 09/15/33 | 220336 |

---

64See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 455000 | Banco Bradesco SA, 5.38%, due 01/20/31 144A | 449039 |
| 547000 | Banco Santander SA, 4.55%, due 11/06/30 | 539400 |
| 400000 | Banco Santander SA, 5.54% (1 yr. CMT + 1.45%), due 03/14/30<sup>(b)(e)</sup> <br>| 409669 |
| 506000 | Banco Santander SA, 9.63% (5 yr. CMT + 5.30%)<sup>(b)(f)</sup> <br>| 584426 |
| 505000 | Bank Hapoalim BM, 4.72%, due 07/14/29<sup>(g)</sup> 144A | 499191 |
| 200000 | Bank Hapoalim BM, 5.25%, due 01/14/33<sup>(g)</sup> 144A | 197691 |
| 2330000 | Bank of America Corp., 2.50% (3 mo. USD Term SOFR + 1.25%), due 02/13/31<sup>(b)</sup> <br>| 2154280 |
| 663000 | Bank of America Corp., 2.59% (1 day USD SOFR + 2.15%), due 04/29/31<sup>(b)</sup> <br>| 612675 |
| 4063000 | Bank of America Corp., 2.69% (1 day USD SOFR + 1.32%), due 04/22/32<sup>(b)</sup> <br>| 3683289 |
| 230000 | Bank of America Corp., 2.88% (3 mo. USD Term SOFR + 1.45%), due 10/22/30<sup>(b)</sup> <br>| 217593 |
| 1145000 | Bank of America Corp., 3.59% (3 mo. USD Term SOFR + 1.63%), due 07/21/28<sup>(b)</sup> <br>| 1132982 |
| 5444000 | Bank of America Corp., 4.57% (1 day USD SOFR + 1.83%), due 04/27/33<sup>(b)</sup> <br>| 5351167 |
| 1057000 | Bank of America Corp., 5.43% (1 day USD SOFR + 1.91%), due 08/15/35<sup>(b)</sup> <br>| 1055007 |
| 122000 | Bank of America Corp., 5.52% (1 day USD SOFR + 1.74%), due 10/25/35<sup>(b)</sup> <br>| 122040 |
| 661000 | Bank of America Corp., 6.63% (5 yr. CMT + 2.68%)<sup>(b)(f)</sup> <br>| 678123 |
| 554000 | Bank of Montreal, 7.70% (5 yr. CMT + 3.45%), due 05/26/84<sup>(b)</sup> <br>| 569321 |
| 287000 | Bank of New York Mellon Corp., 4.94% (1 day USD SOFR + 0.89%), due 02/11/31<sup>(b)</sup> <br>| 290841 |
| 400000 | Barclays PLC, 4.84% (1 day USD SOFR + 1.34%), due 09/10/28<sup>(b)</sup> <br>| 401627 |
| 430000 | Barclays PLC, 4.94% (1 day USD SOFR + 1.56%), due 09/10/30<sup>(b)</sup> <br>| 432297 |
| 615000 | Barclays PLC, 5.21% (1 day USD SOFR + 1.51%), due 02/24/37<sup>(b)</sup> <br>| 595437 |
| 413000 | Barclays PLC, 5.37% (1 day USD SOFR + 1.23%), due 02/25/31<sup>(b)</sup> <br>| 420290 |
| 1994000 | Barclays PLC, 6.49% (1 day USD SOFR + 2.22%), due 09/13/29<sup>(b)</sup> <br>| 2076668 |
| 492000 | Barclays PLC, 8.00% (5 yr. CMT + 5.43%)<sup>(b)(f)</sup> <br>| 509362 |
| 156000 | BAT Capital Corp., 3.56%, due 08/15/27 | 154339 |
| 1970000 | BAT Capital Corp., 4.39%, due 08/15/37 | 1790934 |
| 625000 | Baxter International, Inc., 4.90%, due 12/15/30 | 617138 |
| 3130000 | Beignet Investor LLC, 6.58%, due 05/30/49 144A | 3220552 |
| 605000 | Berkshire Hathaway Energy Co., 1.65%, due 05/15/31 | 525014 |
| 85000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | 89417 |
| 120000 | Black Pearl Compute LLC, 6.13%, due 02/15/31 144A | 122286 |
| 1015000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | 602825 |
| 366000 | Blackstone Private Credit Fund, 5.05%, due 09/10/30<sup>(e)</sup> <br>| 345287 |
| 373000 | Blackstone Private Credit Fund, 5.25%, due 04/01/30 | 355658 |
| 234000 | Blackstone Private Credit Fund, 5.95%, due 07/16/29 | 230647 |
| 271000 | Blackstone Private Credit Fund, 7.30%, due 11/27/28 | 276688 |
| 124000 | Block, Inc., 5.63%, due 08/15/30 144A | 123385 |
| 161000 | Block, Inc., 6.00%, due 08/15/33 144A | 158507 |
| 337000 | BlueLinx Holdings, Inc., 6.00%, due 11/15/29<sup>(e)</sup> 144A | 327189 |
| 260000 | BNP Paribas SA, 2.16% (1 day USD SOFR + 1.22%), due 09/15/29<sup>(b)</sup> 144A | 244995 |
| 1952000 | BNP Paribas SA, 4.92% (1 day USD SOFR + 1.29%), due 01/15/34<sup>(b)</sup> 144A | 1909576 |
| 555000 | BNP Paribas SA, 5.50% (1 day USD SOFR + 1.59%), due 05/20/30<sup>(b)</sup> 144A | 568719 |
| 180000 | BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)<sup>(b)(f)</sup> 144A | 188333 |
| 325000 | Boeing Co., 3.95%, due 08/01/59 | 224468 |
| 1795000 | Boeing Co., 5.71%, due 05/01/40 | 1798665 |
| 1220000 | Boeing Co., 6.53%, due 05/01/34 | 1329507 |
| 211000 | BP Capital Markets America, Inc., 4.81%, due 02/13/33 | 211783 |
| 334000 | BPCE SA, 4.76% (1 day USD SOFR + 1.27%), due 01/13/32<sup>(b)</sup> 144A | 329516 |
| 368000 | BPCE SA, 5.94% (1 day USD SOFR + 1.85%), due 05/30/35<sup>(b)</sup> 144A | 376594 |
| 347000 | Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, due 01/15/33 144A | 337698 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 75954 | British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A | 73503 |
| 1055000 | Brixmor Operating Partnership LP, 2.50%, due 08/16/31 | 939663 |
| 1077000 | Broadcom, Inc., 3.42%, due 04/15/33 | 985238 |
| 1180000 | Broadcom, Inc., 3.47%, due 04/15/34 | 1063121 |
| 111000 | Broadcom, Inc., 4.55%, due 02/15/32 | 110080 |
| 1794000 | Broadcom, Inc., 4.80%, due 02/15/36 | 1749713 |
| 613000 | Broadcom, Inc., 4.90%, due 07/15/32 | 618584 |
| 1493000 | Broadcom, Inc., 5.70%, due 01/15/56 | 1486314 |
| 2131000 | Broadridge Financial Solutions, Inc., 2.60%, due 05/01/31 | 1898489 |
| 1847000 | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, due 01/30/32 | 1588911 |
| 307000 | Brookfield Finance, Inc., 6.30% (5 yr. CMT + 2.08%), due 01/15/55<sup>(b)</sup> <br>| 294202 |
| 150000 | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| 142460 |
| 1444000 | Brown & Brown, Inc., 4.90%, due 06/23/30 | 1443043 |
| 1732000 | Brown & Brown, Inc., 5.25%, due 06/23/32 | 1729853 |
| 321000 | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | 295915 |
| 311000 | Builders FirstSource, Inc., 6.38%, due 03/01/34 144A | 307413 |
| 1640000 | Bunge Ltd. Finance Corp., 2.75%, due 05/14/31 | 1493862 |
| 1215000 | Bunge Ltd. Finance Corp., 5.15%, due 08/04/35 | 1210353 |
| 163000 | Cable One, Inc., 4.00%, due 11/15/30<sup>(e)</sup> 144A | 113656 |
| 439000 | Canadian Imperial Bank of Commerce, 6.50% (5 yr. CMT + 2.73%), due 07/28/86<sup>(b)</sup> <br>| 429244 |
| 630000 | Canadian Natural Resources Ltd., 5.00%, due 12/15/29 | 640024 |
| 509000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15<sup>(h)</sup> <br>| 514796 |
| 845000 | Capital One Financial Corp., 5.88% (1 day USD SOFR + 1.99%), due 07/26/35<sup>(b)</sup> <br>| 865841 |
| 165000 | Capital Power U.S. Holdings, Inc., 5.26%, due 06/01/28 144A | 166008 |
| 315000 | Capital Power U.S. Holdings, Inc., 6.19%, due 06/01/35 144A | 323165 |
| 326000 | Carnival Corp., 5.13%, due 05/01/29 144A | 323785 |
| 877000 | Carnival Corp., 5.75%, due 08/01/32 144A | 877811 |
| 390000 | Carnival Corp., 5.88%, due 06/15/31 144A | 395039 |
| 707000 | CBRE Services, Inc., 4.80%, due 06/15/30 | 709085 |
| 1390000 | CBRE Services, Inc., 4.90%, due 01/15/33 | 1371318 |
| 252000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | 229845 |
| 172000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | 153800 |
| 210000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | 207243 |
| 205000 | CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, due 03/01/31<sup>(e)</sup> 144A | 208807 |
| 308000 | CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, due 02/01/36 144A | 306996 |
| 700000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | 699145 |
| 343000 | Cemex SAB de CV, 3.88%, due 07/11/31 144A | 320395 |
| 1230000 | Cencora, Inc., 4.90%, due 02/13/36 | 1205550 |
| 130000 | Cenovus Energy, Inc., 3.75%, due 02/15/52 | 91183 |
| 85000 | Cenovus Energy, Inc., 5.40%, due 03/20/36<sup>(e)</sup> <br>| 84607 |
| 215000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | 195339 |
| 950000 | Cenovus Energy, Inc., 6.75%, due 11/15/39 | 1039210 |
| 311000 | Centene Corp., 3.00%, due 10/15/30 | 272731 |
| 205000 | Centene Corp., 3.38%, due 02/15/30 | 185311 |
| 252000 | CenterPoint Energy, Inc., 5.95% (5 yr. CMT + 2.22%), due 04/01/56<sup>(b)</sup> <br>| 249842 |
| 110000 | CenterPoint Energy, Inc., 6.85% (5 yr. CMT + 2.95%), due 02/15/55<sup>(b)(e)</sup> <br>| 115658 |
| 160000 | CenterPoint Energy, Inc., 7.00% (5 yr. CMT + 3.25%), due 02/15/55<sup>(b)</sup> <br>| 165244 |
| 227000 | Century Communities, Inc., 3.88%, due 08/15/29 144A | 213228 |

---

66See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 185000 | Champion Iron Canada, Inc., 7.88%, due 07/15/32 144A | 192304 |
| 125000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.30%, due 02/01/32<sup>(e)</sup> <br>| 107240 |
| 140000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.50%, due 03/01/42<br>| 95932 |
| 700000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.38%, due 05/01/47<br>| 563837 |
| 3105000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.38%, due 10/23/35<br>| 3155198 |
| 20000 | Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.55%, due 06/01/34<br>| 20775 |
| 196000 | Cheniere Energy Partners LP, 5.55%, due 10/30/35 | 199680 |
| 424000 | Cheniere Energy Partners LP, 5.95%, due 06/30/33 | 444629 |
| 1602000 | Cheniere Energy, Inc., 5.20%, due 07/30/36 144A | 1586261 |
| 185000 | CIMIC Finance USA Pty. Ltd., 7.00%, due 03/25/34 144A | 197325 |
| 308000 | Cimpress PLC, 7.38%, due 09/15/32 144A | 305695 |
| 146000 | Cipher Compute LLC, 7.13%, due 11/15/30 144A | 151443 |
| 525000 | Citigroup, Inc., 2.56% (1 day USD SOFR + 1.17%), due 05/01/32<sup>(b)</sup> <br>| 469824 |
| 340000 | Citigroup, Inc., 3.67% (3 mo. USD Term SOFR + 1.65%), due 07/24/28<sup>(b)</sup> <br>| 336455 |
| 1840000 | Citigroup, Inc., 3.89% (3 mo. USD Term SOFR + 1.82%), due 01/10/28<sup>(b)</sup> <br>| 1831388 |
| 440000 | Citigroup, Inc., 4.41% (1 day USD SOFR + 3.91%), due 03/31/31<sup>(b)</sup> <br>| 435074 |
| 1959000 | Citigroup, Inc., 4.95% (1 day USD SOFR + 1.46%), due 05/07/31<sup>(b)</sup> <br>| 1972374 |
| 1350000 | Citigroup, Inc., 6.02% (1 day USD SOFR + 1.83%), due 01/24/36<sup>(b)</sup> <br>| 1378952 |
| 541000 | Citigroup, Inc., 6.17% (1 day USD SOFR + 2.66%), due 05/25/34<sup>(b)</sup> <br>| 560273 |
| 471000 | Citigroup, Inc., 6.63% (5 yr. CMT + 3.00%)<sup>(b)(f)</sup> <br>| 471674 |
| 102000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | 96278 |
| 296000 | Citizens Financial Group, Inc., 5.25% (1 day USD SOFR + 1.26%), due 03/05/31<sup>(b)</sup> <br>| 299622 |
| 76000 | Citizens Financial Group, Inc., 5.30% (5 yr. CMT + 1.45%), due 01/29/36<sup>(b)</sup> <br>| 75342 |
| 737000 | Citizens Financial Group, Inc., 5.72% (1 day USD SOFR + 1.91%), due 07/23/32<sup>(b)</sup> <br>| 757795 |
| 125000 | Clean Harbors, Inc., 5.75%, due 10/15/33 144A | 124823 |
| 200000 | Clue Opco LLC, 9.50%, due 10/15/31 144A | 193821 |
| 246000 | Clydesdale Acquisition Holdings, Inc., 6.88%, due 01/15/30 144A | 239413 |
| 484000 | CNO Financial Group, Inc., 5.25%, due 05/30/29<sup>(e)</sup> <br>| 485174 |
| 209000 | CNO Financial Group, Inc., 6.45%, due 06/15/34 | 215800 |
| 173000 | CNO Global Funding, 4.70%, due 12/11/30 144A | 170850 |
| 305000 | Columbia Pipelines Holding Co. LLC, 5.00%, due 11/17/32 144A | 303111 |
| 602000 | Columbia Pipelines Holding Co. LLC, 5.68%, due 01/15/34 144A | 616216 |
| 1423000 | Columbia Pipelines Operating Co. LLC, 5.44%, due 02/15/35 144A | 1443750 |
| 391000 | Columbia Pipelines Operating Co. LLC, 6.04%, due 11/15/33 144A | 412156 |
| 5000 | Comcast Corp., 3.97%, due 11/01/47 | 3683 |
| 200000 | Comision Federal de Electricidad, 4.69%, due 05/15/29 144A | 196617 |
| 850000 | Comision Federal de Electricidad, 6.05%, due 01/28/34<sup>(e)</sup> 144A | 824797 |
| 1670000 | CommonSpirit Health, 5.32%, due 12/01/34 | 1673582 |
| 350000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | 272621 |
| 413000 | Comstock Resources, Inc., 5.88%, due 01/15/30 144A | 400139 |
| 738000 | ConocoPhillips Co., 5.50%, due 01/15/55<sup>(e)</sup> <br>| 705584 |
| 463000 | ConocoPhillips Co., 5.55%, due 03/15/54 | 443972 |
| 95000 | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | 74083 |
| 350000 | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | 295060 |
| 385000 | Constellation Brands, Inc., 2.25%, due 08/01/31<sup>(e)</sup> <br>| 339723 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 250000 | Constellation Energy Generation LLC, 3.75%, due 03/01/31 144A | 238636 |
| 193000 | Constellation Energy Generation LLC, 4.40%, due 01/15/31 | 190563 |
| 225000 | Constellation Energy Generation LLC, 6.50%, due 10/01/53 | 238975 |
| 1155000 | Constellation Software, Inc., 5.16%, due 02/16/29<sup>(e)</sup> 144A | 1160427 |
| 279000 | Continental Resources, Inc., 2.88%, due 04/01/32 144A | 244480 |
| 441000 | Continental Resources, Inc., 5.75%, due 01/15/31 144A | 449617 |
| 1536000 | COPT Defense Properties LP, 4.50%, due 10/15/30 | 1516800 |
| 1214000 | Corebridge Financial, Inc., 5.75%, due 01/15/34 | 1245614 |
| 1085000 | Corebridge Global Funding, 4.85%, due 06/06/30 144A | 1085187 |
| 312000 | CoreWeave, Inc., 9.00%, due 02/01/31 144A | 297264 |
| 215000 | CoreWeave, Inc., 9.25%, due 06/01/30 144A | 209112 |
| 440000 | Corp. Andina de Fomento, 5.00%, due 01/24/29 | 450872 |
| 550000 | CoStar Group, Inc., 2.80%, due 07/15/30 144A | 497576 |
| 970000 | Cox Communications, Inc., 2.60%, due 06/15/31 144A | 859315 |
| 777000 | Credit Agricole SA, 3.25%, due 01/14/30 144A | 729244 |
| 471000 | Credit Agricole SA, 5.86% (1 day USD SOFR + 1.74%), due 01/09/36<sup>(b)</sup> 144A | 485371 |
| 257000 | CSN Resources SA, 4.63%, due 06/10/31<sup>(e)</sup> 144A | 157770 |
| 2592000 | Cummins, Inc., 5.15%, due 02/20/34 | 2636145 |
| 635000 | CVS Health Corp., 4.78%, due 03/25/38 | 585519 |
| 470000 | CVS Health Corp., 5.00%, due 09/15/32 | 470568 |
| 130000 | CVS Health Corp., 5.13%, due 07/20/45 | 114219 |
| 768300 | CVS Pass-Through Trust, 5.77%, due 01/10/33 144A | 779266 |
| 333826 | CVS Pass-Through Trust, 6.94%, due 01/10/30 | 343774 |
| 1095745 | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 1157324 |
| 539000 | DAE Funding LLC, 4.95%, due 01/15/33 144A | 512106 |
| 478000 | Danske Bank AS, 5.00% (1 yr. CMT + 0.98%), due 03/27/32<sup>(b)</sup> 144A | 479415 |
| 437000 | Danske Bank AS, 5.02% (1 yr. CMT + 0.93%), due 03/04/31<sup>(b)</sup> 144A | 440017 |
| 261000 | DaVita, Inc., 4.63%, due 06/01/30 144A | 251108 |
| 115000 | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | 116385 |
| 276000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | 270034 |
| 576000 | Dell International LLC/EMC Corp., 4.50%, due 02/15/31 | 569409 |
| 475000 | Dell International LLC/EMC Corp., 4.75%, due 10/06/32 | 468415 |
| 487000 | Dell International LLC/EMC Corp., 5.30%, due 04/01/32 | 494746 |
| 705000 | Dell International LLC/EMC Corp., 5.40%, due 04/15/34<sup>(e)</sup> <br>| 711584 |
| 971801 | Delta Air Lines Pass-Through Trust, 2.00%, due 12/10/29 | 939950 |
| 253000 | Delta Air Lines, Inc., 5.25%, due 07/10/30 | 254773 |
| 1045000 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, due 10/20/28 144A | 1043865 |
| 578000 | Deutsche Bank AG, 3.74% (1 day USD SOFR + 2.26%), due 01/07/33<sup>(b)</sup> <br>| 526952 |
| 760000 | Deutsche Bank AG, 4.47% (1 day USD SOFR + 1.10%), due 12/10/31<sup>(b)</sup> <br>| 747475 |
| 322000 | Deutsche Bank AG, 4.73% (1 day USD SOFR + 1.14%), due 02/06/32<sup>(b)(e)</sup> <br>| 317188 |
| 1045000 | Deutsche Bank AG, 4.95% (1 day USD SOFR + 1.30%), due 08/04/31<sup>(b)</sup> <br>| 1041357 |
| 279000 | Deutsche Bank AG, 5.30% (1 day USD SOFR + 1.72%), due 05/09/31<sup>(b)</sup> <br>| 281957 |
| 460000 | Deutsche Bank AG, 5.37% (1 day USD SOFR + 1.21%), due 01/10/29<sup>(b)</sup> <br>| 465448 |
| 150000 | Deutsche Bank AG, 6.82% (1 day USD SOFR + 2.51%), due 11/20/29<sup>(b)</sup> <br>| 157523 |
| 1900000 | Diamondback Energy, Inc., 6.25%, due 03/15/33 | 2028178 |
| 228000 | Discovery Global Holdings, Inc., 4.28%, due 03/15/32 | 202065 |
| 522000 | Discovery Global Holdings, Inc., 5.05%, due 03/15/42 | 345202 |
| 384000 | Dominion Energy, Inc., 6.00% (5 yr. CMT + 2.26%), due 02/15/56<sup>(b)</sup> <br>| 381814 |
| 462000 | Dominion Energy, Inc., 6.20% (5 yr. CMT + 2.01%), due 02/15/56<sup>(b)</sup> <br>| 458107 |

---

68See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 285000 | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> <br>| 293516 |
| 149000 | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)(e)</sup> <br>| 157653 |
| 772000 | DT Midstream, Inc., 4.38%, due 06/15/31 144A | 744404 |
| 166000 | DT Midstream, Inc., 5.80%, due 12/15/34 144A | 170544 |
| 413413 | DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27 | 408532 |
| 2038000 | DTE Energy Co., 5.85%, due 06/01/34 | 2134703 |
| 411000 | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | 315909 |
| 349000 | Duke Energy Corp., 5.75%, due 09/15/33 | 363260 |
| 435000 | Duke Energy Florida LLC, 3.40%, due 10/01/46 | 309972 |
| 1419000 | Duke Energy Indiana LLC, 4.95%, due 03/15/36 | 1397482 |
| 1525000 | Duke Energy Indiana LLC, 5.25%, due 03/01/34 | 1565603 |
| 523000 | DuPont de Nemours, Inc., 4.73%, due 11/15/28 144A | 525091 |
| 200000 | Eaton Corp., 4.50%, due 03/06/33 | 197316 |
| 228000 | Ecopetrol SA, 6.88%, due 04/29/30 | 228385 |
| 790000 | Ecopetrol SA, 8.63%, due 01/19/29 | 835492 |
| 575000 | Edison International, 5.25%, due 11/15/28 | 579782 |
| 261000 | Efesto Bidco SpA Efesto U.S. LLC, 7.50%, due 02/15/32 144A | 260036 |
| 545000 | Electricite de France SA, 5.65%, due 04/22/29<sup>(e)</sup> 144A | 562731 |
| 459000 | Electricite de France SA, 9.13% (5 yr. CMT + 5.41%)<sup>(b)(f)</sup> 144A | 531658 |
| 15000 | Elevance Health, Inc., 5.10%, due 01/15/44 | 13672 |
| 455000 | Enact Holdings, Inc., 6.25%, due 05/28/29 | 468480 |
| 363000 | Enbridge, Inc., 5.50% (3 mo. USD Term SOFR + 3.68%), due 07/15/77<sup>(b)</sup> <br>| 360134 |
| 521000 | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)</sup> <br>| 520326 |
| 352000 | Enbridge, Inc., 6.25% (3 mo. USD Term SOFR + 3.90%), due 03/01/78<sup>(b)</sup> <br>| 352409 |
| 217000 | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> <br>| 244259 |
| 189000 | Endo Finance Holdings LP, 8.50%, due 04/15/31 144A | 198043 |
| 115000 | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(g)</sup> <br>| 110839 |
| 219000 | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(g)</sup> <br>| 203974 |
| 150000 | Energy Transfer LP, 5.30%, due 04/01/44 | 134557 |
| 590000 | Energy Transfer LP, 5.30%, due 04/15/47 | 522585 |
| 170000 | Energy Transfer LP, 5.40%, due 10/01/47 | 151220 |
| 1963000 | Energy Transfer LP, 5.60%, due 09/01/34 | 2001330 |
| 25000 | Energy Transfer LP, 6.40%, due 12/01/30 | 26716 |
| 228000 | Energy Transfer LP, 6.50% (5 yr. CMT + 2.68%), due 02/15/56<sup>(b)</sup> <br>| 225404 |
| 768000 | Energy Transfer LP, 6.50% (5 yr. CMT + 5.69%)<sup>(b)(f)</sup> <br>| 767096 |
| 65000 | Energy Transfer LP, 6.55%, due 12/01/33 | 70200 |
| 441000 | Energy Transfer LP, 6.75% (5 yr. CMT + 2.48%), due 02/15/56<sup>(b)</sup> <br>| 440333 |
| 1439000 | Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)<sup>(b)(f)</sup> <br>| 1468442 |
| 477000 | Entergy Corp., 5.88% (5 yr. CMT + 2.18%), due 06/15/56<sup>(b)</sup> <br>| 470792 |
| 217000 | Entergy Corp., 6.10% (5 yr. CMT + 2.01%), due 06/15/56<sup>(b)</sup> <br>| 214266 |
| 2445000 | Entergy Louisiana LLC, 4.00%, due 03/15/33 | 2322519 |
| 1450000 | Enterprise Products Operating LLC, 4.90%, due 05/15/46 | 1297657 |
| 721000 | Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due <br> 08/16/77<sup>(b)</sup> <br>| 715094 |
| 204000 | Enterprise Products Operating LLC, 5.35%, due 01/31/33 | 210510 |
| 204000 | EOG Resources, Inc., 5.00%, due 07/15/32 | 206615 |
| 25000 | EQT Corp., 7.50%, due 06/01/30 | 27232 |
| 205000 | Eskom Holdings, 6.35%, due 08/10/28<sup>(e)</sup> 144A | 206479 |
| 2050000 | Eversource Energy, 2.90%, due 03/01/27 | 2024017 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1416000 | Exelon Corp., 3.35%, due 03/15/32 | 1308733 |
| 1478000 | Exelon Corp., 5.10%, due 06/15/45 | 1331319 |
| 162000 | Exelon Corp., 5.13%, due 03/15/31 | 164968 |
| 92000 | Exelon Corp., 6.50% (5 yr. CMT + 1.98%), due 03/15/55<sup>(b)</sup> <br>| 93862 |
| 419000 | Expand Energy Corp., 4.75%, due 02/01/32 | 408426 |
| 620000 | Fair Isaac Corp., 6.25%, due 09/15/34 144A | 610320 |
| 1000000 | Fairfax Financial Holdings Ltd., 5.63%, due 08/16/32 | 1026622 |
| 675000 | Fairfax Financial Holdings Ltd., 6.00%, due 12/07/33 | 705572 |
| 645000 | Fedex Freight Holding Co., Inc., 4.65%, due 03/15/31 144A | 634235 |
| 2378000 | Ferguson Finance PLC, 3.25%, due 06/02/30 144A | 2241114 |
| 1130000 | Ferguson Finance PLC, 4.50%, due 10/24/28 144A | 1125751 |
| 216000 | FIBRA Prologis, 5.50%, due 11/26/35 144A | 208909 |
| 590000 | Fidelity National Information Services, Inc., 4.80%, due 03/10/31 | 585614 |
| 181000 | Fifth Third Bancorp, 4.77% (1 day USD SOFR Index + 2.13%), due 07/28/30<sup>(b)</sup> <br>| 181110 |
| 307000 | Fifth Third Bancorp, 5.63% (1 day USD SOFR + 1.84%), due 01/29/32<sup>(b)</sup> <br>| 316545 |
| 264000 | Fifth Third Bancorp, 6.99% (3 mo. USD Term SOFR + 3.29%)<sup>(b)(f)</sup> <br>| 263018 |
| 228000 | Fifth Third Financial Corp., 5.98% (1 day USD SOFR + 2.16%), due 01/30/30<sup>(b)</sup> <br>| 235306 |
| 684000 | First Citizens BancShares, Inc., 4.87% (1 day USD SOFR + 1.49%), due 03/03/32<sup>(b)</sup> <br>| 661279 |
| 417000 | First Citizens BancShares, Inc., 5.23% (1 day USD SOFR + 1.41%), due 03/12/31<sup>(b)</sup> <br>| 413976 |
| 403000 | First Citizens BancShares, Inc., 5.60% (5 yr. CMT + 1.85%), due 09/05/35<sup>(b)</sup> <br>| 394388 |
| 281000 | First Citizens BancShares, Inc., 7.00% (5 yr. CMT + 3.30%)<sup>(b)(e)(f)</sup> <br>| 281487 |
| 246000 | First Horizon Corp., 5.51% (1 day USD SOFR + 1.77%), due 03/07/31<sup>(b)</sup> <br>| 249568 |
| 200000 | First Quantum Minerals Ltd., 6.38%, due 02/15/36 144A | 192557 |
| 200000 | First Quantum Minerals Ltd., 7.25%, due 02/15/34 144A | 203770 |
| 200000 | First Quantum Minerals Ltd., 8.00%, due 03/01/33 144A | 208721 |
| 200000 | First Quantum Minerals Ltd., 8.63%, due 06/01/31 144A | 207619 |
| 2365000 | Florida Power & Light Co., 2.45%, due 02/03/32 | 2117082 |
| 221000 | Flowserve Corp., 3.50%, due 10/01/30 | 208222 |
| 1560000 | Ford Motor Credit Co. LLC, 2.90%, due 02/10/29 | 1459389 |
| 350000 | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | 315523 |
| 1313000 | Ford Motor Credit Co. LLC, 4.00%, due 11/13/30 | 1222468 |
| 1032000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | 1022538 |
| 544000 | Ford Motor Credit Co. LLC, 5.80%, due 03/08/29 | 550264 |
| 987000 | Ford Motor Credit Co. LLC, 6.13%, due 03/08/34<sup>(e)</sup> <br>| 978050 |
| 1075000 | Foundry JV Holdco LLC, 5.90%, due 01/25/33 144A | 1106127 |
| 548000 | Foundry JV Holdco LLC, 6.10%, due 01/25/36 144A | 565119 |
| 735000 | Foundry JV Holdco LLC, 6.25%, due 01/25/35 144A | 770593 |
| 373000 | Freedom Mortgage Holdings LLC, 6.88%, due 05/01/31 144A | 349084 |
| 159000 | Freedom Mortgage Holdings LLC, 7.88%, due 04/01/33 144A | 149238 |
| 267000 | Freeport-McMoRan, Inc., 5.40%, due 11/14/34 | 271067 |
| 707000 | Fresenius Medical Care U.S. Finance III, Inc., 2.38%, due 02/16/31 144A | 627353 |
| 390000 | Froneri Lux FinCo SARL, 6.00%, due 08/01/32 144A | 380629 |
| 484000 | GA Global Funding Trust, 4.50%, due 09/18/30 144A | 466331 |
| 245000 | GA Global Funding Trust, 5.20%, due 12/09/31 144A | 240183 |
| 165000 | Gap, Inc., 3.63%, due 10/01/29 144A | 154249 |
| 231000 | Garda World Security Corp., 6.50%, due 01/15/31 144A | 234368 |
| 370000 | GCI LLC, 4.75%, due 10/15/28 144A | 358369 |
| 3111000 | General Motors Financial Co., Inc., 2.40%, due 10/15/28 | 2949772 |
| 495000 | General Motors Financial Co., Inc., 3.10%, due 01/12/32 | 444279 |

---

70See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1194000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | 1136029 |
| 1177000 | General Motors Financial Co., Inc., 5.95%, due 04/04/34 | 1209756 |
| 878000 | General Motors Financial Co., Inc., 6.00%, due 01/09/28 | 897965 |
| 40000 | Genesis Energy LP/Genesis Energy Finance Corp., 6.75%, due 03/15/34 | 39838 |
| 180000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.88%, due 05/15/32 | 185233 |
| 241000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | 249185 |
| 1831000 | Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, due 06/04/29 | 1885182 |
| 204000 | Georgia Power Co., 4.95%, due 05/17/33 | 205719 |
| 293000 | GFL Environmental Holdings U.S., Inc., 5.50%, due 02/01/34 144A | 287739 |
| 2471000 | Global Atlantic Fin Co., 3.13%, due 06/15/31 144A | 2166973 |
| 1497000 | Global Atlantic Fin Co., 4.40%, due 10/15/29 144A | 1448779 |
| 142000 | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | 136852 |
| 594000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, due 01/15/32 144A | 509137 |
| 279000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, due 08/15/29 144A | 277819 |
| 67000 | Global Partners LP/GLP Finance Corp., 7.13%, due 07/01/33 144A | 67589 |
| 165000 | Global Partners LP/GLP Finance Corp., 8.25%, due 01/15/32 144A | 171197 |
| 1259000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/31 | 1194376 |
| 1100000 | Goldman Sachs Group, Inc., 1.54% (1 day USD SOFR + 0.82%), due 09/10/27<sup>(b)</sup> <br>| 1085824 |
| 2271000 | Goldman Sachs Group, Inc., 2.62% (1 day USD SOFR + 1.28%), due 04/22/32<sup>(b)</sup> <br>| 2040657 |
| 458000 | Goldman Sachs Group, Inc., 2.65% (1 day USD SOFR + 1.26%), due 10/21/32<sup>(b)</sup> <br>| 406744 |
| 1065000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| 1050731 |
| 2531000 | Goldman Sachs Group, Inc., 5.07% (1 day USD SOFR + 1.19%), due 01/21/37<sup>(b)</sup> <br>| 2475431 |
| 924000 | Goldman Sachs Group, Inc., 5.22% (1 day USD SOFR + 1.58%), due 04/23/31<sup>(b)</sup> <br>| 939802 |
| 476000 | Golub Capital BDC, Inc., 7.05%, due 12/05/28 | 487244 |
| 293000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | 274544 |
| 327000 | Gray Media, Inc., 10.50%, due 07/15/29<sup>(e)</sup> 144A | 347681 |
| 132000 | HCA, Inc., 4.30%, due 11/15/30 | 129864 |
| 203000 | HCA, Inc., 4.60%, due 11/15/32 | 197524 |
| 383000 | HCA, Inc., 5.45%, due 04/01/31 | 392657 |
| 275000 | HCA, Inc., 7.75%, due 07/15/36 | 318887 |
| 165000 | Herc Holdings, Inc., 5.75%, due 03/15/31 144A | 162652 |
| 30000 | Herc Holdings, Inc., 6.00%, due 03/15/34<sup>(e)</sup> 144A | 29034 |
| 1486000 | Hercules Capital, Inc., 5.35%, due 02/10/29<sup>(e)</sup> <br>| 1457196 |
| 63000 | Hess Midstream Operations LP, 6.50%, due 06/01/29 144A | 64389 |
| 290000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A | 282461 |
| 205000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | 198550 |
| 237000 | Hilton Domestic Operating Co., Inc., 5.50%, due 03/31/34 144A | 231730 |
| 344000 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, <br> due 01/15/32 144A<br>| 340117 |
| 204000 | Home Depot, Inc., 3.25%, due 04/15/32 | 190502 |
| 495000 | Home Depot, Inc., 4.95%, due 06/25/34 | 498752 |
| 4496000 | Honeywell Aerospace, Inc., 4.60%, due 03/16/33 144A | 4445731 |
| 205000 | Honeywell Aerospace, Inc., 4.95%, due 03/16/36 144A | 203481 |
| 482000 | Horizon Mutual Holdings, Inc., 6.20%, due 11/15/34 144A | 451857 |
| 168000 | Howard Midstream Energy Partners LLC, 6.63%, due 01/15/34 144A | 168759 |
| 45000 | Howard Midstream Energy Partners LLC, 7.38%, due 07/15/32 144A | 46701 |
| 120000 | HPS Corporate Lending Fund, 5.15%, due 04/02/29 144A | 116653 |
| 106000 | HPS Corporate Lending Fund, 5.45%, due 11/15/30 144A | 101472 |
| 65000 | HPS Corporate Lending Fund, 5.95%, due 04/14/32 | 62841 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1704000 | HSBC Holdings PLC, 5.13% (1 day USD SOFR + 1.29%), due 03/03/31<sup>(b)</sup> <br>| 1723669 |
| 278000 | HTA Group Ltd., 6.75%, due 04/01/31<sup>(i)</sup> 144A | 275344 |
| 286000 | Huntington Bancshares, Inc., 5.27% (1 day USD SOFR + 1.28%), due 01/15/31<sup>(b)</sup> <br>| 290435 |
| 128000 | Huntington Bancshares, Inc., 6.14% (5 yr. CMT + 1.70%), due 11/18/39<sup>(b)</sup> <br>| 130700 |
| 209000 | Huntington Bancshares, Inc., 6.21% (1 day USD SOFR + 2.02%), due 08/21/29<sup>(b)</sup> <br>| 216845 |
| 189000 | Huntington Bancshares, Inc., 6.25% (5 yr. CMT + 2.65%)<sup>(b)(f)</sup> <br>| 186353 |
| 260000 | IHS Holding Ltd., 7.88%, due 05/29/30 144A | 263654 |
| 455000 | IHS Holding Ltd., 8.25%, due 11/29/31<sup>(e)</sup> 144A | 467175 |
| 354000 | Iliad Holding SAS, 7.00%, due 04/15/32 144A | 354867 |
| 200000 | Iliad Holding SAS, 8.50%, due 04/15/31 144A | 209431 |
| 2000000 | Imperial Brands Finance PLC, 5.50%, due 02/01/30 144A | 2052911 |
| 157000 | Industrial F&B Investments III, Inc., 7.75%, due 02/11/33 144A | 158767 |
| 2790000 | ING Groep NV, 4.80% (1 day USD SOFR Index + 1.26%), due 03/23/32<sup>(b)</sup> <br>| 2774115 |
| 120000 | ING Groep NV, 5.34% (1 day USD SOFR + 1.44%), due 03/19/30<sup>(b)</sup> <br>| 122566 |
| 200000 | ING Groep NV, 6.11% (1 day USD SOFR + 2.09%), due 09/11/34<sup>(b)</sup> <br>| 211036 |
| 204000 | Intercontinental Exchange, Inc., 4.60%, due 03/15/33 | 201452 |
| 1230000 | Invitation Homes Operating Partnership LP, 4.95%, due 01/15/33 | 1201802 |
| 170000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 | 163880 |
| 172000 | IQVIA, Inc., 6.25%, due 02/01/29 | 178865 |
| 270000 | Iron Mountain Information Management Services, Inc., 5.00%, due 07/15/32 144A | 255080 |
| 208000 | Iron Mountain, Inc., 5.25%, due 07/15/30 144A | 202203 |
| 200000 | Israel Electric Corp. Ltd., 5.63%, due 01/28/38<sup>(g)</sup> 144A | 197863 |
| 186000 | Jabil, Inc., 4.75%, due 02/01/33 | 181191 |
| 1440000 | Jacobs Solutions, Inc., 4.75%, due 03/03/31 | 1420407 |
| 334000 | JB Poindexter & Co., Inc., 8.75%, due 12/15/31 144A | 338950 |
| 1050000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 3.00%, <br> due 02/02/29<br>| 1007840 |
| 453000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 3.63%, <br> due 01/15/32<br>| 420148 |
| 394000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.75%, <br> due 04/01/33<br>| 406949 |
| 93000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.95%, <br> due 04/20/35<br>| 96633 |
| 620000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 6.40%, <br> due 05/10/57<sup>(i)</sup> 144A<br>| 619318 |
| 980000 | Jefferies Financial Group, Inc., 5.88%, due 07/21/28 | 1000882 |
| 474193 | JetBlue Pass-Through Trust, 2.75%, due 11/15/33 | 421277 |
| 133890 | JetBlue Pass-Through Trust, Series 2020-1, Class A, 4.00%, due 05/15/34 | 127122 |
| 91000 | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | 90307 |
| 337000 | JH North America Holdings, Inc., 6.13%, due 07/31/32 144A | 336200 |
| 2000000 | JPMorgan Chase & Co., 2.07% (1 day USD SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| 1903300 |
| 760000 | JPMorgan Chase & Co., 2.58% (3 mo. USD Term SOFR + 1.25%), due 04/22/32<sup>(b)</sup> <br>| 687053 |
| 1817000 | JPMorgan Chase & Co., 3.78% (3 mo. USD Term SOFR + 1.60%), due 02/01/28<sup>(b)</sup> <br>| 1808217 |
| 965000 | JPMorgan Chase & Co., 4.01% (3 mo. USD Term SOFR + 1.38%), due 04/23/29<sup>(b)</sup> <br>| 957531 |
| 248000 | JPMorgan Chase & Co., 4.35% (1 day USD SOFR + 0.84%), due 01/22/32<sup>(b)</sup> <br>| 244552 |
| 479000 | JPMorgan Chase & Co., 4.60% (1 day USD SOFR + 1.04%), due 10/22/30<sup>(b)</sup> <br>| 480111 |
| 1020000 | JPMorgan Chase & Co., 4.90% (1 day USD SOFR + 1.07%), due 01/22/37<sup>(b)</sup> <br>| 998463 |
| 480000 | JPMorgan Chase & Co., 5.00% (1 day USD SOFR + 1.13%), due 07/22/30<sup>(b)</sup> <br>| 487099 |
| 656000 | JPMorgan Chase & Co., 5.29% (1 day USD SOFR + 1.46%), due 07/22/35<sup>(b)</sup> <br>| 664345 |
| 2965000 | JPMorgan Chase & Co., 5.34% (1 day USD SOFR + 1.62%), due 01/23/35<sup>(b)</sup> <br>| 3011462 |

---

72See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 449000 | JPMorgan Chase & Co., 5.50% (1 day USD SOFR + 1.32%), due 01/24/36<sup>(b)</sup> <br>| 459729 |
| 273000 | JPMorgan Chase & Co., 5.58% (1 day USD SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| 281411 |
| 1130000 | JPMorgan Chase & Co., 5.58% (1 day USD SOFR + 1.64%), due 07/23/36<sup>(b)</sup> <br>| 1144771 |
| 780000 | Kaiser Foundation Hospitals, 2.81%, due 06/01/41 | 567066 |
| 255000 | KB Home, 4.00%, due 06/15/31<sup>(e)</sup> <br>| 235460 |
| 204000 | Kenvue, Inc., 4.90%, due 03/22/33 | 205700 |
| 391000 | KeyCorp, 5.12% (1 day USD SOFR Index + 1.23%), due 04/04/31<sup>(b)</sup> <br>| 394975 |
| 156000 | KeyCorp, 5.31% (1 day USD SOFR + 1.37%), due 01/28/37<sup>(b)</sup> <br>| 152853 |
| 154000 | KeyCorp, 6.40% (1 day USD SOFR Index + 2.42%), due 03/06/35<sup>(b)</sup> <br>| 163351 |
| 608000 | Kinder Morgan, Inc., 5.85%, due 06/01/35<sup>(e)</sup> <br>| 637401 |
| 615000 | Kioxia Holdings Corp., 6.63%, due 07/24/33 144A | 632666 |
| 1291000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43<sup>(e)</sup> 144A | 1204362 |
| 257000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | 175330 |
| 283000 | KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A | 177042 |
| 205000 | KLA Corp., 4.65%, due 07/15/32 | 205999 |
| 1910000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 1893854 |
| 145000 | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | 138145 |
| 260000 | Lamb Weston Holdings, Inc., 4.38%, due 01/31/32<sup>(e)</sup> 144A | 241804 |
| 396000 | Lazard Group LLC, 4.38%, due 03/11/29 | 391535 |
| 315000 | Leidos, Inc., 5.00%, due 03/15/36 | 304662 |
| 565000 | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | 575798 |
| 522000 | Leviathan Bond Ltd., 6.50%, due 06/30/27<sup>(g)</sup> <br>| 522332 |
| 79000 | Leviathan Bond Ltd., 6.75%, due 06/30/30<sup>(g)</sup> <br>| 80345 |
| 252000 | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(b)</sup> 144A | 246230 |
| 110000 | Lithia Motors, Inc., 3.88%, due 06/01/29 144A | 104544 |
| 295000 | Lithia Motors, Inc., 4.38%, due 01/15/31 144A | 277448 |
| 235000 | Lithia Motors, Inc., 5.50%, due 10/01/30 144A | 230408 |
| 1360000 | Lloyds Banking Group PLC, 5.68% (1 yr. CMT + 1.75%), due 01/05/35<sup>(b)</sup> <br>| 1397767 |
| 299000 | Lloyds Banking Group PLC, 6.07% (1 yr. CMT + 1.60%), due 06/13/36<sup>(b)</sup> <br>| 304036 |
| 296000 | Lloyds Banking Group PLC, 6.63% (5 yr. CMT + 2.68%)<sup>(b)(e)(f)</sup> <br>| 282779 |
| 200000 | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(e)(f)</sup> <br>| 198987 |
| 244000 | Lockheed Martin Corp., 5.25%, due 01/15/33 | 254140 |
| 260000 | Long Ridge Energy LLC, 8.75%, due 02/15/32 144A | 272966 |
| 770000 | Lseg U.S. Fin Corp., 5.25%, due 03/23/36 144A | 762731 |
| 167000 | M&T Bank Corp., 5.13% (3 mo. USD Term SOFR + 3.78%)<sup>(b)(e)(f)</sup> <br>| 165798 |
| 245000 | M&T Bank Corp., 5.18% (1 day USD SOFR + 1.40%), due 07/08/31<sup>(b)</sup> <br>| 247815 |
| 347000 | M&T Bank Corp., 5.39% (1 day USD SOFR + 1.61%), due 01/16/36<sup>(b)</sup> <br>| 344284 |
| 421000 | M&T Bank Corp., 5.40% (5 yr. CMT + 1.43%), due 07/30/35<sup>(b)</sup> <br>| 419771 |
| 246000 | Macquarie Bank Ltd., 3.62%, due 06/03/30 144A | 233547 |
| 2000000 | Macquarie Group Ltd., 6.26% (1 day USD SOFR + 2.30%), due 12/07/34<sup>(b)(e)</sup> 144A | 2136887 |
| 149000 | Macy's Retail Holdings LLC, 5.88%, due 03/15/30 144A | 148052 |
| 191000 | Macy's Retail Holdings LLC, 6.13%, due 03/15/32 144A | 187812 |
| 322000 | Macy's Retail Holdings LLC, 7.38%, due 08/01/33 144A | 330276 |
| 587000 | MARB BondCo PLC, 3.95%, due 01/29/31 144A | 520609 |
| 152000 | Marriott International, Inc., 4.50%, due 05/01/33 | 146927 |
| 333000 | Marriott Ownership Resorts, Inc., 6.50%, due 10/01/33 144A | 316939 |
| 401000 | Mars, Inc., 5.00%, due 03/01/32 144A | 405866 |
| 1465000 | Mars, Inc., 5.20%, due 03/01/35<sup>(e)</sup> 144A | 1479480 |
| 236000 | Marvell Technology, Inc., 5.95%, due 09/15/33 | 249855 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 460000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14<sup>(h)</sup> <br>| 378140 |
| 1615000 | Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52<sup>(e)</sup> 144A | 1553233 |
| 378000 | MassMutual Global Funding II, 4.35%, due 09/17/31 144A | 371147 |
| 226000 | MasTec, Inc., 5.90%, due 06/15/29 | 233588 |
| 204000 | Medtronic Global Holdings SCA, 4.50%, due 03/30/33 | 201766 |
| 410000 | MercadoLibre, Inc., 4.90%, due 01/15/33 | 398397 |
| 204000 | Merck & Co., Inc., 4.45%, due 12/04/32 | 202674 |
| 533000 | Meta Platforms, Inc., 4.20%, due 11/15/30 | 527951 |
| 530000 | Meta Platforms, Inc., 4.60%, due 11/15/32 | 524980 |
| 185000 | Meta Platforms, Inc., 4.88%, due 11/15/35<sup>(e)</sup> <br>| 181566 |
| 188000 | Meta Platforms, Inc., 5.63%, due 11/15/55 | 176355 |
| 445000 | MetLife, Inc., 6.40%, due 12/15/66 | 454522 |
| 401000 | Mexico City Airport Trust, 4.25%, due 10/31/26 144A | 399987 |
| 1005000 | Mexico City Airport Trust, 5.50%, due 07/31/47 144A | 837170 |
| 378000 | Michaels Cos., Inc., 8.50%, due 03/15/33 144A | 368380 |
| 423000 | Micron Technology, Inc., 2.70%, due 04/15/32 | 381797 |
| 365000 | Micron Technology, Inc., 5.65%, due 11/01/32 | 385437 |
| 265000 | Micron Technology, Inc., 5.80%, due 01/15/35 | 282251 |
| 333000 | Micron Technology, Inc., 6.05%, due 11/01/35 | 359467 |
| 234000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| 227066 |
| 241200 | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | 240461 |
| 200000 | Millicom International Cellular SA, 7.38%, due 04/02/32 144A | 202676 |
| 422000 | Millrose Properties, Inc., 6.38%, due 08/01/30 144A | 422154 |
| 35000 | Mineral Resources Ltd., 7.00%, due 04/01/31 144A | 35799 |
| 40000 | Mineral Resources Ltd., 9.25%, due 10/01/28 144A | 41481 |
| 1250000 | Moody's Corp., 3.25%, due 05/20/50 | 824625 |
| 162000 | Moog, Inc., 5.50%, due 10/15/34 144A | 162914 |
| 715000 | Morgan Stanley, 1.93% (1 day USD SOFR + 1.02%), due 04/28/32<sup>(b)</sup> <br>| 620008 |
| 2321000 | Morgan Stanley, 2.24% (1 day USD SOFR + 1.18%), due 07/21/32<sup>(b)</sup> <br>| 2032790 |
| 654000 | Morgan Stanley, 2.48% (1 day USD SOFR + 1.36%), due 09/16/36<sup>(b)</sup> <br>| 562941 |
| 1755000 | Morgan Stanley, 2.70% (1 day USD SOFR + 1.14%), due 01/22/31<sup>(b)</sup> <br>| 1629999 |
| 2423000 | Morgan Stanley, 2.94% (1 day USD SOFR + 1.29%), due 01/21/33<sup>(b)</sup> <br>| 2179408 |
| 2461000 | Morgan Stanley, 3.62% (1 day USD SOFR + 3.12%), due 04/01/31<sup>(b)</sup> <br>| 2360551 |
| 910000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)</sup> <br>| 898054 |
| 1872000 | Morgan Stanley, 4.71% (1 day USD SOFR + 1.20%), due 03/12/32<sup>(b)</sup> <br>| 1859801 |
| 607000 | Morgan Stanley, 5.32% (1 day USD SOFR + 1.56%), due 07/19/35<sup>(b)</sup> <br>| 609308 |
| 596000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | 537629 |
| 487000 | Motorola Solutions, Inc., 2.75%, due 05/24/31 | 442731 |
| 370000 | MPLX LP, 4.50%, due 04/15/38 | 332657 |
| 530000 | MPLX LP, 4.70%, due 04/15/48 | 431152 |
| 655000 | MPLX LP, 4.80%, due 02/15/31 | 656742 |
| 208000 | MPLX LP, 4.95%, due 09/01/32 | 207438 |
| 269000 | MPLX LP, 5.00%, due 03/01/33 | 267612 |
| 105000 | MPLX LP, 5.20%, due 03/01/47 | 92935 |
| 685000 | MPLX LP, 5.50%, due 06/01/34 | 692298 |
| 255000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, due 03/15/31<sup>(e)</sup> <br>| 166897 |
| 210000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27<sup>(e)</sup> <br>| 195657 |
| 525000 | MSCI, Inc., 3.63%, due 11/01/31 144A | 485947 |

---

74See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1470000 | MSCI, Inc., 5.25%, due 09/01/35 | 1440607 |
| 272000 | Muthoot Finance Ltd., 5.75%, due 08/04/30 144A | 261226 |
| 695000 | Mylan, Inc., 5.40%, due 11/29/43 | 588528 |
| 365000 | National Fuel Gas Co., 5.50%, due 03/15/30 | 373510 |
| 51000 | National Rural Utilities Cooperative Finance Corp., 8.00%, due 03/01/32 | 59035 |
| 437000 | NatWest Group PLC, 7.30% (5 yr. CMT + 2.94%)<sup>(b)(f)</sup> <br>| 444098 |
| 324000 | NatWest Group PLC, 8.13% (5 yr. CMT + 3.75%)<sup>(b)(f)</sup> <br>| 350888 |
| 369000 | NBM U.S. Holdings, Inc., 6.63%, due 08/06/29<sup>(e)</sup> 144A | 369526 |
| 85000 | Newell Brands, Inc., 6.38%, due 05/15/30<sup>(e)</sup> <br>| 81660 |
| 50000 | Newell Brands, Inc., 6.63%, due 05/15/32<sup>(e)</sup> <br>| 47901 |
| 313000 | News Corp., 3.88%, due 05/15/29 144A | 302143 |
| 164000 | News Corp., 5.13%, due 02/15/32 144A | 160418 |
| 265000 | NextEra Energy Capital Holdings, Inc., 2.44%, due 01/15/32 | 233658 |
| 228000 | NextEra Energy Capital Holdings, Inc., 6.38% (5 yr. CMT + 2.05%), due 08/15/55<sup>(b)</sup> <br>| 232400 |
| 68000 | NextEra Energy Capital Holdings, Inc., 6.50% (5 yr. CMT + 1.98%), due 08/15/55<sup>(b)</sup> <br>| 70198 |
| 1900000 | Niagara Mohawk Power Corp., 5.66%, due 01/17/54 144A | 1785633 |
| 137000 | NiSource, Inc., 3.60%, due 05/01/30 | 132140 |
| 345000 | NiSource, Inc., 5.75% (5 yr. CMT + 2.04%), due 07/15/56<sup>(b)</sup> <br>| 339861 |
| 228000 | NMI Holdings, Inc., 6.00%, due 08/15/29 | 233363 |
| 200000 | Nomura Holdings, Inc., 2.61%, due 07/14/31 | 178454 |
| 1602000 | Northern States Power Co., 4.85%, due 05/15/36<sup>(e)</sup> <br>| 1582424 |
| 2285000 | Northwest Pipeline LLC, 4.00%, due 04/01/27 | 2277022 |
| 442000 | Novartis Capital Corp., 4.60%, due 03/18/33 | 440252 |
| 465000 | Novartis Capital Corp., 4.90%, due 03/18/36 | 464068 |
| 412000 | Novelis Corp., 4.75%, due 01/30/30 144A | 390066 |
| 243000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 223894 |
| 772000 | NRG Energy, Inc., 3.88%, due 02/15/32 144A | 710818 |
| 328000 | NRG Energy, Inc., 5.41%, due 10/15/35 144A | 321945 |
| 190000 | NRG Energy, Inc., 5.75%, due 01/15/34 144A | 187546 |
| 263000 | NRG Energy, Inc., 6.00%, due 02/01/33 144A | 263235 |
| 590000 | NRG Energy, Inc., 7.00%, due 03/15/33 144A | 639038 |
| 276000 | NRG Energy, Inc., 10.25% (5 yr. CMT + 5.92%)<sup>(b)(f)</sup> 144A | 297894 |
| 250000 | NSTAR Electric Co., 3.10%, due 06/01/51 | 163734 |
| 400000 | NSTAR Electric Co., 5.40%, due 06/01/34 | 409036 |
| 312000 | NTT Finance Corp., 5.17%, due 07/16/32 144A | 314371 |
| 2792000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, due 05/11/31 | 2507255 |
| 147000 | OAK-Eagle Acquireco, Inc., 7.25%, due 07/01/33<sup>(i)</sup> 144A | 152401 |
| 153000 | Occidental Petroleum Corp., 5.38%, due 01/01/32 | 155383 |
| 482000 | Occidental Petroleum Corp., 6.45%, due 09/15/36 | 515318 |
| 327000 | Occidental Petroleum Corp., 6.63%, due 09/01/30 | 351795 |
| 412000 | OCP SA, 6.75%, due 05/02/34 144A | 429023 |
| 151000 | Old National Bancorp, 5.77% (3 mo. USD Term SOFR + 2.20%), due 02/15/36<sup>(b)</sup> <br>| 150328 |
| 133000 | OneMain Finance Corp., 3.88%, due 09/15/28 | 126495 |
| 445000 | OneMain Finance Corp., 6.13%, due 05/15/30 | 435444 |
| 62000 | OneMain Finance Corp., 6.63%, due 01/15/28 | 62468 |
| 655000 | ONEOK, Inc., 3.10%, due 03/15/30 | 617837 |
| 75000 | ONEOK, Inc., 4.25%, due 09/15/46 | 57481 |
| 370000 | ONEOK, Inc., 5.38%, due 06/01/29 | 377184 |
| 1380000 | ONEOK, Inc., 6.05%, due 09/01/33 | 1447520 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1456000 | Oracle Corp., 3.95%, due 03/25/51 | 923209 |
| 290000 | Oracle Corp., 4.70%, due 09/27/34 | 264790 |
| 2205000 | Oracle Corp., 4.80%, due 09/26/32 | 2100582 |
| 204000 | Oracle Corp., 5.25%, due 02/03/32 | 200424 |
| 571000 | Oracle Corp., 5.55%, due 02/06/53 | 455953 |
| 197000 | Oracle Corp., 5.70%, due 02/04/36 | 189499 |
| 135000 | Oracle Corp., 6.55%, due 02/04/46 | 126036 |
| 505000 | Oracle Corp., 6.70%, due 02/04/56 | 469058 |
| 165000 | Oracle Corp., 6.85%, due 02/04/66 | 151837 |
| 170000 | O'Reilly Automotive, Inc., 5.10%, due 03/12/36 | 167839 |
| 220000 | Ovintiv, Inc., 6.25%, due 07/15/33 | 232255 |
| 59000 | Ovintiv, Inc., 7.20%, due 11/01/31 | 64861 |
| 870000 | Pacific Gas & Electric Co., 3.95%, due 12/01/47 | 633837 |
| 490000 | Pacific Gas & Electric Co., 4.95%, due 07/01/50 | 406209 |
| 343000 | Pacific Gas & Electric Co., 5.80%, due 05/15/34 | 351579 |
| 265000 | PacifiCorp, 2.70%, due 09/15/30 | 241637 |
| 348000 | PacifiCorp, 7.13% (5 yr. CMT + 3.29%), due 08/15/56<sup>(b)</sup> <br>| 328854 |
| 308000 | PacifiCorp, 7.38% (5 yr. CMT + 3.32%), due 09/15/55<sup>(b)</sup> <br>| 294545 |
| 393000 | Panther Escrow Issuer LLC, 7.13%, due 06/01/31 144A | 394519 |
| 109000 | Paramount Global, 4.20%, due 05/19/32 | 93491 |
| 242000 | Paramount Global, 4.38%, due 03/15/43 | 146493 |
| 578000 | Paramount Global, 4.95%, due 05/19/50 | 345236 |
| 415000 | PECO Energy Co., 3.05%, due 03/15/51 | 269539 |
| 205000 | PECO Energy Co., 3.70%, due 09/15/47 | 153823 |
| 2342000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.25%, due 07/01/29 144A | 2376778 |
| 224000 | Performance Food Group, Inc., 5.63%, due 03/01/34 144A | 216294 |
| 168000 | Permian Resources Operating LLC, 6.25%, due 02/01/33 144A | 171247 |
| 203000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.75%, due 02/03/31 144A | 197208 |
| 255000 | Petroleos Mexicanos, 6.50%, due 06/02/41 | 215272 |
| 13000 | Petroleos Mexicanos, 6.75%, due 09/21/47 | 10384 |
| 204000 | Pfizer Investment Enterprises Pte. Ltd., 4.75%, due 05/19/33 | 203284 |
| 226000 | PG&E Corp., 6.85% (5 yr. CMT + 3.23%), due 09/15/56<sup>(b)</sup> <br>| 223415 |
| 571000 | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> <br>| 575137 |
| 1405772 | PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32 | 1379740 |
| 827000 | PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38 | 798818 |
| 2169000 | PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39 | 2116069 |
| 363000 | PHH Escrow Issuer LLC/PHH Corp., 9.88%, due 11/01/29 144A | 350615 |
| 145000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | 140998 |
| 545000 | Pilgrim's Pride Corp., 6.25%, due 07/01/33 | 571394 |
| 250000 | Pinnacle Bank/Nashville TN, 5.96% (5 yr. CMT + 2.30%), due 01/15/36<sup>(b)</sup> <br>| 247686 |
| 150000 | Plains All American Pipeline LP/PAA Finance Corp., 4.70%, due 01/15/31 | 149596 |
| 475000 | PNC Financial Services Group, Inc., 4.81% (1 day USD SOFR + 1.26%), due <br> 10/21/32<sup>(b)</sup> <br>| 473600 |
| 1444000 | PNC Financial Services Group, Inc., 5.40% (1 day USD SOFR + 1.60%), due <br> 07/23/35<sup>(b)</sup> <br>| 1462929 |
| 283000 | PNC Financial Services Group, Inc., 5.58% (1 day USD SOFR + 1.39%), due <br> 01/29/36<sup>(b)</sup> <br>| 289016 |
| 314000 | PNC Financial Services Group, Inc., 5.94% (1 day USD SOFR + 1.95%), due <br> 08/18/34<sup>(b)</sup> <br>| 328994 |
| 352000 | PNC Financial Services Group, Inc., 6.25% (7 yr. CMT + 2.81%)<sup>(b)(e)(f)</sup> <br>| 355326 |

---

76See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 413000 | Popular, Inc., 7.25%, due 03/13/28 | 428137 |
| 53000 | Post Holdings, Inc., 6.25%, due 10/15/34 144A | 51948 |
| 224000 | Prologis Targeted U.S. Logistics Fund LP, 4.25%, due 01/15/31 144A | 219278 |
| 407000 | Prologis Targeted U.S. Logistics Fund LP, 4.63%, due 03/15/33 144A | 395965 |
| 130000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | 129003 |
| 1580000 | Public Service Co. of Colorado, 5.35%, due 05/15/34 | 1609971 |
| 30000 | Qnity Electronics, Inc., 5.75%, due 08/15/32 144A | 30073 |
| 20000 | Qnity Electronics, Inc., 6.25%, due 08/15/33 144A | 20248 |
| 379000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | 343047 |
| 220000 | Qorvo, Inc., 4.38%, due 10/15/29 | 215413 |
| 630000 | Quanta Services, Inc., 4.50%, due 01/15/31 | 625537 |
| 236000 | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 239482 |
| 296000 | Radian Group, Inc., 6.20%, due 05/15/29 | 306125 |
| 200000 | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | 213338 |
| 843000 | Regions Financial Corp., 5.50% (1 day USD SOFR + 2.06%), due 09/06/35<sup>(b)</sup> <br>| 844498 |
| 239000 | Regions Financial Corp., 5.72% (1 day USD SOFR + 1.49%), due 06/06/30<sup>(b)</sup> <br>| 245243 |
| 392000 | Reinsurance Group of America, Inc., 6.65% (5 yr. CMT + 2.39%), due 09/15/55<sup>(b)(e)</sup> <br>| 391735 |
| 1582000 | Rentokil Terminix Funding LLC, 5.00%, due 04/28/30 144A | 1588917 |
| 583000 | Repsol E&P Capital Markets U.S. LLC, 5.20%, due 09/16/30 144A | 588156 |
| 201000 | RHP Hotel Properties LP/RHP Finance Corp., 5.75%, due 03/15/34 144A | 198516 |
| 204000 | Rio Tinto Finance USA PLC, 5.00%, due 03/14/32 | 208254 |
| 207000 | Rivers Enterprise Borrower LLC, 6.25%, due 10/15/30 144A | 206599 |
| 251000 | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, due 02/01/33 <br> 144A<br>| 249356 |
| 628000 | ROBLOX Corp., 3.88%, due 05/01/30 144A | 590535 |
| 301000 | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | 304610 |
| 674000 | Royal Bank of Canada, 6.50% (5 yr. CMT + 2.46%), due 11/24/85<sup>(b)</sup> <br>| 651755 |
| 196000 | Royal Caribbean Cruises Ltd., 5.38%, due 01/15/36 | 192640 |
| 240000 | Royalty Pharma PLC, 5.15%, due 09/02/29 | 244366 |
| 2032000 | Ryder System, Inc., 4.30%, due 12/01/30 | 1998949 |
| 529000 | Ryder System, Inc., 4.90%, due 12/01/29 | 535371 |
| 204000 | S&P Global, Inc., 2.90%, due 03/01/32 | 186131 |
| 341000 | S&S Holdings LLC, 8.38%, due 10/01/31 144A | 301160 |
| 612000 | Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30 | 607760 |
| 185000 | Salesforce, Inc., 6.55%, due 03/15/56 | 185766 |
| 130000 | Salesforce, Inc., 6.70%, due 03/15/66 | 132226 |
| 128000 | San Diego Gas & Electric Co., 5.20%, due 03/15/36 | 127718 |
| 225000 | Santander U.K. Group Holdings PLC, 4.32% (1 day USD SOFR Index + 1.07%), due <br> 09/22/29<sup>(b)</sup> <br>| 222930 |
| 400000 | Sasol Financing USA LLC, 6.50%, due 09/27/28 | 405186 |
| 2523000 | SBA Tower Trust, 4.83%, due 10/15/29 144A | 2535828 |
| 278000 | Sempra, 5.50%, due 08/01/33 | 286396 |
| 352000 | Sempra, 6.40% (5 yr. CMT + 2.63%), due 10/01/54<sup>(b)</sup> <br>| 351018 |
| 185000 | Sensata Technologies, Inc., 3.75%, due 02/15/31 144A | 171728 |
| 850000 | Simon Property Group LP, 6.75%, due 02/01/40 | 954684 |
| 234000 | Sirius XM Radio LLC, 4.00%, due 07/15/28 144A | 226010 |
| 536000 | Sitios Latinoamerica SAB de CV, 6.00%, due 11/25/29 144A | 541092 |
| 132000 | Sixth Street Lending Partners, 5.75%, due 01/15/30 | 130089 |
| 166000 | Sixth Street Lending Partners, 6.13%, due 07/15/30 | 165136 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 508000 | SNF Group SACA, 5.63%, due 03/31/31 144A | 514350 |
| 1365000 | Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28<sup>(b)</sup> 144A | 1345607 |
| 343000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(f)</sup> 144A | 321715 |
| 1130000 | Societe Generale SA, 5.52% (1 yr. CMT + 1.50%), due 01/19/28<sup>(b)</sup> 144A | 1137646 |
| 615000 | Solventum Corp., 5.45%, due 03/13/31 | 631135 |
| 1131000 | Sonoco Products Co., 5.00%, due 09/01/34<sup>(e)</sup> <br>| 1106918 |
| 570000 | Southern California Edison Co., 3.45%, due 02/01/52 | 373459 |
| 335000 | Southern California Edison Co., 4.00%, due 04/01/47 | 249183 |
| 281000 | Southern Co., 5.70%, due 03/15/34 | 291275 |
| 414000 | Southern Co., 6.38% (5 yr. CMT + 2.07%), due 03/15/55<sup>(b)</sup> <br>| 425979 |
| 2180000 | Southern Co. Gas Capital Corp., 4.95%, due 09/15/34 | 2150174 |
| 360000 | Standard Building Solutions, Inc., 5.88%, due 03/15/34 144A | 347486 |
| 244000 | Standard Building Solutions, Inc., 6.25%, due 08/01/33 144A | 241491 |
| 205000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 193351 |
| 25000 | Standard Industries, Inc., 4.75%, due 01/15/28 144A | 24731 |
| 175000 | Starwood Property Trust, Inc., 3.63%, due 07/15/26 144A | 174027 |
| 25000 | Starwood Property Trust, Inc., 5.25%, due 10/15/28 144A | 24731 |
| 274000 | Starwood Property Trust, Inc., 6.00%, due 04/15/30 144A | 273618 |
| 424000 | STC Sukuk Co. II Ltd., 4.49%, due 01/15/31 144A | 414861 |
| 383000 | Stonebriar ABF Issuer LLC, 8.13%, due 12/15/30 144A | 396140 |
| 1550000 | Sun Communities Operating LP, 2.30%, due 11/01/28 | 1468291 |
| 1900000 | Sun Communities Operating LP, 2.70%, due 07/15/31 | 1700330 |
| 280000 | Sunoco LP, 4.50%, due 10/01/29 144A | 270748 |
| 158000 | Sunoco LP, 4.63%, due 05/01/30 144A | 152160 |
| 151000 | Sunoco LP, 5.63%, due 03/15/31 144A | 150414 |
| 265000 | Sunoco LP, 5.88%, due 03/15/34 144A | 262261 |
| 161000 | Sunoco LP, 6.25%, due 07/01/33 144A | 161829 |
| 245000 | Sunoco LP, 7.25%, due 05/01/32 144A | 253645 |
| 508000 | Sunoco LP, 7.88% (5 yr. CMT + 4.23%)<sup>(b)(f)</sup> 144A | 519067 |
| 482000 | Sunoco LP/Sunoco Finance Corp., 4.50%, due 04/30/30 | 464946 |
| 510000 | SV RNO Property Owner 1 LLC, 5.88%, due 03/01/31 144A | 504435 |
| 1638000 | Takeoff Merger Sub, Inc., 4.85%, due 03/24/31 144A | 1618149 |
| 275000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 273768 |
| 25000 | Targa Resources Corp., 4.35%, due 04/15/31 | 24482 |
| 75000 | Targa Resources Corp., 4.90%, due 09/15/30 | 75657 |
| 267000 | Targa Resources Corp., 5.50%, due 02/15/35 | 269481 |
| 1136000 | Targa Resources Corp., 6.15%, due 03/01/29 | 1183737 |
| 438000 | Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, due <br> 01/15/32<br>| 415289 |
| 98000 | Taylor Morrison Communities, Inc., 5.75%, due 11/15/32 144A | 98202 |
| 450000 | TD SYNNEX Corp., 5.30%, due 10/10/35 | 436215 |
| 514000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | 413646 |
| 70000 | Tenet Healthcare Corp., 4.38%, due 01/15/30 | 67842 |
| 505000 | Tenet Healthcare Corp., 5.50%, due 11/15/32 144A | 500691 |
| 175000 | Tenneco, Inc., 8.00%, due 11/17/28 144A | 174484 |
| 68000 | Teva Pharmaceutical Finance Co. LLC, 6.15%, due 02/01/36 | 70144 |
| 538000 | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46 | 399463 |
| 363000 | Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, due 12/01/30<sup>(e)</sup> <br>| 367843 |
| 205000 | Thermo Fisher Scientific, Inc., 4.47%, due 10/07/32 | 202930 |

---

78See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1376000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 | 1340420 |
| 1604000 | T-Mobile USA, Inc., 5.88%, due 11/15/55 | 1565227 |
| 296000 | TopBuild Corp., 5.63%, due 01/31/34 144A | 290026 |
| 335000 | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| 296249 |
| 1572000 | TPG Operating Group II LP, 4.88%, due 05/15/31 | 1542554 |
| 140000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | 105818 |
| 285000 | Transcontinental Gas Pipe Line Co. LLC, 5.10%, due 03/15/36<sup>(e)</sup> 144A | 282593 |
| 141000 | Travel & Leisure Co., 4.63%, due 03/01/30 144A | 134610 |
| 382000 | Travel & Leisure Co., 6.13%, due 09/01/33 144A | 377320 |
| 1843000 | Triton Container International Ltd., 3.15%, due 06/15/31 144A | 1667827 |
| 896000 | Triton Container International Ltd./TAL International Container Corp., 5.15%, due <br> 02/15/33<br>| 877895 |
| 208000 | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | 212534 |
| 1527000 | Truist Financial Corp., 4.60% (1 day USD SOFR + 0.97%), due 01/27/32<sup>(b)</sup> <br>| 1511060 |
| 447000 | Truist Financial Corp., 5.15% (1 day USD SOFR + 1.57%), due 08/05/32<sup>(b)</sup> <br>| 453042 |
| 1400000 | Truist Financial Corp., 5.71% (1 day USD SOFR + 1.92%), due 01/24/35<sup>(b)</sup> <br>| 1444614 |
| 897000 | Truist Financial Corp., 5.87% (1 day USD SOFR + 2.36%), due 06/08/34<sup>(b)</sup> <br>| 935008 |
| 327000 | Truist Financial Corp., 6.12% (1 day USD SOFR + 2.30%), due 10/28/33<sup>(b)</sup> <br>| 346360 |
| 334000 | Trust 2401, 7.38%, due 02/13/34 144A | 353557 |
| 200000 | Trust Fibra Uno, 7.38%, due 02/13/34 144A | 211730 |
| 535000 | U.S. Bancorp, 4.84% (1 day USD SOFR + 1.60%), due 02/01/34<sup>(b)</sup> <br>| 529006 |
| 342000 | U.S. Bancorp, 5.08% (1 day USD SOFR + 1.30%), due 05/15/31<sup>(b)</sup> <br>| 347001 |
| 308000 | U.S. Bancorp, 5.38% (1 day USD SOFR + 1.56%), due 01/23/30<sup>(b)</sup> <br>| 315474 |
| 493000 | U.S. Bancorp, 5.84% (1 day USD SOFR + 2.26%), due 06/12/34<sup>(b)</sup> <br>| 514764 |
| 2892000 | UBS Group AG, 4.84% (1 day USD SOFR + 1.29%), due 11/06/33<sup>(b)</sup> 144A | 2845576 |
| 384000 | UBS Group AG, 5.43% (1 yr. CMT + 1.52%), due 02/08/30<sup>(b)</sup> 144A | 392363 |
| 310000 | UBS Group AG, 6.30% (1 yr. CMT + 2.00%), due 09/22/34<sup>(b)</sup> 144A | 329690 |
| 386000 | UBS Group AG, 6.63% (5 yr. USD SOFR ICE Swap + 3.24%)<sup>(b)(f)</sup> 144A | 376031 |
| 218000 | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap + 3.08%)<sup>(b)(f)</sup> 144A | 216076 |
| 289000 | UBS Group AG, 7.13% (5 yr. USD SOFR ICE Swap + 3.18%)<sup>(b)(f)</sup> 144A | 284268 |
| 294000 | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(f)</sup> 144A | 331220 |
| 204000 | Unilever Capital Corp., 5.90%, due 11/15/32 | 220867 |
| 204000 | Union Pacific Corp., 2.80%, due 02/14/32 | 185592 |
| 505000 | United Airlines Holdings, Inc., 4.88%, due 03/01/29 | 495194 |
| 189000 | United Airlines Holdings, Inc., 5.38%, due 03/01/31 | 185327 |
| 293946 | United Airlines Pass-Through Trust, 3.45%, due 01/07/30 | 285819 |
| 1523050 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 1521695 |
| 267102 | United Airlines Pass-Through Trust, 4.55%, due 02/25/33 | 257967 |
| 395633 | United Airlines Pass-Through Trust, 5.45%, due 08/15/38 | 404456 |
| 650188 | United Airlines Pass-Through Trust, 5.80%, due 07/15/37 | 671495 |
| 327234 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 332919 |
| 348646 | United Airlines Pass-Through Trust, 5.88%, due 08/15/38 | 359395 |
| 238000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | 233663 |
| 265000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | 263664 |
| 65000 | UnitedHealth Group, Inc., 2.75%, due 05/15/40 | 47311 |
| 885000 | UnitedHealth Group, Inc., 3.05%, due 05/15/41<sup>(e)</sup> <br>| 656627 |
| 155000 | UnitedHealth Group, Inc., 3.25%, due 05/15/51 | 102225 |
| 214000 | UnitedHealth Group, Inc., 5.75%, due 07/15/64 | 203926 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 137000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due 02/15/29 <br> 144A<br>| 133178 |
| 522000 | Universal Health Services, Inc., 2.65%, due 10/15/30 | 470189 |
| 120000 | University of Chicago, 2.76%, due 04/01/45 | 93888 |
| 350000 | University of Southern California, 2.95%, due 10/01/51 | 226036 |
| 238000 | Valvoline, Inc., 3.63%, due 06/15/31 144A | 215265 |
| 644000 | Var Energi ASA, 5.88%, due 05/22/30 144A | 665025 |
| 1160000 | Var Energi ASA, 7.50%, due 01/15/28 144A | 1214262 |
| 879000 | Var Energi ASA, 8.00%, due 11/15/32 144A | 1001943 |
| 65000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 61815 |
| 60000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | 55686 |
| 260000 | Venture Global LNG, Inc., 7.00%, due 01/15/30<sup>(e)</sup> 144A | 265605 |
| 458000 | Venture Global LNG, Inc., 9.00% (5 yr. CMT + 5.44%)<sup>(b)(f)</sup> 144A | 456549 |
| 100000 | Venture Global Plaquemines LNG LLC, 6.13%, due 12/15/30 144A | 102898 |
| 35000 | Venture Global Plaquemines LNG LLC, 6.50%, due 06/15/34 144A | 36455 |
| 1437000 | Verisk Analytics, Inc., 5.25%, due 06/05/34 | 1432041 |
| 523000 | Verizon Communications, Inc., 2.55%, due 03/21/31 | 474937 |
| 578000 | Verizon Communications, Inc., 2.88%, due 11/20/50 | 350859 |
| 1624000 | Verizon Communications, Inc., 3.55%, due 03/22/51 | 1134125 |
| 515000 | Viatris, Inc., 3.85%, due 06/22/40 | 391202 |
| 551000 | VICI Properties LP, 5.13%, due 11/15/31 | 547287 |
| 438000 | VICI Properties LP, 5.13%, due 05/15/32 | 431837 |
| 205000 | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 199284 |
| 1203000 | VICI Properties LP/VICI Note Co., Inc., 5.75%, due 02/01/27 144A | 1210125 |
| 178000 | Viking Baked Goods Acquisition Corp., 8.63%, due 11/01/31 144A | 176579 |
| 393000 | Viking Cruises Ltd., 5.88%, due 10/15/33 144A | 388295 |
| 303000 | Viper Energy Partners LLC, 4.90%, due 08/01/30 | 303367 |
| 3016000 | Virginia Power Fuel Securitization LLC, 4.88%, due 05/01/33 | 3050253 |
| 107000 | Vistra Corp., 8.00% (5 yr. CMT + 6.93%)<sup>(b)(f)</sup> 144A | 108200 |
| 281000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | 276295 |
| 295000 | Vistra Operations Co. LLC, 4.60%, due 10/15/30 144A | 289290 |
| 155000 | Vistra Operations Co. LLC, 4.70%, due 01/31/31 144A | 152592 |
| 195000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | 194403 |
| 356000 | Vistra Operations Co. LLC, 6.00%, due 04/15/34 144A | 366232 |
| 441000 | Vistra Operations Co. LLC, 6.95%, due 10/15/33 144A | 480178 |
| 362000 | Vodafone Group PLC, 7.00% (5 yr. USD Swap + 4.87%), due 04/04/79<sup>(b)</sup> <br>| 372573 |
| 351000 | Vornado Realty LP, 5.75%, due 02/01/33 | 344409 |
| 204000 | Waste Management, Inc., 4.15%, due 04/15/32 | 200186 |
| 219000 | Wayfair LLC, 6.75%, due 11/15/32 144A | 220838 |
| 151000 | Webster Financial Corp., 5.78% (5 yr. CMT + 2.13%), due 09/11/35<sup>(b)</sup> <br>| 153402 |
| 215000 | WEC Energy Group, Inc., 5.63% (5 yr. CMT + 1.91%), due 05/15/56<sup>(b)</sup> <br>| 210917 |
| 264000 | Weir Group, Inc., 5.35%, due 05/06/30 144A | 267672 |
| 1871000 | Wells Fargo & Co., 2.57% (3 mo. USD Term SOFR + 1.26%), due 02/11/31<sup>(b)</sup> <br>| 1731094 |
| 1385000 | Wells Fargo & Co., 3.35% (1 day USD SOFR + 1.50%), due 03/02/33<sup>(b)</sup> <br>| 1272072 |
| 1905000 | Wells Fargo & Co., 4.81% (1 day USD SOFR + 1.98%), due 07/25/28<sup>(b)</sup> <br>| 1913382 |
| 2694000 | Wells Fargo & Co., 5.15% (1 day USD SOFR + 1.50%), due 04/23/31<sup>(b)</sup> <br>| 2740528 |
| 362000 | Wells Fargo & Co., 5.21% (1 day USD SOFR + 1.38%), due 12/03/35<sup>(b)</sup> <br>| 360559 |
| 252000 | Wells Fargo & Co., 5.24% (1 day USD SOFR + 1.11%), due 01/24/31<sup>(b)</sup> <br>| 256945 |
| 1720000 | Wells Fargo & Co., 5.39% (1 day USD SOFR + 2.02%), due 04/24/34<sup>(b)</sup> <br>| 1746324 |

---

80See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 670000 | Wells Fargo & Co., 6.49% (1 day USD SOFR + 2.06%), due 10/23/34<sup>(b)</sup> <br>| 725663 |
| 40000 | WESCO Distribution, Inc., 5.25%, due 04/15/31 144A | 39861 |
| 246000 | WESCO Distribution, Inc., 5.50%, due 04/15/34 144A | 242888 |
| 449000 | Western Midstream Operating LP, 4.05%, due 02/01/30 | 436157 |
| 219000 | Western Midstream Operating LP, 5.45%, due 11/15/34 | 216970 |
| 197000 | Whistler Pipeline LLC, 5.40%, due 09/30/29 144A | 201960 |
| 165000 | Whistler Pipeline LLC, 5.70%, due 09/30/31 144A | 169694 |
| 136000 | Williams Scotsman, Inc., 6.63%, due 06/15/29 144A | 137635 |
| 227000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 <br> 144A<br>| 237405 |
| 470000 | WMG Acquisition Corp., 3.88%, due 07/15/30 144A | 442099 |
| 300000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | 277930 |
| 458000 | WSP Global, Inc., 5.71%, due 09/18/36 144A | 454281 |
| 130000 | WULF Compute LLC, 7.75%, due 10/15/30 144A | 137451 |
| 120000 | Wyndham Hotels & Resorts, Inc., 5.63%, due 03/01/33 144A | 118194 |
| 242000 | XHR LP, 6.63%, due 05/15/30 144A | 244627 |
| 610000 | Yale University, 2.40%, due 04/15/50<sup>(e)</sup> <br>| 359112 |
| 1070000 | Yamana Gold, Inc., 2.63%, due 08/15/31 | 950197 |
| 1220000 | Yara International ASA, 4.75%, due 06/01/28 144A | 1221663 |
| 560000 | Yara International ASA, 7.38%, due 11/14/32 144A | 625393 |
|  |  | 509615457 |
|  | **Mortgage Backed Securities - Private Issuers — 7.2%** | **Mortgage Backed Securities - Private Issuers — 7.2%** |
| 327000 | 1301 Trust, Series 2025-1301, Class A, 5.06%, due 08/11/42<sup>(d)</sup> 144A | 328146 |
| 216426 | A&D Mortgage Trust, Series 2025-NQM5, Class A1, 5.12%, due 12/25/70<sup>(c)</sup> 144A | 215607 |
| 280480 | A&D Mortgage Trust, Series 2026-NQM1, Class A1, 4.91%, due 02/25/71<sup>(d)</sup> 144A | 278102 |
| 426842 | A&D Mortgage Trust, Series 2026-NQM2, Class A1, 4.81%, due 03/25/71<sup>(d)</sup> 144A | 422622 |
| 53746 | Angel Oak Mortgage Trust, Series 2020-R1, Class A1, 0.99%, due 04/25/53<sup>(d)</sup> 144A | 51957 |
| 170629 | Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, due 01/20/65<sup>(d)</sup> 144A | 146657 |
| 300506 | Angel Oak Mortgage Trust, Series 2021-5, Class A1, 0.95%, due 07/25/66<sup>(d)</sup> 144A | 262055 |
| 196645 | Angel Oak Mortgage Trust, Series 2024-3, Class A1, 4.80%, due 11/26/68<sup>(c)</sup> 144A | 195623 |
| 153663 | Angel Oak Mortgage Trust, Series 2025-10, Class A1, 4.96%, due 09/25/70<sup>(d)</sup> 144A | 152981 |
| 228917 | Angel Oak Mortgage Trust, Series 2025-11, Class A1, 4.98%, due 10/25/70<sup>(d)</sup> 144A | 228096 |
| 388744 | Angel Oak Mortgage Trust, Series 2026-1, Class A1, 4.75%, due 02/25/71<sup>(d)</sup> 144A | 385473 |
| 1000000 | Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due <br> 06/15/54 144A<br>| 891862 |
| 141775 | Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.18%, due 10/25/48<sup>(d)</sup> 144A | 129423 |
| 780497 | ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, due 04/25/64<sup>(c)</sup> 144A | 759913 |
| 421000 | BAHA Trust, Series 2024-MAR, Class A, 5.57%, due 12/10/41<sup>(d)</sup> 144A | 430143 |
| 217000 | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.72%, <br> due 11/05/32<sup>(d)</sup> 144A<br>| 197783 |
| 971351 | Bank, Series 2019-BN20, Class A2, 2.76%, due 09/15/62 | 916774 |
| 2038993 | Bank, Series 2019-BN23, Class A2, 2.67%, due 12/15/52 | 1915369 |
| 1438152 | Bank, Series 2020-BN26, Class A2, 2.04%, due 03/15/63 | 1386605 |
| 1800000 | Bank, Series 2020-BN26, Class A3, 2.16%, due 03/15/63 | 1660888 |
| 2300000 | Bank, Series 2021-BN34, Class A4, 2.16%, due 06/15/63 | 2057159 |
| 2224000 | Bank, Series 2021-BN36, Class A5, 2.47%, due 09/15/64 | 1979605 |
| 2408000 | Bank5, Series 2025-5YR16, Class A3, 5.28%, due 08/15/63 | 2457022 |
| 311000 | Bank5, Series 2025-5YR18, Class A3, 5.15%, due 12/15/58 | 316391 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 216000 | Bank5, Series 2025-5YR19, Class A3, 5.27%, due 12/15/58 | 220802 |
| 128000 | Bank5, Series 2026-5YR20, Class A3, 5.10%, due 02/15/59 | 129969 |
| 218000 | Bank5, Series 2026-5YR21, Class A3, 5.53%, due 04/15/59<sup>(i)</sup> <br>| 224890 |
| 42907 | BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53 | 40341 |
| 1470511 | BBCMS Mortgage Trust, Series 2021-C10, Class A5, 2.49%, due 07/15/54 | 1331107 |
| 2000000 | BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55 | 1777781 |
| 1230525 | BBCMS Mortgage Trust, Series 2023-C21, Class A2, 6.30%, due 09/15/56<sup>(d)</sup> <br>| 1265839 |
| 162000 | BBCMS Mortgage Trust, Series 2024-5C29, Class A3, 5.21%, due 09/15/57 | 164983 |
| 171000 | BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, due 12/15/57 | 176480 |
| 245000 | BBCMS Mortgage Trust, Series 2025-5C38, Class A3, 5.15%, due 11/15/58 | 249047 |
| 2052000 | BBCMS Mortgage Trust, Series 2025-C32, Class A5, 5.72%, due 02/15/62 | 2145967 |
| 207000 | BBCMS Mortgage Trust, Series 2026-5C40, Class A3, 5.25%, due 02/15/59 | 211439 |
| 65547 | Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52 | 64365 |
| 79556 | Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57 | 76499 |
| 1350000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1255321 |
| 1100000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | 1002416 |
| 394316 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | 388649 |
| 2913193 | Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54 | 2688340 |
| 1700000 | Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54 | 1492258 |
| 900000 | Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54 | 824722 |
| 1750000 | Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54 | 1584034 |
| 3000000 | Benchmark Mortgage Trust, Series 2023-B39, Class A2, 6.57%, due 07/15/56<sup>(d)</sup> <br>| 3086399 |
| 1144429 | Benchmark Mortgage Trust, Series 2023-B40, Class A2, 6.93%, due 12/15/56 | 1193211 |
| 402000 | Benchmark Mortgage Trust, Series 2024-V12, Class A3, 5.74%, due 12/15/57 | 415213 |
| 2218000 | Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66%, due 04/15/57 | 2292290 |
| 2580000 | Benchmark Mortgage Trust, Series 2025-V17, Class A3, 5.07%, due 09/15/58 | 2614826 |
| 157000 | Benchmark Mortgage Trust, Series 2026-V20, Class A3, 5.18%, due 02/15/59 | 159945 |
| 1650000 | Benchmark Mortgage Trust, Series 2026-V21, Class A3, 5.13%, due 03/15/31 | 1673613 |
| 177000 | BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, due 12/15/57<sup>(d)</sup> <br>| 182251 |
| 109616 | BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, due <br> 02/25/49<sup>(d)</sup> 144A<br>| 103999 |
| 1021583 | BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, due 05/25/63<sup>(d)</sup> <br> 144A<br>| 1014751 |
| 1185543 | BX Commercial Mortgage Trust, Series 2021-CIP, Class A, 4.71% (1 mo. USD Term <br> SOFR + 1.04%), due 12/15/38<sup>(b)</sup> 144A<br>| 1185033 |
| 260000 | BX Trust, Series 2019-OC11, Class A, 3.20%, due 12/09/41 144A | 245687 |
| 1657000 | BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A | 1663985 |
| 1255000 | CENT, Series 2025-CITY, Class A, 4.92%, due 07/10/40<sup>(d)</sup> 144A | 1265118 |
| 956471 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/52<sup>(d)</sup> 144A | 922262 |
| 436036 | Chase Home Lending Mortgage Trust, Series 2024-RPL3, Class A1A, 3.25%, due <br> 09/25/64<sup>(d)</sup> 144A<br>| 387819 |
| 2150704 | Chase Home Lending Mortgage Trust, Series 2025-11, Class A4A, 5.00%, due <br> 02/25/56<sup>(d)</sup> 144A<br>| 2138455 |
| 1126357 | Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, 5.50%, due 06/25/56<sup>(d)</sup> <br> 144A<br>| 1128029 |
| 1066781 | CIM Trust, Series 2024-R1, Class A1, 4.75%, due 06/25/64<sup>(d)</sup> 144A | 1049855 |
| 1978735 | Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XB, 0.00%, due <br> 05/10/47<sup>(d)</sup> <br>| 1296 |
| 241117 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | 228068 |
| 380000 | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82%, due <br> 10/12/40<sup>(d)</sup> 144A<br>| 387559 |

---

82See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 240517 | COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.92%, due 08/25/66<sup>(d)</sup> 144A | 203592 |
| 186743 | COLT Mortgage Loan Trust, Series 2021-3, Class A1, 0.96%, due 09/27/66<sup>(d)</sup> 144A | 156585 |
| 108501 | COLT Mortgage Loan Trust, Series 2021-HX1, Class A1, 1.11%, due 10/25/66<sup>(d)</sup> 144A | 93875 |
| 159974 | COLT Mortgage Loan Trust, Series 2025-6, Class A1, 5.53%, due 08/25/70<sup>(c)</sup> 144A | 160743 |
| 372401 | COLT Trust, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65<sup>(d)</sup> 144A | 319122 |
| 215308 | Cross Mortgage Trust, Series 2025-H8, Class A1, 5.00%, due 11/25/70<sup>(d)</sup> 144A | 214385 |
| 277785 | Cross Mortgage Trust, Series 2025-H9, Class A1, 5.04%, due 11/25/70<sup>(d)</sup> 144A | 276763 |
| 369043 | Cross Mortgage Trust, Series 2026-NQM1, Class A1, 4.70%, due 02/25/61<sup>(d)</sup> 144A | 365484 |
| 1050000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | 985504 |
| 156816 | CSMC Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57<sup>(d)</sup> 144A | 150891 |
| 185601 | CSMC Trust, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66<sup>(d)</sup> 144A | 166927 |
| 160524 | CSMC Trust, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66<sup>(d)</sup> 144A | 140298 |
| 245527 | CSMC Trust, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66<sup>(d)</sup> 144A | 212110 |
| 1100000 | CSTL Commercial Mortgage Trust, Series 2026-GATE3, Class A, 4.69%, due 02/10/43<sup>(d)</sup> <br> 144A<br>| 1089466 |
| 51653 | Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, due 02/25/66<sup>(d)</sup> <br> 144A<br>| 45188 |
| 111494 | Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, due 06/25/66<sup>(d)</sup> <br> 144A<br>| 95162 |
| 148905 | Ellington Financial Mortgage Trust, Series 2025-INV4, Class A1, 5.10%, due 10/25/70<sup>(c)</sup> <br> 144A<br>| 148380 |
| 208297 | Ellington Financial Mortgage Trust, Series 2026-NQM1, Class A1, 4.77%, due <br> 02/25/71<sup>(d)</sup> 144A<br>| 206427 |
| 208636 | Flagstar Mortgage Trust, Series 2020-2, Class A2, 3.00%, due 08/25/50<sup>(d)</sup> 144A | 182391 |
| 515358 | Flagstar Mortgage Trust, Series 2021-1, Class A2, 2.50%, due 02/01/51<sup>(d)</sup> 144A | 429737 |
| 162464 | GCAT Trust, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66<sup>(d)</sup> 144A | 145532 |
| 146583 | GCAT Trust, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66<sup>(d)</sup> 144A | 129182 |
| 223553 | GCAT Trust, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66<sup>(d)</sup> 144A | 197195 |
| 270854 | GCAT Trust, Series 2025-NQM5, Class A1, 4.98%, due 08/25/70<sup>(d)</sup> 144A | 269557 |
| 327000 | GGP Trust, Series 2026-TY, Class A, 4.67%, due 03/05/43<sup>(d)</sup> 144A | 323415 |
| 1631375 | GS Mortgage Securities Trust, Series 2019-GC40, Class A3, 2.90%, due 07/10/52 | 1559778 |
| 1875000 | GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.91%, due 02/13/53 | 1770659 |
| 1600000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1466957 |
| 895497 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | 855811 |
| 86938 | GS Mortgage-Backed Securities Corp. Trust, Series 2021-NQM1, Class A1, 1.02%, due <br> 07/25/61<sup>(d)</sup> 144A<br>| 80381 |
| 26282 | GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, due <br> 09/27/60<sup>(d)</sup> 144A<br>| 25122 |
| 940188 | GS Mortgage-Backed Securities Trust, Series 2025-PJ11, Class A4, 5.50%, due <br> 05/25/56<sup>(d)</sup> 144A<br>| 941765 |
| 324000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, due 01/13/40<sup>(d)</sup> 144A | 331817 |
| 137146 | Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A1, 1.07%, due 06/25/56<sup>(d)</sup> <br> 144A<br>| 123065 |
| 562390 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, <br> 3.11%, due 07/15/50<br>| 556080 |
| 87737 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, <br> 3.15%, due 06/13/52<br>| 87038 |
| 357000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, <br> 2.81%, due 01/16/37 144A<br>| 323075 |
| 1147487 | JP Morgan Mortgage Trust, Series 2023-4, Class 1A4A, 5.50%, due 11/25/53<sup>(d)</sup> 144A | 1149489 |
| 1164719 | JP Morgan Mortgage Trust, Series 2025-2, Class A4A, 5.50%, due 07/25/55<sup>(d)</sup> 144A | 1165717 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 960482 |  | JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due <br> 03/15/50<br>| 952112 |
| 475159 | EUR | Kinbane 2 DAC, Series 2024-RPL2A, Class A, 3.02% (1 mo. EURIBOR + 1.10%), due <br> 01/24/63<sup>(b)</sup> 144A<br>| 548920 |
| 1030000 |  | LBTY Commercial Mortgage Trust, Series 2026-225L, Class A, 4.59%, due 02/10/43<sup>(d)</sup> <br> 144A<br>| 1017709 |
| 58991 |  | Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 5.89%, due 10/25/66<sup>(c)</sup> 144A | 59060 |
| 77786 |  | MFA Trust, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65<sup>(d)</sup> 144A | 73308 |
| 276490 |  | Mill City Mortgage Trust, Series 2015-1, Class M3, 3.76%, due 06/25/56<sup>(d)</sup> 144A | 274774 |
| 1350000 |  | MLTI Trust, Series 2026-SF75, Class A, 5.07% (1 mo. USD Term SOFR + 1.40%), due <br> 03/15/31<sup>(b)</sup> 144A<br>| 1345461 |
| 248008 |  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, <br> 3.31%, due 04/15/48<br>| 244757 |
| 1280000 |  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-C35, Class A5, <br> 5.63%, due 08/15/58<br>| 1333172 |
| 703464 |  | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 699108 |
| 2625142 |  | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 2525183 |
| 980000 |  | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | 884193 |
| 191504 |  | Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM10, Class A1, <br> 5.12%, due 11/25/70<sup>(d)</sup> 144A<br>| 190981 |
| 195000 |  | Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due <br> 01/15/43<sup>(d)</sup> 144A<br>| 183384 |
| 82579 |  | New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 4.54% (1 mo. USD <br> Term SOFR + 0.86%), due 01/25/48<sup>(b)</sup> 144A<br>| 81329 |
| 329630 |  | New Residential Mortgage Loan Trust, Series 2025-NQM6, Class A1, 5.09%, due <br> 10/25/65<sup>(d)</sup> 144A<br>| 329063 |
| 220235 |  | New Residential Mortgage Loan Trust, Series 2026-NQM1, Class A1, 4.82%, due <br> 11/25/65<sup>(d)</sup> 144A<br>| 218364 |
| 168207 |  | New Residential Mortgage Loan Trust, Series 2026-NQM2, Class A1, 4.74%, due <br> 12/25/65<sup>(d)</sup> 144A<br>| 166632 |
| 266000 |  | NXPT Commercial Mortgage Trust, Series 2024-STOR, Class A, 4.31%, due 11/05/41<sup>(d)</sup> <br> 144A<br>| 261782 |
| 125639 |  | NYMT Loan Trust, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A | 118268 |
| 95251 |  | OBX Trust, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60<sup>(d)</sup> 144A | 81498 |
| 147488 |  | OBX Trust, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61<sup>(d)</sup> 144A | 121648 |
| 191761 |  | OBX Trust, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61<sup>(d)</sup> 144A | 161207 |
| 110900 |  | OBX Trust, Series 2025-NQM18, Class A1, 5.06%, due 09/25/65<sup>(d)</sup> 144A | 110626 |
| 232682 |  | OBX Trust, Series 2025-NQM19, Class A1, 4.87%, due 10/25/65<sup>(d)</sup> 144A | 231418 |
| 255714 |  | OBX Trust, Series 2025-NQM20, Class A1, 5.02%, due 10/25/65<sup>(d)</sup> 144A | 254946 |
| 185018 |  | OBX Trust, Series 2025-NQM21, Class A1, 4.99%, due 10/25/65<sup>(d)</sup> 144A | 184382 |
| 346104 |  | OBX Trust, Series 2025-NQM23, Class A1, 4.87%, due 10/25/65<sup>(d)</sup> 144A | 344049 |
| 207055 |  | OBX Trust, Series 2026-NQM1, Class A1, 4.85%, due 11/25/65<sup>(d)</sup> 144A | 205731 |
| 451807 |  | OBX Trust, Series 2026-NQM2, Class A1, 4.82%, due 12/01/65<sup>(d)</sup> 144A | 448652 |
| 1180331 |  | OBX Trust, Series 2026-NQM3, Class A1, 4.65%, due 01/25/66<sup>(d)</sup> 144A | 1169625 |
| 179117 |  | PRKCM Trust, Series 2026-AFC1, Class A1, 4.68%, due 02/25/61<sup>(d)</sup> 144A | 177368 |
| 315975 |  | Provident Funding Mortgage Trust, Series 2020-F1, Class A2, 2.00%, due 01/25/36<sup>(d)</sup> <br> 144A<br>| 284109 |
| 190977 |  | PRPM LLC, Series 2024-RPL2, Class A1, 3.50%, due 05/25/54<sup>(c)</sup> 144A | 186443 |
| 532031 |  | PRPM LLC, Series 2025-RCF1, Class A1, 4.50%, due 02/25/55<sup>(c)</sup> 144A | 525495 |
| 326000 |  | ROCK Trust, Series 2024-CNTR, Class A, 5.39%, due 11/13/41 144A | 331681 |
| 375000 |  | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/41 144A | 390316 |

---

84See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1200000 | SCG Trust, Series 2025-SNIP, Class A, 5.17% (1 mo. USD Term SOFR + 1.50%), due <br> 09/15/42<sup>(b)</sup> 144A<br>| 1201780 |
| 79633 | Sequoia Mortgage Trust, Series 2020-3, Class A4, 3.00%, due 04/25/50<sup>(d)</sup> 144A | 78729 |
| 628424 | Sequoia Mortgage Trust, Series 2024-5, Class A5, 6.00%, due 06/25/54<sup>(d)</sup> 144A | 630435 |
| 856331 | Sequoia Mortgage Trust, Series 2024-6, Class A5, 6.00%, due 07/27/54<sup>(d)</sup> 144A | 860260 |
| 1528819 | Sequoia Mortgage Trust, Series 2025-12, Class A5, 5.00%, due 12/25/55<sup>(d)</sup> 144A | 1516777 |
| 1010046 | Sequoia Mortgage Trust, Series 2025-8, Class A4, 5.50%, due 09/25/55<sup>(d)</sup> 144A | 1011484 |
| 289000 | SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A | 251584 |
| 1575000 | SLG Office Trust, Series 2026-OMA, Class A, 4.97%, due 04/15/41<sup>(d)(i)</sup> 144A | 1581400 |
| 288667 | Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, due 12/25/66<sup>(d)</sup> <br> 144A<br>| 260190 |
| 196378 | Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58<sup>(d)</sup> 144A | 186135 |
| 183697 | Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58<sup>(d)</sup> 144A | 178306 |
| 142077 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59<sup>(d)</sup> 144A | 136736 |
| 43582 | Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 4.79% (1 mo. USD Term <br> SOFR + 1.11%), due 10/25/59<sup>(b)</sup> 144A<br>| 43603 |
| 227750 | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A | 208002 |
| 500000 | Towd Point Mortgage Trust, Series 2021-SJ2, Class A1B, 2.25%, due 12/25/61<sup>(d)</sup> 144A | 473074 |
| 407952 | Towd Point Mortgage Trust, Series 2024-4, Class A1A, 4.55%, due 10/27/64<sup>(d)</sup> 144A | 408597 |
| 609728 | Towd Point Mortgage Trust, Series 2025-CES1, Class A1, 5.71%, due 02/25/55<sup>(c)</sup> 144A | 612903 |
| 234000 | VDCM Commercial Mortgage Trust, Series 2025-AZ, Class A, 4.72%, due 07/13/44<sup>(d)</sup> <br> 144A<br>| 234181 |
| 96592 | Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, due 06/25/66<sup>(d)</sup> 144A | 86194 |
| 147446 | Verus Securitization Trust, Series 2021-4, Class A1, 0.94%, due 07/25/66<sup>(d)</sup> 144A | 125863 |
| 173652 | Verus Securitization Trust, Series 2021-5, Class A1, 1.01%, due 09/25/66<sup>(d)</sup> 144A | 149755 |
| 39567 | Verus Securitization Trust, Series 2021-R1, Class A1, 0.82%, due 10/25/63<sup>(d)</sup> 144A | 38350 |
| 347499 | Verus Securitization Trust, Series 2025-11, Class A1, 4.91%, due 11/25/70<sup>(d)</sup> 144A | 346108 |
| 169643 | Verus Securitization Trust, Series 2025-R2, Class A1, 5.09%, due 07/25/67<sup>(d)</sup> 144A | 169225 |
| 287049 | Verus Securitization Trust, Series 2026-2, Class A1, 4.59%, due 02/25/71<sup>(d)</sup> 144A | 284440 |
| 4763 | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 1A7, 5.30%, <br> due 09/25/33<sup>(d)</sup> <br>| 4698 |
| 788431 | Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due <br> 07/15/50<br>| 778988 |
| 1533834 | Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due <br> 03/15/50<br>| 1520464 |
| 1900000 | Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due <br> 04/15/54<br>| 1739197 |
| 189000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class A3, 5.67%, due <br> 05/15/58<br>| 195329 |
| 286000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C6, Class A3, 5.19%, due <br> 10/15/58<br>| 290784 |
| 2601000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C7, Class A3, 5.20%, due <br> 12/15/58<br>| 2644923 |
| 422000 | WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 4.99%, due 07/15/40<sup>(d)</sup> <br> 144A<br>| 431790 |
|  |  | 110962872 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 28.0%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 28.0%** |
| 3223018 | Federal Home Loan Mortgage Corp., 3.50%, due 07/01/52 | 2960036 |
| 134964 | Federal Home Loan Mortgage Corp., Pool # A89870, 4.50%, due 11/01/39 | 133809 |
| 98560 | Federal Home Loan Mortgage Corp., Pool # A96970, 4.00%, due 02/01/41 | 95045 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 170396 | Federal Home Loan Mortgage Corp., Pool # C91908, 3.00%, due 01/01/37 | 161768 |
| 137068 | Federal Home Loan Mortgage Corp., Pool # G06231, 4.00%, due 12/01/40 | 132623 |
| 84681 | Federal Home Loan Mortgage Corp., Pool # G06409, 6.00%, due 11/01/39 | 88973 |
| 40631 | Federal Home Loan Mortgage Corp., Pool # G06875, 5.50%, due 12/01/38 | 42001 |
| 156024 | Federal Home Loan Mortgage Corp., Pool # G07021, 5.00%, due 09/01/39 | 157964 |
| 292230 | Federal Home Loan Mortgage Corp., Pool # G07816, 4.50%, due 09/01/42 | 289728 |
| 218975 | Federal Home Loan Mortgage Corp., Pool # G08537, 3.00%, due 07/01/43 | 200747 |
| 131941 | Federal Home Loan Mortgage Corp., Pool # G08672, 4.00%, due 10/01/45 | 127140 |
| 452548 | Federal Home Loan Mortgage Corp., Pool # G08721, 3.00%, due 09/01/46 | 408974 |
| 210227 | Federal Home Loan Mortgage Corp., Pool # G08726, 3.00%, due 10/01/46 | 189876 |
| 36784 | Federal Home Loan Mortgage Corp., Pool # G08735, 4.50%, due 10/01/46 | 36317 |
| 17672 | Federal Home Loan Mortgage Corp., Pool # G08748, 3.50%, due 02/01/47 | 16502 |
| 251413 | Federal Home Loan Mortgage Corp., Pool # G08749, 4.00%, due 02/01/47 | 241432 |
| 132098 | Federal Home Loan Mortgage Corp., Pool # G08771, 4.00%, due 07/01/47 | 126772 |
| 112939 | Federal Home Loan Mortgage Corp., Pool # G08786, 4.50%, due 10/01/47 | 111319 |
| 49529 | Federal Home Loan Mortgage Corp., Pool # G16177, 2.00%, due 01/01/32 | 47253 |
| 35811 | Federal Home Loan Mortgage Corp., Pool # G60359, 3.00%, due 12/01/45 | 32640 |
| 179385 | Federal Home Loan Mortgage Corp., Pool # G60581, 3.50%, due 05/01/46 | 168611 |
| 705488 | Federal Home Loan Mortgage Corp., Pool # G60722, 3.00%, due 10/01/46 | 638434 |
| 261904 | Federal Home Loan Mortgage Corp., Pool # G60767, 3.50%, due 10/01/46 | 244474 |
| 111787 | Federal Home Loan Mortgage Corp., Pool # G60788, 3.50%, due 12/01/46 | 105015 |
| 387950 | Federal Home Loan Mortgage Corp., Pool # G60804, 4.50%, due 05/01/42 | 384641 |
| 581432 | Federal Home Loan Mortgage Corp., Pool # G60934, 3.50%, due 06/01/45 | 548904 |
| 734399 | Federal Home Loan Mortgage Corp., Pool # G60985, 3.00%, due 05/01/47 | 665958 |
| 79226 | Federal Home Loan Mortgage Corp., Pool # G60989, 3.00%, due 12/01/46 | 71655 |
| 53715 | Federal Home Loan Mortgage Corp., Pool # G61022, 3.00%, due 04/01/45 | 49205 |
| 395148 | Federal Home Loan Mortgage Corp., Pool # G61748, 3.50%, due 11/01/48 | 370759 |
| 211330 | Federal Home Loan Mortgage Corp., Pool # G67701, 3.00%, due 10/01/46 | 191639 |
| 130996 | Federal Home Loan Mortgage Corp., Pool # G67703, 3.50%, due 04/01/47 | 123114 |
| 41890 | Federal Home Loan Mortgage Corp., Pool # J24414, 2.50%, due 06/01/28 | 41303 |
| 399466 | Federal Home Loan Mortgage Corp., Pool # Q09224, 4.00%, due 07/01/42 | 386397 |
| 59476 | Federal Home Loan Mortgage Corp., Pool # Q11218, 3.50%, due 09/01/42 | 56211 |
| 128372 | Federal Home Loan Mortgage Corp., Pool # Q12052, 3.50%, due 10/01/42 | 121218 |
| 343285 | Federal Home Loan Mortgage Corp., Pool # Q12862, 3.50%, due 11/01/42 | 326359 |
| 135059 | Federal Home Loan Mortgage Corp., Pool # Q17792, 3.50%, due 05/01/43 | 127420 |
| 337735 | Federal Home Loan Mortgage Corp., Pool # Q36815, 4.00%, due 10/01/45 | 324509 |
| 256594 | Federal Home Loan Mortgage Corp., Pool # Q41918, 3.50%, due 07/01/46 | 241316 |
| 140189 | Federal Home Loan Mortgage Corp., Pool # Q44963, 3.50%, due 12/01/46 | 131414 |
| 442555 | Federal Home Loan Mortgage Corp., Pool # Q45741, 3.50%, due 01/01/47 | 415859 |
| 37662 | Federal Home Loan Mortgage Corp., Pool # Q49494, 4.50%, due 07/01/47 | 37123 |
| 997805 | Federal Home Loan Mortgage Corp., Pool # QA6367, 3.00%, due 01/01/50 | 894396 |
| 646471 | Federal Home Loan Mortgage Corp., Pool # QA7234, 3.00%, due 02/01/50 | 575289 |
| 433226 | Federal Home Loan Mortgage Corp., Pool # QA8518, 3.00%, due 04/01/50 | 387579 |
| 1159411 | Federal Home Loan Mortgage Corp., Pool # QB3535, 2.00%, due 09/01/50 | 943355 |
| 225291 | Federal Home Loan Mortgage Corp., Pool # QC0039, 2.50%, due 03/01/51 | 192380 |
| 1165019 | Federal Home Loan Mortgage Corp., Pool # QC4339, 2.00%, due 07/01/51 | 961140 |
| 723479 | Federal Home Loan Mortgage Corp., Pool # QC5189, 2.50%, due 08/01/51 | 613939 |
| 352303 | Federal Home Loan Mortgage Corp., Pool # QC6357, 2.50%, due 09/01/51 | 301329 |
| 393696 | Federal Home Loan Mortgage Corp., Pool # QD6056, 3.00%, due 02/01/52 | 350734 |

---

86See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 991931 | Federal Home Loan Mortgage Corp., Pool # QD6057, 3.00%, due 02/01/52 | 882365 |
| 637046 | Federal Home Loan Mortgage Corp., Pool # QE0375, 4.00%, due 04/01/52 | 609004 |
| 626351 | Federal Home Loan Mortgage Corp., Pool # QF2436, 5.00%, due 10/01/52 | 625636 |
| 203469 | Federal Home Loan Mortgage Corp., Pool # RA1343, 3.00%, due 09/01/49 | 182139 |
| 1302561 | Federal Home Loan Mortgage Corp., Pool # RA1776, 3.00%, due 12/01/49 | 1167879 |
| 754460 | Federal Home Loan Mortgage Corp., Pool # RA1860, 3.00%, due 12/01/49 | 671161 |
| 1286371 | Federal Home Loan Mortgage Corp., Pool # RA6944, 3.50%, due 03/01/52 | 1185733 |
| 579310 | Federal Home Loan Mortgage Corp., Pool # RA6950, 3.50%, due 03/01/52 | 535561 |
| 491202 | Federal Home Loan Mortgage Corp., Pool # RA6951, 3.50%, due 03/01/52 | 454878 |
| 2568887 | Federal Home Loan Mortgage Corp., Pool # RA7135, 2.50%, due 04/01/52 | 2186829 |
| 1623345 | Federal Home Loan Mortgage Corp., Pool # RA7407, 4.00%, due 05/01/52 | 1542391 |
| 1681535 | Federal Home Loan Mortgage Corp., Pool # RA7545, 4.00%, due 06/01/52 | 1594336 |
| 1086297 | Federal Home Loan Mortgage Corp., Pool # RA9258, 5.00%, due 06/01/53 | 1076587 |
| 1476671 | Federal Home Loan Mortgage Corp., Pool # RB5111, 2.00%, due 05/01/41 | 1293967 |
| 966522 | Federal Home Loan Mortgage Corp., Pool # RC1916, 2.00%, due 06/01/36 | 891689 |
| 1745156 | Federal Home Loan Mortgage Corp., Pool # RJ3009, 5.00%, due 12/01/54 | 1738569 |
| 1251337 | Federal Home Loan Mortgage Corp., Pool # RJ3472, 5.50%, due 02/01/55 | 1276568 |
| 3043410 | Federal Home Loan Mortgage Corp., Pool # SB0307, 2.50%, due 02/01/35 | 2883048 |
| 1721863 | Federal Home Loan Mortgage Corp., Pool # SB0385, 3.00%, due 07/01/35 | 1657010 |
| 458088 | Federal Home Loan Mortgage Corp., Pool # SB8102, 1.50%, due 05/01/36 | 412936 |
| 216035 | Federal Home Loan Mortgage Corp., Pool # SB8199, 4.50%, due 12/01/37 | 214933 |
| 1101940 | Federal Home Loan Mortgage Corp., Pool # SB8205, 4.50%, due 01/01/38 | 1096319 |
| 287358 | Federal Home Loan Mortgage Corp., Pool # SB8212, 4.50%, due 02/01/38 | 286244 |
| 788569 | Federal Home Loan Mortgage Corp., Pool # SB8504, 2.50%, due 10/01/35 | 746346 |
| 2285364 | Federal Home Loan Mortgage Corp., Pool # SD0291, 5.00%, due 03/01/50 | 2294060 |
| 844755 | Federal Home Loan Mortgage Corp., Pool # SD0742, 2.50%, due 11/01/51 | 727087 |
| 347261 | Federal Home Loan Mortgage Corp., Pool # SD0815, 3.00%, due 01/01/52 | 309458 |
| 364656 | Federal Home Loan Mortgage Corp., Pool # SD0905, 3.00%, due 03/01/52 | 324673 |
| 1166265 | Federal Home Loan Mortgage Corp., Pool # SD1040, 4.00%, due 06/01/52 | 1106549 |
| 484479 | Federal Home Loan Mortgage Corp., Pool # SD1050, 4.50%, due 07/01/52 | 470142 |
| 2472362 | Federal Home Loan Mortgage Corp., Pool # SD1265, 4.50%, due 06/01/52 | 2409926 |
| 1743717 | Federal Home Loan Mortgage Corp., Pool # SD1295, 5.00%, due 07/01/52 | 1742709 |
| 1366334 | Federal Home Loan Mortgage Corp., Pool # SD1325, 4.00%, due 08/01/52 | 1301397 |
| 1145994 | Federal Home Loan Mortgage Corp., Pool # SD1446, 4.50%, due 08/01/52 | 1111683 |
| 1422422 | Federal Home Loan Mortgage Corp., Pool # SD1475, 4.50%, due 08/01/52 | 1386501 |
| 2216288 | Federal Home Loan Mortgage Corp., Pool # SD1483, 4.00%, due 08/01/52 | 2123554 |
| 1088360 | Federal Home Loan Mortgage Corp., Pool # SD1513, 5.00%, due 08/01/52 | 1079541 |
| 820289 | Federal Home Loan Mortgage Corp., Pool # SD1517, 4.50%, due 09/01/52 | 799928 |
| 740427 | Federal Home Loan Mortgage Corp., Pool # SD1606, 4.50%, due 09/01/52 | 721088 |
| 811766 | Federal Home Loan Mortgage Corp., Pool # SD1695, 5.00%, due 10/01/52 | 805314 |
| 1158457 | Federal Home Loan Mortgage Corp., Pool # SD1743, 4.00%, due 10/01/52 | 1102563 |
| 432622 | Federal Home Loan Mortgage Corp., Pool # SD1807, 4.50%, due 07/01/52 | 420682 |
| 626678 | Federal Home Loan Mortgage Corp., Pool # SD1999, 5.00%, due 12/01/52 | 621535 |
| 2658951 | Federal Home Loan Mortgage Corp., Pool # SD2172, 5.50%, due 02/01/53 | 2678873 |
| 1408913 | Federal Home Loan Mortgage Corp., Pool # SD2318, 5.00%, due 02/01/53 | 1401038 |
| 1372627 | Federal Home Loan Mortgage Corp., Pool # SD2526, 4.00%, due 08/01/49 | 1303187 |
| 380603 | Federal Home Loan Mortgage Corp., Pool # SD2683, 4.50%, due 04/01/53 | 371156 |
| 3068632 | Federal Home Loan Mortgage Corp., Pool # SD2922, 5.00%, due 05/01/53 | 3051621 |
| 1435299 | Federal Home Loan Mortgage Corp., Pool # SD2954, 4.50%, due 04/01/53 | 1399051 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 309340 | Federal Home Loan Mortgage Corp., Pool # SD3338, 5.50%, due 06/01/53 | 315614 |
| 709371 | Federal Home Loan Mortgage Corp., Pool # SD3372, 5.00%, due 07/01/53 | 709161 |
| 348571 | Federal Home Loan Mortgage Corp., Pool # SD3425, 5.50%, due 07/01/53 | 355140 |
| 883861 | Federal Home Loan Mortgage Corp., Pool # SD3435, 5.00%, due 07/01/53 | 880706 |
| 441175 | Federal Home Loan Mortgage Corp., Pool # SD3507, 4.00%, due 04/01/53 | 420660 |
| 1288876 | Federal Home Loan Mortgage Corp., Pool # SD3562, 4.50%, due 08/01/53 | 1257020 |
| 1642129 | Federal Home Loan Mortgage Corp., Pool # SD3563, 4.50%, due 08/01/53 | 1600332 |
| 1096125 | Federal Home Loan Mortgage Corp., Pool # SD3566, 5.00%, due 08/01/53 | 1093796 |
| 733649 | Federal Home Loan Mortgage Corp., Pool # SD3780, 4.00%, due 08/01/52 | 695871 |
| 863709 | Federal Home Loan Mortgage Corp., Pool # SD4253, 3.50%, due 07/01/52 | 798541 |
| 952456 | Federal Home Loan Mortgage Corp., Pool # SD4624, 3.50%, due 08/01/47 | 884220 |
| 437535 | Federal Home Loan Mortgage Corp., Pool # SD4660, 4.00%, due 08/01/52 | 414767 |
| 446296 | Federal Home Loan Mortgage Corp., Pool # SD4904, 3.50%, due 07/01/52 | 412484 |
| 479821 | Federal Home Loan Mortgage Corp., Pool # SD4934, 4.00%, due 04/01/53 | 456892 |
| 1109721 | Federal Home Loan Mortgage Corp., Pool # SD5082, 3.50%, due 07/01/52 | 1023228 |
| 341378 | Federal Home Loan Mortgage Corp., Pool # SD5147, 3.00%, due 11/01/50 | 303994 |
| 736435 | Federal Home Loan Mortgage Corp., Pool # SD5367, 5.50%, due 04/01/54 | 750009 |
| 1247488 | Federal Home Loan Mortgage Corp., Pool # SD5470, 5.00%, due 03/01/53 | 1242022 |
| 578599 | Federal Home Loan Mortgage Corp., Pool # SD5730, 3.50%, due 12/01/49 | 533342 |
| 1130550 | Federal Home Loan Mortgage Corp., Pool # SD6755, 3.50%, due 11/01/52 | 1052901 |
| 800879 | Federal Home Loan Mortgage Corp., Pool # SD7170, 5.00%, due 12/01/54 | 798473 |
| 1003977 | Federal Home Loan Mortgage Corp., Pool # SD7334, 5.50%, due 01/01/55 | 1014975 |
| 1198915 | Federal Home Loan Mortgage Corp., Pool # SD7408, 5.50%, due 01/01/55 | 1221530 |
| 3965347 | Federal Home Loan Mortgage Corp., Pool # SD7521, 2.50%, due 07/01/50 | 3411738 |
| 953995 | Federal Home Loan Mortgage Corp., Pool # SD7543, 2.50%, due 08/01/51 | 820048 |
| 2035559 | Federal Home Loan Mortgage Corp., Pool # SD7548, 2.50%, due 11/01/51 | 1752355 |
| 1396278 | Federal Home Loan Mortgage Corp., Pool # SD7551, 3.00%, due 01/01/52 | 1249200 |
| 4124568 | Federal Home Loan Mortgage Corp., Pool # SD7552, 2.50%, due 01/01/52 | 3544115 |
| 3295187 | Federal Home Loan Mortgage Corp., Pool # SD7563, 4.50%, due 05/01/53 | 3223375 |
| 4241944 | Federal Home Loan Mortgage Corp., Pool # SD7565, 5.50%, due 09/01/53 | 4324323 |
| 3615954 | Federal Home Loan Mortgage Corp., Pool # SD8090, 2.00%, due 09/01/50 | 2948260 |
| 676732 | Federal Home Loan Mortgage Corp., Pool # SD8104, 1.50%, due 11/01/50 | 525310 |
| 326266 | Federal Home Loan Mortgage Corp., Pool # SD8113, 2.00%, due 12/01/50 | 265749 |
| 469469 | Federal Home Loan Mortgage Corp., Pool # SD8121, 2.00%, due 01/01/51 | 382488 |
| 2265090 | Federal Home Loan Mortgage Corp., Pool # SD8128, 2.00%, due 02/01/51 | 1844006 |
| 965949 | Federal Home Loan Mortgage Corp., Pool # SD8134, 2.00%, due 03/01/51 | 785975 |
| 29014 | Federal Home Loan Mortgage Corp., Pool # SD8140, 2.00%, due 04/01/51 | 23595 |
| 2895343 | Federal Home Loan Mortgage Corp., Pool # SD8141, 2.50%, due 04/01/51 | 2456552 |
| 4615459 | Federal Home Loan Mortgage Corp., Pool # SD8146, 2.00%, due 05/01/51 | 3754272 |
| 2654736 | Federal Home Loan Mortgage Corp., Pool # SD8147, 2.50%, due 05/01/51 | 2254440 |
| 837090 | Federal Home Loan Mortgage Corp., Pool # SD8151, 2.50%, due 06/01/51 | 710739 |
| 1440137 | Federal Home Loan Mortgage Corp., Pool # SD8167, 2.50%, due 09/01/51 | 1216360 |
| 1717322 | Federal Home Loan Mortgage Corp., Pool # SD8222, 4.00%, due 06/01/52 | 1625319 |
| 858218 | Federal Home Loan Mortgage Corp., Pool # SD8229, 4.50%, due 05/01/52 | 831718 |
| 1392565 | Federal Home Loan Mortgage Corp., Pool # SD8230, 4.50%, due 06/01/52 | 1350660 |
| 10474390 | Federal Home Loan Mortgage Corp., Pool # SD8258, 5.00%, due 10/01/52 | 10391663 |
| 2111708 | Federal Home Loan Mortgage Corp., Pool # SD8267, 5.00%, due 11/01/52 | 2099038 |
| 337105 | Federal Home Loan Mortgage Corp., Pool # SD8278, 6.00%, due 12/01/52 | 346225 |
| 1126302 | Federal Home Loan Mortgage Corp., Pool # SD8289, 5.50%, due 01/01/53 | 1136728 |

---

88See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 2958032 | Federal Home Loan Mortgage Corp., Pool # SD8408, 5.50%, due 03/01/54 | 2976077 |
| 6007229 | Federal Home Loan Mortgage Corp., Pool # SD8474, 5.00%, due 11/01/54 | 5932654 |
| 348159 | Federal Home Loan Mortgage Corp., Pool # SL0209, 5.00%, due 12/01/54 | 345308 |
| 988157 | Federal Home Loan Mortgage Corp., Pool # SL0331, 5.50%, due 02/01/55 | 1006571 |
| 712068 | Federal Home Loan Mortgage Corp., Pool # SL0765, 4.50%, due 02/01/54 | 693470 |
| 657194 | Federal Home Loan Mortgage Corp., Pool # SL1031, 4.00%, due 01/01/54 | 621215 |
| 1182392 | Federal Home Loan Mortgage Corp., Pool # SL1463, 3.00%, due 08/01/51 | 1054892 |
| 1323809 | Federal Home Loan Mortgage Corp., Pool # SL1810, 5.50%, due 05/01/55 | 1346452 |
| 2614725 | Federal Home Loan Mortgage Corp., Pool # SL2529, 4.50%, due 04/01/50 | 2573084 |
| 2571367 | Federal Home Loan Mortgage Corp., Pool # SL3134, 4.00%, due 08/01/51 | 2458881 |
| 2304063 | Federal Home Loan Mortgage Corp., Pool # SL3918, 5.00%, due 05/01/54 | 2302308 |
| 43731 | Federal Home Loan Mortgage Corp., Pool # V60565, 3.00%, due 06/01/29 | 43145 |
| 138420 | Federal Home Loan Mortgage Corp., Pool # V60599, 3.00%, due 09/01/29 | 136396 |
| 187194 | Federal Home Loan Mortgage Corp., Pool # V82848, 3.00%, due 12/01/46 | 170444 |
| 567666 | Federal Home Loan Mortgage Corp., Pool # ZM1609, 3.50%, due 09/01/46 | 530989 |
| 180407 | Federal Home Loan Mortgage Corp., Pool # ZS4727, 4.00%, due 07/01/47 | 172917 |
| 113352 | Federal Home Loan Mortgage Corp., Pool # ZS4760, 4.00%, due 03/01/48 | 108622 |
| 836046 | Federal Home Loan Mortgage Corp., Pool # ZT0536, 3.50%, due 03/01/48 | 781198 |
| 275640 | Federal Home Loan Mortgage Corp., Pool # ZT0657, 6.00%, due 07/01/40 | 291023 |
| 290677 | Federal Home Loan Mortgage Corp., Pool # ZT2100, 3.00%, due 04/01/47 | 261079 |
| 11089077 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series K106, Class X1, 1.31%, due 01/25/30<sup>(d)</sup> <br>| 483846 |
| 24087 | Federal Home Loan Mortgage Corp. Reference REMIC, Series R007, Class ZA, 6.00%, <br> due 05/15/36<br>| 25130 |
| 380000 | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA3, <br> Class M1B, 6.56%, (30 day USD SOFR Average + 2.90%), due 04/25/42<sup>(b)</sup> 144A<br>| 386989 |
| 125722 | Federal National Mortgage Association, Pool # 745148, 5.00%, due 01/01/36 | 126996 |
| 127939 | Federal National Mortgage Association, Pool # 932807, 4.00%, due 09/01/40 | 123849 |
| 67620 | Federal National Mortgage Association, Pool # 983471, 5.50%, due 05/01/38 | 69377 |
| 136278 | Federal National Mortgage Association, Pool # 985184, 5.50%, due 08/01/38 | 140128 |
| 107574 | Federal National Mortgage Association, Pool # 995245, 5.00%, due 01/01/39 | 108302 |
| 243276 | Federal National Mortgage Association, Pool # AB6212, 3.00%, due 09/01/42 | 223062 |
| 394652 | Federal National Mortgage Association, Pool # AB6802, 3.50%, due 11/01/42 | 372772 |
| 102692 | Federal National Mortgage Association, Pool # AB7059, 2.50%, due 11/01/42 | 91313 |
| 185619 | Federal National Mortgage Association, Pool # AB8703, 3.00%, due 03/01/38 | 173545 |
| 80389 | Federal National Mortgage Association, Pool # AB9383, 4.00%, due 05/01/43 | 77638 |
| 636754 | Federal National Mortgage Association, Pool # AB9659, 3.00%, due 06/01/43 | 583138 |
| 1216414 | Federal National Mortgage Association, Pool # AC3668, 4.50%, due 10/01/39 | 1204506 |
| 123946 | Federal National Mortgage Association, Pool # AD9153, 4.50%, due 08/01/40 | 122733 |
| 87864 | Federal National Mortgage Association, Pool # AE0469, 6.00%, due 12/01/39 | 90866 |
| 269144 | Federal National Mortgage Association, Pool # AH4404, 4.00%, due 01/01/41 | 260092 |
| 51007 | Federal National Mortgage Association, Pool # AI1892, 5.00%, due 05/01/41 | 51578 |
| 261323 | Federal National Mortgage Association, Pool # AI4815, 4.50%, due 06/01/41 | 258763 |
| 219823 | Federal National Mortgage Association, Pool # AJ9278, 3.50%, due 12/01/41 | 208227 |
| 110636 | Federal National Mortgage Association, Pool # AJ9317, 4.00%, due 01/01/42 | 106937 |
| 222827 | Federal National Mortgage Association, Pool # AL0215, 4.50%, due 04/01/41 | 220645 |
| 429615 | Federal National Mortgage Association, Pool # AL1895, 3.50%, due 06/01/42 | 406329 |
| 257121 | Federal National Mortgage Association, Pool # AL2466, 4.00%, due 09/01/42 | 248896 |
| 291712 | Federal National Mortgage Association, Pool # AL3000, 3.50%, due 12/01/42 | 274934 |
| 343959 | Federal National Mortgage Association, Pool # AL3316, 3.50%, due 03/01/43 | 324248 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 375253 | Federal National Mortgage Association, Pool # AL6663, 4.00%, due 03/01/39 | 367983 |
| 445943 | Federal National Mortgage Association, Pool # AL7594, 3.50%, due 08/01/45 | 418984 |
| 345110 | Federal National Mortgage Association, Pool # AL8191, 4.00%, due 12/01/45 | 330994 |
| 90004 | Federal National Mortgage Association, Pool # AL9657, 3.50%, due 01/01/47 | 84470 |
| 51398 | Federal National Mortgage Association, Pool # AO4109, 4.00%, due 06/01/42 | 49641 |
| 129135 | Federal National Mortgage Association, Pool # AQ7923, 3.00%, due 12/01/42 | 118404 |
| 241719 | Federal National Mortgage Association, Pool # AS5133, 3.50%, due 06/01/45 | 227107 |
| 99962 | Federal National Mortgage Association, Pool # AS6188, 3.50%, due 11/01/45 | 93919 |
| 54702 | Federal National Mortgage Association, Pool # AS6286, 4.00%, due 12/01/45 | 52612 |
| 80170 | Federal National Mortgage Association, Pool # AS6304, 4.00%, due 12/01/45 | 77156 |
| 123378 | Federal National Mortgage Association, Pool # AS6452, 3.50%, due 01/01/46 | 115791 |
| 60750 | Federal National Mortgage Association, Pool # AS7693, 2.00%, due 08/01/31 | 58003 |
| 149787 | Federal National Mortgage Association, Pool # AS8073, 2.50%, due 10/01/46 | 129058 |
| 1290502 | Federal National Mortgage Association, Pool # AS8483, 3.00%, due 12/01/46 | 1159551 |
| 1610484 | Federal National Mortgage Association, Pool # AS8706, 2.50%, due 02/01/32 | 1550840 |
| 84524 | Federal National Mortgage Association, Pool # AZ3743, 3.50%, due 11/01/45 | 79414 |
| 147504 | Federal National Mortgage Association, Pool # BC9468, 3.00%, due 06/01/46 | 133458 |
| 340133 | Federal National Mortgage Association, Pool # BK1023, 4.50%, due 02/01/48 | 330763 |
| 153949 | Federal National Mortgage Association, Pool # BK7611, 4.50%, due 09/01/48 | 151488 |
| 95202 | Federal National Mortgage Association, Pool # BM1013, 3.50%, due 03/01/47 | 89356 |
| 510423 | Federal National Mortgage Association, Pool # BM1573, 3.50%, due 07/01/47 | 477190 |
| 527823 | Federal National Mortgage Association, Pool # BM1972, 3.50%, due 10/01/37 | 507689 |
| 399501 | Federal National Mortgage Association, Pool # BM3033, 3.00%, due 10/01/47 | 361081 |
| 138046 | Federal National Mortgage Association, Pool # BM3258, 3.00%, due 02/01/47 | 125539 |
| 275433 | Federal National Mortgage Association, Pool # BM3332, 3.50%, due 01/01/48 | 256901 |
| 198686 | Federal National Mortgage Association, Pool # BM3491, 4.50%, due 01/01/38 | 200379 |
| 109524 | Federal National Mortgage Association, Pool # BM3628, 3.50%, due 03/01/48 | 102901 |
| 553387 | Federal National Mortgage Association, Pool # BM3641, 4.00%, due 04/01/48 | 530297 |
| 335409 | Federal National Mortgage Association, Pool # BM4377, 6.42%, (1 yr. USD RFUCC + <br> 1.87%), due 04/01/38<sup>(b)</sup> <br>| 348826 |
| 378869 | Federal National Mortgage Association, Pool # BM4896, 3.00%, due 02/01/47 | 346987 |
| 1566161 | Federal National Mortgage Association, Pool # BM5019, 4.00%, due 12/01/47 | 1499149 |
| 468219 | Federal National Mortgage Association, Pool # BM5213, 3.00%, due 07/01/45 | 426270 |
| 114585 | Federal National Mortgage Association, Pool # BM5293, 3.50%, due 02/01/49 | 106503 |
| 79284 | Federal National Mortgage Association, Pool # BM5874, 4.00%, due 01/01/48 | 76253 |
| 179711 | Federal National Mortgage Association, Pool # BM5950, 3.00%, due 11/01/48 | 162424 |
| 312775 | Federal National Mortgage Association, Pool # BM6482, 6.16%, (1 yr. USD RFUCC + <br> 1.58%), due 04/01/47<sup>(b)</sup> <br>| 325347 |
| 143171 | Federal National Mortgage Association, Pool # BO1420, 3.50%, due 09/01/49 | 132775 |
| 296801 | Federal National Mortgage Association, Pool # BO5387, 3.50%, due 12/01/49 | 277177 |
| 387611 | Federal National Mortgage Association, Pool # BQ3138, 2.50%, due 10/01/50 | 332674 |
| 2060727 | Federal National Mortgage Association, Pool # BU7899, 2.50%, due 01/01/52 | 1762465 |
| 1034613 | Federal National Mortgage Association, Pool # BV8474, 3.00%, due 05/01/52 | 923815 |
| 597040 | Federal National Mortgage Association, Pool # CA0623, 4.50%, due 10/01/47 | 589096 |
| 381457 | Federal National Mortgage Association, Pool # CA0655, 3.50%, due 11/01/47 | 356360 |
| 239353 | Federal National Mortgage Association, Pool # CA0855, 3.50%, due 12/01/47 | 222818 |
| 2439732 | Federal National Mortgage Association, Pool # CA3861, 3.50%, due 07/01/49 | 2269201 |
| 523702 | Federal National Mortgage Association, Pool # CA3986, 5.00%, due 08/01/49 | 527013 |
| 359368 | Federal National Mortgage Association, Pool # CA4149, 3.00%, due 09/01/49 | 316697 |

---

90See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 427908 | Federal National Mortgage Association, Pool # CA5556, 3.50%, due 04/01/50 | 396560 |
| 907896 | Federal National Mortgage Association, Pool # CA6738, 3.00%, due 08/01/50 | 805670 |
| 2097715 | Federal National Mortgage Association, Pool # CA6840, 2.00%, due 09/01/35 | 1936742 |
| 630542 | Federal National Mortgage Association, Pool # CA6909, 2.50%, due 09/01/50 | 541724 |
| 752661 | Federal National Mortgage Association, Pool # CA9171, 2.00%, due 02/01/51 | 611916 |
| 216734 | Federal National Mortgage Association, Pool # CA9303, 3.00%, due 02/01/51 | 192262 |
| 4663680 | Federal National Mortgage Association, Pool # CB0671, 2.50%, due 06/01/51 | 4022058 |
| 1024759 | Federal National Mortgage Association, Pool # CB0855, 3.00%, due 06/01/51 | 909048 |
| 1135535 | Federal National Mortgage Association, Pool # CB1273, 2.00%, due 08/01/51 | 928640 |
| 1453157 | Federal National Mortgage Association, Pool # CB1878, 3.00%, due 10/01/51 | 1290861 |
| 1255037 | Federal National Mortgage Association, Pool # CB2243, 2.50%, due 11/01/36 | 1193911 |
| 429952 | Federal National Mortgage Association, Pool # CB2287, 2.50%, due 12/01/51 | 367435 |
| 4464942 | Federal National Mortgage Association, Pool # CB2857, 2.50%, due 02/01/52 | 3830408 |
| 374156 | Federal National Mortgage Association, Pool # CB2858, 2.50%, due 02/01/52 | 320272 |
| 964719 | Federal National Mortgage Association, Pool # CB2889, 3.00%, due 02/01/52 | 849881 |
| 353749 | Federal National Mortgage Association, Pool # CB3126, 3.50%, due 03/01/52 | 328615 |
| 669376 | Federal National Mortgage Association, Pool # CB3158, 2.50%, due 03/01/52 | 573232 |
| 1189542 | Federal National Mortgage Association, Pool # CB3168, 3.00%, due 03/01/52 | 1056491 |
| 1735288 | Federal National Mortgage Association, Pool # CB3512, 4.00%, due 05/01/52 | 1646249 |
| 601589 | Federal National Mortgage Association, Pool # CB3601, 3.50%, due 05/01/52 | 555116 |
| 1405680 | Federal National Mortgage Association, Pool # CB3606, 3.50%, due 05/01/52 | 1290920 |
| 850945 | Federal National Mortgage Association, Pool # CB3618, 4.00%, due 05/01/52 | 804909 |
| 855748 | Federal National Mortgage Association, Pool # CB3865, 4.50%, due 06/01/52 | 834138 |
| 619299 | Federal National Mortgage Association, Pool # CB3910, 4.00%, due 06/01/52 | 587184 |
| 351535 | Federal National Mortgage Association, Pool # CB4028, 4.50%, due 07/01/52 | 342419 |
| 679463 | Federal National Mortgage Association, Pool # CB4040, 5.00%, due 07/01/52 | 675003 |
| 683377 | Federal National Mortgage Association, Pool # CB4090, 4.00%, due 07/01/52 | 648188 |
| 1270213 | Federal National Mortgage Association, Pool # CB4101, 4.50%, due 07/01/52 | 1233505 |
| 846356 | Federal National Mortgage Association, Pool # CB4300, 4.50%, due 08/01/52 | 824571 |
| 1028872 | Federal National Mortgage Association, Pool # CB4304, 4.50%, due 08/01/52 | 1002278 |
| 1727675 | Federal National Mortgage Association, Pool # CB4337, 4.50%, due 08/01/52 | 1691887 |
| 3974790 | Federal National Mortgage Association, Pool # CB4352, 5.00%, due 08/01/52 | 3981932 |
| 3119287 | Federal National Mortgage Association, Pool # CB4354, 5.00%, due 08/01/52 | 3119947 |
| 842649 | Federal National Mortgage Association, Pool # CB4384, 4.50%, due 08/01/52 | 822306 |
| 1201273 | Federal National Mortgage Association, Pool # CB4387, 4.50%, due 08/01/52 | 1164502 |
| 677612 | Federal National Mortgage Association, Pool # CB4562, 5.00%, due 09/01/52 | 673929 |
| 414903 | Federal National Mortgage Association, Pool # CB4675, 4.50%, due 09/01/52 | 403154 |
| 1502951 | Federal National Mortgage Association, Pool # CB5434, 5.00%, due 01/01/53 | 1502460 |
| 1929008 | Federal National Mortgage Association, Pool # CB5473, 6.00%, due 01/01/53 | 2003847 |
| 1194084 | Federal National Mortgage Association, Pool # CB6059, 5.00%, due 04/01/53 | 1191429 |
| 655010 | Federal National Mortgage Association, Pool # CB8978, 5.00%, due 08/01/54 | 650122 |
| 985692 | Federal National Mortgage Association, Pool # CB9463, 5.00%, due 11/01/54 | 984290 |
| 435761 | Federal National Mortgage Association, Pool # CB9485, 5.50%, due 11/01/54 | 444168 |
| 1758868 | Federal National Mortgage Association, Pool # CB9649, 5.00%, due 12/01/54 | 1749847 |
| 1130066 | Federal National Mortgage Association, Pool # CC0525, 5.50%, due 06/01/55 | 1145353 |
| 419668 | Federal National Mortgage Association, Pool # CC0532, 5.50%, due 06/01/55 | 427637 |
| 1359079 | Federal National Mortgage Association, Pool # FA0018, 2.50%, due 04/01/52 | 1164752 |
| 842523 | Federal National Mortgage Association, Pool # FA0243, 5.50%, due 12/01/54 | 857965 |
| 663327 | Federal National Mortgage Association, Pool # FA1034, 3.50%, due 08/01/53 | 615615 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 399087 | Federal National Mortgage Association, Pool # FA1626, 4.00%, due 09/01/52 | 378465 |
| 1023554 | Federal National Mortgage Association, Pool # FA1655, 3.50%, due 12/01/52 | 948826 |
| 310657 | Federal National Mortgage Association, Pool # FA2696, 5.50%, due 09/01/55 | 316541 |
| 1242108 | Federal National Mortgage Association, Pool # FA3521, 3.00%, due 09/01/52 | 1107473 |
| 2373730 | Federal National Mortgage Association, Pool # FA4511, 4.50%, due 01/01/56 | 2299995 |
| 565003 | Federal National Mortgage Association, Pool # FM0030, 3.00%, due 02/01/49 | 509522 |
| 150174 | Federal National Mortgage Association, Pool # FM1001, 3.50%, due 11/01/48 | 138752 |
| 111040 | Federal National Mortgage Association, Pool # FM1347, 3.00%, due 12/01/48 | 100231 |
| 435851 | Federal National Mortgage Association, Pool # FM1467, 3.00%, due 12/01/47 | 395318 |
| 435926 | Federal National Mortgage Association, Pool # FM1588, 3.00%, due 10/01/49 | 392309 |
| 242304 | Federal National Mortgage Association, Pool # FM1715, 3.00%, due 12/01/45 | 220045 |
| 343354 | Federal National Mortgage Association, Pool # FM1790, 3.00%, due 11/01/49 | 302583 |
| 236776 | Federal National Mortgage Association, Pool # FM1864, 3.00%, due 11/01/49 | 211930 |
| 1433703 | Federal National Mortgage Association, Pool # FM2226, 3.00%, due 09/01/46 | 1312845 |
| 608918 | Federal National Mortgage Association, Pool # FM2274, 4.00%, due 08/01/49 | 582584 |
| 274055 | Federal National Mortgage Association, Pool # FM2336, 4.00%, due 01/01/50 | 262356 |
| 306621 | Federal National Mortgage Association, Pool # FM2461, 3.50%, due 03/01/50 | 283013 |
| 406443 | Federal National Mortgage Association, Pool # FM2570, 4.50%, due 04/01/48 | 402467 |
| 732097 | Federal National Mortgage Association, Pool # FM2664, 3.50%, due 03/01/50 | 673335 |
| 948837 | Federal National Mortgage Association, Pool # FM2725, 3.00%, due 02/01/50 | 836151 |
| 1006648 | Federal National Mortgage Association, Pool # FM3250, 3.50%, due 05/01/50 | 934053 |
| 555124 | Federal National Mortgage Association, Pool # FM4330, 2.50%, due 10/01/50 | 477763 |
| 2295064 | Federal National Mortgage Association, Pool # FM4765, 2.00%, due 11/01/50 | 1893557 |
| 22765 | Federal National Mortgage Association, Pool # FM5035, 4.00%, due 07/01/50 | 21811 |
| 657273 | Federal National Mortgage Association, Pool # FM6039, 3.50%, due 06/01/50 | 609463 |
| 1621388 | Federal National Mortgage Association, Pool # FM6497, 2.00%, due 03/01/51 | 1339397 |
| 599997 | Federal National Mortgage Association, Pool # FM6585, 3.50%, due 11/01/40 | 569653 |
| 599286 | Federal National Mortgage Association, Pool # FM7341, 4.00%, due 03/01/48 | 575272 |
| 925473 | Federal National Mortgage Association, Pool # FM7785, 4.00%, due 05/01/49 | 886851 |
| 1460211 | Federal National Mortgage Association, Pool # FM7794, 4.00%, due 01/01/50 | 1396284 |
| 2437167 | Federal National Mortgage Association, Pool # FM8029, 2.50%, due 07/01/51 | 2079851 |
| 1419712 | Federal National Mortgage Association, Pool # FM8216, 4.00%, due 11/01/48 | 1356445 |
| 786734 | Federal National Mortgage Association, Pool # FM8325, 2.50%, due 07/01/35 | 751301 |
| 705823 | Federal National Mortgage Association, Pool # FM8451, 2.50%, due 08/01/51 | 606642 |
| 1183263 | Federal National Mortgage Association, Pool # FM8603, 4.00%, due 09/01/49 | 1133888 |
| 3894144 | Federal National Mortgage Association, Pool # FM8779, 2.50%, due 09/01/51 | 3346152 |
| 2632467 | Federal National Mortgage Association, Pool # FM9000, 2.00%, due 06/01/51 | 2161484 |
| 1136219 | Federal National Mortgage Association, Pool # FM9461, 3.50%, due 11/01/51 | 1049853 |
| 790231 | Federal National Mortgage Association, Pool # FM9726, 2.50%, due 11/01/51 | 681455 |
| 462229 | Federal National Mortgage Association, Pool # FM9977, 4.00%, due 02/01/50 | 441295 |
| 1111991 | Federal National Mortgage Association, Pool # FP0077, 3.50%, due 03/01/51 | 1028783 |
| 852455 | Federal National Mortgage Association, Pool # FS0027, 2.50%, due 11/01/51 | 735111 |
| 930284 | Federal National Mortgage Association, Pool # FS0194, 2.50%, due 01/01/52 | 797731 |
| 1729521 | Federal National Mortgage Association, Pool # FS0715, 3.00%, due 01/01/52 | 1539533 |
| 317195 | Federal National Mortgage Association, Pool # FS0717, 3.00%, due 02/01/52 | 281527 |
| 380667 | Federal National Mortgage Association, Pool # FS1201, 3.00%, due 01/01/50 | 335451 |
| 1086949 | Federal National Mortgage Association, Pool # FS1228, 3.00%, due 03/01/52 | 967043 |
| 443973 | Federal National Mortgage Association, Pool # FS1285, 3.50%, due 02/01/52 | 412295 |
| 337415 | Federal National Mortgage Association, Pool # FS1427, 3.00%, due 02/01/50 | 301961 |

---

92See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 1246701 | Federal National Mortgage Association, Pool # FS1871, 3.00%, due 05/01/52 | 1108588 |
| 2353303 | Federal National Mortgage Association, Pool # FS1938, 2.50%, due 02/01/52 | 2020656 |
| 1080251 | Federal National Mortgage Association, Pool # FS1976, 4.00%, due 08/01/51 | 1035136 |
| 346472 | Federal National Mortgage Association, Pool # FS2060, 4.00%, due 06/01/52 | 330362 |
| 894826 | Federal National Mortgage Association, Pool # FS2187, 4.00%, due 06/01/52 | 858537 |
| 1332553 | Federal National Mortgage Association, Pool # FS2896, 4.50%, due 09/01/52 | 1302358 |
| 388206 | Federal National Mortgage Association, Pool # FS2969, 4.50%, due 10/01/52 | 379410 |
| 1776943 | Federal National Mortgage Association, Pool # FS3040, 3.00%, due 12/01/51 | 1579037 |
| 1589442 | Federal National Mortgage Association, Pool # FS3046, 5.00%, due 10/01/52 | 1589039 |
| 520986 | Federal National Mortgage Association, Pool # FS3067, 4.00%, due 07/01/52 | 496494 |
| 510934 | Federal National Mortgage Association, Pool # FS3139, 4.50%, due 10/01/52 | 496074 |
| 365770 | Federal National Mortgage Association, Pool # FS3276, 4.50%, due 12/01/37 | 363905 |
| 237465 | Federal National Mortgage Association, Pool # FS3310, 4.50%, due 11/01/37 | 236545 |
| 826134 | Federal National Mortgage Association, Pool # FS3332, 5.50%, due 12/01/52 | 843153 |
| 784348 | Federal National Mortgage Association, Pool # FS3417, 5.00%, due 12/01/52 | 782925 |
| 1521583 | Federal National Mortgage Association, Pool # FS3560, 4.50%, due 04/01/53 | 1483159 |
| 1722859 | Federal National Mortgage Association, Pool # FS4223, 4.50%, due 05/01/47 | 1701799 |
| 987433 | Federal National Mortgage Association, Pool # FS4312, 4.50%, due 03/01/53 | 961642 |
| 975716 | Federal National Mortgage Association, Pool # FS4758, 2.50%, due 01/01/36 | 923674 |
| 780291 | Federal National Mortgage Association, Pool # FS5171, 3.00%, due 12/01/51 | 694684 |
| 324509 | Federal National Mortgage Association, Pool # FS5263, 4.50%, due 05/01/53 | 316455 |
| 1155549 | Federal National Mortgage Association, Pool # FS5349, 4.00%, due 10/01/52 | 1096877 |
| 765897 | Federal National Mortgage Association, Pool # FS5656, 5.50%, due 08/01/53 | 781173 |
| 1342950 | Federal National Mortgage Association, Pool # FS5871, 2.00%, due 07/01/51 | 1094691 |
| 1494693 | Federal National Mortgage Association, Pool # FS5912, 4.00%, due 05/01/52 | 1418538 |
| 371776 | Federal National Mortgage Association, Pool # FS6158, 4.00%, due 07/01/52 | 352766 |
| 1285570 | Federal National Mortgage Association, Pool # FS6255, 3.50%, due 08/01/52 | 1187939 |
| 626614 | Federal National Mortgage Association, Pool # FS6431, 3.50%, due 09/01/52 | 579402 |
| 368637 | Federal National Mortgage Association, Pool # FS6645, 3.00%, due 05/01/52 | 330166 |
| 567947 | Federal National Mortgage Association, Pool # FS7249, 4.50%, due 10/01/52 | 553912 |
| 825718 | Federal National Mortgage Association, Pool # FS7381, 3.50%, due 09/01/52 | 763161 |
| 1759159 | Federal National Mortgage Association, Pool # FS7404, 3.50%, due 01/01/48 | 1647500 |
| 2590813 | Federal National Mortgage Association, Pool # FS7948, 2.50%, due 04/01/52 | 2228423 |
| 834016 | Federal National Mortgage Association, Pool # FS8125, 5.50%, due 05/01/54 | 845732 |
| 1073272 | Federal National Mortgage Association, Pool # FS8422, 4.00%, due 09/01/53 | 1018317 |
| 2470119 | Federal National Mortgage Association, Pool # FS9027, 5.50%, due 07/01/53 | 2513029 |
| 545518 | Federal National Mortgage Association, Pool # FS9784, 5.50%, due 11/01/54 | 555835 |
| 86498 | Federal National Mortgage Association, Pool # MA2781, 2.50%, due 10/01/46 | 74949 |
| 2057411 | Federal National Mortgage Association, Pool # MA2863, 3.00%, due 01/01/47 | 1855420 |
| 248167 | Federal National Mortgage Association, Pool # MA3058, 4.00%, due 07/01/47 | 235717 |
| 223973 | Federal National Mortgage Association, Pool # MA3076, 2.50%, due 07/01/32 | 215004 |
| 69533 | Federal National Mortgage Association, Pool # MA3087, 3.50%, due 08/01/47 | 64604 |
| 251552 | Federal National Mortgage Association, Pool # MA3114, 2.50%, due 08/01/32 | 241935 |
| 234010 | Federal National Mortgage Association, Pool # MA3124, 2.50%, due 09/01/32 | 224950 |
| 47351 | Federal National Mortgage Association, Pool # MA3155, 3.00%, due 10/01/32 | 46013 |
| 2658443 | Federal National Mortgage Association, Pool # MA3182, 3.50%, due 11/01/47 | 2471730 |
| 5632328 | Federal National Mortgage Association, Pool # MA3210, 3.50%, due 12/01/47 | 5228397 |
| 111764 | Federal National Mortgage Association, Pool # MA3211, 4.00%, due 12/01/47 | 107376 |
| 1461933 | Federal National Mortgage Association, Pool # MA3238, 3.50%, due 01/01/48 | 1360047 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 203961 | Federal National Mortgage Association, Pool # MA3332, 3.50%, due 04/01/48 | 188861 |
| 48349 | Federal National Mortgage Association, Pool # MA3364, 3.50%, due 05/01/33 | 47546 |
| 42600 | Federal National Mortgage Association, Pool # MA3385, 4.50%, due 06/01/48 | 41762 |
| 61605 | Federal National Mortgage Association, Pool # MA3442, 3.50%, due 08/01/48 | 57231 |
| 182503 | Federal National Mortgage Association, Pool # MA3496, 4.50%, due 10/01/48 | 179051 |
| 48486 | Federal National Mortgage Association, Pool # MA3521, 4.00%, due 11/01/48 | 46453 |
| 194304 | Federal National Mortgage Association, Pool # MA3522, 4.50%, due 11/01/48 | 190630 |
| 161159 | Federal National Mortgage Association, Pool # MA3537, 4.50%, due 12/01/48 | 158057 |
| 504887 | Federal National Mortgage Association, Pool # MA3871, 3.00%, due 12/01/49 | 449615 |
| 3263962 | Federal National Mortgage Association, Pool # MA3937, 3.00%, due 02/01/50 | 2904566 |
| 104458 | Federal National Mortgage Association, Pool # MA3960, 3.00%, due 03/01/50 | 92863 |
| 602717 | Federal National Mortgage Association, Pool # MA4018, 2.00%, due 05/01/50 | 491879 |
| 374795 | Federal National Mortgage Association, Pool # MA4048, 3.00%, due 06/01/50 | 333294 |
| 104453 | Federal National Mortgage Association, Pool # MA4120, 2.50%, due 09/01/50 | 88862 |
| 1345968 | Federal National Mortgage Association, Pool # MA4158, 2.00%, due 10/01/50 | 1097155 |
| 871967 | Federal National Mortgage Association, Pool # MA4159, 2.50%, due 10/01/50 | 741542 |
| 354831 | Federal National Mortgage Association, Pool # MA4181, 1.50%, due 11/01/50 | 275052 |
| 263368 | Federal National Mortgage Association, Pool # MA4204, 2.00%, due 12/01/40 | 231863 |
| 638827 | Federal National Mortgage Association, Pool # MA4208, 2.00%, due 12/01/50 | 520601 |
| 3030319 | Federal National Mortgage Association, Pool # MA4209, 1.50%, due 12/01/50 | 2351822 |
| 404188 | Federal National Mortgage Association, Pool # MA4232, 2.00%, due 01/01/41 | 355554 |
| 427211 | Federal National Mortgage Association, Pool # MA4236, 1.50%, due 01/01/51 | 331423 |
| 1515334 | Federal National Mortgage Association, Pool # MA4237, 2.00%, due 01/01/51 | 1234580 |
| 735366 | Federal National Mortgage Association, Pool # MA4238, 2.50%, due 01/01/51 | 625139 |
| 848513 | Federal National Mortgage Association, Pool # MA4254, 1.50%, due 02/01/51 | 656411 |
| 1707203 | Federal National Mortgage Association, Pool # MA4255, 2.00%, due 02/01/51 | 1389833 |
| 412803 | Federal National Mortgage Association, Pool # MA4268, 2.00%, due 02/01/41 | 362808 |
| 86583 | Federal National Mortgage Association, Pool # MA4281, 2.00%, due 03/01/51 | 70451 |
| 190855 | Federal National Mortgage Association, Pool # MA4305, 2.00%, due 04/01/51 | 155206 |
| 4450362 | Federal National Mortgage Association, Pool # MA4325, 2.00%, due 05/01/51 | 3616544 |
| 1266953 | Federal National Mortgage Association, Pool # MA4326, 2.50%, due 05/01/51 | 1075917 |
| 230918 | Federal National Mortgage Association, Pool # MA4333, 2.00%, due 05/01/41 | 202436 |
| 271341 | Federal National Mortgage Association, Pool # MA4356, 2.50%, due 06/01/51 | 230384 |
| 331029 | Federal National Mortgage Association, Pool # MA4380, 3.00%, due 07/01/51 | 292930 |
| 375801 | Federal National Mortgage Association, Pool # MA4399, 2.50%, due 08/01/51 | 318959 |
| 798661 | Federal National Mortgage Association, Pool # MA4549, 3.00%, due 02/01/52 | 703799 |
| 1149501 | Federal National Mortgage Association, Pool # MA4580, 3.50%, due 04/01/52 | 1055767 |
| 285715 | Federal National Mortgage Association, Pool # MA4600, 3.50%, due 05/01/52 | 262402 |
| 1182645 | Federal National Mortgage Association, Pool # MA4618, 4.00%, due 04/01/52 | 1117110 |
| 536915 | Federal National Mortgage Association, Pool # MA4626, 4.00%, due 06/01/52 | 509170 |
| 1025407 | Federal National Mortgage Association, Pool # MA4644, 4.00%, due 05/01/52 | 971437 |
| 2123990 | Federal National Mortgage Association, Pool # MA4656, 4.50%, due 07/01/52 | 2057448 |
| 961504 | Federal National Mortgage Association, Pool # MA4665, 2.50%, due 07/01/37 | 909602 |
| 696485 | Federal National Mortgage Association, Pool # MA4686, 5.00%, due 06/01/52 | 690770 |
| 385852 | Federal National Mortgage Association, Pool # MA4731, 3.50%, due 09/01/52 | 354328 |
| 1190310 | Federal National Mortgage Association, Pool # MA4733, 4.50%, due 09/01/52 | 1154489 |
| 863528 | Federal National Mortgage Association, Pool # MA4761, 5.00%, due 09/01/52 | 856442 |
| 1653783 | Federal National Mortgage Association, Pool # MA4806, 5.00%, due 11/01/52 | 1640722 |
| 1247673 | Federal National Mortgage Association, Pool # MA4894, 6.00%, due 01/01/53 | 1278415 |

---

94See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 766438 | Federal National Mortgage Association, Pool # MA4940, 5.00%, due 03/01/53 | 759202 |
| 900098 | Federal National Mortgage Association, Pool # MA4941, 5.50%, due 03/01/53 | 908339 |
| 3511408 | Federal National Mortgage Association, Pool # MA4979, 5.50%, due 04/01/53 | 3542842 |
| 744505 | Federal National Mortgage Association, Pool # MA5010, 5.50%, due 05/01/53 | 751094 |
| 498023 | Federal National Mortgage Association, Pool # MA5070, 4.50%, due 07/01/53 | 481597 |
| 1242030 | Federal National Mortgage Association, Pool # MA5139, 6.00%, due 09/01/53 | 1269882 |
| 640931 | Federal National Mortgage Association, Pool # MA5218, 7.00%, due 12/01/53 | 674642 |
| 490256 | Federal National Mortgage Association, Pool # MA5271, 5.50%, due 02/01/54 | 493471 |
| 1962997 | Federal National Mortgage Association, Pool # MA5878, 5.00%, due 11/01/55 | 1935852 |
| 318444 | Federal National Mortgage Association REMIC, Series 2011-59, Class NZ, 5.50%, due <br> 07/25/41<br>| 326855 |
| 716 | Federal National Mortgage Association REMIC, Series 2012-28, Class B, 6.50%, due <br> 06/25/39<br>| 731 |
| 90678 | Government National Mortgage Association, Pool # 004636, 4.50%, due 02/20/40 | 89972 |
| 17139 | Government National Mortgage Association, Pool # 004678, 4.50%, due 04/20/40 | 17006 |
| 101720 | Government National Mortgage Association, Pool # 004833, 4.00%, due 10/20/40 | 97978 |
| 96111 | Government National Mortgage Association, Pool # 004977, 4.00%, due 03/20/41 | 92546 |
| 241094 | Government National Mortgage Association, Pool # 004978, 4.50%, due 03/20/41 | 239155 |
| 374184 | Government National Mortgage Association, Pool # 005055, 4.50%, due 05/20/41 | 371136 |
| 199307 | Government National Mortgage Association, Pool # 734152, 4.00%, due 01/15/41 | 191497 |
| 14798 | Government National Mortgage Association, Pool # 783637, 3.00%, due 06/20/42 | 13584 |
| 135715 | Government National Mortgage Association, Pool # 784605, 4.50%, due 01/15/42 | 134786 |
| 326971 | Government National Mortgage Association, Pool # 796468, 4.00%, due 09/20/42 | 313761 |
| 74185 | Government National Mortgage Association, Pool # AL8626, 3.00%, due 08/15/45 | 66687 |
| 529437 | Government National Mortgage Association, Pool # AV9421, 3.50%, due 11/20/46 | 492763 |
| 278180 | Government National Mortgage Association, Pool # AY7555, 3.50%, due 04/20/47 | 258905 |
| 143935 | Government National Mortgage Association, Pool # MA0462, 3.50%, due 10/20/42 | 136503 |
| 21565 | Government National Mortgage Association, Pool # MA0624, 3.00%, due 12/20/42 | 19778 |
| 96561 | Government National Mortgage Association, Pool # MA0625, 3.50%, due 12/20/42 | 91572 |
| 54592 | Government National Mortgage Association, Pool # MA0698, 3.00%, due 01/20/43 | 50067 |
| 185388 | Government National Mortgage Association, Pool # MA0851, 3.00%, due 03/20/43 | 169943 |
| 149280 | Government National Mortgage Association, Pool # MA0852, 3.50%, due 03/20/43 | 141350 |
| 31266 | Government National Mortgage Association, Pool # MA1156, 3.00%, due 07/20/43 | 28629 |
| 100913 | Government National Mortgage Association, Pool # MA1376, 4.00%, due 10/20/43 | 97062 |
| 46252 | Government National Mortgage Association, Pool # MA1599, 3.00%, due 01/20/44 | 42351 |
| 93199 | Government National Mortgage Association, Pool # MA2371, 3.50%, due 11/20/44 | 87970 |
| 75832 | Government National Mortgage Association, Pool # MA2372, 4.00%, due 11/20/44 | 72845 |
| 68265 | Government National Mortgage Association, Pool # MA2825, 3.00%, due 05/20/45 | 62040 |
| 158716 | Government National Mortgage Association, Pool # MA3310, 3.50%, due 12/20/45 | 149297 |
| 64263 | Government National Mortgage Association, Pool # MA3377, 4.00%, due 01/20/46 | 61597 |
| 96391 | Government National Mortgage Association, Pool # MA3455, 4.00%, due 02/20/46 | 92409 |
| 181171 | Government National Mortgage Association, Pool # MA3456, 4.50%, due 02/20/46 | 179146 |
| 156423 | Government National Mortgage Association, Pool # MA3596, 3.00%, due 04/20/46 | 141576 |
| 298123 | Government National Mortgage Association, Pool # MA3803, 3.50%, due 07/20/46 | 278913 |
| 222138 | Government National Mortgage Association, Pool # MA3873, 3.00%, due 08/20/46 | 201516 |
| 104635 | Government National Mortgage Association, Pool # MA4004, 3.50%, due 10/20/46 | 98496 |
| 60802 | Government National Mortgage Association, Pool # MA4071, 4.50%, due 11/20/46 | 60132 |
| 54105 | Government National Mortgage Association, Pool # MA4125, 2.50%, due 12/20/46 | 47504 |
| 84636 | Government National Mortgage Association, Pool # MA4263, 4.00%, due 02/20/47 | 80889 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 132745 | Government National Mortgage Association, Pool # MA4585, 3.00%, due 07/20/47 | 120101 |
| 125618 | Government National Mortgage Association, Pool # MA4586, 3.50%, due 07/20/47 | 118077 |
| 319481 | Government National Mortgage Association, Pool # MA4720, 4.00%, due 09/20/47 | 305448 |
| 89986 | Government National Mortgage Association, Pool # MA4838, 4.00%, due 11/20/47 | 86001 |
| 367773 | Government National Mortgage Association, Pool # MA5019, 3.50%, due 02/20/48 | 344901 |
| 41919 | Government National Mortgage Association, Pool # MA5021, 4.50%, due 02/20/48 | 41372 |
| 14883 | Government National Mortgage Association, Pool # MA5079, 4.50%, due 03/20/48 | 14689 |
| 177038 | Government National Mortgage Association, Pool # MA5264, 4.00%, due 06/20/48 | 168895 |
| 101384 | Government National Mortgage Association, Pool # MA5397, 3.50%, due 08/20/48 | 95047 |
| 103582 | Government National Mortgage Association, Pool # MA5466, 4.00%, due 09/20/48 | 98828 |
| 84082 | Government National Mortgage Association, Pool # MA5467, 4.50%, due 09/20/48 | 82830 |
| 35052 | Government National Mortgage Association, Pool # MA5530, 5.00%, due 10/20/48 | 35457 |
| 61865 | Government National Mortgage Association, Pool # MA5762, 3.50%, due 02/20/49 | 57980 |
| 3394028 | Government National Mortgage Association, Pool # MA5764, 4.50%, due 02/20/49 | 3338269 |
| 57746 | Government National Mortgage Association, Pool # MA5817, 4.00%, due 03/20/49 | 54930 |
| 209907 | Government National Mortgage Association, Pool # MA5874, 3.00%, due 04/20/49 | 190370 |
| 790428 | Government National Mortgage Association, Pool # MA5876, 4.00%, due 04/20/49 | 751638 |
| 402760 | Government National Mortgage Association, Pool # MA6038, 3.00%, due 07/20/49 | 361826 |
| 3336634 | Government National Mortgage Association, Pool # MA6090, 3.50%, due 08/20/49 | 3113575 |
| 145818 | Government National Mortgage Association, Pool # MA6338, 3.00%, due 12/20/49 | 130711 |
| 338264 | Government National Mortgage Association, Pool # MA6409, 3.00%, due 01/20/50 | 303425 |
| 65380 | Government National Mortgage Association, Pool # MA6476, 4.00%, due 02/20/50 | 62174 |
| 1841796 | Government National Mortgage Association, Pool # MA6540, 2.50%, due 03/20/50 | 1593026 |
| 43497 | Government National Mortgage Association, Pool # MA6865, 2.50%, due 09/20/50 | 37514 |
| 3708656 | Government National Mortgage Association, Pool # MA6930, 2.00%, due 10/20/50 | 3069829 |
| 198657 | Government National Mortgage Association, Pool # MA6931, 2.50%, due 10/20/50 | 171272 |
| 151714 | Government National Mortgage Association, Pool # MA6995, 2.50%, due 11/20/50 | 130890 |
| 2732367 | Government National Mortgage Association, Pool # MA7589, 2.50%, due 09/20/51 | 2354853 |
| 3740212 | Government National Mortgage Association, Pool # MA7880, 2.00%, due 02/20/52 | 3094181 |
| 1519959 | Government National Mortgage Association, Pool # MA7938, 3.50%, due 03/20/52 | 1405665 |
| 774513 | Government National Mortgage Association, Pool # MA7939, 4.00%, due 03/20/52 | 732642 |
| 1493166 | Government National Mortgage Association, Pool # MA8150, 4.00%, due 07/20/52 | 1413014 |
| 2289255 | Government National Mortgage Association, Pool # MA8267, 4.00%, due 09/20/52 | 2167366 |
| 1303723 | Government National Mortgage Association, Pool # MA8429, 5.50%, due 11/20/52 | 1325060 |
| 821241 | Government National Mortgage Association, Pool # MA8725, 5.00%, due 03/20/53 | 816812 |
| 2162198 | Government National Mortgage Association, Pool # MA8879, 5.50%, due 05/20/53 | 2195136 |
| 2937094 | Government National Mortgage Association, Pool # MA9104, 4.50%, due 08/20/53 | 2855378 |
| 2455768 | Government National Mortgage Association, Pool # MA9304, 5.00%, due 11/20/53 | 2447547 |
| 1268662 | Government National Mortgage Association, Pool # MA9782, 7.00%, due 07/20/54 | 1320275 |
| 258062 | Government National Mortgage Association, Pool # MB0150, 7.00%, due 01/20/55 | 268016 |
| 4000000 | Uniform Mortgage-Backed Security, TBA, 4.50%, due 04/01/56 | 3860960 |
| 500000 | Uniform Mortgage-Backed Security, TBA, 5.00%, due 04/01/56 | 489315 |
|  |  | 430821927 |
|  | **Municipal Obligations — 0.5%** | **Municipal Obligations — 0.5%** |
| 60000 | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | 59503 |
| 355000 | Bay Area Toll Authority, 6.26%, due 04/01/49 | 370855 |
| 90000 | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14<sup>(h)</sup> <br>| 75290 |
| 900000 | Empire State Development Corp., 5.77%, due 03/15/39 | 921096 |

---

96See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Municipal Obligations — continued** | **Municipal Obligations — continued** |
| 257000 | Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50 | 194902 |
| 359268 | Louisiana Local Government Environmental Facilities & Community Development <br> Authority, 3.62%, due 02/01/29<br>| 358379 |
| 280000 | Maryland Economic Development Corp., 5.43%, due 05/31/56 | 272381 |
| 338000 | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | 362754 |
| 885000 | State of California, 7.50%, due 04/01/34 | 1017394 |
| 655000 | State of California, 7.55%, due 04/01/39 | 778274 |
| 935000 | State of Connecticut, 3.98%, due 06/15/29 | 933709 |
| 1690000 | University of Michigan, 4.45%, due 04/01/22<sup>(h)</sup> <br>| 1312214 |
| 940000 | University of Virginia, 2.26%, due 09/01/50 | 538026 |
| 595000 | University of Virginia, 2.58%, due 11/01/51 | 361181 |
| 185000 | University of Virginia, 4.18%, due 09/01/17<sup>(h)</sup> <br>| 134648 |
|  |  | 7690606 |
|  | **Sovereign Debt Obligations — 0.4%** | **Sovereign Debt Obligations — 0.4%** |
| 200000 | Cassa Depositi e Prestiti SpA, 4.38%, due 10/01/30 144A | 198546 |
| 200000 | Cassa Depositi e Prestiti SpA, 5.88%, due 04/30/29 144A | 208753 |
| 360000 | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | 357822 |
| 535000 | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | 539389 |
| 999000 | Israel Government International Bonds, 5.38%, due 02/19/30 | 1015008 |
| 385000 | Ivory Coast Government International Bonds, 6.75%, due 02/25/41 144A | 339042 |
| 695000 | Mexico Government International Bonds, 6.88%, due 05/13/37 | 729750 |
| 320000 | Province of Alberta, 1.30%, due 07/22/30 | 285895 |
| 175000 | Province of Alberta, 3.30%, due 03/15/28 | 173126 |
| 100000 | Province of Manitoba, 2.13%, due 06/22/26 | 99608 |
| 220000 | Province of Quebec, 2.75%, due 04/12/27 | 217517 |
| 1590000 | Romania Government International Bonds, 5.75%, due 09/16/30 144A | 1586343 |
| 785000 | Saudi Government International Bonds, 5.88%, due 01/12/56 144A | 752387 |
|  |  | 6503186 |
|  | **U.S. Government and Agency Obligations — 20.0%** | **U.S. Government and Agency Obligations — 20.0%** |
| 75000 | Federal National Mortgage Association, 0.88%, due 08/05/30 | 65944 |
| 170000 | Federal National Mortgage Association, 4.44%, due 03/17/31<sup>(j)</sup> <br>| 139236 |
| 545000 | Federal National Mortgage Association, 6.63%, due 11/15/30 | 606021 |
| 150000 | Tennessee Valley Authority, 1.50%, due 09/15/31 | 131327 |
| 795000 | Tennessee Valley Authority, 5.25%, due 02/01/55 | 784411 |
| 60000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | 67113 |
| 75000 | Tennessee Valley Authority Generic STRIPS, 4.78%, due 07/15/34<sup>(j)</sup> <br>| 51284 |
| 9782000 | U.S. Treasury Bonds, 1.38%, due 08/15/50 | 4785347 |
| 5891000 | U.S. Treasury Bonds, 1.63%, due 11/15/50 | 3074826 |
| 7639000 | U.S. Treasury Bonds, 2.00%, due 02/15/50 | 4449121 |
| 2240000 | U.S. Treasury Bonds, 2.38%, due 11/15/49 | 1427737 |
| 18915000 | U.S. Treasury Bonds, 2.38%, due 05/15/51 | 11837761 |
| 17310000 | U.S. Treasury Bonds, 3.00%, due 02/15/49 | 12647795 |
| 490000 | U.S. Treasury Bonds, 3.25%, due 05/15/42 | 403886 |
| 2726000 | U.S. Treasury Bonds, 3.38%, due 11/15/48 | 2137035 |
| 9905000 | U.S. Treasury Bonds, 3.63%, due 08/15/43 | 8462197 |
| 3214000 | U.S. Treasury Bonds, 4.00%, due 11/15/42 | 2909235 |
| 930000 | U.S. Treasury Bonds, 4.00%, due 11/15/52 | 799255 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** | **U.S. Government and Agency Obligations — continued** |
| 7301000 | U.S. Treasury Bonds, 4.25%, due 02/15/54 | 6541382 |
| 6893000 | U.S. Treasury Bonds, 4.25%, due 08/15/54 | 6175159 |
| 600000 | U.S. Treasury Bonds, 4.38%, due 08/15/43 | 566520 |
| 9076000 | U.S. Treasury Bonds, 4.50%, due 02/15/44 | 8682648 |
| 9810000 | U.S. Treasury Bonds, 4.63%, due 05/15/44 | 9517041 |
| 12095000 | U.S. Treasury Bonds, 4.63%, due 11/15/44 | 11706165 |
| 2750000 | U.S. Treasury Bonds, 4.63%, due 11/15/45 | 2652891 |
| 756000 | U.S. Treasury Bonds, 4.63%, due 02/15/46 | 728890 |
| 8594000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | 8198877 |
| 11909000 | U.S. Treasury Bonds, 4.63%, due 11/15/55 | 11380538 |
| 6221000 | U.S. Treasury Bonds, 4.75%, due 11/15/43 | 6148098 |
| 1805000 | U.S. Treasury Bonds, 4.75%, due 11/15/53 | 1755503 |
| 3080000 | U.S. Treasury Bonds, 4.75%, due 05/15/55 | 2999992 |
| 15454000 | U.S. Treasury Bonds, 4.75%, due 08/15/55 | 15062821 |
| 1365000 | U.S. Treasury Bonds, 4.75%, due 02/15/56 | 1331515 |
| 23033000 | U.S. Treasury Bonds, 4.88%, due 08/15/45 | 22962821 |
| 6192000 | U.S. Treasury Bonds, 5.00%, due 05/15/45 | 6274237 |
| 3892267 | U.S. Treasury Inflation-Indexed Notes, 1.88%, due 07/15/35 | 3874451 |
| 5195000 | U.S. Treasury Notes, 0.75%, due 01/31/28 | 4914450 |
| 14514000 | U.S. Treasury Notes, 3.38%, due 11/30/27 | 14407980 |
| 3116000 | U.S. Treasury Notes, 3.38%, due 02/29/28 | 3091656 |
| 3617000 | U.S. Treasury Notes, 3.50%, due 10/15/28 | 3589307 |
| 8998000 | U.S. Treasury Notes, 3.50%, due 12/15/28 | 8924715 |
| 9825000 | U.S. Treasury Notes, 3.50%, due 01/15/29 | 9742102 |
| 13211000 | U.S. Treasury Notes, 3.50%, due 03/15/29 | 13094888 |
| 2075000 | U.S. Treasury Notes, 3.50%, due 11/30/30 | 2036985 |
| 2726000 | U.S. Treasury Notes, 3.50%, due 02/28/31 | 2673290 |
| 3010000 | U.S. Treasury Notes, 3.63%, due 08/31/27 | 3001358 |
| 4941000 | U.S. Treasury Notes, 3.63%, due 08/15/28 | 4920348 |
| 3026000 | U.S. Treasury Notes, 3.75%, due 05/15/28 | 3022277 |
| 8480000 | U.S. Treasury Notes, 3.88%, due 05/31/27 | 8486294 |
| 1201000 | U.S. Treasury Notes, 3.88%, due 03/31/31 | 1197200 |
| 22525000 | U.S. Treasury Notes, 3.88%, due 09/30/32 | 22233319 |
| 8431000 | U.S. Treasury Notes, 4.13%, due 02/15/36 | 8299924 |
| 2522000 | U.S. Treasury Notes, 4.25%, due 03/31/33 | 2539536 |
| 4000000 | U.S. Treasury Notes, 4.50%, due 12/31/31 | 4095781 |
| 2395000 | U.S. Treasury STRIPS Coupon, 2.66%, due 08/15/44<sup>(j)(k)</sup> <br>| 939811 |
| 3500000 | U.S. Treasury STRIPS Coupon, 2.67%, due 02/15/43<sup>(j)(l)</sup> <br>| 1498568 |
| 7055000 | U.S. Treasury STRIPS Coupon, 3.37%, due 11/15/41<sup>(j)(l)</sup> <br>| 3256955 |
| 345000 | U.S. Treasury STRIPS Coupon, 4.37%, due 08/15/43<sup>(j)</sup> <br>| 143417 |
| 100000 | U.S. Treasury STRIPS Coupon, 4.72%, due 02/15/40<sup>(j)</sup> <br>| 51321 |
| 2690000 | U.S. Treasury STRIPS Coupon, 4.84%, due 02/15/42<sup>(j)</sup> <br>| 1223460 |
| 650000 | U.S. Treasury STRIPS Coupon, 5.14%, due 02/15/45<sup>(j)</sup> <br>| 248310 |
|  |  | 308972332 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,553,891,550) | 1523854955 |

---

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

98See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** |
|  | **Industrial — 0.0%** | **Industrial — 0.0%** |
| 924 | Altera Infrastructure LP/Teekay Offshore Finance Corp.\* | 37191 |
|  | TOTAL COMMON STOCK (COST $234,312) | 37191 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 1.0%** | **SHORT-TERM INVESTMENT — 1.0%** |
|  | **Mutual Fund - Securities Lending Collateral — 1.0%** | **Mutual Fund - Securities Lending Collateral — 1.0%** |
| 15370327 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.68%<sup>(m)(n)</sup> <br>| 15370327 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $15,370,327) | 15370327 |
|  | **TOTAL INVESTMENTS BEFORE TBA SALE** <br> **COMMITMENTS — 99.9%** <br>(Cost $1,569,496,189)<br>| 1539262473 |
|  | **TBA SALE COMMITMENT — (0.3)%** | **TBA SALE COMMITMENT — (0.3)%** |
| (6500000) | Uniform Mortgage-Backed Security, TBA, 2.00%, due 04/01/56 | (5237070) |
|  | TOTAL TBA SALE COMMITMENT (PROCEEDS $5,324,668) | (5237070) |
|  | **TOTAL INVESTMENTS NET OF TBA SALE** <br> **COMMITMENTS — 99.6%** <br>(Cost $1,564,171,521)<br>| 1534025403 |
|  | Other Assets and Liabilities (net) — 0.4% | 6341846 |
|  | **NET ASSETS — 100.0%** | **$1540367249** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | Unless otherwise indicated, all par values are denominated in United States dollars ($). |
| (b) | Variable or floating rate note. Rate shown is as of March 31, 2026. |
| (c) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (e) | All or a portion of this security is out on loan. |
| (f) | Security is perpetual and has no stated maturity date. |
| (g) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (h) | Year of maturity is greater than 2100. |
| (i) | When-issued security. |
| (j) | Interest rate presented is yield to maturity. |
| (k) | All or a portion of this security is pledged for open futures collateral. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| (l) | All or a portion of this security is pledged for centrally cleared swaps collateral. |
| (m) | The rate disclosed is the 7-day net yield as of March 31, 2026. |
| (n) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at year end is $322,455,679 which represents 20.9% of net <br> assets.<br>|

---

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | 12564323 | &nbsp;&nbsp; USD | 14555791 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; $(79180)<br>|
| EUR | 1087384 | &nbsp;&nbsp; USD | 1265121 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (12237)<br>|
| USD | 16138953 | &nbsp;&nbsp; EUR | 13651707 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; 409458 |
| USD | 14583855 | &nbsp;&nbsp; EUR | 12564323 | 05/12/26 | Barclays Bank PLC | &nbsp;&nbsp; 79927 |
|  |  |  |  |  |  | &nbsp;&nbsp; $397968 |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 356 | U.S. Treasury Note 5-Year | Jun 2026 | &nbsp;&nbsp; $38511969 | &nbsp;&nbsp; $(506893)<br>|
| 70 | U.S. Ultra 10-Year | Jun 2026 | &nbsp;&nbsp; 7946094 | &nbsp;&nbsp; (158807)<br>|
| 54 | U.S. Treasury Note 10-Year | Jun 2026 | &nbsp;&nbsp; 5996531 | &nbsp;&nbsp; 14571 |
| 44 | U.S. Treasury Note 2-Year | Jun 2026 | &nbsp;&nbsp; 9127594 | &nbsp;&nbsp; (23601)<br>|
|  |  |  |  | &nbsp;&nbsp; $(674730)<br>|
| Sales |  |  |  |  |
| 23 | U.S. Ultra Bond | Jun 2026 | &nbsp;&nbsp; $2680938 | &nbsp;&nbsp; $63044 |
| 20 | U.S. Long Bond | Jun 2026 | &nbsp;&nbsp; 2277500 | &nbsp;&nbsp; (46)<br>|
|  |  |  |  | &nbsp;&nbsp; $62998 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made <br>by Fund<br>| Payment <br>Frequency<br>| Maturity <br>Date<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 12-Month SOFR | Annual | 4.70% | Annual | 09/25/26 | &nbsp;&nbsp;&nbsp; $153 | USD | &nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; $(3728)<br>| &nbsp;&nbsp;&nbsp; $(3881)<br>|
| 12-Month SOFR | Annual | 4.67% | Annual | 05/17/26 | &nbsp;&nbsp;&nbsp; — | USD | &nbsp;&nbsp;&nbsp; 10955000 | &nbsp;&nbsp;&nbsp; (12437)<br>| &nbsp;&nbsp;&nbsp; (12437)<br>|
| 12-Month SOFR | Annual | 4.25% | Annual | 05/13/29 | &nbsp;&nbsp;&nbsp; (9825)<br>| USD | &nbsp;&nbsp;&nbsp; 9240000 | &nbsp;&nbsp;&nbsp; (182952)<br>| &nbsp;&nbsp;&nbsp; (173127)<br>|
| 12-Month SOFR | Annual | 1.35% | Annual | 05/11/54 | &nbsp;&nbsp;&nbsp; 515808 | USD | &nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp; 523539 | &nbsp;&nbsp;&nbsp; 7731 |
| 4.50% | Annual | 12-Month SOFR | Annual | 05/13/27 | &nbsp;&nbsp;&nbsp; 5534 | USD | &nbsp;&nbsp;&nbsp; 14850000 | &nbsp;&nbsp;&nbsp; 127130 | &nbsp;&nbsp;&nbsp; 121596 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(60118)<br>|

---

100See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**OTC— Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Counterparty | Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable <br>on Default<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid/ <br>(Received)<br>| Market <br>Value<br>|
| 315000 | USD | 09/20/26 | Barclays Bank PLC | 1.00% | Quarterly | Republic of Italy <br> Government <br> International Bonds, <br> 1.25%, Matured<br>| $(500)<br>| $1881 | $1381 |
| 754000 | USD | 06/20/26 | Barclays Bank PLC | 0.00% | Quarterly | Republic of Italy <br> Government <br> International Bonds, <br> 2.875%, 10/17/29 <br> (Moody's <br> rating: Baa2 ; S&P <br> rating: BBB+)<br>| 94 | (217)<br>| (123)<br>|
| Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | $(406)<br>| $1664 | $1258 |

---

**Centrally Cleared Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Market <br>Value<br>|
| 19535000 | USD | 06/20/31 | 1.00% | Quarterly | CDX.NA.IG.S46\*\* | $24147 | $313576 | $337723 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $24147 | $313576 | $337723 |

---

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

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

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

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| CLO |  | Collateralized Loan Obligation |
| CMT |  | Constant Maturity Treasury Index |
| EURIBOR |  | Euro Interbank Offered Rate |
| ICE |  | Intercontinental Exchange |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| RFUCC |  | Refinitiv USD IBOR Consumer Cash Fallbacks |
| SOFR |  | Secured Overnight Financing Rate |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| STACR |  | Structured Agency Credit Risk |
| STRIPS |  | Separate Trading of Registered Interest and Principal of Securities |
| TBA |  | To Be Announced |

---

102See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| **Asset Class Summary** | **% of Net Assets** |
| Debt Obligations | 98.9 |
| Swaps | 0.0\* |
| Equities | 0.0\* |
| Futures Contracts | (0.0)\* |
| TBA Sale Commitment | (0.3) |
| Forward Foreign Currency Contracts | (0.9) |
| Short-Term Investment | 1.0 |
| Other Assets and Liabilities (net) | 1.3 |
|  | 100.0 |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**March 31, 2026**

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 99.3%** | **DEBT OBLIGATIONS — 99.3%** |
|  | **Asset Backed Securities — 9.3%** | **Asset Backed Securities — 9.3%** |
| 3200000 | ACRES LLC, Series 2025-FL3, Class A, 5.30% (1 mo. USD Term SOFR + 1.62%), due <br> 08/18/40<sup>(b)</sup> 144A<br>| 3203726 |
| 425192 | Aegis Asset-Backed Securities Trust, Series 2005-5, Class M1, 4.44% (1 mo. USD Term <br> SOFR + 0.76%), due 12/25/35<sup>(b)</sup> <br>| 405369 |
| 1800000 | Affirm Master Trust, Series 2025-2A, Class A, 4.67%, due 07/15/33 144A | 1806092 |
| 300000 | AGL CLO 25 Ltd., Series 2023-25A, Class D1R, 6.57% (3 mo. USD Term SOFR + <br> 2.90%), due 07/21/38<sup>(b)</sup> 144A<br>| 294017 |
| 250000 | AIMCO CLO 15 Ltd., Series 2021-15A, Class ER, 8.27% (3 mo. USD Term SOFR + <br> 4.60%), due 04/17/38<sup>(b)</sup> 144A<br>| 242963 |
| 1575000 | AIMCO CLO 24 Ltd., Series 2025-24A, Class E, 9.77% (3 mo. USD Term SOFR + <br> 6.10%), due 04/19/38<sup>(b)</sup> 144A<br>| 1571321 |
| 1620000 | AIMCO CLO 24 Ltd., Series 2025-24A, Class SUB, 0.00%, due 04/19/38<sup>(c)</sup> 144A | 1133982 |
| 207566 | Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class E, 6.16%, due 09/15/33 <br> 144A<br>| 208233 |
| 340000 | AMSR Trust, Series 2025-SFR1, Class F2, 3.66%, due 06/17/42 144A | 300620 |
| 510000 | Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class E, 8.35%, due <br> 01/20/34 144A<br>| 521641 |
| 250000 | Anchorage Capital CLO 15 Ltd., Series 2020-15A, Class ER2, 9.72% (3 mo. USD Term <br> SOFR + 6.05%), due 07/20/38<sup>(b)</sup> 144A<br>| 249382 |
| 250000 | Anchorage Capital CLO 26 Ltd., Series 2023-26A, Class ER, 9.92% (3 mo. USD Term <br> SOFR + 6.25%), due 03/19/38<sup>(b)</sup> 144A<br>| 249423 |
| 1000000 | Anchorage Capital CLO 28 Ltd., Series 2024-28A, Class A1R, 4.83% (3 mo. USD Term <br> SOFR + 1.16%), due 04/20/37<sup>(b)</sup> 144A<br>| 998110 |
| 250000 | Anchorage Capital CLO 32 Ltd., Series 2025-32A, Class E, 10.67% (3 mo. USD Term <br> SOFR + 7.00%), due 07/15/37<sup>(b)</sup> 144A<br>| 243513 |
| 250000 | Anchorage Capital CLO 36 Ltd., Series 2026-36A, Class E, 1.00% (3 mo. USD Term <br> SOFR + 6.59%), due 04/15/39<sup>(b)(d)</sup> 144A<br>| 250625 |
| 600000 | Anchorage Credit Funding 18 Ltd., Series 2025-18A, Class B, 5.70%, due 10/22/40 <br> 144A<br>| 600526 |
| 1800000 | Anchorage Credit Funding 20 Ltd., Series 2026-20A, Class A, 4.90%, due 04/25/42<sup>(d)</sup> <br> 144A<br>| 1800812 |
| 853543 | Aqua Finance Issuer Trust, Series 2025-B, Class A, 4.79%, due 05/17/51 144A | 858014 |
| 2000000 | ARES XLIV CLO Ltd., Series 2017-44A, Class A1RR, 4.80% (3 mo. USD Term SOFR <br> + 1.13%), due 04/15/34<sup>(b)</sup> 144A<br>| 1999610 |
| 810000 | Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1, <br> 2.98% (1 mo. USD Term SOFR + 0.53%), due 07/25/36<sup>(b)</sup> <br>| 727369 |
| 1324145 | Avid Automobile Receivables Trust, 7.80%, due 07/15/32<sup>(e)</sup> <br>| 1326565 |
| 855000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, due <br> 06/20/29 144A<br>| 868185 |
| 905000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class D, 7.37%, due <br> 12/20/29 144A<br>| 919860 |
| 2160000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class D, 7.52%, due <br> 02/20/30 144A<br>| 2184575 |
| 900000 | Avtech Equipment Receivables Funding LLC, Series 2026-1A, Class C, 5.67%, due <br> 02/15/33 144A<br>| 895983 |
| 1230000 | Avtech Equipment Receivables Funding LLC, Series 2026-1A, Class D, 7.71%, due <br> 02/15/33 144A<br>| 1225062 |
| 1500000 | Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 4.82% (3 mo. USD Term <br> SOFR + 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| 1498962 |
| 300000 | Balboa Bay Loan Funding Ltd., Series 2023-1A, Class D1RR, 6.57% (3 mo. USD Term <br> SOFR + 2.90%), due 04/20/36<sup>(b)</sup> 144A<br>| 293603 |

---

104See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 700000 | Balboa Bay Loan Funding Ltd., Series 2025-1A, Class E, 9.42% (3 mo. USD Term <br> SOFR + 5.75%), due 07/20/38<sup>(b)</sup> 144A<br>| 685450 |
| 1220000 | Ballyrock CLO 29 Ltd., Series 2025-29A, Class SUB, 0.00%, due 07/25/38<sup>(c)</sup> 144A | 802683 |
| 250000 | Barings CLO Ltd., Series 2023-1A, Class ER, 10.37% (3 mo. USD Term SOFR + <br> 6.70%), due 04/20/38<sup>(b)</sup> 144A<br>| 245176 |
| 300000 | BCC Middle Market CLO LLC, Series 2025-1A, Class D1, 7.17% (3 mo. USD Term <br> SOFR + 3.50%), due 07/17/37<sup>(b)</sup> 144A<br>| 293146 |
| 250000 | Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class E, 8.57% (3 mo. USD <br> Term SOFR + 4.90%), due 07/25/38<sup>(b)</sup> 144A<br>| 246861 |
| 250000 | Benefit Street Partners CLO XL Ltd., Series 2025-40A, Class E, 8.92% (3 mo. USD <br> Term SOFR + 5.25%), due 07/25/38<sup>(b)</sup> 144A<br>| 244608 |
| 1200000 | BHG Securitization Trust, Series 2025-2CON, Class B, 5.17%, due 09/17/36 144A | 1205176 |
| 450000 | Brant Point CLO Ltd., Series 2025-7A, Class D1, 6.87% (3 mo. USD Term SOFR + <br> 3.20%), due 07/25/38<sup>(b)</sup> 144A<br>| 447588 |
| 1000000 | Capital Four U.S. CLO I Ltd., Series 2021-1A, Class AR, 4.81% (3 mo. USD Term <br> SOFR + 1.14%), due 01/18/35<sup>(b)</sup> 144A<br>| 998500 |
| 2000000 | Carlyle U.S. CLO Ltd., Series 2017-2A, Class ER2, 11.23% (3 mo. USD Term SOFR + <br> 7.56%), due 07/20/37<sup>(b)</sup> 144A<br>| 1859208 |
| 400000 | Carlyle U.S. CLO Ltd., Series 2020-2A, Class A1R2, 4.75% (3 mo. USD Term SOFR + <br> 1.08%), due 01/25/35<sup>(b)</sup> 144A<br>| 399200 |
| 700000 | Carlyle U.S. CLO Ltd., Series 2023-1A, Class D1R, 6.52% (3 mo. USD Term SOFR + <br> 2.85%), due 07/20/37<sup>(b)</sup> 144A<br>| 691091 |
| 250000 | Carlyle U.S. CLO Ltd., Series 2023-1A, Class ER, 9.42% (3 mo. USD Term SOFR + <br> 5.75%), due 07/20/37<sup>(b)</sup> 144A<br>| 241096 |
| 1000000 | Carlyle U.S. CLO Ltd., Series 2025-2A, Class E, 10.42% (3 mo. USD Term SOFR + <br> 6.75%), due 07/25/38<sup>(b)</sup> 144A<br>| 997703 |
| 250000 | Carlyle U.S. CLO Ltd., Series 2025-3A, Class E, 8.92% (3 mo. USD Term SOFR + <br> 5.25%), due 07/25/38<sup>(b)</sup> 144A<br>| 244667 |
| 773451 | Chase Auto Credit Linked Notes, Series 2025-1, Class E, 6.02%, due 02/25/33 144A | 775265 |
| 599896 | Chase Auto Credit Linked Notes, Series 2025-1, Class F, 7.00%, due 02/25/33 144A | 599655 |
| 250000 | CIFC Funding Ltd., Series 2018-4A, Class ER, 8.52% (3 mo. USD Term SOFR + <br> 4.85%), due 01/17/38<sup>(b)</sup> 144A<br>| 241912 |
| 250000 | CIFC Funding Ltd., Series 2019-4A, Class C1R2, 6.52% (3 mo. USD Term SOFR + <br> 2.85%), due 07/15/38<sup>(b)</sup> 144A<br>| 245746 |
| 250000 | CIFC Funding Ltd., Series 2019-4A, Class DR2, 8.92% (3 mo. USD Term SOFR + <br> 5.25%), due 07/15/38<sup>(b)</sup> 144A<br>| 248062 |
| 250000 | CIFC Funding Ltd., Series 2022-5A, Class ER2, 10.20% (3 mo. USD Term SOFR + <br> 6.54%), due 03/16/38<sup>(b)</sup> 144A<br>| 250625 |
| 300000 | CIFC Funding Ltd., Series 2025-3A, Class SUB, 0.00%, due 07/21/38<sup>(c)</sup> 144A | 232558 |
| 1000000 | Clermont Park CLO Ltd., Series 2025-1A, Class E, 9.17% (3 mo. USD Term SOFR + <br> 5.50%), due 04/24/38<sup>(b)</sup> 144A<br>| 979317 |
| 500000 | Consumer Portfolio Services Auto Trust, Series 2025-B, Class B, 4.79%, due 11/15/29 <br> 144A<br>| 501882 |
| 500000 | Consumer Portfolio Services Auto Trust, Series 2025-B, Class C, 5.12%, due 07/15/31 <br> 144A<br>| 503702 |
| 500000 | CPS Auto Receivables Trust, Series 2025-C, Class B, 4.71%, due 12/17/29 144A | 501433 |
| 1200000 | CPS Auto Receivables Trust, Series 2025-C, Class C, 4.91%, due 10/15/31 144A | 1202765 |
| 1000000 | CTM CLO Ltd., Series 2025-1A, Class E, 10.42% (3 mo. USD Term SOFR + 6.75%), <br> due 07/15/38<sup>(b)</sup> 144A<br>| 982807 |
| 250000 | Diameter Capital CLO 3 Ltd., Series 2022-3A, Class SUB, 0.00%, due 04/15/22<sup>(c)(f)</sup> <br> 144A<br>| 168690 |
| 925000 | Eldridge CLO Ltd., Series 2025-2A, Class D1, 6.49% (3 mo. USD Term SOFR + <br> 2.85%), due 01/20/39<sup>(b)</sup> 144A<br>| 911200 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 800000 | Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R, 4.82% (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| 800378 |
| 1675000 | Elmwood CLO 20 Ltd., Series 2022-7A, Class ER2, 8.38% (3 mo. USD Term SOFR + <br> 4.75%), due 01/20/39<sup>(b)</sup> 144A<br>| 1635194 |
| 755000 | Elmwood CLO 42 Ltd., Series 2025-5A, Class D, 6.92% (3 mo. USD Term SOFR + <br> 3.25%), due 03/31/38<sup>(b)</sup> 144A<br>| 755468 |
| 250000 | Elmwood CLO 42 Ltd., Series 2025-5A, Class E, 10.17% (3 mo. USD Term SOFR + <br> 6.50%), due 03/31/38<sup>(b)</sup> 144A<br>| 249418 |
| 430000 | Elmwood CLO 43 Ltd., Series 2025-6A, Class E, 8.67% (3 mo. USD Term SOFR + <br> 5.00%), due 07/20/38<sup>(b)</sup> 144A<br>| 424450 |
| 266000 | Elmwood CLO XI Ltd., Series 2021-4A, Class SUB, 0.00%, due 10/20/34<sup>(c)</sup> 144A | 152248 |
| 1000000 | Elmwood CLO XII Ltd., Series 2021-5A, Class D1R, 6.77% (3 mo. USD Term SOFR + <br> 3.10%), due 10/15/37<sup>(b)</sup> 144A<br>| 983067 |
| 1875000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class E, 6.99%, due 04/15/33 <br> 144A<br>| 1851262 |
| 595000 | Exeter Select Automobile Receivables Trust, Series 2025-2, Class E, 6.87%, due <br> 02/15/33 144A<br>| 582713 |
| 500000 | Flagship Credit Auto Trust, Series 2023-2, Class E, 10.89%, due 07/15/30 144A | 348811 |
| 250000 | Flatiron CLO 23 LLC, Series 2023-1A, Class ER, 8.62% (3 mo. USD Term SOFR + <br> 4.95%), due 04/17/36<sup>(b)</sup> 144A<br>| 240387 |
| 356401 | Foundation Finance Trust, Series 2025-2A, Class A, 4.67%, due 04/15/52 144A | 354521 |
| 250000 | Galaxy XXII CLO Ltd., Series 2016-22A, Class ER4, 10.16% (3 mo. USD Term SOFR <br> + 5.25%), due 04/16/34<sup>(b)</sup> 144A<br>| 237716 |
| 250000 | GoldenTree Loan Management U.S. CLO 9 Ltd., Series 2021-9A, Class ER2, 1.00% (3 <br> mo. USD Term SOFR + 5.90%), due 04/20/37<sup>(b)(d)</sup> 144A<br>| 250625 |
| 700000 | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.78% (3 mo. <br> USD Term SOFR + 1.11%), due 04/20/35<sup>(b)</sup> 144A<br>| 699373 |
| 400000 | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class AJR2, 5.07% (3 mo. <br> USD Term SOFR + 1.40%), due 04/20/35<sup>(b)</sup> 144A<br>| 399292 |
| 1400000 | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class BR2, 5.17% (3 mo. <br> USD Term SOFR + 1.50%), due 04/20/35<sup>(b)</sup> 144A<br>| 1387491 |
| 239002 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A2, 4.93%, due <br> 06/25/60 144A<br>| 239869 |
| 500000 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A3, 5.02%, due <br> 06/25/60 144A<br>| 505988 |
| 343401 | GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A4, 4.89%, due <br> 06/25/60 144A<br>| 343228 |
| 557302 | GreenSky Home Improvement Issuer Trust, Series 2025-3A, Class A1, 4.34%, due <br> 12/27/60 144A<br>| 557746 |
| 6000000 | Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.15% (1 mo. USD Term SOFR <br> + 1.48%), due 01/15/43<sup>(b)</sup> 144A<br>| 6002432 |
| 12777 | GSAA Home Equity Trust, Series 2007-7, Class A4, 4.33% (1 mo. USD Term SOFR + <br> 0.65%), due 07/25/37<sup>(b)</sup> <br>| 12553 |
| 1000000 | Harvest U.S. CLO Ltd., Series 2023-1A, Class A1R, 4.82% (3 mo. USD Term SOFR + <br> 1.15%), due 01/15/37<sup>(b)</sup> 144A<br>| 997765 |
| 409065 | Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class D, 6.92% (30 day <br> USD SOFR Average + 3.25%), due 09/20/33<sup>(b)</sup> 144A<br>| 400104 |
| 1340000 | Huntington Bank Auto Credit-Linked Notes, Series 2026-1, Class D, 8.17% (30 day <br> USD SOFR Average + 4.50%), due 02/20/34<sup>(b)</sup> 144A<br>| 1336662 |
| 2200000 | Invesco CLO Ltd., Series 2022-2A, Class A1R, 4.82% (3 mo. USD Term SOFR + <br> 1.15%), due 07/20/35<sup>(b)</sup> 144A<br>| 2199793 |
| 250000 | Kennedy Lewis CLO 17 Ltd., Series 2024-17A, Class E, 9.82% (3 mo. USD Term <br> SOFR + 6.15%), due 10/22/37<sup>(b)</sup> 144A<br>| 242336 |

---

106See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 800000 | Kennedy Lewis CLO 21 Ltd., Series 2025-21A, Class D1, 6.77% (3 mo. USD Term <br> SOFR + 3.10%), due 07/25/38<sup>(b)</sup> 144A<br>| 789883 |
| 4400000 | KKR CLO 16 Ltd., Series 16, Class A1R3, 4.81% (3 mo. USD Term SOFR + 1.14%), <br> due 10/20/34<sup>(b)</sup> 144A<br>| 4397615 |
| 352539 | KREF Ltd., Series 2022-FL3, Class A, 5.13% (1 mo. USD Term SOFR + 1.45%), due <br> 02/17/39<sup>(b)</sup> 144A<br>| 352725 |
| 682385 | Lendbuzz Securitization Trust, Series 2023-2A, Class A2, 7.09%, due 10/16/28 144A | 689781 |
| 775000 | Lendmark Funding Trust, Series 2025-1A, Class E, 8.91%, due 09/20/34 144A | 798594 |
| 3500000 | LMNT CRE LLC, Series 2025-FL3, Class A, 5.23% (1 mo. USD Term SOFR + 1.55%), <br> due 07/21/43<sup>(b)</sup> 144A<br>| 3502117 |
| 99792 | Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 5.07% (1 mo. USD Term <br> SOFR + 1.39%), due 02/25/35<sup>(b)</sup> <br>| 98919 |
| 3000000 | LRECS LLC, Series 2025-CRE1, Class A, 5.18% (1 mo. USD Term SOFR + 1.50%), <br> due 08/19/43<sup>(b)</sup> 144A<br>| 2994788 |
| 1680000 | Madison Park Funding LXIII Ltd., Series 2023-63A, Class ER, 9.67% (3 mo. USD Term <br> SOFR + 6.00%), due 07/21/38<sup>(b)</sup> 144A<br>| 1546936 |
| 500000 | Madison Park Funding LXV Ltd., Series 2025-65A, Class D1, 6.47% (3 mo. USD Term <br> SOFR + 2.80%), due 07/16/38<sup>(b)</sup> 144A<br>| 491597 |
| 250000 | Madison Park Funding LXV Ltd., Series 2025-65A, Class E, 8.67% (3 mo. USD Term <br> SOFR + 5.00%), due 07/16/38<sup>(b)</sup> 144A<br>| 244551 |
| 2030000 | Madison Park Funding LXXII Ltd., Series 2025-72A, Class SUB, 0.00%, due 07/23/38<sup>(c)</sup> <br> 144A<br>| 1548565 |
| 250000 | Madison Park Funding XLVI Ltd., Series 2020-46A, Class ERR, 8.92% (3 mo. USD <br> Term SOFR + 5.25%), due 10/15/34<sup>(b)</sup> 144A<br>| 219772 |
| 11453250 | Madison Park Funding XVII Ltd., Series 2015-17A, Class SUB, 0.00%, due 07/21/45<sup>(c)</sup> <br> 144A<br>| 791431 |
| 1190000 | Madison Park Funding XVII Ltd., Series 2015-17X, Class SUB, due 07/21/30<sup>(c)(g)</sup> <br>| 82230 |
| 1690000 | Madison Park Funding XXII Ltd., Series 2016-22A, Class SUB, 0.00%, due 01/15/33<sup>(c)</sup> <br> 144A<br>| 531346 |
| 250000 | Madison Park Funding XXXI Ltd., Series 2018-31A, Class ER, 10.07% (3 mo. USD <br> Term SOFR + 6.40%), due 07/23/37<sup>(b)</sup> 144A<br>| 222031 |
| 540000 | Magnetite 50 Ltd., Series 2025-50A, Class E, 8.47% (3 mo. USD Term SOFR + 4.80%), <br> due 07/25/38<sup>(b)</sup> 144A<br>| 533522 |
| 500000 | Magnetite XLIII Ltd., Series 2025-43A, Class D2, 6.87% (3 mo. USD Term SOFR + <br> 3.20%), due 07/15/38<sup>(b)</sup> 144A<br>| 500317 |
| 250000 | Magnetite XLIII Ltd., Series 2025-43A, Class E, 10.17% (3 mo. USD Term SOFR + <br> 6.50%), due 07/15/38<sup>(b)</sup> 144A<br>| 249417 |
| 280500 | Magnetite XXVIII Ltd., Series 2020-28A, Class SUB, due 01/20/35<sup>(c)</sup> 144A | 149461 |
| 250000 | Magnetite XXXVI Ltd., Series 2023-36A, Class ER, 8.67% (3 mo. USD Term SOFR + <br> 5.00%), due 07/25/38<sup>(b)</sup> 144A<br>| 249511 |
| 435000 | MF1 LLC, Series 2025-FL19, Class C, 6.52% (1 mo. USD Term SOFR + 2.84%), due <br> 05/18/42<sup>(b)</sup> 144A<br>| 435277 |
| 302815 | Mill City Solar Loan Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A | 283972 |
| 325397 | National Collegiate Student Loan Trust, Series 2007-2, Class A4, 4.08% (1 mo. USD <br> Term SOFR + 0.40%), due 01/25/33<sup>(b)</sup> <br>| 321954 |
| 900000 | Navesink CLO 2 Ltd., Series 2024-2A, Class A1R, 4.86% (3 mo. USD Term SOFR + <br> 1.19%), due 01/15/36<sup>(b)</sup> 144A<br>| 899110 |
| 732543 | Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, due 07/15/55 144A | 734694 |
| 1200000 | Navient Education Loan Trust, Series 2025-A, Class B, 5.32%, due 07/15/55 144A | 1206470 |
| 227711 | Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due <br> 06/16/42 144A<br>| 224907 |
| 1145415 | Nelnet Student Loan Trust, Series 2025-BA, Class A1A, 4.84%, due 05/17/55 144A | 1141222 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1057306 | Nelnet Student Loan Trust, Series 2025-BA, Class A1B, 5.02% (30 day USD SOFR <br> Average + 1.35%), due 05/17/55<sup>(b)</sup> 144A<br>| 1064097 |
| 1874683 | Nelnet Student Loan Trust, Series 2025-DA, Class A1A, 4.65%, due 08/20/54 144A | 1853071 |
| 1000000 | Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class ER2, 8.66% (3 <br> mo. USD Term SOFR + 5.00%), due 07/23/36<sup>(b)</sup> 144A<br>| 984943 |
| 250000 | Neuberger Berman Loan Advisers CLO 61 Ltd., Series 2025-61A, Class E, 8.57% (3 <br> mo. USD Term SOFR + 4.90%), due 07/17/39<sup>(b)</sup> 144A<br>| 248591 |
| 250000 | Oaktree CLO Ltd., Series 2023-1A, Class ER, 11.17% (3 mo. USD Term SOFR + <br> 7.50%), due 04/15/38<sup>(b)</sup> 144A<br>| 245375 |
| 250000 | Oaktree CLO Ltd., Series 2025-32A, Class E, 9.02% (3 mo. USD Term SOFR + 5.35%), <br> due 07/15/38<sup>(b)</sup> 144A<br>| 244673 |
| 1240625 | OCP CLO Ltd., Series 2018-15A, Class SUB, 0.00%, due 07/20/31<sup>(c)</sup> 144A | 448720 |
| 3360000 | OCP CLO Ltd., Series 2021-21A, Class SUB, 0.00%, due 01/20/38<sup>(c)</sup> 144A | 1690718 |
| 250000 | OCP CLO Ltd., Series 2022-24A, Class ER, 9.92% (3 mo. USD Term SOFR + 6.25%), <br> due 10/20/37<sup>(b)</sup> 144A<br>| 250059 |
| 450000 | OCP CLO Ltd., Series 2024-35A, Class D1, 6.77% (3 mo. USD Term SOFR + 3.10%), <br> due 10/25/37<sup>(b)</sup> 144A<br>| 444074 |
| 665000 | OCP CLO Ltd., Series 2025-43A, Class D1, 6.92% (3 mo. USD Term SOFR + 3.25%), <br> due 07/20/38<sup>(b)</sup> 144A<br>| 663209 |
| 250000 | OCP CLO Ltd., Series 2025-43A, Class E, 10.17% (3 mo. USD Term SOFR + 6.50%), <br> due 07/20/38<sup>(b)</sup> 144A<br>| 249410 |
| 2800000 | Octagon 64 Ltd., Series 2022-1A, Class A1R, 4.93% (3 mo. USD Term SOFR + 1.26%), <br> due 07/21/35<sup>(b)</sup> 144A<br>| 2799126 |
| 288067 | Octagon 67 Ltd., Series 2023-1A, Class FR, 12.00%, due 07/25/38 144A | 245477 |
| 250000 | OHA Credit Funding 15-R Ltd., Series 2023-15RA, Class E, 8.52% (3 mo. USD Term <br> SOFR + 4.85%), due 07/20/38<sup>(b)</sup> 144A<br>| 243918 |
| 725000 | OHA Credit Funding 22 Ltd., Series 2025-22A, Class E, 9.22% (3 mo. USD Term <br> SOFR + 5.55%), due 07/20/38<sup>(b)</sup> 144A<br>| 701002 |
| 456000 | OHA Credit Funding 7 Ltd., Series 2020-7A, Class D1R2, 6.37% (3 mo. USD Term <br> SOFR + 2.70%), due 07/19/38<sup>(b)</sup> 144A<br>| 451613 |
| 380000 | OHA Credit Funding 7 Ltd., Series 2020-7A, Class ER2, 8.57% (3 mo. USD Term <br> SOFR + 4.90%), due 07/19/38<sup>(b)</sup> 144A<br>| 373379 |
| 620000 | OHA Credit Funding 8 Ltd., Series 2021-8A, Class SUB, 0.00%, due 01/20/38<sup>(c)</sup> 144A | 355491 |
| 1000000 | OHA Credit Partners VII Ltd., Series 2012-7A, Class SUB, 0.00%, due 02/20/38<sup>(c)</sup> 144A | 419832 |
| 850000 | Option One Mortgage Loan Trust, Series 2005-3, Class M4, 4.72% (1 mo. USD Term <br> SOFR + 1.04%), due 08/25/35<sup>(b)</sup> <br>| 753057 |
| 2499903 | Pagaya AI Debt Grantor Trust, Series 2025-5, Class B, 5.44%, due 03/15/33 144A | 2504971 |
| 1699843 | Pagaya AI Debt Grantor Trust, Series 2025-6, Class B, 4.88%, due 04/15/33 144A | 1688114 |
| 518939 | Pagaya AI Debt Grantor Trust, Series 2025-R2, Class A, 4.87%, due 10/15/32 144A | 519658 |
| 285000 | Palmer Square CLO Ltd., Series 2018-1A, Class DR, 10.61% (3 mo. USD Term SOFR <br> + 6.94%), due 04/18/37<sup>(b)</sup> 144A<br>| 250501 |
| 790000 | Peace Park CLO Ltd., Series 2021-1A, Class ER, 8.57% (3 mo. USD Term SOFR + <br> 4.90%), due 10/20/38<sup>(b)</sup> 144A<br>| 705093 |
| 1415752 | PK ALIFT Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, due 11/15/42 144A | 1427931 |
| 1226527 | PK ALIFT Loan Funding 7 LP, Series 2025-2, Class A, 4.75%, due 03/15/43 144A | 1222271 |
| 680000 | Point Securitization Trust, Series 2025-1, Class A2, 7.50%, due 06/25/55 144A | 680546 |
| 330000 | Point Securitization Trust, Series 2025-2, Class A2, 7.00%, due 10/25/55<sup>(h)</sup> 144A | 325332 |
| 235000 | Point Securitization Trust, Series 2026-1, Class A2, 6.50%, due 02/25/56<sup>(h)</sup> 144A | 228269 |
| 1150000 | Post CLO Ltd., Series 2021-1A, Class AR, 4.75% (3 mo. USD Term SOFR + 1.08%), <br> due 10/15/34<sup>(b)</sup> 144A<br>| 1147988 |
| 1200000 | PPM CLO 3 Ltd., Series 2019-3A, Class A1R2, 4.79% (3 mo. USD Term SOFR + <br> 1.12%), due 07/17/34<sup>(b)</sup> 144A<br>| 1199387 |

---

108See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 430000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL10, Class A2, 7.26%, due <br> 10/25/55<sup>(h)</sup> 144A<br>| 361535 |
| 375000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL11, Class A2, 7.02%, due <br> 10/25/55<sup>(h)</sup> 144A<br>| 375432 |
| 1698112 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL13, Class A1, 5.34%, due <br> 12/25/55<sup>(h)</sup> 144A<br>| 1687401 |
| 366000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL13, Class A2, 6.78%, due <br> 12/25/55<sup>(h)</sup> 144A<br>| 348030 |
| 968391 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL14, Class A1, 5.27%, due <br> 12/25/55<sup>(h)</sup> 144A<br>| 960929 |
| 1050000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL14, Class A2, 6.78%, due <br> 12/25/55<sup>(h)</sup> 144A<br>| 1038050 |
| 1305000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL3, Class A2, 8.84%, due <br> 04/25/55<sup>(h)</sup> 144A<br>| 1307669 |
| 1725631 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL5, Class A1, 6.24%, due <br> 05/25/55<sup>(h)</sup> 144A<br>| 1729695 |
| 1335000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL5, Class A2, 8.72%, due <br> 05/25/55<sup>(h)</sup> 144A<br>| 1338718 |
| 899031 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL6, Class A1, 5.74%, due <br> 06/25/55<sup>(h)</sup> 144A<br>| 901088 |
| 590000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL6, Class A2, 8.72%, due <br> 06/25/55<sup>(h)</sup> 144A<br>| 592447 |
| 1081140 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL7, Class A1, 5.66%, due <br> 07/25/55<sup>(h)</sup> 144A<br>| 1084002 |
| 725000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL7, Class A2, 8.35%, due <br> 07/25/55<sup>(h)</sup> 144A<br>| 727914 |
| 475000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL8, Class A2, 7.99%, due <br> 08/25/55<sup>(h)</sup> 144A<br>| 476371 |
| 928478 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL9, Class A1, 5.39%, due <br> 08/25/55<sup>(h)</sup> 144A<br>| 929984 |
| 755000 | Pretium Mortgage Credit Partners LLC, Series 2025-NPL9, Class A2, 7.51%, due <br> 08/25/55<sup>(h)</sup> 144A<br>| 757312 |
| 974544 | Pretium Mortgage Credit Partners LLC, Series 2026-NPL1, Class A1, 5.18%, due <br> 01/25/56<sup>(h)</sup> 144A<br>| 967381 |
| 355000 | Pretium Mortgage Credit Partners LLC, Series 2026-NPL1, Class A2, 6.54%, due <br> 01/25/56<sup>(h)</sup> 144A<br>| 351269 |
| 488582 | Pretium Mortgage Credit Partners LLC, Series 2026-NPL2, Class A1, 5.15%, due <br> 02/25/56<sup>(h)</sup> 144A<br>| 485103 |
| 1047000 | Pretium Mortgage Credit Partners LLC, Series 2026-NPL2, Class A2, 6.54%, due <br> 02/25/56<sup>(h)</sup> 144A<br>| 1042686 |
| 505000 | Pretium Mortgage Credit Partners LLC, Series 2026-NPL3, Class A2, 6.22%, due <br> 02/25/56<sup>(h)</sup> 144A<br>| 499763 |
| 1875000 | Rad CLO 12 Ltd., Series 2021-12A, Class DR, 10.32% (3 mo. USD Term SOFR + <br> 6.65%), due 07/30/40<sup>(b)</sup> 144A<br>| 1729481 |
| 1697247 | RCKT Mortgage Trust, Series 2025-CES6, Class A1A, 5.47%, due 06/25/55<sup>(h)</sup> 144A | 1704134 |
| 294727 | Reach ABS Trust, Series 2025-2A, Class A, 4.93%, due 08/18/32 144A | 295975 |
| 1600000 | Reach ABS Trust, Series 2025-2A, Class B, 5.12%, due 08/18/32 144A | 1603509 |
| 2200000 | Reach ABS Trust, Series 2026-1A, Class B, 4.37%, due 02/15/33 144A | 2192684 |
| 1000000 | Regatta 33 Funding Ltd., Series 2025-2A, Class E, 10.32% (3 mo. USD Term SOFR + <br> 6.65%), due 07/25/38<sup>(b)</sup> 144A<br>| 997653 |
| 699292 | Renew Financial, Series 2024-2A, Class M, 6.83%, due 11/20/60 144A | 674817 |
| 129680 | Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A1, 4.73%, due <br> 07/27/26 144A<br>| 129711 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 700000 | Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A2, 5.12%, due <br> 04/25/34 144A<br>| 702329 |
| 1160000 | Residential Asset Securities Corporation Trust, Series 2006-KS2, Class M3, 4.41% (1 <br> mo. USD Term SOFR + 0.73%), due 03/25/36<sup>(b)</sup> <br>| 1147910 |
| 1900000 | Rockford Tower CLO Ltd., Series 2022-1A, Class A1R, 4.87% (3 mo. USD Term SOFR <br> + 1.20%), due 07/20/35<sup>(b)</sup> 144A<br>| 1900950 |
| 2600000 | Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.42%, due 07/29/43 144A | 2617706 |
| 260000 | RR 23 Ltd., Series 2022-23A, Class DR2, 8.67% (3 mo. USD Term SOFR + 5.00%), <br> due 07/15/37<sup>(b)</sup> 144A<br>| 254379 |
| 1000000 | RR 28 Ltd., Series 2024-28RA, Class DR2, 9.78% (3 mo. USD Term SOFR + 6.10%), <br> due 04/15/41<sup>(b)</sup> 144A<br>| 990221 |
| 550000 | RR 40 Ltd., Series 2025-40A, Class D, 9.42% (3 mo. USD Term SOFR + 5.75%), due <br> 07/15/38<sup>(b)</sup> 144A<br>| 538699 |
| 1350106 | Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class F, 10.17%, due <br> 06/15/32 144A<br>| 1387225 |
| 250000 | Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class E, 6.27%, due 01/16/34 <br> 144A<br>| 250474 |
| 860000 | Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class F, 7.34%, due 01/16/34 <br> 144A<br>| 858319 |
| 2000000 | Sculptor CLO XXVII Ltd., Series 27A, Class A1RR, 4.81% (3 mo. USD Term SOFR + <br> 1.15%), due 04/20/37<sup>(b)</sup> 144A<br>| 1995202 |
| 450000 | Sculptor CLO XXX Ltd., Series 30A, Class D1R, 7.27% (3 mo. USD Term SOFR + <br> 3.60%), due 07/20/38<sup>(b)</sup> 144A<br>| 448180 |
| 380000 | Sixth Street CLO 29 Ltd., Series 2025-29A, Class E, 8.67% (3 mo. USD Term SOFR + <br> 5.00%), due 07/17/38<sup>(b)</sup> 144A<br>| 371781 |
| 940000 | Sixth Street CLO 29 Ltd., Series 2025-29A, Class SUB, 0.00%, due 07/17/38<sup>(c)</sup> 144A | 660351 |
| 400000 | Sixth Street CLO 32 Ltd., Series 2026-32A, Class E, 1.00% (3 mo. USD Term SOFR + <br> 6.00%), due 04/21/39<sup>(b)(d)</sup> 144A<br>| 401861 |
| 2500000 | Sixth Street CLO VIII Ltd., Series 2017-8A, Class A1R2, 4.82% (3 mo. USD Term <br> SOFR + 1.15%), due 10/20/34<sup>(b)</sup> 144A<br>| 2497110 |
| 250000 | Sixth Street CLO XX Ltd., Series 2021-20A, Class ER, 9.17% (3 mo. USD Term SOFR <br> + 5.50%), due 07/17/38<sup>(b)</sup> 144A<br>| 241613 |
| 250000 | Sixth Street CLO XXVI Ltd., Series 2024-26X, Class E, 9.32% (3 mo. USD Term <br> SOFR + 5.65%), due 10/18/37<sup>(b)(g)</sup> <br>| 245106 |
| 2565524 | Slam Ltd., Series 2025-1A, Class A, 5.81%, due 05/15/50 144A | 2599491 |
| 50000 | SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 6.94%, due <br> 06/15/32<sup>(c)</sup> <br>| 49245 |
| 50000 | SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 7.92%, due 03/15/33<sup>(c)</sup> <br>| 49702 |
| 230359 | SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 <br> 144A<br>| 208523 |
| 1282013 | SMB Private Education Loan Trust, Series 2023-B, Class B, 5.77%, due 10/16/56 144A | 1299690 |
| 964542 | SMB Private Education Loan Trust, Series 2024-A, Class A1B, 5.12% (30 day USD <br> SOFR Average + 1.45%), due 03/15/56<sup>(b)</sup> 144A<br>| 974127 |
| 1250000 | SMB Private Education Loan Trust, Series 2024-D, Class D, 7.51%, due 07/15/53 144A | 1279499 |
| 2004142 | SMB Private Education Loan Trust, Series 2025-B, Class A1A, 5.02%, due 03/17/53 <br> 144A<br>| 2007102 |
| 3000000 | SMB Private Education Loan Trust, Series 2026-B, Class A1A, 5.03%, due 03/15/56<sup>(d)</sup> <br> 144A<br>| 2986346 |
| 1805000 | Southwick Park CLO LLC, Series 2019-4A, Class ERR, 9.92% (3 mo. USD Term SOFR <br> + 6.25%), due 07/20/32<sup>(b)</sup> 144A<br>| 1716008 |
| 276454 | Stonepeak ABS, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A | 270377 |
| 800000 | Sunbit Asset Securitization Trust , Series 2025-1, Class A, 5.36%, due 07/15/30 144A | 801252 |

---

110See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1400000 | Symphony CLO 52 Ltd., Series 2025-52A, Class AR, 4.82% (3 mo. USD Term SOFR + <br> 1.15%), due 01/20/36<sup>(b)</sup> 144A<br>| 1397938 |
| 250000 | Texas Debt Capital CLO Ltd., Series 2023-1A, Class D1R, 6.42% (3 mo. USD Term <br> SOFR + 2.75%), due 07/20/38<sup>(b)</sup> 144A<br>| 248585 |
| 250000 | Texas Debt Capital CLO Ltd., Series 2023-1A, Class ER, 8.62% (3 mo. USD Term <br> SOFR + 4.95%), due 07/20/38<sup>(b)</sup> 144A<br>| 247864 |
| 1200000 | Thayer Park CLO Ltd., Series 2017-1A, Class A1RR, 4.67% (3 mo. USD Term SOFR + <br> 1.00%), due 04/20/34<sup>(b)</sup> 144A<br>| 1198142 |
| 1397531 | Towd Point Mortgage Trust, Series 2025-CES3, Class A1A, 5.28%, due 08/25/65<sup>(h)</sup> <br> 144A<br>| 1396986 |
| 1000000 | TPG CLO Ltd., Series 2025-1A, Class E, 10.11% (3 mo. USD Term SOFR + 6.15%), <br> due 07/15/38<sup>(b)</sup> 144A<br>| 997199 |
| 1300000 | Trimaran CAVU Ltd., Series 2021-2A, Class AR, 4.67% (3 mo. USD Term SOFR + <br> 1.02%), due 10/25/34<sup>(b)</sup> 144A<br>| 1298993 |
| 250000 | Trimaran CAVU Ltd., Series 2025-1A, Class E, 8.92% (3 mo. USD Term SOFR + <br> 5.25%), due 04/25/38<sup>(b)</sup> 144A<br>| 244768 |
| 1391173 | UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, due 09/25/47 144A | 1384042 |
| 2100000 | VB-S1 Issuer LLC, Series 2026-1A, Class C2, 4.69%, due 03/15/56 144A | 2066022 |
| 125000 | VB-S1 Issuer LLC, Series 2026-1A, Class F, 6.84%, due 03/15/56 144A | 125764 |
| 943184 | VCAT LLC, Series 2026-NPL1, Class A1, 5.10%, due 01/25/56<sup>(h)</sup> 144A | 938615 |
| 250000 | Voya CLO Ltd., Series 2025-1A, Class E, 8.27% (3 mo. USD Term SOFR + 4.60%), <br> due 04/20/38<sup>(b)</sup> 144A<br>| 244563 |
| 250000 | Voya CLO Ltd., Series 2025-3A, Class E, 9.07% (3 mo. USD Term SOFR + 5.40%), <br> due 07/20/38<sup>(b)</sup> 144A<br>| 246579 |
| 250000 | Wonder Lake Park CLO Ltd., Series 2025-1A, Class E, 8.57% (3 mo. USD Term SOFR <br> + 4.90%), due 07/24/38<sup>(b)</sup> 144A<br>| 244514 |
| 2500000 | Zayo Issuer LLC, Series 2025-2A, Class C, 9.49%, due 06/20/55 144A | 2630240 |
|  |  | 195831751 |
|  | **Bank Loans — 16.8%** | **Bank Loans — 16.8%** |
| 236875 | 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 5.42% (1 mo. USD Term <br> SOFR + 1.75%), due 09/20/30<sup>(b)</sup> <br>| 236638 |
| 133982 | AAL Delaware Holdco, Inc., 2025 Term Loan, 6.42% (1 mo. USD Term SOFR + <br> 2.75%), due 07/30/31<sup>(b)</sup> <br>| 133934 |
| 905833 | Access CIG LLC, 2025 Term Loan, 7.70% (1 mo. USD Term SOFR + 4.00%), due <br> 08/19/30<sup>(b)</sup> <br>| 822043 |
| 787000 | ACP Tara Holdings, Inc., 2025 Term Loan B, 6.97% (3 mo. USD Term SOFR + 3.25%), <br> due 12/15/32<sup>(b)</sup> <br>| 791591 |
| 1733703 | Acrisure LLC, 2024 1st Lien Term Loan B6, 6.67% (1 mo. USD Term SOFR + 3.00%), <br> due 11/06/30<sup>(b)</sup> <br>| 1683859 |
| 992500 | Acrisure LLC, 2025 Term Loan B, 6.92% (1 mo. USD Term SOFR + 3.25%), due <br> 06/21/32<sup>(b)</sup> <br>| 962880 |
| 625000 | Advanced Drainage Systems, Inc., 5.30% (1 mo. USD Term SOFR + 1.63%), due <br> 02/28/33<sup>(b)</sup> <br>| 628906 |
| 580000 | AGI-CFI Acquisition Corp., 2026 Term Loan B TBD, due 03/25/33<sup>(i)</sup> <br>| 574925 |
| 713627 | Agiliti Health, Inc., 2023 Term Loan, 6.58% (6 mo. USD Term SOFR + 3.00%), due <br> 05/01/30<sup>(b)</sup> <br>| 696084 |
| 1678895 | AI Aqua Merger Sub, Inc., 2026 Term Loan B, 6.41% (1 mo. USD Term SOFR <br> +2.75%), due 07/31/28<sup>(b)</sup> <br>| 1675366 |
| 1678895 | AI Aqua Merger Sub, Inc., 2026 Term Loan B, 6.41% (3 mo. USD Term SOFR <br> +2.75%), due 07/31/28<sup>(b)</sup> <br>| 1675366 |
| 1733078 | AIT Worldwide Logistics, Inc., 2025 Repriced Term Loan, 7.67% (3 mo. USD Term <br> SOFR + 4.00%), due 04/08/30<sup>(b)</sup> <br>| 1737771 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1085000 | AL GCX Holdings LLC, 2025 Term Loan B, 5.92% (1 mo. USD Term SOFR + 2.25%), <br> due 12/17/32<sup>(b)</sup> <br>| 1086356 |
| 1000000 | EUR<br> Albea Beauty Holdings SA, 2023 EUR Term Loan B, 7.50% (6 mo. EURIBOR + <br> 5.00%), due 12/31/27<sup>(b)</sup> <br>| 1049462 |
| 1000000 | EUR<br> Albion Financing 3 SARL, 2025 EUR Term Loan, 5.03% (3 mo. EURIBOR + 3.00%), <br> due 05/21/31<sup>(b)</sup> <br>| 1151400 |
| 283577 | Alera Group, Inc., 2026 Term Loan B, 6.42% (1 mo. PRIME + 1.75%), due 05/30/32<sup>(b)</sup> <br>| 275601 |
| 1477022 | AlixPartners LLP, 2025 USD Term Loan, 5.67% (1 mo. USD Term SOFR + 2.00%), due <br> 08/12/32<sup>(b)</sup> <br>| 1465367 |
| 1350000 | Alkermes, Inc., 2026 Term Loan B, 6.42% (1 mo. USD Term SOFR + 2.75%), due <br> 08/12/31<sup>(b)</sup> <br>| 1361812 |
| 643504 | Alliant Holdings Intermediate LLC, 2025 Term Loan B, 6.17% (1 mo. USD Term SOFR <br> + 2.50%), due 09/19/31<sup>(b)</sup> <br>| 639113 |
| 1851199 | Allied Universal Holdco LLC, 2025 USD Term Loan B, 6.92% (1 mo. USD Term SOFR <br> + 3.25%), due 08/20/32<sup>(b)</sup> <br>| 1852741 |
| 300000 | Allison Transmission, Inc., 2025 Incremental Term Loan B, 5.42% (1 mo. USD Term <br> SOFR + 1.75%), due 01/02/33<sup>(b)</sup> <br>| 301634 |
| 249367 | Alpha Generation LLC, Term Loan B, 5.42% (1 mo. USD Term SOFR + 1.75%), due <br> 09/30/31<sup>(b)</sup> <br>| 249009 |
| 1630000 | Altar Bidco, Inc., 2021 2nd Lien Term Loan, 9.11% (12 mo. USD Term SOFR + <br> 5.60%), due 02/01/30<sup>(b)</sup> <br>| 1548500 |
| 665853 | Altice France SA, 2025 USD Term Loan B14, 10.55% (3 mo. USD Term SOFR + <br> 6.88%), due 05/31/31<sup>(b)</sup> <br>| 668350 |
| 327000 | Altice France SA, 2025 USD Term Loan B14 TBD, due 05/31/31<sup>(i)</sup> <br>| 328226 |
| 398746 | Amentum Government Services Holdings LLC, 2024 Term Loan B, 5.67% (1 mo. USD <br> Term SOFR + 2.00%), due 09/29/31<sup>(b)</sup> <br>| 399057 |
| 697375 | American Airlines, Inc., 2025 Term Loan B, 6.42% (3 mo. USD Term SOFR + 2.75%), <br> due 05/28/32<sup>(b)</sup> <br>| 692217 |
| 1197452 | American Auto Auction Group LLC, 2025 Term Loan, 8.20% (3 mo. USD Term SOFR <br> + 4.50%), due 05/28/32<sup>(b)</sup> <br>| 1189968 |
| 594000 | American Axle & Manufacturing, Inc., 2025 Incremental Term Loan C, 6.91% (3 mo. <br> USD Term SOFR + 3.25%), due 02/03/33<sup>(b)</sup> <br>| 591030 |
| 197980 | American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, 5.42% (1 mo. <br> USD Term SOFR + 1.75%), due 01/31/31<sup>(b)</sup> <br>| 198284 |
| 1711855 | Amneal Pharmaceuticals LLC, 2026 Term Loan, 6.67% (1 mo. USD Term SOFR + <br> 3.00%), due 08/01/32<sup>(b)</sup> <br>| 1720058 |
| 3525 | Amneal Pharmaceuticals LLC, 2026 Term Loan TBD, due 08/01/32<sup>(i)</sup> <br>| 3542 |
| 1481802 | Apollo Commercial Real Estate Finance, Inc., 2025 Term Loan B, 6.93% (1 mo. USD <br> Term SOFR + 3.25%), due 06/13/30<sup>(b)</sup> <br>| 1485507 |
| 408864 | Applied Systems, Inc., 2024 1st Lien Term Loan, 5.95% (1 mo. USD Term SOFR + <br> 2.25%), due 02/24/31<sup>(b)</sup> <br>| 401453 |
| 1237437 | Apro LLC, 2024 Term Loan B, 7.43% (1 mo. USD Term SOFR + 3.75%), due <br> 07/09/31<sup>(b)</sup> <br>| 1242594 |
| 1000000 | Aramark Services, Inc., 2025 Repriced Term Loan, 5.42% (1 mo. USD Term SOFR + <br> 1.75%), due 04/06/28<sup>(b)</sup> <br>| 1003958 |
| 1509073 | Arches Buyer, Inc., 2021 Term Loan B, 7.02% (1 mo. USD Term SOFR + 3.25%), due <br> 12/06/27<sup>(b)</sup> <br>| 1505091 |
| 1345120 | Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK Term Loan, 4.31% (4.31% Fixed or <br> PIK), due 12/17/33<sup>(b)(e)(j)(k)</sup> <br>| 637184 |
| 1000000 | EUR<br> Armorica Lux SARL, EUR Term Loan, 6.95% (3 mo. EURIBOR + 4.93%), due <br> 07/28/28<sup>(b)</sup> <br>| 1114753 |
| 116957 | Artera Services LLC, 2024 Term Loan, 8.17% (1 mo. USD Term SOFR + 4.50%), due <br> 02/15/31<sup>(b)</sup> <br>| 99384 |

---

112See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 3020000<br> Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 11.52% (3 mo. USD Term <br> SOFR + 7.75%), due 11/24/28<sup>(b)</sup> <br>| 2731841 |
| 129659<br> Aruba Investments Holdings LLC, 2020 USD Term Loan, 7.16% (1 mo. USD Term <br> SOFR + 3.38%), due 12/23/27<sup>(b)</sup> <br>| 121814 |
| 207824<br> Aruba Investments Holdings LLC, 2020 USD Term Loan, 7.77% (3 mo. USD Term <br> SOFR + 4.00%), due 11/24/27<sup>(b)</sup> <br>| 199576 |
| 90437<br> Aruba Investments Holdings LLC, 2020 USD Term Loan TBD, due 11/24/27<sup>(i)</sup> <br>| 86848 |
| 270000<br> Aruba Investments Holdings LLC, 2020 USD Term Loan TBD, due 12/23/27<sup>(i)</sup> <br>| 253665 |
| 264936<br> Aruba Investments Holdings LLC, 2022 USD Incremental Term Loan, 8.42% (3 mo. <br> USD Term SOFR + 4.75%), due 11/24/27<sup>(b)</sup> <br>| 254449 |
| 208188<br> Aspire Bakeries Holdings LLC, 2025 Repriced Term Loan, 6.67% (1 mo. USD Term <br> SOFR + 3.00%), due 12/23/30<sup>(b)</sup> <br>| 208481 |
| 1039395<br> Astro Acquisition LLC, 2025 Term Loan B, 6.95% (3 mo. USD Term SOFR + 3.25%), <br> due 08/30/32<sup>(b)</sup> <br>| 1045458 |
| 426355<br> Asurion LLC, 2021 Second Lien Term Loan B4, 9.03% (1 mo. USD Term SOFR + <br> 5.25%), due 01/20/29<sup>(b)</sup> <br>| 423904 |
| 431738<br> Asurion LLC, 2025 Term Loan B13, 7.92% (1 mo. USD Term SOFR + 4.25%), due <br> 09/19/30<sup>(b)</sup> <br>| 427204 |
| 2485963<br> Asurion LLC, 2026 Term Loan B14, 7.42% (1 mo. USD Term SOFR + 3.75%), due <br> 02/23/33<sup>(b)</sup> <br>| 2405791 |
| 1371276<br> Athenahealth Group, Inc., 2022 Term Loan B, 6.42% (1 mo. USD Term SOFR + <br> 2.75%), due 02/15/29<sup>(b)</sup> <br>| 1349238 |
| 1162915<br> Auction.com LLC, Term Loan, 9.63% (6 mo. USD Term SOFR + 6.00%), due <br> 05/26/28<sup>(b)</sup> <br>| 1010527 |
| 455433<br> Avaya, Inc., 2023 Exit Term Loan, 11.17% (1 mo. USD Term SOFR + 7.50%), due <br> 08/01/28<sup>(b)</sup> <br>| 408372 |
| 452523<br> Barnes Group, Inc., 2025 Term Loan B, 6.17% (1 mo. USD Term SOFR + 2.50%), due <br> 01/27/32<sup>(b)</sup> <br>| 451675 |
| 723153<br> Bausch & Lomb Corp., 2025 Repriced Term Loan, 7.42% (1 mo. USD Term SOFR + <br> 3.75%), due 01/15/31<sup>(b)</sup> <br>| 725639 |
| 1088972<br> BCPE Empire Holdings, Inc., 2025 Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 12/11/30<sup>(b)</sup> <br>| 1075190 |
| 289767<br> BCPE Empire Holdings, Inc., 2026 10th Amendment Term Loan, 7.17% (1 mo. USD <br> Term SOFR + 3.50%), due 12/29/32<sup>(b)</sup> <br>| 285784 |
| 149625<br> BCPE Pequod Buyer, Inc., USD Term Loan B, 6.42% (3 mo. USD Term SOFR + <br> 2.75%), due 11/25/31<sup>(b)</sup> <br>| 145354 |
| 1805475<br> Beach Acquisition Bidco LLC, USD Term Loan B, 6.95% (3 mo. USD Term SOFR + <br> 3.25%), due 09/12/32<sup>(b)</sup> <br>| 1814954 |
| 520259<br> Belron Finance LLC, 2026 Repriced Term Loan B, 5.66% (3 mo. USD Term SOFR + <br> 2.00%), due 10/16/31<sup>(b)</sup> <br>| 520519 |
| 75000<br> Bending Spoons U.S., Inc., Term Loan, 9.54% (1 mo. USD Term SOFR + 5.88%), due <br> 03/07/31<sup>(b)</sup> <br>| 68906 |
| 787164<br> Bending Spoons U.S., Inc., USD Term Loan B, 9.54% (1 mo. USD Term SOFR + <br> 5.88%), due 03/07/31<sup>(b)</sup> <br>| 725175 |
| 1192005<br> Berlin Packaging LLC, 2025 Term Loan B7, 6.95% (3 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(b)</sup> <br>| 1151775 |
| 1667959<br> Bingo Holdings I LLC, Term Loan B, 8.45% (3 mo. USD Term SOFR + 4.75%), due <br> 06/30/32<sup>(b)</sup> <br>| 1626885 |
| 694500<br> Blackhawk Network Holdings, Inc., 2026 Term Loan B, 7.17% (1 mo. USD Term SOFR <br> + 3.50%), due 03/12/29<sup>(b)</sup> <br>| 686600 |
| 1611349<br> Broadstreet Partners, Inc., 2024 Term Loan B4, 6.17% (1 mo. USD Term SOFR + <br> 2.50%), due 06/13/31<sup>(b)</sup> <br>| 1573281 |
| 101665<br> Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.17% (1 mo. USD Term <br> SOFR + 2.50%), due 07/01/31<sup>(i)</sup> <br>| 101911 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 354868 | Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.17% (3 mo. USD Term <br> SOFR + 2.50%), due 07/01/31<sup>(b)</sup> <br>| 355727 |
| 375000 | CACI International, Inc., 2026 Incremental Term Loan B2, 5.42% (1 mo. USD Term <br> SOFR + 1.75%), due 03/09/33<sup>(b)</sup> <br>| 375469 |
| 642073 | Caesars Entertainment, Inc., Term Loan B, 5.92% (1 mo. USD Term SOFR + 2.25%), <br> due 02/06/30<sup>(b)</sup> <br>| 624918 |
| 1778000 | Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, 6.92% (1 mo. USD <br> Term SOFR + 3.25%), due 01/31/31<sup>(b)</sup> <br>| 1548528 |
| 1618285 | Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 7.42% (3 mo. USD Term <br> SOFR + 3.75%), due 12/29/28<sup>(b)</sup> <br>| 669855 |
| 1496222 | Cengage Learning, Inc., 2026 Term Loan B, 6.67% (1 mo. USD Term SOFR + 3.00%), <br> due 03/24/31<sup>(b)</sup> <br>| 1469830 |
| 1136942 | Central Parent, Inc., 2024 Term Loan B, 6.95% (3 mo. USD Term SOFR + 3.25%), due <br> 07/06/29<sup>(b)</sup> <br>| 814761 |
| 533663 | CFC Bidco Ltd., Term Loan B, 7.16% (3 mo. USD Term SOFR + 3.50%), due <br> 07/01/32<sup>(b)</sup> <br>| 512316 |
| 1324988 | Chamberlain Group, Inc., 2025 Term Loan B, 6.42% (1 mo. USD Term SOFR + 2.75%), <br> due 09/08/32<sup>(b)</sup> <br>| 1313704 |
| 144377 | Champ Acquisition Corp., 2024 Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 11/25/31<sup>(b)</sup> <br>| 144949 |
| 1831454 | Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 7.92% (1 mo. USD Term SOFR + <br> 4.25%), due 02/11/28<sup>(b)</sup> <br>| 1815571 |
| 498724 | Charter Communications Operating LLC, 2023 Term Loan B4 TBD, due 12/07/30<sup>(i)</sup> <br>| 498947 |
| 1480592 | Chemours Co., 2025 USD Term Loan B, 7.17% (1 mo. USD Term SOFR + 3.50%), due <br> 10/15/32<sup>(b)</sup> <br>| 1471031 |
| 800000 | EUR<br> Chrysaor Bidco SARL, 2025 EUR Term Loan B, 5.53% (3 mo. EURIBOR + 3.50%), <br> due 10/30/31<sup>(b)</sup> <br>| 919044 |
| 423808 | Cinemark USA, Inc., 2025 Term Loan B, 5.92% (1 mo. USD Term SOFR + 2.25%), due <br> 05/24/30<sup>(b)</sup> <br>| 425529 |
| 170192 | Cinemark USA, Inc., 2025 Term Loan B, 5.95% (3 mo. USD Term SOFR + 2.25%), due <br> 05/24/30<sup>(b)</sup> <br>| 170883 |
| 1596000 | Citco Funding LLC, 2026 Term Loan B, 5.67% (3 mo. USD Term SOFR + 2.00%), due <br> 01/30/33<sup>(b)</sup> <br>| 1591261 |
| 511141 | Cloud Software Group, Inc., 2025 Term Loan B (2031), 6.95% (3 mo. USD Term SOFR <br> + 3.25%), due 03/21/31<sup>(b)</sup> <br>| 469611 |
| 1542250 | Cloud Software Group, Inc., 2025 Term Loan B (2032), 6.95% (3 mo. USD Term SOFR <br> + 3.25%), due 08/13/32<sup>(b)</sup> <br>| 1412123 |
| 1558225 | Clover Holdings 2 LLC, Fixed Term Loan B, 7.75% (7.75% Fixed or PIK), due <br> 12/09/31<sup>(b)</sup> <br>| 1474470 |
| 377150 | Clover Holdings 2 LLC, Term Loan B, 7.68% (1 mo. USD Term SOFR + 4.00%), due <br> 12/09/31<sup>(b)</sup> <br>| 362064 |
| 2350000 | Clydesdale Acquisition Holdings, Inc., Term Loan B, 6.84% (1 mo. USD Term SOFR + <br> 3.18%), due 04/13/29<sup>(b)</sup> <br>| 2247187 |
| 994975 | CNT Holdings I Corp., 2025 Term Loan, 6.17% (3 mo. USD Term SOFR + 2.50%), due <br> 11/08/32<sup>(b)</sup> <br>| 995597 |
| 163077 | Coherent Corp., 2025 Term Loan B2, 5.42% (1 mo. USD Term SOFR + 1.75%), due <br> 07/02/29<sup>(b)</sup> <br>| 163485 |
| 845750 | Colossus Acquireco LLC, Term Loan B, 5.38% (3 mo. USD Term SOFR + 1.75%), due <br> 07/30/32<sup>(b)</sup> <br>| 843560 |
| 661385 | Columbus McKinnon Corp., 2026 Term Loan B, 7.20% (3 mo. USD Term SOFR + <br> 3.50%), due 02/03/33<sup>(b)</sup> <br>| 659318 |
| 700000 | CompoSecure Holdings LLC, Term Loan, 5.93% (1 mo. USD Term SOFR + 2.25%), <br> due 01/14/33<sup>(b)</sup> <br>| 699125 |

---

114See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1000000 | EUR<br> Concorde Midco Ltd., 2025 EUR Term Loan B, 5.53% (3 mo. EURIBOR + 3.50%), due <br> 03/01/30<sup>(b)</sup> <br>| 1012496 |
| 764090 | ConnectWise LLC, 2021 Term Loan B, 7.46% (3 mo. USD Term SOFR + 3.50%), due <br> 09/29/28<sup>(b)</sup> <br>| 706306 |
| 651713 | Coolsys, Inc., 2021 Term Loan, 9.96% (3 mo. USD Term SOFR + 4.75%), due <br> 08/11/28<sup>(b)</sup> <br>| 550697 |
| 608801 | Coolsys, Inc., 2021 Term Loan, 9.97% (3 mo. USD Term SOFR + 4.75%), due <br> 08/11/28<sup>(b)</sup> <br>| 514437 |
| 19165 | Coolsys, Inc., 2021 Term Loan TBD, due 08/11/28<sup>(i)</sup> <br>| 16194 |
| 1500000 | Coral-U.S. Co-Borrower LLC, 2021 Term Loan B6, 6.79% (1 mo. USD Term SOFR + <br> 3.00%), due 10/15/29<sup>(b)</sup> <br>| 1493304 |
| 200000 | Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, 6.92% (3 mo. USD Term SOFR + <br> 3.25%), due 01/31/32<sup>(b)</sup> <br>| 196938 |
| 483607 | Corel Corp., 2019 Term Loan, 8.77% (3 mo. USD Term SOFR + 5.00%), due <br> 07/02/26<sup>(b)</sup> <br>| 397766 |
| 1088945 | Cotiviti Corp., 2024 Term Loan, 6.42% (1 mo. USD Term SOFR + 2.75%), due <br> 05/01/31<sup>(b)</sup> <br>| 1006593 |
| 3899795 | Covetrus, Inc., Term Loan, 8.70% (3 mo. USD Term SOFR + 5.00%), due 10/13/29<sup>(b)</sup> <br>| 3658496 |
| 1512400 | CP Atlas Buyer, Inc., 2025 Term Loan, 8.92% (1 mo. USD Term SOFR + 5.25%), due <br> 07/08/30<sup>(b)</sup> <br>| 1399915 |
| 980000 | CP Iris Holdco I, Inc., 2025 2nd Lien Term Loan, 10.67% (1 mo. USD Term SOFR + <br> 7.00%), due 10/27/33<sup>(b)</sup> <br>| 970200 |
| 277884 | CPI Holdco B LLC, 2025 Add-on Term Loan B, 5.67% (1 mo. USD Term SOFR + <br> 5.25%), due 05/19/31<sup>(b)</sup> <br>| 276400 |
| 1088950 | CPPIB OVM Member U.S. LLC, Term Loan B, 5.95% (3 mo. USD Term SOFR + <br> 2.25%), due 08/20/31<sup>(b)</sup> <br>| 1089857 |
| 1739036 | Creation Technologies, Inc., 2021 Term Loan, 9.41% (3 mo. USD Term SOFR + 5.50%), <br> due 10/05/28<sup>(b)</sup> <br>| 1712951 |
| 2081315 | Crisis Prevention Institute, Inc., 2024 Term Loan B, 7.70% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/31<sup>(b)</sup> <br>| 2055298 |
| 2681000 | Cyberswift U.S. Finco LLC, Term Loan B, 7.65% (3 mo. USD Term SOFR + 4.00%), <br> due 10/08/32<sup>(b)</sup> <br>| 2645812 |
| 364035 | Databricks, Inc., 2025 1st Amendment Term Loan TBD, due 01/05/32<sup>(i)</sup> <br>| 365855 |
| 80965 | Databricks, Inc., 2025 Delayed Draw Term Loan TBD, due 01/05/32<sup>(i)</sup> <br>| 80560 |
| 834000 | Dayforce, Inc., 2025 Term Loan, 6.66% (3 mo. USD Term SOFR + 3.00%), due <br> 02/04/33<sup>(b)</sup> <br>| 791466 |
| 610000 | Delta 2 Lux SARL, 2024 Term Loan B1, 5.45% (3 mo. USD Term SOFR + 1.75%), due <br> 09/30/31<sup>(b)</sup> <br>| 610190 |
| 970000 | DG Investment Intermediate Holdings 2, Inc., 2025 2nd Lien Term Loan, 9.17% (1 mo. <br> USD Term SOFR + 5.50%), due 07/29/33<sup>(b)</sup> <br>| 950600 |
| 1632608 | Digital Room Holdings, Inc., 2021 Term Loan, 9.02% (1 mo. USD Term SOFR + <br> 5.25%), due 12/21/28<sup>(b)</sup> <br>| 1575467 |
| 1588875 | DirecTV Financing LLC, 2025 Term Loan B, 9.17% (3 mo. USD Term SOFR + 5.50%), <br> due 02/17/31<sup>(b)</sup> <br>| 1592599 |
| 1033384 | Dragon Buyer, Inc., Term Loan B TBD, due 09/30/31<sup>(i)</sup> <br>| 986882 |
| 1821549 | Drake Software LLC, 2024 Term Loan B, 7.95% (3 mo. USD Term SOFR + 4.25%), <br> due 06/26/31<sup>(b)</sup> <br>| 1716810 |
| 1100000 | Dycom Investments, Inc., 2026 Term Loan B, 5.42% (1 mo. USD Term SOFR + <br> 1.75%), due 01/27/33<sup>(b)</sup> <br>| 1105500 |
| 528531 | Eagle Parent Corp., 2022 Term Loan B, 7.95% (3 mo. USD Term SOFR + 4.25%), due <br> 04/02/29<sup>(b)</sup> <br>| 530293 |
| 515000 | Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 8.92% (1 mo. USD Term <br> SOFR + 5.25%), due 10/06/28<sup>(b)</sup> <br>| 511781 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 785000<br> Electronic Arts, Inc., USD Term Loan B TBD, due 03/24/33<sup>(i)</sup> <br>| 781320 |
| 947408<br> Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 6.17% (1 mo. USD Term SOFR + <br> 2.50%), due 10/08/29<sup>(b)</sup> <br>| 922302 |
| 190657<br> Embecta Corp., Term Loan B, 6.67% (1 mo. USD Term SOFR + 3.00%), due <br> 03/30/29<sup>(b)</sup> <br>| 190849 |
| 646703<br> Emerald X, Inc., 2025 Term Loan B1, 6.92% (1 mo. USD Term SOFR + 3.25%), due <br> 01/30/32<sup>(b)</sup> <br>| 648050 |
| 346502<br> EMRLD Borrower LP, 2024 Term Loan B, 5.95% (3 mo. USD Term SOFR + 2.50%), <br> due 08/04/31<sup>(b)</sup> <br>| 346305 |
| 1832530<br> Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 7.42% (1 mo. USD <br> Term SOFR + 3.75%), due 04/23/31<sup>(b)</sup> <br>| 1824322 |
| 1482931<br> EnergySolutions LLC, 2023 Term Loan B, 6.92% (1 mo. USD Term SOFR + 3.25%), <br> due 09/20/30<sup>(b)</sup> <br>| 1492200 |
| 3310000<br> Engineered Machinery Holdings, Inc., 2021 USD 2nd Lien Term Loan, 9.96% (3 mo. <br> USD Term SOFR + 6.00%), due 05/21/29<sup>(b)</sup> <br>| 3326550 |
| 1887196<br> Ensono LP, 2021 Term Loan, 7.78% (1 mo. USD Term SOFR + 4.00%), due 05/26/28<sup>(b)</sup> <br>| 1766888 |
| 634237<br> Enviva Partners LP, 2024 Backstop Term Loan, 10.54% (3 mo. USD Term SOFR + <br> 8.50%), due 12/06/29<sup>(b)</sup> <br>| 643751 |
| 692784<br> EP Purchaser LLC, 2021 Term Loan B, 7.29% (3 mo. USD Term SOFR + 3.50%), due <br> 11/06/28<sup>(b)</sup> <br>| 441649 |
| 812546<br> Epicor Software Corp., 2024 Term Loan E, 6.17% (1 mo. USD Term SOFR + 2.50%), <br> due 05/30/31<sup>(b)</sup> <br>| 797616 |
| 2179840<br> Evergreen Acqco 1 LP, 2025 Term Loan B, 6.69% (3 mo. USD Term SOFR + 3.00%), <br> due 09/17/32<sup>(b)</sup> <br>| 2185970 |
| 76452<br> EW Scripps Co., 2025 Term Loan B2, 9.54% (1 mo. USD Term SOFR + 5.75%), due <br> 06/30/28<sup>(b)</sup> <br>| 77073 |
| 93241<br> EW Scripps Co., 2025 Term Loan B3, 7.14% (1 mo. USD Term SOFR + 3.35%), due <br> 11/30/29<sup>(b)</sup> <br>| 91998 |
| 2331311<br> EyeCare Partners LLC, 2024 Second Out Term Loan B, 3.61% (6 mo. USD Term SOFR <br> + 1.00%), due 11/30/28<sup>(b)</sup> <br>| 971380 |
| 800000<br> Finastra USA, Inc., 2025 1st Lien Term Loan, 7.67% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/32<sup>(b)</sup> <br>| 752429 |
| 2334583<br> First Student Bidco, Inc., 2026 Term Loan B, 5.95% (3 mo. USD Term SOFR + 2.25%), <br> due 08/15/30<sup>(b)</sup> <br>| 2329963 |
| 427171<br> First Student Bidco, Inc., 2026 Term Loan C, 5.95% (3 mo. USD Term SOFR + 2.25%), <br> due 08/15/30<sup>(b)</sup> <br>| 426325 |
| 1183000<br> Fiserv Investment Solution, Inc., 2026 Term Loan B, 7.67% (3 mo. USD Term SOFR + <br> 4.00%), due 01/27/33<sup>(b)</sup> <br>| 1162297 |
| 853768<br> Fluid-Flow Products, Inc., 2026 Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 03/04/33<sup>(b)</sup> <br>| 854835 |
| 431738<br> Flutter Financing BV, 2025 Term Loan B, 5.70% (3 mo. USD Term SOFR + 2.00%), <br> due 06/04/32<sup>(b)</sup> <br>| 428094 |
| 694737<br> Flynn Restaurant Group LP, 2025 Incremental Term Loan, 7.42% (1 mo. USD Term <br> SOFR + 3.75%), due 01/28/32<sup>(b)</sup> <br>| 683447 |
| 448872<br> Focus Financial Partners LLC, 2025 Incremental Term Loan B, 6.17% (1 mo. USD Term <br> SOFR + 2.50%), due 09/15/31<sup>(b)</sup> <br>| 434775 |
| 1787020<br> Formulations Parent Corp., 2025 Term Loan B, 7.65% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/32<sup>(b)</sup> <br>| 1785531 |
| 843875<br> Fortress Intermediate 3, Inc., 2025 Term Loan B, 6.67% (1 mo. USD Term SOFR + <br> 3.00%), due 06/27/31<sup>(b)</sup> <br>| 838601 |
| 895000<br> Freeport LNG Investments LLLP, 2026 Term Loan B, 6.89% (3 mo. USD Term SOFR + <br> 3.25%), due 02/11/33<sup>(b)</sup> <br>| 895000 |
| 1429453<br> Froneri Lux Finco SARL, 2025 USD Term Loan, 5.88% (6 mo. USD Term SOFR + <br> 2.25%), due 09/30/32<sup>(b)</sup> <br>| 1404339 |

---

116See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 837669 | Fugue Finance BV, 2026 USD Term Loan B, 5.92% (3 mo. USD Term SOFR + 2.25%), <br> due 01/09/32<sup>(b)</sup> <br>| 829292 |
| 2838195 | Gainwell Acquisition Corp., Term Loan B, 7.80% (3 mo. USD Term SOFR + 4.00%), <br> due 10/01/27<sup>(b)</sup> <br>| 2757661 |
| 1000000 | EUR<br> Galileo Global Education Operations, 2025 EUR Term Loan B4A, 5.01% (3 mo. <br> EURIBOR + 3.00%), due 07/31/31<sup>(b)</sup> <br>| 1125097 |
| 553820 | GC Ferry Acquisition I, Inc., Term Loan, 7.20% (3 mo. USD Term SOFR + 3.50%), due <br> 08/16/32<sup>(b)</sup> <br>| 546898 |
| 1294895 | Gen Digital, Inc., 2024 Term Loan B, 5.42% (1 mo. USD Term SOFR + 1.75%), due <br> 09/12/29<sup>(b)</sup> <br>| 1284105 |
| 775125 | Genmab AS, Term Loan B, 6.70% (3 mo. USD Term SOFR + 3.00%), due 12/13/32<sup>(b)</sup> <br>| 778759 |
| 1094500 | GFL Environmental, Inc., 2025 Term Loan B, 6.17% (3 mo. USD Term SOFR + <br> 2.50%), due 03/03/32<sup>(b)</sup> <br>| 1095868 |
| 1581839 | Global Medical Response, Inc., 2025 Repriced Term Loan B, 7.17% (3 mo. USD Term <br> SOFR + 3.50%), due 10/01/32<sup>(b)</sup> <br>| 1577795 |
| 1745625 | Gloves Buyer, Inc., 2025 Term Loan, 7.67% (1 mo. USD Term SOFR + 4.00%), due <br> 05/21/32<sup>(b)</sup> <br>| 1742352 |
| 1484962 | GoodRx, Inc., 2024 USD Term Loan B, 7.42% (1 mo. USD Term SOFR + 3.75%), due <br> 07/10/29<sup>(b)</sup> <br>| 1340921 |
| 346491 | Great Outdoors Group LLC, 2025 Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 01/23/32<sup>(b)</sup> <br>| 346306 |
| 700000 | Green Infrastructure Partners, Inc., USD Term Loan B, 6.45% (3 mo. USD Term SOFR <br> + 2.75%), due 09/24/32<sup>(b)</sup> <br>| 700000 |
| 1060000 | Gryphon Acquire Newco LLC, Term Loan B, 6.67% (3 mo. USD Term SOFR + 3.00%), <br> due 09/13/32<sup>(b)</sup> <br>| 1062208 |
| 248873 | Herschend Entertainment Co. LLC, 2026 Term Loan B, 6.17% (1 mo. USD Term SOFR <br> + 2.50%), due 05/27/32<sup>(b)</sup> <br>| 249340 |
| 348182 | Highspring Holdings LLC, 2022 Term Loan, 8.85% (3 mo. USD Term SOFR + 5.00%), <br> due 01/22/29<sup>(b)</sup> <br>| 240463 |
| 595500 | HighTower Holdings LLC, 2025 1st Lien Term Loan B, 6.41% (3 mo. USD Term SOFR <br> + 2.75%), due 02/03/32<sup>(b)</sup> <br>| 588801 |
| 563580 | Hobbs & Associates LLC, Term Loan B TBD, due 07/23/31<sup>(i)</sup> <br>| 559505 |
| 2435000 | Hologic, Inc., 2026 USD Term Loan B TBD, due 01/14/33<sup>(i)</sup> <br>| 2407467 |
| 1095311 | HUB International Ltd., 2025 Term Loan B, 5.92% (3 mo. USD Term SOFR + 2.25%), <br> due 06/20/30<sup>(b)</sup> <br>| 1093837 |
| 1477832 | IMC Financing LLC, Term Loan B, 6.68% (1 mo. USD Term SOFR + 3.00%), due <br> 06/18/32<sup>(b)</sup> <br>| 1485222 |
| 1811736 | Infinite Bidco LLC, 1st Lien Term Loan, 7.68% (3 mo. USD Term SOFR + 3.75%), due <br> 03/02/28<sup>(b)</sup> <br>| 1734737 |
| 1031473 | Infinite Bidco LLC, 2023 Incremental Term Loan, 9.91% (3 mo. USD Term SOFR + <br> 6.25%), due 03/02/28<sup>(b)</sup> <br>| 1000529 |
| 794915 | Innio Group Holding GmbH, 2026 USD Term Loan B TBD, due 11/02/31<sup>(i)</sup> <br>| 790941 |
| 1366562 | International Entertainment JJCo 3 Ltd., USD 1st Lien Term Loan B, 6.67% (3 mo. <br> USD Term SOFR + 3.00%), due 04/29/32<sup>(b)</sup> <br>| 1367416 |
| 1200000 | ION Platform Finance U.S., Inc., USD Term Loan, 7.45% (3 mo. USD Term SOFR + <br> 3.75%), due 10/07/32<sup>(b)</sup> <br>| 969857 |
| 1469122 | IRB Holding Corp., 2025 Term Loan B, 6.18% (1 mo. USD Term SOFR + 2.50%), due <br> 12/16/30<sup>(b)</sup> <br>| 1466776 |
| 1293299 | Iris Holding, Inc., Term Loan, 8.52% (3 mo. USD Term SOFR + 4.75%), due <br> 06/28/28<sup>(b)</sup> <br>| 1215432 |
| 201034 | Ivanti Software, Inc., 2025 Newco Term Loan, 9.41% (3 mo. USD Term SOFR + <br> 5.75%), due 06/01/29<sup>(b)</sup> <br>| 201285 |
| 1691457 | J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 7.17% (1 mo. USD Term <br> SOFR + 3.50%), due 04/26/30<sup>(b)</sup> <br>| 1674845 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | |
|:---|:---|
| **Par Value**<sup>(a)</sup> | **Value ($)** |
|  | **Bank Loans — continued** |
| 2934514<br> Jane Street Group LLC, 2024 Term Loan B1, 5.67% (3 mo. USD Term SOFR + 2.00%), <br> due 12/15/31<sup>(b)</sup> <br>| 2882345 |
| 1235603<br> Jefferies Finance LLC, 2024 Term Loan, 6.43% (1 mo. USD Term SOFR + 2.75%), due <br> 10/21/31<sup>(b)</sup> <br>| 1219129 |
| 593970<br> JetBlue Airways Corp., 2024 Term Loan B, 8.44% (3 mo. USD Term SOFR + 4.75%), <br> due 08/27/29<sup>(b)</sup> <br>| 543977 |
| 1493731<br> Jump Financial LLC, 2025 1st Lien Term Loan B, 7.20% (3 mo. USD Term SOFR + <br> 3.50%), due 02/26/32<sup>(b)</sup> <br>| 1495598 |
| 500000<br> Jupiter Borrower, Inc., Term Loan B TBD, due 03/25/33<sup>(i)</sup> <br>| 500000 |
| 842744<br> Kaseya, Inc., 2025 1st Lien Term Loan B, 6.92% (1 mo. USD Term SOFR + 3.25%), <br> due 03/22/32<sup>(b)</sup> <br>| 788756 |
| 2150000<br> Kaseya, Inc., 2025 2nd Lien Term Loan B, 8.67% (1 mo. USD Term SOFR + 5.00%), <br> due 03/21/33<sup>(b)</sup> <br>| 1723584 |
| 1500000<br> Kodiak Building Partners, Inc., 2024 Term Loan B, 9.50% (3 mo. PRIME + 2.75%), due <br> 12/04/31<sup>(b)</sup> <br>| 1501875 |
| 200000<br> Kodiak Building Partners, Inc., 2024 Term Loan B TBD, due 12/04/31<sup>(i)</sup> <br>| 200250 |
| 1000000<br> Kohler Energy Co. LLC, 2026 USD Term Loan B, 6.70% (3 mo. USD Term SOFR + <br> 3.00%), due 05/01/31<sup>(b)</sup> <br>| 1000000 |
| 816040<br> LABL, Inc., 2021 USD 1st Lien Term Loan, 2.00% (3 mo. PRIME + 2.00%), due <br> 10/30/28<sup>(b)</sup> <br>| 377419 |
| 66138<br> LABL, Inc., 2026 USD Interim New Money DIP Term Loan, 10.38% (3 mo. USD Term <br> SOFR + 6.75%), due 12/02/26<sup>(b)</sup> <br>| 66276 |
| 19748<br> LABL, Inc., 2026 USD Interim New Money DIP Term Loan TBD, due 12/02/26<sup>(i)</sup> <br>| 19789 |
| 1670989<br> Laseraway Intermediate Holdings II LLC, Term Loan, 9.85% (3 mo. USD Term SOFR + <br> 5.75%), due 10/14/27<sup>(b)</sup> <br>| 1664723 |
| 1142423<br> LBM Acquisition LLC, 2024 Incremental Term Loan B, 7.53% (1 mo. USD Term SOFR <br> + 3.75%), due 06/06/31<sup>(b)</sup> <br>| 922348 |
| 1187940<br> LC AHAB U.S. Bidco LLC, Term Loan B, 6.17% (1 mo. USD Term SOFR + 2.50%), <br> due 05/01/31<sup>(b)</sup> <br>| 1178288 |
| 166654<br> Learning Care Group No. 2, Inc., 2024 Term Loan B, 7.63% (3 mo. USD Term SOFR + <br> 4.00%), due 08/11/28<sup>(b)</sup> <br>| 122907 |
| 777718<br> Learning Care Group No. 2, Inc., 2024 Term Loan B, 7.67% (3 mo. USD Term SOFR + <br> 4.00%), due 08/11/28<sup>(b)</sup> <br>| 573567 |
| 30653<br> Learning Care Group No. 2, Inc., 2024 Term Loan B, 7.70% (3 mo. USD Term SOFR + <br> 4.00%), due 08/11/28<sup>(b)</sup> <br>| 22607 |
| 927340<br> LendingTree, Inc., 2025 Term Loan, 7.92% (1 mo. USD Term SOFR + 4.25%), due <br> 08/21/30<sup>(b)</sup> <br>| 912657 |
| 1070521<br> Lereta LLC, Term Loan B, 9.03% (1 mo. USD Term SOFR + 5.25%), due 07/30/28<sup>(b)</sup> <br>| 987823 |
| 1732456<br> LifePoint Health, Inc., 2024 Incremental Term Loan B1, 7.15% (3 mo. USD Term SOFR <br> + 3.50%), due 05/19/31<sup>(b)</sup> <br>| 1733539 |
| 1238220<br> Liquid Tech Solutions LLC, 2025 Term Loan, 7.17% (1 mo. USD Term SOFR + <br> 3.50%), due 10/12/32<sup>(b)</sup> <br>| 1233576 |
| 1807868<br> LSCS Holdings, Inc., 2025 Term Loan, 8.20% (3 mo. USD Term SOFR + 4.50%), due <br> 03/04/32<sup>(b)</sup> <br>| 1706176 |
| 702595<br> LSF12 Crown U.S. Commercial Bidco LLC, 2026 Term Loan B, 6.67% (1 mo. USD <br> Term SOFR + 3.00%), due 12/02/31<sup>(b)</sup> <br>| 704001 |
| 631335<br> M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, 6.17% (1 mo. USD <br> Term SOFR + 2.50%), due 04/01/32<sup>(b)</sup> <br>| 634649 |
| 1135027<br> Madison IAQ LLC, Term Loan, 6.13% (6 mo. USD Term SOFR + 2.50%), due <br> 06/21/28<sup>(b)</sup> <br>| 1136130 |
| 1000000<br> Magnate Worldwide LLC, 2021 Term Loan, 9.35% (3 mo. USD Term SOFR + 5.50%), <br> due 12/29/28<sup>(b)</sup> <br>| 987500 |
| 2531824<br> MajorDrive Holdings IV LLC, Term Loan B, 7.96% (3 mo. USD Term SOFR + 4.00%), <br> due 06/01/28<sup>(b)</sup> <br>| 2307124 |

---

118See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 425512 | Maravai Intermediate Holdings LLC, 2022 Term Loan B, 6.67% (3 mo. USD Term <br> SOFR + 3.00%), due 10/19/27<sup>(b)</sup> <br>| 416292 |
| 498721 | Mauser Packaging Solutions Holding Co., 2025 Term Loan B, 7.16% (3 mo. USD Term <br> SOFR + 3.50%), due 04/15/30<sup>(b)</sup> <br>| 482928 |
| 3218665 | McAfee LLC, 2024 USD 1st Lien Term Loan B, 6.67% (1 mo. USD Term SOFR + <br> 3.00%), due 03/01/29<sup>(b)</sup> <br>| 2885878 |
| 1048610 | MDVIP, Inc., 2026 Term Loan B, 6.43% (1 mo. USD Term SOFR +2.75%), due <br> 10/14/31<sup>(b)</sup> <br>| 1050796 |
| 663304 | Medline Borrower LP, 2025 Incremental Term Loan B, 5.42% (1 mo. USD Term SOFR <br> + 1.75%), due 10/23/30<sup>(b)</sup> <br>| 664548 |
| 136434 | Medline Borrower LP, 2025 Term Loan B, 5.42% (1 mo. USD Term SOFR + 1.75%), <br> due 10/23/28<sup>(b)</sup> <br>| 136744 |
| 3740000 | MH Sub I LLC, 2021 2nd Lien Term Loan, 9.92% (1 mo. USD Term SOFR + 6.25%), <br> due 02/23/29<sup>(b)</sup> <br>| 2559562 |
| 1088804 | MH Sub I LLC, 2023 Term Loan, 7.92% (1 mo. USD Term SOFR + 4.25%), due <br> 05/03/28<sup>(b)</sup> <br>| 938187 |
| 420739 | MH Sub I LLC, 2024 Term Loan B4, 7.92% (1 mo. USD Term SOFR + 4.25%), due <br> 12/31/31<sup>(b)</sup> <br>| 282421 |
| 1558594 | Midwest Physician Administrative Services LLC, 2021 Term Loan, 6.96% (3 mo. USD <br> Term SOFR + 3.00%), due 03/12/28<sup>(b)</sup> <br>| 1335715 |
| 1789186 | Modena Buyer LLC, Term Loan, 7.92% (3 mo. USD Term SOFR + 4.25%), due <br> 07/01/31<sup>(b)</sup> <br>| 1612132 |
| 33335 | MRI Software LLC, 2020 Revolver, 8.45% (3 mo. USD Term SOFR + 4.75%), due <br> 02/10/28<sup>(b)</sup> <br>| 32252 |
| 649185 | MRI Software LLC, 2020 Term Loan B, 8.45% (3 mo. USD Term SOFR + 4.75%), due <br> 02/10/28<sup>(b)</sup> <br>| 649185 |
| 275875 | MRI Software LLC, 2025 Delayed Draw Term Loan 7, 8.47% (3 mo. USD Term SOFR <br> + 4.75%), due 02/10/28<sup>(b)</sup> <br>| 273806 |
| 626811 | National Mentor Holdings, Inc., 2025 1st Lien Term Loan B, 9.67% (1 mo. USD Term <br> SOFR + 6.00%), due 12/12/30<sup>(b)</sup> <br>| 624722 |
| 268633 | National Mentor Holdings, Inc., 2025 Delayed Draw Term Loan, 9.67% (CME Term <br> SOFR + 6.00%), due 12/12/30<sup>(b)</sup> <br>| 267738 |
| 995376 | NEP Group, Inc., 2025 Term Loan B, 8.17% (1 mo. USD Term SOFR + 4.50%), due <br> 10/17/31<sup>(b)</sup> <br>| 904548 |
| 204604 | NEP Group, Inc., 2025 Term Loan B TBD, due 10/17/31<sup>(i)</sup> <br>| 185933 |
| 700000 | Nexstar Broadcasting, Inc., 2026 Term Loan B7 TBD, due 03/18/33<sup>(i)</sup> <br>| 693937 |
| 338943 | NEXUS Buyer LLC, 2025 Incremental Term Loan, 7.67% (1 mo. USD Term SOFR + <br> 4.00%), due 07/31/31<sup>(b)</sup> <br>| 328654 |
| 1347 | NEXUS Buyer LLC, 2025 Incremental Term Loan TBD, due 07/31/31<sup>(i)</sup> <br>| 1306 |
| 2278244 | NEXUS Buyer LLC, 2025 Term Loan B, 7.17% (1 mo. USD Term SOFR + 3.50%), due <br> 07/31/31<sup>(b)</sup> <br>| 2199455 |
| 1000000 | EUR<br> Nuuday AS, EUR Term Loan B, 8.45% (1 mo. EURIBOR + 6.50%), due 02/03/28<sup>(b)</sup> <br>| 1155800 |
| 1754000 | OEP Glass Purchaser LLC, 2026 Term Loan B, 9.75% (3 mo. PRIME + 3.00%), due <br> 03/07/33<sup>(b)</sup> <br>| 1729882 |
| 400000 | OID-OL Intermediate I LLC, Term Loan 1, 9.67% (3 mo. USD Term SOFR + 6.00%), <br> due 02/01/29<sup>(b)</sup> <br>| 398250 |
| 496250 | OID-OL Intermediate I LLC, Term Loan 2, 8.07% (3 mo. USD Term SOFR + 4.25%), <br> due 02/01/29<sup>(b)</sup> <br>| 331778 |
| 194513 | Olympus Water U.S. Holding Corp., 2025 USD Term Loan B, 6.95% (3 mo. USD Term <br> SOFR + 3.25%), due 11/03/32<sup>(b)</sup> <br>| 187948 |
| 422875 | OMNIA Partners LLC, 2024 Term Loan B, 6.43% (3 mo. USD Term SOFR + 2.75%), <br> due 12/31/32<sup>(b)</sup> <br>| 422981 |
| 1612000 | OneSky Flight LLC, 2026 Term Loan B, 6.43% (1 mo. USD Term SOFR + 2.75%), due <br> 02/17/33<sup>(b)</sup> <br>| 1609985 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1749000 | Onex TSG Intermediate Corp., 2026 Term Loan B, 6.95% (3 mo. USD Term SOFR + <br> 3.25%), due 08/06/32<sup>(b)</sup> <br>| 1759111 |
| 472500 | Opal Bidco SAS, USD Term Loan B4, 6.70% (3 mo. USD Term SOFR + 3.00%), due <br> 04/28/32<sup>(b)</sup> <br>| 472845 |
| 1633460 | Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, 5.93% (1 mo. USD <br> Term SOFR + 2.25%), due 10/05/28<sup>(b)</sup> <br>| 1636669 |
| 285000 | Osaic Holdings, Inc., 2026 Term Loan B, 6.20% (3 mo. USD Term SOFR + 2.50%), due <br> 07/30/32<sup>(b)</sup> <br>| 279973 |
| 1737656 | Osmose Utilities Services, Inc., Term Loan, 7.03% (1 mo. USD Term SOFR + 3.25%), <br> due 06/23/28<sup>(b)</sup> <br>| 1711591 |
| 628654 | Outcomes Group Holdings, Inc., 2025 Term Loan B, 6.67% (3 mo. USD Term SOFR + <br> 3.00%), due 05/06/31<sup>(b)</sup> <br>| 629505 |
| 795960 | OVG Business Services LLC, 2024 Term Loan B, 6.67% (1 mo. USD Term SOFR + <br> 3.00%), due 06/25/31<sup>(b)</sup> <br>| 796955 |
| 264338 | Owens-Illinois, Inc., 2025 Term Loan B, 6.67% (1 mo. USD Term SOFR + 3.00%), due <br> 09/30/32<sup>(b)</sup> <br>| 262134 |
| 621875 | Paradigm Parent LLC, 1st Lien Term Loan, 8.20% (3 mo. USD Term SOFR + 4.50%), <br> due 04/16/32<sup>(b)</sup> <br>| 513824 |
| 299250 | Parexel International Corp., 2025 Repriced Term Loan B, 6.42% (1 mo. USD Term <br> SOFR + 2.75%), due 12/12/31<sup>(b)</sup> <br>| 298706 |
| 1000000 | EUR<br> Paysafe Holdings U.S. Corp., EUR Term Loan B2, 4.89% (1 mo. EURIBOR + 3.00%), <br> due 06/28/28<sup>(b)</sup> <br>| 1031699 |
| 544344 | PENN Entertainment, Inc., 2022 Term Loan B, 6.17% (1 mo. USD Term SOFR + <br> 2.50%), due 05/03/29<sup>(b)</sup> <br>| 547406 |
| 2183715 | Peraton Corp., Term Loan B, 7.52% (3 mo. USD Term SOFR + 3.75%), due 02/01/28<sup>(b)</sup> <br>| 1866166 |
| 774150 | Performance Health & Wellness, 2025 Term Loan B, 7.45% (3 mo. USD Term SOFR + <br> 3.75%), due 03/19/32<sup>(b)</sup> <br>| 758667 |
| 1330000 | Petco Health & Wellness Co., Inc., 2026 Term Loan B, 7.95% (3 mo. USD Term SOFR <br> + 4.25%), due 02/03/31<sup>(b)</sup> <br>| 1302569 |
| 2096104 | PetSmart, Inc., 2025 USD Term Loan B, 7.68% (1 mo. USD Term SOFR + 4.00%), due <br> 08/18/32<sup>(b)</sup> <br>| 2086933 |
| 498750 | Phoenix Aviation Capital LLC, Term Loan B, 6.92% (3 mo. USD Term SOFR + 3.25%), <br> due 10/28/30<sup>(b)</sup> <br>| 491892 |
| 2654477 | PHRG Intermediate LLC, 2025 Term Loan B, 7.70% (3 mo. USD Term SOFR + <br> 4.00%), due 02/20/32<sup>(b)</sup> <br>| 2626826 |
| 941190 | Pinnacle Buyer LLC, Term Loan, 6.16% (3 mo. USD Term SOFR + 2.50%), due <br> 10/01/32<sup>(b)</sup> <br>| 942660 |
| 741250 | Plano HoldCo, Inc., Term Loan B, 7.20% (3 mo. USD Term SOFR + 3.50%), due <br> 10/02/31<sup>(b)</sup> <br>| 600413 |
| 450000 | Pluto Acquisition I, Inc., 2024 First Out Superpriority Term Loan, 9.21% (3 mo. USD <br> Term SOFR + 5.50%), due 06/20/28<sup>(b)</sup> <br>| 455062 |
| 2124345 | Polaris Newco LLC, USD Term Loan B, 7.93% (3 mo. USD Term SOFR + 4.00%), due <br> 06/02/28<sup>(b)</sup> <br>| 1860251 |
| 405908 | Prairie ECI Acquiror LP, 2026 Repriced Term Loan B, 6.92% (1 mo. USD Term SOFR <br> + 3.25%), due 08/01/29<sup>(b)</sup> <br>| 407430 |
| 434609 | Pregis TopCo Corp., 2025 Refinancing Term Loan, 7.67% (1 mo. USD Term SOFR + <br> 4.00%), due 02/01/29<sup>(b)</sup> <br>| 434221 |
| 886335 | Pre-Paid Legal Services, Inc., 2021 Term Loan, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 12/15/28<sup>(b)</sup> <br>| 772441 |
| 190000 | Primo Brands Corp., 2026 Term Loan B TBD, due 03/19/31<sup>(i)</sup> <br>| 190499 |
| 500000 | Proampac PG Borrower LLC, 2026 USD Term Loan B, 7.78% (1 mo. USD Term SOFR <br> + 4.00%), due 03/07/33<sup>(b)</sup> <br>| 484062 |
| 580613 | Project Boost Purchaser LLC, 2025 Refinancing Term Loan, 6.45% (3 mo. USD Term <br> SOFR + 2.75%), due 07/16/31<sup>(b)</sup> <br>| 560875 |

---

120See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 989744 | Project Castle, Inc., Term Loan B, 9.36% (6 mo. USD Term SOFR + 5.50%), due <br> 06/01/29<sup>(b)</sup> <br>| 537245 |
| 1106471 | Project Ruby Ultimate Parent Corp., 2025 Term Loan B, 6.53% (1 mo. USD Term <br> SOFR + 2.75%), due 03/10/28<sup>(b)</sup> <br>| 1102551 |
| 1603319 | Prometric Holdings, Inc., 2025 Term Loan B, 7.42% (1 mo. USD Term SOFR + 3.75%), <br> due 06/25/32<sup>(b)</sup> <br>| 1598559 |
| 2242006 | Proofpoint, Inc., 2025 Fungible Term Loan, 6.70% (3 mo. USD Term SOFR + 3.00%), <br> due 08/31/28<sup>(b)</sup> <br>| 2173816 |
| 1733122 | PushPay USA, Inc., 2025 Repriced Term Loan, 7.45% (3 mo. USD Term SOFR + <br> 3.75%), due 08/15/31<sup>(b)</sup> <br>| 1698459 |
| 208800 | Pye-Barker Fire & Safety LLC, 2025 Term Loan, 6.17% (1 mo. USD Term SOFR + <br> 2.50%), due 12/16/32<sup>(b)</sup> <br>| 209300 |
| 1017450 | Qnity Electronics, Inc., Term Loan B, 5.67% (1 mo. USD Term SOFR + 2.00%), due <br> 11/01/32<sup>(b)</sup> <br>| 1017450 |
| 746250 | QuidelOrtho Corp., Term Loan, 7.67% (1 mo. USD Term SOFR + 4.00%), due <br> 08/20/32<sup>(b)</sup> <br>| 746250 |
| 1882122 | Quikrete Holdings, Inc., 2025 Term Loan B, 5.92% (1 mo. USD Term SOFR + 2.25%), <br> due 02/10/32<sup>(b)</sup> <br>| 1880423 |
| 1145000 | Resilience Parent LLC, 1st Lien Term Loan, 6.10% (6 mo. USD Term SOFR + 2.50%), <br> due 02/28/33<sup>(b)</sup> <br>| 1141136 |
| 377219 | Restoration Hardware, Inc., 2022 Incremental Term Loan, 7.02% (1 mo. USD Term <br> SOFR + 3.25%), due 10/20/28<sup>(b)</sup> <br>| 376590 |
| 748490 | Rocket Software, Inc., 2023 USD Term Loan B, 7.42% (1 mo. USD Term SOFR + <br> 3.75%), due 11/28/28<sup>(b)</sup> <br>| 719673 |
| 1486000 | RxBenefits, Inc., 2025 Term Loan, 8.67% (1 mo. USD Term SOFR + 5.00%), due <br> 12/23/30<sup>(b)</sup> <br>| 1484142 |
| 746318 | Ryan LLC, 2025 Term Loan, 7.17% (1 mo. USD Term SOFR + 3.50%), due 11/05/32<sup>(b)</sup> <br>| 722063 |
| 885714 | Salas O'brien, Inc., Term Loan, 6.42% (1 mo. USD Term SOFR + 2.75%), due <br> 01/31/33<sup>(b)</sup> <br>| 885714 |
| 540000 | Sanmina Corp., Term Loan B, 5.67% (1 mo. USD Term SOFR + 2.00%), due <br> 10/27/32<sup>(b)</sup> <br>| 541350 |
| 642577 | SCIH Salt Holdings, Inc., 2025 Repriced Term Loan B, 6.35% (6 mo. USD Term SOFR <br> + 2.75%), due 01/31/29<sup>(b)</sup> <br>| 641920 |
| 1337989 | Secretariat Advisors LLC, 2025 Term Loan B, 7.70% (3 mo. USD Term SOFR + <br> 4.00%), due 02/28/32<sup>(b)</sup> <br>| 1317919 |
| 811936 | Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 6.17% (1 mo. USD <br> Term SOFR + 2.50%), due 07/31/31<sup>(b)</sup> <br>| 797873 |
| 2494465 | SGH2 LLC, 2025 USD Term Loan B, 8.20% (3 mo. USD Term SOFR + 4.50%), due <br> 08/18/32<sup>(b)</sup> <br>| 2457048 |
| 164588 | Shift4 Payments LLC, 2025 Repriced Term Loan B, 5.65% (3 mo. USD Term SOFR + <br> 2.00%), due 07/03/32<sup>(b)</sup> <br>| 164510 |
| 1020000 | EUR<br> Siaci Saint Honore, 2026 EUR Term Loan B, 5.38% (3 mo. EURIBOR + 3.25%), due <br> 07/26/32<sup>(b)</sup> <br>| 1165918 |
| 742443 | Six Flags Entertainment Corp., 2024 Term Loan B, 5.67% (1 mo. USD Term SOFR + <br> 2.00%), due 05/01/31<sup>(b)</sup> <br>| 732368 |
| 1831997 | SMX Group LLC, Term Loan, 8.17% (1 mo. USD Term SOFR + 4.50%), due <br> 02/06/32<sup>(b)</sup> <br>| 1809098 |
| 450000 | SolarWinds Holdings, Inc., 2025 Term Loan TBD, due 04/16/32<sup>(i)</sup> <br>| 381750 |
| 259210 | Somnigroup International, Inc., 2025 Term Loan B, 5.88% (1 mo. USD Term SOFR + <br> 2.50%), due 10/24/31<sup>(b)</sup> <br>| 260384 |
| 797995 | Sovos Compliance LLC, 2025 Repriced Term Loan B TBD, due 08/13/29<sup>(i)</sup> <br>| 756955 |
| 2503676 | Specialty Building Products Holdings LLC, 2021 Term Loan B, 7.52% (1 mo. USD <br> Term SOFR + 3.75%), due 10/16/28<sup>(b)</sup> <br>| 2157856 |
| 541667 | EUR<br> Spectris PLC, EUR Term Loan, 5.38% (3 mo. EURIBOR + 3.25%), due 12/06/32<sup>(b)</sup> <br>| 623458 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 750000 | Speedster Bidco GmbH, 2025 USD Term Loan B1 TBD, due 12/11/31<sup>(i)</sup> <br>| 719689 |
| 506333 | Spirit Airlines, Inc., 2025 DIP Contingent Term Loan TBD, due 07/14/26<sup>(i)</sup> <br>| 63292 |
| 296127 | Spirit Airlines, Inc., 2025 DIP New Money Term Loan, 11.68% (1 mo. USD Term <br> SOFR + 8.00%), due 07/14/26<sup>(b)</sup> <br>| 293166 |
| 1642465 | Spirit Airlines, Inc., 2025 Roll-Up Term Loan TBD, due 07/14/26<sup>(i)</sup> <br>| 1149726 |
| 73443 | Spirit Airlines, Inc., 2025 Second DIP New Money Term Loan, 11.68% (1 mo. USD <br> Term SOFR + 8.00%), due 07/14/26<sup>(b)</sup> <br>| 72709 |
| 144731 | Spirit Airlines, Inc., 2025 Third DIP New Money Term Loan, 11.68% (1 mo. USD Term <br> SOFR + 8.00%), due 07/14/26<sup>(b)</sup> <br>| 143284 |
| 3070444 | Star Parent, Inc., Term Loan B, 7.70% (3 mo. USD Term SOFR + 4.00%), due <br> 09/27/30<sup>(b)</sup> <br>| 3036930 |
| 1000000 | EUR<br> Stepstone Group MidCo 2 GmbH, EUR Term Loan B, 6.60% (6 mo. EURIBOR + <br> 4.50%), due 04/26/32<sup>(b)</sup> <br>| 1013216 |
| 1000000 | Stonepeak Bayou Holdings LP, Term Loan B, 6.45% (3 mo. USD Term SOFR + 2.75%), <br> due 10/01/32<sup>(b)</sup> <br>| 971250 |
| 573563 | Stonepeak Nile Parent LLC, 2025 Term Loan B, 5.92% (3 mo. USD Term SOFR + <br> 2.25%), due 04/09/32<sup>(b)</sup> <br>| 573164 |
| 241421 | Student Transportation of America Holdings, Inc., 2025 Term Loan, 6.40% (3 mo. USD <br> Term SOFR + 2.75%), due 06/24/32<sup>(b)</sup> <br>| 242326 |
| 199500 | Talen Energy Supply LLC, 2025 Term Loan B, 5.67% (1 mo. USD Term SOFR + <br> 2.00%), due 11/25/32<sup>(b)</sup> <br>| 199905 |
| 1688264 | Team Health Holdings, Inc., 2026 Repriced Term Loan B, 7.66% (3 mo. USD Term <br> SOFR + 4.00%), due 06/30/28<sup>(b)</sup> <br>| 1684796 |
| 587847 | Tempo Acquisition LLC, 2025 Repriced Term Loan B, 5.42% (1 mo. USD Term SOFR <br> + 1.75%), due 08/31/28<sup>(b)</sup> <br>| 426311 |
| 1584381 | Thermostat Purchaser III, Inc., 2024 Term Loan B, 7.95% (3 mo. USD Term SOFR + <br> 4.25%), due 08/31/28<sup>(b)</sup> <br>| 1552693 |
| 545455 | EUR<br> Thyme Holdco SARL, 2025 EUR Term Loan B, 5.63% (3 mo. EURIBOR + 3.50%), <br> due 07/19/32<sup>(b)</sup> <br>| 631092 |
| 1330899 | TKC Holdings, Inc., 2026 Term Loan, 8.18% (1 mo. USD Term SOFR + 4.50%), due <br> 08/19/30<sup>(b)</sup> <br>| 1326740 |
| 1328316 | TKO Worldwide Holdings LLC, 2025 Term Loan, 5.66% (3 mo. USD Term SOFR + <br> 2.00%), due 11/21/31<sup>(b)</sup> <br>| 1329077 |
| 1341674 | TransDigm, Inc., 2023 Term Loan J, 6.17% (1 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| 1342985 |
| 997468 | TransDigm, Inc., 2024 Term Loan L, 6.17% (1 mo. USD Term SOFR + 2.50%), due <br> 01/19/32<sup>(b)</sup> <br>| 998106 |
| 4623465 | TransDigm, Inc., 2025 Term Loan K, 5.92% (1 mo. USD Term SOFR + 2.25%), due <br> 03/22/30<sup>(b)</sup> <br>| 4627196 |
| 1816872 | TransDigm, Inc., 2025 Term Loan M, 6.17% (1 mo. USD Term SOFR + 2.50%), due <br> 08/19/32<sup>(b)</sup> <br>| 1818059 |
| 820000 | TransDigm, Inc., 2026 Term Loan N, 6.17% (1 mo. USD Term SOFR + 2.50%), due <br> 02/13/33<sup>(b)</sup> <br>| 821153 |
| 715000 | Traverse Midstream Partners LLC, 2017 Term Loan, 6.17% (3 mo. USD Term SOFR + <br> 2.50%), due 02/16/28<sup>(b)</sup> <br>| 715894 |
| 1257000 | TreeHouse Foods, Inc., 2026 Term Loan B, 7.92% (1 mo. USD Term SOFR + 4.25%), <br> due 02/11/33<sup>(b)</sup> <br>| 1253857 |
| 1490000 | TreeHouse Foods, Inc., 2026 Term Loan B, 7.92% (1 mo. USD Term SOFR + 4.25%), <br> due 02/11/33<sup>(b)</sup> <br>| 1486275 |
| 2389039 | Trident TPI Holdings, Inc., 2024 Term Loan B7, 7.45% (3 mo. USD Term SOFR + <br> 3.75%), due 09/15/28<sup>(b)</sup> <br>| 2267688 |
| 784429 | Trio Bidco, Inc., 2025 Term Loan B, 7.70% (3 mo. USD Term SOFR + 4.00%), due <br> 10/29/32<sup>(b)</sup> <br>| 762206 |

---

122See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1000000 | EUR<br> Trivium Packaging BV, EUR Repriced Term Loan, 5.78% (3 mo. EURIBOR + 3.75%), <br> due 05/28/30<sup>(b)</sup> <br>| 1144999 |
| 173333 | Tronox Finance LLC, 2024 1st Lien Term Loan B TBD, due 09/30/31<sup>(i)</sup> <br>| 132925 |
| 99500 | Trucordia Insurance Holdings LLC, Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 06/17/32<sup>(b)</sup> <br>| 92038 |
| 1236546 | TruGreen Limited Partnership, 2020 Term Loan, 7.77% (3 mo. USD Term SOFR + <br> 4.00%), due 11/02/27<sup>(b)</sup> <br>| 1180901 |
| 2360000 | Truist Insurance Holdings LLC, 2024 Term Loan B, 6.45% (3 mo. USD Term SOFR + <br> 2.75%), due 05/06/31<sup>(b)</sup> <br>| 2329910 |
| 1000000 | EUR<br> TSM II Lux Co. 21 SARL, EUR Term Loan B, 5.05% (3 mo. EURIBOR + 3.00%), due <br> 09/11/31<sup>(b)</sup> <br>| 1154504 |
| 3020222 | U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 8.78% (1 mo. USD Term SOFR + <br> 5.00%), due 06/28/28<sup>(b)</sup> <br>| 2842784 |
| 1488741 | UKG, Inc., 2024 Term Loan B, 6.17% (3 mo. USD Term SOFR + 2.50%), due <br> 02/10/31<sup>(b)</sup> <br>| 1423861 |
| 900000 | United Talent Agency LLC, 2025 Repriced Term Loan B, 6.68% (1 mo. USD Term <br> SOFR + 3.00%), due 06/10/32<sup>(b)</sup> <br>| 902250 |
| 247429 | Univision Communications, Inc., 2022 First Lien Term Loan B, 7.95% (3 mo. USD <br> Term SOFR + 4.25%), due 06/24/29<sup>(b)</sup> <br>| 246914 |
| 1833111 | Univision Communications, Inc., 2024 Term Loan B, 7.28% (1 mo. USD Term SOFR + <br> 3.50%), due 01/31/29<sup>(b)</sup> <br>| 1818791 |
| 140216 | USALCO LLC, 2025 Delayed Draw Term Loan, 7.18% (1 mo. USD Term SOFR + <br> 3.50%), due 09/30/31<sup>(b)</sup> <br>| 140041 |
| 1346203 | USALCO LLC, 2025 Term Loan, 7.17% (1 mo. USD Term SOFR + 3.50%), due <br> 09/30/31<sup>(b)</sup> <br>| 1344520 |
| 716782 | USI, Inc., 2024 Term Loan C, 5.95% (3 mo. USD Term SOFR + 2.25%), due <br> 09/29/30<sup>(b)</sup> <br>| 715214 |
| 791960 | USI, Inc., 2024 Term Loan D, 5.95% (3 mo. USD Term SOFR + 2.25%), due <br> 11/21/29<sup>(b)</sup> <br>| 790263 |
| 324188 | Valvoline, Inc., Term Loan B, 5.67% (1 mo. USD Term SOFR + 2.00%), due 12/01/32<sup>(b)</sup> <br>| 325775 |
| 533687 | Van Pool Transportation LLC, 2026 Term Loan, 6.45% (3 mo. USD Term SOFR + <br> 2.75%), due 08/06/30<sup>(b)</sup> <br>| 535106 |
| 997500 | Varsity Brands, Inc., 2025 1st Lien Term Loan TBD, due 08/26/31<sup>(i)</sup> <br>| 994799 |
| 2581000 | Versant Media Group, Inc., Term Loan B, 7.20% (3 mo. USD Term SOFR + 3.50%), <br> due 01/30/31<sup>(b)</sup> <br>| 2582383 |
| 1831952 | Viant Medical Holdings, Inc., 2024 Term Loan B, 7.67% (1 mo. USD Term SOFR + <br> 4.00%), due 10/29/31<sup>(b)</sup> <br>| 1832143 |
| 745000 | Victory Buyer LLC, 2026 Term Loan B, 6.67% (1 mo. USD Term SOFR + 3.00%), due <br> 02/14/33<sup>(b)</sup> <br>| 745776 |
| 1700000 | Virgin Media Bristol LLC, 2020 USD Term Loan Q, 7.04% (1 mo. USD Term SOFR + <br> 3.25%), due 01/31/29<sup>(b)</sup> <br>| 1643900 |
| 906522 | VistaJet Malta Finance PLC, 2025 Term Loan B, 7.41% (3 mo. USD Term SOFR + <br> 3.75%), due 04/01/31<sup>(b)</sup> <br>| 898307 |
| 1741261 | Voyager Parent LLC, Repriced Term Loan B, 7.95% (3 mo. USD Term SOFR + 4.25%), <br> due 07/01/32<sup>(b)</sup> <br>| 1731778 |
| 596970 | VT Topco, Inc., 2024 1st Lien Term Loan B, 6.67% (1 mo. USD Term SOFR + 3.00%), <br> due 08/09/30<sup>(b)</sup> <br>| 579931 |
| 397980 | VT Topco, Inc., 2024 1st Lien Term Loan B TBD, due 08/09/30<sup>(i)</sup> <br>| 386621 |
| 144638 | Wasserman Media Group LLC, Repriced Term Loan B, 6.17% (1 mo. USD Term SOFR <br> + 2.50%), due 06/23/32<sup>(b)</sup> <br>| 143553 |
| 627871 | Waystar Technologies, Inc., 2025 Term Loan B, 5.67% (1 mo. USD Term SOFR + <br> 2.00%), due 10/22/29<sup>(b)</sup> <br>| 627086 |
| 694759 | WCG Intermediate Corp., 2026 Term Loan B, 6.42% (1 mo. USD Term SOFR +2.75%), <br> due 02/25/32<sup>(b)</sup> <br>| 679300 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| 1254625 | WeddingWire, Inc., 2024 Term Loan B, 7.42% (1 mo. USD Term SOFR + 3.75%), due <br> 01/31/28<sup>(b)</sup> <br>| 1077932 |
| 395980 | WEX, Inc., 2024 Term Loan B2, 5.42% (1 mo. USD Term SOFR + 1.75%), due <br> 03/31/28<sup>(b)</sup> <br>| 394707 |
| 1088972 | Whatabrands LLC, 2024 1st Lien Term Loan B, 6.17% (1 mo. USD Term SOFR + <br> 2.50%), due 08/03/28<sup>(b)</sup> <br>| 1088487 |
| 1389447 | White Cap Buyer LLC, 2024 Term Loan B, 6.92% (1 mo. USD Term SOFR + 3.25%), <br> due 10/19/29<sup>(b)</sup> <br>| 1338732 |
| 960000 | White Cap Buyer LLC, 2026 Incremental Term Loan B, 7.17% (1 mo. USD Term SOFR <br> + 3.50%), due 02/10/33<sup>(b)</sup> <br>| 915257 |
| 199500 | WhiteWater Matterhorn Holdings LLC, 2026 Term Loan B, 5.45% (3 mo. USD Term <br> SOFR + 1.75%), due 06/16/32<sup>(b)</sup> <br>| 199001 |
| 688015 | WideOpenWest Finance LLC, 2024 Super Priority 1st Out New Money Term Loan, <br> 10.93% (3 mo. USD Term SOFR + 7.00%), due 12/11/28<sup>(b)</sup> <br>| 702635 |
| 316784 | Wilsonart LLC, 2024 Term Loan B, 7.95% (3 mo. USD Term SOFR + 4.25%), due <br> 08/05/31<sup>(b)</sup> <br>| 277186 |
| 498737 | Windsor Holdings III LLC, 2025 USD Term Loan B, 6.42% (1 mo. USD Term SOFR + <br> 2.75%), due 08/01/30<sup>(b)</sup> <br>| 493542 |
| 646750 | XPLOR T1 LLC, 2025 Term Loan, 7.17% (3 mo. USD Term SOFR + 3.50%), due <br> 12/01/32<sup>(b)</sup> <br>| 603094 |
| 360736 | Zayo Group Holdings, Inc., 2025 USD Term Loan, 0.50% (1 mo. USD Term SOFR + <br> 3.00%, 5.00% PIK), due 03/11/30<sup>(b)</sup> <br>| 354535 |
| 1485924 | Zest Acquisition Corp., 2023 Term Loan, 8.92% (3 mo. USD Term SOFR + 5.25%), due <br> 02/08/28<sup>(b)</sup> <br>| 1446918 |
|  |  | 352844253 |
|  | **Convertible Debt — 1.9%** | **Convertible Debt — 1.9%** |
| 430000 | Alibaba Group Holding Ltd., due 09/15/32<sup>(g)(l)</sup> <br>| 414950 |
| 100000 | Alibaba Group Holding Ltd., 0.50%, due 06/01/31 | 138875 |
| 288000 | AST SpaceMobile, Inc., 2.00%, due 01/15/36 144A | 304920 |
| 430000 | Bloom Energy Corp., due 11/15/30<sup>(l)</sup> 144A | 458939 |
| 1150000 | Boston Properties LP, 2.00%, due 10/01/30 144A | 1049375 |
| 121000 | Bridgebio Pharma, Inc., 0.75%, due 02/01/33 144A | 120177 |
| 325000 | Bridgebio Pharma, Inc., 1.75%, due 03/01/31 | 551931 |
| 4000000<br> HKD | China Pacific Insurance Group Co. Ltd., due 09/18/30<sup>(g)(l)</sup> <br>| 518864 |
| 880000 | Cloudflare, Inc., due 06/15/30<sup>(l)</sup> 144A | 999463 |
| 515000 | Coinbase Global, Inc., due 10/01/32<sup>(l)</sup> 144A | 414189 |
| 368000 | Coinbase Global, Inc., 0.25%, due 04/01/30 | 342332 |
| 208000 | Compass, Inc., 0.25%, due 04/15/31 144A | 174616 |
| 744000 | Cytokinetics, Inc., 1.75%, due 10/01/31 144A | 949995 |
| 1280000 | Datadog, Inc., 0.80%, due 12/01/29<sup>(m)</sup> <br>| 1241920 |
| 471000 | DoorDash, Inc., due 05/15/30<sup>(l)</sup> 144A | 430023 |
| 225000 | Enphase Energy, Inc., 6.21%, due 03/01/28<sup>(m)</sup> <br>| 201094 |
| 800000 | Federal Realty OP LP, 3.25%, due 01/15/29 144A | 819666 |
| 800000 | Fluor Corp., 1.13%, due 08/15/29 | 988200 |
| 185000 | Golar LNG Ltd., 2.75%, due 12/15/30 144A | 220335 |
| 200000 | Guardant Health, Inc., due 05/15/33<sup>(l)</sup> 144A | 213368 |
| 125000 | Guardant Health, Inc., 1.25%, due 02/15/31 | 210354 |
| 765000 | Guidewire Software, Inc., 1.25%, due 11/01/29 | 763566 |
| 880000 | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 08/15/28 144A | 1253340 |
| 575000 | Immunocore Holdings PLC, 2.50%, due 02/01/30 | 518578 |

---

124See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Convertible Debt — continued** | **Convertible Debt — continued** |
| 1490000 |  | Integer Holdings Corp., 1.88%, due 03/15/30 | 1428165 |
| 75000 |  | Ionis Pharmaceuticals, Inc., due 12/01/30<sup>(l)</sup> 144A | 78328 |
| 687000 |  | Ionis Pharmaceuticals, Inc., 1.75%, due 06/15/28 | 1036511 |
| 85000 |  | IREN Ltd., due 07/01/31<sup>(l)</sup> 144A | 62224 |
| 385000 |  | IREN Ltd., Series 33, 1.00%, due 06/01/33 144A | 341591 |
| 575000 |  | Jazz Investments I Ltd., 3.13%, due 09/15/30 | 815637 |
| 575000 |  | JBT Marel Corp., 0.38%, due 09/15/30 144A | 558613 |
| 660000 |  | Lantheus Holdings, Inc., 2.63%, due 12/15/27 | 793815 |
| 400000 |  | Liberty Energy, Inc., due 03/01/32<sup>(l)</sup> 144A | 407490 |
| 55000 |  | Lumentum Holdings, Inc., 0.38%, due 03/15/32 144A | 211999 |
| 655000 |  | Merit Medical Systems, Inc., 3.00%, due 02/01/29 144A | 701833 |
| 1151000 |  | Meritage Homes Corp., 1.75%, due 05/15/28 | 1114168 |
| 700000 | EUR | Mitsubishi UFJ Investor Services & Banking Luxembourg SA, Series PRX, 6.53%, (3 <br> mo. EURIBOR + 4.50%), due 12/15/50<sup>(b)</sup> <br>| 520457 |
| 889000 |  | NCL Corp. Ltd., 0.75%, due 09/15/30 144A | 826974 |
| 682000 |  | NCL Corp. Ltd., 0.88%, due 04/15/30 144A | 709469 |
| 139000 |  | Nebius Group NV, 2.63%, due 03/15/33 144A | 129909 |
| 1265000 |  | Nutanix, Inc., 0.50%, due 12/15/29 | 1144199 |
| 200000 |  | Ormat Technologies, Inc., Series A, 1.50%, due 03/15/31 144A | 208190 |
| 1030000 |  | Parsons Corp., 2.63%, due 03/01/29 | 1016095 |
| 1150000 |  | PG&E Corp., 4.25%, due 12/01/27 | 1191660 |
| 593000 |  | PPL Capital Funding, Inc., 3.00%, due 12/01/30 144A | 620278 |
| 600000 |  | Qiagen NV, 2.50%, due 09/10/31<sup>(g)</sup> <br>| 617558 |
| 115000 |  | Realty Income Corp., 3.50%, due 01/15/29 144A | 117933 |
| 650000 |  | Rexford Industrial Realty LP, 4.13%, due 03/15/29 144A | 638950 |
| 500000 |  | Rexford Industrial Realty LP, 4.38%, due 03/15/27 144A | 498500 |
| 650000 |  | Rivian Automotive, Inc., 3.63%, due 10/15/30 | 624130 |
| 300000 |  | Rivian Automotive, Inc., 4.63%, due 03/15/29 | 321938 |
| 62000 |  | Seagate HDD Cayman, 3.50%, due 06/01/28 | 294559 |
| 706000 |  | Semtech Corp., due 10/15/30<sup>(l)</sup> 144A | 790897 |
| 448000 |  | Snowflake, Inc., due 10/01/29<sup>(l)</sup> <br>| 549069 |
| 357000 |  | Solaris Energy Infrastructure, Inc., 0.25%, due 10/01/31 | 447589 |
| 958000 |  | Southern Co., 3.25%, due 06/15/28 144A | 975866 |
| 553000 |  | Super Micro Computer, Inc., due 06/15/30<sup>(l)</sup> 144A | 406392 |
| 104000 |  | Super Micro Computer, Inc., 3.50%, due 03/01/29 | 83185 |
| 122000 |  | Tempus AI, Inc., 0.75%, due 07/15/30 144A | 116602 |
| 325000 |  | Terawulf, Inc., due 05/01/32<sup>(l)</sup> 144A | 336509 |
| 493000 |  | Uber Technologies, Inc., Series 2028, 0.88%, due 12/01/28 | 593695 |
| 600000 |  | Unity Software, Inc., 0.10%, due 03/15/30<sup>(m)</sup> <br>| 598860 |
| 195000 |  | WEC Energy Group, Inc., 3.38%, due 06/01/28 144A | 202556 |
| 761000 |  | WEC Energy Group, Inc., 4.38%, due 06/01/29 | 942308 |
| 280000 |  | Welltower OP LLC, 2.75%, due 05/15/28 144A | 581420 |
| 2350000 |  | Wynn Macau Ltd., 4.50%, due 03/07/29 144A | 2351998 |
| 588000 |  | Zoetis, Inc., 0.25%, due 06/15/29 144A | 585060 |
|  |  |  | 39892249 |
|  |  | **Corporate Debt — 36.6%** | **Corporate Debt — 36.6%** |
| 1475000 |  | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | 1442622 |
| 2350000 |  | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A | 2210058 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 780000 |  | 1261229 BC Ltd., 10.00%, due 04/15/32 144A | 799257 |
| 900000 | EUR | 888 Acquisitions Ltd., 7.52% (3 mo. EURIBOR + 5.50%), due 07/15/28<sup>(b)(g)(n)</sup> <br>| 988948 |
| 1005000 | EUR | 888 Acquisitions Ltd., 8.00%, due 09/30/31<sup>(g)(n)</sup> <br>| 1024338 |
| 400000 | EUR | Abanca Corp. Bancaria SA, 6.13% (5 yr. EURIBOR ICE Swap + 3.89%)<sup>(b)(g)(o)</sup> <br>| 457125 |
| 3030000 |  | Acadia Healthcare Co., Inc., 7.38%, due 03/15/33 144A | 3105976 |
| 165000 |  | Accendra Health, Inc., 6.63%, due 04/01/30<sup>(n)</sup> 144A | 78645 |
| 240000 |  | ACCO Brands Corp., 4.25%, due 03/15/29<sup>(n)</sup> 144A | 214461 |
| 386000 |  | Acrisure LLC/Acrisure Finance, Inc., 7.50%, due 11/06/30 144A | 388057 |
| 870000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.25%, due 02/01/29 144A | 860701 |
| 1815000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.50%, due 06/15/29 144A | 1799454 |
| 695000 |  | Adani Electricity Mumbai Ltd., 3.95%, due 02/12/30<sup>(g)</sup> <br>| 635737 |
| 150000 |  | AdaptHealth LLC, 5.13%, due 03/01/30 144A | 143817 |
| 1035000 |  | ADM Elektrik Dagitim AS, 9.50%, due 02/05/31 144A | 990175 |
| 1075000 |  | Advance Auto Parts, Inc., 7.00%, due 08/01/30 144A | 1089740 |
| 150000 |  | Advanced Drainage Systems, Inc., 5.38%, due 03/01/34 144A | 146343 |
| 1870000 |  | Aegea Finance SARL, 7.63%, due 01/20/36 144A | 1624707 |
| 200000 |  | Aegea Finance SARL, 7.63%, due 01/20/36<sup>(g)</sup> <br>| 173766 |
| 144000 | EUR | Aegis Lux 1a SARL, 5.63%, due 10/29/31 144A | 164242 |
| 320000 | EUR | Aegis Lux 1a SARL, 5.63%, due 10/29/31<sup>(g)</sup> <br>| 364981 |
| 466755 |  | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30<sup>(g)</sup> <br>| 432441 |
| 2405000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(n)</sup> 144A | 2390859 |
| 893000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(g)</sup> <br>| 885847 |
| 600000 |  | Ahlstrom Holding 3 OYJ, 4.88%, due 02/04/28 144A | 586700 |
| 550000 |  | AIB Group PLC, 5.32% (1 day USD SOFR + 1.65%), due 05/15/31<sup>(b)</sup> 144A | 560123 |
| 325000 | EUR | AIB Group PLC, 6.00% (5 yr. EURIBOR ICE Swap + 3.71%)<sup>(b)(g)(o)</sup> <br>| 373165 |
| 225000 |  | Air Lease Corp., 4.13% (5 yr. CMT + 3.15%)<sup>(b)(o)</sup> <br>| 219789 |
| 59000 |  | Aircastle Ltd., 5.25% (5 yr. CMT + 4.41%)<sup>(b)(o)</sup> 144A | 58918 |
| 250000 |  | AL Candelaria - spain- SA, 5.75%, due 06/15/33<sup>(g)</sup> <br>| 220644 |
| 1795000 |  | AL Candelaria - spain- SA, 5.75%, due 06/15/33<sup>(g)</sup> <br>| 1584222 |
| 500000 | EUR | AL Sydbank, 3.63% (3 mo. EURIBOR + 1.45%), due 03/05/30<sup>(b)</sup> <br>| 575937 |
| 750000 |  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, due <br> 03/15/29 144A<br>| 715845 |
| 1450000 | EUR | Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.38%, due 05/21/30<sup>(g)</sup> <br>| 1679467 |
| 425000 | GBP | Aldermore Group PLC, 6.00% (5 yr. U.K. Government Bond + 2.02%), due <br> 10/01/35<sup>(b)(g)</sup> <br>| 550251 |
| 885000 | EUR | Alexandrite Lake Lux Holdings SARL, 6.75%, due 07/30/30<sup>(n)</sup> 144A | 998806 |
| 225000 |  | Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 8.63%, due <br> 06/15/29 144A<br>| 233882 |
| 750000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, due 10/15/27 <br> 144A<br>| 735605 |
| 1640000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.50%, due 10/01/31 <br> 144A<br>| 1612444 |
| 525000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 04/15/28 <br> 144A<br>| 528166 |
| 1150000 |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, due 01/15/31 <br> 144A<br>| 1160375 |
| 200000 |  | Allied Universal Holdco LLC, 7.88%, due 02/15/31 144A | 206377 |
| 400000 | EUR | Allwyn Entertainment Financing U.K. PLC, 4.13%, due 02/15/31<sup>(g)</sup> <br>| 435358 |
| 725000 |  | Ally Financial, Inc., 6.18% (1 day USD SOFR + 2.29%), due 07/26/35<sup>(b)</sup> <br>| 727523 |
| 860000 |  | Alpek SAB de CV, 3.25%, due 02/25/31<sup>(g)</sup> <br>| 722342 |

---

126See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 600000 |  | Alpha Generation LLC, 6.75%, due 10/15/32 144A | 609218 |
| 288000 |  | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | 292796 |
| 67000 |  | Altice France Lux 3/Altice Holdings 1, 10.00%, due 01/15/33 144A | 60969 |
| 445381 | EUR | Altice France SA, 4.75%, due 10/15/30<sup>(g)</sup> <br>| 486684 |
| 609757 | EUR | Altice France SA, 5.50%, due 10/15/31<sup>(g)</sup> <br>| 671188 |
| 376100 |  | Altice France SA, 6.50%, due 04/15/32 144A | 356691 |
| 1262807 |  | Altice France SA, 6.88%, due 10/15/30 144A | 1209066 |
| 494868 |  | Altice France SA, 9.50%, due 11/01/29 144A | 500416 |
| 1522 | EUR | Altice Holdings 1 SARL<sup>(e)(j)(o)</sup> 144A | 21044 |
| 175000 |  | Amazon.com, Inc., 5.80%, due 03/13/56 | 174983 |
| 385000 |  | Amentum Holdings, Inc., 7.25%, due 08/01/32 144A | 398770 |
| 2800000 |  | American Builders & Contractors Supply Co., Inc., 4.00%, due 01/15/28 144A | 2749398 |
| 121000 |  | American National Group, Inc., 7.00% (5 yr. CMT + 3.18%), due 12/01/55<sup>(b)</sup> <br>| 114846 |
| 205000 |  | AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, due 06/01/28 144A | 210582 |
| 50000 |  | AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, due 06/01/30 144A | 53172 |
| 950000 |  | AmeriTex HoldCo Intermediate LLC, 7.63%, due 08/15/33 144A | 981471 |
| 1505000 |  | AMN Healthcare, Inc., 6.50%, due 01/15/31 144A | 1475987 |
| 300000 |  | Amneal Pharmaceuticals LLC, 6.88%, due 08/01/32 144A | 309209 |
| 75000 |  | ams-OSRAM AG, 12.25%, due 03/30/29 144A | 79835 |
| 1500000 |  | AmWINS Group, Inc., 4.88%, due 06/30/29 144A | 1438137 |
| 250000 |  | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 <br> 144A<br>| 256396 |
| 225000 |  | APi Group DE, Inc., 4.13%, due 07/15/29 144A | 214450 |
| 2040000 |  | APLD ComputeCo LLC, 9.25%, due 12/15/30 144A | 2103652 |
| 1000000 |  | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | 1023642 |
| 300000 |  | Aptiv Swiss Holdings Ltd., 6.88% (5 yr. CMT + 3.39%), due 12/15/54<sup>(b)</sup> <br>| 303026 |
| 605000 |  | ARC Falcon I, Inc./Arclin USA LLC/New Arclin U.S. Holding Corp., 9.75%, due <br> 03/01/33 144A<br>| 583020 |
| 500000 |  | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 09/01/32 144A | 510110 |
| 298578 |  | Ardagh Group SA, 9.50%, due 12/01/30 144A | 313302 |
| 391543 |  | Ardagh Group SA, 12.00%, due 12/01/30 144A | 330501 |
| 500000 | EUR | Ardagh Group SA, 12.00%, due 12/01/30 144A | 478430 |
| 400000 | EUR | Ardagh Group SA, 12.00%, due 12/01/30<sup>(g)</sup> <br>| 382744 |
| 309000 | EUR | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 5.00%, due 01/30/31 144A<br>| 346188 |
| 1240000 |  | Ardonagh Finco Ltd., 7.75%, due 02/15/31 144A | 1255447 |
| 600000 |  | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | 594049 |
| 200000 | EUR | Argenta Spaarbank NV, 3.75% (1 yr. EURIBOR ICE Swap + 1.08%), due 02/02/34<sup>(b)(g)</sup> <br>| 223662 |
| 1210000 |  | Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A | 1261325 |
| 1000000 |  | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | 967360 |
| 2057122 |  | ASP Unifrax Holdings, Inc., 7.10% (7.10% Cash, or 5.85% Cash or 1.25% PIK), due <br> 09/30/29 144A<br>| 143999 |
| 1486000 |  | Asurion LLC/Asurion Co-Issuer, Inc., 8.00%, due 12/31/32 144A | 1542896 |
| 3765000 |  | Asurion LLC/Asurion Co-Issuer, Inc., 8.38%, due 02/01/34 144A | 3657970 |
| 6150000 |  | AthenaHealth Group, Inc., 6.50%, due 02/15/30 144A | 5779116 |
| 310000 |  | Atkore, Inc., 4.25%, due 06/01/31 144A | 291048 |
| 160000 |  | Atlanticus Holdings Corp., 9.75%, due 09/01/30 144A | 143986 |
| 675000 |  | Avantor Funding, Inc., 4.63%, due 07/15/28 144A | 659214 |
| 279249 |  | Avianca Midco 2 PLC, 9.00%, due 12/01/28 144A | 270872 |
| 950000 |  | Avianca Midco 2 PLC, 9.50%, due 01/28/31 144A | 874000 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1420000 |  | Avient Corp., 6.25%, due 11/01/31 144A | 1431110 |
| 400000 |  | Avilease Capital Ltd., 4.75%, due 11/12/30 144A | 389656 |
| 520000 |  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, due 01/15/30 144A | 523494 |
| 816000 |  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, due 06/15/32<sup>(n)</sup> 144A | 812252 |
| 1225000 |  | Avolon Holdings Funding Ltd., 4.70%, due 01/30/31 144A | 1200982 |
| 660000 |  | Axon Enterprise, Inc., 6.13%, due 03/15/30 144A | 672570 |
| 1000000 |  | Axon Enterprise, Inc., 6.25%, due 03/15/33 144A | 1021591 |
| 790000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30 144A | 800884 |
| 1874000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30<sup>(g)</sup> <br>| 1899818 |
| 700000 |  | Azule Energy Finance PLC, 8.25%, due 01/22/31 144A | 707700 |
| 480000 |  | Azule Energy Finance PLC, 8.63%, due 01/22/33 144A | 484578 |
| 835000 |  | B&G Foods, Inc., 8.00%, due 09/15/28 144A | 823273 |
| 6340000 |  | Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, due 07/15/26 144A | 5644401 |
| 2900000 |  | Ball Corp., 2.88%, due 08/15/30 | 2641254 |
| 350000 |  | Banc of California, 3.25% (3 mo. USD Term SOFR + 2.52%), due 05/01/31<sup>(b)</sup> <br>| 350875 |
| 2211000 | EUR | Banca Transilvania SA, 7.13% (5 yr. EURIBOR ICE Swap + 4.78%)<sup>(b)(g)(o)</sup> <br>| 2549915 |
| 2080000 |  | Banco de Credito del Peru SA, 5.65% (5 yr. CMT + 1.96%), due 01/15/37<sup>(b)(g)</sup> <br>| 2032160 |
| 2160000 |  | Banco Mercantil del Norte SA, 6.63% (10 yr. CMT + 5.03%)<sup>(b)(g)(o)</sup> <br>| 2059415 |
| 740000 |  | Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)<sup>(b)(o)</sup> 144A | 740417 |
| 200000 | EUR | Banco Santander SA, 3.63% (5 yr. EURIBOR ICE Swap + 3.76%)<sup>(b)(g)(o)</sup> <br>| 215654 |
| 600000 |  | Banco Santander SA, 4.55%, due 11/06/30 | 591663 |
| 600000 |  | Bank Hapoalim BM, 5.25%, due 01/14/33<sup>(g)</sup> 144A | 593073 |
| 1473000 |  | Bank Negara Indonesia Persero Tbk. PT, 4.30% (5 yr. CMT + 3.47%)<sup>(b)(g)(o)</sup> <br>| 1422922 |
| 250000 | EUR | Bank of Cyprus Holdings PLC, 11.88% (5 yr. EURIBOR ICE Swap + 9.13%)<sup>(b)(g)(o)</sup> <br>| 327591 |
| 325000 | EUR | Barclays PLC, 6.13% (5 yr. EURIBOR ICE Swap + 3.56%)<sup>(b)(g)(o)</sup> <br>| 357850 |
| 1002000 |  | Bath & Body Works, Inc., 6.88%, due 11/01/35 | 986791 |
| 235000 |  | Bath & Body Works, Inc., 6.95%, due 03/01/33 | 227025 |
| 700000 | EUR | Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc., 5.89% (3 mo. EURIBOR + <br> 3.88%), due 01/15/31<sup>(b)(g)</sup> <br>| 808842 |
| 890000 |  | Bausch Health Cos., Inc., 4.88%, due 06/01/28<sup>(n)</sup> 144A | 815774 |
| 400000 | EUR | BAWAG Group AG, 7.25% (5 yr. EURIBOR ICE Swap + 5.05%)<sup>(b)(g)(o)</sup> <br>| 474936 |
| 785000 |  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> 7.63% (5 yr. CMT + 3.38%), due 02/11/35<sup>(b)</sup> 144A<br>| 812475 |
| 750000 |  | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> 8.45% (5 yr. CMT + 4.66%), due 06/29/38<sup>(b)(g)</sup> <br>| 806962 |
| 200000 | EUR | BCP V Modular Services Finance II PLC, 4.75%, due 11/30/28<sup>(g)</sup> <br>| 217754 |
| 3815655 |  | Beach Acquisition Bidco LLC, 10.00% (10.00% Cash or 10.75% PIK), due 07/15/33 <br> 144A<br>| 4066505 |
| 1125000 |  | Beacon Mobility Corp., 7.25%, due 08/01/30 144A | 1163009 |
| 1100000 |  | Beignet Investor LLC, 6.58%, due 05/30/49 144A | 1131823 |
| 145000 |  | Bell Telephone Co. of Canada or Bell Canada, 7.00% (5 yr. CMT + 2.36%), due <br> 09/15/55<sup>(b)</sup> <br>| 148468 |
| 715000 | EUR | Bellis Acquisition Co. PLC, 8.00%, due 07/01/31<sup>(n)</sup> 144A | 777333 |
| 1465000 | EUR | Bellis Acquisition Co. PLC, 8.00%, due 07/01/31<sup>(g)(n)</sup> <br>| 1592718 |
| 630000 | GBP | Bellis Acquisition Co. PLC, 8.13%, due 05/14/30<sup>(g)</sup> <br>| 767970 |
| 270000 |  | BellRing Brands, Inc., 7.00%, due 03/15/30 144A | 270269 |
| 160000 | EUR | Bertrand Franchise Finance SAS, 5.78% (3 mo. EURIBOR + 3.75%), due <br> 07/18/30<sup>(b)(g)(n)</sup> <br>| 179946 |
| 165000 | EUR | Bertrand Franchise Finance SAS, 6.50%, due 07/18/30<sup>(g)(n)</sup> <br>| 184316 |
| 291000 | EUR | Betclic Everest Group SAS, 5.13%, due 12/10/31 144A | 331584 |

---

128See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 451000 |  | Binghatti Sukuk 2 SPV Ltd., 7.75%, due 07/02/29<sup>(g)</sup> <br>| 356539 |
| 1333000 |  | Biocon Biologics Global PLC, 6.67%, due 10/09/29<sup>(g)</sup> <br>| 1318768 |
| 100000 |  | BKV Upstream Midstream LLC, 7.50%, due 10/15/30 144A | 101144 |
| 890000 |  | Black Pearl Compute LLC, 6.13%, due 02/15/31 144A | 906952 |
| 800000 |  | Blackstone Mortgage Trust, Inc., 7.75%, due 12/01/29 144A | 841110 |
| 2090000 |  | Block Communications, Inc., 10.25%, due 03/01/31 144A | 1914254 |
| 2300000 |  | Block, Inc., 2.75%, due 06/01/26 | 2291032 |
| 975000 |  | Block, Inc., 6.00%, due 08/15/33 144A | 959901 |
| 900000 |  | Blue Owl Finance LLC, 6.25%, due 04/18/34 | 865785 |
| 150000 |  | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, due 07/15/29 144A | 155044 |
| 150000 |  | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | 155917 |
| 200000 | EUR | BNP Paribas Cardif SA, 6.00% (5 yr. EURIBOR ICE Swap + 3.37%)<sup>(b)(g)(o)</sup> <br>| 223268 |
| 340000 |  | BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%)<sup>(b)(o)</sup> 144A | 351017 |
| 715000 | EUR | Boots Group Finco LP, 5.38%, due 08/31/32<sup>(g)</sup> <br>| 822694 |
| 550000 |  | Boyne USA, Inc., 4.75%, due 05/15/29 144A | 533776 |
| 400000 | EUR | BPER Banca SpA, 5.88% (5 yr. EURIBOR ICE Swap + 3.57%)<sup>(b)(g)(o)</sup> <br>| 444236 |
| 1000000 |  | Braskem Netherlands Finance BV, 4.50%, due 01/31/30<sup>(g)</sup> <br>| 466099 |
| 3155000 |  | Bread Financial Holdings, Inc., 8.38% (5 yr. CMT + 4.30%), due 06/15/35<sup>(b)(n)</sup> 144A | 3192248 |
| 600000 |  | Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, due 01/15/33 144A | 583915 |
| 195000 |  | Brinker International, Inc., 8.25%, due 07/15/30 144A | 204617 |
| 1136000 |  | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, due 04/01/27 144A<br>| 1115323 |
| 75000 |  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, due <br> 02/15/30 144A<br>| 68953 |
| 320000 |  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| 303915 |
| 700000 |  | Brown & Brown, Inc., 5.55%, due 06/23/35 | 699445 |
| 2325000 |  | Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, due 02/01/32 144A | 2351382 |
| 698894 |  | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.88%, <br> due 02/15/39<sup>(g)</sup> <br>| 732118 |
| 900000 |  | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | 829667 |
| 550000 |  | Builders FirstSource, Inc., 6.75%, due 05/15/35 144A | 550160 |
| 1040000 | EUR | Bulgarian Energy Holding EAD, 2.45%, due 07/22/28<sup>(g)</sup> <br>| 1153430 |
| 515000 | EUR | Bulgarian Energy Holding EAD, 4.25%, due 06/19/30<sup>(g)</sup> <br>| 582411 |
| 800000 |  | Burford Capital Global Finance LLC, 6.25%, due 04/15/28 144A | 753376 |
| 955000 |  | Burford Capital Global Finance LLC, 9.25%, due 07/01/31 144A | 863029 |
| 1000000 |  | BWX Technologies, Inc., 4.13%, due 04/15/29 144A | 962095 |
| 884000 |  | C&S Group Enterprises LLC, 5.00%, due 12/15/28<sup>(n)</sup> 144A | 825133 |
| 1108000 |  | C&W Senior Finance Ltd., 9.00%, due 01/15/33<sup>(g)</sup> <br>| 1120642 |
| 600000 | EUR | CAB SELAS, 3.38%, due 02/01/28<sup>(g)</sup> <br>| 672169 |
| 3040000 |  | Caesars Entertainment, Inc., 6.00%, due 10/15/32 144A | 2800536 |
| 131000 |  | California Resources Corp., 8.25%, due 06/15/29 144A | 137125 |
| 1250000 |  | Camelot Return Merger Sub, Inc., 8.75%, due 08/01/28 144A | 743053 |
| 757000 | GBP | Canary Wharf Group Investment Holdings PLC, 3.38%, due 04/23/28<sup>(g)</sup> <br>| 941152 |
| 1270000 |  | Carnival Corp., 5.13%, due 05/01/29 144A | 1261372 |
| 525000 |  | Carnival Corp., 5.75%, due 08/01/32 144A | 525486 |
| 925000 |  | Carnival Corp., 5.88%, due 06/15/31 144A | 936952 |
| 440000 |  | Carnival Corp., 6.13%, due 02/15/33 144A | 444633 |
| 240000 |  | Carpenter Technology Corp., 5.63%, due 03/01/34 144A | 238089 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1706000 |  | Carvana Co., 9.00% ((14% PIK until 08/15/25; then 9% Cash until Maturity)), due <br> 06/01/31 144A<br>| 1845890 |
| 200000 | EUR | CCF Holding SAS, 9.25% (5 yr. EUR Swap + 6.63%)<sup>(b)(g)(o)</sup> <br>| 250188 |
| 4530000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | 4131743 |
| 2600000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 01/15/34 144A | 2226701 |
| 526000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 08/15/30 144A | 491862 |
| 1940000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33 144A | 1690387 |
| 500000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A | 496198 |
| 470000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 02/01/33 144A | 471762 |
| 600000 |  | CDW LLC/CDW Finance Corp., 3.57%, due 12/01/31 | 548683 |
| 1710000 |  | Celanese U.S. Holdings LLC, 6.75%, due 04/15/33 | 1755474 |
| 1980000 |  | Cemex SAB de CV, 7.20% (5 yr. CMT + 3.52%)<sup>(b)(o)</sup> 144A | 2007225 |
| 1400000 |  | Centene Corp., 2.50%, due 03/01/31 | 1175641 |
| 1055000 |  | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, due <br> 06/15/29<sup>(n)</sup> 144A<br>| 785187 |
| 2470000 |  | Century Aluminum Co., 6.88%, due 08/01/32 144A | 2550833 |
| 775000 |  | Cerdia Finanz GmbH, 9.38%, due 10/03/31 144A | 771536 |
| 1908000 |  | Champ Acquisition Corp., 8.38%, due 12/01/31 144A | 2004600 |
| 1255000 |  | Champion MTN Ltd., 2.95%, due 06/15/30<sup>(g)</sup> <br>| 1083157 |
| 500000 | EUR | Cheplapharm Arzneimittel GmbH, 7.50%, due 05/15/30<sup>(g)</sup> <br>| 582024 |
| 200000 |  | Chord Energy Corp., 6.00%, due 10/01/30 144A | 202772 |
| 965000 |  | Chord Energy Corp., 6.75%, due 03/15/33 144A | 996915 |
| 787000 |  | CHS/Community Health Systems, Inc., 4.75%, due 02/15/31<sup>(n)</sup> 144A | 725987 |
| 1031000 |  | CHS/Community Health Systems, Inc., 5.25%, due 05/15/30 144A | 972359 |
| 1964000 |  | CHS/Community Health Systems, Inc., 6.88%, due 04/15/29<sup>(n)</sup> 144A | 1890680 |
| 1235000 |  | CHS/Community Health Systems, Inc., 9.75%, due 01/15/34 144A | 1283311 |
| 200000 |  | CHS/Community Health Systems, Inc., 10.88%, due 01/15/32 144A | 214822 |
| 800000 | EUR | CI Financial Corp., 4.63%, due 12/12/31<sup>(g)</sup> <br>| 923237 |
| 300000 |  | Cimpress PLC, 7.38%, due 09/15/32 144A | 297755 |
| 832000 |  | Cipher Compute LLC, 7.13%, due 11/15/30 144A | 863016 |
| 391000 | EUR | Cirsa Finance International SARL, 4.88%, due 10/15/31 144A | 444070 |
| 1000000 |  | Citadel Finance LLC, 5.90%, due 02/10/30 144A | 1005334 |
| 500000 |  | Citadel Securities Global Holdings LLC, 5.75%, due 03/27/36 144A | 493633 |
| 265000 |  | Citadel Securities Global Holdings LLC, 6.20%, due 06/18/35 144A | 271287 |
| 230000 |  | Citigroup, Inc., 6.63% (5 yr. CMT + 3.00%)<sup>(b)(o)</sup> <br>| 230329 |
| 114000 |  | Citigroup, Inc., 7.63% (5 yr. CMT + 3.21%)<sup>(b)(o)</sup> <br>| 117957 |
| 550000 | EUR | Clarios Global LP/Clarios U.S. Finance Co., 4.75%, due 06/15/31<sup>(g)</sup> <br>| 623786 |
| 148000 |  | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 09/15/32 144A | 149277 |
| 400000 |  | Clear Channel Outdoor Holdings, Inc., 7.50%, due 03/15/33 144A | 423897 |
| 225000 |  | Clearwater Paper Corp., 4.75%, due 08/15/28 144A | 194878 |
| 551000 |  | Clearway Energy Operating LLC, 3.75%, due 02/15/31 144A | 510501 |
| 500000 |  | Cleveland-Cliffs, Inc., 7.00%, due 03/15/32 144A | 484401 |
| 490000 |  | Cleveland-Cliffs, Inc., 7.38%, due 05/01/33 144A | 479754 |
| 440000 |  | Cloud Software Group, Inc., 6.50%, due 03/31/29 144A | 429684 |
| 1325000 |  | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 1257736 |
| 515000 |  | Cloud Software Group, Inc., 9.00%, due 09/30/29 144A | 497299 |
| 675000 |  | Clydesdale Acquisition Holdings, Inc., 6.63%, due 04/15/29 144A | 663443 |
| 1660000 |  | Clydesdale Acquisition Holdings, Inc., 6.75%, due 04/15/32 144A | 1572574 |
| 1400000 |  | Clydesdale Acquisition Holdings, Inc., 8.75%, due 04/15/30 144A | 1307535 |

---

130See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 118000 |  | CMS Energy Corp., 4.75% (5 yr. CMT + 4.12%), due 06/01/50<sup>(b)</sup> <br>| 114527 |
| 875000 |  | Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, due 07/01/32<sup>(n)</sup> 144A | 763909 |
| 500000 |  | Coherent Corp., 5.00%, due 12/15/29 144A | 490866 |
| 1320000 |  | Columbus McKinnon Corp., 7.13%, due 02/01/33 144A | 1320627 |
| 250000 |  | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, due 01/24/33 144A | 256625 |
| 150000 |  | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, due 01/24/33<sup>(g)</sup> <br>| 153975 |
| 205873 |  | Compass Group Diversified Holdings LLC, 5.25%, due 04/15/29 144A | 191688 |
| 2840000 |  | Compass Minerals International, Inc., 8.00%, due 07/01/30 144A | 2941007 |
| 600000 |  | Comstock Resources, Inc., 6.75%, due 03/01/29 144A | 592697 |
| 160000 |  | Concentra Health Services, Inc., 6.88%, due 07/15/32 144A | 165618 |
| 110000 |  | Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, due <br> 11/01/29 144A<br>| 75132 |
| 1150000 |  | Constellium SE, 6.38%, due 08/15/32 144A | 1163340 |
| 825000 |  | Cooper-Standard Automotive, Inc., 9.25%, due 03/01/31 144A | 775912 |
| 4280000 |  | CoreWeave, Inc., 9.00%, due 02/01/31 144A | 4077851 |
| 1250000 |  | Corp. Nacional del Cobre de Chile, 5.95%, due 01/08/34<sup>(g)</sup> <br>| 1278930 |
| 1000000 |  | CoStar Group, Inc., 2.80%, due 07/15/30 144A | 904684 |
| 500000 |  | Cougar JV Subsidiary LLC, 8.00%, due 05/15/32 144A | 517360 |
| 899000 |  | CP Atlas Buyer, Inc., 9.75%, due 07/15/30<sup>(n)</sup> 144A | 843944 |
| 660384 |  | CP Atlas Buyer, Inc., 12.75%, due 01/15/31 144A | 510428 |
| 585000 | EUR | CPI Property Group SA, 1.50%, due 01/27/31<sup>(g)</sup> <br>| 527003 |
| 540000 | EUR | CPI Property Group SA, 4.75%, due 07/22/30<sup>(g)</sup> <br>| 573303 |
| 375000 | EUR | CPI Property Group SA, 7.50% (5 yr. EURIBOR ICE Swap + 5.23%)<sup>(b)(g)(o)</sup> <br>| 383099 |
| 2185000 | EUR | CPI Property Group SA, 7.50% (5 yr. EURIBOR ICE Swap + 5.23%)<sup>(b)(g)(o)</sup> <br>| 2232189 |
| 925000 | GBP | CPI Property Group SA, 8.88% (5 yr. U.K. Government Bond + 5.65%)<sup>(b)(g)(o)</sup> <br>| 1102106 |
| 675000 |  | CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, due 06/15/31 144A | 658599 |
| 325000 | EUR | CrediaBank SA, 9.38% (5 yr. EURIBOR ICE Swap + 7.28%)<sup>(b)(g)(o)</sup> <br>| 391950 |
| 3212000 | PEN | Credicorp Capital Sociedad Titulizadora SA, 10.10%, due 12/15/43<sup>(g)</sup> <br>| 998430 |
| 360000 |  | Crescent Energy Finance LLC, 7.38%, due 01/15/33 144A | 360178 |
| 320000 |  | Crocs, Inc., 4.13%, due 08/15/31 144A | 288255 |
| 1123000 |  | CrossCountry Intermediate HoldCo LLC, 6.50%, due 10/01/30 144A | 1071778 |
| 3367000 |  | CrossCountry Intermediate HoldCo LLC, 6.75%, due 12/01/32 144A | 3171514 |
| 1500000 |  | Crowdstrike Holdings, Inc., 3.00%, due 02/15/29 | 1427830 |
| 1000000 |  | Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, due 09/30/26 | 996856 |
| 750000 |  | CSC Holdings LLC, 4.13%, due 12/01/30<sup>(n)</sup> 144A | 450899 |
| 240000 |  | CSC Holdings LLC, 4.50%, due 11/15/31 144A | 142656 |
| 235000 |  | CSC Holdings LLC, 5.50%, due 04/15/27 144A | 204096 |
| 270000 |  | CSC Holdings LLC, 11.75%, due 01/31/29 144A | 195418 |
| 900000 |  | CSN Inova Ventures, 6.75%, due 01/28/28<sup>(g)</sup> <br>| 662249 |
| 2100000 |  | CSN Resources SA, 5.88%, due 04/08/32<sup>(g)</sup> <br>| 1288885 |
| 500000 | EUR | Cullinan Holdco SCSp, 8.50%, due 10/15/29<sup>(g)(n)</sup> <br>| 505742 |
| 560000 |  | CVR Energy, Inc., 7.50%, due 02/15/31 144A | 564658 |
| 900000 |  | Cyprium Corp./Cyprium Holdings Luxembourg SARL, 6.13%, due 04/15/31 144A | 889486 |
| 600000 |  | DAE Funding LLC, 3.38%, due 03/20/28<sup>(g)</sup> <br>| 577789 |
| 320000 |  | DaVita, Inc., 3.75%, due 02/15/31 144A | 293608 |
| 450000 |  | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | 455420 |
| 1500000 |  | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, due 06/30/33 144A | 1513458 |
| 75000 |  | Deluxe Corp., 8.00%, due 06/01/29 144A | 75544 |
| 575000 |  | Deluxe Corp., 8.13%, due 09/15/29 144A | 597617 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 130000 |  | Dentsply Sirona, Inc., 8.38% (5 yr. CMT + 4.38%), due 09/12/55<sup>(b)</sup> <br>| 127050 |
| 400000 | EUR | Deutsche Bank AG, 10.00% (5 yr. EURIBOR ICE Swap + 6.94%)<sup>(b)(g)(o)</sup> <br>| 491424 |
| 600000 |  | Dhafrah Pv2 Energy Co. LLC, 5.79%, due 06/30/53 144A | 583332 |
| 1080000 |  | Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, due 10/01/30 144A | 1141492 |
| 198000 |  | Diamondback Energy, Inc., 5.75%, due 04/18/54 | 187383 |
| 275000 |  | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, due 02/15/31 144A | 280945 |
| 1650000 |  | Discovery Global Holdings, Inc., 4.28%, due 03/15/32 | 1462312 |
| 2185000 |  | Discovery Global Holdings, Inc., 5.05%, due 03/15/42 | 1444953 |
| 225000 |  | Diversified Healthcare Trust, 7.25%, due 10/15/30 144A | 227215 |
| 195000 | CAD | Doman Building Materials Group Ltd., 7.50%, due 09/17/29 | 143048 |
| 153000 |  | Dominion Energy, Inc., 4.35% (5 yr. CMT + 3.20%)<sup>(b)(o)</sup> <br>| 150709 |
| 3360000 |  | Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/29 144A | 3002926 |
| 2460000 |  | DP World Ltd., 6.85%, due 07/02/37<sup>(g)</sup> <br>| 2606727 |
| 300000 |  | Dycom Industries, Inc., 4.50%, due 04/15/29 144A | 291212 |
| 500000 | EUR | Dynamo Newco II GmbH, 6.25%, due 10/15/31<sup>(g)</sup> <br>| 513805 |
| 2035000 | EUR | Eastern European Electric Co. BV, 6.50%, due 05/15/30 144A | 2389940 |
| 211000 |  | EchoStar Corp., 6.75%, due 11/30/30 | 213323 |
| 1500000 |  | EchoStar Corp., 10.75%, due 11/30/29 | 1621299 |
| 2149000 |  | Ecopetrol SA, 8.38%, due 01/19/36 | 2180658 |
| 100000 |  | Ecopetrol SA, 8.88%, due 01/13/33 | 105339 |
| 643000 |  | Edison International, 7.88% (5 yr. CMT + 3.66%), due 06/15/54<sup>(b)</sup> <br>| 659119 |
| 1923000 |  | Edison International, 8.13% (5 yr. CMT + 3.86%), due 06/15/53<sup>(b)</sup> <br>| 1959024 |
| 625000 |  | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman <br> Non-MTM, 7.38%, due 09/30/30 144A<br>| 602642 |
| 500000 | EUR | eircom Finance DAC, 5.00%, due 04/30/31<sup>(g)</sup> <br>| 575319 |
| 1070000 |  | Elastic NV, 4.13%, due 07/15/29 144A | 1004567 |
| 1330000 |  | Ellucian Holdings, Inc., 6.50%, due 12/01/29 144A | 1302421 |
| 1700000 |  | Embecta Corp., 5.00%, due 02/15/30 144A | 1574270 |
| 383000 |  | Emera, Inc., 6.75% (3 mo. USD LIBOR + 5.44%), due 06/15/76<sup>(b)</sup> <br>| 383791 |
| 130000 |  | Emergent BioSolutions, Inc., 3.88%, due 08/15/28 144A | 109833 |
| 380000 |  | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, due 07/15/31 144A | 391104 |
| 374000 |  | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)</sup> <br>| 373516 |
| 102000 |  | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> <br>| 114813 |
| 145000 |  | Encompass Health Corp., 4.75%, due 02/01/30 | 141952 |
| 1600000 |  | Encore Capital Group, Inc., 8.50%, due 05/15/30 144A | 1692718 |
| 120000 |  | Enerflex, Inc., 6.88%, due 01/15/31 144A | 122601 |
| 2075000 |  | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(g)</sup> <br>| 1932630 |
| 675000 | EUR | Energo - Pro as, 6.45%, due 04/15/31<sup>(g)</sup> <br>| 760587 |
| 2167000 | EUR | Energo - Pro as, 8.00%, due 05/27/30 144A | 2559567 |
| 1000000 |  | Energuate Trust 2 0, 6.35%, due 09/15/35 144A | 980856 |
| 960000 |  | Energy Transfer LP, 6.25%, due 04/15/49 | 942223 |
| 105000 |  | Energy Transfer LP, 8.00% (5 yr. CMT + 4.02%), due 05/15/54<sup>(b)</sup> <br>| 110044 |
| 295000 |  | EnerSys, 6.63%, due 01/15/32 144A | 301766 |
| 400000 |  | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU, 8.50%, due <br> 06/30/32 144A<br>| 404208 |
| 255000 |  | Enova International, Inc., 11.25%, due 12/15/28 144A | 269947 |
| 215000 |  | EnQuest PLC, 11.63%, due 11/01/27 144A | 220202 |
| 750000 |  | Entegris, Inc., 4.75%, due 04/15/29 144A | 741897 |
| 930000 | EUR | Eolo SpA, 4.88%, due 10/21/28<sup>(g)</sup> <br>| 883508 |

---

132See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 800000 | EUR | Equinix Europe 2 Financing Corp. LLC, 3.25%, due 05/19/29 | 908370 |
| 65000 |  | Esab Corp., 5.63%, due 04/01/31 144A | 65618 |
| 6000000 | ZAR | Eskom Holdings, 7.50%, due 09/15/33 | 311193 |
| 1200000 |  | Essential Properties LP, 2.95%, due 07/15/31 | 1081435 |
| 250000 | EUR | Eurobank SA, 6.25% (5 yr. EURIBOR ICE Swap + 3.79%)<sup>(b)(g)(o)</sup> <br>| 274786 |
| 218000 |  | EUSHI Finance, Inc., 7.63% (5 yr. CMT + 3.14%), due 12/15/54<sup>(b)</sup> <br>| 225542 |
| 246000 | EUR | Eutelsat Communications SACA, 5.75%, due 03/15/31 144A | 284772 |
| 125000 |  | Excelerate Energy LP, 8.00%, due 05/15/30 144A | 130909 |
| 514000 |  | EZCORP, Inc., 7.38%, due 04/01/32 144A | 538217 |
| 1150000 |  | Fair Isaac Corp., 6.25%, due 09/15/34 144A | 1132046 |
| 1950000 |  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, due 01/15/29 <br> 144A<br>| 1864809 |
| 1644000 |  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, due <br> 01/15/30<sup>(n)</sup> 144A<br>| 1536840 |
| 792406 |  | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due <br> 01/31/41<sup>(g)</sup> <br>| 794585 |
| 1360000 |  | Fiesta Purchaser, Inc., 7.88%, due 03/01/31 144A | 1385694 |
| 2840000 |  | Fiesta Purchaser, Inc., 9.63%, due 09/15/32 144A | 2899558 |
| 240000 |  | First Quantum Minerals Ltd., 6.38%, due 02/15/36 144A | 231069 |
| 280000 |  | FirstCash, Inc., 5.63%, due 01/01/30 144A | 279168 |
| 180000 |  | Five Point Operating Co. LP, 8.00%, due 10/01/30 144A | 179690 |
| 800000 | EUR | Flora Food Management BV, 7.50%, due 10/31/30 144A | 913571 |
| 1750000 |  | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | 1786837 |
| 2060000 |  | Focus Financial Partners LLC, 6.75%, due 09/15/31 144A | 2047839 |
| 1050000 |  | Ford Motor Credit Co. LLC, 2.90%, due 02/16/28 | 1007247 |
| 992000 |  | Fortescue Treasury Pty. Ltd., 4.38%, due 04/01/31 144A | 938179 |
| 395000 |  | Fortrea Holdings, Inc., 7.50%, due 07/01/30<sup>(n)</sup> 144A | 374768 |
| 590000 |  | Fortress Intermediate 3, Inc., 7.50%, due 06/01/31 144A | 587108 |
| 1145000 | EUR | Fortune Star BVI Ltd., 3.95%, due 10/02/26<sup>(g)</sup> <br>| 1310789 |
| 750000 |  | Fortune Star BVI Ltd., 5.05%, due 01/27/27<sup>(g)</sup> <br>| 728845 |
| 640000 |  | Fortune Star BVI Ltd., 6.80%, due 09/09/29<sup>(g)</sup> <br>| 607072 |
| 1100000 |  | Freedom Mortgage Corp., 6.63%, due 01/15/27 144A | 1099245 |
| 90000 |  | Freedom Mortgage Holdings LLC, 6.88%, due 05/01/31 144A | 84229 |
| 2405000 |  | Freedom Mortgage Holdings LLC, 8.38%, due 04/01/32 144A | 2368274 |
| 572000 |  | Freedom Mortgage Holdings LLC, 9.13%, due 05/15/31 144A | 582153 |
| 800000 |  | Frontier Communications Holdings LLC, 6.75%, due 05/01/29 144A | 801517 |
| 400000 |  | FS KKR Capital Corp., 3.13%, due 10/12/28 | 365407 |
| 700000 |  | FS KKR Capital Corp., 6.13%, due 01/15/31<sup>(n)</sup> <br>| 657231 |
| 935000 |  | FS Luxembourg SARL, 8.13%, due 02/11/36 144A | 859919 |
| 200000 |  | FS Luxembourg SARL, 8.63%, due 06/25/33 144A | 198350 |
| 400000 |  | FS Luxembourg SARL, 8.63%, due 06/25/33<sup>(g)</sup> <br>| 396700 |
| 255000 |  | FS Luxembourg SARL, 8.63%, due 06/25/33<sup>(g)</sup> <br>| 252896 |
| 1500000 |  | FTAI Aviation Investors LLC, 5.50%, due 05/01/28 144A | 1500745 |
| 1045000 |  | Gap, Inc., 3.63%, due 10/01/29 144A | 976908 |
| 150000 |  | Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, due 05/31/32 144A | 155413 |
| 295000 |  | Gartner, Inc., 3.63%, due 06/15/29 144A | 277612 |
| 1725000 |  | Gartner, Inc., 3.75%, due 10/01/30 144A | 1569216 |
| 270000 |  | Gates Corp., 6.88%, due 07/01/29 144A | 277368 |
| 755000 |  | GC Treasury Center Co. Ltd., 6.50% (5 yr. CMT + 2.82%)<sup>(b)(o)</sup> 144A | 734468 |
| 745000 |  | GC Treasury Center Co. Ltd., 7.13% (5 yr. CMT + 3.16%)<sup>(b)(n)(o)</sup> 144A | 725139 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1685000 |  | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29 144A | 1599792 |
| 1608000 |  | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29<sup>(g)</sup> <br>| 1526502 |
| 500000 |  | Gen Digital, Inc., 6.25%, due 04/01/33 144A | 486453 |
| 235000 |  | General Motors Financial Co., Inc., 5.70% (5 yr. CMT + 5.00%)<sup>(b)(n)(o)</sup> <br>| 230673 |
| 700000 |  | Genesis Energy LP/Genesis Energy Finance Corp., 6.75%, due 03/15/34 | 697172 |
| 600000 |  | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | 620377 |
| 459000 |  | Genmab AS/Genmab Finance LLC, 6.25%, due 12/15/32 144A | 470914 |
| 400000 |  | Genmab AS/Genmab Finance LLC, 7.25%, due 12/15/33 144A | 419058 |
| 195000 |  | Genworth Holdings, Inc., 6.50%, due 06/15/34 | 196759 |
| 2425000 |  | Global Medical Response, Inc., 7.38%, due 10/01/32 144A | 2520290 |
| 525000 |  | GLP Capital LP/GLP Financing II, Inc., 5.63%, due 09/15/34 | 517296 |
| 264000 |  | GLP Capital LP/GLP Financing II, Inc., 5.63%, due 03/01/36 | 257010 |
| 900000 |  | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | 914263 |
| 885000 |  | GLP China Holdings Ltd., 7.75%, due 04/30/29<sup>(g)</sup> <br>| 712089 |
| 1770000 |  | GLP Pte. Ltd., 4.50% (5 yr. CMT + 3.74%)<sup>(b)(g)(o)</sup> <br>| 894182 |
| 970000 |  | GLP Pte. Ltd., 4.60% (5 yr. CMT + 3.73%)<sup>(b)(g)(o)</sup> <br>| 458081 |
| 2000000 |  | GLP Pte. Ltd., 9.75%, due 05/20/28<sup>(g)</sup> <br>| 1642557 |
| 1325000 |  | Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, due 03/01/29 144A | 1234174 |
| 1730000 |  | Goat Holdco LLC, 6.75%, due 02/01/32 144A | 1742100 |
| 75000 |  | goeasy Ltd., 6.88%, due 05/15/30 144A | 62233 |
| 1815000 |  | goeasy Ltd., 6.88%, due 02/15/31<sup>(n)</sup> 144A | 1461710 |
| 224000 |  | goeasy Ltd., 7.38%, due 10/01/30 144A | 185719 |
| 300000 |  | goeasy Ltd., 9.25%, due 12/01/28 144A | 279300 |
| 680000 |  | Gol Finance, Inc., 14.38%, due 06/06/30<sup>(g)</sup> <br>| 604350 |
| 605000 |  | Golomt Bank, 11.00%, due 05/20/27<sup>(g)</sup> <br>| 613486 |
| 190000 |  | Graham Holdings Co., 5.63%, due 12/01/33 144A | 186604 |
| 1217000 |  | Gray Media, Inc., 4.75%, due 10/15/30<sup>(n)</sup> 144A | 940360 |
| 115000 |  | Gray Media, Inc., 5.38%, due 11/15/31 144A | 85485 |
| 643000 |  | Gray Media, Inc., 9.63%, due 07/15/32 144A | 643557 |
| 45000 |  | Gray Media, Inc., 10.50%, due 07/15/29 144A | 47846 |
| 190000 |  | Great Canadian Gaming Corp./Raptor LLC, 8.75%, due 11/15/29 144A | 185483 |
| 520000 | EUR | Grifols SA, 3.88%, due 10/15/28<sup>(g)</sup> <br>| 586913 |
| 632000 |  | Grifols SA, 4.75%, due 10/15/28 144A | 619417 |
| 550000 | EUR | Grifols SA, 7.50%, due 05/01/30<sup>(g)</sup> <br>| 657239 |
| 400000 |  | Grupo Aeromexico SAB de CV, 8.25%, due 11/15/29 144A | 386500 |
| 1490000 |  | Grupo Televisa SAB, 5.00%, due 05/13/45 | 926644 |
| 565000 |  | Grupo Televisa SAB, 5.25%, due 05/24/49 | 348694 |
| 515000 |  | Grupo Televisa SAB, 6.13%, due 01/31/46 | 365815 |
| 500000 | EUR | GSG Bidco Ltd., 4.70%, due 06/15/31 144A | 571494 |
| 828731 |  | Guara Norte SARL, 5.20%, due 06/15/34<sup>(g)</sup> <br>| 803880 |
| 366000 |  | HA Sustainable Infrastructure Capital, Inc., 7.13% (5 yr. CMT + 3.48%), due 11/15/56<sup>(b)</sup> <br>| 364378 |
| 293000 |  | HA Sustainable Infrastructure Capital, Inc., 8.00% (5 yr. CMT + 4.30%), due 06/01/56<sup>(b)</sup> <br>| 303273 |
| 1775000 |  | HAH Group Holding Co. LLC, 9.75%, due 10/01/31 144A | 1556594 |
| 980000 |  | Hanwha Totalenergies Petrochemical Co. Ltd., 5.50%, due 07/18/29<sup>(g)</sup> <br>| 930114 |
| 1880000 |  | Harvest Midstream I LP, 7.50%, due 09/01/28 144A | 1899272 |
| 1300000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 09/15/30<sup>(n)</sup> 144A | 1197222 |
| 600000 |  | HCA, Inc., 4.90%, due 11/15/35 | 580320 |
| 550000 |  | HCA, Inc., 7.50%, due 11/06/33 | 623844 |
| 75000 |  | HealthEquity, Inc., 4.50%, due 10/01/29 144A | 72655 |

---

134See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 545000 | GBP | Heathrow Funding Ltd., 6.75%, due 12/03/28<sup>(g)</sup> <br>| 726360 |
| 205000 |  | Helix Energy Solutions Group, Inc., 9.75%, due 03/01/29 144A | 215630 |
| 70000 |  | Hilton Domestic Operating Co., Inc., 3.63%, due 02/15/32 144A | 63676 |
| 300000 |  | Hilton Domestic Operating Co., Inc., 3.75%, due 05/01/29 144A | 287319 |
| 2000000 |  | Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A | 1878657 |
| 270000 |  | HLF Financing SARL LLC/Herbalife International, Inc., 4.88%, due 06/01/29 144A | 252876 |
| 1800000 |  | Hologic, Inc., 3.25%, due 02/15/29 144A | 1797997 |
| 525000 |  | Howard Midstream Energy Partners LLC, 6.63%, due 01/15/34 144A | 527371 |
| 750000 |  | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, due 02/15/31 144A<br>| 756897 |
| 200000 |  | HSBC Holdings PLC, 4.60% (5 yr. CMT + 3.65%)<sup>(b)(o)</sup> <br>| 182712 |
| 600000 |  | HSBC Holdings PLC, 4.62% (1 day USD SOFR + 1.19%), due 11/06/31<sup>(b)</sup> <br>| 591845 |
| 469000 |  | HSBC Holdings PLC, 5.28% (1 day USD SOFR + 1.55%), due 03/10/37<sup>(b)</sup> <br>| 460752 |
| 775000 |  | HSBC Holdings PLC, 6.75% (5 yr. CMT + 2.91%)<sup>(b)(o)</sup> <br>| 766941 |
| 520000 |  | HTA Group Ltd., 6.75%, due 04/01/31<sup>(d)</sup> 144A | 514569 |
| 200000 |  | HTA Group Ltd., 7.50%, due 06/04/29 144A | 203774 |
| 1000000 |  | HUB International Ltd., 7.25%, due 06/15/30 144A | 1024979 |
| 2220000 |  | HUB International Ltd., 7.38%, due 01/31/32 144A | 2265705 |
| 575000 |  | Hudson Pacific Properties LP, 3.25%, due 01/15/30<sup>(n)</sup> <br>| 465364 |
| 225000 |  | Hudson Pacific Properties LP, 3.95%, due 11/01/27 | 212542 |
| 2815000 |  | Hudson Pacific Properties LP, 4.65%, due 04/01/29<sup>(n)</sup> <br>| 2404531 |
| 375000 |  | Huntsman International LLC, 2.95%, due 06/15/31 | 311498 |
| 1880000 |  | Huntsman International LLC, 5.70%, due 10/15/34 | 1731273 |
| 600000 | EUR | Ibercaja Banco SA, 9.13% (5 yr. EUR Swap + 6.83%)<sup>(b)(g)(o)</sup> <br>| 740146 |
| 8058000000 | UZS | ICBC Standard Bank PLC, 20.00%, due 12/13/29<sup>(e)(j)</sup> 144A | 655202 |
| 500000 | GBP | Iceland Bondco PLC, 4.38%, due 05/15/28<sup>(g)</sup> <br>| 629646 |
| 45000 |  | iHeartCommunications, Inc., 9.13%, due 05/01/29 144A | 40910 |
| 35000 |  | iHeartCommunications, Inc., 10.88%, due 05/01/30 144A | 22466 |
| 1100000 |  | IHS Holding Ltd., 6.25%, due 11/29/28<sup>(g)</sup> <br>| 1091465 |
| 100000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28<sup>(g)(n)</sup> <br>| 113419 |
| 265000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A | 300560 |
| 1350000 |  | Indofood CBP Sukses Makmur Tbk. PT, 4.75%, due 06/09/51<sup>(g)</sup> <br>| 1073952 |
| 326000 |  | Industrial F&B Investments III, Inc., 7.75%, due 02/11/33 144A | 329668 |
| 1318000 |  | Industrial Subordinated Trust 2.0, 6.55% (5 yr. CMT + 2.86%), due 04/15/36<sup>(b)</sup> 144A | 1319647 |
| 316000 |  | INEOS Finance PLC, 6.75%, due 05/15/28 144A | 305705 |
| 298000 |  | INEOS Finance PLC, 7.50%, due 04/15/29<sup>(n)</sup> 144A | 289372 |
| 900000 |  | Ingevity Corp., 3.88%, due 11/01/28 144A | 864634 |
| 430000 |  | Insight Enterprises, Inc., 6.63%, due 05/15/32 144A | 415390 |
| 205000 |  | Insulet Corp., 6.50%, due 04/01/33 144A | 209395 |
| 320000 | EUR | International Personal Finance PLC, 10.75%, due 12/14/29<sup>(g)</sup> <br>| 387340 |
| 310000 |  | Intesa Sanpaolo SpA, 4.20% (1 yr. CMT + 2.60%), due 06/01/32<sup>(b)</sup> 144A | 290114 |
| 250000 | EUR | Intesa Sanpaolo SpA, 6.38% (5 yr. EURIBOR ICE Swap + 4.04%)<sup>(b)(g)(o)</sup> <br>| 289411 |
| 475000 |  | Intesa Sanpaolo SpA, 8.25% (1 yr. CMT + 4.40%), due 11/21/33<sup>(b)</sup> 144A | 547584 |
| 700000 |  | ION Platform Finance U.S., Inc./ION Platform Finance SARL, 8.75%, due 05/01/29 <br> 144A<br>| 651718 |
| 650000 |  | ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.00%, due 08/01/29 <br> 144A<br>| 603309 |
| 200000 | EUR | IPD 3 BV, 5.50%, due 06/15/31<sup>(g)</sup> <br>| 217437 |
| 255000 | EUR | IQVIA, Inc., 2.25%, due 01/15/28<sup>(g)</sup> <br>| 285528 |
| 550000 |  | Iron Mountain, Inc., 4.50%, due 02/15/31 144A | 516749 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 500000 | EUR | Iron Mountain, Inc., 4.75%, due 01/15/34 144A | 537522 |
| 290000 |  | Iron Mountain, Inc., 4.88%, due 09/15/29 144A | 282332 |
| 400000 |  | Iron Mountain, Inc., 5.25%, due 03/15/28 144A | 398444 |
| 280000 |  | Ithaca Energy North Sea PLC, 8.13%, due 10/15/29 144A | 287310 |
| 1314000 |  | ITT Holdings LLC, 6.50%, due 08/01/29 144A | 1278631 |
| 805000 |  | Ittihad International II Ltd., 7.38%, due 11/13/30 144A | 812867 |
| 925000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30 144A | 935749 |
| 751000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30<sup>(g)</sup> <br>| 759671 |
| 610000 |  | Jacobs Entertainment, Inc., 6.75%, due 02/15/29 144A | 570875 |
| 680000 |  | Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 144A | 673033 |
| 890000 |  | Jane Street Group/JSG Finance, Inc., 6.75%, due 05/01/33 144A | 903597 |
| 1730000 |  | Jane Street Group/JSG Finance, Inc., 7.13%, due 04/30/31 144A | 1779419 |
| 720000 |  | Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, due 08/15/28 144A | 671624 |
| 1465000 |  | JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, due 09/20/31<sup>(n)</sup> 144A | 1386503 |
| 55000 |  | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | 54581 |
| 2150000 |  | Jones Deslauriers Insurance Management, Inc., 6.88%, due 10/01/33 144A | 1969507 |
| 640000 |  | JSW Steel Ltd., 3.95%, due 04/05/27<sup>(g)</sup> <br>| 628309 |
| 500000 | EUR | Jyske Bank AS, 3.50% (1 yr. EURIBOR ICE Swap + 1.27%), due 11/19/31<sup>(b)(g)</sup> <br>| 568561 |
| 750000 | GBP | Kane Bidco Ltd., 7.75%, due 07/15/31 144A | 983936 |
| 700000 | EUR | Kapla Holding SAS, 5.00%, due 04/30/31<sup>(g)</sup> <br>| 795334 |
| 2110000 |  | KazMunayGas National Co. JSC, 6.38%, due 10/24/48<sup>(g)</sup> <br>| 2101169 |
| 145000 |  | KBR, Inc., 4.75%, due 09/30/28 144A | 142311 |
| 500000 |  | Kilroy Realty LP, 5.88%, due 10/15/35 | 482343 |
| 212000 | EUR | King U.S. Bidco, Inc., 5.31% (3 mo. EURIBOR + 3.25%), due 12/01/32<sup>(b)</sup> 144A | 243667 |
| 600000 |  | Kodiak Gas Services LLC, 5.88%, due 04/01/31 144A | 603343 |
| 335000 |  | Kodiak Gas Services LLC, 6.50%, due 10/01/33 144A | 338850 |
| 335000 |  | Kodiak Gas Services LLC, 6.75%, due 10/01/35<sup>(n)</sup> 144A | 340580 |
| 1225000 |  | Kodiak Gas Services LLC, 7.25%, due 02/15/29 144A | 1269847 |
| 285000 |  | Korn Ferry, 4.63%, due 12/15/27 144A | 282436 |
| 950000 |  | LABL, Inc., 8.63%, due 10/01/31<sup>(n)(p)</sup> 144A | 460750 |
| 198000 |  | LABL, Inc., 9.50%, due 11/01/28<sup>(p)</sup> 144A | 96030 |
| 860000 |  | Lamar Media Corp., 5.38%, due 11/01/33 144A | 842464 |
| 461000 |  | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | 439205 |
| 680000 |  | Las Vegas Sands Corp., 3.50%, due 08/18/26 | 677788 |
| 650000 |  | Latam Airlines Group SA, 7.88%, due 04/15/30 144A | 657313 |
| 266000 |  | LBM Acquisition LLC, 6.25%, due 01/15/29<sup>(n)</sup> 144A | 194704 |
| 279000 |  | LBM Acquisition LLC, 9.50%, due 06/15/31 144A | 243203 |
| 750000 |  | LCM Investments Holdings II LLC, 4.88%, due 05/01/29 144A | 730284 |
| 225000 |  | LCPR Senior Secured Financing DAC, 5.13%, due 07/15/29 144A | 146538 |
| 275000 |  | Level 3 Financing, Inc., 3.75%, due 07/15/29 144A | 256094 |
| 525000 |  | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | 535033 |
| 925000 |  | Level 3 Financing, Inc., 7.00%, due 03/31/34 144A | 947511 |
| 410000 |  | Level 3 Financing, Inc., 8.50%, due 01/15/36 144A | 428188 |
| 100000 | EUR | Levi Strauss & Co., 4.00%, due 08/15/30 144A | 114862 |
| 2401000 |  | LFS Topco LLC, 8.75%, due 07/15/30<sup>(n)</sup> 144A | 2296486 |
| 105000 |  | Liberty Interactive LLC, 8.25%, due 02/01/30 | 4170 |
| 1700000 |  | LifePoint Health, Inc., 8.38%, due 02/15/32 144A | 1816691 |
| 1694000 |  | Light & Wonder International, Inc., 6.25%, due 10/01/33 144A | 1660916 |
| 1530000 |  | Limak Yenilenebilir Enerji AS, 9.63%, due 08/12/30 144A | 1486232 |

---

136See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 225000 |  | Lincoln National Corp., 9.25% (5 yr. CMT + 5.32%)<sup>(b)(n)(o)</sup> <br>| 234957 |
| 150000 | EUR | Lion/Polaris Lux Midco SARL, 5.64% (3 mo. EURIBOR + 3.63%), due 07/01/29<sup>(b)(g)</sup> <br>| 173092 |
| 1150000 |  | Live Nation Entertainment, Inc., 4.75%, due 10/15/27 144A | 1143663 |
| 79681 | EUR | Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A | 91916 |
| 1020000 |  | Lsf12 Helix Parent LLC, 7.13%, due 02/01/33 144A | 984204 |
| 220000 |  | Lumen Technologies, Inc., 4.50%, due 01/15/29 144A | 207224 |
| 310000 |  | M/I Homes, Inc., 3.95%, due 02/15/30 | 290993 |
| 199000 |  | Macy's Retail Holdings LLC, 5.13%, due 01/15/42 | 148274 |
| 1340000 |  | Madison IAQ LLC, 5.88%, due 06/30/29 144A | 1314988 |
| 210000 |  | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, due <br> 12/01/32 144A<br>| 216241 |
| 600000 |  | Marex Group PLC, 5.83%, due 05/08/28 | 606599 |
| 600000 |  | Matador Resources Co., 6.25%, due 04/15/33 144A | 600945 |
| 750000 |  | Match Group Holdings II LLC, 3.63%, due 10/01/31 144A | 667707 |
| 260000 |  | Match Group Holdings II LLC, 6.13%, due 09/15/33 144A | 252932 |
| 600000 |  | Mauser Packaging Solutions Holding Co., 7.88%, due 04/15/30 144A | 600429 |
| 3579000 |  | McAfee Corp., 7.38%, due 02/15/30<sup>(n)</sup> 144A | 2960858 |
| 750000 |  | McGraw-Hill Education, Inc., 7.38%, due 09/01/31 144A | 766130 |
| 2130000 |  | McGraw-Hill Education, Inc., 8.00%, due 08/01/29 144A | 2128352 |
| 700000 | EUR | Mehilainen Yhtiot OYJ, 5.13%, due 06/30/32<sup>(g)</sup> <br>| 805873 |
| 1090000 |  | Mercer International, Inc., 12.88%, due 10/01/28<sup>(n)</sup> 144A | 689497 |
| 600000 |  | Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, due 02/15/31 144A | 501199 |
| 600000 | GBP | Metro Bank Holdings PLC, 12.00% (1 yr. U.K. Government Bond + 7.81%), due <br> 04/30/29<sup>(b)(g)</sup> <br>| 889737 |
| 825000 | GBP | Metro Bank Holdings PLC, 13.88% (5 yr. U.K. Government Bond + 9.57%)<sup>(b)(g)(o)</sup> <br>| 1242911 |
| 980000 |  | MHP Lux SA, 6.25%, due 09/19/29<sup>(g)</sup> <br>| 882416 |
| 1604000 |  | MHP Lux SA, 10.50%, due 07/28/29 144A | 1617361 |
| 1211000 |  | Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A | 1176237 |
| 900000 |  | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| 873332 |
| 1905000 |  | Millicom International Cellular SA, 4.50%, due 04/27/31<sup>(g)</sup> <br>| 1737940 |
| 300000 |  | Mineral Resources Ltd., 7.00%, due 04/01/31 144A | 306846 |
| 470000 | EUR | MKS, Inc., 4.25%, due 02/15/34<sup>(g)</sup> <br>| 518316 |
| 580000 |  | Molina Healthcare, Inc., 3.88%, due 05/15/32 144A | 504224 |
| 750000 |  | Molina Healthcare, Inc., 4.38%, due 06/15/28 144A | 725695 |
| 520000 |  | Molina Healthcare, Inc., 6.25%, due 01/15/33 144A | 504510 |
| 180000 |  | Molina Healthcare, Inc., 6.50%, due 02/15/31 144A | 177184 |
| 987000 |  | Moss Creek Resources Holdings, Inc., 8.25%, due 09/01/31 144A | 987073 |
| 1200000 |  | Motion Finco SARL, 8.38%, due 02/15/32 144A | 992874 |
| 500000 | EUR | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, due 10/15/26 | 554774 |
| 500000 |  | MPT Operating Partnership LP/MPT Finance Corp., 8.50%, due 02/15/32 144A | 507301 |
| 1255000 |  | Muangthai Capital PCL, 7.55%, due 07/21/30 144A | 1243292 |
| 554000 |  | Muangthai Capital PCL, Class S, 7.55%, due 07/21/30<sup>(g)</sup> <br>| 548873 |
| 700000 |  | Muthoot Finance Ltd., 5.75%, due 08/04/30 144A | 672272 |
| 685000 |  | Muthoot Finance Ltd., 6.38%, due 04/23/29<sup>(g)</sup> <br>| 681416 |
| 660000 |  | Muthoot Finance Ltd., 6.38%, due 03/02/30 144A | 652335 |
| 200000 | EUR | Mutuelle Epargne Retraite Prevoyance Carac, 4.38% (3 mo. EURIBOR + 2.60%), due <br> 02/05/46<sup>(b)(g)</sup> <br>| 224616 |
| 194000 |  | Nabors Industries, Inc., 7.63%, due 11/15/32<sup>(n)</sup> 144A | 198712 |
| 306000 |  | Nabors Industries, Inc., 9.13%, due 01/31/30<sup>(n)</sup> 144A | 321472 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 600000 |  | National Health Investors, Inc., 5.35%, due 02/01/33 | 590740 |
| 3640000 |  | National Mentor Holdings, Inc., 10.50%, due 12/15/30 144A | 3759927 |
| 200000 | GBP | Nationwide Building Society, 7.88% (5 yr. U.K. Government Bond + 3.59%)<sup>(b)(g)(o)</sup> <br>| 265372 |
| 700000 |  | Navient Corp., 5.00%, due 03/15/27 | 684792 |
| 1341000 |  | NBK Tier 1 Ltd., 6.38% (6 yr. CMT + 2.40%)<sup>(b)(o)</sup> 144A | 1313294 |
| 1623000 |  | NBK Tier 1 Ltd., 6.38% (6 yr. CMT + 2.40%)<sup>(b)(g)(o)</sup> <br>| 1588107 |
| 625000 |  | NCR Atleos Corp., 9.50%, due 04/01/29 144A | 669376 |
| 100000 | EUR | Neinor Homes SA, 5.88%, due 02/15/30 144A | 115870 |
| 800000 |  | Nemak SAB de CV, 3.63%, due 06/28/31<sup>(g)</sup> <br>| 681462 |
| 475000 |  | Neptune Bidco U.S., Inc., 9.29%, due 04/15/29 144A | 476709 |
| 1600000 |  | Neptune Bidco U.S., Inc., 9.50%, due 02/15/33 144A | 1554382 |
| 300000 | EUR | New Immo Holding SA, 3.25%, due 07/23/27<sup>(g)</sup> <br>| 339273 |
| 300000 | EUR | New Immo Holding SA, 3.25%, due 07/23/27<sup>(g)</sup> <br>| 339273 |
| 500000 | EUR | New Immo Holding SA, 4.88%, due 12/08/28<sup>(g)</sup> <br>| 563367 |
| 200000 |  | Newmark Group, Inc., 7.50%, due 01/12/29 | 209791 |
| 429000 |  | Nexstar Media, Inc., 6.50%, due 09/15/33 144A | 432528 |
| 946000 |  | Nexstar Media, Inc., 7.25%, due 04/15/34<sup>(d)</sup> 144A | 949819 |
| 1600000 |  | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, due 02/15/32 144A | 1650038 |
| 500000 | EUR | Nidda Healthcare Holding GmbH, 5.38%, due 10/23/30<sup>(g)</sup> <br>| 575535 |
| 2875000 |  | Nissan Motor Acceptance Co. LLC, 5.63%, due 09/29/28 144A | 2823403 |
| 363000 |  | Nissan Motor Co. Ltd., 8.13%, due 07/17/35<sup>(n)</sup> 144A | 373796 |
| 1220000 |  | Noble Finance II LLC, 8.00%, due 04/15/30 144A | 1256736 |
| 583000 |  | Northern Oil & Gas, Inc., 7.88%, due 10/15/33<sup>(n)</sup> 144A | 603585 |
| 600000 |  | Northriver Midstream Finance LP, 6.75%, due 07/15/32 144A | 602188 |
| 1400000 | EUR | Nova Ljubljanska Banka DD, 6.50% (5 yr. EURIBOR ICE Swap + 4.08%)<sup>(b)(g)(o)</sup> <br>| 1625288 |
| 700000 |  | Novelis Corp., 3.88%, due 08/15/31 144A | 624169 |
| 500000 |  | Novelis Corp., 4.75%, due 01/30/30 144A | 473381 |
| 578000 |  | Novelis Corp., 6.38%, due 08/15/33 144A | 567421 |
| 500000 |  | NRG Energy, Inc., 3.63%, due 02/15/31 144A | 460688 |
| 750000 |  | NRG Energy, Inc., 6.25%, due 11/01/34 144A | 756590 |
| 1931000 |  | OAK-Eagle Acquireco, Inc., 7.25%, due 07/01/33<sup>(d)</sup> 144A | 2001953 |
| 574000 |  | OAK-Eagle Acquireco, Inc., 8.75%, due 07/01/34<sup>(d)</sup> 144A | 601292 |
| 220000 |  | Oceaneering International, Inc., 6.00%, due 02/01/28 | 221034 |
| 708000 |  | OCP SA, 3.75%, due 06/23/31<sup>(g)</sup> <br>| 643888 |
| 1925000 |  | OCP SA, 6.70%, due 03/01/36<sup>(g)</sup> <br>| 1981567 |
| 530000 | EUR | Odido Group Holding BV, 5.50%, due 01/15/30<sup>(g)</sup> <br>| 591793 |
| 1600000 | EUR | Olympus Water U.S. Holding Corp., 6.13%, due 02/15/33<sup>(g)</sup> <br>| 1780806 |
| 260000 |  | Olympus Water U.S. Holding Corp., 7.25%, due 06/15/31 144A | 254211 |
| 1690000 |  | Olympus Water U.S. Holding Corp., 7.25%, due 02/15/33 144A | 1613927 |
| 1350000 |  | ON Semiconductor Corp., 3.88%, due 09/01/28 144A | 1303463 |
| 750000 |  | OneMain Finance Corp., 3.50%, due 01/15/27 | 736308 |
| 3775000 |  | OneMain Finance Corp., 6.63%, due 05/15/29 | 3783384 |
| 77000 |  | OneMain Finance Corp., 6.75%, due 09/15/33 | 73928 |
| 750000 |  | ONEOK, Inc., 5.45%, due 06/01/47 | 677119 |
| 755000 |  | Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.00%, due 08/01/30 144A | 724177 |
| 500000 | EUR | Opal Bidco SAS, 5.50%, due 03/31/32<sup>(g)</sup> <br>| 564308 |
| 1600000 |  | Open Text Holdings, Inc., 4.13%, due 02/15/30 144A | 1431029 |
| 1610000 |  | Option Care Health, Inc., 4.38%, due 10/31/29 144A | 1552753 |
| 4810000 |  | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, due 04/15/30 144A | 1828446 |

---

138See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 440000 |  | Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, due 03/15/30 144A | 424787 |
| 1200000 |  | Pacific Gas & Electric Co., 5.70%, due 03/01/35 | 1216929 |
| 2725000 |  | Pacific Gas & Electric Co., 6.00%, due 08/15/35 | 2816800 |
| 650000 |  | PacifiCorp, 5.45%, due 02/15/34 | 647873 |
| 574000 |  | Paramount Global, 4.38%, due 03/15/43 | 347466 |
| 700000 |  | Paramount Global, 4.85%, due 07/01/42 | 447481 |
| 400000 |  | Paramount Global, 4.90%, due 08/15/44 | 248874 |
| 500000 |  | Paramount Global, 4.95%, due 01/15/31 | 463354 |
| 1400000 |  | Paramount Global, 5.85%, due 09/01/43 | 972729 |
| 52000 |  | Paramount Global, 6.38% (5 yr. CMT + 4.00%), due 03/30/62<sup>(b)</sup> <br>| 38155 |
| 1000000 |  | Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 <br> 144A<br>| 977049 |
| 860000 |  | Pediatrix Medical Group, Inc., 5.38%, due 02/15/30 144A | 847160 |
| 120000 |  | Penn Entertainment, Inc., 6.75%, due 04/01/31 144A | 116681 |
| 325000 |  | PennyMac Financial Services, Inc., 6.88%, due 05/15/32 144A | 313956 |
| 73000 |  | PennyMac Financial Services, Inc., 6.88%, due 02/15/33 144A | 69908 |
| 250000 |  | Perenti Finance Pty. Ltd., 7.50%, due 04/26/29 144A | 256806 |
| 700000 |  | Performance Food Group, Inc., 4.25%, due 08/01/29 144A | 672966 |
| 876000 |  | Performance Food Group, Inc., 6.13%, due 09/15/32 144A | 878713 |
| 1200000 |  | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.75%, due 02/03/31 144A | 1165764 |
| 1200000 |  | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.45%, due 02/03/36 144A | 1149359 |
| 45000 |  | Petco Health & Wellness Co., Inc., 8.25%, due 02/01/31 144A | 44969 |
| 500000 |  | Petroleos de Venezuela SA, 5.38%, due 04/12/27<sup>(g)(p)</sup> <br>| 167400 |
| 3163000 |  | Petroleos de Venezuela SA, 6.00%, due 11/15/26<sup>(g)(p)</sup> <br>| 1088388 |
| 2627000 |  | Petroleos de Venezuela SA, 6.00%, due 05/16/49<sup>(g)(p)</sup> <br>| 904213 |
| 2543000 |  | Petroleos de Venezuela SA, 9.75%, due 05/17/35<sup>(g)(p)</sup> <br>| 1062465 |
| 1350000 |  | Petroleos del Peru SA, 5.63%, due 06/19/47<sup>(g)</sup> <br>| 948510 |
| 2495000 |  | Petroleos Mexicanos, 5.95%, due 01/28/31 | 2387336 |
| 3600000 |  | Petroleos Mexicanos, 6.38%, due 01/23/45 | 2838070 |
| 1150000 |  | Petroleos Mexicanos, 6.63%, due 06/15/35 | 1072616 |
| 480000 |  | Petroleos Mexicanos, 6.75%, due 09/21/47 | 383398 |
| 2140000 |  | Petroleos Mexicanos, 10.00%, due 02/07/33 | 2439482 |
| 290000 |  | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> <br>| 292101 |
| 450000 | EUR | Picard Groupe SAS, 6.38%, due 07/01/29<sup>(g)</sup> <br>| 524625 |
| 2120000 |  | Pingan Real Estate Capital Ltd., 3.45%, due 07/29/26<sup>(g)</sup> <br>| 2078630 |
| 200000 | EUR | Piraeus Bank SA, 6.75% (5 yr. EURIBOR ICE Swap + 4.60%)<sup>(b)(g)(n)(o)</sup> <br>| 231615 |
| 1825000 |  | Planet Financial Group LLC, 10.50%, due 12/15/29 144A | 1752120 |
| 420000 | EUR | Playtech PLC, 5.88%, due 06/28/28<sup>(g)</sup> <br>| 481928 |
| 160000 |  | Playtika Holding Corp., 4.25%, due 03/15/29 144A | 125024 |
| 2100000 |  | Post Holdings, Inc., 4.50%, due 09/15/31 144A | 1955008 |
| 2430000 |  | Post Holdings, Inc., 6.25%, due 10/15/34 144A | 2381755 |
| 295000 |  | Precision Drilling Corp., 6.88%, due 01/15/29 144A | 297356 |
| 335000 |  | Prestige Brands, Inc., 3.75%, due 04/01/31 144A | 307285 |
| 1450000 |  | Prime Healthcare Services, Inc., 9.38%, due 09/01/29 144A | 1504658 |
| 1050000 |  | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.38%, due 04/30/29 144A | 1020995 |
| 600000 |  | PRIO Luxembourg Holding SARL, 6.75%, due 10/15/30 144A | 584400 |
| 290000 |  | PROG Holdings, Inc., 6.00%, due 11/15/29 144A | 275735 |
| 160000 |  | Qnity Electronics, Inc., 5.75%, due 08/15/32 144A | 160391 |
| 226000 |  | Qnity Electronics, Inc., 6.25%, due 08/15/33 144A | 228799 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 500000 | EUR | Q-Park Holding I BV, 4.25%, due 09/01/30<sup>(g)</sup> <br>| 563429 |
| 3030000 |  | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 3074702 |
| 1490000 |  | Quikrete Holdings, Inc., 6.75%, due 03/01/33 144A | 1514458 |
| 600000 |  | QXO Building Products, Inc., 6.75%, due 04/30/32 144A | 612520 |
| 160000 |  | Rackspace Finance LLC, 3.50%, due 05/15/28 144A | 80000 |
| 1675000 |  | Radiology Partners, Inc., 8.50%, due 07/15/32 144A | 1700326 |
| 1500000 |  | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, due 11/15/28 144A | 1504201 |
| 865000 |  | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | 922687 |
| 1500000 |  | Rand Parent LLC, 8.50%, due 02/15/30 144A | 1540957 |
| 3271000 |  | Raven Acquisition Holdings LLC, 6.88%, due 11/15/31 144A | 3156211 |
| 750000 | EUR | RAY Financing LLC, 6.50%, due 07/15/31<sup>(g)</sup> <br>| 866174 |
| 4060000 |  | Real Hero Merger Sub 2, Inc., 6.25%, due 02/01/29 144A | 1645904 |
| 700000 |  | Renew Treasury Ifsc Pvt Ltd., 6.50%, due 02/02/31 144A | 680388 |
| 1400000 |  | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29<sup>(g)</sup> <br>| 1201852 |
| 475000 |  | Rfna LP, 7.88%, due 02/15/30 144A | 454358 |
| 155000 |  | RingCentral, Inc., 8.50%, due 08/15/30 144A | 162289 |
| 305000 |  | Rithm Capital Corp., 8.00%, due 04/01/29 144A | 299916 |
| 250000 |  | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, due 02/01/33 <br> 144A<br>| 248363 |
| 301000 |  | RLJ Lodging Trust LP, 4.00%, due 09/15/29<sup>(n)</sup> 144A | 282132 |
| 1625000 |  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.88%, due 03/01/31 144A | 1500303 |
| 1925000 |  | Rocket Software, Inc., 6.50%, due 02/15/29 144A | 1734844 |
| 501000 |  | Rocket Software, Inc., 9.00%, due 11/28/28 144A | 500771 |
| 130000 |  | Rogers Communications, Inc., 6.88% (5 yr. CMT + 2.84%), due 07/31/56<sup>(b)</sup> <br>| 130535 |
| 375000 |  | Royal Bank of Canada, 6.50% (5 yr. CMT + 2.45%), due 05/24/86<sup>(b)</sup> <br>| 365704 |
| 750000 |  | Ryan Specialty LLC, 5.88%, due 08/01/32 144A | 741877 |
| 265000 |  | Salesforce, Inc., 6.55%, due 03/15/56 | 266098 |
| 880000 | EUR | Samhallsbyggnadsbolaget I Norden Holding AB, 0.75%, due 11/14/28<sup>(g)</sup> <br>| 840822 |
| 2065000 | EUR | Samhallsbyggnadsbolaget I Norden Holding AB, 1.13%, due 09/26/29<sup>(g)</sup> <br>| 1863691 |
| 160000 | EUR | Samhallsbyggnadsbolaget I Norden Holding AB, 2.38%, due 08/04/26<sup>(g)</sup> <br>| 183157 |
| 800000 |  | Sammons Financial Group, Inc., 6.88%, due 04/15/34 144A | 848268 |
| 1380000 |  | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA, 3.75%, due 08/02/28<sup>(g)</sup> <br>| 1329954 |
| 700000 |  | Sasol Financing USA LLC, 8.75%, due 04/10/33<sup>(d)</sup> 144A | 700000 |
| 228000 |  | Saturn Oil & Gas, Inc., 9.63%, due 06/15/29 144A | 238801 |
| 1000000 |  | Science Applications International Corp., 4.88%, due 04/01/28 144A | 984932 |
| 2670000 |  | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 03/01/30 <br> 144A<br>| 2299276 |
| 750000 |  | SCIH Salt Holdings, Inc., 4.88%, due 05/01/28 144A | 741887 |
| 980000 |  | SCIH Salt Holdings, Inc., 6.63%, due 05/01/29<sup>(n)</sup> 144A | 975923 |
| 1052000 |  | Scripps Escrow II, Inc., 3.88%, due 01/15/29<sup>(n)</sup> 144A | 973831 |
| 305000 |  | Scripps Escrow II, Inc., 5.38%, due 01/15/31<sup>(n)</sup> 144A | 225088 |
| 600000 |  | Seadrill Finance Ltd., 8.38%, due 08/01/30 144A | 620921 |
| 1600000 |  | Seagate Data Storage Technology Pte. Ltd., 5.75%, due 12/01/34 144A | 1597999 |
| 500000 |  | Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, due 02/01/28 144A | 506578 |
| 1105000 |  | Select Medical Corp., 6.25%, due 12/01/32<sup>(n)</sup> 144A | 1054201 |
| 190000 |  | Sempra, 6.38% (5 yr. CMT + 2.63%), due 04/01/56<sup>(b)</sup> <br>| 190911 |
| 1125000 |  | Service Corp. International, 3.38%, due 08/15/30 | 1038636 |
| 700000 |  | Service Properties Trust, 5.03%, due 09/30/28<sup>(m)</sup> 144A | 637732 |
| 341000 | EUR | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 5.50%, due 05/15/33 144A | 371391 |

---

140See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1495000 |  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 08/15/32 144A | 1471887 |
| 1070000 |  | Silk Road Group Holding LLC, 7.50%, due 09/15/30<sup>(n)</sup> 144A | 1068007 |
| 550000 |  | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons <br> Feed, 4.63%, due 03/01/29 144A<br>| 529695 |
| 1975000 |  | Sirius XM Radio LLC, 3.88%, due 09/01/31<sup>(n)</sup> 144A | 1794937 |
| 1137000 |  | Six Flags Entertainment Corp., 7.25%, due 05/15/31<sup>(n)</sup> 144A | 1095972 |
| 264000 |  | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, <br> 8.63%, due 01/15/32<sup>(n)</sup> 144A<br>| 264607 |
| 510000 |  | Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., <br> 6.63%, due 05/01/32 144A<br>| 509260 |
| 1700000 |  | SLM Corp., 6.50%, due 01/31/30 | 1670008 |
| 1577000 |  | Snap, Inc., 6.88%, due 03/01/33 144A | 1490407 |
| 200000 |  | Societe Generale SA, 5.51% (1 day USD SOFR + 1.65%), due 05/22/31<sup>(b)</sup> 144A | 204252 |
| 200000 | EUR | Societe Generale SA, 6.13% (5 yr. EURIBOR ICE Swap + 3.78%)<sup>(b)(g)(o)</sup> <br>| 226095 |
| 250000 |  | Societe Generale SA, 10.00% (5 yr. CMT + 5.45%)<sup>(b)(o)</sup> 144A | 270164 |
| 200000 | EUR | Sogecap SA, 6.25% (5 yr. EURIBOR ICE Swap + 3.75%)<sup>(b)(g)(o)</sup> <br>| 225091 |
| 2666000 |  | Sonangol Finance Ltd., 10.00%, due 01/29/31 144A | 2657408 |
| 1000000 |  | Sotheby's, 7.38%, due 10/15/27 144A | 995835 |
| 111000 |  | South Bow Canadian Infrastructure Holdings Ltd., 7.63% (5 yr. CMT + 3.95%), due <br> 03/01/55<sup>(b)</sup> <br>| 114349 |
| 1200000 |  | Southern California Edison Co., 5.63%, due 02/01/36 | 1203093 |
| 341000 |  | Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, due 10/15/29 <br> 144A<br>| 296375 |
| 280000 |  | SS&C Technologies, Inc., 5.50%, due 09/30/27 144A | 280398 |
| 1200000 |  | SS&C Technologies, Inc., 6.50%, due 06/01/32 144A | 1200803 |
| 775000 |  | Stagwell Global LLC, 5.63%, due 08/15/29 144A | 738503 |
| 500000 |  | Standard Building Solutions, Inc., 6.50%, due 08/15/32<sup>(n)</sup> 144A | 500701 |
| 1225000 |  | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 1155389 |
| 158000 |  | Staples, Inc., 10.75%, due 09/01/29 144A | 146243 |
| 402000 |  | Star Parent, Inc., 9.00%, due 10/01/30 144A | 416975 |
| 500000 |  | Starwood Property Trust, Inc., 5.75%, due 01/15/31 144A | 494375 |
| 620000 |  | Starwood Property Trust, Inc., 7.25%, due 04/01/29 144A | 639145 |
| 1200000 |  | Station Casinos LLC, 4.63%, due 12/01/31<sup>(n)</sup> 144A | 1121628 |
| 1330000 |  | Station Casinos LLC, 6.63%, due 03/15/32<sup>(n)</sup> 144A | 1336184 |
| 925000 |  | Stillwater Mining Co., 4.50%, due 11/16/29<sup>(g)</sup> <br>| 872466 |
| 2063000 |  | Stonebriar ABF Issuer LLC, 8.13%, due 12/15/30 144A | 2133775 |
| 800000 |  | Stonepeak Nile Parent LLC, 7.25%, due 03/15/32 144A | 834402 |
| 220000 |  | Stonex Escrow Issuer LLC, 6.88%, due 07/15/32 144A | 222492 |
| 845000 |  | Studio City Finance Ltd., 5.00%, due 01/15/29<sup>(g)</sup> <br>| 793095 |
| 240000 |  | Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.50%, due 12/15/35 <br> 144A<br>| 233518 |
| 280000 |  | Summit Midstream Holdings LLC, 8.63%, due 10/31/29 144A | 288150 |
| 300000 |  | SunCoke Energy, Inc., 4.88%, due 06/30/29 144A | 271009 |
| 420000 |  | Sunoco LP, 5.38%, due 07/15/31 144A | 416930 |
| 1200000 |  | Sunoco LP, 5.63%, due 03/15/31 144A | 1195342 |
| 1164000 |  | Sunoco LP, 5.63%, due 07/15/34 144A | 1147001 |
| 597000 |  | Sunoco LP, 6.25%, due 07/01/33 144A | 600076 |
| 3430000 |  | Surgery Center Holdings, Inc., 7.25%, due 04/15/32 144A | 3373142 |
| 1000000 |  | Synaptics, Inc., 4.00%, due 06/15/29 144A | 947762 |
| 245000 |  | Synchrony Financial, 7.25%, due 02/02/33 | 250415 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 600000 |  | Takeoff Merger Sub, Inc., 4.40%, due 03/24/28 144A | 596992 |
| 1000000 |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 995521 |
| 150000 |  | Talos Production, Inc., 9.38%, due 02/01/31 144A | 159050 |
| 725000 |  | TC Ziraat Bankasi AS, 8.99% (5 yr. CMT + 4.33%), due 08/02/34<sup>(b)(g)</sup> <br>| 744288 |
| 350000 | EUR | TeamSystem SpA, 5.52% (3 mo. EURIBOR + 3.50%), due 07/31/31<sup>(b)(g)(n)</sup> <br>| 388246 |
| 600000 | EUR | Techem Verwaltungsgesellschaft 675 GmbH, 4.63%, due 07/15/32<sup>(g)</sup> <br>| 673311 |
| 3030000 |  | Teine Energy Ltd., 6.88%, due 04/15/29 144A | 3031050 |
| 1995000 |  | Telecom Argentina SA, 8.50%, due 01/20/36 144A | 1986521 |
| 978000 |  | Telecom Argentina SA, 9.25%, due 05/28/33 144A | 1013470 |
| 120000 |  | Telecom Italia Capital SA, 7.72%, due 06/04/38 | 133789 |
| 286000 |  | TELUS Corp., 7.00% (5 yr. CMT + 2.71%), due 10/15/55<sup>(b)</sup> <br>| 292089 |
| 1057000 |  | Tenet Healthcare Corp., 6.13%, due 10/01/28 | 1060065 |
| 750000 |  | Tenneco, Inc., 8.00%, due 11/17/28 144A | 747790 |
| 635000 |  | Termocandelaria Power SA, 7.75%, due 09/17/31 144A | 647106 |
| 267000 |  | Termocandelaria Power SA, 7.75%, due 09/17/31<sup>(g)</sup> <br>| 272672 |
| 1000000 |  | TerraForm Power Operating LLC, 5.00%, due 01/31/28 144A | 989495 |
| 185000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 03/31/27<sup>(g)</sup> <br>| 208979 |
| 320000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 4.38%, due 05/09/30 | 369909 |
| 368000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 7.38%, due 09/15/29 | 463546 |
| 240000 |  | Texas Capital Bancshares, Inc., 4.00% (5 yr. CMT + 3.15%), due 05/06/31<sup>(b)</sup> <br>| 239611 |
| 900000 |  | TGNR Intermediate Holdings LLC, 5.50%, due 10/15/29 144A | 880665 |
| 600000 |  | TGS ASA, 8.50%, due 01/15/30 144A | 629020 |
| 315000 |  | Thor Industries, Inc., 4.00%, due 10/15/29 144A | 297592 |
| 125000 |  | Tidewater, Inc., 9.13%, due 07/15/30 144A | 133273 |
| 690000 | GBP | Time Warner Cable LLC, 5.25%, due 07/15/42 | 736398 |
| 200000 |  | TK Elevator U.S. Newco, Inc., 5.25%, due 07/15/27 144A | 199621 |
| 2375000 |  | T-Mobile USA, Inc., 4.63%, due 01/15/33 | 2332667 |
| 100000 |  | TopBuild Corp., 3.63%, due 03/15/29 144A | 95314 |
| 760000 |  | TopBuild Corp., 4.13%, due 02/15/32 144A | 701401 |
| 1950000 |  | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| 1724432 |
| 2373000 |  | Trade & Development Bank of Mongolia LLC, 8.50%, due 12/23/27<sup>(g)</sup> <br>| 2329793 |
| 424000 |  | Transcanada Trust, 5.60% (5 yr. CMT + 3.99%), due 03/07/82<sup>(b)</sup> <br>| 415824 |
| 113000 |  | Transcanada Trust, 5.88% (3 mo. USD LIBOR + 4.64%), due 08/15/76<sup>(b)</sup> <br>| 113191 |
| 430000 |  | TransDigm, Inc., 6.13%, due 07/31/34 144A | 423461 |
| 1430000 |  | TransDigm, Inc., 6.38%, due 05/31/33 144A | 1423505 |
| 1910000 |  | TransDigm, Inc., 6.75%, due 01/31/34 144A | 1936463 |
| 645000 |  | TransMontaigne Partners LLC, 8.50%, due 06/15/30 144A | 652550 |
| 847000 |  | Transocean International Ltd., 6.80%, due 03/15/38<sup>(n)</sup> <br>| 814300 |
| 320000 |  | Transocean International Ltd., 7.50%, due 04/15/31 | 327293 |
| 725000 |  | Transocean International Ltd., 7.88%, due 10/15/32 144A | 775163 |
| 675000 |  | Travel & Leisure Co., 4.50%, due 12/01/29 144A | 645863 |
| 850000 |  | Trident Energy Finance PLC, 12.50%, due 11/30/29<sup>(g)</sup> <br>| 908247 |
| 750000 |  | Trident TPI Holdings, Inc., 12.75%, due 12/31/28<sup>(n)</sup> 144A | 731006 |
| 165000 |  | TriNet Group, Inc., 7.13%, due 08/15/31 144A | 160301 |
| 857000 |  | Trivium Packaging Finance BV, 8.25%, due 07/15/30 144A | 897324 |
| 4875000 |  | Tronox, Inc., 4.63%, due 03/15/29<sup>(n)</sup> 144A | 3908970 |
| 290000 |  | Tronox, Inc., 9.13%, due 09/30/30<sup>(n)</sup> 144A | 289916 |
| 397000 |  | Trust 2401, 6.39%, due 01/15/50 144A | 362618 |

---

142See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 203000 |  | Trust Fibra Uno, 6.39%, due 01/15/50<sup>(g)</sup> <br>| 182676 |
| 1350000 |  | Turkiye Is Bankasi AS, 9.13% (5 yr. CMT + 4.63%)<sup>(b)(g)(o)</sup> <br>| 1360163 |
| 135000 |  | Turning Point Brands, Inc., 7.63%, due 03/15/32 144A | 138497 |
| 260000 |  | Tutor Perini Corp., 11.88%, due 04/30/29 144A | 284986 |
| 300000 |  | Twilio, Inc., 3.63%, due 03/15/29<sup>(n)</sup> <br>| 287100 |
| 600000 |  | Twilio, Inc., 3.88%, due 03/15/31 | 560121 |
| 1750000 |  | U.S. Acute Care Solutions LLC, 9.75%, due 05/15/29 144A | 1692772 |
| 1890000 |  | U.S. Foods, Inc., 4.63%, due 06/01/30 144A | 1841834 |
| 171500 |  | U.S. Renal Care, Inc., 10.63%, due 06/28/28 144A | 143203 |
| 590000 |  | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap + 3.08%)<sup>(b)(o)</sup> 144A | 584792 |
| 680000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.75%)<sup>(b)(o)</sup> 144A | 725190 |
| 291000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(o)</sup> 144A | 327840 |
| 1400000 |  | UKG, Inc., 6.88%, due 02/01/31 144A | 1369439 |
| 650000 |  | Under Armour, Inc., 7.25%, due 07/15/30<sup>(n)</sup> 144A | 658255 |
| 400000 | EUR | Unicaja Banco SA, 4.88% (5 yr. EUR Swap + 5.02%)<sup>(b)(g)(o)</sup> <br>| 460806 |
| 285000 |  | UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35<sup>(b)</sup> 144A | 284596 |
| 575000 | EUR | Unipol Assicurazioni SpA, 6.00% (5 yr. EURIBOR ICE Swap + 3.24%)<sup>(b)(g)(o)</sup> <br>| 643914 |
| 105387 |  | United Airlines Pass-Through Trust, 3.10%, due 04/07/30 | 101040 |
| 100000 | EUR | United Group BV, 5.25%, due 02/01/30<sup>(g)</sup> <br>| 112804 |
| 500000 | EUR | United Group BV, 6.50%, due 10/31/31<sup>(g)</sup> <br>| 569819 |
| 700000 | EUR | United Group BV, 6.75%, due 02/15/31<sup>(g)</sup> <br>| 814133 |
| 1050000 |  | United Rentals North America, Inc., 3.75%, due 01/15/32 | 963662 |
| 850000 |  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, due 04/15/28 <br> 144A<br>| 846124 |
| 449000 |  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.63%, due <br> 06/15/32<sup>(n)</sup> 144A<br>| 457621 |
| 1100000 |  | Uniti Services LLC, 7.50%, due 10/15/33 144A | 1144403 |
| 2300000 |  | Univision Communications, Inc., 4.50%, due 05/01/29 144A | 2162475 |
| 295000 |  | Upbound Group, Inc., 6.38%, due 02/15/29 144A | 286141 |
| 92000 |  | Urban One, Inc., 7.63%, due 04/01/31 144A | 37720 |
| 500000 |  | UWM Holdings LLC, 6.25%, due 03/15/31 144A | 455763 |
| 1075000 |  | Valaris Ltd., 8.38%, due 04/30/30 144A | 1114459 |
| 758000 |  | Vale Overseas Ltd., 6.00% (5 yr. CMT + 2.43%), due 02/25/56<sup>(b)</sup> 144A | 746630 |
| 305000 |  | Valley National Bancorp, 3.00% (3 mo. USD Term SOFR + 2.36%), due 06/15/31<sup>(b)</sup> <br>| 292961 |
| 605000 |  | Vedanta Resources Finance II PLC, 9.48%, due 07/24/30<sup>(n)</sup> 144A | 613389 |
| 350000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33 144A | 359588 |
| 1536000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33 144A | 1576396 |
| 200000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33<sup>(g)</sup> <br>| 205260 |
| 1990000 |  | Velocity Commercial Capital LLC, 9.38%, due 02/15/31 144A | 1991040 |
| 1060000 |  | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 1008054 |
| 2475000 |  | Venture Global Calcasieu Pass LLC, 6.25%, due 01/15/30 144A | 2532821 |
| 599000 |  | Venture Global LNG, Inc., 8.38%, due 06/01/31 144A | 623257 |
| 1700000 |  | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | 1839059 |
| 3540000 |  | Venture Global LNG, Inc., 9.88%, due 02/01/32 144A | 3803652 |
| 750000 |  | Venture Global Plaquemines LNG LLC, 6.13%, due 12/15/30 144A | 771732 |
| 200000 |  | Venture Global Plaquemines LNG LLC, 6.50%, due 01/15/34 144A | 208616 |
| 1325000 |  | Venture Global Plaquemines LNG LLC, 6.50%, due 06/15/34 144A | 1380096 |
| 1020000 |  | Venture Global Plaquemines LNG LLC, 6.75%, due 01/15/36 144A | 1080998 |
| 750000 |  | Venture Global Plaquemines LNG LLC, 7.50%, due 05/01/33 144A | 824842 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 330000 |  | Venture Global Plaquemines LNG LLC, 7.75%, due 05/01/35 144A | 370063 |
| 1623000 |  | Veon Midco BV, 3.38%, due 11/25/27<sup>(g)</sup> <br>| 1540517 |
| 200000 |  | Veon Midco BV, 9.00%, due 07/15/29 144A | 207073 |
| 500000 | EUR | Verisure Midholding AB, 5.25%, due 02/15/29<sup>(g)</sup> <br>| 575274 |
| 150000 |  | Vermilion Energy, Inc., 6.88%, due 05/01/30 144A | 151851 |
| 80000 |  | Vermilion Energy, Inc., 7.25%, due 02/15/33<sup>(n)</sup> 144A | 80752 |
| 98000 |  | Versant Media Group, Inc., 7.25%, due 01/30/31 144A | 100374 |
| 245000 |  | VF Corp., 6.00%, due 10/15/33 | 245486 |
| 295589 |  | VF Ukraine PAT via VFU Funding PLC, 9.63%, due 02/11/27<sup>(g)</sup> <br>| 293023 |
| 1510000 |  | VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, due 06/15/31 144A | 1552579 |
| 470000 | EUR | Via Celere Desarrollos Inmobiliarios SA, 4.88%, due 04/15/31<sup>(g)</sup> <br>| 509660 |
| 1825000 |  | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 1774115 |
| 772000 |  | Victoria's Secret & Co., 4.63%, due 07/15/29 144A | 736232 |
| 1750000 |  | Viking Baked Goods Acquisition Corp., 8.63%, due 11/01/31 144A | 1736025 |
| 270000 |  | Viking Cruises Ltd., 5.88%, due 10/15/33 144A | 266767 |
| 1100000 |  | Viking Cruises Ltd., 9.13%, due 07/15/31 144A | 1161028 |
| 250000 |  | Virgin Media Finance PLC, 5.00%, due 07/15/30 144A | 205139 |
| 468000 |  | Virgin Media O2 Vendor Financing Notes VI DAC, 8.50%, due 03/15/33 144A | 409550 |
| 649000 |  | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due 02/01/30<sup>(n)</sup> <br> 144A<br>| 561199 |
| 397000 |  | VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, due 06/01/28<sup>(n)</sup> <br> 144A<br>| 388182 |
| 1285000 |  | Vivo Energy Investments BV, 5.13%, due 09/24/27<sup>(g)</sup> <br>| 1274693 |
| 1730000 |  | VM Consolidated, Inc., 5.50%, due 04/15/29 144A | 1674981 |
| 900000 |  | Vmed O2 U.K. Financing I PLC, 4.25%, due 01/31/31 144A | 773743 |
| 2900000 |  | Vmed O2 U.K. Financing I PLC, 4.75%, due 07/15/31 144A | 2498151 |
| 300000 | EUR | Vmed O2 U.K. Financing I PLC, 5.63%, due 04/15/32<sup>(g)</sup> <br>| 318577 |
| 235000 |  | Vmed O2 U.K. Financing I PLC, 6.75%, due 01/15/33 144A | 210276 |
| 190000 |  | VoltaGrid LLC, 7.38%, due 11/01/30 144A | 196321 |
| 650000 |  | Vornado Realty LP, 5.75%, due 02/01/33 | 637795 |
| 500000 |  | Voyager Parent LLC, 9.25%, due 07/01/32 144A | 519420 |
| 500000 |  | VT Topco, Inc., 8.50%, due 08/15/30 144A | 508785 |
| 2200000 |  | VZ Secured Financing BV, 5.00%, due 01/15/32 144A | 1887976 |
| 500000 |  | VZ Secured Financing BV, 7.50%, due 01/15/33 144A | 471749 |
| 275000 |  | Wabash National Corp., 4.50%, due 10/15/28<sup>(n)</sup> 144A | 241273 |
| 1720000 |  | Wand NewCo 3, Inc., 7.63%, due 01/30/32 144A | 1759615 |
| 1530000 |  | Wayfair LLC, 6.75%, due 11/15/32 144A | 1542840 |
| 1330000 |  | WE Soda Investments Holding PLC, 9.38%, due 02/14/31<sup>(g)</sup> <br>| 1313372 |
| 260000 |  | WE Soda Investments Holding PLC, 9.38%, due 02/14/31 144A | 256749 |
| 1698000 |  | WE Soda Investments Holding PLC, 9.50%, due 10/06/28<sup>(g)</sup> <br>| 1697063 |
| 725000 |  | Weatherford International Ltd., 6.75%, due 10/15/33 144A | 741254 |
| 95000 |  | WESCO Distribution, Inc., 5.25%, due 04/15/31 144A | 94670 |
| 190000 |  | WESCO Distribution, Inc., 5.50%, due 04/15/34 144A | 187596 |
| 750000 |  | WESCO Distribution, Inc., 6.38%, due 03/15/33 144A | 764717 |
| 305000 |  | Western Alliance Bancorp, 3.00% (3 mo. USD Term SOFR + 2.25%), due 06/15/31<sup>(b)(n)</sup> <br>| 293023 |
| 820000 |  | WEX, Inc., 6.50%, due 03/15/33 144A | 803893 |
| 1034000 |  | Wilsonart LLC, 11.00%, due 08/15/32<sup>(n)</sup> 144A | 751162 |
| 775000 |  | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 <br> 144A<br>| 810524 |
| 908000 |  | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | 841202 |

---

144See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 525000 |  | Woodside Finance Ltd., 6.00%, due 05/19/35 | 547358 |
| 400000 | EUR | Worldline SA, 5.50%, due 06/10/30<sup>(g)</sup> <br>| 396597 |
| 1372000 |  | WR Grace Holdings LLC, 5.63%, due 08/15/29<sup>(n)</sup> 144A | 1263179 |
| 309000 |  | WR Grace Holdings LLC, 6.63%, due 08/15/32 144A | 301363 |
| 600000 |  | WR Grace Holdings LLC, 7.00%, due 08/01/33 144A | 583218 |
| 2742000 |  | WULF Compute LLC, 7.75%, due 10/15/30 144A | 2899158 |
| 600000 |  | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 144A | 598166 |
| 700000 |  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, due 02/15/31 144A | 734157 |
| 155000 |  | Xerox Holdings Corp., 8.88%, due 11/30/29<sup>(n)</sup> 144A | 49600 |
| 821000 |  | Yapi ve Kredi Bankasi AS, 8.25% (5 yr. CMT + 4.44%)<sup>(b)(g)(o)</sup> <br>| 793154 |
| 725000 |  | Yapi ve Kredi Bankasi AS, 9.25% (5 yr. CMT + 5.28%), due 01/17/34<sup>(b)(g)</sup> <br>| 742162 |
| 838695 |  | Yinson Bergenia Production BV, 8.50%, due 01/31/45 144A | 887774 |
| 262293 |  | Yinson Boronia Production BV, 8.95%, due 07/31/42<sup>(g)</sup> <br>| 286304 |
| 1125000 |  | YPF SA, 6.95%, due 07/21/27<sup>(g)</sup> <br>| 1130123 |
| 2435000 |  | YPF SA, 7.00%, due 09/30/33<sup>(g)(h)</sup> <br>| 2400776 |
| 1270000 |  | Yum! Brands, Inc., 3.63%, due 03/15/31 | 1173935 |
| 1249245 |  | Zayo Group Holdings, Inc., 9.25%, due 03/09/30 144A | 1242649 |
| 400000 | EUR | ZF Europe Finance BV, 7.00%, due 06/12/30<sup>(g)</sup> <br>| 471387 |
| 1050000 |  | ZF North America Capital, Inc., 6.88%, due 04/23/32 144A | 998585 |
| 500000 |  | ZF North America Capital, Inc., 7.13%, due 04/14/30 144A | 493364 |
| 905000 |  | ZF North America Capital, Inc., 7.50%, due 03/24/31 144A | 889697 |
| 320000 |  | Ziff Davis, Inc., 4.63%, due 10/15/30 144A | 301956 |
| 310000 |  | Ziggo BV, 4.88%, due 01/15/30 144A | 289789 |
| 900000 |  | ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, due 02/01/29 144A | 748877 |
| 505000 |  | Zorlu Enerji Elektrik Uretim AS, 11.00%, due 04/23/30 144A | 445382 |
|  |  |  | 765510220 |
|  |  | **Mortgage Backed Securities - Private Issuers — 4.6%** | **Mortgage Backed Securities - Private Issuers — 4.6%** |
| 315000 |  | ALA Trust, Series 2025-OANA, Class D, 6.76% (1 mo. USD Term SOFR + 3.09%), due <br> 06/15/40<sup>(b)</sup> 144A<br>| 316244 |
| 265000 |  | Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.04%, due 01/25/67<sup>(c)</sup> 144A | 221241 |
| 2491762 |  | Angel Oak Mortgage Trust, Series 2025-8, Class A1, 5.41%, due 07/25/70<sup>(h)</sup> 144A | 2498497 |
| 1731853 |  | Angel Oak Mortgage Trust, Series 2025-R1, Class A1, 4.85%, due 07/25/62<sup>(h)</sup> 144A | 1716317 |
| 900000 |  | ARZ Trust, Series 2024-BILT, Class F, 8.27%, due 06/11/39 144A | 922006 |
| 450000 |  | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CNM, 3.72%, <br> due 11/05/32<sup>(c)</sup> 144A<br>| 425505 |
| 270000 |  | BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class DNM, 3.72%, <br> due 11/05/32<sup>(c)</sup> 144A<br>| 251354 |
| 1280000 |  | Bank, Series 2022-BNK42, Class A5, 4.49%, due 06/15/55<sup>(c)</sup> <br>| 1247053 |
| 1020000 |  | Bank, Series 2024-BNK48, Class A5, 5.05%, due 10/15/57 | 1023722 |
| 1559738 |  | Barclays Mortgage Trust, Series 2022-RPL1, Class B, 7.25%, due 02/25/28<sup>(h)</sup> 144A | 1573808 |
| 280000 |  | BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52 | 265724 |
| 1300000 |  | BMO Mortgage Trust, Series 2024-5C5, Class A3, 5.86%, due 02/15/57 | 1343084 |
| 443301 |  | BX Commercial Mortgage Trust, Series 2021-21M, Class A, 4.52% (1 mo. USD Term <br> SOFR + 0.84%), due 10/15/36<sup>(b)</sup> 144A<br>| 443081 |
| 664877 |  | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 4.64% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| 664570 |
| 1239734 |  | BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 4.66% (1 mo. USD Term <br> SOFR + 0.99%), due 01/17/39<sup>(b)</sup> 144A<br>| 1239880 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1285000 | BX Trust, Series 2025-DELC, Class F, 7.62% (1 mo. USD Term SOFR + 3.95%), due <br> 12/15/42<sup>(b)</sup> 144A<br>| 1288759 |
| 1110000 | BX Trust, Series 2025-GW, Class E, 7.32% (1 mo. USD Term SOFR + 3.65%), due <br> 07/15/42<sup>(b)</sup> 144A<br>| 1111523 |
| 75928 | CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.25%, due 12/15/47<sup>(c)</sup> <br> 144A<br>| 74862 |
| 939701 | Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.38%, due <br> 04/25/65<sup>(c)</sup> 144A<br>| 844902 |
| 270000 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.47%, due 10/12/50 | 266048 |
| 288435 | COMM Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A | 281534 |
| 1968000 | COMM Mortgage Trust, Series 2015-LC19, Class D, 2.87%, due 02/10/48 144A | 1852957 |
| 798000 | COMM Mortgage Trust, Series 2015-LC19, Class E, 4.41%, due 02/10/48<sup>(c)</sup> 144A | 737735 |
| 2075000 | COMM Mortgage Trust, Series 2024-CBM, Class E, 7.93%, due 12/10/41<sup>(c)</sup> 144A | 2092205 |
| 599666 | Cross Mortgage Trust, Series 2025-H6, Class A1, 5.18%, due 07/25/70<sup>(c)</sup> 144A | 599039 |
| 1068404 | Cross Mortgage Trust, Series 2025-H9, Class A1, 5.04%, due 11/25/70<sup>(c)</sup> 144A | 1064472 |
| 1000000 | CSMC Trust, Series 2018-RPL9, Class A2, 3.93%, due 09/25/57<sup>(c)</sup> 144A | 927884 |
| 465000 | CSMC Trust, Series 2020-NQM1, Class B1, 4.46%, due 05/25/65<sup>(c)</sup> 144A | 433395 |
| 530000 | Deephaven Residential Mortgage Trust, Series 2026-INV2, Class B2, 6.71%, due <br> 02/25/71<sup>(c)(d)</sup> 144A<br>| 504547 |
| 1730000 | Extended Stay America Trust, Series 2025-ESH, Class F, 7.77% (1 mo. USD Term <br> SOFR + 4.10%), due 10/15/42<sup>(b)</sup> 144A<br>| 1738574 |
| 807403 | Extended Stay America Trust, Series 2026-ESH2, Class F, 7.42% (1 mo. USD Term <br> SOFR + 3.75%), due 02/15/43<sup>(b)</sup> 144A<br>| 810347 |
| 851504 | Finance of America HECM Buyout, Series 2025-HB1, Class A, 4.50%, due 11/25/35<sup>(c)</sup> <br> 144A<br>| 843531 |
| 445000 | GCAT Trust, Series 2026-NQM2, Class B1, 6.61%, due 02/25/71<sup>(c)(d)</sup> 144A | 434760 |
| 280000 | GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.37%, due 06/10/47<sup>(c)</sup> 144A | 38202 |
| 2299271 | GS Mortgage-Backed Securities Corp. Trust, Series 2025-NQM6, Class A1, 5.02%, due <br> 02/25/66<sup>(h)</sup> 144A<br>| 2292499 |
| 1890743 | GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, due <br> 06/25/65<sup>(h)</sup> 144A<br>| 1902634 |
| 1314845 | GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10%, due <br> 07/25/65<sup>(h)</sup> 144A<br>| 1278142 |
| 113721 | HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 4.69% (1 mo. USD Term <br> SOFR + 1.01%), due 06/20/35<sup>(b)</sup> <br>| 107172 |
| 150000 | Home Re Ltd., Series 2026-1, Class B1, 7.86% (30 day USD SOFR Average + 4.20%), <br> due 01/25/36<sup>(b)</sup> 144A<br>| 151533 |
| 170000 | Home Re Ltd., Series 2026-1, Class M1C, 6.26% (30 day USD SOFR Average + <br> 2.60%), due 01/25/36<sup>(b)</sup> 144A<br>| 170505 |
| 1210000 | Home Re Ltd., Series 2026-1, Class M2, 6.86% (30 day USD SOFR Average + 3.20%), <br> due 01/25/36<sup>(b)</sup> 144A<br>| 1221792 |
| 710000 | HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.20%, due 05/10/39<sup>(c)</sup> <br> 144A<br>| 719771 |
| 1600000 | HTL Commercial Mortgage Trust, Series 2024-T53, Class E, 10.26%, due 05/10/39<sup>(c)</sup> <br> 144A<br>| 1628139 |
| 300000 | Imperial Fund Mortgage Trust, Series 2021-NQM4, Class B2, 4.10%, due 01/25/57<sup>(c)</sup> <br> 144A<br>| 228453 |
| 1300000 | Imperial Fund Mortgage Trust, Series 2022-NQM1, Class B1, 4.08%, due 02/25/67<sup>(c)</sup> <br> 144A<br>| 1015966 |
| 2785000 | Imperial Fund Mortgage Trust, Series 2022-NQM3, Class B2, 4.41%, due 05/25/67<sup>(c)</sup> <br> 144A<br>| 2346869 |
| 1175000 | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class E, <br> 3.50%, due 12/15/47<sup>(c)</sup> 144A<br>| 1112041 |

---

146See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1005021 | JP Morgan Seasoned Mortgage Trust, Series 2025-1, Class A4, 3.68%, due 01/25/63<sup>(c)</sup> <br> 144A<br>| 939477 |
| 1715000 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class B, 4.51%, due <br> 09/15/47<sup>(c)</sup> <br>| 1677501 |
| 1502448 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class E, 3.79%, <br> due 05/15/46<sup>(c)</sup> 144A<br>| 1351303 |
| 340000 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C34, Class C, 4.16%, <br> due 11/15/52<sup>(c)</sup> <br>| 302734 |
| 1887999 | Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, 5.44%, <br> due 07/25/70<sup>(c)</sup> 144A<br>| 1894271 |
| 918330 | Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM10, Class A1FC, <br> 5.02%, due 11/25/70<sup>(h)</sup> 144A<br>| 916620 |
| 490000 | MSWF Commercial Mortgage Trust, Series 2023-1, Class A4, 5.47%, due 05/15/56 | 502431 |
| 1470000 | NCMF Trust, Series 2025-MFS, Class E, 7.53%, due 06/10/33<sup>(c)</sup> 144A | 1480525 |
| 230728 | New Residential Mortgage Loan Trust, Series 2017-5A, Class B4, 5.82%, due <br> 06/25/57<sup>(c)</sup> 144A<br>| 226698 |
| 944498 | New Residential Mortgage Loan Trust, Series 2025-NQM6, Class A1, 5.09%, due <br> 10/25/65<sup>(c)</sup> 144A<br>| 942874 |
| 1535629 | OBX Trust, Series 2025-R1, Class A1, 4.94%, due 09/25/62<sup>(h)</sup> 144A | 1526501 |
| 1371934 | Oceanview Mortgage Trust, Series 2025-3, Class AF1, 4.61% (30 day USD SOFR <br> Average + 0.95%), due 05/25/55<sup>(b)</sup> 144A<br>| 1371688 |
| 922703 | Pretium Mortgage Credit Partners LLC, Series 2025-RPL3, Class A1, 4.15%, due <br> 04/25/65<sup>(h)</sup> 144A<br>| 898818 |
| 2630000 | Pretium Mortgage Credit Partners LLC, Series 2025-RPL3, Class M1, 4.15%, due <br> 04/25/65<sup>(h)</sup> 144A<br>| 2506406 |
| 383000 | Pretium Mortgage Credit Partners LLC, Series 2025-RPL5, Class M2, 4.15%, due <br> 01/25/70<sup>(h)</sup> 144A<br>| 344551 |
| 730000 | Pretium Mortgage Credit Partners LLC, Series 2025-RPL6, Class A2, 3.85%, due <br> 09/25/69<sup>(h)</sup> 144A<br>| 690388 |
| 1100000 | Pretium Mortgage Credit Partners LLC, Series 2025-RPL6, Class M2, 3.85%, due <br> 09/25/69<sup>(h)</sup> 144A<br>| 960245 |
| 515000 | Pretium Mortgage Credit Partners LLC, Series 2026-RPL1, Class A2, 4.15%, due <br> 01/25/70<sup>(h)</sup> 144A<br>| 498265 |
| 528000 | Pretium Mortgage Credit Partners LLC, Series 2026-RPL1, Class M1, 4.15%, due <br> 01/25/70<sup>(h)</sup> 144A<br>| 510604 |
| 343000 | Pretium Mortgage Credit Partners LLC, Series 2026-RPL1, Class M2, 4.15%, due <br> 01/25/70<sup>(h)</sup> 144A<br>| 304582 |
| 901070 | PRPM LLC, Series 2025-4, Class A1, 6.18%, due 06/25/30<sup>(h)</sup> 144A | 900134 |
| 900540 | PRPM LLC, Series 2025-5, Class A1, 5.73%, due 07/25/30<sup>(h)</sup> 144A | 899340 |
| 130000 | PRPM LLC, Series 2025-5, Class A2, 8.57%, due 07/25/30<sup>(h)</sup> 144A | 129871 |
| 897748 | PRPM LLC, Series 2025-6, Class A1, 5.77%, due 08/25/28<sup>(h)</sup> 144A | 896492 |
| 910981 | PRPM LLC, Series 2025-7, Class A1, 5.50%, due 08/25/30<sup>(h)</sup> 144A | 908640 |
| 245000 | PRPM LLC, Series 2025-7, Class A2, 7.45%, due 08/25/30<sup>(h)</sup> 144A | 244437 |
| 951000 | PRPM LLC, Series 2025-8, Class A2, 7.20%, due 10/25/30<sup>(h)</sup> 144A | 947500 |
| 786565 | PRPM LLC, Series 2025-RCF3, Class A1, 5.25%, due 07/25/55<sup>(h)</sup> 144A | 785589 |
| 414473 | PRPM LLC, Series 2025-RCF4, Class A1, 4.50%, due 08/25/55<sup>(h)</sup> 144A | 408027 |
| 926581 | PRPM LLC, Series 2025-RCF6, Class A1, 4.94%, due 12/25/55<sup>(h)</sup> 144A | 918904 |
| 820000 | PRPM LLC, Series 2025-RPL4, Class M1A, 3.00%, due 05/25/55<sup>(h)</sup> 144A | 750732 |
| 2576887 | PRPM LLC, Series 2025-RPL5, Class A1, 4.50%, due 06/25/65<sup>(h)</sup> 144A | 2523546 |
| 980486 | PRPM LLC, Series 2026-1, Class A1, 5.19%, due 02/25/31<sup>(h)</sup> 144A | 970883 |
| 280000 | PRPM LLC, Series 2026-1, Class A2, 6.47%, due 02/25/31<sup>(h)</sup> 144A | 276632 |
| 560000 | PRPM LLC, Series 2026-2, Class A2, 6.47%, due 02/25/31<sup>(h)</sup> 144A | 560563 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 798284 | PRPM Trust, Series 2025-3, Class A1, 6.26%, due 05/25/30<sup>(h)</sup> 144A | 796633 |
| 150000 | RCO VIII Mortgage LLC, Series 2025-3, Class A2, 8.84%, due 05/25/30<sup>(h)</sup> 144A | 150401 |
| 2155000 | ROCK Trust, Series 2024-CNTR, Class E, 8.82%, due 11/13/41 144A | 2248148 |
| 841464 | Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A1, 5.73%, due <br> 02/25/65<sup>(h)</sup> 144A<br>| 846873 |
| 400000 | SG Residential Mortgage Trust, Series 2022-1, Class B2, 3.96%, due 03/27/62<sup>(c)</sup> 144A | 285414 |
| 1675000 | SLG Office Trust, Series 2026-OMA, Class E, 6.96%, due 04/15/41<sup>(c)(d)</sup> 144A | 1683514 |
| 900000 | Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B1, 3.83%, due 01/28/50<sup>(c)</sup> <br> 144A<br>| 870591 |
| 210279 | Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 4.35% (1 <br> mo. USD Term SOFR + 0.67%), due 05/25/45<sup>(b)</sup> <br>| 161557 |
| 590000 | Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59<sup>(c)</sup> 144A | 461518 |
| 587082 | Towd Point Mortgage Trust, Series 2026-1, Class A1A, 4.10%, due 01/25/66<sup>(c)</sup> 144A | 579588 |
| 187461 | UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, due 12/15/50 | 185285 |
| 881977 | Verus Securitization Trust, Series 2025-R1, Class A1, 5.40%, due 05/25/65<sup>(h)</sup> 144A | 884787 |
| 979906 | Verus Securitization Trust, Series 2026-R1, Class A1, 4.83%, due 10/25/67<sup>(c)</sup> 144A | 972023 |
| 237427 | WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR16, Class 2A2, 4.12%, <br> due 12/25/36<sup>(c)</sup> <br>| 212461 |
| 1155000 | WBHT Commercial Mortgage Trust, Series 2025-WBM, Class E, 7.86% (1 mo. USD <br> Term SOFR + 4.19%), due 06/15/42<sup>(b)</sup> 144A<br>| 1150647 |
| 1950000 | Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class D, 3.17%, due <br> 12/15/49<sup>(c)</sup> 144A<br>| 1769940 |
| 118871 | Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, 6.09%, due <br> 04/25/36<sup>(c)</sup> <br>| 117450 |
| 475000 | WHARF Commercial Mortgage Trust, Series 2025-DC, Class E, 7.21%, due 07/15/40<sup>(c)</sup> <br> 144A<br>| 476970 |
| 1900000 | Worldwide Plaza Trust, Series 2017-WWP, Class A, 3.53%, due 11/10/36 144A | 1518765 |
| 2450000 | X-Caliber Funding LLC, Series 2025-VFN1, Class A, 6.64% (1 mo. USD Term SOFR + <br> 2.97%), due 06/17/30<sup>(b)</sup> 144A<br>| 2450640 |
| 1350000 | X-Caliber Funding LLC, Series 2026-HPL, Class A, 6.82% (1 mo. USD Term SOFR + <br> 3.15%), due 02/15/46<sup>(b)</sup> 144A<br>| 1344892 |
|  |  | 95408747 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 8.6%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 8.6%** |
| 1275000 | Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series <br> 2021-MN3, Class B1, 10.51%, (30 day USD SOFR Average + 6.85%), due 11/25/51<sup>(b)</sup> <br> 144A<br>| 1359042 |
| 838759 | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series Q034, Class APT2, 2.94%, due 07/25/54<sup>(c)</sup> <br>| 814921 |
| 94034 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-2, <br> Class BX, 1.61%, due 11/25/57<sup>(c)</sup> <br>| 35658 |
| 374679 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-3, <br> Class M, 4.75%, due 08/25/57<sup>(c)</sup> 144A<br>| 364948 |
| 205476 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, <br> Class M, 4.75%, due 07/25/58<sup>(c)</sup> 144A<br>| 201890 |
| 542471 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, <br> Class M, 4.75%, due 10/25/58<sup>(c)</sup> <br>| 535398 |
| 529606 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-4, <br> Class M, 4.50%, due 02/25/59<sup>(c)</sup> 144A<br>| 515187 |
| 344336 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-1, <br> Class M, 4.25%, due 08/25/59<sup>(c)</sup> 144A<br>| 336271 |

---

148See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 519234 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-2, <br> Class M, 4.25%, due 11/25/59<sup>(c)</sup> 144A<br>| 505499 |
| 590000 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-3, <br> Class M, 4.25%, due 05/25/60<sup>(c)</sup> 144A<br>| 577564 |
| 378050 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-1, <br> Class M, 4.25%, due 09/25/60 144A<br>| 370052 |
| 96569 | Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-3, <br> Class BXS, 6.93%, due 03/25/61<sup>(c)</sup> 144A<br>| 59850 |
| 1200000 | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-DNA1, <br> Class B2, 10.76%, (30 day USD SOFR Average + 7.10%), due 01/25/42<sup>(b)</sup> 144A<br>| 1245454 |
| 1850000 | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2020-HQA2, <br> Class B2, 11.38%, (30 day USD SOFR Average + 7.71%), due 03/25/50<sup>(b)</sup> 144A<br>| 2222328 |
| 2900000 | Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA7, <br> Class B2, 11.46%, (30 day USD SOFR Average + 7.80%), due 11/25/41<sup>(b)</sup> 144A<br>| 2999218 |
| 2704714 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R07, Class 1B2, 15.66%, (30 day USD SOFR Average + 12.00%), due <br> 06/25/42<sup>(b)</sup> 144A<br>| 3034400 |
| 3105000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2021-R03, Class 1B2, 9.16%, (30 day USD SOFR Average + 5.50%), due 12/25/41<sup>(b)</sup> <br> 144A<br>| 3180741 |
| 2475000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2021-R01, Class 1B2, 9.66%, (30 day USD SOFR Average + 6.00%), due 10/25/41<sup>(b)</sup> <br> 144A<br>| 2526681 |
| 3095000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R01, Class 1B2, 9.66%, (30 day USD SOFR Average + 6.00%), due 12/25/41<sup>(b)</sup> <br> 144A<br>| 3176706 |
| 2920000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R05, Class 2B2, 10.66%, (30 day USD SOFR Average + 7.00%), due <br> 04/25/42<sup>(b)</sup> 144A<br>| 3079403 |
| 1840000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R02, Class 2B2, 11.31%, (30 day USD SOFR Average + 7.65%), due <br> 01/25/42<sup>(b)</sup> 144A<br>| 1921697 |
| 3420000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R04, Class 1B2, 13.16%, (30 day USD SOFR Average + 9.50%), due <br> 03/25/42<sup>(b)</sup> 144A<br>| 3655194 |
| 1250000 | Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R03, Class 1B2, 13.51%, (30 day USD SOFR Average + 9.85%), due <br> 03/25/42<sup>(b)</sup> 144A<br>| 1346726 |
| 489928 | Government National Mortgage Association REMIC, Series 2014-H23, Class FA, 4.43%, <br> (1 mo. USD Term SOFR + 0.76%), due 11/20/64<sup>(b)</sup> <br>| 490646 |
| 44855 | Government National Mortgage Association REMIC, Series 2015-H32, Class FA, 4.53%, <br> (1 mo. USD Term SOFR + 0.86%), due 12/20/65<sup>(b)</sup> <br>| 44990 |
| 150000 | Uniform Mortgage-Backed Security, TBA, 3.50%, due 06/01/56 | 137215 |
| 8800000 | Uniform Mortgage-Backed Security, TBA, 4.00%, due 05/01/56 | 8297852 |
| 13550000 | Uniform Mortgage-Backed Security, TBA, 4.50%, due 05/01/56 | 13064711 |
| 15275000 | Uniform Mortgage-Backed Security, TBA, 5.00%, due 05/01/56 | 15046974 |
| 42371000 | Uniform Mortgage-Backed Security, TBA, 5.50%, due 04/01/56 | 42572777 |
| 14825000 | Uniform Mortgage-Backed Security, TBA, 6.00%, due 05/01/56 | 15094744 |
| 49260000 | Uniform Mortgage-Backed Security, TBA, 6.50%, due 06/01/56 | 50919247 |
|  |  | 179733984 |
|  | **Sovereign Debt Obligations — 16.2%** | **Sovereign Debt Obligations — 16.2%** |
| 1195000 | Africa Finance Corp., 7.50%, (5 yr. CMT + 3.02%)<sup>(b)(g)(o)</sup> <br>| 1200901 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 1200000 |  | Angola Government International Bonds, 8.75%, due 04/14/32 144A | 1166781 |
| 700000 |  | Angola Government International Bonds, 8.75%, due 04/14/32<sup>(g)</sup> <br>| 680293 |
| 390000 |  | Angola Government International Bonds, 9.13%, due 11/26/49<sup>(g)</sup> <br>| 340155 |
| 559000 |  | Angola Government International Bonds, 9.38%, due 05/08/48<sup>(g)</sup> <br>| 496924 |
| 406000 |  | Angola Government International Bonds, 9.88%, due 10/15/35<sup>(g)</sup> <br>| 407800 |
| 56686 |  | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(h)</sup> <br>| 47531 |
| 2283784 |  | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(h)</sup> <br>| 1914953 |
| 3854 |  | Argentina Republic Government International Bonds, 1.00%, due 07/09/29 | 3387 |
| 5884737 |  | Argentina Republic Government International Bonds, 3.50%, due 07/09/41<sup>(h)</sup> <br>| 3931004 |
| 4200214 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(h)</sup> <br>| 3034655 |
| 685428 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(h)</sup> <br>| 495222 |
| 4100000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/46<sup>(h)</sup> <br>| 2810550 |
| 37500000 | MXN | Asian Infrastructure Investment Bank, 9.89%, due 02/08/38<sup>(g)(m)</sup> <br>| 678748 |
| 1219000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36 144A | 1304428 |
| 670000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36<sup>(g)</sup> <br>| 716954 |
| 215000 |  | Bahamas Government International Bonds, 8.95%, due 10/15/32<sup>(g)</sup> <br>| 238121 |
| 433000 |  | Bahrain Government International Bonds, 5.25%, due 01/25/33<sup>(g)</sup> <br>| 382464 |
| 439000 |  | Bahrain Government International Bonds, 5.63%, due 05/18/34<sup>(g)</sup> <br>| 388475 |
| 500000 |  | Benin Sukuk SA, 6.20%, due 01/29/33 144A | 464643 |
| 600000 |  | Benin Sukuk SA, 6.20%, due 01/29/33<sup>(g)</sup> <br>| 557204 |
| 4030000 |  | Bermuda Government International Bonds, 2.38%, due 08/20/30<sup>(g)</sup> <br>| 3663109 |
| 1499000 |  | Bermuda Government International Bonds, 3.38%, due 08/20/50<sup>(g)</sup> <br>| 1030562 |
| 283000 |  | Bermuda Government International Bonds, 5.00%, due 07/15/32<sup>(g)</sup> <br>| 282717 |
| 3510000 |  | Bermuda Government International Bonds, 5.00%, due 07/15/32<sup>(g)</sup> <br>| 3523022 |
| 2075000 |  | Brazil Government International Bonds, 7.25%, due 01/12/56 | 2039829 |
| 1291000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/29 | 228119 |
| 17270000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31 | 2891576 |
| 11147000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/33 | 1793548 |
| 229000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/35 | 35735 |
| 70000 | EUR | Bulgaria Government International Bonds, 1.38%, due 09/23/50<sup>(g)</sup> <br>| 43615 |
| 5898000 |  | Chile Government International Bonds, 4.34%, due 03/07/42 | 5178444 |
| 4934000 |  | Chile Government International Bonds, 5.65%, due 01/13/37 | 5125933 |
| 12240000 | CNY | China Government Bonds, 2.15%, due 08/25/55 | 1718404 |
| 100000 | EUR | Colombia Government International Bonds, 5.00%, due 09/19/32 | 108549 |
| 1125000 | EUR | Colombia Government International Bonds, 5.75%, due 11/26/34 | 1225166 |
| 2095000 | EUR | Colombia Government International Bonds, 6.50%, due 11/26/38 | 2303373 |
| 1100000 |  | Colombia Government International Bonds, 7.38%, due 09/18/37 | 1098493 |
| 650000 |  | Colombia Government International Bonds, 7.75%, due 11/07/36 | 665568 |
| 459000 |  | Colombia Government International Bonds, 8.00%, due 11/14/35 | 481509 |
| 1337000 |  | Colombia Government International Bonds, 8.38%, due 11/07/54 | 1384423 |
| 1420000 |  | Colombia Government International Bonds, 8.50%, due 04/25/35 | 1539635 |
| 374064948 | COP | Colombia TES, 2.25%, due 04/18/29 | 88715 |
| 3974085465 | COP | Colombia TES, 6.50%, due 01/22/31 | 1042262 |
| 266100000 | COP | Colombia TES, 7.00%, due 06/30/32 | 53574 |
| 431600000 | COP | Colombia TES, 7.25%, due 10/18/34 | 83387 |
| 393400000 | COP | Colombia TES, 7.75%, due 09/18/30 | 86615 |
| 2385900000 | COP | Colombia TES, 9.25%, due 05/28/42 | 493580 |
| 5131000000 | COP | Colombia TES, 11.00%, due 08/22/29 | 1293358 |
| 1276200000 | COP | Colombia TES, 11.50%, due 07/25/46 | 313334 |

---

150See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 21220500000 | COP | Colombia TES, 11.75%, due 01/24/35 | 5384476 |
| 311300000 | COP | Colombia TES, 12.50%, due 02/27/30 | 81426 |
| 1125000000 | COP | Colombia TES, 12.75%, due 11/28/40 | 299893 |
| 800000 |  | Congolese International Bonds, 9.88%, due 11/07/32<sup>(g)</sup> <br>| 750967 |
| 1000000 | EUR | Costa Rica Government International Bonds, 5.50%, due 11/21/30 144A | 1182491 |
| 500000 | EUR | Costa Rica Government International Bonds, 6.00%, due 01/16/36 144A | 597958 |
| 240000 |  | Costa Rica Government International Bonds, 6.13%, due 02/19/31<sup>(g)</sup> <br>| 245873 |
| 240000 |  | Costa Rica Government International Bonds, 6.55%, due 04/03/34<sup>(g)</sup> <br>| 253645 |
| 200000 |  | Costa Rica Government International Bonds, 7.00%, due 04/04/44<sup>(g)</sup> <br>| 211542 |
| 1080000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(g)</sup> <br>| 1149757 |
| 1124000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(g)</sup> <br>| 1196599 |
| 275000 |  | Costa Rica Government International Bonds, 7.30%, due 11/13/54<sup>(g)</sup> <br>| 297560 |
| 4050000 | CZK | Czech Republic Government Bonds, 1.50%, due 04/24/40 | 122741 |
| 11810000 | CZK | Czech Republic Government Bonds, 2.00%, due 10/13/33 | 458245 |
| 6930000 | CZK | Czech Republic Government Bonds, 3.50%, due 05/30/35 | 294468 |
| 12100000 | CZK | Czech Republic Government Bonds, 4.20%, due 12/04/36<sup>(g)</sup> <br>| 535378 |
| 6490000 | CZK | Czech Republic Government Bonds, 4.25%, due 10/24/34 | 292263 |
| 1500000 | CZK | Czech Republic Government Bonds, 4.50%, due 11/11/32 | 69681 |
| 270000 |  | Dominican Republic International Bonds, 4.50%, due 01/30/30<sup>(g)</sup> <br>| 257256 |
| 3125000 |  | Dominican Republic International Bonds, 4.88%, due 09/23/32<sup>(g)</sup> <br>| 2887187 |
| 350000 |  | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | 347883 |
| 1164000 |  | Dominican Republic International Bonds, 5.88%, due 10/28/35<sup>(g)</sup> <br>| 1108186 |
| 1804000 |  | Dominican Republic International Bonds, 5.88%, due 01/30/60<sup>(g)</sup> <br>| 1511662 |
| 884000 |  | Dominican Republic International Bonds, 6.85%, due 01/27/45<sup>(g)</sup> <br>| 864950 |
| 890000 |  | Dominican Republic International Bonds, 6.95%, due 03/15/37<sup>(g)</sup> <br>| 908067 |
| 75600000 | DOP | Dominican Republic International Bonds, 10.75%, due 06/01/36 144A | 1381641 |
| 23500000 | DOP | Dominican Republic International Bonds, 13.63%, due 02/03/33<sup>(g)</sup> <br>| 461473 |
| 2747000 |  | Eagle Funding Luxco SARL, 5.50%, due 08/17/30 144A | 2764855 |
| 3050000 |  | Eagle Funding Luxco SARL, 5.50%, due 08/17/30<sup>(g)</sup> <br>| 3069825 |
| 1625000 |  | Ecuador Government International Bonds, 5.00%, due 07/31/40<sup>(g)(h)</sup> <br>| 1275625 |
| 1694812 |  | Ecuador Government International Bonds, 6.90%, due 07/31/35<sup>(h)</sup> 144A | 1496519 |
| 2678897 |  | Ecuador Government International Bonds, 6.90%, due 07/31/35<sup>(g)(h)</sup> <br>| 2365466 |
| 2311000 |  | Ecuador Government International Bonds, 8.75%, due 01/29/34 144A | 2270557 |
| 3955000 |  | Ecuador Government International Bonds, 9.25%, due 01/29/39 144A | 3885787 |
| 1200000 |  | Egypt Government International Bonds, 6.59%, due 02/21/28<sup>(g)</sup> <br>| 1195694 |
| 2924000 |  | Egypt Government International Bonds, 7.90%, due 02/21/48<sup>(g)</sup> <br>| 2386918 |
| 4566000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(g)</sup> <br>| 3947909 |
| 925000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(g)</sup> <br>| 800427 |
| 1863000 |  | Egypt Government International Bonds, 8.70%, due 03/01/49<sup>(g)</sup> <br>| 1636498 |
| 691000 |  | Egypt Government International Bonds, 8.88%, due 05/29/50<sup>(g)</sup> <br>| 610562 |
| 800000 |  | El Salvador Government International Bonds, 7.12%, due 01/20/50<sup>(g)</sup> <br>| 672720 |
| 640000 |  | El Salvador Government International Bonds, 9.25%, due 04/17/30 144A | 666522 |
| 27200000 | INR | European Bank for Reconstruction & Development, 6.75%, due 01/13/32 | 276373 |
| 3110000 |  | Gabon Government International Bonds, 6.63%, due 02/06/31<sup>(g)</sup> <br>| 2603933 |
| 725000 |  | Gabon Government International Bonds, 6.63%, due 02/06/31<sup>(g)</sup> <br>| 607026 |
| 600000 |  | Gabon Government International Bonds, 9.50%, due 02/18/29<sup>(g)</sup> <br>| 564331 |
| 1137500 |  | Ghana Government International Bonds, 5.00%, due 07/03/29<sup>(g)(h)</sup> <br>| 1087196 |
| 1375000 |  | Ghana Government International Bonds, 5.00%, due 07/03/35<sup>(g)(h)</sup> <br>| 1175616 |
| 900000 |  | Guatemala Government Bonds, 4.65%, due 10/07/41<sup>(g)</sup> <br>| 754709 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 126300000 | HUF | Hungary Government Bonds, 3.00%, due 10/27/38 | 253185 |
| 811380000 | HUF | Hungary Government Bonds, 6.75%, due 07/23/31 | 2379975 |
| 153080000 | HUF | Hungary Government Bonds, 7.00%, due 10/24/35 | 452145 |
| 510030000 | HUF | Hungary Government Bonds, 7.00%, due 10/24/35 | 1506452 |
| 600000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | 604922 |
| 250000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30<sup>(g)</sup> <br>| 251922 |
| 2350000 |  | Hungary Government International Bonds, 5.50%, due 03/26/36<sup>(g)</sup> <br>| 2292618 |
| 440000 |  | Hungary Government International Bonds, 6.75%, due 09/25/52 144A | 455003 |
| 1700000 |  | Hungary Government International Bonds, 7.63%, due 03/29/41 | 1927398 |
| 17290000 | INR | India Government Bonds, 6.64%, due 06/16/35 | 178096 |
| 63570000 | INR | India Government Bonds, 7.30%, due 06/19/53 | 635035 |
| 1831000000 | IDR | Indonesia Treasury Bonds, 5.88%, due 03/15/31 | 104721 |
| 4385000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 08/15/40 | 262437 |
| 1083000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 06/15/42 | 64775 |
| 1867000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 06/15/43 | 111625 |
| 3405000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 08/15/45 | 205731 |
| 3500000 | INR | International Bank for Reconstruction & Development, 6.50%, due 10/01/37 | 33159 |
| 12600000 | INR | International Bank for Reconstruction & Development, 6.75%, due 07/13/29 | 127796 |
| 1320000 |  | Istanbul Metropolitan Municipality, 10.50%, due 12/06/28<sup>(g)</sup> <br>| 1412812 |
| 756000 |  | Ivory Coast Government International Bonds, 6.75%, due 02/25/41 144A | 665755 |
| 1790000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33 144A | 1823723 |
| 1291000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33<sup>(g)</sup> <br>| 1314847 |
| 749000 |  | Ivory Coast Government International Bonds, 8.08%, due 04/01/36 144A | 763762 |
| 1177000 |  | Ivory Coast Government International Bonds, 8.25%, due 01/30/37<sup>(g)</sup> <br>| 1210361 |
| 108000000 | JMD | Jamaica Government International Bonds, 9.63%, due 11/03/30 | 720000 |
| 820000 |  | Jordan Government International Bonds, 7.75%, due 01/15/28 144A | 838097 |
| 107419000 | KZT | Kazakhstan Government International Bonds, 14.00%, due 05/12/31 144A | 215365 |
| 264687000 | KZT | Kazakhstan Government International Bonds, 14.00%, due 02/13/35 144A | 514724 |
| 1559000 |  | Lebanon Government International Bonds, 6.65%, due 11/03/28<sup>(g)(p)</sup> <br>| 374456 |
| 1559000 |  | Lebanon Government International Bonds, 6.75%, due 11/29/27<sup>(g)(p)</sup> <br>| 371369 |
| 1645000 |  | Lebanon Government International Bonds, 6.85%, due 05/25/29<sup>(g)(p)</sup> <br>| 394800 |
| 668000 |  | Lebanon Government International Bonds, 7.00%, due 03/23/32<sup>(g)(p)</sup> <br>| 164512 |
| 601000 |  | Lebanon Government International Bonds, 7.25%, due 03/23/37<sup>(g)(p)</sup> <br>| 145873 |
| 215000 |  | Lebanon Government International Bonds, 8.25%, due 04/12/21<sup>(g)(p)</sup> <br>| 52164 |
| 12467000 | MYR | Malaysia Government Bonds, 3.48%, due 07/02/35 | 3040719 |
| 3749000 | MYR | Malaysia Government Bonds, 3.58%, due 07/15/32 | 928176 |
| 6364000 | MYR | Malaysia Government Bonds, 3.89%, due 08/15/29 | 1599292 |
| 5170000 | MYR | Malaysia Government Bonds, 3.90%, due 11/30/26 | 1284070 |
| 1920000 | MYR | Malaysia Government Bonds, 3.90%, due 11/16/27 | 480163 |
| 4108000 | MYR | Malaysia Government Bonds, 3.91%, due 07/15/26 | 1017235 |
| 1313000 | MYR | Malaysia Government Bonds, 4.46%, due 03/31/53 | 341764 |
| 955000 | MYR | Malaysia Government Bonds, 4.70%, due 10/15/42 | 256328 |
| 72000 | MYR | Malaysia Government Bonds, 4.76%, due 04/07/37 | 19247 |
| 150000000 | MXN | Mexico Bonos, 7.00%, due 09/03/26 | 8311619 |
| 16945900 | MXN | Mexico Bonos, 7.75%, due 05/29/31 | 895783 |
| 36612900 | MXN | Mexico Bonos, 7.75%, due 11/13/42 | 1686237 |
| 5764700 | MXN | Mexico Bonos, 8.00%, due 02/21/36 | 292985 |
| 787500 | MXN | Mexico Bonos, 8.00%, due 11/07/47 | 36548 |
| 2799800 | MXN | Mexico Bonos, 8.00%, due 07/31/53 | 128667 |

---

152See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 3259000 | MXN | Mexico Bonos, 8.00%, due 04/29/55 | 148987 |
| 2507600 | MXN | Mexico Bonos, 8.50%, due 03/01/29 | 138414 |
| 8346600 | MXN | Mexico Bonos, 8.50%, due 11/18/38 | 425740 |
| 3998730 | MXN | Mexico Cetes, 7.86%, due 10/28/27<sup>(m)</sup> <br>| 195949 |
| 1220000 | EUR | Mexico Government International Bonds, 3.88%, due 05/16/31 | 1373610 |
| 500000 |  | Mexico Government International Bonds, 5.38%, due 03/22/33 | 490000 |
| 1481000 |  | Mexico Government International Bonds, 5.63%, due 02/09/34 | 1450269 |
| 400000 |  | Mexico Government International Bonds, 5.85%, due 07/02/32 | 401940 |
| 2900000 |  | Mexico Government International Bonds, 6.00%, due 05/07/36 | 2888110 |
| 1850000 |  | Mexico Government International Bonds, 6.40%, due 05/07/54 | 1736872 |
| 29150541 | MXN | Mexico Udibonos, 2.75%, due 11/27/31 | 1468657 |
| 893078000 | NGN | Nigeria Government Bonds, 18.50%, due 02/21/31 | 700146 |
| 2265000 |  | Nigeria Government International Bonds, 7.14%, due 02/23/30<sup>(g)</sup> <br>| 2285161 |
| 650000 |  | Nigeria Government International Bonds, 8.63%, due 01/13/36<sup>(g)</sup> <br>| 677553 |
| 500000 |  | Nigeria Government International Bonds, 8.63%, due 01/13/36 144A | 521316 |
| 500000 |  | Nigeria Government International Bonds, 9.13%, due 01/13/46 144A | 522604 |
| 1200000 |  | Oman Government International Bonds, 6.50%, due 03/08/47<sup>(g)</sup> <br>| 1231595 |
| 1100000 |  | Pakistan Global Sukuk Programme Co. Ltd., 7.95%, due 01/31/29<sup>(g)</sup> <br>| 1088931 |
| 3175000 |  | Panama Government International Bonds, 6.88%, due 01/31/36 | 3382629 |
| 1275000 |  | Paraguay Government International Bonds, 3.85%, due 06/28/33<sup>(g)</sup> <br>| 1183519 |
| 420000 |  | Paraguay Government International Bonds, 5.85%, due 08/21/33<sup>(g)</sup> <br>| 432642 |
| 810000 |  | Paraguay Government International Bonds, 5.85%, due 08/21/33<sup>(g)</sup> <br>| 837337 |
| 2175000 |  | Paraguay Government International Bonds, 6.00%, due 02/09/36<sup>(g)</sup> <br>| 2260586 |
| 834000 |  | Paraguay Government International Bonds, 6.65%, due 03/04/55 144A | 867694 |
| 645000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31 144A | 98305 |
| 628000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31<sup>(g)</sup> <br>| 95633 |
| 7075000000 | PYG | Paraguay Government International Bonds, 8.50%, due 04/04/38 144A | 1081493 |
| 175000 | PEN | Peru Government Bonds, 5.35%, due 08/12/40 | 41917 |
| 9425000 | PEN | Peru Government Bonds, 7.30%, due 08/12/33<sup>(g)</sup> <br>| 2957231 |
| 8419000 | PEN | Peru Government Bonds, 7.60%, due 08/12/39<sup>(g)</sup> <br>| 2495611 |
| 440000 |  | Peru Government International Bonds, 3.00%, due 01/15/34 | 376354 |
| 1255000 |  | Peru Government International Bonds, 3.00%, due 01/15/34 | 1073088 |
| 2450000 | PEN | Peru Government International Bonds, 6.35%, due 08/12/28<sup>(g)</sup> <br>| 735213 |
| 2900000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(g)</sup> <br>| 824290 |
| 11719000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(g)</sup> <br>| 3330985 |
| 9124000 | PEN | Peru Government International Bonds, 7.30%, due 08/12/33<sup>(g)</sup> <br>| 2862788 |
| 25865000 | PHP | Philippines Government Bonds, 6.00%, due 08/20/30 | 417282 |
| 158450000 | PHP | Philippines Government Bonds, 6.25%, due 01/25/34 | 2504515 |
| 164860000 | PHP | Philippines Government Bonds, 6.38%, due 07/27/30 | 2685642 |
| 12200000 | PHP | Philippines Government Bonds, 6.75%, due 09/15/32 | 199905 |
| 640000 |  | Provincia de Cordoba, 9.75%, due 07/02/32 144A | 655616 |
| 2363000 |  | Republic of Armenia International Bonds, 3.60%, due 02/02/31<sup>(g)</sup> <br>| 2103057 |
| 1026000 |  | Republic of Armenia International Bonds, 6.75%, due 03/12/35<sup>(g)</sup> <br>| 1042890 |
| 3475000 |  | Republic of Cameroon International Bonds, 8.88%, due 01/30/33<sup>(g)</sup> <br>| 3289573 |
| 1350000 |  | Republic of Cameroon International Bonds, 9.50%, due 07/31/31<sup>(g)</sup> <br>| 1316642 |
| 4368811 | GHS | Republic of Ghana Government Bonds, 8.80%, due 02/12/30 | 360081 |
| 2036231 | GHS | Republic of Ghana Government Bonds, 9.25%, due 02/08/33 | 158004 |
| 820740 | GHS | Republic of Ghana Government Bonds, 10.00%, due 02/02/38 | 65356 |
| 1100000 |  | Republic of Kenya Government International Bonds, 6.30%, due 01/23/34<sup>(g)(q)</sup> <br>| 915976 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 400000 |  | Republic of Kenya Government International Bonds, 8.80%, due 10/09/38 144A | 368406 |
| 1380000 |  | Republic of Kenya Government International Bonds, 9.75%, due 02/16/31 144A | 1418106 |
| 13030000 | PLN | Republic of Poland Government Bonds, 4.50%, due 01/25/31 | 3384980 |
| 2100000 | PLN | Republic of Poland Government Bonds, 5.00%, due 10/25/34 | 536471 |
| 15260000 | PLN | Republic of Poland Government Bonds, 5.00%, due 10/25/35 | 3836828 |
| 5689000 | PLN | Republic of Poland Government Bonds, 3.46%, (PLTRCI + 0.00%), due 09/25/28<sup>(b)</sup> <br>| 1503490 |
| 4000000 | ZAR | Republic of South Africa Floating Rate Note, 8.03%, (3 mo. ZAR JIBAR + 1.30%), due <br> 07/11/27<sup>(b)</sup> <br>| 235661 |
| 4000000 | ZAR | Republic of South Africa Floating Rate Notes, 7.64%, (3 mo. ZAR JIBAR + 0.96%), <br> due 09/17/30<sup>(b)</sup> <br>| 235980 |
| 900000 | ZAR | Republic of South Africa Government Bonds, 7.00%, due 02/28/31 | 49315 |
| 6900000 | ZAR | Republic of South Africa Government Bonds, 8.00%, due 01/31/30 | 399072 |
| 46200000 | ZAR | Republic of South Africa Government Bonds, 8.25%, due 03/31/32 | 2637556 |
| 153822977 | ZAR | Republic of South Africa Government Bonds, 8.50%, due 01/31/37 | 8404143 |
| 6662958 | ZAR | Republic of South Africa Government Bonds, 8.75%, due 01/31/44 | 352973 |
| 1638000 | ZAR | Republic of South Africa Government Bonds, 8.75%, due 02/28/48 | 86654 |
| 73025000 | ZAR | Republic of South Africa Government Bonds, 8.88%, due 02/28/35 | 4195134 |
| 40470000 | ZAR | Republic of South Africa Government Bonds, 9.00%, due 01/31/40 | 2222712 |
| 5683000 | ZAR | Republic of South Africa Government Bonds, 9.88%, due 03/31/39 | 337726 |
| 23700000 | ZAR | Republic of South Africa Government Bonds, 10.00%, due 03/31/33 | 1454458 |
| 31000000 | ZAR | Republic of South Africa Government Bonds, 10.50%, due 12/21/26 | 1850393 |
| 10000000 | ZAR | Republic of South Africa Government Bonds, 10.88%, due 03/31/38 | 639490 |
| 1500000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32<sup>(n)</sup> <br>| 1495619 |
| 5535000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 5521461 |
| 525000 |  | Republic of South Africa Government International Bonds, 7.10%, due 11/19/36<sup>(g)</sup> <br>| 537009 |
| 3225000 |  | Republic of South Africa Government International Bonds, 7.25%, due 12/11/55 144A | 2954497 |
| 650000 |  | Republic of South Africa Government International Bonds, 7.30%, due 04/20/52 | 600572 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 14.25%, due 06/22/34 | 1409712 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 15.00%, due 06/18/43 | 1408739 |
| 2300000 | RON | Romania Government Bonds, 6.75%, due 04/25/35<sup>(n)</sup> <br>| 508033 |
| 735000 | EUR | Romania Government International Bonds, 2.75%, due 04/14/41<sup>(g)</sup> <br>| 531270 |
| 475000 | EUR | Romania Government International Bonds, 2.88%, due 04/13/42<sup>(g)</sup> <br>| 344220 |
| 3775000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31<sup>(g)(n)</sup> <br>| 4394922 |
| 300000 | EUR | Romania Government International Bonds, 5.38%, due 06/07/33<sup>(g)</sup> <br>| 337760 |
| 900000 |  | Romania Government International Bonds, 5.75%, due 03/24/35 144A | 852994 |
| 716000 |  | Romania Government International Bonds, 5.75%, due 03/24/35 144A | 678402 |
| 594000 |  | Romania Government International Bonds, 5.88%, due 01/30/29<sup>(g)</sup> <br>| 598555 |
| 3035000 | EUR | Romania Government International Bonds, 6.00%, due 09/24/44<sup>(n)</sup> 144A | 3221632 |
| 576000 |  | Romania Government International Bonds, 6.38%, due 01/30/34<sup>(g)</sup> <br>| 573729 |
| 255000 | EUR | Romania Government International Bonds, 6.50%, due 10/07/45 144A | 281707 |
| 1250000 | EUR | Romania Government International Bonds, 6.75%, due 07/11/39 144A | 1439772 |
| 222000 |  | Romania Government International Bonds, 7.13%, due 01/17/33<sup>(g)</sup> <br>| 232312 |
| 720000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | 762058 |
| 532000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | 562945 |
| 1800000 |  | Saudi Government International Bonds, 3.75%, due 01/21/55<sup>(g)</sup> <br>| 1224090 |
| 1420000 |  | Saudi Government International Bonds, 5.00%, due 04/17/49<sup>(g)</sup> <br>| 1227228 |
| 1471000 |  | Saudi Government International Bonds, 5.00%, due 01/18/53<sup>(g)</sup> <br>| 1246789 |
| 4630000 |  | Saudi Government International Bonds, 5.88%, due 01/12/56 144A | 4437645 |
| 1583333 | EUR | Senegal Government International Bonds, 4.75%, due 03/13/28<sup>(g)</sup> <br>| 1149741 |

---

154See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 631000 | EUR | Senegal Government International Bonds, 5.38%, due 06/08/37<sup>(g)</sup> <br>| 369754 |
| 1855000 | EUR | Senegal Government International Bonds, 5.38%, due 06/08/37<sup>(g)</sup> <br>| 1086994 |
| 1648000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(g)</sup> <br>| 881060 |
| 2075000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(g)</sup> <br>| 1109345 |
| 309000 |  | Senegal Government International Bonds, 6.75%, due 03/13/48<sup>(g)</sup> <br>| 158104 |
| 2450000 |  | Senegal Government International Bonds, 6.75%, due 03/13/48<sup>(g)</sup> <br>| 1253575 |
| 1500000 |  | Senegal Government International Bonds, 7.75%, due 06/10/31<sup>(g)</sup> <br>| 868118 |
| 1700000 |  | Serbia International Bonds, 6.00%, due 06/12/34<sup>(g)</sup> <br>| 1704036 |
| 37292 |  | Sri Lanka Government International Bonds, 3.10%, due 01/15/30<sup>(h)</sup> 144A | 34310 |
| 698148 |  | Sri Lanka Government International Bonds, 3.35%, due 03/15/33<sup>(h)</sup> 144A | 584128 |
| 34279 |  | Sri Lanka Government International Bonds, 3.60%, due 05/15/36<sup>(h)(n)</sup> 144A | 30552 |
| 2889335 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(h)</sup> 144A | 2559918 |
| 1050000 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(g)(h)</sup> <br>| 930288 |
| 34850 |  | Sri Lanka Government International Bonds, 4.00%, due 04/15/28<sup>(n)</sup> 144A | 33317 |
| 47645726 | THB | Thailand Government Bonds, 1.25%, due 03/12/28<sup>(g)</sup> <br>| 1456022 |
| 3448000 | THB | Thailand Government Bonds, 1.84%, due 05/17/36 | 101288 |
| 4605000 | THB | Thailand Government Bonds, 2.50%, due 11/17/29 | 143900 |
| 81100000 | THB | Thailand Government Bonds, 2.70%, due 06/17/40 | 2430438 |
| 3601000 | THB | Thailand Government Bonds, 2.98%, due 06/17/45 | 105229 |
| 1497000 | THB | Thailand Government Bonds, 3.30%, due 06/17/38 | 48208 |
| 79388000 | THB | Thailand Government Bonds, 3.45%, due 06/17/43 | 2486346 |
| 4949000 | THB | Thailand Government Bonds, 4.88%, due 06/22/29 | 165440 |
| 7450000 | TRY | Turkiye Government Bonds, 26.20%, due 10/05/33 | 143143 |
| 74743637 | TRY | Turkiye Government Bonds, 27.70%, due 09/27/34 | 1493058 |
| 12206000 | TRY | Turkiye Government Bonds, 30.00%, due 09/12/29 | 239675 |
| 20600000 | TRY | Turkiye Government Bonds, 36.00%, due 08/12/26 | 455435 |
| 2570000 |  | Turkiye Government International Bonds, 5.95%, due 01/15/31 | 2479700 |
| 1037000 |  | Turkiye Government International Bonds, 7.13%, due 02/12/32 | 1039369 |
| 4565000 |  | Turkiye Government International Bonds, 7.25%, due 05/29/32 | 4583167 |
| 2180000 |  | Ukraine Government International Bonds, 3.00%, due 02/01/34<sup>(g)(h)</sup> <br>| 937063 |
| 1535828 |  | Ukraine Government International Bonds, 4.00%, due 02/01/32<sup>(h)</sup> 144A | 1110884 |
| 582130 |  | Ukraine Government International Bonds, 4.50%, due 02/01/29<sup>(g)(h)</sup> <br>| 411376 |
| 5490696 |  | Ukraine Government International Bonds, 4.50%, due 02/01/35<sup>(g)(h)</sup> <br>| 2889096 |
| 1291157 |  | Ukraine Government International Bonds, 4.50%, due 02/01/36<sup>(g)(h)</sup> <br>| 667629 |
| 432217 | UYU | Uruguay Government International Bonds, 3.40%, due 05/16/45 | 11488 |
| 40233055 | UYU | Uruguay Government International Bonds, 8.00%, due 10/29/35 | 1010850 |
| 100000 |  | Venezuela Government International Bonds, 7.00%, due 03/31/38<sup>(g)(p)</sup> <br>| 41250 |
| 260000 |  | Venezuela Government International Bonds, 8.25%, due 10/13/24<sup>(g)(p)</sup> <br>| 112190 |
| 2315000 |  | Venezuela Government International Bonds, 9.25%, due 09/15/27<sup>(p)</sup> <br>| 1111200 |
| 2091000 |  | Venezuela Government International Bonds, 9.25%, due 05/07/28<sup>(g)(p)</sup> <br>| 961860 |
| 1525000 |  | Venezuela Government International Bonds, 11.75%, due 10/21/26<sup>(g)(p)</sup> <br>| 789187 |
| 337000 |  | Venezuela Government International Bonds, 11.95%, due 08/05/31<sup>(g)(p)</sup> <br>| 173555 |
| 1450000 |  | Venezuela Government International Bonds, 12.75%, due 08/23/22<sup>(g)(p)</sup> <br>| 735875 |
| 6142303 |  | Zambia Government International Bonds, 0.50%, due 12/31/53<sup>(g)</sup> <br>| 4055576 |
|  |  |  | 338567796 |
|  |  | **U.S. Government and Agency Obligations — 5.3%** | **U.S. Government and Agency Obligations — 5.3%** |
| 8250000 |  | U.S. Treasury Bonds, 1.88%, due 11/15/51 | 4534600 |
| 34000 |  | U.S. Treasury Bonds, 3.00%, due 11/15/44<sup>(r)</sup> <br>| 26045 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** | **U.S. Government and Agency Obligations — continued** |
| 4525000 | U.S. Treasury Bonds, 4.50%, due 08/15/39 | 4483992 |
| 3530000 | U.S. Treasury Bonds, 4.63%, due 11/15/45 | 3405347 |
| 6000000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | 5724141 |
| 18165000 | U.S. Treasury Bonds, 4.75%, due 02/15/45<sup>(s)(t)</sup> <br>| 17853499 |
| 13545000 | U.S. Treasury Bonds, 4.75%, due 05/15/55 | 13193147 |
| 80000 | U.S. Treasury Bonds, 4.75%, due 02/15/56 | 78037 |
| 27525000 | U.S. Treasury Bonds, 6.25%, due 05/15/30<sup>(r)</sup> <br>| 29964618 |
| 961362 | U.S. Treasury Inflation-Indexed Bonds, 0.25%, due 02/15/50 | 544881 |
| 12579045 | U.S. Treasury Inflation-Indexed Bonds, 0.75%, due 02/15/42 | 9701611 |
| 6865000 | U.S. Treasury Notes, 4.00%, due 07/31/32 | 6831345 |
| 14890000 | U.S. Treasury Notes, 4.63%, due 02/15/35<sup>(u)</sup> <br>| 15279990 |
|  |  | 111621253 |
|  | TOTAL DEBT OBLIGATIONS (COST $2,103,107,082) | 2079410253 |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 0.7%** | **COMMON STOCKS — 0.7%** |
|  | **Basic Materials — 0.0%** | **Basic Materials — 0.0%** |
| 1282 | Arctic Canadian Diamond Co. Ltd.<sup>(e)(j)(k)</sup> <br>|  |
|  | **Consumer, Cyclical — 0.0%** | **Consumer, Cyclical — 0.0%** |
| 24811 | Spirit Aviation Holdings, Inc.\* | 6203 |
|  | **Energy — 0.0%** | **Energy — 0.0%** |
| 25000 | Enviva, Inc.\* | 468750 |
|  | **Financial — 0.6%** | **Financial — 0.6%** |
| 105344 | ARES Capital Corp.<sup>(n)</sup> <br>| 1898299 |
| 25095 | Bain Capital Specialty Finance, Inc. | 311178 |
| 151455 | Barings BDC, Inc.<sup>(n)</sup> <br>| 1246475 |
| 30000 | Blackstone Secured Lending Fund<sup>(n)</sup> <br>| 710700 |
| 105767 | Blue Owl Capital Corp.<sup>(n)</sup> <br>| 1169783 |
| 49170 | Blue Owl Technology Finance Corp.<sup>(n)</sup> <br>| 609216 |
| 39542 | Crescent Capital BDC, Inc.<sup>(n)</sup> <br>| 480435 |
| 64380 | FS KKR Capital Corp.<sup>(n)</sup> <br>| 655388 |
| 123949 | Goldman Sachs BDC, Inc.<sup>(n)</sup> <br>| 1100667 |
| 112228 | Golub Capital BDC, Inc.<sup>(n)</sup> <br>| 1420807 |
| 30461 | Hercules Capital, Inc.<sup>(n)</sup> <br>| 449909 |
| 42000 | MidCap Financial Investment Corp.<sup>(n)</sup> <br>| 472080 |
| 47074 | MSC Income Fund, Inc.<sup>(n)</sup> <br>| 573361 |
| 36565 | Nuveen Churchill Direct Lending Corp. | 465107 |
| 53000 | Oaktree Specialty Lending Corp.<sup>(n)</sup> <br>| 598900 |
| 71481 | Runway Growth Finance Corp.<sup>(n)</sup> <br>| 491075 |
| 30000 | Sixth Street Specialty Lending, Inc.<sup>(n)</sup> <br>| 551400 |
|  |  | 13204780 |

---

156See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — 0.1%** | **Industrial — 0.1%** |
| 101032 | Ardagh Holdings SA\*<sup>(n)</sup> <br>| 788207 |
| 8385 | Luxco Co. Ltd.\*<sup>(k)</sup> <br>| 141537 |
|  |  | 929744 |
|  | **Technology — 0.0%** | **Technology — 0.0%** |
| 23382 | Avaya Holdings Corp.\* | 347222 |
|  | TOTAL COMMON STOCKS (COST $17,893,808) | 14956699 |
|  | **INVESTMENT COMPANIES — 1.1%** | **INVESTMENT COMPANIES — 1.1%** |
| 723500 | Invesco Senior Loan ETF<sup>(n)</sup> <br>| 14766635 |
| 224800 | SPDR Blackstone Senior Loan ETF<sup>(n)</sup> <br>| 9023472 |
|  | TOTAL INVESTMENT COMPANIES (COST $23,957,018) | 23790107 |
|  | **PREFERRED STOCKS — 0.3%** |  |
|  | **Communications — 0.0%** | **Communications — 0.0%** |
| 12825 | T-Mobile USA, Inc., 5.50%\* | 272531 |
|  | **Financial — 0.1%** | **Financial — 0.1%** |
| 7059 | ARES Management Corp., Series B, 6.75% | 255395 |
| 100 | Bank of America Corp., Series L, 7.25%<sup>(o)</sup> <br>| 119156 |
| 5200 | Bank of America Corp., Series QQ, 4.25%<sup>(o)</sup> <br>| 88400 |
| 4585 | Brighthouse Financial, Inc., Series C, 5.38%<sup>(n)(o)</sup> <br>| 55020 |
| 2650 | Capital One Financial Corp., Series I, 5.00%<sup>(n)(o)</sup> <br>| 49422 |
| 4856 | Capital One Financial Corp., Series N, 4.25%<sup>(o)</sup> <br>| 76094 |
| 8554 | Citigroup, Inc., Series II, 6.25%\*<sup>(n)(o)</sup> <br>| 210856 |
| 12100 | Citizens Financial Group, Inc., Series I, 6.50%<sup>(b)(n)(o)</sup> <br>| 300806 |
| 4725 | Corebridge Financial, Inc., 6.38% | 107588 |
| 9525 | Enstar Group Ltd., Series D, 7.00%<sup>(b)(o)</sup> <br>| 209169 |
| 4950 | JPMorgan Chase & Co., Series MM, 4.20%<sup>(n)(o)</sup> <br>| 86625 |
| 7948 | KKR & Co., Inc., Series D, 6.25% | 319669 |
| 3500 | Morgan Stanley, Series O, 4.25%<sup>(n)(o)</sup> <br>| 60095 |
| 8950 | Morgan Stanley, Series Q, 6.63%<sup>(n)(o)</sup> <br>| 225898 |
| 11425 | Synchrony Financial, Series B, 8.25%<sup>(b)(o)</sup> <br>| 287681 |
|  |  | 2451874 |
|  | **Industrial — 0.0%** | **Industrial — 0.0%** |
| 10500 | Boeing Co., 6.00% | 681240 |
|  | **Technology — 0.1%** | **Technology — 0.1%** |
| 21983 | Oracle Corp., Series D, 6.50% | 989455 |
|  | **Utilities — 0.1%** | **Utilities — 0.1%** |
| 3882 | DTE Energy Co., Series H, 6.25%<sup>(n)</sup> <br>| 92353 |
| 9000 | NextEra Energy, Inc., 7.38%\* | 452070 |
| 2796 | PG&E Corp., Series A, 6.00% | 120200 |
| 2100 | PPL Corp., 7.00%\* | 107709 |
| 1625 | Sempra, 5.75% | 33475 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Utilities — continued** | **Utilities — continued** |
| 13225 | Southern Co., 6.50% | 329170 |
|  |  | 1134977 |
|  | TOTAL PREFERRED STOCKS (COST $5,861,338) | 5530077 |

---

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

---

| | | |
|:---|:---|:---|
| **Notional Value** | **Description** | **Value ($)** |
|  | **PURCHASED OPTIONS — 0.0%** |  |
|  | **PURCHASED CURRENCY OPTIONS — 0.0%** | **PURCHASED CURRENCY OPTIONS — 0.0%** |
|  | **Call Options — 0.0%** | **Call Options — 0.0%** |
| 403000 | CALL - USD/ZAR Option, Strike Price 16.13, Expires 08/24/26 | 27034 |
|  | **Put Options — 0.0%** | **Put Options — 0.0%** |
| 781000 | PUT - USD/CNY Option, Strike Price 6.79, Expires 07/09/26 | 3582 |
| 783000 | PUT - USD/CNY Option, Strike Price 6.79, Expires 07/13/26 | 3524 |
| 521000 | PUT - USD/ZAR Option, Strike Price 16.69, Expires 07/07/26 | 10154 |
| 403000 | PUT - USD/ZAR Option, Strike Price 16.13, Expires 08/24/26 | 4390 |
|  |  | 21650 |
|  | TOTAL PURCHASED CURRENCY OPTIONS <br>(PREMIUMS PAID $47,094)<br>| 48684 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENTS — 6.2%** | **SHORT-TERM INVESTMENTS — 6.2%** |
|  | **Mutual Fund - Securities Lending Collateral — 3.7%** | **Mutual Fund - Securities Lending Collateral — 3.7%** |
| 76834587 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.68%<sup>(v)(w)</sup> <br>| 76834587 |
|  | **Sovereign Debt Obligations — 0.0%** |  |
| 216359000<br> NGN | Nigeria OMO Bills, 18.59%, due 01/12/27<sup>(m)</sup> <br>| 135215 |
| 115392000<br> NGN | Nigeria OMO Bills, 19.49%, due 08/11/26<sup>(m)</sup> <br>| 77654 |
| 216358000<br> NGN | Nigeria OMO Bills, 20.02%, due 09/22/26<sup>(m)</sup> <br>| 143537 |
|  |  | 356406 |
|  | **Repurchase Agreements — 1.9%** |  |
| 20100000 | Bank of America Repurchase Agreement, dated 03/31/26, maturing on 04/01/26 with a <br> maturity value of $20,102,060 and a rate of 3.69%, collateralized by U.S. Treasury <br> Note, 2.38%, with a maturity date 03/31/2029 and a market value of $20,510,557<br>| 20100000 |
| 20400000 | Deutsche Bank Repurchase Agreement, dated 03/30/26, maturing on 04/02/26 with a <br> maturity value of $20,406,324 and a rate of 3.72%, collateralized by two <br> U.S. Treasury Bonds and one U.S. Treasury Inflation Protected Bond, rate range of <br> 0.25%, 2.00% and 4.75%, with a maturity date range of 07/15/2029, 11/15/2041 and <br> 02/15/2045 and a market value of $20,726,087<br>| 20400000 |
|  |  | 40500000 |
|  | **U.S. Government and Agency Obligations — 0.6%** |  |
| 35000 | U.S. Treasury Bills, 3.51%, due 04/16/26<sup>(m)</sup> <br>| 34947 |
| 25000 | U.S. Treasury Bills, 3.68%, due 06/11/26<sup>(m)</sup> <br>| 24823 |

---

158See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** |  |
| 10000 | U.S. Treasury Bills, 1.84%, due 04/02/26<sup>(m)</sup> <br>| 9999 |
| 10000 | U.S. Treasury Bills, 3.62%, due 04/30/26<sup>(m)</sup> <br>| 9971 |
| 6680000 | U.S. Treasury Bills, 3.65%, due 05/14/26<sup>(m)</sup> <br>| 6651019 |
| 115000 | U.S. Treasury Bills, 3.67%, due 05/21/26<sup>(m)</sup> <br>| 114422 |
| 140000 | U.S. Treasury Bills, 3.62%, due 04/28/26<sup>(m)</sup> <br>| 139619 |
| 240000 | U.S. Treasury Bills, 3.64%, due 05/07/26<sup>(m)</sup> <br>| 239127 |
| 180000 | U.S. Treasury Bills, 3.47%, due 04/14/26<sup>(m)</sup> <br>| 179764 |
| 2154000 | U.S. Treasury Bills, 3.64%, due 05/05/26<sup>(m)(r)</sup> <br>| 2146645 |
| 215000 | U.S. Treasury Bills, 3.67%, due 05/19/26<sup>(m)</sup> <br>| 213961 |
| 232000 | U.S. Treasury Bills, 3.64%, due 05/26/26<sup>(m)(r)</sup> <br>| 230711 |
| 1404000 | U.S. Treasury Bills, 3.68%, due 06/30/26<sup>(m)(r)(x)</sup> <br>| 1391394 |
|  |  | 11386402 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $129,086,840) | 129077395 |
|  | **TOTAL INVESTMENTS — 107.6%** <br>(Cost $2,279,953,180)<br>| 2252813215 |
|  | Other Assets and Liabilities (net)<sup>(y)</sup> — (7.6)% | (159131355) |
|  | **NET ASSETS — 100.0%** | **$2093681860** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | Unless otherwise indicated, all par values are denominated in United States dollars ($). |
| (b) | Variable or floating rate note. Rate shown is as of March 31, 2026. |
| (c) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (d) | When-issued security. |
| (e) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (f) | Year of maturity is greater than 2100. |
| (g) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (h) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (i) | This position represents an unsettled loan commitment at period end. Certain details associated with <br> this purchase are not known prior to the settlement date, including coupon rate, which will be <br> adjusted on settlement date.<br>|
| (j) | Securities fair valued by the Valuation Committee. The total market value of the securities at year <br> end is $1,313,430 which represents 0.1% of net assets. The aggregate tax cost of these securities <br> held at March 31, 2026 was $2,034,046.<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| (k) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these securities <br> may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. <br> As of year end, the market value of restricted securities was $778,721, which is 0.0% of net assets. <br> See details shown in the Restricted Securities table that follows.<br>|
| (l) | Represents a zero coupon bond; no yield to maturity is available. |
| (m) | Interest rate presented is yield to maturity. |
| (n) | All or a portion of this security is out on loan. |
| (o) | Security is perpetual and has no stated maturity date. |
| (p) | Security is currently in default. |
| (q) | All or a portion of this security has been pledged to cover collateral requirements on reverse <br> repurchase agreements.<br>|
| (r) | All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, <br> and/or OTC options collateral.<br>|
| (s) | All or a portion of this security is pledged for open futures collateral. |
| (t) | All or a portion of this security has been pledged to cover collateral requirements on repurchase <br> agreements.<br>|
| (u) | All or a portion of this security is pledged for centrally cleared swaps collateral. |
| (v) | The rate disclosed is the 7-day net yield as of March 31, 2026. |
| (w) | Represents an investment of securities lending cash collateral. |
| (x) | All or a portion of this security is pledged for TBA securities. |
| (y) | As of March 31, 2026, the value of unfunded loan commitments was $2,199,043 for the Fund. See <br> Notes to the Schedule of Investments.<br>|
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at year end is $909,227,481 which represents 43.4% of net <br> assets.<br>|

---

At March 31, 2026, the Fund held the following restricted securities:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Restricted Securities | Acquisition <br>Date<br>| Principal/Share <br>Amount | Principal/Share <br>Amount | Cost | Value |
| Arctic Canadian Diamond Co. Ltd. | 07/31/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK <br> Term Loan, 4.31%, (4.31% Fixed or PIK), due <br> 12/17/33<br>| 02/02/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1345120 | &nbsp;&nbsp; 1345120 | &nbsp;&nbsp; 637184 |
| Luxco Co. Ltd. | 10/01/25 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 8385 | &nbsp;&nbsp; 147022 | &nbsp;&nbsp; 141537 |
|  |  |  |  |  | &nbsp;&nbsp; $778721 |

---

**Reverse Repurchase Agreements \*** 

---

| | | |
|:---|:---|:---|
| **Face Value** | **Description** | **Value ($)** |
| (995256) | Barclays Bank PLC Reverse Repurchase Agreement, 3.50%, dated 02/20/26, (Collateral: Republic of Kenya Government International <br> Bonds, Reg S, 6.30%, due 01/23/34, valued at $915,976), to be repurchased on demand at face value plus accrued interest.<br>| (995256)<br>|

---

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

160See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| ARS | 304135000 | &nbsp;&nbsp; USD | 186586 | 07/14/26 | Bank of America, N.A. | &nbsp;&nbsp; $19383 |
| ARS | 165615000 | &nbsp;&nbsp; USD | 103509 | 09/14/26 | Goldman Sachs International | &nbsp;&nbsp; 3978 |
| ARS | 199215000 | &nbsp;&nbsp; USD | 112234 | 10/16/26 | Goldman Sachs International | &nbsp;&nbsp; 14298 |
| ARS | 94485000 | &nbsp;&nbsp; USD | 56578 | 07/14/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 7410 |
| AUD | 4347000 | &nbsp;&nbsp; USD | 2982042 | 04/02/26 | Deutsche Bank AG | &nbsp;&nbsp; (4781)<br>|
| AUD | 75000 | &nbsp;&nbsp; USD | 52811 | 06/17/26 | UBS AG | &nbsp;&nbsp; (1500)<br>|
| BRL | 25110042 | &nbsp;&nbsp; USD | 4810906 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; (2349)<br>|
| BRL | 1427344 | &nbsp;&nbsp; USD | 268429 | 06/02/26 | Bank of America, N.A. | &nbsp;&nbsp; 1339 |
| BRL | 22126530 | &nbsp;&nbsp; USD | 4140521 | 07/02/26 | Bank of America, N.A. | &nbsp;&nbsp; 11304 |
| BRL | 13777073 | &nbsp;&nbsp; USD | 2613110 | 06/02/26 | Citibank N.A. | &nbsp;&nbsp; (9240)<br>|
| BRL | 590000 | &nbsp;&nbsp; USD | 111321 | 06/02/26 | Deutsche Bank AG | &nbsp;&nbsp; 189 |
| BRL | 6186000 | &nbsp;&nbsp; USD | 1180288 | 06/02/26 | Goldman Sachs International | &nbsp;&nbsp; (11133)<br>|
| BRL | 795000 | &nbsp;&nbsp; USD | 148025 | 06/02/26 | Goldman Sachs International | &nbsp;&nbsp; 2230 |
| BRL | 26428851 | &nbsp;&nbsp; USD | 4644871 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 416237 |
| BRL | 11664417 | &nbsp;&nbsp; USD | 2190172 | 05/05/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 30207 |
| BRL | 1367253 | &nbsp;&nbsp; USD | 261956 | 04/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (128)<br>|
| BRL | 1049800 | &nbsp;&nbsp; USD | 200000 | 05/05/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (165)<br>|
| BRL | 655000 | &nbsp;&nbsp; USD | 124565 | 06/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (770)<br>|
| BRL | 1790000 | &nbsp;&nbsp; USD | 338182 | 06/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 128 |
| CAD | 3755187 | &nbsp;&nbsp; USD | 2707807 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; (16857)<br>|
| CLP | 3762876340 | &nbsp;&nbsp; USD | 4176009 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (142634)<br>|
| CLP | 352985000 | &nbsp;&nbsp; USD | 386976 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (8617)<br>|
| CLP | 434871742 | &nbsp;&nbsp; USD | 485619 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (19486)<br>|
| CNH | 47517089 | &nbsp;&nbsp; USD | 6946782 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (30684)<br>|
| CNH | 390000 | &nbsp;&nbsp; USD | 56689 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 76 |
| CNH | 865000 | &nbsp;&nbsp; USD | 125941 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (41)<br>|
| CNH | 3113000 | &nbsp;&nbsp; USD | 454088 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (992)<br>|
| CNH | 6089000 | &nbsp;&nbsp; USD | 890500 | 06/17/26 | UBS AG | &nbsp;&nbsp; (4248)<br>|
| COP | 10968587869 | &nbsp;&nbsp; USD | 2919507 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 30357 |
| COP | 843300000 | &nbsp;&nbsp; USD | 224359 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 2437 |
| CZK | 290000 | &nbsp;&nbsp; USD | 13573 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 39 |
| CZK | 48614438 | &nbsp;&nbsp; USD | 2317372 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (35417)<br>|
| EGP | 14470000 | &nbsp;&nbsp; USD | 272684 | 10/05/26 | Bank of America, N.A. | &nbsp;&nbsp; (32204)<br>|
| EGP | 1886379 | &nbsp;&nbsp; USD | 36901 | 04/08/26 | Deutsche Bank AG | &nbsp;&nbsp; (2569)<br>|
| EGP | 12430000 | &nbsp;&nbsp; USD | 228703 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (12925)<br>|
| EUR | 18577590 | &nbsp;&nbsp; USD | 21351224 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; 53872 |
| EUR | 211000 | &nbsp;&nbsp; USD | 248558 | 07/07/26 | Bank of America, N.A. | &nbsp;&nbsp; (4404)<br>|
| EUR | 302687 | &nbsp;&nbsp; USD | 352083 | 06/17/26 | BNP Paribas S.A. | &nbsp;&nbsp; (2117)<br>|
| EUR | 303789 | &nbsp;&nbsp; USD | 354573 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (3333)<br>|
| EUR | 904460 | &nbsp;&nbsp; USD | 1042772 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 2962 |
| EUR | 130000 | &nbsp;&nbsp; USD | 149894 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 412 |
| EUR | 177000 | &nbsp;&nbsp; USD | 205516 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (869)<br>|
| EUR | 1100000 | &nbsp;&nbsp; USD | 1276530 | 06/15/26 | Goldman Sachs & Co. | &nbsp;&nbsp; (4820)<br>|
| EUR | 300000 | &nbsp;&nbsp; USD | 346620 | 06/15/26 | Goldman Sachs & Co. | &nbsp;&nbsp; 210 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| EUR | 800000 | &nbsp;&nbsp; USD | 929316 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; $(4359)<br>|
| EUR | 3636889 | &nbsp;&nbsp; USD | 4228596 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (23637)<br>|
| EUR | 705000 | &nbsp;&nbsp; USD | 816805 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (1687)<br>|
| EUR | 326700 | &nbsp;&nbsp; USD | 380658 | 06/17/26 | Merrill Lynch International | &nbsp;&nbsp; (2929)<br>|
| EUR | 64000 | &nbsp;&nbsp; USD | 74139 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (142)<br>|
| EUR | 498000 | &nbsp;&nbsp; USD | 585153 | 04/02/26 | Natwest Markets PLC | &nbsp;&nbsp; (11358)<br>|
| EUR | 3028795 | &nbsp;&nbsp; USD | 3517976 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (16094)<br>|
| EUR | 2927498 | &nbsp;&nbsp; USD | 3368091 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 16671 |
| EUR | 100000 | &nbsp;&nbsp; USD | 115253 | 04/30/26 | State Street Bank and Trust | &nbsp;&nbsp; 120 |
| EUR | 410058 | &nbsp;&nbsp; USD | 473100 | 04/30/26 | State Street Bank and Trust | &nbsp;&nbsp; (1)<br>|
| EUR | 16000 | &nbsp;&nbsp; USD | 18570 | 04/30/26 | Toronto Dominion Bank | &nbsp;&nbsp; (111)<br>|
| EUR | 243000 | &nbsp;&nbsp; USD | 281242 | 04/30/26 | UBS AG | &nbsp;&nbsp; (884)<br>|
| GBP | 115000 | &nbsp;&nbsp; USD | 153905 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (2292)<br>|
| GBP | 640000 | &nbsp;&nbsp; USD | 855758 | 06/15/26 | Goldman Sachs & Co. | &nbsp;&nbsp; (11986)<br>|
| GHS | 7280000 | &nbsp;&nbsp; USD | 652330 | 03/17/27 | Citibank N.A. | &nbsp;&nbsp; (105722)<br>|
| HUF | 105700000 | &nbsp;&nbsp; USD | 310428 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 3364 |
| HUF | 16800000 | &nbsp;&nbsp; USD | 49897 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (23)<br>|
| HUF | 12048000 | &nbsp;&nbsp; USD | 35648 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 119 |
| IDR | 3125131000 | &nbsp;&nbsp; USD | 185000 | 04/13/26 | Bank of America, N.A. | &nbsp;&nbsp; (1147)<br>|
| IDR | 2282580000 | &nbsp;&nbsp; USD | 135000 | 04/16/26 | Bank of America, N.A. | &nbsp;&nbsp; (723)<br>|
| IDR | 3537849000 | &nbsp;&nbsp; USD | 210000 | 04/27/26 | Bank of America, N.A. | &nbsp;&nbsp; (1926)<br>|
| IDR | 2519896340 | &nbsp;&nbsp; USD | 149971 | 06/10/26 | Bank of America, N.A. | &nbsp;&nbsp; (1917)<br>|
| IDR | 17831497000 | &nbsp;&nbsp; USD | 1050791 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (3296)<br>|
| IDR | 847325000 | &nbsp;&nbsp; USD | 50000 | 04/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (156)<br>|
| IDR | 10122916800 | &nbsp;&nbsp; USD | 597000 | 04/27/26 | Barclays Bank PLC | &nbsp;&nbsp; (1634)<br>|
| IDR | 3726000000 | &nbsp;&nbsp; USD | 219888 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (1008)<br>|
| IDR | 14551760602 | &nbsp;&nbsp; USD | 864655 | 06/10/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (9684)<br>|
| IDR | 5299288800 | &nbsp;&nbsp; USD | 312000 | 05/04/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (373)<br>|
| INR | 43576437 | &nbsp;&nbsp; USD | 463244 | 04/24/26 | Bank of America, N.A. | &nbsp;&nbsp; (4672)<br>|
| INR | 131472000 | &nbsp;&nbsp; USD | 1411173 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (35139)<br>|
| INR | 5469207 | &nbsp;&nbsp; USD | 59412 | 04/07/26 | Deutsche Bank AG | &nbsp;&nbsp; (1756)<br>|
| INR | 42197249 | &nbsp;&nbsp; USD | 450128 | 04/24/26 | Deutsche Bank AG | &nbsp;&nbsp; (6070)<br>|
| INR | 220776858 | &nbsp;&nbsp; USD | 2321499 | 04/24/26 | Deutsche Bank AG | &nbsp;&nbsp; 1823 |
| INR | 9880000 | &nbsp;&nbsp; USD | 104170 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (762)<br>|
| INR | 68948027 | &nbsp;&nbsp; USD | 732080 | 04/24/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (6513)<br>|
| INR | 47160000 | &nbsp;&nbsp; USD | 500000 | 05/06/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (4329)<br>|
| INR | 374411911 | &nbsp;&nbsp; USD | 4051638 | 04/07/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (104592)<br>|
| INR | 2370000 | &nbsp;&nbsp; USD | 25019 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (214)<br>|
| JPY | 47566077 | &nbsp;&nbsp; USD | 305899 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; (6910)<br>|
| JPY | 572427103 | &nbsp;&nbsp; USD | 3598597 | 05/07/26 | Bank of America, N.A. | &nbsp;&nbsp; 10296 |
| JPY | 527021984 | &nbsp;&nbsp; USD | 3386256 | 04/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (73527)<br>|
| KRW | 200761840 | &nbsp;&nbsp; USD | 136000 | 04/13/26 | Bank of America, N.A. | &nbsp;&nbsp; (4884)<br>|
| KRW | 101815968 | &nbsp;&nbsp; USD | 69574 | 04/15/26 | Bank of America, N.A. | &nbsp;&nbsp; (3075)<br>|

---

162See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| KRW | 89547000 | &nbsp;&nbsp; USD | 60000 | 04/23/26 | Bank of America, N.A. | &nbsp;&nbsp; $(1502)<br>|
| KRW | 315627900 | &nbsp;&nbsp; USD | 210000 | 04/27/26 | Bank of America, N.A. | &nbsp;&nbsp; (3787)<br>|
| KRW | 258894700 | &nbsp;&nbsp; USD | 170000 | 05/04/26 | Bank of America, N.A. | &nbsp;&nbsp; (821)<br>|
| KRW | 223495500 | &nbsp;&nbsp; USD | 150000 | 04/16/26 | Barclays Bank PLC | &nbsp;&nbsp; (4025)<br>|
| KRW | 82805250 | &nbsp;&nbsp; USD | 55000 | 04/20/26 | Barclays Bank PLC | &nbsp;&nbsp; (910)<br>|
| KRW | 200618441 | &nbsp;&nbsp; USD | 131561 | 04/15/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (532)<br>|
| KRW | 74686400 | &nbsp;&nbsp; USD | 50000 | 04/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1218)<br>|
| KRW | 192200000 | &nbsp;&nbsp; USD | 130659 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (4886)<br>|
| KZT | 90300000 | &nbsp;&nbsp; USD | 175255 | 05/26/26 | Bank of America, N.A. | &nbsp;&nbsp; 10311 |
| KZT | 62800000 | &nbsp;&nbsp; USD | 114390 | 05/26/26 | Deutsche Bank AG | &nbsp;&nbsp; 14664 |
| KZT | 224296020 | &nbsp;&nbsp; USD | 416520 | 07/16/26 | Deutsche Bank AG | &nbsp;&nbsp; 36023 |
| KZT | 84851171 | &nbsp;&nbsp; USD | 156711 | 07/20/26 | Deutsche Bank AG | &nbsp;&nbsp; 14250 |
| KZT | 153226765 | &nbsp;&nbsp; USD | 286805 | 07/29/26 | Deutsche Bank AG | &nbsp;&nbsp; 20969 |
| KZT | 18991016 | &nbsp;&nbsp; USD | 35431 | 08/03/26 | Deutsche Bank AG | &nbsp;&nbsp; 2649 |
| KZT | 96453658 | &nbsp;&nbsp; USD | 178156 | 07/07/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 17056 |
| MXN | 4420000 | &nbsp;&nbsp; USD | 246096 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (2619)<br>|
| MXN | 253000 | &nbsp;&nbsp; USD | 14049 | 07/28/26 | Bank of America, N.A. | &nbsp;&nbsp; (163)<br>|
| MXN | 4711018 | &nbsp;&nbsp; USD | 264095 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (4586)<br>|
| MXN | 460000 | &nbsp;&nbsp; USD | 25269 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 71 |
| MXN | 74324000 | &nbsp;&nbsp; USD | 4076460 | 04/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 39353 |
| MXN | 31709869 | &nbsp;&nbsp; USD | 1781334 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (34580)<br>|
| MXN | 38939292 | &nbsp;&nbsp; USD | 2174602 | 04/20/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (18826)<br>|
| MXN | 115000 | &nbsp;&nbsp; USD | 6361 | 09/08/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (73)<br>|
| MXN | 750000 | &nbsp;&nbsp; USD | 41771 | 07/28/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (607)<br>|
| MXN | 940000 | &nbsp;&nbsp; USD | 51991 | 09/08/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (591)<br>|
| MXN | 4697000 | &nbsp;&nbsp; USD | 262988 | 06/17/26 | UBS AG | &nbsp;&nbsp; (4251)<br>|
| MYR | 775000 | &nbsp;&nbsp; USD | 197790 | 06/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (5953)<br>|
| NGN | 184238000 | &nbsp;&nbsp; USD | 118329 | 06/08/26 | Bank of America, N.A. | &nbsp;&nbsp; 10878 |
| NGN | 27837000 | &nbsp;&nbsp; USD | 19708 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (259)<br>|
| NGN | 859450814 | &nbsp;&nbsp; USD | 511274 | 09/16/26 | Citibank N.A. | &nbsp;&nbsp; 68504 |
| NGN | 511079694 | &nbsp;&nbsp; USD | 329092 | 03/17/27 | Citibank N.A. | &nbsp;&nbsp; (1626)<br>|
| NGN | 65203000 | &nbsp;&nbsp; USD | 45660 | 06/26/26 | Deutsche Bank AG | &nbsp;&nbsp; (276)<br>|
| NGN | 1563048000 | &nbsp;&nbsp; USD | 889993 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 202057 |
| NGN | 813776946 | &nbsp;&nbsp; USD | 482954 | 09/16/26 | Standard Chartered Bank | &nbsp;&nbsp; 66013 |
| NZD | 180000 | &nbsp;&nbsp; USD | 105463 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (2511)<br>|
| PEN | 293550 | &nbsp;&nbsp; USD | 83740 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 48 |
| PEN | 270323 | &nbsp;&nbsp; USD | 77277 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (119)<br>|
| PEN | 2875000 | &nbsp;&nbsp; USD | 831935 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (11327)<br>|
| PLN | 9191053 | &nbsp;&nbsp; USD | 2543818 | 04/15/26 | Barclays Bank PLC | &nbsp;&nbsp; (78487)<br>|
| PLN | 462902 | &nbsp;&nbsp; USD | 127430 | 04/22/26 | Deutsche Bank AG | &nbsp;&nbsp; (3266)<br>|
| PLN | 6362360 | &nbsp;&nbsp; USD | 1725110 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (18949)<br>|
| PLN | 214000 | &nbsp;&nbsp; USD | 59794 | 04/15/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (2392)<br>|
| PLN | 143759 | &nbsp;&nbsp; USD | 39861 | 04/15/26 | Natwest Markets PLC | &nbsp;&nbsp; (1300)<br>|

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| RON | 88000 | &nbsp;&nbsp; USD | 19848 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; $(49)<br>|
| RON | 1439000 | &nbsp;&nbsp; USD | 323334 | 06/17/26 | Societe Generale | &nbsp;&nbsp; 423 |
| SEK | 3431076 | &nbsp;&nbsp; USD | 378149 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; (17978)<br>|
| SGD | 230000 | &nbsp;&nbsp; USD | 180744 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (1523)<br>|
| SGD | 5231798 | &nbsp;&nbsp; USD | 4095662 | 04/02/26 | Deutsche Bank AG | &nbsp;&nbsp; (40476)<br>|
| SGD | 28273 | &nbsp;&nbsp; USD | 21917 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (3)<br>|
| THB | 10446262 | &nbsp;&nbsp; USD | 335227 | 05/20/26 | Bank of America, N.A. | &nbsp;&nbsp; (17292)<br>|
| THB | 146000 | &nbsp;&nbsp; USD | 4748 | 08/26/26 | Bank of America, N.A. | &nbsp;&nbsp; (267)<br>|
| THB | 25147 | &nbsp;&nbsp; USD | 799 | 04/20/26 | Barclays Bank PLC | &nbsp;&nbsp; (36)<br>|
| THB | 29490000 | &nbsp;&nbsp; USD | 924530 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (24827)<br>|
| THB | 5095106 | &nbsp;&nbsp; USD | 156004 | 04/16/26 | Deutsche Bank AG | &nbsp;&nbsp; (1349)<br>|
| THB | 2598084 | &nbsp;&nbsp; USD | 79546 | 04/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (678)<br>|
| THB | 44200000 | &nbsp;&nbsp; USD | 1350870 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (2384)<br>|
| THB | 1110000 | &nbsp;&nbsp; USD | 33646 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 219 |
| THB | 2700000 | &nbsp;&nbsp; USD | 82964 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (590)<br>|
| TRY | 4055824 | &nbsp;&nbsp; USD | 90210 | 04/01/26 | Barclays Bank PLC | &nbsp;&nbsp; 973 |
| TRY | 4093466 | &nbsp;&nbsp; USD | 90726 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; 1303 |
| TRY | 17419630 | &nbsp;&nbsp; USD | 383245 | 04/09/26 | Barclays Bank PLC | &nbsp;&nbsp; 5430 |
| TRY | 12835972 | &nbsp;&nbsp; USD | 280930 | 04/13/26 | Barclays Bank PLC | &nbsp;&nbsp; 3951 |
| TRY | 4140190 | &nbsp;&nbsp; USD | 90726 | 04/14/26 | Barclays Bank PLC | &nbsp;&nbsp; 1039 |
| TRY | 4149263 | &nbsp;&nbsp; USD | 90726 | 04/16/26 | Barclays Bank PLC | &nbsp;&nbsp; 997 |
| TRY | 4247739 | &nbsp;&nbsp; USD | 93090 | 04/17/26 | Barclays Bank PLC | &nbsp;&nbsp; 685 |
| TRY | 50162380 | &nbsp;&nbsp; USD | 1094639 | 04/20/26 | Barclays Bank PLC | &nbsp;&nbsp; 8410 |
| TRY | 3350432 | &nbsp;&nbsp; USD | 72561 | 04/21/26 | Barclays Bank PLC | &nbsp;&nbsp; 1017 |
| TRY | 4273620 | &nbsp;&nbsp; USD | 93225 | 04/22/26 | Barclays Bank PLC | &nbsp;&nbsp; 504 |
| TRY | 2848427 | &nbsp;&nbsp; USD | 62025 | 04/24/26 | Barclays Bank PLC | &nbsp;&nbsp; 283 |
| TRY | 4220029 | &nbsp;&nbsp; USD | 90726 | 04/28/26 | Barclays Bank PLC | &nbsp;&nbsp; 1104 |
| TRY | 2876097 | &nbsp;&nbsp; USD | 62150 | 04/29/26 | Barclays Bank PLC | &nbsp;&nbsp; 354 |
| TRY | 67502861 | &nbsp;&nbsp; USD | 1465987 | 04/30/26 | Barclays Bank PLC | &nbsp;&nbsp; (901)<br>|
| TRY | 4534683 | &nbsp;&nbsp; USD | 97302 | 04/30/26 | Barclays Bank PLC | &nbsp;&nbsp; 1119 |
| TRY | 5088912 | &nbsp;&nbsp; USD | 108891 | 05/04/26 | Barclays Bank PLC | &nbsp;&nbsp; 988 |
| TRY | 3385349 | &nbsp;&nbsp; USD | 72594 | 05/05/26 | Barclays Bank PLC | &nbsp;&nbsp; 425 |
| TRY | 4219005 | &nbsp;&nbsp; USD | 90743 | 05/06/26 | Barclays Bank PLC | &nbsp;&nbsp; 162 |
| TRY | 21921000 | &nbsp;&nbsp; USD | 453907 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (1660)<br>|
| TRY | 13965000 | &nbsp;&nbsp; USD | 244850 | 02/10/27 | Barclays Bank PLC | &nbsp;&nbsp; (14546)<br>|
| TRY | 52260000 | &nbsp;&nbsp; USD | 868092 | 03/17/27 | Barclays Bank PLC | &nbsp;&nbsp; (31078)<br>|
| TRY | 52260000 | &nbsp;&nbsp; USD | 931619 | 12/16/26 | BNP Paribas S.A. | &nbsp;&nbsp; (26709)<br>|
| TRY | 1650000 | &nbsp;&nbsp; USD | 34291 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (250)<br>|
| TRY | 12500000 | &nbsp;&nbsp; USD | 208122 | 03/17/27 | Citibank N.A. | &nbsp;&nbsp; (7917)<br>|
| TRY | 10903417 | &nbsp;&nbsp; USD | 221974 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 2972 |
| TRY | 124191 | &nbsp;&nbsp; USD | 2580 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (17)<br>|
| TWD | 3684968 | &nbsp;&nbsp; USD | 115000 | 04/20/26 | Bank of America, N.A. | &nbsp;&nbsp; 413 |
| TWD | 3828864 | &nbsp;&nbsp; USD | 120000 | 04/23/26 | Bank of America, N.A. | &nbsp;&nbsp; (56)<br>|

---

164See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| TWD | 6392728 | &nbsp;&nbsp; USD | 200000 | 04/27/26 | Bank of America, N.A. | &nbsp;&nbsp; $315 |
| TWD | 3066807 | &nbsp;&nbsp; USD | 96322 | 04/13/26 | Deutsche Bank AG | &nbsp;&nbsp; (316)<br>|
| USD | 123759 | &nbsp;&nbsp; ARS | 198015000 | 07/14/26 | Bank of America, N.A. | &nbsp;&nbsp; (10342)<br>|
| USD | 2857987 | &nbsp;&nbsp; AUD | 4035000 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; 94415 |
| USD | 2980890 | &nbsp;&nbsp; AUD | 4347000 | 05/04/26 | Deutsche Bank AG | &nbsp;&nbsp; 4760 |
| USD | 131810 | &nbsp;&nbsp; AUD | 185000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 5244 |
| USD | 222137 | &nbsp;&nbsp; AUD | 312000 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8448 |
| USD | 97381 | &nbsp;&nbsp; AUD | 140000 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1602 |
| USD | 4301051 | &nbsp;&nbsp; BRL | 22520827 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; (11673)<br>|
| USD | 496783 | &nbsp;&nbsp; BRL | 2589214 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; 950 |
| USD | 246273 | &nbsp;&nbsp; BRL | 1305000 | 06/02/26 | Deutsche Bank AG | &nbsp;&nbsp; (372)<br>|
| USD | 156014 | &nbsp;&nbsp; BRL | 820000 | 06/02/26 | Goldman Sachs International | &nbsp;&nbsp; 1034 |
| USD | 102708 | &nbsp;&nbsp; BRL | 545000 | 06/02/26 | Goldman Sachs International | &nbsp;&nbsp; (297)<br>|
| USD | 5063580 | &nbsp;&nbsp; BRL | 26428851 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2473 |
| USD | 260000 | &nbsp;&nbsp; BRL | 1367253 | 04/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1829)<br>|
| USD | 232849 | &nbsp;&nbsp; BRL | 1227000 | 06/02/26 | State Street Bank and Trust | &nbsp;&nbsp; 946 |
| USD | 2743527 | &nbsp;&nbsp; CAD | 3750854 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; 55681 |
| USD | 2707807 | &nbsp;&nbsp; CAD | 3749988 | 05/04/26 | Barclays Bank PLC | &nbsp;&nbsp; 16809 |
| USD | 103343 | &nbsp;&nbsp; CAD | 140000 | 06/17/26 | BNP Paribas S.A. | &nbsp;&nbsp; 2692 |
| USD | 290420 | &nbsp;&nbsp; CAD | 400000 | 04/30/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 3428 |
| USD | 72726 | &nbsp;&nbsp; CAD | 100000 | 06/17/26 | Toronto Dominion Bank | &nbsp;&nbsp; 832 |
| USD | 300246 | &nbsp;&nbsp; CHF | 231054 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; 12704 |
| USD | 288890 | &nbsp;&nbsp; CHF | 230268 | 05/04/26 | Barclays Bank PLC | &nbsp;&nbsp; 1313 |
| USD | 79411 | &nbsp;&nbsp; CLP | 73400000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 735 |
| USD | 100621 | &nbsp;&nbsp; CLP | 93100000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 829 |
| USD | 1766964 | &nbsp;&nbsp; CLP | 1629140533 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 20711 |
| USD | 155662 | &nbsp;&nbsp; CNH | 1075000 | 07/15/26 | Bank of America, N.A. | &nbsp;&nbsp; (1095)<br>|
| USD | 531808 | &nbsp;&nbsp; CNH | 3644000 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 1426 |
| USD | 999750 | &nbsp;&nbsp; CNH | 6880000 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (1632)<br>|
| USD | 2911 | &nbsp;&nbsp; CNH | 20000 | 04/02/26 | Deutsche Bank AG | &nbsp;&nbsp; 15 |
| USD | 145876 | &nbsp;&nbsp; CNH | 1008000 | 07/13/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (1092)<br>|
| USD | 133210 | &nbsp;&nbsp; COP | 502600000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (1958)<br>|
| USD | 3396695 | &nbsp;&nbsp; COP | 13400981454 | 09/16/26 | Bank of America, N.A. | &nbsp;&nbsp; (127902)<br>|
| USD | 4918547 | &nbsp;&nbsp; COP | 18674493474 | 07/27/26 | Barclays Bank PLC | &nbsp;&nbsp; (54540)<br>|
| USD | 211758 | &nbsp;&nbsp; COP | 801800000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (3876)<br>|
| USD | 45116 | &nbsp;&nbsp; COP | 171300000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (953)<br>|
| USD | 685577 | &nbsp;&nbsp; CZK | 14462000 | 06/17/26 | BNP Paribas S.A. | &nbsp;&nbsp; 6733 |
| USD | 25720 | &nbsp;&nbsp; CZK | 539140 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 413 |
| USD | 200311 | &nbsp;&nbsp; CZK | 4280000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (592)<br>|
| USD | 259109 | &nbsp;&nbsp; CZK | 5480000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 1879 |
| USD | 81082 | &nbsp;&nbsp; CZK | 1714271 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; 615 |
| USD | 2593298 | &nbsp;&nbsp; EGP | 147040000 | 06/29/26 | Citibank N.A. | &nbsp;&nbsp; 54302 |
| USD | 247495 | &nbsp;&nbsp; EGP | 12921695 | 09/16/26 | Citibank N.A. | &nbsp;&nbsp; 31190 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 21384255 | &nbsp;&nbsp; EUR | 18577590 | 05/04/26 | Bank of America, N.A. | &nbsp;&nbsp; $(53500)<br>|
| USD | 387796 | &nbsp;&nbsp; EUR | 335000 | 07/07/26 | Bank of America, N.A. | &nbsp;&nbsp; 158 |
| USD | 578237 | &nbsp;&nbsp; EUR | 498000 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; 4442 |
| USD | 7617191 | &nbsp;&nbsp; EUR | 6594000 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (6771)<br>|
| USD | 4069948 | &nbsp;&nbsp; EUR | 3517000 | 04/02/26 | Deutsche Bank AG | &nbsp;&nbsp; 17662 |
| USD | 11383067 | &nbsp;&nbsp; EUR | 9784200 | 04/30/26 | Deutsche Bank AG | &nbsp;&nbsp; 94679 |
| USD | 33358382 | &nbsp;&nbsp; EUR | 28713000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 160501 |
| USD | 219730 | &nbsp;&nbsp; EUR | 190000 | 06/15/26 | Goldman Sachs & Co. | &nbsp;&nbsp; 71 |
| USD | 42065243 | &nbsp;&nbsp; EUR | 36391632 | 06/15/26 | Goldman Sachs & Co. | &nbsp;&nbsp; (7109)<br>|
| USD | 282261 | &nbsp;&nbsp; EUR | 244000 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1124 |
| USD | 17912900 | &nbsp;&nbsp; EUR | 15424213 | 04/30/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 117423 |
| USD | 676164 | &nbsp;&nbsp; EUR | 587000 | 04/30/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (1079)<br>|
| USD | 22022 | &nbsp;&nbsp; EUR | 19000 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 54 |
| USD | 41612 | &nbsp;&nbsp; EUR | 36000 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (12)<br>|
| USD | 17513578 | &nbsp;&nbsp; EUR | 14816590 | 04/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 441906 |
| USD | 38219720 | &nbsp;&nbsp; EUR | 32785534 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 313188 |
| USD | 1413198 | &nbsp;&nbsp; EUR | 1227390 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (5907)<br>|
| USD | 47405 | &nbsp;&nbsp; EUR | 41000 | 06/17/26 | UBS AG | &nbsp;&nbsp; 1 |
| USD | 110558 | &nbsp;&nbsp; EUR | 96000 | 06/17/26 | UBS AG | &nbsp;&nbsp; (437)<br>|
| USD | 287012 | &nbsp;&nbsp; GBP | 215000 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; 3492 |
| USD | 86586 | &nbsp;&nbsp; GBP | 65000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 891 |
| USD | 2537415 | &nbsp;&nbsp; GBP | 1900244 | 06/15/26 | Goldman Sachs & Co. | &nbsp;&nbsp; 32145 |
| USD | 2303603 | &nbsp;&nbsp; GBP | 1719000 | 04/30/26 | Westpac Banking Corp. | &nbsp;&nbsp; 36844 |
| USD | 3140933 | &nbsp;&nbsp; GBP | 2346000 | 06/17/26 | Westpac Banking Corp. | &nbsp;&nbsp; 48021 |
| USD | 551038 | &nbsp;&nbsp; HKD | 4303000 | 04/30/26 | Goldman Sachs International | &nbsp;&nbsp; 1346 |
| USD | 26034 | &nbsp;&nbsp; HUF | 8800000 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (91)<br>|
| USD | 4321543 | &nbsp;&nbsp; HUF | 1450065992 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; 16730 |
| USD | 143494 | &nbsp;&nbsp; HUF | 48236000 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 295 |
| USD | 16979 | &nbsp;&nbsp; IDR | 288000000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 60 |
| USD | 59751 | &nbsp;&nbsp; IDR | 1014180000 | 06/10/26 | Barclays Bank PLC | &nbsp;&nbsp; 164 |
| USD | 118767 | &nbsp;&nbsp; IDR | 2024000000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (131)<br>|
| USD | 10171 | &nbsp;&nbsp; IDR | 173039497 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; 6 |
| USD | 149997 | &nbsp;&nbsp; IDR | 2532603883 | 06/10/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 1197 |
| USD | 160383 | &nbsp;&nbsp; ILS | 500000 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 1669 |
| USD | 463244 | &nbsp;&nbsp; INR | 43498612 | 04/07/26 | Bank of America, N.A. | &nbsp;&nbsp; 4682 |
| USD | 149589 | &nbsp;&nbsp; INR | 14000000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 3059 |
| USD | 737000 | &nbsp;&nbsp; INR | 69438519 | 04/24/26 | Barclays Bank PLC | &nbsp;&nbsp; 6271 |
| USD | 125718 | &nbsp;&nbsp; INR | 11790000 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; 2320 |
| USD | 450128 | &nbsp;&nbsp; INR | 42122978 | 04/07/26 | Deutsche Bank AG | &nbsp;&nbsp; 6068 |
| USD | 2321499 | &nbsp;&nbsp; INR | 220300951 | 04/07/26 | Deutsche Bank AG | &nbsp;&nbsp; (912)<br>|
| USD | 21875 | &nbsp;&nbsp; INR | 2040000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 524 |
| USD | 791852 | &nbsp;&nbsp; INR | 74285909 | 04/07/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8730 |
| USD | 600000 | &nbsp;&nbsp; INR | 56592000 | 05/06/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 5195 |

---

166See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 259331 | &nbsp;&nbsp; INR | 24180000 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; $6254 |
| USD | 3598598 | &nbsp;&nbsp; JPY | 574156229 | 04/02/26 | Bank of America, N.A. | &nbsp;&nbsp; (10405)<br>|
| USD | 2254573 | &nbsp;&nbsp; KRW | 3321323442 | 04/15/26 | Bank of America, N.A. | &nbsp;&nbsp; 85330 |
| USD | 131561 | &nbsp;&nbsp; KRW | 200630281 | 04/13/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 531 |
| USD | 78971 | &nbsp;&nbsp; KRW | 115587144 | 04/15/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3478 |
| USD | 128325 | &nbsp;&nbsp; KRW | 192200000 | 06/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2552 |
| USD | 79188 | &nbsp;&nbsp; KZT | 39000000 | 05/26/26 | Deutsche Bank AG | &nbsp;&nbsp; (957)<br>|
| USD | 100669 | &nbsp;&nbsp; KZT | 52700000 | 05/26/26 | Goldman Sachs International | &nbsp;&nbsp; (7629)<br>|
| USD | 679237 | &nbsp;&nbsp; MXN | 12146000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 10169 |
| USD | 9053 | &nbsp;&nbsp; MXN | 162685 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; 91 |
| USD | 8772869 | &nbsp;&nbsp; MXN | 156108767 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 173541 |
| USD | 74676 | &nbsp;&nbsp; MXN | 1296868 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 3237 |
| USD | 8593 | &nbsp;&nbsp; MXN | 154468 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 85 |
| USD | 3707 | &nbsp;&nbsp; MXN | 67534 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (13)<br>|
| USD | 93968 | &nbsp;&nbsp; MXN | 1648575 | 09/17/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3894 |
| USD | 49598 | &nbsp;&nbsp; MXN | 890000 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 572 |
| USD | 56700 | &nbsp;&nbsp; MXN | 1003000 | 07/28/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 1650 |
| USD | 58536 | &nbsp;&nbsp; MXN | 1055000 | 09/08/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 848 |
| USD | 426505 | &nbsp;&nbsp; MXN | 7672000 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 3888 |
| USD | 404375 | &nbsp;&nbsp; MXN | 7204000 | 06/17/26 | Toronto Dominion Bank | &nbsp;&nbsp; 7539 |
| USD | 176585 | &nbsp;&nbsp; MYR | 710000 | 06/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 837 |
| USD | 1932406 | &nbsp;&nbsp; MYR | 7680564 | 06/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 31222 |
| USD | 506953 | &nbsp;&nbsp; NGN | 788976230 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (44278)<br>|
| USD | 175679 | &nbsp;&nbsp; NGN | 262992077 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (8064)<br>|
| USD | 55702 | &nbsp;&nbsp; NOK | 533292 | 04/07/26 | Barclays Bank PLC | &nbsp;&nbsp; 955 |
| USD | 54480 | &nbsp;&nbsp; NOK | 530780 | 05/04/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (3)<br>|
| USD | 2679108 | &nbsp;&nbsp; NZD | 4473000 | 04/02/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 127485 |
| USD | 2562998 | &nbsp;&nbsp; NZD | 4473000 | 05/04/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 8566 |
| USD | 286807 | &nbsp;&nbsp; NZD | 485000 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 9410 |
| USD | 1346371 | &nbsp;&nbsp; PEN | 4648442 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 19571 |
| USD | 9129482 | &nbsp;&nbsp; PEN | 31348815 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 181625 |
| USD | 1940791 | &nbsp;&nbsp; PEN | 6688502 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 31699 |
| USD | 111901 | &nbsp;&nbsp; PEN | 377095 | 08/03/26 | Deutsche Bank AG | &nbsp;&nbsp; 4539 |
| USD | 288948 | &nbsp;&nbsp; PEN | 994559 | 09/16/26 | Deutsche Bank AG | &nbsp;&nbsp; 6432 |
| USD | 87287 | &nbsp;&nbsp; PEN | 303000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 802 |
| USD | 3035468 | &nbsp;&nbsp; PEN | 10649216 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (4126)<br>|
| USD | 9377 | &nbsp;&nbsp; PHP | 560000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 190 |
| USD | 6339208 | &nbsp;&nbsp; PHP | 378094590 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 136342 |
| USD | 12214 | &nbsp;&nbsp; PLN | 45000 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; 147 |
| USD | 69996 | &nbsp;&nbsp; PLN | 259000 | 04/15/26 | Barclays Bank PLC | &nbsp;&nbsp; 525 |
| USD | 1269383 | &nbsp;&nbsp; PLN | 4761838 | 06/17/26 | BNP Paribas S.A. | &nbsp;&nbsp; (7574)<br>|
| USD | 27500 | &nbsp;&nbsp; PLN | 101598 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 255 |
| USD | 22815 | &nbsp;&nbsp; PLN | 85000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 21 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 67440 | &nbsp;&nbsp; PLN | 248800 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; $720 |
| USD | 2798325 | &nbsp;&nbsp; PLN | 10318693 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; 31215 |
| USD | 1272703 | &nbsp;&nbsp; PLN | 4761838 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (4254)<br>|
| USD | 150674 | &nbsp;&nbsp; PLN | 546000 | 04/15/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 4219 |
| USD | 59797 | &nbsp;&nbsp; PLN | 223000 | 04/15/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (19)<br>|
| USD | 1060545 | &nbsp;&nbsp; PLN | 3924000 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 8267 |
| USD | 60186 | &nbsp;&nbsp; PLN | 223000 | 04/15/26 | Natwest Markets PLC | &nbsp;&nbsp; 370 |
| USD | 43650 | &nbsp;&nbsp; RON | 195000 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (223)<br>|
| USD | 130960 | &nbsp;&nbsp; SEK | 1220000 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2892 |
| USD | 314951 | &nbsp;&nbsp; SGD | 400000 | 06/17/26 | Credit Agricole CIB | &nbsp;&nbsp; 3263 |
| USD | 4095662 | &nbsp;&nbsp; SGD | 5220085 | 05/04/26 | Deutsche Bank AG | &nbsp;&nbsp; 40307 |
| USD | 122041 | &nbsp;&nbsp; SGD | 155000 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 1262 |
| USD | 4173851 | &nbsp;&nbsp; SGD | 5260058 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 96761 |
| USD | 21917 | &nbsp;&nbsp; SGD | 28210 | 05/04/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2 |
| USD | 240000 | &nbsp;&nbsp; THB | 7724688 | 04/16/26 | Barclays Bank PLC | &nbsp;&nbsp; 5527 |
| USD | 80000 | &nbsp;&nbsp; THB | 2590400 | 04/17/26 | Barclays Bank PLC | &nbsp;&nbsp; 1366 |
| USD | 135290 | &nbsp;&nbsp; THB | 4367686 | 04/20/26 | Barclays Bank PLC | &nbsp;&nbsp; 2674 |
| USD | 60000 | &nbsp;&nbsp; THB | 1962996 | 04/27/26 | Barclays Bank PLC | &nbsp;&nbsp; 365 |
| USD | 132000 | &nbsp;&nbsp; THB | 4321667 | 05/05/26 | Barclays Bank PLC | &nbsp;&nbsp; 626 |
| USD | 35906 | &nbsp;&nbsp; THB | 1140000 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; 1126 |
| USD | 45569 | &nbsp;&nbsp; THB | 1470000 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 722 |
| USD | 372823 | &nbsp;&nbsp; THB | 12137602 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 2520 |
| USD | 530145 | &nbsp;&nbsp; THB | 17160000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 6615 |
| USD | 62195 | &nbsp;&nbsp; THB | 2040000 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (43)<br>|
| USD | 212000 | &nbsp;&nbsp; THB | 6755497 | 04/16/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 6946 |
| USD | 59673 | &nbsp;&nbsp; THB | 1855082 | 04/20/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3347 |
| USD | 834209 | &nbsp;&nbsp; THB | 25804084 | 05/20/26 | Natwest Markets PLC | &nbsp;&nbsp; 48855 |
| USD | 6674175 | &nbsp;&nbsp; THB | 210136406 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 263180 |
| USD | 353660 | &nbsp;&nbsp; TRY | 16074766 | 04/01/26 | Barclays Bank PLC | &nbsp;&nbsp; (7733)<br>|
| USD | 359972 | &nbsp;&nbsp; TRY | 16070886 | 04/02/26 | Barclays Bank PLC | &nbsp;&nbsp; (1335)<br>|
| USD | 127451 | &nbsp;&nbsp; TRY | 5778479 | 04/03/26 | Barclays Bank PLC | &nbsp;&nbsp; (2320)<br>|
| USD | 124245 | &nbsp;&nbsp; TRY | 5679115 | 04/09/26 | Barclays Bank PLC | &nbsp;&nbsp; (2470)<br>|
| USD | 124245 | &nbsp;&nbsp; TRY | 5709555 | 04/13/26 | Barclays Bank PLC | &nbsp;&nbsp; (2473)<br>|
| USD | 89907 | &nbsp;&nbsp; TRY | 4098882 | 04/16/26 | Barclays Bank PLC | &nbsp;&nbsp; (702)<br>|
| USD | 93184 | &nbsp;&nbsp; TRY | 4301234 | 04/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (1773)<br>|
| USD | 661436 | &nbsp;&nbsp; TRY | 30401696 | 04/20/26 | Barclays Bank PLC | &nbsp;&nbsp; (7082)<br>|
| USD | 93225 | &nbsp;&nbsp; TRY | 4336827 | 04/22/26 | Barclays Bank PLC | &nbsp;&nbsp; (1890)<br>|
| USD | 62025 | &nbsp;&nbsp; TRY | 2892846 | 04/24/26 | Barclays Bank PLC | &nbsp;&nbsp; (1255)<br>|
| USD | 62150 | &nbsp;&nbsp; TRY | 2873319 | 04/28/26 | Barclays Bank PLC | &nbsp;&nbsp; (375)<br>|
| USD | 62150 | &nbsp;&nbsp; TRY | 2914835 | 04/29/26 | Barclays Bank PLC | &nbsp;&nbsp; (1196)<br>|
| USD | 93178 | &nbsp;&nbsp; TRY | 4376571 | 04/30/26 | Barclays Bank PLC | &nbsp;&nbsp; (1811)<br>|
| USD | 298844 | &nbsp;&nbsp; TRY | 13965000 | 05/11/26 | Barclays Bank PLC | &nbsp;&nbsp; (485)<br>|
| USD | 1076416 | &nbsp;&nbsp; TRY | 52260000 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; (1748)<br>|

---

168See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 939827 | &nbsp;&nbsp; TRY | 52260000 | 12/16/26 | Barclays Bank PLC | &nbsp;&nbsp; $34917 |
| USD | 227107 | &nbsp;&nbsp; TRY | 10903417 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 2161 |
| USD | 258000 | &nbsp;&nbsp; TWD | 8305252 | 05/04/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (2369)<br>|
| USD | 2565307 | &nbsp;&nbsp; UGX | 10023834128 | 03/17/27 | Standard Chartered Bank | &nbsp;&nbsp; 73668 |
| USD | 612231 | &nbsp;&nbsp; UYU | 24030000 | 04/30/26 | Citibank N.A. | &nbsp;&nbsp; 20359 |
| USD | 310759 | &nbsp;&nbsp; UYU | 12578923 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 1998 |
| USD | 286015 | &nbsp;&nbsp; UYU | 11688301 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (884)<br>|
| USD | 607305 | &nbsp;&nbsp; UYU | 24030000 | 07/31/26 | Citibank N.A. | &nbsp;&nbsp; 19271 |
| USD | 210326 | &nbsp;&nbsp; UYU | 8575000 | 09/16/26 | Citibank N.A. | &nbsp;&nbsp; 1154 |
| USD | 384641 | &nbsp;&nbsp; UYU | 15852085 | 09/16/26 | Citibank N.A. | &nbsp;&nbsp; (2042)<br>|
| USD | 134074 | &nbsp;&nbsp; UZS | 1708504982 | 09/10/26 | Deutsche Bank AG | &nbsp;&nbsp; (1135)<br>|
| USD | 68344 | &nbsp;&nbsp; UZS | 886421680 | 12/11/26 | Deutsche Bank AG | &nbsp;&nbsp; (394)<br>|
| USD | 68344 | &nbsp;&nbsp; UZS | 887446840 | 12/14/26 | Deutsche Bank AG | &nbsp;&nbsp; (429)<br>|
| USD | 84897 | &nbsp;&nbsp; UZS | 1107481365 | 12/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (854)<br>|
| USD | 42448 | &nbsp;&nbsp; UZS | 572623520 | 06/18/27 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (328)<br>|
| USD | 47329 | &nbsp;&nbsp; ZAR | 766000 | 08/26/26 | Bank of America, N.A. | &nbsp;&nbsp; 3088 |
| USD | 1001940 | &nbsp;&nbsp; ZAR | 16468848 | 04/20/26 | Barclays Bank PLC | &nbsp;&nbsp; 41127 |
| USD | 256185 | &nbsp;&nbsp; ZAR | 4380000 | 06/17/26 | Barclays Bank PLC | &nbsp;&nbsp; 1772 |
| USD | 676977 | &nbsp;&nbsp; ZAR | 11916423 | 12/21/26 | Barclays Bank PLC | &nbsp;&nbsp; (4211)<br>|
| USD | 2966527 | &nbsp;&nbsp; ZAR | 50266000 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; 46812 |
| USD | 1281267 | &nbsp;&nbsp; ZAR | 22572721 | 12/21/26 | Deutsche Bank AG | &nbsp;&nbsp; (9075)<br>|
| USD | 2342563 | &nbsp;&nbsp; ZAR | 39806100 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 30416 |
| USD | 15337103 | &nbsp;&nbsp; ZAR | 252684791 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; 659839 |
| USD | 64641 | &nbsp;&nbsp; ZAR | 1069000 | 04/09/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 2223 |
| USD | 3519885 | &nbsp;&nbsp; ZAR | 59037761 | 04/20/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 75546 |
| USD | 166846 | &nbsp;&nbsp; ZAR | 2785000 | 07/09/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 5363 |
| USD | 341538 | &nbsp;&nbsp; ZAR | 5766000 | 04/20/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 5142 |
| USD | 606604 | &nbsp;&nbsp; ZAR | 10192000 | 06/17/26 | State Street Bank and Trust | &nbsp;&nbsp; 14599 |
| ZAR | 1099000 | &nbsp;&nbsp; USD | 66385 | 04/09/26 | Bank of America, N.A. | &nbsp;&nbsp; (2216)<br>|
| ZAR | 1140000 | &nbsp;&nbsp; USD | 66575 | 06/17/26 | Bank of America, N.A. | &nbsp;&nbsp; (358)<br>|
| ZAR | 63978000 | &nbsp;&nbsp; USD | 3793113 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (76934)<br>|
| ZAR | 1790000 | &nbsp;&nbsp; USD | 106375 | 06/17/26 | Deutsche Bank AG | &nbsp;&nbsp; (2401)<br>|
| ZAR | 21617000 | &nbsp;&nbsp; USD | 1297446 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; (41816)<br>|
| ZAR | 853770 | &nbsp;&nbsp; USD | 51062 | 06/17/26 | HSBC Bank PLC | &nbsp;&nbsp; (1470)<br>|
| ZAR | 3770000 | &nbsp;&nbsp; USD | 221501 | 06/17/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (2520)<br>|
| ZAR | 1040000 | &nbsp;&nbsp; USD | 62420 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; (2012)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $3488429 |

---

**Cross-Currency Forwards** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | 848355 | &nbsp;&nbsp; GBP | 735300 | 04/30/26 | Goldman Sachs International | &nbsp;&nbsp; $9176 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 4 | 30 - Year Euro BUXL Bond | Jun 2026 | &nbsp;&nbsp; $508166 | &nbsp;&nbsp; $(4198)<br>|
| 378 | U.S. Treasury Note 5-Year | Jun 2026 | &nbsp;&nbsp; 40891922 | &nbsp;&nbsp; (454753)<br>|
| 803 | U.S. Ultra 10-Year | Jun 2026 | &nbsp;&nbsp; 91153047 | &nbsp;&nbsp; (1686556)<br>|
| 229 | 10-Year Australian Bond Futures | Jun 2026 | &nbsp;&nbsp; 16900331 | &nbsp;&nbsp; (116106)<br>|
| 22 | Euro-Schatz | Jun 2026 | &nbsp;&nbsp; 2680593 | &nbsp;&nbsp; (2786)<br>|
| 156 | Long Gilt Futures | Jun 2026 | &nbsp;&nbsp; 18059903 | &nbsp;&nbsp; (558883)<br>|
| 72 | U.S. Long Bond | Jun 2026 | &nbsp;&nbsp; 8199000 | &nbsp;&nbsp; (44248)<br>|
| 204 | U.S. Treasury Note 10-Year | Jun 2026 | &nbsp;&nbsp; 22653562 | &nbsp;&nbsp; (429076)<br>|
| 63 | U.S. Treasury Note 2-Year | Jun 2026 | &nbsp;&nbsp; 13069055 | &nbsp;&nbsp; (92547)<br>|
| 167 | U.S. Ultra Bond | Jun 2026 | &nbsp;&nbsp; 19465937 | &nbsp;&nbsp; (487542)<br>|
|  |  |  |  | &nbsp;&nbsp; $(3876695)<br>|
| Sales |  |  |  |  |
| 144 | U.S. Treasury Note 5-Year | Jun 2026 | &nbsp;&nbsp; $15577875 | &nbsp;&nbsp; $97580 |
| 63 | Euro BUND | Jun 2026 | &nbsp;&nbsp; 9101883 | &nbsp;&nbsp; 97014 |
| 112 | Euro OAT | Jun 2026 | &nbsp;&nbsp; 15316515 | &nbsp;&nbsp; 216745 |
| 90 | Euro-Bobl | Jun 2026 | &nbsp;&nbsp; 11969858 | &nbsp;&nbsp; 184358 |
| 88 | Euro-BTP Italian Bond | Jun 2026 | &nbsp;&nbsp; 11790046 | &nbsp;&nbsp; 140841 |
| 213 | U.S. Treasury Note 2-Year | Jun 2026 | &nbsp;&nbsp; 44185851 | &nbsp;&nbsp; 129608 |
|  |  |  |  | &nbsp;&nbsp; $866146 |

---

**Written Options**

**Written Currency Options** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Type of Contract | Counterparty | Notional Value | Notional Value | Premiums <br>Received<br>| Value at <br>March 31, 2026<br>|
| CALL - USD/THB Option. Strike @ 30.70 Expires 08/24/26 | Bank of America, N.A. | USD | (806000) | $(18530)<br>| $(42827)<br>|
| PUT - USD/THB Option. Strike @ 30.70 Expires 08/24/26 | Bank of America, N.A. | USD | (806000) | (17248)<br>| (6640)<br>|
| PUT - USD/ZAR Option. Strike @ 15.93 Expires 07/07/26 | JPMorgan Chase Bank N.A. | USD | (521000) | (5215)<br>| (2652)<br>|
| Total Written Currency Options |  |  |  | $(40993)<br>| $(52119)<br>|

---

**Written Interest Rate Swaptions** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive <br>Floating Rate<br>| Exercise <br>Rate<br>| Expiration <br>Date<br>| Notional <br>Amount<br>| Premiums <br>Received<br>| Market <br>Value<br>|
| Bank of <br> America, N.A.<br>| Put – iTraxx Europe Crossover S44 | 1-day USD SOFR | Receive Float | 312.50<br> %<br>| 04/15/26 | $(14040000)<br>| $(146300)<br>| $(165095)<br>|
| Bank of <br> America, N.A.<br>| Call – iTraxx Europe Crossover S44 | 1-day USD SOFR | Pay Float | 312.50 | 04/15/26 | (14040000)<br>| (146300)<br>| (106356)<br>|
| Goldman Sachs <br> International<br>| Call – iTraxx Europe Crossover S44 | 1-day USD SOFR | Pay Float | 287.50 | 04/15/26 | (28550000)<br>| (223698)<br>| (69838)<br>|
| Goldman Sachs <br> International<br>| Put – iTraxx Europe Crossover S44 | 1-day USD SOFR | Receive Float | 287.50 | 04/15/26 | (28550000)<br>| (411209)<br>| (540675)<br>|
| Morgan Stanley <br> International<br>| Call – iTraxx Europe Crossover S44 | 1-day USD SOFR | Pay Float | 312.50 | 04/15/26 | (14035000)<br>| (136936)<br>| (106318)<br>|

---

170See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Written Options—continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Floating Rate Index | Pay/Receive<br> Floating Rate<br>| Exercise<br> Rate<br>| Expiration<br> Date<br>| Notional<br> Amount<br>| Premiums<br> Received<br>| Market<br> Value<br>|
| Morgan Stanley <br> International<br>| Put – iTraxx Europe Crossover S44 | 1-day USD SOFR | Receive Float | 312.50<br> %<br>| 04/15/26 | (14035000)<br>| $(142120)<br>| $(165036)<br>|
| Total Written <br> Interest Rate <br> Swaptions<br>|  |  |  |  |  |  | $(1206563)<br>| $(1153318)<br>|
| **Total Written** <br> **Options**<br>|  |  |  |  |  |  | **$(1247556)**<br>| **$(1205437)**<br>|

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made <br>by Fund<br>| Payment <br>Frequency<br>| Maturity <br>Date<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 12-Month SOFR | Annual | 3.75% | Annual | 12/17/35 | $(40656)<br>| USD | 22500000 | $162616 | $203272 |
| 12-Month SOFR | Annual | 3.74% | Annual | 08/15/35 |  | USD | 16600000 | 109346 | 109346 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/30 | 196716 | USD | 28200000 | 374301 | 177585 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/35 | 834788 | USD | 22600000 | 993774 | 158986 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/55 | 439686 | USD | 3400000 | 502258 | 62572 |
| 3.34% | Annual | 12-Month SOFR | Annual | 02/10/27 | 34 | USD | 294000 | (770)<br>| (804)<br>|
| 3.44% | Annual | 12-Month SOFR | Annual | 03/17/27 | (234)<br>| USD | 1136000 | (2048)<br>| (1814)<br>|
| 4.06% | Annual | 12-Month SOFR | Annual | 06/17/56 |  | USD | 4000000 | (51269)<br>| (51269)<br>|
| 1-Month TIIE | Monthly | 7.85% | Monthly | 03/04/33 | 110 | MXN | 4996000 | 7085 | 6975 |
| 1-Month TIIE | Monthly | 7.73% | Monthly | 02/15/36 |  | MXN | 6527000 | 18907 | 18907 |
| 1-Month TIIE | Monthly | 7.64% | Monthly | 02/04/33 |  | MXN | 2751000 | 5527 | 5527 |
| 6.93% | Monthly | 1-Month TIIE | Monthly | 02/23/29 |  | MXN | 16949000 | (23041)<br>| (23041)<br>|
| 7.09% | Monthly | 1-Month TIIE | Monthly | 03/10/28 | 184 | MXN | 24302000 | (11645)<br>| (11829)<br>|
| 7.59% | Monthly | 1-Month TIIE | Monthly | 06/11/31 |  | MXN | 11900000 | (16961)<br>| (16961)<br>|
| 7.79% | Monthly | 1-Month TIIE | Monthly | 06/14/28 |  | MXN | 10548345 | 551 | 551 |
| 7.87% | Monthly | 1-Month TIIE | Monthly | 06/14/28 |  | MXN | 12184042 | 1571 | 1571 |
| 1.56% | Quarterly | 3-Month Baht Interest Rate Fixing | Quarterly | 06/17/31 | (1224)<br>| CNY | 45500000 | (16120)<br>| (14896)<br>|
| 3-Month JIBAR | Quarterly | 7.74% | Quarterly | 03/18/36 | (155)<br>| ZAR | 33500000 | 96191 | 96346 |
| 3-Month JIBAR | Quarterly | 6.53% | Quarterly | 06/17/31 |  | ZAR | 31483000 | 93648 | 93648 |
| 6.25% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/28 | 57 | ZAR | 23351000 | (30076)<br>| (30133)<br>|
| 6.28% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/27 |  | ZAR | 69343000 | (40630)<br>| (40630)<br>|
| 6.30% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/29 |  | ZAR | 28075000 | (53249)<br>| (53249)<br>|
| 6.77% | Quarterly | 3-Month JIBAR | Quarterly | 03/10/28 | (1)<br>| ZAR | 7000000 | (4218)<br>| (4217)<br>|
| 6.85% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/33 | 22 | ZAR | 10285000 | (38875)<br>| (38897)<br>|
| 7.18% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/36 | (59)<br>| ZAR | 9270000 | (46679)<br>| (46620)<br>|
| 7.62% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/36 |  | ZAR | 2421000 | (7889)<br>| (7889)<br>|
| 7.71% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/31 |  | ZAR | 20195000 |  |  |
| 7.73% | Quarterly | 3-Month JIBAR | Quarterly | 06/17/31 |  | ZAR | 14251900 |  |  |
| 7.74% | Quarterly | 3-Month JIBAR | Quarterly | 03/18/36 | (26103)<br>| ZAR | 11725000 | (26103)<br>|  |
| 7.74% | Quarterly | 3-Month JIBAR | Quarterly | 03/18/36 | (19392)<br>| ZAR | 8274500 | (19392)<br>|  |
| 3.33% | Annual | 3-Month PRIBOR | Quarterly | 06/17/27 |  | CZK | 36394000 | (13757)<br>| (13757)<br>|
| 3-Month THOR | Quarterly | 1.62% | Quarterly | 06/17/31 | 644 | THB | 64741000 | 14654 | 14010 |
| 3-Month THOR | Quarterly | 1.38% | Quarterly | 06/17/28 |  | THB | 136727250 | 4393 | 4393 |
| 3-Month THOR | Quarterly | 1.37% | Quarterly | 06/17/28 |  | THB | 227878750 | 9285 | 9285 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Centrally Cleared Interest Rate Swaps—continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br> Received<br> by Fund<br>| Payment<br> Frequency<br>| Payments<br> Made<br> by Fund<br>| Payment<br> Frequency<br>| Maturity<br> Date<br>| Upfront<br> Premiums<br> Paid<br> (Received)<br>| Notional<br> Value | Notional<br> Value | Market<br> Value<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| 1.87% | Quarterly | 3-Month THOR | Quarterly | 06/17/36 | $(135)<br>| THB | 14324000 | $(11355)<br>| $(11220)<br>|
| 6 mo. EURIBOR | Semi-Annual | 3.00% | Annual | 09/16/56 | 84848 | EUR | 4480000 | 106810 | 21962 |
| 2.75% | Annual | 6 mo. EURIBOR | Semi-Annual | 09/16/36 | (27052)<br>| EUR | 8040000 | (287058)<br>| (260006)<br>|
| 4.00% | Semi-Annual | 6-Month BBSW | Semi-Annual | 06/18/30 | 93771 | AUD | 23550000 | (516459)<br>| (610230)<br>|
| 4.25% | Semi-Annual | 6-Month BBSW | Semi-Annual | 03/18/36 | 8975 | AUD | 3400000 | (146415)<br>| (155390)<br>|
| 6-Month BIBOR | Semi-Annual | 6.10% | Annual | 06/17/36 |  | HUF | 21717000 | 4723 | 4723 |
| 5.72% | Annual | 6-Month BIBOR | Semi-Annual | 06/17/29 |  | HUF | 130530000 | (15350)<br>| (15350)<br>|
| 5.73% | Annual | 6-Month BIBOR | Semi-Annual | 06/17/31 |  | HUF | 84103000 | (14798)<br>| (14798)<br>|
| 5.90% | Annual | 6-Month BIBOR | Semi-Annual | 06/17/33 | 27 | HUF | 33593000 | (6687)<br>| (6714)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.79% | Annual | 12/17/30 | (6790)<br>| CZK | 41500000 | 48471 | 55261 |
| 6-Month PRIBOR | Semi-Annual | 3.79% | Annual | 12/17/30 | (3543)<br>| CZK | 41500000 | 48471 | 52014 |
| 6-Month PRIBOR | Semi-Annual | 3.59% | Annual | 06/17/31 | 18 | CZK | 8167000 | 14403 | 14385 |
| 3.48% | Annual | 6-Month PRIBOR | Semi-Annual | 06/17/29 |  | CZK | 12453000 | (14421)<br>| (14421)<br>|
| 3.79% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 |  | CZK | 152400000 | (178001)<br>| (178001)<br>|
| 3.80% | Annual | 6-Month PRIBOR | Semi-Annual | 06/17/33 |  | CZK | 6508000 | (12544)<br>| (12544)<br>|
| 6-Month WIBOR | Semi-Annual | 4.64% | Annual | 06/17/31 |  | PLN | 18481887 | (4004)<br>| (4004)<br>|
| 6-Month WIBOR | Semi-Annual | 4.62% | Annual | 06/17/31 |  | PLN | 4612022 | (142)<br>| (142)<br>|
| 6-Month WIBOR | Semi-Annual | 4.51% | Annual | 06/17/31 |  | PLN | 10187978 | 13491 | 13491 |
| 6-Month WIBOR | Semi-Annual | 4.04% | Annual | 06/17/31 |  | PLN | 4425000 | 29784 | 29784 |
| 6-Month WIBOR | Semi-Annual | 4.03% | Annual | 06/17/31 |  | PLN | 4425000 | 30088 | 30088 |
| 6-Month WIBOR | Semi-Annual | 3.76% | Annual | 06/17/31 |  | PLN | 6036000 | 60066 | 60066 |
| 3.50% | Annual | 6-Month WIBOR | Semi-Annual | 06/17/28 |  | PLN | 5616000 | (27016)<br>| (27016)<br>|
| 3.59% | Annual | 6-Month WIBOR | Semi-Annual | 06/17/29 | 8 | PLN | 935000 | (6292)<br>| (6300)<br>|
| 3.95% | Annual | 6-Month WIBOR | Semi-Annual | 06/17/33 | 4 | PLN | 720000 | (8754)<br>| (8758)<br>|
| 4.20% | Annual | 6-Month WIBOR | Semi-Annual | 06/17/36 | 5 | PLN | 880000 | (12715)<br>| (12720)<br>|
| BRL-CDI | At Maturity | 14.25% | At Maturity | 01/04/27 |  | BRL | 7741804 | (1613)<br>| (1613)<br>|
| BRL-CDI | At Maturity | 14.17% | At Maturity | 01/04/27 |  | BRL | 7695970 | (770)<br>| (770)<br>|
| 12.80% | At Maturity | BRL-CDI | At Maturity | 01/02/31 | (18)<br>| BRL | 1836167 | (13670)<br>| (13652)<br>|
| 12.82% | Annual | BRL-CDI | Annual | 01/02/29 |  | BRL | 8200000 | (27382)<br>| (27382)<br>|
| 12.87% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 12300000 | (54533)<br>| (54533)<br>|
| 12.87% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 1408745 | (9682)<br>| (9682)<br>|
| 12.88% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 2384780 | (9264)<br>| (9264)<br>|
| 12.91% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 1700000 | (5738)<br>| (5738)<br>|
| 12.92% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 2151350 | (14738)<br>| (14738)<br>|
| 12.93% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 12898375 | (53160)<br>| (53160)<br>|
| 13.02% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 6900000 | (23525)<br>| (23525)<br>|
| 13.15% | At Maturity | BRL-CDI | At Maturity | 01/03/28 | (4)<br>| BRL | 2603883 | (7251)<br>| (7247)<br>|
| 13.18% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 1845177 | (6209)<br>| (6209)<br>|
| 13.25% | At Maturity | BRL-CDI | At Maturity | 01/03/28 |  | BRL | 1402234 | (2188)<br>| (2188)<br>|
| 13.25% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 1100000 | (2302)<br>| (2302)<br>|
| 13.26% | At Maturity | BRL-CDI | At Maturity | 01/02/31 | (2083)<br>| BRL | 8800000 | (17936)<br>| (15853)<br>|
| 13.29% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 15000000 | (24649)<br>| (24649)<br>|
| 13.32% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 1600000 | (4668)<br>| (4668)<br>|
| 13.32% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | 29160 | BRL | 30100000 | (56172)<br>| (85332)<br>|
| 13.47% | At Maturity | BRL-CDI | At Maturity | 01/03/28 | 62 | BRL | 3983760 | (3528)<br>| (3590)<br>|
| 13.56% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 1100000 | (647)<br>| (647)<br>|
| 13.68% | At Maturity | BRL-CDI | At Maturity | 01/02/31 | (1344)<br>| BRL | 5400000 | 8 | 1352 |

---

172See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Centrally Cleared Interest Rate Swaps—continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br> Received<br> by Fund<br>| Payment<br> Frequency<br>| Payments<br> Made<br> by Fund<br>| Payment<br> Frequency<br>| Maturity<br> Date<br>| Upfront<br> Premiums<br> Paid<br> (Received)<br>| Notional<br> Value | Notional<br> Value | Market<br> Value<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>|
| 13.73% | At Maturity | BRL-CDI | At Maturity | 01/02/31 | $— | BRL | 300000 | $61 | $61 |
| 13.77% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 2181027 | 870 | 870 |
| 13.80% | At Maturity | BRL-CDI | At Maturity | 01/03/28 |  | BRL | 3328114 | 266 | 266 |
| 13.85% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 1225134 | 1730 | 1730 |
| 13.87% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 953920 | 1532 | 1532 |
| 13.91% | At Maturity | BRL-CDI | At Maturity | 01/02/31 | 118 | BRL | 955773 | 1942 | 1824 |
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 |  | BRL | 2900000 | (4227)<br>| (4227)<br>|
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 |  | BRL | 22700000 | (32895)<br>| (32895)<br>|
| 14.01% | At Maturity | BRL-CDI | At Maturity | 01/03/28 |  | BRL | 3337437 | 2378 | 2378 |
| CAMARA | Semi-Annual | 5.26% | Semi-Annual | 06/17/31 |  | CLP | 147541000 | (1095)<br>| (1095)<br>|
| CAMARA | Semi-Annual | 5.20% | Semi-Annual | 06/17/36 |  | CLP | 31579000 | 278 | 278 |
| CAMARA | Semi-Annual | 4.76% | Semi-Annual | 06/17/31 |  | CLP | 47310000 | 782 | 782 |
| 11.47% | Quarterly | COP-IBR | Quarterly | 06/17/36 |  | COP | 2098076000 | 12311 | 12311 |
|  |  |  |  |  |  |  |  |  | $(830447)<br>|

---

**OTC— Credit Default Swaps**

**Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount<br>| Currency | Expiration <br>Date<br>| Counterparty | Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable <br>on Default<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid/ <br>(Received)<br>| Market <br>Value<br>|
| 900000 | EUR | 06/20/31 | Goldman Sachs International | (1.00%) | Quarterly | BNP Paribas SA | $2242 | $7936 | $10178 |

---

**Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Counterparty | Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable <br>on Default<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid/ <br>(Received)<br>| Market <br>Value<br>|
| 1800000 | USD | 06/20/27 | Morgan Stanley Bank <br> N.A.<br>| 5.00% | Quarterly | Argentina Republic <br> Government <br> International Bonds, <br> 1.00%, 07/09/29 <br> (Moody's <br> rating: Caa)<br>| $(13931)<br>| $35942 | $22011 |
| 600000 | USD | 06/20/26 | Morgan Stanley Capital <br> Services, Inc.<br>| 5.00% | Quarterly | Argentina Republic <br> Government <br> International Bonds, <br> 1.00%, 07/09/29 <br> (Moody's <br> rating: Caa)<br>| (4004)<br>| 7445 | 3441 |
| 700000 | USD | 06/20/27 | JPMorgan Chase Bank <br> N.A.<br>| 5.00% | Quarterly | Ecuador Government <br> International Bonds, <br> 6.90%, 07/31/35 <br> (Moody's <br> rating: Caa)<br>| 316 | 23103 | 23419 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**OTC— Credit Default Swaps—continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br> Amount\*<br>| Currency | Expiration<br> Date<br>| Counterparty | Receive<br> (Pay)<br> Fixed<br> Rate<br>| Payment<br> Frequency<br>| Deliverable<br> on Default<br>| Unrealized<br> Appreciation<br> (Depreciation)<br>| Upfront<br> Premiums<br> Paid/<br> (Received)<br>| Market<br> Value<br>|
| 500000 | EUR | 12/20/30 | Bank of America, N.A. | 5.00% | Quarterly | iTraxx Europe <br> Crossover S44, <br> 1.00%, 20/12/30 <br> (Moody's <br> rating: Ba3)<br>| $(16753)<br>| $115539 | $98786 |
| 1640000 | EUR | 12/20/30 | JPMorgan Chase Bank <br> N.A.<br>| 5.00% | Quarterly | iTraxx Europe <br> Crossover S44, <br> 1.00%, 20/12/30 <br> (Moody's <br> rating: Ba3)<br>| (33026)<br>| 357043 | 324017 |
| 5100000 | USD | 12/20/30 | Barclays Bank PLC | 1.00% | Quarterly | Republic of Turkiye, <br> 11.875%, 01/15/30 <br> (Moody's <br> rating: Ba3)<br>| (32520)<br>| (360333)<br>| (392853)<br>|
| 1450000 | USD | 12/20/30 | Bank of America, N.A. | 1.00% | Quarterly | Republic of Turkiye, <br> 11.875%, 01/15/30 <br> (Moody's <br> rating: Ba3)<br>| (20367)<br>| (91326)<br>| (111693)<br>|
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $(120285)<br>| $87413 | $(32872)<br>|
| Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | Total OTC Credit Default Swaps | $(118043)<br>| $95349 | $(22694)<br>|

---

**Centrally Cleared Credit Default Swaps**

**Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Market <br>Value<br>|
| 11415000 | USD | 12/20/30 | (5.00%) | Quarterly | CDX.NA.HY.S45\*\* | $261845 | $(866813)<br>| $(604968)<br>|
| 900000 | USD | 06/20/31 | (5.00%) | Quarterly | CDX.NA.HY.S46\*\* | 0 | (43284)<br>| (43284)<br>|
| 200000 | EUR | 12/20/30 | (5.00%) | Quarterly | iTraxx Europe Crossover S44 | 8642 | (25364)<br>| (16722)<br>|
| Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | $270487 | $(935461)<br>| $(664974)<br>|

---

**Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Market <br>Value<br>|
| 500000 | USD | 12/20/30 | 5.00% | Quarterly | CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>| $(850)<br>| $49724 | $48874 |
| 900000 | USD | 06/20/30 | 1.00% | Quarterly | CDX.EM.S43\*\*\* | 6174 | (18450)<br>| (12276)<br>|
| 13700000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.EM.S44\*\*\* | (115175)<br>| (159680)<br>| (274855)<br>|
| 13200000 | USD | 06/20/31 | 1.00% | Quarterly | CDX.EM.S45\*\*\* | 5649 | (568260)<br>| (562611)<br>|
| 420750 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\* | (6221)<br>| 30894 | 24673 |
| 47643750 | USD | 12/20/30 | 5.00% | Quarterly | CDX.NA.HY.S45\*\* | (873995)<br>| 3399003 | 2525008 |
| 11415000 | USD | 12/20/30 | 5.00% | Quarterly | CDX.NA.HY.S45\*\* | 28051 | 576918 | 604969 |
| 61172400 | USD | 06/20/31 | 5.00% | Quarterly | CDX.NA.HY.S46\*\* | 442594 | 2510083 | 2952677 |
| 11100000 | USD | 06/20/31 | 5.00% | Quarterly | CDX.NA.HY.S46\*\* | 100501 | 435275 | 535776 |

---

174See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

**Centrally Cleared Credit Default Swaps—continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br> Amount\*<br>| Currency | Expiration<br> Date<br>| Receive<br> (Pay)<br> Fixed<br> Rate<br>| Payment<br> Frequency<br>| Deliverable on Default | Unrealized<br> Appreciation<br> (Depreciation)<br>| Upfront<br> Premiums<br> Paid<br> (Received)<br>| Market<br> Value<br>|
| 8200000 | USD | 06/20/31 | 1.00% | Quarterly | CDX.NA.IG.S46\*\*\*\* | $(529)<br>| $142291 | $141762 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $(413801)<br>| $6397798 | $5983997 |
| Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | $(143314)<br>|  |  |

---

**OTC — Total Return Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Pays | Fund Receives | Counterparty | Expiration <br>Date<br>| Payment <br>Frequency<br>| Upfront <br>Premiums Paid <br>(Received)<br>| Notional <br>Value<br>| Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 12-Month SOFR | IBXXLLTR | Morgan Stanley <br> and Co. <br> International <br> PLC<br>| 09/20/26 | Quarterly | $— | $(3200000)<br>| $(4944)<br>| $(4944)<br>|
| 12-Month SOFR | IBXXLLTR | Morgan Stanley <br> and Co. <br> International <br> PLC<br>| 06/22/26 | Quarterly |  | (16625000)<br>| (105189)<br>| (105189)<br>|
|  |  |  |  |  | $— |  | $(110133)<br>| $(110133)<br>|

---

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

---

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

---

U.S. Treasury securities in the amount of $628,141 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| ARS |  | Argentina Peso |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CHF |  | Swiss Franc |
| CLP |  | Chilean Peso |
| CNH |  | Chinese Yuan Renminbi |
| CNY |  | Chinese Yuan |
| COP |  | Colombian Peso |
| CZK |  | Czech Koruna |
| DOP |  | Dominican Pesos |
| EGP |  | Egyptian Pound |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| BBSW |  | Australian Bank Bill Swap Rate |
| BIBOR |  | Bangkok Interbank Offered Rate |
| CAMARA |  | Chilean Interbank Offered Rate |
| CDI |  | CREST Depository Interest |
| CLO |  | Collateralized Loan Obligation |
| CME |  | Chicago Mercantile Exchange |
| CMT |  | Constant Maturity Treasury Index |
| COP-IBR |  | Colombia Overnight Interbank Rate |

---

176See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ETF |  | Exchange-traded fund |
| EURIBOR |  | Euro Interbank Offered Rate |
| Euro-Bobl |  | Bundesobligationen, German government bonds on the EUREX Exchange |
| Euro-BTP |  | Buoni del Tesoro Poliennali, Italian government bonds on the EUREX Exchange |
| ICE |  | Intercontinental Exchange |
| JIBAR |  | Johannesburg Interbank Average Rate |
| LIBOR |  | London Interbank Offered Rate |
| PIK |  | Payment In Kind |
| PLTRCI |  | Polish Short Term Rate – Compound Index |
| PRIBOR |  | Prague Interbank Offered Rate |
| REIT |  | Real Estate Investment Trust |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STACR |  | Structured Agency Credit Risk |
| TBA |  | To Be Announced |
| TBD |  | To Be Determined |
| TIIE |  | Mexican Interbank Equilibrium Interest Rate |
| WIBOR |  | Warsaw Interbank Offer Rate |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| **Asset Class Summary** | **% of Net Assets** |
| Corporate Debt | 36.6 |
| Bank Loans | 16.8 |
| Sovereign Debt Obligations | 16.2 |
| Asset Backed Securities | 9.3 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 8.6 |
| U.S. Government and Agency Obligations | 5.3 |
| Mortgage Backed Securities - Private Issuers | 4.6 |
| Convertible Debt | 1.9 |
| Investment Companies | 1.1 |
| Common Stocks | 0.7 |
| Preferred Stocks | 0.3 |
| Forward Foreign Currency Contracts | 0.2 |
| Purchased Currency Options | 0.0\* |
| Cross Currency Forward Foreign Currency Contract | 0.0\* |
| OTC Credit Default Swaps | 0.0\* |
| Written Currency Options | 0.0\* |
| OTC Total Return Swaps | 0.0\* |
| Centrally Cleared Credit Default Swaps | 0.0\* |
| Reverse Repurchase Agreements | 0.0\* |
| Centrally Cleared Interest Rate Swaps | (0.1) |
| Written Interest Rate Swaptions | (0.1) |
| Futures Contracts | (0.1) |
| Short-Term Investments | 6.2 |
| Other Assets and Liabilities (net) | (7.6) |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

178See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**March 31, 2026**

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 98.2%** | **DEBT OBLIGATIONS — 98.2%** |
|  | **Asset Backed Securities — 22.1%** | **Asset Backed Securities — 22.1%** |
| 250000 | American Express Credit Account Master Trust, Series 2023-4, Class A, 5.15%, due <br> 09/16/30<br>| 256408 |
| 150000 | American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, due <br> 07/15/29<br>| 151182 |
| 135000 | American Express Credit Account Master Trust, Series 2025-2, Class A, 4.28%, due <br> 04/15/30<br>| 135552 |
| 100000 | American Express Credit Account Master Trust, Series 2025-4, Class A, 4.30%, due <br> 07/15/30<br>| 100511 |
| 50000 | AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2A, 4.22%, due <br> 03/19/29 144A<br>| 50039 |
| 200000 | Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, 5.03% (1 <br> mo. USD Term SOFR + 1.35%), due 01/20/43<sup>(b)</sup> 144A<br>| 199726 |
| 100000 | AREIT Ltd., Series 2025-CRE10, Class A, 5.07% (1 mo. USD Term SOFR + 1.39%), <br> due 12/17/29<sup>(b)</sup> 144A<br>| 99855 |
| 150000 | ARI Fleet Lease Trust, Series 2026-A, Class A2, 3.96%, due 11/15/34 144A | 149563 |
| 250000 | Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR, 4.82% (3 mo. USD Term <br> SOFR + 1.15%), due 04/20/34<sup>(b)</sup> 144A<br>| 250063 |
| 250000 | Bain Capital Credit CLO Ltd., Series 2024-1A, Class A1R, 4.85% (3 mo. USD Term <br> SOFR + 1.17%), due 04/16/39<sup>(b)</sup> 144A<br>| 250119 |
| 250000 | Basswood Park CLO Ltd., Series 2021-1A, Class AR, 4.70% (3 mo. USD Term SOFR + <br> 1.03%), due 04/20/34<sup>(b)</sup> 144A<br>| 249687 |
| 250000 | Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R2, 4.91% (3 mo. <br> USD Term SOFR + 1.24%), due 01/15/39<sup>(b)</sup> 144A<br>| 249813 |
| 250000 | Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class AR, 4.85% (3 mo. USD <br> Term SOFR + 1.18%), due 01/25/38<sup>(b)</sup> 144A<br>| 249377 |
| 250000 | Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A1R, 4.67% (3 mo. <br> USD Term SOFR + 1.00%), due 01/15/35<sup>(b)</sup> 144A<br>| 249375 |
| 160000 | BMW Vehicle Lease Trust, Series 2025-2, Class A3, 3.97%, due 09/25/28 | 159852 |
| 60000 | BMW Vehicle Owner Trust, Series 2024-A, Class A4, 5.04%, due 04/25/31 | 60835 |
| 180000 | Capital One Multi-Asset Execution Trust, Series 2024-A1, Class A, 3.92%, due 09/15/29 | 179872 |
| 100000 | CarMax Auto Owner Trust, Series 2026-1, Class A3, 4.04%, due 03/17/31 | 99724 |
| 100000 | Chase Issuance Trust, Series 2024-A2, Class A, 4.63%, due 01/15/31 | 101211 |
| 250000 | CIFC Funding Ltd., Series 2022-4A, Class AR, 4.76% (3 mo. USD Term SOFR + <br> 1.09%), due 07/16/35<sup>(b)</sup> 144A<br>| 249654 |
| 100000 | CNH Equipment Trust, Series 2022-B, Class A4, 3.91%, due 03/15/28 | 99875 |
| 21063 | CNH Equipment Trust, Series 2024-C, Class A2A, 4.30%, due 02/18/28 | 21071 |
| 100000 | Corporate One Auto Receivables Trust, Series 2026-1A, Class A3, 4.15%, due 03/15/30 <br> 144A<br>| 99590 |
| 100000 | Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59%, due 08/22/30 144A | 100403 |
| 160000 | DLLAA LLC, Series 2025-1A, Class A3, 4.95%, due 09/20/29 144A | 161794 |
| 133386 | Dryden 53 CLO Ltd., Series 2017-53A, Class AR, 4.67% (3 mo. USD Term SOFR + <br> 1.00%), due 01/15/31<sup>(b)</sup> 144A<br>| 133468 |
| 250000 | Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R, 4.82% (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| 250118 |
| 250000 | Empower CLO Ltd., Series 2022-1A, Class A1R, 5.06% (3 mo. USD Term SOFR + <br> 1.39%), due 10/20/37<sup>(b)</sup> 144A<br>| 250007 |
| 8414 | Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, due 10/22/29 144A | 8424 |
| 150000 | Enterprise Fleet Financing LLC, Series 2024-3, Class A3, 4.98%, due 08/21/28 144A | 151296 |
| 200000 | Enterprise Fleet Financing LLC, Series 2025-4, Class A3, 4.11%, due 12/20/29 144A | 199036 |
| 57191 | Exeter Automobile Receivables Trust, Series 2025-4A, Class A2, 4.53%, due 03/15/28 | 57236 |
| 100000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class A3, 4.39%, due 09/17/29 | 100164 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 95016 | Exeter Automobile Receivables Trust, Series 2025-5A, Class A2, 4.38%, due 06/15/28 | 95071 |
| 150000 | First Investors Auto Owner Trust, Series 2025-1A, Class A2, 4.31%, due 12/15/28 144A | 150160 |
| 50000 | Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64%, due 07/16/29 144A | 50143 |
| 40000 | Flagship Credit Auto Trust, Series 2024-1, Class A3, 5.48%, due 10/16/28 144A | 40101 |
| 100000 | Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05%, due 06/15/27 | 100136 |
| 250000 | Ford Credit Auto Owner Trust, Series 2023-A, Class B, 5.07%, due 01/15/29 | 252201 |
| 15494 | Ford Credit Auto Owner Trust, Series 2024-C, Class A2A, 4.32%, due 08/15/27 | 15500 |
| 75000 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3, 4.07%, due 07/15/29 | 75019 |
| 250000 | Fort Greene Park CLO LLC, Series 2025-2A, Class AR, 4.62% (3 mo. USD Term SOFR <br> + 0.95%), due 04/22/34<sup>(b)</sup> 144A<br>| 249379 |
| 100000 | FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.06% (1 mo. USD Term SOFR + <br> 1.39%), due 08/19/42<sup>(b)</sup> 144A<br>| 99838 |
| 200000 | FS Rialto Issuer LLC, Series 2026-FL11, Class A, 5.12% (1 mo. USD Term SOFR + <br> 1.45%), due 01/19/44<sup>(b)</sup> 144A<br>| 200038 |
| 97197 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3, 4.21%, due 10/20/27 | 97241 |
| 115000 | GM Financial Automobile Leasing Trust, Series 2025-1, Class A3, 4.66%, due 02/21/28 | 115505 |
| 275000 | GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class C, 5.21%, <br> due 12/18/28<br>| 277466 |
| 94268 | GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A3, 5.78%, <br> due 08/16/28<br>| 95083 |
| 100000 | GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class B, 5.16%, <br> due 08/16/29<br>| 101336 |
| 88549 | GM Financial Consumer Automobile Receivables Trust, Series 2024-2, Class A3, 5.10%, <br> due 03/16/29<br>| 89047 |
| 100000 | GreatAmerica Leasing Receivables Funding LLC, Series 2025-2, Class A2, 4.22%, due <br> 05/15/28 144A<br>| 100232 |
| 79615 | GreenSky Home Improvement Issuer Trust, Series 2025-3A, Class A1, 4.34%, due <br> 12/27/60 144A<br>| 79678 |
| 50685 | Hilton Grand Vacations Trust, Series 2024-2A, Class A, 5.50%, due 03/25/38 144A | 51479 |
| 54334 | Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, due 08/27/40 144A | 54613 |
| 150000 | Honda Auto Receivables Owner Trust, Series 2025-4, Class A2A, 4.04%, due 06/15/28 | 150107 |
| 61717 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3, 5.41%, due 05/17/27 <br> 144A<br>| 61862 |
| 215000 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3, 4.62%, due 04/17/28 <br> 144A<br>| 215686 |
| 135000 | Hyundai Auto Lease Securitization Trust, Series 2026-A, Class A3, 3.97%, due 12/15/28 <br> 144A<br>| 134592 |
| 95000 | Hyundai Auto Receivables Trust, Series 2024-C, Class A3, 4.41%, due 05/15/29 | 95370 |
| 125000 | Hyundai Auto Receivables Trust, Series 2026-A, Class A3, 3.79%, due 02/18/31 | 124032 |
| 350000 | John Deere Owner Trust, Series 2023-C, Class A4, 5.39%, due 08/15/30 | 354633 |
| 36705 | John Deere Owner Trust, Series 2024-A, Class A3, 4.96%, due 11/15/28 | 36931 |
| 99633 | John Deere Owner Trust, Series 2024-B, Class A3, 5.20%, due 03/15/29 | 100621 |
| 105000 | John Deere Owner Trust, Series 2024-C, Class A3, 4.06%, due 06/15/29 | 105055 |
| 100000 | John Deere Owner Trust, Series 2025-A, Class A4, 4.42%, due 02/17/32 | 100635 |
| 265000 | Kubota Credit Owner Trust, Series 2025-2A, Class A3, 4.42%, due 09/17/29 144A | 265867 |
| 32190 | Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, due 10/15/30 144A | 32273 |
| 100000 | LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.06% (1 mo. USD Term SOFR + <br> 1.39%), due 08/17/42<sup>(b)</sup> 144A<br>| 99875 |
| 200000 | LoanCore Issuer LLC, Series 2025-CRE9, Class A, 5.13% (1 mo. USD Term SOFR + <br> 1.45%), due 08/18/42<sup>(b)</sup> 144A<br>| 200066 |
| 250000 | Magnetite XXIII Ltd., Series 2019-23A, Class AR2, 4.64% (3 mo. USD Term SOFR + <br> 0.99%), due 01/25/35<sup>(b)</sup> 144A<br>| 249552 |

---

180See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 500000 | Magnetite XXXI Ltd., Series 2021-31A, Class A1R, 4.67% (3 mo. USD Term SOFR + <br> 1.00%), due 07/15/34<sup>(b)</sup> 144A<br>| 498750 |
| 56514 | Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A3, 5.32%, due 01/18/28 | 56823 |
| 100000 | MF1 LLC, Series 2025-FL17, Class A, 5.00% (1 mo. USD Term SOFR + 1.32%), due <br> 02/18/40<sup>(b)</sup> 144A<br>| 99741 |
| 72082 | MVW LLC, Series 2024-1A, Class A, 5.32%, due 02/20/43 144A | 72895 |
| 155794 | MVW LLC, Series 2024-2A, Class A, 4.43%, due 03/20/42 144A | 155195 |
| 109925 | Navient Private Education Refi Loan Trust, Series 2019-GA, Class A, 2.40%, due <br> 10/15/68 144A<br>| 107298 |
| 249844 | Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, due <br> 05/15/69 144A<br>| 238748 |
| 157643 | Navient Private Education Refi Loan Trust, Series 2020-EA, Class A, 1.69%, due <br> 05/15/69 144A<br>| 147791 |
| 268217 | Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, due <br> 09/16/69 144A<br>| 251655 |
| 65026 | Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due <br> 01/15/69 144A<br>| 61821 |
| 117103 | Navient Private Education Refi Loan Trust, Series 2021-A, Class A, 0.84%, due <br> 05/15/69 144A<br>| 107295 |
| 43602 | Navient Private Education Refi Loan Trust, Series 2021-BA, Class A, 0.94%, due <br> 07/15/69 144A<br>| 39810 |
| 182038 | Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, due <br> 10/15/69 144A<br>| 165495 |
| 45104 | Navient Private Education Refi Loan Trust, Series 2021-FA, Class A, 1.11%, due <br> 02/18/70 144A<br>| 40260 |
| 49286 | Navient Private Education Refi Loan Trust, Series 2021-GA, Class A, 1.58%, due <br> 04/15/70 144A<br>| 44551 |
| 60663 | Navient Private Education Refi Loan Trust, Series 2023-A, Class A, 5.51%, due <br> 10/15/71 144A<br>| 61427 |
| 147836 | Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, due <br> 10/15/72 144A<br>| 150044 |
| 150000 | Navient Refinance Loan Trust, Series 2026-A, Class A, 4.50%, due 01/18/56 144A | 148467 |
| 96129 | Navient Student Loan Trust, Series 2019-BA, Class A2A, 3.39%, due 12/15/59 144A | 94732 |
| 50000 | Navistar Financial Dealer Note Master Owner Trust II, Series 2025-1, Class A, 4.18%, <br> due 09/25/30 144A<br>| 49999 |
| 400000 | Neuberger Berman Loan Advisers CLO 41 Ltd., Series 2021-41A, Class AR, 4.72% (3 <br> mo. USD Term SOFR + 1.05%), due 04/15/34<sup>(b)</sup> 144A<br>| 399613 |
| 250000 | Neuberger Berman Loan Advisers CLO 42 Ltd., Series 2021-42A, Class AR, 4.62% (3 <br> mo. USD Term SOFR + 0.95%), due 07/16/36<sup>(b)</sup> 144A<br>| 249500 |
| 250000 | Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class BR, 5.12% (3 <br> mo. USD Term SOFR + 1.45%), due 07/17/36<sup>(b)</sup> 144A<br>| 249699 |
| 150000 | Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR2, 4.70% (3 <br> mo. USD Term SOFR + 1.04%), due 07/23/36<sup>(b)</sup> 144A<br>| 149722 |
| 250000 | Neuberger Berman Loan Advisers CLO 51 Ltd., Series 2022-51A, Class AR2, 4.67% (3 <br> mo. USD Term SOFR + 1.00%), due 10/23/36<sup>(b)</sup> 144A<br>| 250054 |
| 100000 | Nissan Auto Lease Trust, Series 2024-A, Class A4, 4.97%, due 09/15/28 | 100235 |
| 161586 | OZLM XV Ltd., Series 2016-15A, Class A1R3, 4.72% (3 mo. USD Term SOFR + <br> 1.05%), due 04/20/33<sup>(b)</sup> 144A<br>| 161681 |
| 300000 | Palmer Square Loan Funding Ltd., Series 2025-3A, Class A1, 4.66% (3 mo. USD Term <br> SOFR + 0.95%), due 01/15/34<sup>(b)</sup> 144A<br>| 299880 |
| 220000 | PFS Financing Corp., Series 2023-C, Class A, 5.52%, due 10/15/28 144A | 221607 |
| 73374 | Porsche Financial Auto Securitization Trust, Series 2023-2A, Class A3, 5.79%, due <br> 01/22/29 144A<br>| 73777 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 40268 | Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A, 5.04%, due <br> 06/27/33 144A<br>| 40361 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 100545 |
| 40665 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, due 01/16/29 | 40742 |
| 100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, due 03/17/31 | 100451 |
| 20804 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.71%, due 06/15/28 | 20818 |
| 60170 | Santander Drive Auto Receivables Trust, Series 2025-3, Class A2, 4.63%, due 10/16/28 | 60277 |
| 50000 | Santander Drive Auto Receivables Trust, Series 2025-3, Class B, 4.49%, due 09/15/31 | 50156 |
| 46852 | Santander Drive Auto Receivables Trust, Series 2025-4, Class A2, 4.28%, due 01/15/29 | 46879 |
| 171849 | SMB Private Education Loan Trust, Series 2022-B, Class A1A, 3.94%, due 02/16/55 <br> 144A<br>| 166678 |
| 89124 | SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13%, due 04/15/54 <br> 144A<br>| 89849 |
| 100000 | SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, due 02/27/34 144A | 100946 |
| 102221 | SoFi Consumer Loan Program Trust, Series 2025-4, Class A, 4.24%, due 08/25/35 144A | 102077 |
| 42278 | SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, due 02/15/47 <br> 144A<br>| 37961 |
| 187689 | Southwick Park CLO LLC, Series 2019-4A, Class A1RR, 4.67% (3 mo. USD Term <br> SOFR + 1.00%), due 07/20/32<sup>(b)</sup> 144A<br>| 187700 |
| 100000 | STAR Trust, Series 2025-SFR6, Class A, 5.07% (1 mo. USD Term SOFR + 1.40%), due <br> 08/17/42<sup>(b)</sup> 144A<br>| 100046 |
| 250000 | Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.74%, due 10/15/29 | 252229 |
| 245000 | Synchrony Card Funding LLC, Series 2024-A2, Class A, 4.93%, due 07/15/30 | 247585 |
| 185258 | Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, due 06/20/28 144A | 186578 |
| 67888 | Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83%, due 10/16/28 | 68193 |
| 100000 | Toyota Auto Receivables Owner Trust, Series 2026-A, Class A3, 3.86%, due 09/16/30 | 99404 |
| 150000 | Toyota Lease Owner Trust, Series 2025-B, Class A3, 3.96%, due 11/20/28 144A | 149370 |
| 217000 | Toyota Lease Owner Trust, Series 2026-A, Class A3, 3.82%, due 02/20/29 144A | 215721 |
| 170000 | Verizon Master Trust, Series 2023-4, Class B, 4.57%, due 06/20/29 | 170154 |
| 190000 | Verizon Master Trust, Series 2024-4, Class A1A, 5.21%, due 06/20/29 | 190552 |
| 130000 | Verizon Master Trust, Series 2024-7, Class B, 4.60%, due 08/20/32 144A | 130585 |
| 75000 | Verizon Master Trust, Series 2024-8, Class B, 4.82%, due 11/20/30 | 75821 |
| 135000 | Verizon Master Trust, Series 2025-3, Class A1A, 4.51%, due 03/20/30 | 135662 |
| 42376 | Veros Auto Receivables Trust, Series 2026-1, Class A, 4.53%, due 08/15/28 144A | 42372 |
| 250000 | Volvo Financial Equipment LLC, Series 2024-1A, Class A3, 4.29%, due 10/16/28 144A | 250427 |
| 100000 | Volvo Financial Equipment LLC, Series 2025-1A, Class A3, 4.46%, due 05/15/29 144A | 100486 |
| 100000 | Volvo Financial Equipment LLC, Series 2025-2A, Class A3, 3.99%, due 12/17/29 144A | 99652 |
| 100000 | Westlake Automobile Receivables Trust, Series 2026-1A, Class A2A, 4.02%, due <br> 09/15/28 144A<br>| 99902 |
| 155000 | WF Card Issuance Trust, Series 2025-A1, Class A, 4.34%, due 05/15/30 | 155906 |
| 100000 | World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3, 4.42%, <br> due 04/17/28<br>| 100326 |
| 100000 | World Omni Select Auto Trust, Series 2025-A, Class A3, 4.08%, due 08/15/31 | 99543 |
|  |  | 18705842 |
|  | **Bank Loans — 1.8%** | **Bank Loans — 1.8%** |
| 199000 | Allied Universal Holdco LLC, 2025 USD Term Loan B, 6.92% (1 mo. USD Term SOFR <br> + 3.25%), due 08/20/32<sup>(b)</sup> <br>| 199166 |
| 50000 | APi Group DE, Inc., 2025 Term Loan, 5.42% (1 mo. USD Term SOFR + 1.75%), due <br> 01/03/29<sup>(b)</sup> <br>| 50023 |

---

182See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| 110831 | BCPE Empire Holdings, Inc., 2025 Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 12/11/30<sup>(b)</sup> <br>| 109428 |
| 55556 | BCPE Empire Holdings, Inc., 2025 Term Loan B TBD, due 12/11/30<sup>(c)</sup> <br>| 54852 |
| 44444 | BradyPlus Holdings LLC, 2025 Term Loan B, 7.20% (3 mo. USD Term SOFR + <br> 3.50%), due 12/29/32<sup>(b)</sup> <br>| 43833 |
| 93360 | Chart Industries, Inc., 2024 Term Loan B, 6.16% (3 mo. USD Term SOFR + 2.50%), <br> due 03/15/30<sup>(b)</sup> <br>| 93399 |
| 49740 | CoreLogic, Inc., Term Loan, 7.28% (1 mo. USD Term SOFR + 3.50%), due 06/02/28<sup>(b)</sup> <br>| 47688 |
| 50000 | Dycom Investments, Inc., 2026 Term Loan B, 5.42% (1 mo. USD Term SOFR + <br> 1.75%), due 01/27/33<sup>(b)</sup> <br>| 50250 |
| 179250 | Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 6.17% (1 mo. USD Term SOFR + <br> 2.50%), due 10/08/29<sup>(b)</sup> <br>| 174500 |
| 99749 | Focus Financial Partners LLC, 2025 Incremental Term Loan B, 6.17% (1 mo. USD Term <br> SOFR + 2.50%), due 09/15/31<sup>(b)</sup> <br>| 96617 |
| 18716 | Medline Borrower LP, 2025 Term Loan B, 5.42% (1 mo. USD Term SOFR + 1.75%), <br> due 10/23/28<sup>(b)</sup> <br>| 18759 |
| 97449 | Polaris Newco LLC, USD Term Loan B, 7.93% (3 mo. USD Term SOFR + 4.00%), due <br> 06/02/28<sup>(b)</sup> <br>| 85334 |
| 99739 | RealPage, Inc., 1st Lien Term Loan, 6.96% (3 mo. USD Term SOFR + 3.00%), due <br> 04/24/28<sup>(b)</sup> <br>| 95737 |
| 98013 | Roper Industrial Products Investment Co. LLC, 2026 USD Term Loan B, 6.20% (3 mo. <br> USD Term SOFR + 2.50%), due 11/22/29<sup>(b)</sup> <br>| 98155 |
| 100000 | TK Elevator Midco GmbH, 2025 USD Term Loan B TBD, due 04/30/30<sup>(c)</sup> <br>| 100313 |
| 86789 | TransDigm, Inc., 2023 Term Loan J, 6.17% (1 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| 86874 |
| 99749 | Trucordia Insurance Holdings LLC, Term Loan B, 6.92% (1 mo. USD Term SOFR + <br> 3.25%), due 06/17/32<sup>(b)</sup> <br>| 92268 |
| 47009 | UKG, Inc., 2024 Term Loan B, 6.17% (3 mo. USD Term SOFR + 2.50%), due <br> 02/10/31<sup>(b)</sup> <br>| 44960 |
|  |  | 1542156 |
|  | **Corporate Debt — 41.3%** | **Corporate Debt — 41.3%** |
| 18000 | 3M Co., 4.80%, due 03/15/30 | 18199 |
| 200000 | Abbott Laboratories, 3.70%, due 03/09/29 | 197651 |
| 30000 | Abbott Laboratories, 4.00%, due 03/15/31 | 29531 |
| 10000 | AbbVie, Inc., 3.20%, due 11/21/29 | 9642 |
| 213000 | AbbVie, Inc., 4.80%, due 03/15/29 | 216451 |
| 72000 | Advanced Micro Devices, Inc., 4.32%, due 03/24/28 | 72478 |
| 150000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 04/01/28 | 151103 |
| 27000 | AGCO Corp., 5.45%, due 03/21/27 | 27188 |
| 73000 | Air Products & Chemicals, Inc., 4.30%, due 06/11/28 | 73271 |
| 73000 | Alabama Power Co., 3.75%, due 09/01/27 | 72572 |
| 20000 | Alphabet, Inc., 1.10%, due 08/15/30 | 17593 |
| 70000 | Alphabet, Inc., 3.70%, due 02/15/29 | 69413 |
| 40000 | Alphabet, Inc., 3.88%, due 11/15/28 | 39878 |
| 25000 | Amazon.com, Inc., 3.90%, due 11/20/28 | 24900 |
| 50000 | Amazon.com, Inc., 4.00%, due 03/13/29 | 49756 |
| 140000 | Amazon.com, Inc., 4.24% (1 day USD SOFR + 0.59%), due 03/13/29<sup>(b)</sup> <br>| 140101 |
| 60000 | Ameren Corp., 5.70%, due 12/01/26 | 60442 |
| 74000 | Ameren Illinois Co., 3.80%, due 05/15/28 | 73321 |
| 114736 | American Airlines Pass-Through Trust, 3.00%, due 04/15/30 | 111295 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 116900 | American Airlines Pass-Through Trust, 3.20%, due 12/15/29 | 114001 |
| 85974 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | 81934 |
| 37000 | American Electric Power Co., Inc., 5.20%, due 01/15/29 | 37766 |
| 80000 | American Express Co., 4.35% (1 day USD SOFR + 0.81%), due 07/20/29<sup>(b)</sup> <br>| 79955 |
| 68000 | American Express Co., 5.10% (1 day USD SOFR + 1.00%), due 02/16/28<sup>(b)</sup> <br>| 68379 |
| 15000 | American Express Co., 5.28% (1 day USD SOFR Index + 1.28%), due 07/27/29<sup>(b)</sup> <br>| 15258 |
| 47000 | American Express Co., 5.39% (1 day USD SOFR + 0.97%), due 07/28/27<sup>(b)</sup> <br>| 47127 |
| 11000 | American Express Co., 5.65% (1 day USD SOFR Index + 0.75%), due 04/23/27<sup>(b)</sup> <br>| 11011 |
| 55000 | American Homes 4 Rent LP, 4.25%, due 02/15/28 | 54726 |
| 38000 | American Honda Finance Corp., 1.30%, due 09/09/26 | 37530 |
| 10000 | American Honda Finance Corp., 4.40%, due 10/05/26 | 9999 |
| 29000 | American Honda Finance Corp., 4.45%, due 10/22/27 | 28969 |
| 200000 | American Tower Corp., 2.75%, due 01/15/27 | 197506 |
| 79000 | American Tower Corp., 3.65%, due 03/15/27 | 78451 |
| 5000 | American Tower Corp., 5.25%, due 07/15/28 | 5088 |
| 5000 | American Tower Corp., 5.50%, due 03/15/28 | 5089 |
| 88000 | Amgen, Inc., 5.15%, due 03/02/28 | 89329 |
| 80000 | Amphenol Corp., 3.90%, due 11/15/28 | 79423 |
| 73000 | Amphenol Corp., 4.38%, due 06/12/28 | 73226 |
| 79000 | Analog Devices, Inc., 4.25%, due 06/15/28 | 79137 |
| 28000 | Aon North America, Inc., 5.13%, due 03/01/27 | 28150 |
| 21000 | Arthur J Gallagher & Co., 4.85%, due 12/15/29 | 21237 |
| 100000 | Aspen Insurance Holdings Ltd., 5.75%, due 07/01/30 | 103216 |
| 75000 | Astrazeneca Finance LLC, 4.80%, due 02/26/27 | 75445 |
| 170000 | AT&T, Inc., 4.10%, due 02/15/28 | 169219 |
| 50000 | Athene Global Funding, 5.58%, due 01/09/29 144A | 50478 |
| 250000 | Atlas Warehouse Lending Co. LP, 6.05%, due 01/15/28 144A | 253534 |
| 17000 | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | 16429 |
| 50000 | Avolon Holdings Funding Ltd., 2.75%, due 02/21/28 144A | 48246 |
| 63000 | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, due 12/15/26 | 62167 |
| 136000 | Baltimore Gas & Electric Co., 2.40%, due 08/15/26 | 135112 |
| 64000 | Bank of America Corp., 1.73% (1 day USD SOFR + 0.96%), due 07/22/27<sup>(b)</sup> <br>| 63468 |
| 241000 | Bank of America Corp., 2.09% (1 day USD SOFR + 1.06%), due 06/14/29<sup>(b)</sup> <br>| 229332 |
| 65000 | Bank of America Corp., 2.55% (1 day USD SOFR + 1.05%), due 02/04/28<sup>(b)</sup> <br>| 64018 |
| 75000 | Bank of America Corp., 3.42% (3 mo. USD Term SOFR + 1.30%), due 12/20/28<sup>(b)</sup> <br>| 73704 |
| 54000 | Bank of America Corp., 3.71% (3 mo. USD Term SOFR + 1.77%), due 04/24/28<sup>(b)</sup> <br>| 53601 |
| 45000 | Bank of America Corp., 3.97% (3 mo. USD Term SOFR + 1.33%), due 03/05/29<sup>(b)</sup> <br>| 44606 |
| 36000 | Bank of America Corp., 4.38% (1 day USD SOFR + 1.58%), due 04/27/28<sup>(b)</sup> <br>| 35979 |
| 15000 | Bank of America Corp., 4.46% (1 day USD SOFR + 0.87%), due 02/06/32<sup>(b)</sup> <br>| 14815 |
| 250000 | Bank of America Corp., 4.98% (1 day USD SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| 252026 |
| 165000 | Bank of America Corp., 5.16% (1 day USD SOFR + 1.00%), due 01/24/31<sup>(b)</sup> <br>| 168175 |
| 135000 | Bank of America Corp., 5.93% (1 day USD SOFR + 1.34%), due 09/15/27<sup>(b)</sup> <br>| 135949 |
| 55000 | Bank of Montreal, 4.06% (1 day USD SOFR Index + 0.75%), due 09/22/28<sup>(b)</sup> <br>| 54704 |
| 115000 | Bank of Montreal, 4.34% (1 day USD SOFR + 0.89%), due 03/19/30<sup>(b)(d)</sup> <br>| 114513 |
| 250000 | Bank of New York Mellon, 4.73% (1 day USD SOFR + 1.14%), due 04/20/29<sup>(b)</sup> <br>| 251813 |
| 33000 | Bank of New York Mellon Corp., 4.95% (1 day USD SOFR + 1.03%), due 04/26/27<sup>(b)</sup> <br>| 33011 |
| 15000 | Bank of Nova Scotia, 4.04% (1 day USD SOFR + 0.76%), due 09/15/28<sup>(b)</sup> <br>| 14910 |
| 40000 | Bank of Nova Scotia, 4.25% (1 day USD SOFR + 0.73%), due 02/02/30<sup>(b)</sup> <br>| 39649 |
| 185000 | Bank of Nova Scotia, 4.40% (1 day USD SOFR + 1.00%), due 09/08/28<sup>(b)</sup> <br>| 184858 |

---

184See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 200000 | Banque Federative du Credit Mutuel SA, 4.54%, due 01/15/31 144A | 197323 |
| 64000 | Becton Dickinson & Co., 4.69%, due 02/13/28 | 64334 |
| 36000 | BHP Billiton Finance USA Ltd., 5.25%, due 09/08/26 | 36147 |
| 145000 | BlackRock Funding, Inc., 4.60%, due 07/26/27 | 146025 |
| 28000 | BMW U.S. Capital LLC, 1.25%, due 08/12/26 144A | 27685 |
| 14000 | BMW U.S. Capital LLC, 4.50%, due 08/11/30 144A | 13846 |
| 250000 | BNP Paribas SA, 4.79% (1 day USD SOFR + 1.45%), due 05/09/29<sup>(b)</sup> 144A | 250939 |
| 50000 | Boeing Co., 6.26%, due 05/01/27 | 50877 |
| 200000 | Booz Allen Hamilton, Inc., 3.88%, due 09/01/28 144A | 194913 |
| 17000 | BorgWarner, Inc., 4.95%, due 08/15/29 | 17200 |
| 150000 | Boston Properties LP, 2.75%, due 10/01/26 | 148631 |
| 40024 | British Airways Pass-Through Trust, 3.35%, due 12/15/30 144A | 38882 |
| 100000 | Brixmor Operating Partnership LP, 4.13%, due 05/15/29 | 98672 |
| 32000 | Broadcom, Inc., 3.46%, due 09/15/26 | 31933 |
| 18000 | Broadcom, Inc., 4.80%, due 04/15/28 | 18207 |
| 200000 | Broadcom, Inc., 5.05%, due 07/12/29 | 204170 |
| 200000 | Brooklyn Union Gas Co., 4.63%, due 08/05/27 144A | 200049 |
| 78000 | Brown & Brown, Inc., 4.70%, due 06/23/28 | 78242 |
| 62000 | Cadence Design Systems, Inc., 4.20%, due 09/10/27 | 61969 |
| 13000 | Canadian Imperial Bank of Commerce, 4.86% (1 day USD SOFR + 1.03%), due <br> 03/30/29<sup>(b)</sup> <br>| 13112 |
| 180000 | Canadian Imperial Bank of Commerce, 5.00%, due 04/28/28 | 182334 |
| 81000 | Capital One Financial Corp., 1.88% (1 day USD SOFR + 0.86%), due 11/02/27<sup>(b)</sup> <br>| 79669 |
| 100000 | Capital One Financial Corp., 5.46% (1 day USD SOFR + 1.56%), due 07/26/30<sup>(b)</sup> <br>| 102093 |
| 59000 | Capital One Financial Corp., 5.47% (1 day USD SOFR + 2.08%), due 02/01/29<sup>(b)</sup> <br>| 59910 |
| 35000 | Capital One Financial Corp., 5.70% (1 day USD SOFR + 1.91%), due 02/01/30<sup>(b)</sup> <br>| 35913 |
| 61000 | Cardinal Health, Inc., 4.70%, due 11/15/26 | 61116 |
| 10000 | Cardinal Health, Inc., 5.00%, due 11/15/29 | 10154 |
| 41000 | Cardinal Health, Inc., 5.13%, due 02/15/29 | 41719 |
| 15000 | Cargill, Inc., 3.63%, due 04/22/27 144A | 14924 |
| 60000 | Caterpillar Financial Services Corp., 4.40%, due 03/03/28 | 60319 |
| 15000 | Caterpillar Financial Services Corp., 4.80%, due 01/08/30 | 15352 |
| 27000 | CenterPoint Energy Houston Electric LLC, 4.80%, due 03/15/30 | 27360 |
| 140000 | Centerpoint Energy Restoration Bond Co. III LLC, 3.90%, due 12/15/31 | 139136 |
| 23000 | Charles Schwab Corp., 5.88%, due 08/24/26 | 23135 |
| 30000 | Chevron USA, Inc., 4.05%, due 08/13/28 | 30042 |
| 14000 | Chevron USA, Inc., 4.30%, due 10/15/30<sup>(d)</sup> <br>| 14040 |
| 18000 | Chevron USA, Inc., 4.69%, due 04/15/30 | 18285 |
| 20000 | Cigna Group, 2.38%, due 03/15/31 | 17975 |
| 115000 | Cigna Group, 4.50%, due 09/15/30 | 114642 |
| 76000 | Cisco Systems, Inc., 4.55%, due 02/24/28 | 76802 |
| 31000 | Cisco Systems, Inc., 4.75%, due 02/24/30 | 31605 |
| 30000 | Citigroup, Inc., 2.57% (1 day USD SOFR + 2.11%), due 06/03/31<sup>(b)</sup> <br>| 27508 |
| 250000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| 246345 |
| 150000 | Citigroup, Inc., 4.64% (1 day USD SOFR + 1.14%), due 05/07/28<sup>(b)</sup> <br>| 150265 |
| 5000 | Citigroup, Inc., 4.79% (1 day USD SOFR + 0.87%), due 03/04/29<sup>(b)</sup> <br>| 5027 |
| 15000 | CME Group, Inc., 4.40%, due 03/15/30 | 15052 |
| 15000 | CNO Global Funding, 4.38%, due 09/08/28 144A | 14878 |
| 20000 | Comcast Corp., 3.40%, due 04/01/30 | 19205 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 15000 | Connecticut Light & Power Co., 4.65%, due 01/01/29 | 15139 |
| 90000 | Constellation Energy Generation LLC, 3.90%, due 01/08/28 | 89319 |
| 150000 | Constellation Energy Generation LLC, 4.40%, due 01/15/31 | 148106 |
| 13000 | Consumers Energy Co., 4.50%, due 01/15/31 | 13028 |
| 23000 | Consumers Energy Co., 4.90%, due 02/15/29 | 23387 |
| 61000 | Corebridge Financial, Inc., 3.65%, due 04/05/27 | 60463 |
| 20000 | Corebridge Global Funding, 4.25%, due 08/21/28 144A | 19867 |
| 250000 | Credit Agricole SA, 5.23% (1 day USD SOFR + 1.13%), due 01/09/29<sup>(b)</sup> 144A | 252833 |
| 40000 | Crown Castle, Inc., 5.60%, due 06/01/29 | 40956 |
| 4000 | CSL Finance PLC, 3.85%, due 04/27/27 144A | 3979 |
| 175000 | CVS Health Corp., 1.30%, due 08/21/27 | 167729 |
| 35000 | CVS Health Corp., 5.40%, due 06/01/29 | 35836 |
| 200000 | Danske Bank AS, 5.71% (1 yr. CMT + 1.40%), due 03/01/30<sup>(b)</sup> 144A | 205745 |
| 140000 | Dell International LLC/EMC Corp., 4.15%, due 02/15/29 | 138864 |
| 5000 | Dell International LLC/EMC Corp., 4.50%, due 02/15/31 | 4943 |
| 72000 | Dell International LLC/EMC Corp., 4.75%, due 04/01/28 | 72533 |
| 6000 | Dell International LLC/EMC Corp., 5.00%, due 04/01/30 | 6074 |
| 15000 | Diamondback Energy, Inc., 5.15%, due 01/30/30 | 15318 |
| 72000 | Diamondback Energy, Inc., 5.20%, due 04/18/27 | 72583 |
| 9000 | Discovery Global Holdings, Inc., 3.76%, due 03/15/27 | 8895 |
| 115000 | Dominion Energy, Inc., 4.60%, due 05/15/28 | 115381 |
| 185000 | DTE Energy Co., 4.88%, due 06/01/28 | 186700 |
| 118000 | DTE Energy Co., 5.10%, due 03/01/29 | 120004 |
| 125000 | Duke Energy Corp., 2.65%, due 09/01/26 | 124141 |
| 81988 | Duke Energy Florida Project Finance LLC, 2.54%, due 09/01/31 | 79045 |
| 37000 | Eastman Chemical Co., 5.00%, due 08/01/29 | 37351 |
| 200000 | Eaton Corp., 3.95%, due 03/06/29 | 198055 |
| 50000 | eBay, Inc., 4.25%, due 03/06/29 | 49746 |
| 203000 | Ecolab, Inc., 4.30%, due 06/15/28 | 203535 |
| 4000 | Element Fleet Management Corp., 5.64%, due 03/13/27 144A | 4034 |
| 55000 | Eli Lilly & Co., 4.00%, due 10/15/28 | 54948 |
| 59000 | Eli Lilly & Co., 4.55%, due 02/12/28 | 59499 |
| 100000 | Enbridge, Inc., 4.20%, due 11/20/28 | 99319 |
| 67000 | Enbridge, Inc., 4.60%, due 06/20/28 | 67186 |
| 71000 | Enterprise Products Operating LLC, 4.30%, due 06/20/28 | 71108 |
| 50000 | Equinix Asia Financing Corp. Pte. Ltd., 4.40%, due 03/15/31 | 48966 |
| 145000 | Equinor ASA, 4.25%, due 06/02/28 | 145377 |
| 20000 | ERAC USA Finance LLC, 5.00%, due 02/15/29 144A | 20326 |
| 125000 | Essential Utilities, Inc., 4.80%, due 08/15/27 | 125510 |
| 190000 | Essex Portfolio LP, 3.63%, due 05/01/27 | 188395 |
| 50000 | Evergy, Inc., 4.25%, due 03/15/29 | 49631 |
| 80000 | Eversource Energy, 2.90%, due 03/01/27 | 78986 |
| 16000 | Exelon Corp., 5.15%, due 03/15/29 | 16310 |
| 200000 | Federation des Caisses Desjardins du Quebec, 4.57%, due 08/26/30 144A | 199228 |
| 22000 | FedEx Corp., 3.25%, due 04/01/26 | 22000 |
| 150000 | Fedex Freight Holding Co., Inc., 4.30%, due 03/15/29 144A | 148237 |
| 150000 | Fidelity National Information Services, Inc., 4.55%, due 03/10/29 | 149330 |
| 62000 | Fiserv, Inc., 5.15%, due 03/15/27 | 62315 |
| 59000 | Fiserv, Inc., 5.45%, due 03/02/28 | 59866 |

---

186See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 110000 | Frontier Communications Holdings LLC, 5.00%, due 05/01/28 144A | 110042 |
| 71000 | GATX Corp., 5.40%, due 03/15/27 | 71535 |
| 30000 | GE Vernova, Inc., 4.25%, due 02/04/31 | 29672 |
| 250000 | General Mills, Inc., 4.70%, due 01/30/27 | 250391 |
| 64000 | General Motors Financial Co., Inc., 4.35%, due 01/17/27 | 63922 |
| 100000 | General Motors Financial Co., Inc., 4.60%, due 01/08/31 | 98599 |
| 60000 | General Motors Financial Co., Inc., 5.05%, due 04/04/28 | 60530 |
| 19000 | General Motors Financial Co., Inc., 5.40%, due 04/06/26 | 19002 |
| 10000 | General Motors Financial Co., Inc., 5.55%, due 07/15/29 | 10233 |
| 20000 | Georgia Power Co., 4.00%, due 10/01/28 | 19888 |
| 19000 | Georgia Power Co., 5.00%, due 02/23/27 | 19145 |
| 16000 | Gilead Sciences, Inc., 4.80%, due 11/15/29 | 16302 |
| 13000 | GlaxoSmithKline Capital, Inc., 4.50%, due 04/15/30 | 13084 |
| 50000 | Glencore Funding LLC, 4.90%, due 07/01/31<sup>(e)</sup> 144A | 49996 |
| 100000 | Global Payments, Inc., 4.50%, due 11/15/28 | 99054 |
| 100000 | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | 101585 |
| 65000 | Goldman Sachs Group, Inc., 1.95% (1 day USD SOFR + 0.91%), due 10/21/27<sup>(b)</sup> <br>| 64118 |
| 255000 | Goldman Sachs Group, Inc., 2.64% (1 day USD SOFR + 1.11%), due 02/24/28<sup>(b)</sup> <br>| 250925 |
| 250000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| 246650 |
| 70000 | Goldman Sachs Group, Inc., 4.15% (1 day USD SOFR + 0.71%), due 01/21/29<sup>(b)</sup> <br>| 69587 |
| 250000 | Goldman Sachs Group, Inc., 4.15% (1 day USD SOFR + 0.90%), due 10/21/29<sup>(b)</sup> <br>| 247697 |
| 25000 | Goldman Sachs Group, Inc., 4.52% (1 day USD SOFR + 0.96%), due 01/21/32<sup>(b)</sup> <br>| 24626 |
| 115000 | HCA, Inc., 4.30%, due 11/15/30 | 113139 |
| 34000 | HCA, Inc., 5.88%, due 02/01/29 | 34997 |
| 116000 | HEICO Corp., 5.25%, due 08/01/28 | 118255 |
| 18000 | Hershey Co., 4.75%, due 02/24/30 | 18290 |
| 20000 | Hewlett Packard Enterprise Co., 4.15%, due 09/15/28 | 19844 |
| 98000 | Hewlett Packard Enterprise Co., 4.55%, due 10/15/29 | 97538 |
| 100000 | Hewlett Packard Enterprise Co., 4.60%, due 03/23/29 | 99931 |
| 30000 | Home Depot, Inc., 3.75%, due 09/15/28 | 29823 |
| 43000 | Home Depot, Inc., 4.88%, due 06/25/27 | 43425 |
| 63000 | Honda Motor Co. Ltd., 2.53%, due 03/10/27 | 61930 |
| 28000 | Honda Motor Co. Ltd., 4.44%, due 07/08/28 | 27941 |
| 76000 | Honeywell Aerospace, Inc., 4.00%, due 03/16/29 144A | 75310 |
| 115000 | Honeywell Aerospace, Inc., 4.28% (1 day USD SOFR Index + 0.63%), due 03/16/29<sup>(b)</sup> <br> 144A<br>| 114494 |
| 30000 | Honeywell Aerospace, Inc., 4.30%, due 03/16/31 144A | 29686 |
| 25000 | Howmet Aerospace, Inc., 3.90%, due 04/15/29 | 24652 |
| 200000 | HSBC Holdings PLC, 4.40% (1 day USD SOFR + 0.99%), due 03/10/30<sup>(b)</sup> <br>| 198557 |
| 200000 | HSBC Holdings PLC, 4.58% (3 mo. USD Term SOFR + 1.80%), due 06/19/29<sup>(b)</sup> <br>| 199893 |
| 47000 | Humana, Inc., 5.75%, due 03/01/28 | 47941 |
| 60000 | Hyatt Hotels Corp., 5.05%, due 03/30/28 | 60524 |
| 205000 | Hyundai Capital America, 4.60%, due 04/06/28<sup>(e)</sup> 144A | 204912 |
| 15000 | Hyundai Capital America, 4.75%, due 04/06/29<sup>(e)</sup> 144A | 14995 |
| 12000 | Hyundai Capital America, 5.95%, due 09/21/26 144A | 12075 |
| 60000 | Ingersoll Rand, Inc., 5.20%, due 06/15/27 | 60541 |
| 100000 | Ingersoll Rand, Inc., 5.40%, due 08/14/28 | 102327 |
| 80000 | Intercontinental Exchange, Inc., 3.95%, due 12/01/28 | 79250 |
| 50000 | Jabil, Inc., 4.20%, due 02/01/29 | 49405 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 100000 | Jabil, Inc., 5.45%, due 02/01/29 | 102019 |
| 15000 | Jackson National Life Global Funding, 4.55%, due 09/09/30 144A | 14706 |
| 21000 | JB Hunt Transport Services, Inc., 4.90%, due 03/15/30 | 21258 |
| 100000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 3.00%, <br> due 02/02/29<br>| 95985 |
| 30000 | Jersey Central Power & Light Co., 4.15%, due 01/15/29 144A | 29813 |
| 35000 | John Deere Capital Corp., 1.45%, due 01/15/31 | 30741 |
| 59000 | Johnson & Johnson, 4.55%, due 03/01/28 | 59712 |
| 279000 | JPMorgan Chase & Co., 1.47% (1 day USD SOFR + 0.77%), due 09/22/27<sup>(b)</sup> <br>| 275204 |
| 38000 | JPMorgan Chase & Co., 1.58% (1 day USD SOFR + 0.89%), due 04/22/27<sup>(b)</sup> <br>| 37939 |
| 40000 | JPMorgan Chase & Co., 2.07% (1 day USD SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| 38066 |
| 59000 | JPMorgan Chase & Co., 2.95% (1 day USD SOFR + 1.17%), due 02/24/28<sup>(b)</sup> <br>| 58266 |
| 75000 | JPMorgan Chase & Co., 3.51% (3 mo. USD Term SOFR + 1.21%), due 01/23/29<sup>(b)</sup> <br>| 73816 |
| 110000 | JPMorgan Chase & Co., 3.70% (3 mo. USD Term SOFR + 1.42%), due 05/06/30<sup>(b)</sup> <br>| 107305 |
| 150000 | JPMorgan Chase & Co., 4.32% (1 day USD SOFR + 1.56%), due 04/26/28<sup>(b)</sup> <br>| 149957 |
| 40000 | JPMorgan Chase & Co., 4.45% (3 mo. USD Term SOFR + 1.59%), due 12/05/29<sup>(b)</sup> <br>| 40055 |
| 73000 | JPMorgan Chase & Co., 4.51% (1 day USD SOFR + 0.86%), due 10/22/28<sup>(b)</sup> <br>| 73004 |
| 150000 | JPMorgan Chase & Co., 4.92% (1 day USD SOFR + 0.80%), due 01/24/29<sup>(b)</sup> <br>| 151329 |
| 150000 | JPMorgan Chase & Co., 4.98% (1 day USD SOFR + 0.93%), due 07/22/28<sup>(b)</sup> <br>| 151041 |
| 237000 | JPMorgan Chase & Co., 5.01% (1 day USD SOFR + 1.31%), due 01/23/30<sup>(b)</sup> <br>| 240350 |
| 61000 | JPMorgan Chase & Co., 5.04% (1 day USD SOFR + 1.19%), due 01/23/28<sup>(b)</sup> <br>| 61317 |
| 81000 | JPMorgan Chase & Co., 5.57% (1 day USD SOFR + 0.93%), due 04/22/28<sup>(b)</sup> <br>| 82005 |
| 6000 | JPMorgan Chase & Co., 5.58% (1 day USD SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| 6185 |
| 95000 | JPMorgan Chase & Co., 6.07% (1 day USD SOFR + 1.33%), due 10/22/27<sup>(b)</sup> <br>| 95914 |
| 49000 | Kinder Morgan, Inc., 1.75%, due 11/15/26 | 48244 |
| 100000 | Kite Realty Group Trust, 4.75%, due 09/15/30 | 100107 |
| 49000 | L3Harris Technologies, Inc., 4.40%, due 06/15/28 | 49047 |
| 10000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 9915 |
| 65000 | Las Vegas Sands Corp., 5.90%, due 06/01/27 | 65861 |
| 75000 | Lennox International, Inc., 5.50%, due 09/15/28 | 76415 |
| 14000 | Liberty Utilities Co., 5.58%, due 01/31/29 144A | 14286 |
| 400000 | Lloyds Banking Group PLC, 3.57% (3 mo. USD LIBOR + 1.21%), due 11/07/28<sup>(b)</sup> <br>| 394659 |
| 200000 | Lloyds Banking Group PLC, 5.46% (1 yr. CMT + 1.38%), due 01/05/28<sup>(b)</sup> <br>| 201498 |
| 10000 | Lockheed Martin Corp., 4.15%, due 08/15/28 | 10009 |
| 20000 | Lockheed Martin Corp., 4.40%, due 08/15/30 | 20022 |
| 67000 | Lowe's Cos., Inc., 3.35%, due 04/01/27 | 66492 |
| 50000 | Lowe's Cos., Inc., 4.00%, due 10/15/28 | 49608 |
| 150000 | LPL Holdings, Inc., 4.90%, due 04/03/28 | 150529 |
| 100000 | LPL Holdings, Inc., 5.70%, due 05/20/27 | 100947 |
| 100000 | Maple Parent Holdings Corp., 4.75%, due 03/26/29 144A | 100006 |
| 25000 | Marriott International, Inc., 4.20%, due 07/15/27 | 24971 |
| 110000 | Mars, Inc., 4.60%, due 03/01/28 144A | 110707 |
| 11000 | Mars, Inc., 4.80%, due 03/01/30 144A | 11118 |
| 200000 | MassMutual Global Funding II, 4.55%, due 05/07/30 144A | 199461 |
| 40000 | McCormick & Co., Inc., 4.15%, due 02/15/29 | 39620 |
| 25000 | McDonald's Corp., 4.40%, due 02/12/31 | 24937 |
| 11000 | Merck & Co., Inc., 4.15%, due 03/15/31 | 10881 |
| 110000 | Meta Platforms, Inc., 4.20%, due 11/15/30 | 108958 |
| 25000 | Meta Platforms, Inc., 4.30%, due 08/15/29<sup>(d)</sup> <br>| 25117 |

---

188See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 50000 | Metropolitan Life Global Funding I, 4.35%, due 01/12/31 144A | 49476 |
| 175000 | Microchip Technology, Inc., 4.90%, due 03/15/28 | 176113 |
| 255000 | Mitsubishi UFJ Financial Group, Inc., 2.34% (1 yr. CMT + 0.83%), due 01/19/28<sup>(b)</sup> <br>| 250909 |
| 200000 | Mitsubishi UFJ Financial Group, Inc., 5.42% (1 yr. CMT + 1.38%), due 02/22/29<sup>(b)</sup> <br>| 203284 |
| 49000 | Morgan Stanley, 1.51% (1 day USD SOFR + 0.86%), due 07/20/27<sup>(b)</sup> <br>| 48555 |
| 42000 | Morgan Stanley, 1.59% (1 day USD SOFR + 0.88%), due 05/04/27<sup>(b)</sup> <br>| 41884 |
| 101000 | Morgan Stanley, 2.48% (1 day USD SOFR + 1.00%), due 01/21/28<sup>(b)</sup> <br>| 99430 |
| 8000 | Morgan Stanley, 3.13%, due 07/27/26 | 7973 |
| 25000 | Morgan Stanley, 4.13% (1 day USD SOFR + 0.91%), due 10/18/29<sup>(b)</sup> <br>| 24715 |
| 20000 | Morgan Stanley, 4.24% (1 day USD SOFR + 0.80%), due 01/09/30<sup>(b)</sup> <br>| 19802 |
| 235000 | Morgan Stanley, 4.43% (3 mo. USD Term SOFR + 1.89%), due 01/23/30<sup>(b)</sup> <br>| 233999 |
| 43000 | Morgan Stanley, 4.99% (1 day USD SOFR + 1.38%), due 04/12/29<sup>(b)</sup> <br>| 43400 |
| 20000 | Morgan Stanley, 5.04% (1 day USD SOFR + 1.22%), due 07/19/30<sup>(b)</sup> <br>| 20235 |
| 2000 | Morgan Stanley, 5.07% (1 day USD SOFR + 1.18%), due 01/30/37<sup>(b)</sup> <br>| 1960 |
| 28000 | Morgan Stanley, 5.16% (1 day USD SOFR + 1.59%), due 04/20/29<sup>(b)</sup> <br>| 28327 |
| 40000 | Morgan Stanley, 5.17% (1 day USD SOFR + 1.45%), due 01/16/30<sup>(b)</sup> <br>| 40569 |
| 20000 | Morgan Stanley, 5.19% (1 day USD SOFR + 1.51%), due 04/17/31<sup>(b)</sup> <br>| 20303 |
| 27000 | Morgan Stanley, 5.23% (1 day USD SOFR + 1.11%), due 01/15/31<sup>(b)</sup> <br>| 27421 |
| 200000 | Morgan Stanley, 5.66% (1 day USD SOFR + 1.26%), due 04/18/30<sup>(b)</sup> <br>| 205775 |
| 2000 | Morgan Stanley, 5.66% (1 day USD SOFR + 1.76%), due 04/17/36<sup>(b)</sup> <br>| 2049 |
| 350000 | Morgan Stanley Bank NA, 5.02% (1 day USD SOFR + 0.91%), due 01/12/29<sup>(b)</sup> <br>| 353804 |
| 180000 | National Rural Utilities Cooperative Finance Corp., 3.95%, due 12/10/27 | 179210 |
| 61000 | National Rural Utilities Cooperative Finance Corp., 4.12%, due 09/16/27 | 60896 |
| 15000 | National Rural Utilities Cooperative Finance Corp., 4.15%, due 08/25/28 | 14954 |
| 13000 | National Rural Utilities Cooperative Finance Corp., 5.15%, due 06/15/29 | 13282 |
| 10000 | National Rural Utilities Cooperative Finance Corp., 5.60%, due 11/13/26 | 10081 |
| 270000 | NatWest Markets PLC, 4.65%, due 03/27/29 144A | 270782 |
| 50000 | Nevada Power Co., 2.40%, due 05/01/30 | 46146 |
| 64000 | NextEra Energy Capital Holdings, Inc., 1.88%, due 01/15/27 | 62806 |
| 52000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28 | 49320 |
| 85000 | NextEra Energy Capital Holdings, Inc., 4.63%, due 07/15/27 | 85326 |
| 71000 | NextEra Energy Capital Holdings, Inc., 4.90%, due 02/28/28 | 71595 |
| 37000 | NextEra Energy Capital Holdings, Inc., 5.05%, due 03/15/30 | 37704 |
| 400000 | Nippon Life Insurance Co., 4.75%, due 04/02/31<sup>(e)</sup> 144A | 401149 |
| 175000 | NiSource, Inc., 5.20%, due 07/01/29 | 178525 |
| 155000 | Nordson Corp., 4.50%, due 12/15/29 | 154706 |
| 8000 | Northrop Grumman Corp., 4.65%, due 07/15/30 | 8049 |
| 15000 | Novartis Capital Corp., 3.80%, due 09/18/29 | 14809 |
| 45000 | Novartis Capital Corp., 4.10%, due 03/16/29 | 44952 |
| 45000 | Novartis Capital Corp., 4.40%, due 03/18/31<sup>(d)</sup> <br>| 45000 |
| 250000 | NTT Finance Corp., 4.62%, due 07/16/28 144A | 250991 |
| 28000 | Nucor Corp., 4.65%, due 06/01/30 | 28283 |
| 71000 | Nutrien Ltd., 5.20%, due 06/21/27 | 71712 |
| 50000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, due 08/19/28 | 49779 |
| 200000 | OGE Energy Corp., 5.45%, due 05/15/29 | 204954 |
| 40000 | Omnicom Group, Inc., 4.20%, due 03/02/29 | 39583 |
| 36000 | ONE Gas, Inc., 5.10%, due 04/01/29 | 36746 |
| 32000 | Oracle Corp., 2.65%, due 07/15/26 | 31829 |
| 100000 | Oracle Corp., 4.45%, due 09/26/30 | 96394 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 135000 | Oracle Corp., 4.55%, due 02/04/29 | 133320 |
| 14000 | Oracle Corp., 4.80%, due 08/03/28 | 14008 |
| 21000 | PACCAR Financial Corp., 4.00%, due 08/08/28 | 20990 |
| 30000 | PACCAR Financial Corp., 4.00%, due 11/07/28 | 29915 |
| 26000 | PACCAR Financial Corp., 4.00%, due 09/26/29 | 25839 |
| 15000 | Pacific Life Global Funding II, 2.45%, due 01/11/32 144A | 13284 |
| 30000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, due 08/01/28 144A | 30879 |
| 33000 | PepsiCo, Inc., 4.10%, due 01/15/29 | 32988 |
| 21000 | PepsiCo, Inc., 4.30%, due 07/23/30<sup>(d)</sup> <br>| 21060 |
| 50000 | Pfizer, Inc., 4.16% (1 day USD SOFR + 0.50%), due 11/15/27<sup>(b)</sup> <br>| 50012 |
| 73000 | Philip Morris International, Inc., 4.13%, due 04/28/28 | 72890 |
| 29000 | Philip Morris International, Inc., 4.88%, due 02/13/29 | 29437 |
| 15000 | Philip Morris International, Inc., 5.13%, due 02/13/31 | 15354 |
| 95000 | Pinnacle West Capital Corp., 4.90%, due 05/15/28 | 95760 |
| 11000 | Pinnacle West Capital Corp., 5.15%, due 05/15/30 | 11173 |
| 40000 | PNC Financial Services Group, Inc., 4.08% (1 day USD SOFR + 0.61%), due <br> 01/26/29<sup>(b)</sup> <br>| 39804 |
| 240000 | PNC Financial Services Group, Inc., 6.62% (1 day USD SOFR Index + 1.73%), due <br> 10/20/27<sup>(b)</sup> <br>| 242798 |
| 50000 | Principal Life Global Funding II, 4.45%, due 01/13/31 144A | 49357 |
| 225000 | Principal Life Global Funding II, 5.10%, due 01/25/29 144A | 228634 |
| 221000 | Private Export Funding Corp., 4.50%, due 02/07/27 144A | 221490 |
| 53000 | Prologis LP, 4.88%, due 06/15/28 | 53649 |
| 100000 | Public Service Co. of Colorado, 4.15%, due 03/13/29 | 99732 |
| 80000 | Public Service Electric & Gas Co., 3.65%, due 09/01/28 | 78918 |
| 66000 | Public Service Enterprise Group, Inc., 5.85%, due 11/15/27 | 67477 |
| 125000 | Public Service Enterprise Group, Inc., 5.88%, due 10/15/28 | 129074 |
| 21000 | Quanta Services, Inc., 4.30%, due 08/09/28 | 20973 |
| 85000 | Quest Diagnostics, Inc., 4.60%, due 12/15/27 | 85412 |
| 17000 | RELX Capital, Inc., 4.75%, due 03/27/30 | 17134 |
| 53000 | Rio Tinto Finance USA PLC, 4.50%, due 03/14/28 | 53270 |
| 36000 | Rogers Communications, Inc., 5.00%, due 02/15/29 | 36376 |
| 121000 | Roper Technologies, Inc., 4.25%, due 09/15/28 | 120260 |
| 8000 | Royal Bank of Canada, 4.50% (1 day USD SOFR + 0.89%), due 08/06/29<sup>(b)</sup> <br>| 8002 |
| 44000 | Royal Bank of Canada, 4.52% (1 day USD SOFR Index + 0.86%), due 10/18/28<sup>(b)</sup> <br>| 44064 |
| 34000 | Royal Bank of Canada, 4.72% (1 day USD SOFR Index + 0.81%), due 03/27/28<sup>(b)</sup> <br>| 34132 |
| 35000 | Royal Bank of Canada, 4.95%, due 02/01/29 | 35618 |
| 325000 | Royal Bank of Canada, 4.97% (1 day USD SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| 328163 |
| 37000 | Royal Bank of Canada, 4.97% (1 day USD SOFR + 1.10%), due 08/02/30<sup>(b)</sup> <br>| 37477 |
| 30000 | RTX Corp., 3.50%, due 03/15/27 | 29796 |
| 11000 | Ryder System, Inc., 4.95%, due 09/01/29 | 11147 |
| 71000 | Ryder System, Inc., 5.25%, due 06/01/28 | 72149 |
| 21000 | S&P Global, Inc., 2.95%, due 03/01/29 | 20233 |
| 415000 | Salesforce, Inc., 4.65%, due 03/15/29 | 415925 |
| 100000 | SCE Recovery Funding LLC, 4.45%, due 03/15/36 | 99081 |
| 7000 | Sempra, 5.40%, due 08/01/26 | 7012 |
| 36000 | Sherwin-Williams Co., 4.30%, due 08/15/28 | 35931 |
| 23000 | Sherwin-Williams Co., 4.50%, due 08/15/30 | 22965 |
| 83000 | Smith & Nephew PLC, 5.15%, due 03/20/27 | 83439 |

---

190See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 11000 | Solventum Corp., 5.40%, due 03/01/29 | 11254 |
| 85000 | Southern California Edison Co., 3.65%, due 03/01/28 | 83685 |
| 250000 | Southern California Gas Co., 2.95%, due 04/15/27 | 246758 |
| 29000 | Southern Co., 5.50%, due 03/15/29 | 29886 |
| 50000 | Southern Co. Gas Capital Corp., 4.05%, due 09/15/28 | 49642 |
| 65000 | Southern Power Co., 4.25%, due 10/01/30 | 64188 |
| 200000 | Spectra Energy Partners LP, 3.38%, due 10/15/26 | 199034 |
| 69000 | Sprint Capital Corp., 6.88%, due 11/15/28 | 72968 |
| 200000 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, <br> 5.15%, due 09/20/29 144A<br>| 201026 |
| 46000 | Stanley Black & Decker, Inc., 6.00%, due 03/06/28 | 47441 |
| 65000 | Starbucks Corp., 4.50%, due 05/15/28 | 65143 |
| 17000 | State Street Corp., 3.03% (1 day USD SOFR + 1.49%), due 11/01/34<sup>(b)</sup> <br>| 16007 |
| 67000 | State Street Corp., 4.53% (1 day USD SOFR + 1.02%), due 02/20/29<sup>(b)</sup> <br>| 67392 |
| 60000 | State Street Corp., 4.54%, due 02/28/28 | 60432 |
| 55000 | Steel Dynamics, Inc., 4.00%, due 12/15/28 | 54441 |
| 61000 | Stryker Corp., 3.65%, due 03/07/28 | 60362 |
| 76000 | Stryker Corp., 4.70%, due 02/10/28 | 76687 |
| 60000 | Synopsys, Inc., 4.65%, due 04/01/28 | 60240 |
| 25000 | Targa Resources Corp., 4.35%, due 01/15/29 | 24901 |
| 125000 | Targa Resources Corp., 6.15%, due 03/01/29 | 130253 |
| 100000 | TD SYNNEX Corp., 4.30%, due 01/17/29 | 98912 |
| 82000 | T-Mobile USA, Inc., 2.05%, due 02/15/28 | 78684 |
| 9000 | T-Mobile USA, Inc., 3.38%, due 04/15/29 | 8724 |
| 36000 | T-Mobile USA, Inc., 4.95%, due 03/15/28 | 36386 |
| 73000 | Toll Brothers Finance Corp., 4.35%, due 02/15/28 | 72728 |
| 48000 | Toronto-Dominion Bank, 4.98%, due 04/05/27 | 48363 |
| 34000 | Toronto-Dominion Bank, 5.53%, due 07/17/26 | 34147 |
| 234000 | Toyota Motor Credit Corp., 4.35%, due 10/08/27 | 234784 |
| 25000 | Toyota Motor Credit Corp., 5.00%, due 03/19/27 | 25199 |
| 30000 | Toyota Motor Credit Corp., 5.40%, due 11/20/26 | 30241 |
| 250000 | Truist Bank, 4.14% (1 day USD SOFR + 0.91%), due 10/23/29<sup>(b)</sup> <br>| 247668 |
| 66000 | Truist Financial Corp., 1.89% (1 day USD SOFR + 0.86%), due 06/07/29<sup>(b)</sup> <br>| 62476 |
| 37000 | Truist Financial Corp., 5.44% (1 day USD SOFR + 1.62%), due 01/24/30<sup>(b)</sup> <br>| 37877 |
| 35000 | Truist Financial Corp., 7.16% (1 day USD SOFR + 2.45%), due 10/30/29<sup>(b)</sup> <br>| 37213 |
| 220000 | U.S. Bancorp, 2.22% (1 day USD SOFR + 0.73%), due 01/27/28<sup>(b)</sup> <br>| 216192 |
| 13000 | U.S. Bancorp, 5.05% (1 day USD SOFR + 1.06%), due 02/12/31<sup>(b)</sup> <br>| 13193 |
| 15000 | Uber Technologies, Inc., 4.30%, due 01/15/30 | 14881 |
| 200000 | UBS Group AG, 3.13% (3 mo. USD LIBOR + 1.47%), due 08/13/30<sup>(b)</sup> 144A | 190266 |
| 200000 | UBS Group AG, 4.15% (1 day USD SOFR + 0.84%), due 12/23/29<sup>(b)</sup> 144A | 197745 |
| 245000 | UBS Group AG, 4.70% (1 yr. CMT + 2.05%), due 08/05/27<sup>(b)</sup> 144A | 245081 |
| 82724 | United Airlines Pass-Through Trust, 3.10%, due 01/07/30 | 80627 |
| 104648 | United Airlines Pass-Through Trust, 3.75%, due 03/03/28 | 104416 |
| 128672 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 128558 |
| 2605 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | 2650 |
| 75000 | UnitedHealth Group, Inc., 2.95%, due 10/15/27 | 73661 |
| 14000 | UnitedHealth Group, Inc., 4.80%, due 01/15/30 | 14171 |
| 150000 | USAA Capital Corp., 4.38%, due 06/01/28 144A | 150475 |
| 100000 | Ventas Realty LP, 3.85%, due 04/01/27 | 99396 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 300000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | 285298 |
| 60000 | Veralto Corp., 5.50%, due 09/18/26 | 60256 |
| 165000 | Verizon Communications, Inc., 4.33%, due 09/21/28 | 165077 |
| 125000 | VICI Properties LP, 4.75%, due 02/15/28 | 125160 |
| 50000 | VICI Properties LP, 4.75%, due 04/01/28 | 50060 |
| 28000 | VMware LLC, 1.40%, due 08/15/26 | 27709 |
| 15000 | Waste Management, Inc., 1.50%, due 03/15/31 | 13040 |
| 21000 | WEC Energy Group, Inc., 2.20%, due 12/15/28 | 19837 |
| 105000 | WEC Energy Group, Inc., 5.60%, due 09/12/26 | 105539 |
| 25000 | Wells Fargo & Co., 2.88% (3 mo. USD Term SOFR + 1.43%), due 10/30/30<sup>(b)</sup> <br>| 23591 |
| 299000 | Wells Fargo & Co., 3.53% (1 day USD SOFR + 1.51%), due 03/24/28<sup>(b)</sup> <br>| 296602 |
| 79000 | Wells Fargo & Co., 3.58% (3 mo. USD Term SOFR + 1.57%), due 05/22/28<sup>(b)</sup> <br>| 78268 |
| 25000 | Wells Fargo & Co., 4.08% (1 day USD SOFR + 0.88%), due 09/15/29<sup>(b)</sup> <br>| 24729 |
| 200000 | Wells Fargo & Co., 4.97% (1 day USD SOFR + 1.37%), due 04/23/29<sup>(b)</sup> <br>| 201756 |
| 53000 | Wells Fargo & Co., 5.57% (1 day USD SOFR + 1.74%), due 07/25/29<sup>(b)</sup> <br>| 54223 |
| 25000 | Welltower OP LLC, 4.50%, due 07/01/30 | 25018 |
| 54000 | Workday, Inc., 3.50%, due 04/01/27 | 53540 |
| 150000 | WSP Global, Inc., 5.04%, due 09/18/31 144A | 148811 |
| 85000 | Xcel Energy, Inc., 4.75%, due 03/21/28 | 85473 |
| 20000 | Zimmer Biomet Holdings, Inc., 5.05%, due 02/19/30 | 20322 |
| 16000 | Zoetis, Inc., 4.15%, due 08/17/28 | 15953 |
|  |  | 35007463 |
|  | **Mortgage Backed Securities - Private Issuers — 6.7%** | **Mortgage Backed Securities - Private Issuers — 6.7%** |
| 142460 | A&D Mortgage Trust, Series 2025-NQM4, Class A1, 5.23%, due 10/25/70<sup>(f)</sup> 144A | 142261 |
| 90240 | Angel Oak Mortgage Trust, Series 2025-7, Class A1, 5.51%, due 06/25/70<sup>(f)</sup> 144A | 90607 |
| 100000 | Aventura Mall Trust, Series 2018-AVM, Class A, 4.11%, due 07/05/40<sup>(g)</sup> 144A | 98706 |
| 100000 | BMP Trust, Series 2024-MF23, Class A, 5.04% (1 mo. USD Term SOFR + 1.37%), due <br> 06/15/41<sup>(b)</sup> 144A<br>| 100040 |
| 108705 | BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.50%, due <br> 02/25/65<sup>(g)</sup> 144A<br>| 109200 |
| 84644 | BRAVO Residential Funding Trust, Series 2025-NQM8, Class A1, 5.08%, due <br> 06/25/65<sup>(f)</sup> 144A<br>| 84443 |
| 180233 | BRAVO Residential Funding Trust, Series 2025-NQM9, Class A1, 5.04%, due <br> 09/25/65<sup>(f)</sup> 144A<br>| 179678 |
| 149411 | BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 4.64% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| 149342 |
| 167856 | BX Commercial Mortgage Trust, Series 2024-AIR2, Class A, 5.17% (1 mo. USD Term <br> SOFR + 1.49%), due 10/15/41<sup>(b)</sup> 144A<br>| 168212 |
| 86725 | BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 5.36% (1 mo. USD Term <br> SOFR + 1.69%), due 08/15/41<sup>(b)</sup> 144A<br>| 86917 |
| 66257 | BX Commercial Mortgage Trust, Series 2024-MDHS, Class A, 5.31% (1 mo. USD Term <br> SOFR + 1.64%), due 05/15/41<sup>(b)</sup> 144A<br>| 66335 |
| 95828 | BX Commercial Mortgage Trust, Series 2025-BCAT, Class A, 5.05% (1 mo. USD Term <br> SOFR + 1.38%), due 08/15/42<sup>(b)</sup> 144A<br>| 95957 |
| 250000 | BX Commercial Mortgage Trust, Series 2026-ALOHA, Class A, 5.05% (1 mo. USD <br> Term SOFR + 1.35%), due 04/15/43<sup>(b)(e)</sup> 144A<br>| 250257 |
| 200000 | BX Commercial Mortgage Trust, Series 2026-XL6, Class A, 4.87% (1 mo. USD Term <br> SOFR + 1.20%), due 03/15/43<sup>(b)</sup> 144A<br>| 199775 |
| 152205 | BX Trust, Series 2022-VAMF, Class A, 4.52% (1 mo. USD Term SOFR + 0.85%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| 152138 |

---

192See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 75270 | BX Trust, Series 2024-FNX, Class A, 5.11% (1 mo. USD Term SOFR + 1.44%), due <br> 11/15/41<sup>(b)</sup> 144A<br>| 75359 |
| 86538 | BX Trust, Series 2024-PALM, Class A, 5.21% (1 mo. USD Term SOFR + 1.54%), due <br> 06/15/37<sup>(b)</sup> 144A<br>| 86583 |
| 100000 | BX Trust, Series 2025-DIME, Class A, 4.82% (1 mo. USD Term SOFR + 1.15%), due <br> 02/15/35<sup>(b)</sup> 144A<br>| 99595 |
| 200000 | BX Trust, Series 2025-VOLT, Class A, 5.37% (1 mo. USD Term SOFR + 1.70%), due <br> 12/15/44<sup>(b)</sup> 144A<br>| 199739 |
| 250000 | BX Trust, Series 2026-RISE, Class A, 4.97% (1 mo. USD Term SOFR + 1.30%), due <br> 04/15/41<sup>(b)(e)</sup> 144A<br>| 250260 |
| 200000 | Chase Home Lending Mortgage Trust, Series 2026-3, Class A9B, 5.00%, due 01/25/57<sup>(g)</sup> <br> 144A<br>| 195530 |
| 200000 | CIP Commercial Mortgage Trust, Series 2025-SBAY, Class A, 5.07% (1 mo. USD Term <br> SOFR + 1.40%), due 10/15/37<sup>(b)</sup> 144A<br>| 200160 |
| 125000 | Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36%, due <br> 07/10/28<sup>(g)</sup> 144A<br>| 128893 |
| 125000 | DK Trust, Series 2025-LXP, Class A, 5.27% (1 mo. USD Term SOFR + 1.59%), due <br> 08/15/37<sup>(b)</sup> 144A<br>| 125193 |
| 200000 | Extended Stay America Trust, Series 2025-ESH, Class A, 4.97% (1 mo. USD Term <br> SOFR + 1.30%), due 10/15/42<sup>(b)</sup> 144A<br>| 200263 |
| 99068 | Extended Stay America Trust, Series 2026-ESH2, Class A, 4.87% (1 mo. USD Term <br> SOFR + 1.20%), due 02/15/43<sup>(b)</sup> 144A<br>| 99196 |
| 109536 | JP Morgan Mortgage Trust, Series 2024-8, Class A3, 5.50%, due 01/25/55<sup>(g)</sup> 144A | 109075 |
| 41920 | JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1, 5.57%, due 09/25/65<sup>(g)</sup> 144A | 42116 |
| 143475 | JP Morgan Mortgage Trust, Series 2025-NQM5, Class A1A, 4.88%, due 05/25/66<sup>(f)</sup> <br> 144A<br>| 142502 |
| 100000 | JW Trust, Series 2024-BERY, Class A, 5.27% (1 mo. USD Term SOFR + 1.59%), due <br> 11/15/39<sup>(b)</sup> 144A<br>| 100130 |
| 99172 | KIND Trust, Series 2021-KIND, Class A, 4.74% (1 mo. USD Term SOFR + 1.06%), <br> due 08/15/38<sup>(b)</sup> 144A<br>| 98698 |
| 200000 | KSL Commercial Mortgage Trust, Series 2025-MH, Class A, 5.27% (1 mo. USD Term <br> SOFR + 1.59%), due 12/15/42<sup>(b)</sup> 144A<br>| 199779 |
| 200000 | MHP Commercial Mortgage Trust, Series 2025-MHIL2, Class B, 5.47% (1 mo. USD <br> Term SOFR + 1.80%), due 09/15/40<sup>(b)</sup> 144A<br>| 199339 |
| 79394 | OBX Trust, Series 2025-NQM10, Class A1, 5.45%, due 05/25/65<sup>(f)</sup> 144A | 79706 |
| 81245 | OBX Trust, Series 2025-NQM15, Class A1, 5.14%, due 07/27/65<sup>(f)</sup> 144A | 81188 |
| 98365 | OBX Trust, Series 2026-J1, Class AF, 5.01% (30 day USD SOFR Average + 1.35%), <br> due 02/25/56<sup>(b)</sup> 144A<br>| 98417 |
| 100000 | ORL Trust, Series 2024-GLKS, Class A, 5.17% (1 mo. USD Term SOFR + 1.49%), due <br> 12/15/39<sup>(b)</sup> 144A<br>| 100125 |
| 125000 | PRM5 Trust, Series 2025-PRM5, Class A, 4.17%, due 03/10/33<sup>(g)</sup> 144A | 124290 |
| 200000 | SMRT Commercial Mortgage Trust, Series 2022-MINI, Class A, 4.67% (1 mo. USD <br> Term SOFR + 1.00%), due 01/15/39<sup>(b)</sup> 144A<br>| 199917 |
| 125000 | SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, 5.12% (1 mo. USD <br> Term SOFR + 1.44%), due 02/15/42<sup>(b)</sup> 144A<br>| 123631 |
| 83365 | THPT Mortgage Trust, Series 2023-THL, Class A, 7.00%, due 12/10/34<sup>(g)</sup> 144A | 83987 |
| 202729 | Wells Fargo Commercial Mortgage Trust, Series 2019-C51, Class A3, 3.06%, due <br> 06/15/52<br>| 194030 |
| 100000 | Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class A, 4.76%, due <br> 03/15/38<sup>(g)</sup> 144A<br>| 100034 |
|  |  | 5711603 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 7.8%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 7.8%** |
| 234051 | Federal Home Loan Mortgage Corp., Pool # G18575, 3.00%, due 11/01/30 | 229083 |
| 84021 | Federal Home Loan Mortgage Corp., Pool # RC2071, 2.00%, due 06/01/36 | 77749 |
| 81121 | Federal Home Loan Mortgage Corp., Pool # SB0935, 3.00%, due 07/01/33 | 78910 |
| 223622 | Federal Home Loan Mortgage Corp., Pool # WN2035, 2.05%, due 10/01/26 | 220949 |
| 87791 | Federal Home Loan Mortgage Corp. REMIC, Series 5583, Class FA, 4.91%, (30 day <br> USD SOFR Average + 1.25%), due 10/25/55<sup>(b)</sup> <br>| 88340 |
| 131537 | Federal Home Loan Mortgage Corp. REMIC, Series 5483, Class FD, 4.96%, (30 day <br> USD SOFR Average + 1.30%), due 12/25/54<sup>(b)</sup> <br>| 132408 |
| 207702 | Federal Home Loan Mortgage Corp. REMIC, Series 5472, Class FE, 5.01%, (30 day <br> USD SOFR Average + 1.35%), due 11/25/54<sup>(b)</sup> <br>| 209352 |
| 171718 | Federal Home Loan Mortgage Corp. REMIC, Series 5502, Class FH, 5.06%, (30 day <br> USD SOFR Average + 1.40%), due 02/25/55<sup>(b)</sup> <br>| 173273 |
| 174034 | Federal Home Loan Mortgage Corp. REMIC, Series 5507, Class FG, 5.06%, (30 day <br> USD SOFR Average + 1.40%), due 02/25/55<sup>(b)</sup> <br>| 175636 |
| 250750 | Federal Home Loan Mortgage Corp. REMIC, Series 5410, Class DF, 5.11%, (30 day <br> USD SOFR Average + 1.45%), due 05/25/54<sup>(b)</sup> <br>| 253814 |
| 339031 | Federal Home Loan Mortgage Corp. REMIC, Series 5486, Class FA, 5.11%, (30 day <br> USD SOFR Average + 1.45%), due 12/25/54<sup>(b)</sup> <br>| 342147 |
| 115000 | Federal National Mortgage Association, Pool # AN1371, 2.68%, due 06/01/28 | 112026 |
| 160000 | Federal National Mortgage Association, Pool # AN2855, 2.22%, due 09/01/26 | 158546 |
| 140142 | Federal National Mortgage Association, Pool # AN5377, 3.02%, due 05/01/27 | 138649 |
| 168116 | Federal National Mortgage Association, Pool # AN5688, 3.12%, due 06/01/27 | 166314 |
| 189612 | Federal National Mortgage Association, Pool # AN7475, 3.06%, due 11/01/27 | 186829 |
| 165000 | Federal National Mortgage Association, Pool # BL2331, 2.91%, due 04/01/26 | 164567 |
| 275000 | Federal National Mortgage Association, Pool # BL6406, 1.63%, due 05/01/27 | 267787 |
| 262444 | Federal National Mortgage Association, Pool # BM3919, 3.00%, due 02/01/33 | 255200 |
| 315417 | Federal National Mortgage Association, Pool # BM4163, 3.23%, due 03/01/27<sup>(g)</sup> <br>| 313265 |
| 230000 | Federal National Mortgage Association, Pool # BS3066, 1.39%, due 11/01/28 | 214924 |
| 100000 | Federal National Mortgage Association, Pool # BZ1447, 4.71%, due 07/01/29 | 101534 |
| 155000 | Federal National Mortgage Association, Pool # BZ2304, 3.88%, due 11/01/29 | 153784 |
| 100000 | Federal National Mortgage Association, Pool # BZ4079, 5.02%, due 06/01/30 | 102947 |
| 61630 | Federal National Mortgage Association, Pool # MA3097, 3.50%, due 08/01/27 | 61340 |
| 149136 | Federal National Mortgage Association, Pool # MA4053, 2.50%, due 06/01/35 | 141542 |
| 244935 | Federal National Mortgage Association REMIC, Series 2006-83, Class FG, 4.28%, (30 <br> day USD SOFR Average + 0.61%), due 09/25/36<sup>(b)</sup> <br>| 243921 |
| 202030 | Federal National Mortgage Association REMIC, Series 2024-103, Class FH, 4.91%, (30 <br> day USD SOFR Average + 1.25%), due 01/25/55<sup>(b)</sup> <br>| 203201 |
| 287295 | Federal National Mortgage Association REMIC, Series 2024-88, Class DF, 4.91%, (30 <br> day USD SOFR Average + 1.25%), due 12/25/54<sup>(b)</sup> <br>| 289055 |
| 189490 | Federal National Mortgage Association REMIC, Series 2024-15, Class FD, 5.01%, (30 <br> day USD SOFR Average + 1.35%), due 04/25/54<sup>(b)</sup> <br>| 190878 |
| 88478 | Federal National Mortgage Association-ACES, Series 2016-M6, Class A2, 2.49%, due <br> 05/25/26<br>| 88187 |
| 65971 | Federal National Mortgage Association-ACES, Series 2017-M13, Class A2, 2.93%, due <br> 09/25/27<sup>(g)</sup> <br>| 64998 |
| 79935 | Federal National Mortgage Association-ACES, Series 2017-M15, Class ATS2, 3.16%, <br> due 11/25/27<sup>(g)</sup> <br>| 79063 |
| 182123 | Federal National Mortgage Association-ACES, Series 2017-M8, Class A2, 3.06%, due <br> 05/25/27<sup>(g)</sup> <br>| 180252 |
| 173877 | Federal National Mortgage Association-ACES, Series 2025-M3, Class A2, 2.28%, due <br> 12/25/26<sup>(g)</sup> <br>| 171995 |

---

194See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **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** |
| 154700 | Government National Mortgage Association REMIC, Series 2020-H13, Class FC, 4.23%, <br> (1 mo. USD Term SOFR + 0.56%), due 07/20/70<sup>(b)</sup> <br>| 153605 |
| 95137 | Government National Mortgage Association REMIC, Series 2016-H16, Class FE, 5.16%, <br> (1 yr. USD Term SOFR + 1.10%), due 06/20/66<sup>(b)</sup> <br>| 96055 |
| 133220 | Government National Mortgage Association REMIC, Series 2024-64, Class UF, 4.92%, <br> (30 day USD SOFR Average + 1.25%), due 04/20/54<sup>(b)</sup> <br>| 133922 |
| 111640 | Government National Mortgage Association REMIC, Series 2025-89, Class FG, 5.07%, <br> (30 day USD SOFR Average + 1.40%), due 05/20/55<sup>(b)</sup> <br>| 112620 |
| 55460 | Government National Mortgage Association REMIC, Series 2025-89, Class FB, 5.12%, <br> (30 day USD SOFR Average + 1.45%), due 05/20/55<sup>(b)</sup> <br>| 56001 |
|  |  | 6584668 |
|  | **Sovereign Debt Obligation — 0.2%** | **Sovereign Debt Obligation — 0.2%** |
| 135000 | Asian Development Bank, 4.38%, due 12/30/26 | 135138 |
|  | **U.S. Government and Agency Obligations — 18.3%** | **U.S. Government and Agency Obligations — 18.3%** |
| 850000 | U.S. Treasury Notes, 3.50%, due 01/15/29 | 842828 |
| 2739900 | U.S. Treasury Notes, 3.50%, due 03/15/29 | 2715819 |
| 250000 | U.S. Treasury Notes, 3.63%, due 08/31/29 | 248120 |
| 1919700 | U.S. Treasury Notes, 3.88%, due 03/31/28 | 1922624 |
| 5010000 | U.S. Treasury Notes, 3.88%, due 06/30/30 | 5002857 |
| 1750000 | U.S. Treasury Notes, 3.88%, due 07/31/30 | 1747300 |
| 1005400 | U.S. Treasury Notes, 3.88%, due 03/31/31 | 1002219 |
| 800000 | U.S. Treasury Notes, 4.00%, due 01/15/27 | 801640 |
| 300000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | 301160 |
| 500000 | U.S. Treasury Notes, 4.13%, due 03/31/29 | 504238 |
| 2900 | U.S. Treasury Notes, 4.13%, due 02/15/36 | 2855 |
| 412000 | U.S. Treasury Notes, 4.25%, due 03/31/33 | 414865 |
|  |  | 15506525 |
|  | TOTAL DEBT OBLIGATIONS (COST $83,067,377) | 83193395 |
|  | **SHORT-TERM INVESTMENT — 0.3%** | **SHORT-TERM INVESTMENT — 0.3%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.3%** | **Mutual Fund - Securities Lending Collateral — 0.3%** |
| 224618 | State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.68%<sup>(h)(i)</sup> <br>| 224618 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $224,618) | 224618 |
|  | **TOTAL INVESTMENTS — 98.5%** <br>(Cost $83,291,995)<br>| 83418013 |
|  | Other Assets and Liabilities (net) — 1.5% | 1284081 |
|  | **NET ASSETS — 100.0%** | **$84702094** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| (a) | Unless otherwise indicated, all par values are denominated in United States dollars ($). |
| (b) | Variable or floating rate note. Rate shown is as of March 31, 2026. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| (c) | This position represents an unsettled loan commitment at period end. Certain details associated with <br> this purchase are not known prior to the settlement date, including coupon rate, which will be <br> adjusted on settlement date.<br>|
| (d) | All or a portion of this security is out on loan. |
| (e) | When-issued security. |
| (f) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (g) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (h) | The rate disclosed is the 7-day net yield as of March 31, 2026. |
| (i) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at year end is $24,349,358 which represents 28.7% of net <br> assets.<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 49 | U.S. Treasury Note 2-Year | Jun 2026 | &nbsp;&nbsp; $10164820 | &nbsp;&nbsp; $(71702)<br>|

---

**Centrally Cleared Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Market <br>Value<br>|
| 750000 | USD | 06/20/31 | 1.00% | Quarterly | CDX.NA.IG.S46\*\* | $0 | $12555 | $12555 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $0 | $12555 | $12555 |

---

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

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

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

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| ACES |  | Alternative Credit Enhancement Securities |
| CLO |  | Collateralized Loan Obligation |
| CME |  | Chicago Mercantile Exchange |
| CMT |  | Constant Maturity Treasury Index |

---

196See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| LIBOR |  | London Interbank Offered Rate |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| TBD |  | To Be Determined |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**March 31, 2026**

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

---

| | |
|:---|:---|
| **Asset Class Summary** | **% of Net Assets** |
| Corporate Debt | 41.3 |
| Asset Backed Securities | 22.1 |
| U.S. Government and Agency Obligations | 18.3 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | 7.8 |
| Mortgage Backed Securities - Private Issuers | 6.7 |
| Bank Loans | 1.8 |
| Sovereign Debt Obligation | 0.2 |
| Centrally Cleared Credit Default Swap | 0.0\* |
| Futures Contract | (0.1) |
| Short-Term Investment | 0.3 |
| Other Assets and Liabilities (net) | 1.6 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

198See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Assets and Liabilities**

**March 31, 2026** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund**<br>| **Mercer Emerging** <br>**Markets Equity Fund**<br>| **Mercer Non-US** <br>**Core Equity Fund**<br>|
| **Assets** |  |  |  |
| Investments in securities, at value<sup>(a)(b)</sup> <br>| 1648557178 | 1257897907 | 4284223016 |
| Foreign currency, at value<sup>(c)</sup> <br>|  | 8323351 | 15405035 |
| Cash and cash equivalents | 65439877 | 75518014 | 225739933 |
| Receivable for investments sold | 3161096 | 10688878 | 24712943 |
| Receivable for Fund shares issued | 1061778 | 56140663 | 9714471 |
| Dividend and interest receivable | 1142063 | 4219293 | 15334023 |
| Cash collateral held at broker on open futures contracts | 4298000 | 5042128 | 7805000 |
| Receivable for variation margin on open futures contracts | 1415306 | 4026300 | 6469446 |
| Foreign tax reclaims receivable |  | 32583 | 14004847 |
| Securities lending income receivable | 20337 | 29295 | 81321 |
| Prepaid expenses | 10277 | 6868 | 23473 |
| Receivable from affiliate for advisory fee waived | 1986262 | 1859755 | 4165617 |
| Total assets | 1727092174 | 1423785035 | 4607679125 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 1092722 | 57873239 | 30843884 |
| Obligation to return securities lending collateral | 6193268 | 4667854 | 68911201 |
| Payable for Fund shares repurchased | 8725291 | 12836781 | 96140154 |
| Payable for foreign capital gains tax |  | 622191 | 69738 |
| Payable to affiliates for: |  |  |  |
| Accrued advisory fees | 3749889 | 2617930 | 7812215 |
| Trustees fees | 862 | 16463 | 32718 |
| Administrative service fees - Class I | 2521 | 91 | 216794 |
| Accrued expenses | 230976 | 384218 | 771190 |
| Total liabilities | 19995529 | 79018767 | 204797894 |
| **Net assets** | **$1707096645** | **$1344766268** | **$4402881231** |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

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

**March 31, 2026** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US**<br> **Small/Mid Cap**<br> **Equity Fund**<br>| **Mercer Emerging**<br> **Markets Equity Fund**<br>| **Mercer Non-US**<br> **Core Equity Fund**<br>|
| **Net assets consist of:** |  |  |  |
| Paid-in capital | 1424274173 | $1370210675 | $3438254541 |
| Distributable earnings (Accumulated loss) | 282822472 | (25444407)<br>| 964626690 |
| **Net assets** | **$1707096645** | **$1344766268** | **$4402881231** |
| **Net assets attributable to:** |  |  |  |
| Class Y-3 | $1700653317 | $1344557080 | $3889030987 |
| Class I | $6443328 | $209188 | $513850244 |
| **Shares outstanding:** |  |  |  |
| Class Y-3 | 150962147 | 135592914 | 316337737 |
| Class I | 572995 | 21108 | 41947519 |
| **Net asset value per unit:** |  |  |  |
| Class Y-3 | $11.27 | $9.92 | $12.29 |
| Class I | $11.25 | $9.91 | $12.25 |
| (a) Investments in securities, at cost | $1424830656 | $1143919587 | $3505622207 |
| (b) Securities loaned, at value | $79149287 | $36467859 | $175070395 |
| (c) Foreign currency, at cost | $— | $8327062 | $15524983 |

---

200See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

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

**March 31, 2026** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core** <br>**Fixed Income Fund**<br>| **Mercer Opportunistic** <br>**Fixed Income Fund**<br>| **Mercer Short** <br> **Duration** <br>**Fixed Income Fund**<br>|
| **Assets** |  |  |  |
| Investments in securities, at value<sup>(a)(b)</sup> <br>| 1539262473 | 2212313215 | 83418013 |
| Repurchase Agreements, at value<sup>(c)</sup> <br>|  | 40500000 |  |
| Total investments, at value | 1539262473 | 2252813215 | 83418013 |
| Foreign currency, at value<sup>(d)</sup> <br>| 6501 | 13393912 |  |
| Cash and cash equivalents | 10291790 | 28634073 | 1495846 |
| Receivable for investments sold | 8125269 | 56112891 | 1947393 |
| Receivable for TBA and/or when-issued securities sold | 10517720 | 218194560 |  |
| Receivable for Fund shares issued | 1797958 | 362272 | 439355 |
| Dividend and interest receivable | 11451826 | 25480934 | 524664 |
| Cash collateral held at broker on open centrally cleared swap <br> contracts<br>|  | 9816354 | 300000 |
| Cash collateral held at broker on TBA transactions |  | 80000 |  |
| Cash collateral held at broker on open futures contracts |  | 2112000 | 58825 |
| Unrealized appreciation on open forward foreign currency contracts | 489385 | 5274550 |  |
| Receivable for variation margin on open futures contracts | 59918 | 704871 | 3814 |
| Receivable for expenses reimbursed from affiliate |  |  | 48279 |
| OTC — Swap contracts, at value (up-front net premiums paid of <br> $1,881, $547,008 and $—, respectively)<br>| 1381 | 481852 |  |
| Receivable for variation margin on open centrally cleared swap <br> contracts<br>| 35749 | 1806004 | 617 |
| Foreign tax reclaims receivable |  | 19632 | 28 |
| Receivable for swap contract premiums |  |  | 388 |
| Securities lending income receivable | 6206 | 131073 | 147 |
| Prepaid expenses | 9190 | 11735 | 366 |
| Receivable from affiliate for advisory fee waived | 890965 | 2190783 | 38823 |
| Total assets | 1582946331 | 2617620711 | 88276558 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 5404502 | 18235449 | 1989711 |
| Payable for TBA and/or when-issued securities purchased | 12369132 | 377216620 | 1169389 |
| Obligation to return securities lending collateral | 15370327 | 76834587 | 224618 |
| Payable for Fund shares repurchased | 2110718 | 38489998 | 16291 |
| Payable for closed centrally cleared swap contracts |  | 58324 |  |
| Unrealized depreciation on open forward foreign currency contracts | 91417 | 1776945 |  |
| OTC — Swap contracts, at value (up-front net premiums received <br> of $217, $451,659 and $—, respectively)<br>| 123 | 614679 |  |
| Cash collateral due to broker on open OTC financial derivative <br> instruments<br>| 491081 | 3970000 |  |
| Written options, at value<sup>(e)</sup> <br>|  | 1205437 |  |
| TBA Sale Commitments, at value<sup>(f)</sup> <br>| 5237070 |  |  |
| Income distribution payable | 67493 | 24751 | 5 |
| Payable for reverse repurchase agreements |  | 995256 |  |
| Interest payable for reverse repurchase agreements |  | 3580 |  |
| Payable to affiliates for: |  |  |  |
| Accrued advisory fees | 1185938 | 4064788 | 61299 |
| Trustees fees |  | 17909 | 1446 |
| Administrative service fees - Class I | 6106 | 375 |  |
| Interest payable on TBA securities  | 4333 |  |  |
| Unrealized loss on unfunded loan commitments |  | 12981 |  |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

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

**March 31, 2026** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core**<br> **Fixed Income Fund**<br>| **Mercer Opportunistic**<br> **Fixed Income Fund**<br>| **Mercer Short** <br> **Duration**<br> **Fixed Income Fund**<br>|
| Accrued expenses | 240842 | 417172 | 111705 |
| Total liabilities | 42579082 | 523938851 | 3574464 |
| **Net assets** | **$1540367249** | **$2093681860** | **$84702094** |

---

202See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

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

**March 31, 2026** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core**<br> **Fixed Income Fund**<br>| **Mercer Opportunistic**<br> **Fixed Income Fund**<br>| **Mercer Short** <br> **Duration**<br> **Fixed Income Fund**<br>|
| **Net assets consist of:** |  |  |  |
| Paid-in capital | $1754253210 | $2268088881 | $84572340 |
| Distributable earnings (Accumulated loss) | (213885961)<br>| (174407021)<br>| 129754 |
| **Net assets** | **$1540367249** | **$2093681860** | **$84702094** |
| **Net assets attributable to:** |  |  |  |
| Class Y-3 | $1524696624 | $2092925716 | $84701994 |
| Class I | $15670625 | $756144 | $100\* |
| **Shares outstanding:** |  |  |  |
| Class Y-3 | 172030835 | 253418668 | 8439437 |
| Class I | 1765856 | 91633 | 10\* |
| **Net asset value per unit:** |  |  |  |
| Class Y-3 | $8.86 | $8.26 | $10.04 |
| Class I | $8.87 | $8.25 | $10.03\* |
| (a) Investments in securities, at cost | $1569496189 | $2239453180 | $83291995 |
| (b) Securities loaned, at value | $21823499 | $80972820 | $220587 |
| (c) Repurchase agreements, at cost | $— | $40500000 | $— |
| (d) Foreign currency, at cost | $6528 | $13614466 | $— |
| (e) Premiums on written options | $— | $1247556 | $— |
| (f) Proceeds for TBA Sale Commitments | $5324668 | $— | $— |

---

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

\* *The Class commenced operations on December 30, 2025.*

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Operations**

**Year Ended March 31, 2026** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund**<br>| **Mercer Emerging** <br>**Markets Equity Fund**<br>| **Mercer Non-US** <br>**Core Equity Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends | $20374886 | $34653737 | $118319265 |
| Interest | 1494887 | 1448173 | 4870573 |
| Withholding taxes | (21571)<br>| (3814395)<br>| (11459969)<br>|
| Securities lending income | 155372 | 313274 | 579261 |
| Other income | 413902 | 11 | 32059 |
| Total investment income | 22417476 | 32600800 | 112341189 |
| **Expenses:** |  |  |  |
| Advisory fees | 14358025 | 9197654 | 28111019 |
| Custodian and fund accounting fees | 295368 | 435344 | 892110 |
| Audit and tax fees | 66449 | 78439 | 74932 |
| Transfer agent fees | 48132 | 46258 | 61345 |
| Legal fees | 346156 | 256869 | 883265 |
| Trustees fees | 158990 | 123794 | 404884 |
| Registration fees | 50973 | 44547 | 71965 |
| Administration service fees: |  |  |  |
| Class I | 15613 | 966 | 749448 |
| Shareholder service fees: |  |  |  |
| Class I | 10408 | 641 | 492061 |
| Miscellaneous | 132903 | 140692 | 395416 |
| Total expenses | 15483017 | 10325204 | 32136445 |
| Advisory fee waiver | (7727107)<br>| (6135867)<br>| (15326146)<br>|
| Net expenses | 7755910 | 4189337 | 16810299 |
| Net investment income | 14661566 | 28411463 | 95530890 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments in securities | 134014935 | 81572987 <br><sup>(a)</sup><br>| 499043199 <br><sup>(a)</sup><br>|
| Closed futures contracts | 5527919 | 13549911 | 12337579 |
| Foreign currency related transactions |  | (880874)<br>| (1589647)<br>|
| Net realized gain (loss) | 139542854 | 94242024 | 509791131 |
| Change in net unrealized appreciation (depreciation) on: |  |  |  |
| Investments in securities | 78422492 | 184292786 <br><sup>(b)</sup><br>| 311487914 <br><sup>(b)</sup><br>|
| Open futures contracts | (108233)<br>| (229751)<br>| 733032 |
| Foreign currency related translations |  | (50504)<br>| 711106 |
| Change in net unrealized appreciation (depreciation) | 78314259 | 184012531 | 312932052 |
| Net realized and unrealized gain | 217857113 | 278254555 | 822723183 |
| **Net increase in net assets resulting from operations** | **$232518679** | **$306666018** | **$918254073** |
| (a) Net of foreign capital gains tax | $— | $17008 | $10510 |
| (b) Including net increase (decrease) in accrued foreign capital gains taxes | $— | $(566631)<br>| $67916 |

---

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

204See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Operations (Continued)**

**Year Ended March 31, 2026** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core** <br>**Fixed Income Fund**<br>| **Mercer Opportunistic** <br>**Fixed Income Fund**<br>| **Mercer Short** <br> **Duration** <br>**Fixed Income Fund**<br>|
| **Investment Income:** |  |  |  |
| Dividends | $— | $2900493 | $— |
| Interest | 70717171 | 131562196 | 3319427 |
| Withholding taxes |  | (193799)<br>|  |
| Securities lending income | 72029 | 480682 | 1195 |
| Other income | 76985 | 28199 | 84 |
| Total investment income | 70866185 | 134777771 | 3320706 |
| **Expenses:** |  |  |  |
| Advisory fees | 4966904 | 14794557 | 216270 |
| Custodian and fund accounting fees | 316374 | 609877 | 63428 |
| Audit and tax fees | 85576 | 88363 | 61447 |
| Transfer agent fees | 58575 | 53585 | 24785 |
| Legal fees | 321510 | 426362 | 16235 |
| Trustees fees | 155227 | 200313 | 7960 |
| Registration fees | 53652 | 49912 | 36350 |
| Administration service fees: |  |  |  |
| Class I | 29407 | 4570 |  |
| Shareholder service fees: |  |  |  |
| Class I | 19383 | 3043 |  |
| Dividends on securities sold short |  | 8909 |  |
| Miscellaneous | 115095 | 132609 | 14588 |
| Total expenses | 6121703 | 16372100 | 441063 |
| Advisory fee waiver | (3692124)<br>| (8105823)<br>| (134457)<br>|
| Expense reimbursement |  |  | (162426)<br>|
| Net expenses | 2429579 | 8266277 | 144180 |
| Net investment income | 68436606 | 126511494 | 3176526 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Investments in securities | (18050769)<br>| (6292117 )<sup>(a)</sup><br>| 340884 |
| TBA Sale Commitments |  | (22943)<br>|  |
| Purchased option contracts | (678)<br>| (52)<br>|  |
| Swap contracts | (172127)<br>| 7946338 | 1899 |
| Closed futures contracts | 24254 | (3310890)<br>| 17567 |
| Written option contracts | 32872 | 177819 |  |
| Forward foreign currency contracts | (2724987)<br>| (3458733)<br>|  |
| Foreign currency related transactions | 88929 | 723481 |  |
| Net realized gain (loss) | (20802506)<br>| (4237097)<br>| 360350 |
| Change in net unrealized appreciation (depreciation) on: |  |  |  |
| Investments in securities | 16489073 | 229141 <br><sup>(b)</sup><br>| (412276)<br>|
| Purchased option contracts |  | 1590 |  |
| Unfunded loan commitments |  | (12981)<br>|  |
| TBA sale commitments | 86974 |  |  |
| Swap contracts | 884 | 2237230 |  |
| Open futures contracts | (1252021)<br>| (2895200)<br>| (97503)<br>|
| Written option contracts | 419 | 42119 |  |
| Forward foreign currency contracts | 1175173 | 4271868 |  |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Operations (Continued)**

**Year Ended March 31, 2026** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Mercer Core**<br> **Fixed Income Fund**<br>| **Mercer Opportunistic**<br> **Fixed Income Fund**<br>| **Mercer Short** <br> **Duration**<br> **Fixed Income Fund**<br>|
| Foreign currency related translations | (2645)<br>| (88856)<br>|  |
| Change in net unrealized appreciation (depreciation) | 16497857 | 3784911 | (509779)<br>|
| Net realized and unrealized loss | (4304649)<br>| (452186)<br>| (149429)<br>|
| **Net increase in net assets resulting from operations** | **$64131957** | **$126059308** | **$3027097** |
| (a) Net of foreign capital gains tax | $— | $97155 | $— |
| (b) Including net increase (decrease) in accrued foreign capital gains <br> taxes<br>| $— | $27587 | $— |

---

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

206See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Statements of Changes in Net Assets**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund** | **Mercer US** <br>**Small/Mid Cap** <br>**Equity Fund** | **Mercer Emerging** <br>**Markets Equity Fund** | **Mercer Emerging** <br>**Markets Equity Fund** |
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>|
| **Increase (decrease) in Net Assets:** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | $14661566 | $15456391 | $28411463 | $23611277 |
| Net realized gain | 139542854 | 144729588 | 94242024 | 62617877 |
| Change in net unrealized appreciation (depreciation) | 78314259 | (218449006)<br>| 184012531 | (17968466)<br>|
| Net increase (decrease) in net assets resulting from operations  | 232518679 | (58263027)<br>| 306666018 | 68260688 |
| Distributions to shareholders (See Note 2): |  |  |  |  |
| Class Y-3 | (123488825)<br>| (160530536)<br>| (36654036)<br>| (15825614)<br>|
| Class I | (502751)<br>| (1580704)<br>| (6359)<br>| (14554)<br>|
| Total distributions | (123991576)<br>| (162111240)<br>| (36660395)<br>| (15840168)<br>|
| Net share transactions (See Note 7): |  |  |  |  |
| Class Y-3 | (34394841)<br>| 64685892 | 81522607 | (347513187)<br>|
| Class I | (10754133)<br>| 5502395 | (1194392)<br>| (70155)<br>|
| Increase (decrease) in net assets resulting from net shares <br> transactions<br>| (45148974)<br>| 70188287 | 80328215 | (347583342)<br>|
| Net increase (decrease) in net assets | 63378129 | (150185980)<br>| 350333838 | (295162822)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | 1643718516 | 1793904496 | 994432430 | 1289595252 |
| End of year | $1707096645 | $1643718516 | $1344766268 | $994432430 |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer 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, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>|
| **Increase (decrease) in Net Assets:** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | $95530890 | $104644690 | $68436606 | $92228264 |
| Net realized gain (loss) | 509791131 | 280880373 | (20802506)<br>| (20566540)<br>|
| Change in net unrealized appreciation (depreciation) | 312932052 | (87374006)<br>| 16497857 | 44158648 |
| Net increase in net assets resulting from operations  | 918254073 | 298151057 | 64131957 | 115820372 |
| Distributions to shareholders (See Note 2): |  |  |  |  |
| Class Y-3 | (464466402)<br>| (273386414)<br>| (89569982)<br>| (86206607)<br>|
| Class I | (69261394)<br>| (24006676)<br>| (1037243)<br>| (1249065)<br>|
| Total distributions | (533727796)<br>| (297393090)<br>| (90607225)<br>| (87455672)<br>|
| Net share transactions (See Note 7): |  |  |  |  |
| Class Y-3 | 147738672 | (244111628)<br>| (371301596)<br>| 86796027 |
| Class I | 149439552 | 128717067 | (7237904)<br>| (27902645)<br>|
| Increase (decrease) in net assets resulting from net shares <br> transactions<br>| 297178224 | (115394561)<br>| (378539500)<br>| 58893382 |
| Net increase (decrease) in net assets | 681704501 | (114636594)<br>| (405014768)<br>| 87258082 |
| **Net assets:** |  |  |  |  |
| Beginning of year | 3721176730 | 3835813324 | 1945382017 | 1858123935 |
| End of year | $4402881231 | $3721176730 | $1540367249 | $1945382017 |

---

208See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mercer Opportunistic** <br>**Fixed Income Fund** | **Mercer Opportunistic** <br>**Fixed Income Fund** | **Mercer Short Duration** <br>**Fixed Income Fund** | **Mercer Short Duration** <br>**Fixed Income Fund** |
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>|
| **Increase (decrease) in Net Assets:** |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | $126511494 | $128690471 | $3176526 | $2854149 |
| Net realized gain (loss) | (4237097)<br>| (28747866)<br>| 360350 | 179225 |
| Change in net unrealized appreciation (depreciation) | 3784911 | (20678015)<br>| (509779)<br>| 340223 |
| Net increase in net assets resulting from operations  | 126059308 | 79264590 | 3027097 | 3373597 |
| Distributions to shareholders (See Note 2): |  |  |  |  |
| Class Y-3 | (133607976)<br>| (117610188)<br>| (3490213)<br>| (3159886)<br>|
| Class I | (112704)<br>| (338641)<br>| (1)\*<br>|  |
| Total distributions | (133720680)<br>| (117948829)<br>| (3490214)<br>| (3159886)<br>|
| Net share transactions (See Note 7): |  |  |  |  |
| Class Y-3 | 248509884 | 114810842 | 21591616 | 3255405 |
| Class I | (4902362)<br>| 403000 | 101\* |  |
| Increase in net assets resulting from net shares transactions | 243607522 | 115213842 | 21591717 | 3255405 |
| Net increase in net assets | 235946150 | 76529603 | 21128600 | 3469116 |
| **Net assets:** |  |  |  |  |
| Beginning of year | 1857735710 | 1781206107 | 63573494 | 60104378 |
| End of year | $2093681860 | $1857735710 | $84702094 | $63573494 |

---

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

\* *The Class commenced operations on December 30, 2025.*

See accompanying Notes to the Financial Statements.

------

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

**Financial Highlights**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Year Ended** <br>**March 31, 2022**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$10.47** | **$11.90** | **$10.16** | **$11.80** | **$13.83** |
| Net investment income<sup>†</sup> <br>| 0.10 | 0.11 | 0.10 | 0.11 | 0.09 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 1.56 | (0.34)<br>| 2.05 | (0.93)<br>| 0.49 |
| Total from investment operations | 1.66 | (0.23)<br>| 2.15 | (0.82)<br>| 0.58 |
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.12)<br>| (0.11)<br>| (0.11)<br>| (0.10)<br>| (0.09)<br>|
| From net realized capital gains on investments | (0.74)<br>| (1.09)<br>| (0.30)<br>| (0.72)<br>| (2.52)<br>|
| Total dividends and distributions | (0.86)<br>| (1.20)<br>| (0.41)<br>| (0.82)<br>| (2.61)<br>|
| **Net asset value, end of year** | **$11.27** | **$10.47** | **$11.90** | **$10.16** | **$11.80** |
| **Total investment return**<sup>(a)</sup> <br>| **15.71%**<br>| **(3.02)%**<br>| **21.61%**<br>| **(6.69)%**<br>| **3.45%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 0.89<br> %<br>| 0.90<br> %<br>| 0.92<br> %<br>| 1.05<br> %<br>| 0.66<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.47<br> %<br>| 0.45<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>| 0.46<br> %<br>|
| Portfolio turnover rate | 59<br> %<br>| 46<br> %<br>| 44<br> %<br>| 42<br> %<br>| 36<br> %<br>|
| Net assets at end of year (in 000's) | $1700653 | $1627828 | $1781436 | $1658831 | $1774299 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;† Computed using average shares outstanding throughout the year.

210See accompanying Notes to the Financial Statements.

------

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

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class I Share Outstanding Throughout Each Year:** |  |  |  |
| **Net asset value, beginning of year** | **$10.45** | **$11.89** | **$10.32** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.07 | 0.08 | 0.05 |
| Net realized and unrealized gain (loss) on investments | 1.56 | (0.34)<br>| 1.92 |
| Total from investment operations | 1.63 | (0.26)<br>| 1.97 |
| Less dividends and distributions: |  |  |  |
| From net investment income | (0.09)<br>| (0.09)<br>| (0.10)<br>|
| From net realized capital gains on investments | (0.74)<br>| (1.09)<br>| (0.30)<br>|
| Total dividends and distributions | (0.83)<br>| (1.18)<br>| (0.40)<br>|
| **Net asset value, end of year** | **$11.25** | **$10.45** | **$11.89** |
| **Total investment return**<sup>(b)</sup> <br>| **15.46%**<br>| **(3.29)%**<br>| **19.50**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 0.64<br> %<br>| 0.66<br> %<br>| 0.63<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average daily net <br> assets<br>| 1.18<br> %<br>| 1.17<br> %<br>| 1.19<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.72<br> %\*\*<br>|
| Portfolio turnover rate | 59<br> %<br>| 46<br> %<br>| 44<br> %<br>|
| Net assets at end of year (in 000's) | $6443 | $15890 | $12468 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on June 27, 2023. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the 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.

------

**Mercer Emerging Markets Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Year Ended** <br>**March 31, 2022**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$7.84** | **$7.50** | **$7.56** | **$8.57** | **$11.47** |
| Net investment income<sup>†</sup> <br>| 0.22 | 0.17 | 0.17 | 0.23 | 0.19 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.14 | 0.29 | (0.05)<br>| (1.06)<br>| (1.82)<br>|
| Total from investment operations | 2.36 | 0.46 | 0.12 | (0.83)<br>| (1.63)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.28)<br>| (0.12)<br>| (0.18)<br>| (0.18)<br>| (0.32)<br>|
| From net realized capital gains on investments |  |  |  |  | (0.95)<br>|
| Total dividends and distributions | (0.28)<br>| (0.12)<br>| (0.18)<br>| (0.18)<br>| (1.27)<br>|
| **Net asset value, end of year** | **$9.92** | **$7.84** | **$7.50** | **$7.56** | **$8.57** |
| **Total investment return**<sup>(a)</sup> <br>| **30.24%**<br>| **6.20%**<br>| **1.60%**<br>| **(9.51)%**<br>| **(15.35)%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 2.43<br> %<br>| 2.23<br> %<br>| 2.30<br> %<br>| 3.04<br> %<br>| 1.75<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.36<br> %<br>| 0.40<br> %<br>| 0.47<br> %<br>| 0.49<br> %<br>| 0.47<br> %<br>|
| Portfolio turnover rate | 49<br> %<br>| 91<br> %<br>| 57<br> %<br>| 95<br> %<br>| 51<br> %<br>|
| Net assets at end of year (in 000's) | $1344557 | $993231 | $1288384 | $1581752 | $1636594 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;† Computed using average shares outstanding throughout the year.

212See accompanying Notes to the Financial Statements.

------

**Mercer Emerging Markets Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class I Share Outstanding Throughout Each Year:** |  |  |  |
| **Net asset value, beginning of year** | **$7.83** | **$7.50** | **$7.59** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.26 | 0.15 | 0.08 |
| Net realized and unrealized gain (loss) on investments | 2.07 | 0.28 | — <br><sup>(b)</sup><br>|
| Total from investment operations | 2.33 | 0.43 | 0.08 |
| Less dividends and distributions: |  |  |  |
| From net investment income | (0.25)<br>| (0.10)<br>| (0.17)<br>|
| Total dividends and distributions | (0.25)<br>| (0.10)<br>| (0.17)<br>|
| **Net asset value, end of year** | **$9.91** | **$7.83** | **$7.50** |
| **Total investment return**<sup>(c)</sup> <br>| **29.95%**<br>| **5.79%**<br>| **1.10**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 2.99<br> %<br>| 1.97<br> %<br>| 1.38<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average daily net <br> assets<br>| 1.13<br> %<br>| 1.14<br> %<br>| 1.13<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(d)</sup> <br>| 0.61<br> %<br>| 0.64<br> %<br>| 0.73<br> %\*\*<br>|
| Portfolio turnover rate | 49<br> %<br>| 91<br> %<br>| 57<br> %<br>|
| Net assets at end of year (in 000's) | $209 | $1201 | $1211 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on June 27, 2023. |
| (b) | Amount rounds to less than ($0.01) per share. |
| (c) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the 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.

------

**Mercer Non-US Core Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Year Ended** <br>**March 31, 2022**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$11.08** | **$11.16** | **$9.78** | **$10.31** | **$12.36** |
| Net investment income<sup>†</sup> <br>| 0.30 | 0.31 | 0.31 | 0.32 | 0.30 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.58 | 0.52 | 1.44 | (0.57)<br>| (0.30)<br>|
| Total from investment operations | 2.88 | 0.83 | 1.75 | (0.25)<br>|  |
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.34)<br>| (0.57)<br>| (0.37)<br>| (0.05)<br>| (0.35)<br>|
| From net realized capital gains on investments | (1.33)<br>| (0.34)<br>|  | (0.23)<br>| (1.70)<br>|
| Total dividends and distributions | (1.67)<br>| (0.91)<br>| (0.37)<br>| (0.28)<br>| (2.05)<br>|
| **Net asset value, end of year** | **$12.29** | **$11.08** | **$11.16** | **$9.78** | **$10.31** |
| **Total investment return**<sup>(a)</sup> <br>| **26.15%**<br>| **7.93%**<br>| **18.29%**<br>| **(2.17)%**<br>| **(1.07)%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 2.42<br> %<br>| 2.76<br> %<br>| 3.04<br> %<br>| 3.51<br> %<br>| 2.42<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.39<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>|
| Portfolio turnover rate | 67<br> %<br>| 57<br> %<br>| 43<br> %<br>| 48<br> %<br>| 57<br> %<br>|
| Net assets at end of year (in 000's) | $3889031 | $3386551 | $3627146 | $3550299 | $3689849 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;† Computed using average shares outstanding throughout the year.

214See accompanying Notes to the Financial Statements.

------

**Mercer Non-US Core Equity Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Period Ended** <br>**March 31, 2022**<br>|
| **For a Class I Share Outstanding Throughout** <br> **Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$11.05** | **$11.14** | **$9.76** | **$10.31** | **$12.99** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.25 | 0.27 | 0.28 | 0.23 | 0.17 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.59 | 0.53 | 1.45 | (0.51)<br>| (0.82)<br>|
| Total from investment operations | 2.84 | 0.80 | 1.73 | (0.28)<br>| (0.65)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.31)<br>| (0.55)<br>| (0.35)<br>| (0.04)<br>| (0.33)<br>|
| From net realized capital gains on investments | (1.33)<br>| (0.34)<br>|  | (0.23)<br>| (1.70)<br>|
| Total dividends and distributions | (1.64)<br>| (0.89)<br>| (0.35)<br>| (0.27)<br>| (2.03)<br>|
| **Net asset value, end of year** | **$12.25** | **$11.05** | **$11.14** | **$9.76** | **$10.31** |
| **Total investment return**<sup>(b)</sup> <br>| **25.82%**<br>| **7.64%**<br>| **18.08%**<br>| **(2.47)%**<br>| **(5.97**<br> **)%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 2.00<br> %<br>| 2.41<br> %<br>| 2.73<br> %<br>| 2.54<br> %<br>| 2.00<br> %\*\*<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>| 1.01<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.63<br> %\*\*<br>|
| Portfolio turnover rate | 67<br> %<br>| 57<br> %<br>| 43<br> %<br>| 48<br> %<br>| 57<br> %<br>|
| Net assets at end of year (in 000's) | $513850 | $334626 | $208667 | $141733 | $2971 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on July 22, 2021. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the 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.

------

**Mercer Core Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Year Ended** <br>**March 31, 2022**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$8.98** | **$8.92** | **$9.00** | **$9.80** | **$10.46** |
| Net investment income<sup>†</sup> <br>| 0.40 | 0.39 | 0.37 | 0.28 | 0.22 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.03 | 0.07 | (0.12)<br>| (0.79)<br>| (0.62)<br>|
| Total from investment operations | 0.43 | 0.46 | 0.25 | (0.51)<br>| (0.40)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.55)<br>| (0.40)<br>| (0.33)<br>| (0.29)<br>| (0.22)<br>|
| From net realized capital gains on investments |  |  |  |  | (0.04)<br>|
| Total dividends and distributions | (0.55)<br>| (0.40)<br>| (0.33)<br>| (0.29)<br>| (0.26)<br>|
| **Net asset value, end of year** | **$8.86** | **$8.98** | **$8.92** | **$9.00** | **$9.80** |
| **Total investment return**<sup>(a)</sup> <br>| **4.74%**<br>| **5.19%**<br>| **2.77%**<br>| **(5.20)%**<br>| **(4.01)%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 4.44<br> %<br>| 4.38<br> %<br>| 4.13<br> %<br>| 3.08<br> %<br>| 2.09<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 0.39<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.15<br> %<br>| 0.14<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>| 0.16<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 125<br> %<br>| 123<br> %<br>| 128 %<sup>(d)</sup><br>| 203<br> %<br>| 131<br> %<br>|
| Net assets at end of year (in 000's) | $1524697 | $1922339 | $1807860 | $1242702 | $1371901 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 109%, 107%, 95%, 125%, and 96% for the years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;† Computed using average shares outstanding throughout the year.

216See accompanying Notes to the Financial Statements.

------

**Mercer Core Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Period Ended** <br>**March 31, 2022**<br>|
| **For a Class I Share Outstanding Throughout** <br> **Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$8.99** | **$8.92** | **$9.00** | **$9.79** | **$10.43** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.38 | 0.37 | 0.34 | 0.25 | 0.03 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.02 | 0.06 | (0.12)<br>| (0.78)<br>| (0.67)<br>|
| Total from investment operations | 0.40 | 0.43 | 0.22 | (0.53)<br>| (0.64)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.52)<br>| (0.36)<br>| (0.30)<br>| (0.26)<br>|  |
| Total dividends and distributions | (0.52)<br>| (0.36)<br>| (0.30)<br>| (0.26)<br>|  |
| **Net asset value, end of year** | **$8.87** | **$8.99** | **$8.92** | **$9.00** | **$9.79** |
| **Total investment return**<sup>(b)</sup> <br>| **4.41%**<br>| **4.93%**<br>| **2.50%**<br>| **(5.42)%**<br>| **(6.14**<br> **)%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 4.19<br> %<br>| 4.10<br> %<br>| 3.86<br> %<br>| 2.77<br> %<br>| 0.98<br> %\*\*<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.66<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.40<br> %<br>| 0.39<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>| 0.42<br> %\*\*<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 125<br> %<br>| 123<br> %<br>| 128 %<sup>(e)</sup><br>| 203<br> %<br>| 131<br> %<br>|
| Net assets at end of year (in 000's) | $15671 | $23043 | $50264 | $49690 | $94756 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on December 27, 2021. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the 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 109%, 107%, 95%, 125% and 96% <br> for the years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022, respectively.<br>|
| (e) | Portfolio turnover calculation does not include $192,237,977 of securities transferred into the Fund as part of in-kind contributions. |
| † | Computed using average shares outstanding throughout the year. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Year Ended** <br>**March 31, 2023**<br>| **Year Ended** <br>**March 31, 2022**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Year:**<br>|  |  |  |  |  |
| **Net asset value, beginning of year** | **$8.24** | **$8.43** | **$8.35** | **$8.93** | **$9.58** |
| Net investment income<sup>†</sup> <br>| 0.55 | 0.60 | 0.60 | 0.50 | 0.42 |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.04 | (0.23)<br>| 0.02 | (0.78)<br>| (0.74)<br>|
| Total from investment operations | 0.59 | 0.37 | 0.62 | (0.28)<br>| (0.32)<br>|
| Less dividends and distributions: |  |  |  |  |  |
| From net investment income | (0.57)<br>| (0.56)<br>| (0.54)<br>| (0.30)<br>| (0.30)<br>|
| From net realized capital gains on investments |  |  |  |  | (0.03)<br>|
| Total dividends and distributions | (0.57)<br>| (0.56)<br>| (0.54)<br>| (0.30)<br>| (0.33)<br>|
| **Net asset value, end of year** | **$8.26** | **$8.24** | **$8.43** | **$8.35** | **$8.93** |
| **Total investment return**<sup>(a)</sup> <br>| **7.13%**<br>| **4.40%**<br>| **7.54%**<br>| **(2.96)%**<br>| **(3.44)%**<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net investment income to average net assets | 6.53<br> %<br>| 7.04<br> %<br>| 7.12<br> %<br>| 6.05<br> %<br>| 4.35<br> %<br>|
| Total expenses (before reductions and <br> reimbursements/waivers) to average daily <br> net assets<br>| 0.84<br> %<br>| 0.84<br> %<br>| 0.86<br> %<br>| 0.88<br> %<br>| 0.90<br> %<br>|
| Net expenses to average daily net assets<sup>(b)</sup> <br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.43<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 246<br> %<br>| 77<br> %<br>| 63<br> %<br>| 66<br> %<br>| 77<br> %<br>|
| Net assets at end of year (in 000's) | $2092926 | $1852266 | $1776018 | $1332779 | $1106335 |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes TBA transactions; excluding these transactions the portfolio turnover rate would have been 175% for the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;† Computed using average shares outstanding throughout the year.

218See accompanying Notes to the Financial Statements.

------

**Mercer Opportunistic Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class I Share Outstanding Throughout Each Year:** |  |  |  |
| **Net asset value, beginning of year** | **$8.23** | **$8.42** | **$8.49** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.51 | 0.57 | 0.44 |
| Net realized and unrealized gain (loss) on investments | 0.05 | (0.22)<br>| 0.02 |
| Total from investment operations | 0.56 | 0.35 | 0.46 |
| Less dividends and distributions: |  |  |  |
| From net investment income | (0.54)<br>| (0.54)<br>| (0.53)<br>|
| Total dividends and distributions | (0.54)<br>| (0.54)<br>| (0.53)<br>|
| **Net asset value, end of year** | **$8.25** | **$8.23** | **$8.42** |
| **Total investment return**<sup>(b)</sup> <br>| **6.80%**<br>| **4.14%**<br>| **5.53**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 6.05<br> %<br>| 6.79<br> %<br>| 6.97<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average daily net <br> assets<br>| 1.09<br> %<br>| 1.09<br> %<br>| 1.11<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.67<br> %<br>| 0.68<br> %<br>| 0.69<br> %\*\*<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 246<br> %<br>| 77<br> %<br>| 63<br> %<br>|
| Net assets at end of year (in 000's) | $756 | $5470 | $5188 |

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on June 27, 2023. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the 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 175% for the year ended March 31, <br> 2026.<br>|
| † | Computed using average shares outstanding throughout the year. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**<br>| **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024**<br>|
| **For a Class Y-3 Share Outstanding** <br>**Throughout Each Year:**<br>|  |  |  |
| **Net asset value, beginning of year** | **$10.08** | **$10.04** | **$10.00** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup> <br>| 0.44 | 0.50 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.01 | 0.10 | 0.04 |
| Total from investment operations | 0.45 | 0.60 | 0.21 |
| Less dividends and distributions: |  |  |  |
| From net investment income | (0.45)<br>| (0.50)<br>| (0.17)<br>|
| From net realized capital gains on investments | (0.04)<br>| (0.06)<br>|  |
| Total dividends and distributions | (0.49)<br>| (0.56)<br>| (0.17)<br>|
| **Net asset value, end of year** | **$10.04** | **$10.08** | **$10.04** |
| **Total investment return**<sup>(b)</sup> <br>| **4.49%**<br>| **6.09%**<br>| **2.15**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net investment income to average net assets | 4.41<br> %<br>| 4.97<br> %<br>| 4.91<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average daily net <br> assets<br>| 0.61<br> %<br>| 0.88<br> %<br>| 1.09<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.20<br> %<br>| 0.20<br> %<br>| 0.20<br> %\*\*<br>|
| Portfolio turnover rate | 166<br> %<br>| 167<br> %<br>| 118<br> %\*<br>|
| Net assets at end of year (in 000's) | $84702 | $63573 | $60104 |

---

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

---

| | |
|:---|:---|
| (a) | The Fund commenced operations on December 1, 2023. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the 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. |

---

220See accompanying Notes to the Financial Statements.

------

**Mercer Short Duration Fixed Income Fund**

**Financial Highlights (Continued)**

------

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

---

| | |
|:---|:---|
|  | **Period Ended** <br>**March 31, 2026**<br>|
| **For a Class I Share Outstanding Throughout The Period:** |  |
| **Net asset value, beginning of period** | **$10.11** <br><sup>(a)</sup><br>|
| Net investment income<sup>†</sup>  | 0.09 |
| Net realized and unrealized gain (loss) on investments | (0.07)<br>|
| Total from investment operations | 0.02 |
| Less dividends and distributions: |  |
| From net investment income | (0.10)<br>|
| Total dividends and distributions | (0.10)<br>|
| **Net asset value, end of period** | **$10.03** |
| **Total investment return**<sup>(b)</sup> <br>| **0.18**<br> **%\***<br>|
| **Ratios/Supplemental Data:** |  |
| Net investment income to average net assets | 3.69<br> %\*\*<br>|
| Total expenses (before reductions and reimbursements/waivers) to average daily net assets | 0.76<br> %\*\*<br>|
| Net expenses to average daily net assets<sup>(c)</sup> <br>| 0.44<br> %\*\*<br>|
| Portfolio turnover rate | 166<br> %<br>|
| Net assets at end of period (in 000's) | $0 <br><sup>(d)</sup><br>|

---

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

---

| | |
|:---|:---|
| (a) | The Class commenced operations on December 30, 2025. |
| (b) | The total return would have been lower had certain expenses not been reduced or reimbursed/waived during the period shown. |
| (c) | Includes the effects of management fee waivers (see Note 5 of the Notes to the Financial Statements). |
| (d) | Amount rounds to less than $1,000. |
| †  | Computed using average shares outstanding throughout the period. |
| \* | Not annualized. |
| \*\* | Annualized. |

---

See accompanying Notes to the Financial Statements.

------

**Mercer Funds**

**Notes to Financial Statements**

**March 31, 2026**

------

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

**1.** **Organization**

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

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

Investment Objectives:

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

Each Fund has registered and is authorized to offer interests in four classes of shares: Adviser Class, Class I, Class Y-2 and Class Y-3. Each share class of a Fund represents an interest in the same portfolio of assets. 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, 2026, Class Y-3 shares and Class I shares were outstanding in each of the Funds. Class I shares of Short Duration Fixed commenced operations on December 30, 2025.

**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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

An Operating Segment is defined in FASB Accounting Standard Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief decision maker ("CODM") in making resource allocation a decision and assessing segment performance, and for which discrete financial information is available" Each of the Funds represent a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees of the Trust (the "Board"), the Chief Executive Officer acts as the Funds' 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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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.

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

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

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

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

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

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

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

The Board has designated the Adviser as the Valuation Designee responsible for valuing portfolio securities, subject to continuing Board oversight. The Adviser has appointed a Valuation Committee that is responsible for overseeing the day-to-day process of valuing portfolio securities. With respect to portfolio securities for which market quotations are not readily available or (in the opinion of the

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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, 2026, substantially all foreign equity securities held by Non-US Core Equity and Emerging Markets may be fair valued using valuations provided by an independent valuation service consistent with the valuation procedures approved by the Board.

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

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

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

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

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

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

The assets and liabilities shown in the Statements of Assets and Liabilities related to investments purchased for "to-be-announced" or "TBA" commitments or when-issued securities approximate fair value and are determined using Level 2 inputs as of March 31, 2026. 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, 2026.

The following is a summary of the portfolio securities by level based on inputs used as of March 31, 2026 in valuing the assets and liabilities of the Funds for which fair valuation was used:

**Small/Mid Cap**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks | &nbsp;&nbsp; $1642363910 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1642363910 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 6193268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6193268 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; $295497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $295497 |
| Total | &nbsp;&nbsp; $1648852675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1648852675 |

---

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

<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)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1946813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1946813 |
| Brazil | &nbsp;&nbsp; 76913450 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76913450 |
| Canada | &nbsp;&nbsp; 3997269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3997269 |
| Chile | &nbsp;&nbsp; 9784351 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9784351 |
| China | &nbsp;&nbsp; 18084091 | &nbsp;&nbsp; 292948902 | &nbsp;&nbsp; — | &nbsp;&nbsp; 311032993 |
| Colombia | &nbsp;&nbsp; 1359719 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1359719 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp; 1037349 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1037349 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 3480186 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3480186 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 5416166 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5416166 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 8337496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8337496 |
| India | &nbsp;&nbsp; 10668357 | &nbsp;&nbsp; 130041243 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140709600 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 13340750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13340750 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp; 2447863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2447863 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp; 1554954 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1554954 |
| Kazakhstan | &nbsp;&nbsp; 3702759 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3702759 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp; 5914020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5914020 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 248221 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248221 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 3327511 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3327511 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp; 11697389 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11697389 |
| Mexico | &nbsp;&nbsp; 36972989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 36972989 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp; 3671855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3671855 |
| Panama | &nbsp;&nbsp; 2890806 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2890806 |
| Peru | &nbsp;&nbsp; 11700045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11700045 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp; 2465275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2465275 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp; 8786274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8786274 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Portugal | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3661714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3661714 |
| Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp; 5497287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5497287 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 0 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp; 24681695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24681695 |
| Singapore | &nbsp;&nbsp; 2055758 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2055758 |
| South Africa | &nbsp;&nbsp; 4215662 | &nbsp;&nbsp; 30316535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34532197 |
| South Korea | &nbsp;&nbsp; 3288646 | &nbsp;&nbsp; 160672226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163960872 |
| Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp; 246175140 | &nbsp;&nbsp; — | &nbsp;&nbsp; 246175140 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp; 17243319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17243319 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp; 10494705 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10494705 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 9406103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9406103 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp; 1397428 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1397428 |
| United States | &nbsp;&nbsp; 6156761 | &nbsp;&nbsp; 2978814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9135575 |
| Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp; 9295751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9295751 |
| Zambia | &nbsp;&nbsp; 6779435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6779435 |
| Total Common Stocks | &nbsp;&nbsp; 198570098 | &nbsp;&nbsp; 1018482984 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1217053082 |
| Preferred Stocks |  |  |  |  |
| Brazil | &nbsp;&nbsp; 24741345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24741345 |
| India | &nbsp;&nbsp; 16332 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16332 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 11419294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11419294 |
| Total Preferred Stocks | &nbsp;&nbsp; 24757677 | &nbsp;&nbsp; 11419294 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36176971 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 4667854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4667854 |
| Total | &nbsp;&nbsp; $227995629 | &nbsp;&nbsp; $1029902278 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1257897907 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; $(527237)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(527237)<br>|
| Total  | &nbsp;&nbsp; $(527237)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(527237)<br>|

---

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

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of March 31, 2026.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation). Only current day's variation margin, if any, is reported* <br> *on the Statements of Assets and Liabilities.*<br>|

---

**Non-US Core Equity**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp; $32708524 | &nbsp;&nbsp; $114352708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $147061232 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp; 26485479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26485479 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp; 13416314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13416314 |
| Brazil | &nbsp;&nbsp; 41557951 | &nbsp;&nbsp; 2968381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44526332 |
| Burkina Faso | &nbsp;&nbsp; 724626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 724626 |
| Cambodia | &nbsp;&nbsp; — | &nbsp;&nbsp; 503223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 503223 |
| Canada | &nbsp;&nbsp; 357998338 | &nbsp;&nbsp; 173724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 358172062 |
| Chile | &nbsp;&nbsp; 2124876 | &nbsp;&nbsp; 7226193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9351069 |
| China | &nbsp;&nbsp; 4156638 | &nbsp;&nbsp; 73907650 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78064288 |
| Colombia | &nbsp;&nbsp; 209470 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 209470 |
| Denmark | &nbsp;&nbsp; 4820707 | &nbsp;&nbsp; 50670018 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55490725 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp; 21447090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21447090 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp; 305219829 | &nbsp;&nbsp; — | &nbsp;&nbsp; 305219829 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp; 5828660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5828660 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp; 215227381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 215227381 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp; 7795631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7795631 |
| Guernsey | &nbsp;&nbsp; 1450062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1450062 |
| Hong Kong | &nbsp;&nbsp; 540062 | &nbsp;&nbsp; 104121397 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104661459 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp; 5054527 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5054527 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp; 4302131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4302131 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 671825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 671825 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp; 56504187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56504187 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Israel | &nbsp;&nbsp; $10299638 | &nbsp;&nbsp; $21231834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31531472 |
| Italy | &nbsp;&nbsp; 14737093 | &nbsp;&nbsp; 161903420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176640513 |
| Ivory Coast | &nbsp;&nbsp; 6150841 | &nbsp;&nbsp; 2466494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8617335 |
| Japan | &nbsp;&nbsp; 3120620 | &nbsp;&nbsp; 897449472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 900570092 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp; 16221323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16221323 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp; 10603296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10603296 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp; 583913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 583913 |
| Netherlands | &nbsp;&nbsp; 11159693 | &nbsp;&nbsp; 161528949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172688642 |
| New Zealand | &nbsp;&nbsp; — | &nbsp;&nbsp; 804883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 804883 |
| Nigeria | &nbsp;&nbsp; — | &nbsp;&nbsp; 304455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 304455 |
| Norway | &nbsp;&nbsp; 11907273 | &nbsp;&nbsp; 53501476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65408749 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp; 165047 | &nbsp;&nbsp; — | &nbsp;&nbsp; 165047 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp; 21288493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21288493 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; 0 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp; 22494664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22494664 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 17621804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17621804 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 16580596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16580596 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp; 117905042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117905042 |
| Sweden | &nbsp;&nbsp; 2818131 | &nbsp;&nbsp; 85314903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88133034 |
| Switzerland | &nbsp;&nbsp; 10710974 | &nbsp;&nbsp; 160957965 | &nbsp;&nbsp; — | &nbsp;&nbsp; 171668939 |
| Taiwan | &nbsp;&nbsp; 24592622 | &nbsp;&nbsp; 18007322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42599944 |
| Turkey | &nbsp;&nbsp; 82769 | &nbsp;&nbsp; 2310814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2393583 |
| United Kingdom | &nbsp;&nbsp; 32807146 | &nbsp;&nbsp; 398781229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 431588375 |
| United States | &nbsp;&nbsp; 147540839 | &nbsp;&nbsp; 265079414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 412620253 |
| Zambia | &nbsp;&nbsp; 980080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 980080 |
| Total Common Stocks | &nbsp;&nbsp; 723198973 | &nbsp;&nbsp; 3468983156 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4192182129 |
| Investment Companies | &nbsp;&nbsp; 16825869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16825869 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 6303811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6303811 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 68911201 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68911201 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 428143 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 428143 |
| Total | &nbsp;&nbsp; $809364186 | &nbsp;&nbsp; $3475286967 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $4284651159 |

---

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

---

| | |
|:---|:---|
| *\** | *Represents one or more Level 3 securities at $0 value as of March 31, 2026.* |
| <sup>†</sup> <br>| *Futures contracts are valued at unrealized appreciation (depreciation). Only current day's variation margin, if any, is reported* <br> *on the Statements of Assets and Liabilities.*<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

**Core Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1523854955 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1523854955 |
| Common Stock | &nbsp;&nbsp; — | &nbsp;&nbsp; 37191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37191 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 15370327 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15370327 |
| Forward Foreign Currency Contracts<sup>#</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 489385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 489385 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; 14571 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14571 |
| Sales | &nbsp;&nbsp; 63044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63044 |
| Total Futures Contracts | &nbsp;&nbsp; 77615 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 77615 |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 129327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129327 |
| OTC Credit Default Swap | &nbsp;&nbsp; — | &nbsp;&nbsp; 1381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swap<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 24147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24147 |
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 154855 | &nbsp;&nbsp; — | &nbsp;&nbsp; 154855 |
| Total | &nbsp;&nbsp; $15447942 | &nbsp;&nbsp; $1524536386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1539984328 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| TBA Sale Commitment | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5237070)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5237070)<br>|
| Forward Foreign Currency Contracts<sup>#</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91417)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91417)<br>|
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; (689301)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (689301)<br>|
| Sales | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (46)<br>|
| Total Futures Contracts | &nbsp;&nbsp; (689347)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (689347)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(189445)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(189445)<br>|
| OTC Credit Default Swap | &nbsp;&nbsp; — | &nbsp;&nbsp; (123)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (123)<br>|
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (189568)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (189568)<br>|
| Total | &nbsp;&nbsp; $(689347)<br>| &nbsp;&nbsp; $(5518055)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6207402)<br>|

---

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

---

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

---

**Opportunistic Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations |  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194505186 | &nbsp;&nbsp; $1326565 | &nbsp;&nbsp; $195831751 |
| Bank Loans<sup>!</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 352207069 | &nbsp;&nbsp; 637184 | &nbsp;&nbsp; 352844253 |
| Convertible Debt | &nbsp;&nbsp; — | &nbsp;&nbsp; 39892249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39892249 |
| Corporate Debt | &nbsp;&nbsp; — | &nbsp;&nbsp; 764833974 | &nbsp;&nbsp; 676246 | &nbsp;&nbsp; 765510220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - Private <br> Issuers<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 95408747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95408747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Backed Securities - <br> U.S. Government Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 179733984 | &nbsp;&nbsp; — | &nbsp;&nbsp; 179733984 |
| Sovereign Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 338567796 | &nbsp;&nbsp; — | &nbsp;&nbsp; 338567796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 111621253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 111621253 |
| Total Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2076770258 | &nbsp;&nbsp; 2639995 | &nbsp;&nbsp; 2079410253 |
| Common Stocks |  |  |  |  |
| Basic Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0\* | &nbsp;&nbsp; — |
| Consumer, Cyclical | &nbsp;&nbsp; 6203 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6203 |
| Energy | &nbsp;&nbsp; — | &nbsp;&nbsp; 468750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 468750 |
| Financial | &nbsp;&nbsp; 13204780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13204780 |
| Industrial | &nbsp;&nbsp; — | &nbsp;&nbsp; 929744 | &nbsp;&nbsp; — | &nbsp;&nbsp; 929744 |
| Technology | &nbsp;&nbsp; — | &nbsp;&nbsp; 347222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 347222 |
| Total Common Stocks | &nbsp;&nbsp; 13210983 | &nbsp;&nbsp; 1745716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14956699 |
| Investment Companies | &nbsp;&nbsp; 23790107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23790107 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Preferred Stocks | &nbsp;&nbsp; $5530077 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5530077 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 76834587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76834587 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 40500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency <br> Obligations<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11386402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11386402 |
| Sovereign Debt Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 356406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 356406 |
| Total Short-Term Investments | &nbsp;&nbsp; 76834587 | &nbsp;&nbsp; 52242808 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129077395 |
| Purchased Options |  |  |  |  |
| Purchased Currency Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 48684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48684 |
| Forward Foreign Currency Contracts<sup>#</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5274550 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5274550 |
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Sales | &nbsp;&nbsp; 866146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 866146 |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1268132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1268132 |
| OTC Credit Default Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 481852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 481852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 853456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 853456 |
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 2603440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2603440 |
| Total | &nbsp;&nbsp; $120231900 | &nbsp;&nbsp; $2138685456 | &nbsp;&nbsp; $2639995 | &nbsp;&nbsp; $2261557351 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Forward Foreign Currency Contracts<sup>#</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1776945)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1776945)<br>|
| Futures Contracts<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; (3876695)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3876695)<br>|
| Reverse Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (995256)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (995256)<br>|
| Written Options |  |  |  |  |
| Written Currency Options | &nbsp;&nbsp; — | &nbsp;&nbsp; (52119)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (52119)<br>|
| Written Interest Rate Swaptions | &nbsp;&nbsp; — | &nbsp;&nbsp; (1153318)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1153318)<br>|
| Total Written Options | &nbsp;&nbsp; — | &nbsp;&nbsp; (1205437)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1205437)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2098579)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2098579)<br>|
| OTC Credit Default Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (504546)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (504546)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swaps<sup>†</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (996770)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (996770)<br>|
| OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (110133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (110133)<br>|
| Total Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (3710028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3710028)<br>|
| Total | &nbsp;&nbsp; $(3876695)<br>| &nbsp;&nbsp; $(7687666)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11564361)<br>|

---

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

---

| | |
|:---|:---|
| <sup>!</sup> <br>| *Unfunded loan commitments have been classified as Level 2.* |
| \* | *Represents one or more Level 3 securities at $0 value as of March 31, 2026.* |
| <sup>#</sup> <br>| *Forward foreign currency contracts are valued at unrealized appreciation (depreciation).* |
| <sup>†</sup> <br>| *Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation (depreciation). Only current day's* <br> *variation margin, if any, is reported on the Statements of Assets and Liabilities.*<br>|

---

**Short Duration Fixed**

**ASSETS VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Debt Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83193395 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83193395 |
| Short-Term Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual Fund - Securities Lending <br> Collateral<br>| &nbsp;&nbsp; 224618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 224618 |
| Total | &nbsp;&nbsp; $224618 | &nbsp;&nbsp; $83193395 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83418013 |

---

**LIABILITIES VALUATION INPUT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices <br>in Active <br>Markets for <br>Identical <br> Assets <br>(Level 1)<br>| Significant <br>Other <br>Observable <br>Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Futures Contract<sup>†</sup> <br>|  |  |  |  |
| Buys | &nbsp;&nbsp; $(71702)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(71702)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br> in Active<br> Markets for<br> Identical <br> Assets<br> (Level 1)<br>| Significant<br> Other<br> Observable<br> Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default <br> Swap<sup>†</sup> <br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $0\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total | &nbsp;&nbsp; $(71702)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(71702)<br>|

---

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

---

| | |
|:---|:---|
| <sup>†</sup> <br>| *Futures contracts and Centrally Cleared Swaps are valued at unrealized appreciation (depreciation). Only current day's* <br> *variation margin, if any, is reported on the Statements of Assets and Liabilities.*<br>|
| \* | *Represents one or more Level 2 securities at $0 as of March 31, 2026.* |

---

The Funds, with the exception of the Mercer Core Fixed Income Fund, had no Level 3 transfers during the year ended March 31, 2026. The Mercer Core Fixed Income Fund had Level 3 transfers during the year ended March 31, 2026; 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;**(c) Investments in derivative instruments**

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

**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, 2026, 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, 2026.

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

**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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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 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, 2026, 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. See each Fund's Schedule of Investments for a listing of open futures contracts as of March 31, 2026.

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

**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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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 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, 2026, 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 each Fund's Schedule of Investments for a listing of options as of March 31, 2026.

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

**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.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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.

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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.

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.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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 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, 2026, Core Fixed, Opportunistic Fixed and Short Duration Fixed used swaps to adjust interest rate and yield curve exposure or to manage interest fluctuation and credit exposure. See each Fund's Schedule of Investments for a listing of open swaps as of March 31, 2026.

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

**Derivatives risk exposures** 

At March 31, 2026 and during the year then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest <br>Rate Risk<br>| Foreign <br>Currency Risk<br>| Credit <br>Risk<br>| Equity Risk | Total |
| **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| $— | $— | $— | $295497 | $295497 |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Futures Contracts |  |  |  | 5527919 | 5527919 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> Rate Risk<br>| Foreign<br> Currency Risk<br>| Credit<br> Risk<br>| Equity Risk | Total |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts | $— | $— | $— | $(108233)<br>| $(108233)<br>|
| **Emerging Markets** | **Emerging Markets** | **Emerging Markets** | **Emerging Markets** |  |  |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>|  |  |  | (527237)<br>| (527237)<br>|
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Futures Contracts |  |  |  | 13549911 | 13549911 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts |  |  |  | (229751)<br>| (229751)<br>|
| **Non-US Core Equity** | **Non-US Core Equity** | **Non-US Core Equity** | **Non-US Core Equity** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>|  |  |  | 428143 | 428143 |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Futures Contracts |  |  |  | 12337579 | 12337579 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts |  |  |  | 733032 | 733032 |
| **Core Fixed** | **Core Fixed** | **Core Fixed** | **Core Fixed** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| 77615 |  |  |  | 77615 |
| Forward Foreign Currency Contracts<sup>(4)</sup> <br>|  | 489385 |  |  | 489385 |
| OTC Swaps Contracts<sup>(5)</sup> <br>|  |  | 1381 |  | 1381 |
| Centrally Cleared Swap Contracts<sup>(6)</sup> <br>| 129327 |  | 24147 |  | 153474 |
| Total Value | $206942 | $489385 | $25528 | $— | $721855 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| (689347)<br>|  |  |  | (689347)<br>|
| Forward Foreign Currency Contracts<sup>(7)</sup> <br>|  | (91417)<br>|  |  | (91417)<br>|
| OTC Swaps Contracts<sup>(5)</sup> <br>|  |  | (123)<br>|  | (123)<br>|
| Centrally Cleared Swap Contracts<sup>(6)</sup> <br>| (189445)<br>|  |  |  | (189445)<br>|
| Total Value | $(878792)<br>| $(91417)<br>| $(123)<br>| $— | $(970332)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> Rate Risk<br>| Foreign<br> Currency Risk<br>| Credit<br> Risk<br>| Equity Risk | Total |
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Options Purchased | $(678)<br>| $— | $— | $— | $(678)<br>|
| Options Written | 32872 |  |  |  | 32872 |
| Swaps Contracts | 766 |  | (172893)<br>|  | (172127)<br>|
| Futures Contracts | 24254 |  |  |  | 24254 |
| Forward Foreign Currency Contracts |  | (2724987)<br>|  |  | (2724987)<br>|
| Total Realized Gain (Loss) | $57214 | $(2724987)<br>| $(172893)<br>| $— | $(2840666)<br>|
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Options Written | 419 |  |  |  | 419 |
| Swaps Contracts | 41608 |  | (40724)<br>|  | 884 |
| Futures Contracts | (1252021)<br>|  |  |  | (1252021)<br>|
| Forward Foreign Currency Contracts |  | 1175173 |  |  | 1175173 |
| Total Change in Appreciation (Depreciation) | $(1209994)<br>| $1175173 | $(40724)<br>| $— | $(75545)<br>|
| **Opportunistic Fixed** | **Opportunistic Fixed** | **Opportunistic Fixed** | **Opportunistic Fixed** |  |  |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Options Purchased<sup>(8)</sup> <br>|  | 48684 |  |  | 48684 |
| Futures Contracts<sup>(1)</sup> <br>| 866146 |  |  |  | 866146 |
| Forward Foreign Currency Contracts<sup>(4)</sup> <br>|  | 5274550 |  |  | 5274550 |
| OTC Swaps Contracts<sup>(5)</sup> <br>|  |  | 481852 |  | 481852 |
| Centrally Cleared Swap Contracts<sup>(6)</sup> <br>| 1268132 |  | 853456 |  | 2121588 |
| Total Value | $2134278 | $5323234 | $1335308 | $— | $8792820 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Options Written<sup>(9)</sup> <br>| (1153318)<br>| (52119)<br>|  |  | (1205437)<br>|
| Futures Contracts<sup>(1)</sup> <br>| (3876695)<br>|  |  |  | (3876695)<br>|
| Forward Foreign Currency Contracts<sup>(7)</sup> <br>|  | (1776945)<br>|  |  | (1776945)<br>|
| OTC Swaps Contracts<sup>(5)</sup> <br>|  |  | (504546)<br>| (110133)<br>| (614679)<br>|
| Centrally Cleared Swap Contracts<sup>(6)</sup> <br>| (2098579)<br>|  | (996770)<br>|  | (3095349)<br>|
| Total Value | $(7128592)<br>| $(1829064)<br>| $(1501316)<br>| $(110133)<br>| $(10569105)<br>|
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Options Purchased | (5089)<br>| 5037 |  |  | (52)<br>|
| Options Written | 171664 | 6155 |  |  | 177819 |
| Swaps Contracts | (465618)<br>|  | 9091403 | (679447)<br>| 7946338 |
| Futures Contracts | (3310890)<br>|  |  |  | (3310890)<br>|
| Forward Foreign Currency Contracts |  | (3458733)<br>|  |  | (3458733)<br>|
| Total Realized Gain (Loss) | $(3609933)<br>| $(3447541)<br>| $9091403 | $(679447)<br>| $1354482 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> Rate Risk<br>| Foreign<br> Currency Risk<br>| Credit<br> Risk<br>| Equity Risk | Total |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Options Purchased | $— | $1590 | $— | $— | $1590 |
| Options Written | 53245 | (11126)<br>|  |  | 42119 |
| Swaps Contracts | 481538 |  | 1808878 | (53186)<br>| 2237230 |
| Futures Contracts | (2895200)<br>|  |  |  | (2895200)<br>|
| Forward Foreign Currency Contracts |  | 4271868 |  |  | 4271868 |
| Total Change in Appreciation (Depreciation) | $(2360417)<br>| $4262332 | $1808878 | $(53186)<br>| $3657607 |
| **Short Duration Fixed** | **Short Duration Fixed** | **Short Duration Fixed** | **Short Duration Fixed** |  |  |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Futures Contracts<sup>(1)</sup> <br>| (71702)<br>|  |  |  | (71702)<br>|
| **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  | **Net Realized Gain (Loss)**<sup>(2)</sup>  |  |  |
| Swaps Contracts |  |  | 1899 |  | 1899 |
| Futures Contracts | 17567 |  |  |  | 17567 |
| Total Realized Gain (Loss) | $17567 | $— | $1899 | $— | $19466 |
| **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  | **Change in Appreciation (Depreciation)**<sup>(3)</sup>  |  |
| Futures Contracts | (97503)<br>|  |  |  | (97503)<br>|

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Statement of Assets and Liabilities location: OTC — Swap contracts, at value.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *Centrally Cleared Swaps are valued at unrealized appreciation (depreciation) on the Schedule of Investments. Only current* *day's variation margin receivable or payable, if any, is reported on the Statements of Assets and Liabilities.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) *Statement of Assets and Liabilities location: Investments, at value.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) *Statements of Assets and Liabilities location: Written options, at value.* 

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended March 31, 2026, the number of contracts, notional amounts, or shares/units for each derivative <br> type was as follows:<sup>(1)</sup>  |
|  | Options <br>Purchased<br>| Swaps <br>Contracts<br>| Buy <br>Futures <br>Contracts<br>| Sell <br>Futures <br>Contracts<br>| Options <br>Written<br>| Forward <br>Foreign <br>Currency <br>Contracts<br>|
| Small/Mid Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29983098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Emerging Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46441861 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Non-US Core Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117602711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Fixed | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 64740834 | &nbsp;&nbsp; 71338146 | &nbsp;&nbsp; (7658581)<br>| &nbsp;&nbsp; (159000)<br>| &nbsp;&nbsp; 64885698 |
| Opportunistic Fixed | &nbsp;&nbsp; 3635463 | &nbsp;&nbsp; 344541727 | &nbsp;&nbsp; 203130738 | &nbsp;&nbsp; (83015569)<br>| &nbsp;&nbsp; (33971750)<br>| &nbsp;&nbsp; 489724390 |
| Short Duration Fixed | &nbsp;&nbsp; — | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 9159930 | &nbsp;&nbsp; (1249510)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Amounts disclosed represent the average number of contracts or notional amounts outstanding for the months that the Funds* *held such derivatives during the year ended March 31, 2026 .* 

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

**Netting agreements and collateral requirements**

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

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

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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, 2026.

**Core Fixed**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Assets Subject <br>to MNA<br>| Derivative <br>Liabilities <br>available for <br>offset<br>| Non-cash <br>Collateral <br>Received<br>| Cash <br>Collateral <br>Received\*<br>| Net Amount <br>of Derivative <br>Assets<sup>(a)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $490766 | &nbsp;&nbsp; $(79303)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(411463)<br>| &nbsp;&nbsp; $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Liabilities <br> Subject <br>to MNA<br>| Derivative <br>Assets <br>available for <br> offset<br>| Non-cash <br>Collateral <br>Pledged<br>| Cash <br>Collateral <br>Pledged\*<br>| Net Amount <br>of Derivative <br>Liabilities<sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $(79303)<br>| &nbsp;&nbsp; $79303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (12237)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12237)<br>|
| Total | &nbsp;&nbsp; $(91540)<br>| &nbsp;&nbsp; $79303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12237)<br>|

---

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

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

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

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

**Opportunistic Fixed**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Assets Subject <br>to MNA<br>| Derivative <br>Liabilities <br>available for <br>offset<br>| Non-cash <br>Collateral <br>Received<br>| Cash <br>Collateral <br>Received\*<br>| Net Amount <br>of Derivative <br>Assets<sup>(a)</sup> <br>|
| Bank of America, N.A. | &nbsp;&nbsp; $439157 | &nbsp;&nbsp; $(439157)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 258253 | &nbsp;&nbsp; (258253)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas S.A. | &nbsp;&nbsp; 9425 | &nbsp;&nbsp; (9425)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 635086 | &nbsp;&nbsp; (434115)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (200971)<br>| &nbsp;&nbsp; — |
| Credit Agricole CIB | &nbsp;&nbsp; 3263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3263 |
| Deutsche Bank AG | &nbsp;&nbsp; 515238 | &nbsp;&nbsp; (97811)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (280000)<br>| &nbsp;&nbsp; 137427 |
| Goldman Sachs & Co. | &nbsp;&nbsp; 32426 | &nbsp;&nbsp; (23915)<br>| &nbsp;&nbsp; (8511)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 111562 | &nbsp;&nbsp; (111562)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 708405 | &nbsp;&nbsp; (86678)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (620000)<br>| &nbsp;&nbsp; 1727 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1158634 | &nbsp;&nbsp; (59776)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (941000)<br>| &nbsp;&nbsp; 157858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley and Co. <br> International PLC<br>| &nbsp;&nbsp; 641737 | &nbsp;&nbsp; (306854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (334883)<br>| &nbsp;&nbsp; — |
| Morgan Stanley Bank N.A. | &nbsp;&nbsp; 22011 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22011)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital Services, <br> Inc.<br>| &nbsp;&nbsp; 3441 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3441)<br>| &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 49225 | &nbsp;&nbsp; (12658)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36567 |
| Societe Generale | &nbsp;&nbsp; 423 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 423 |
| Standard Chartered Bank | &nbsp;&nbsp; 1107898 | &nbsp;&nbsp; (43585)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1064313)<br>| &nbsp;&nbsp; — |
| State Street Bank and Trust | &nbsp;&nbsp; 15665 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15664 |
| Toronto Dominion Bank | &nbsp;&nbsp; 8371 | &nbsp;&nbsp; (111)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8260 |
| UBS AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Westpac Banking Corp. | &nbsp;&nbsp; 84865 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 84865 |
| Total | &nbsp;&nbsp; $5805086 | &nbsp;&nbsp; $(1883902)<br>| &nbsp;&nbsp; $(30522)<br>| &nbsp;&nbsp; $(3444608)<br>| &nbsp;&nbsp; $446054 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative <br>Liabilities <br> Subject <br>to MNA<br>| Derivative <br>Assets <br>available for <br> offset<br>| Non-cash <br>Collateral <br>Pledged<br>| Cash <br>Collateral <br>Pledged\*<br>| Net Amount <br>of Derivative <br>Liabilities<sup>(b)</sup> <br>|
| Bank of America, N.A. | &nbsp;&nbsp; $(782995)<br>| &nbsp;&nbsp; $439157 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(343838)<br>|
| Barclays Bank PLC | &nbsp;&nbsp; (686316)<br>| &nbsp;&nbsp; 258253 | &nbsp;&nbsp; 375269 | &nbsp;&nbsp; — | &nbsp;&nbsp; (52794)<br>|
| BNP Paribas S.A. | &nbsp;&nbsp; (36400)<br>| &nbsp;&nbsp; 9425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (26975)<br>|
| Citibank N.A. | &nbsp;&nbsp; (434115)<br>| &nbsp;&nbsp; 434115 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; (97811)<br>| &nbsp;&nbsp; 97811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; (23915)<br>| &nbsp;&nbsp; 23915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; (740243)<br>| &nbsp;&nbsp; 111562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (628681)<br>|
| HSBC Bank PLC | &nbsp;&nbsp; (86678)<br>| &nbsp;&nbsp; 86678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (59776)<br>| &nbsp;&nbsp; 59776 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Merrill Lynch International | &nbsp;&nbsp; (2929)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2929)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br> Liabilities <br> Subject<br> to MNA<br>| Derivative<br> Assets<br> available for <br> offset<br>| Non-cash<br> Collateral<br> Pledged<br>| Cash<br> Collateral<br> Pledged\*<br>| Net Amount<br> of Derivative<br> Liabilities<sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley and Co. International <br> PLC<br>| &nbsp;&nbsp; $(306854)<br>| &nbsp;&nbsp; $306854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Morgan Stanley International | &nbsp;&nbsp; (271354)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (271354)<br>|
| Natwest Markets PLC | &nbsp;&nbsp; (12658)<br>| &nbsp;&nbsp; 12658 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; (43585)<br>| &nbsp;&nbsp; 43585 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto Dominion Bank | &nbsp;&nbsp; (111)<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; (11320)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11319)<br>|
| Total | &nbsp;&nbsp; $(3597061)<br>| &nbsp;&nbsp; $1883902 | &nbsp;&nbsp; $375269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1337890)<br>|

---

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

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

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

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

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

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

**Bank loans**

Core Fixed, Opportunistic Fixed and Short Duration Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ''Lender'') that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Each Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, each Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, each Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At March 31, 2026, Opportunistic Fixed had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Par | Cost | Value | Unrealized <br>Gain (Loss)<br>|
| Databricks, Inc. | &nbsp;&nbsp; $665000 | &nbsp;&nbsp; $665000 | &nbsp;&nbsp; $661675 | &nbsp;&nbsp; $(3325)<br>|
| GC Ferry Acquisition I, Inc. | &nbsp;&nbsp; 94792 | &nbsp;&nbsp; 94792 | &nbsp;&nbsp; 93607 | &nbsp;&nbsp; (1185)<br>|
| Liquid Tech Solutions LLC | &nbsp;&nbsp; 126780 | &nbsp;&nbsp; 126483 | &nbsp;&nbsp; 126305 | &nbsp;&nbsp; (178)<br>|
| MRI Software LLC | &nbsp;&nbsp; 100005 | &nbsp;&nbsp; 99693 | &nbsp;&nbsp; 96755 | &nbsp;&nbsp; (2938)<br>|
| MRI Software LLC | &nbsp;&nbsp; 437934 | &nbsp;&nbsp; 437064 | &nbsp;&nbsp; 434650 | &nbsp;&nbsp; (2414)<br>|
| Pinnacle Buyer LLC | &nbsp;&nbsp; 181452 | &nbsp;&nbsp; 181452 | &nbsp;&nbsp; 181622 | &nbsp;&nbsp; 170 |
| Pye-Barker Fire & Safety LLC | &nbsp;&nbsp; 122200 | &nbsp;&nbsp; 122200 | &nbsp;&nbsp; 122493 | &nbsp;&nbsp; 293 |
| Salas O'brien, Inc. | &nbsp;&nbsp; 114286 | &nbsp;&nbsp; 114006 | &nbsp;&nbsp; 114571 | &nbsp;&nbsp; 565 |
| Secretariat Advisors LLC | &nbsp;&nbsp; 162832 | &nbsp;&nbsp; 162450 | &nbsp;&nbsp; 160389 | &nbsp;&nbsp; (2061)<br>|
| Student Transportation of America Holdings, Inc. | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100375 | &nbsp;&nbsp; 375 |
| Trio Bidco, Inc. | &nbsp;&nbsp; 82571 | &nbsp;&nbsp; 82571 | &nbsp;&nbsp; 80232 | &nbsp;&nbsp; (2339)<br>|

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Par | Cost | Value | Unrealized<br> Gain (Loss)<br>|
| Van Pool Transportation LLC | &nbsp;&nbsp; $26313 | &nbsp;&nbsp; $26313 | &nbsp;&nbsp; $26369 | &nbsp;&nbsp; $56 |
|  | &nbsp;&nbsp; $2214165 | &nbsp;&nbsp; $2212024 | &nbsp;&nbsp; $2199043 | &nbsp;&nbsp; $(12981)<br>|

---

&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.

&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, 2026.

&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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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, 2026.

&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 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, 2026.

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). See Statements of Assets and Liabilities for collateral pledged or received for open when-issued or delayed-delivery transactions at March 31, 2026, if any.

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

**Repurchase agreements**

Each Fund may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held in safekeeping at the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Securities purchased under repurchase agreements are reflected as an asset in the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for receipt of collateral, which may result in interest expense to the Fund. See the Opportunistic Fixed Schedule of Investments for a listing of open Repurchase Agreements as of March 31, 2026.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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

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

**Foreign currency translations**

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

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

**Reverse repurchase agreements**

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

As of March 31, 2026, Opportunistic Fixed Income Fund average balance outstanding is $(545,874). Weighted average interest rate (net) is (3.34)%. Average balance outstanding was calculated based on daily face value balances outstanding during the period that the Fund had entered into reverse repurchase agreements. Average interest rate was calculated based on interest received and/or paid during the period that the Fund had entered into the reverse repurchase agreements.

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

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight** <br> **and** <br>**Continuous**<br>| **Up to** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **On Demand** | **Total** |
| **Opportunistic Fixed** |  |  |  |  |  |  |
| **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |  |  |  |  |  |
| Sovereign Debt Obligations | $— | $— | $— | $— | $995256 | $995256 |
|  | $— | $— | $— | $— | $995256 | $995256 |

---

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

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

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

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

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

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund's assets in portfolio securities. When unusual market conditions warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund's net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund's ability to achieve its investment objective.

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

A Fund may lend its portfolio securities to qualified broker/dealers and financial institutions pursuant to agreements, provided: (1) the loan is secured continuously by collateral marked to market daily and maintained in an amount at least equal to the current fair value of the securities loaned; (2) the Fund may call the loan at any time and receive the securities loaned; (3) the Fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate fair value of securities loaned will not at any time exceed 33 1/3% of the total assets of the Fund. Collateral will consist of U.S. and non-U.S. securities, cash equivalents or irrevocable letters of credit. As of period end March 31, 2026, securities

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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, 2026. 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, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Market Value of <br>Loaned Securities<br>| Value of <br>Cash Collateral<br>| Value of <br>Non-Cash Collateral<br>|
| Small/Mid Cap | &nbsp;&nbsp; $79149287<br>| &nbsp;&nbsp; $6193268<br>| &nbsp;&nbsp; $76703662 |
| Emerging Markets | &nbsp;&nbsp; 36467859<br>| &nbsp;&nbsp; 4667854<br>| &nbsp;&nbsp; 33457873 |
| Non-US Core Equity | &nbsp;&nbsp; 175070395<br>| &nbsp;&nbsp; 68911201<br>| &nbsp;&nbsp; 113053214 |
| Core Fixed | &nbsp;&nbsp; 21823499<br>| &nbsp;&nbsp; 15370327<br>| &nbsp;&nbsp; 6846266 |
| Opportunistic Fixed | &nbsp;&nbsp; 80972820<br>| &nbsp;&nbsp; 76834587<br>| &nbsp;&nbsp; 5750346 |
| Short Duration Fixed | &nbsp;&nbsp; 220587<br>| &nbsp;&nbsp; 224618<br>| &nbsp;&nbsp; — |

---

For Small/Mid Cap, Emerging Markets and Non-US Core Equity, all of the securities on loan collateralized by cash are classified as Common Stocks in each Fund's Schedule of Investments at March 31, 2026, with a contractual maturity of overnight and continuous. For Core Fixed and Short Duration Fixed, all of the securities on loan collateralized by cash are classified as Corporate Debt in each Fund's Schedule of Investments at March 31, 2026, with a contractual maturity of overnight and continuous.

For Opportunistic Fixed, the values of the security loan obligations are classified as follows at March 31, 2026:

**Opportunistic Fixed** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** <br>**As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements** <br>**As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements** <br>**As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements** <br>**As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements** <br>**As of March 31, 2026** |
|  | **Overnight and** <br>**Continuous**<br>| **˂ 30 days** | **Between** <br>**30 & 90 days**<br>| **˃ 90 days** | **Total** |
| **Securities Lending Transactions** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $9809789 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9809789 |
| Corporate Debt | &nbsp;&nbsp; 42008790 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42008790 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br> **As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **As of March 31, 2026** | **Remaining Contractual Maturity of the Agreements**<br> **As of March 31, 2026** |
|  | **Overnight and**<br> **Continuous**<br>| **˂ 30 days** | **Between**<br> **30 & 90 days**<br>| **˃ 90 days** | **Total** |
| Sovereign Debt Obligations | &nbsp;&nbsp; $4155888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4155888 |
| Investment Companies | &nbsp;&nbsp; 20343297 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20343297 |
| Preferred Stocks | &nbsp;&nbsp; 516823 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 516823 |
| **Total Borrowings** | &nbsp;&nbsp; **$76834587** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$76834587** |

---

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

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

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, 2026, 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 | &nbsp;&nbsp; $122922212  |
| Core Fixed | &nbsp;&nbsp; $181834658  |
| Opportunistic Fixed | &nbsp;&nbsp; $146331484  |

---

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, 2026, no Funds have elected to defer current year post-October losses.

As of March 31, 2026, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments and derivatives were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal <br>Income Tax <br>Cost<br>| Tax Basis <br>Unrealized <br>Appreciation<br>| Tax Basis <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Small/Mid Cap | &nbsp;&nbsp; $1436551977 | &nbsp;&nbsp; $340522018 | &nbsp;&nbsp; $(128516817)<br>| &nbsp;&nbsp; $212005201 |
| Emerging Markets | &nbsp;&nbsp; 1168426032 | &nbsp;&nbsp; 262818069 | &nbsp;&nbsp; (173346194)<br>| &nbsp;&nbsp; 89471875 |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br> Income Tax<br> Cost<br>| Tax Basis<br> Unrealized<br> Appreciation<br>| Tax Basis<br> Unrealized<br> Depreciation<br>| Net<br> Unrealized<br> Appreciation<br> (Depreciation)<br>|
| Non-US Core Equity | &nbsp;&nbsp; $3555298797 | &nbsp;&nbsp; $993469520 | &nbsp;&nbsp; $(264545301)<br>| &nbsp;&nbsp; $728924219 |
| Core Fixed | &nbsp;&nbsp; 1566787998 | &nbsp;&nbsp; 10692032 | &nbsp;&nbsp; (43454627)<br>| &nbsp;&nbsp; (32762595)<br>|
| Opportunistic Fixed | &nbsp;&nbsp; 2283394014 | &nbsp;&nbsp; 27165549 | &nbsp;&nbsp; (58603343)<br>| &nbsp;&nbsp; (31437794)<br>|
| Short Duration Fixed | &nbsp;&nbsp; 83311016 | &nbsp;&nbsp; 350551 | &nbsp;&nbsp; (243554)<br>| &nbsp;&nbsp; 106997 |

---

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, 2026.

As of March 31, 2026, 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, 2026 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, 2026 and March 31, 2025, the tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2026 | 2026 | 2026 | 2025 | 2025 | 2025 |
|  | Ordinary <br>Income<br>| Long-Term <br>Capital Gains<br>| Return of <br>Capital<br>| Ordinary <br>Income<br>| Long-Term <br>Capital Gains<br>| Return of <br>Capital<br>|
| Small/Mid Cap | &nbsp;&nbsp; $18855585 | &nbsp;&nbsp; $105135991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27733491 | &nbsp;&nbsp; $134377749 | &nbsp;&nbsp; $— |
| Emerging Markets | &nbsp;&nbsp; 36660395 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15840168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-US Core <br> Equity<br>| &nbsp;&nbsp; 175446096 | &nbsp;&nbsp; 358281700 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187293469 | &nbsp;&nbsp; 110099621 | &nbsp;&nbsp; — |
| Core Fixed | &nbsp;&nbsp; 90607225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87455672 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Opportunistic Fixed | &nbsp;&nbsp; 133720680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 117948829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2026 | 2026 | 2026 | 2025 | 2025 | 2025 |
|  | Ordinary<br> Income<br>| Long-Term<br> Capital Gains<br>| Return of<br> Capital<br>| Ordinary<br> Income<br>| Long-Term<br> Capital Gains<br>| Return of<br> Capital<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Duration <br> Fixed<br>| &nbsp;&nbsp; $3353897 | &nbsp;&nbsp; $136317 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3152864 | &nbsp;&nbsp; $7022 | &nbsp;&nbsp; $— |

---

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Undistributed <br>Ordinary <br>Income<br>| Undistributed <br>Long-Term <br>Gains<br>| Capital Losses and <br>Other Temporary <br>Differences<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>| Total <br>Distributable <br>Earnings<br>|
| Small/Mid Cap | &nbsp;&nbsp; $4330797 | &nbsp;&nbsp; $66486474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $212005201 | &nbsp;&nbsp; $282822472 |
| Emerging Markets | &nbsp;&nbsp; 8685104 | &nbsp;&nbsp; — | &nbsp;&nbsp; (122922212)<br>| &nbsp;&nbsp; 88792701 | &nbsp;&nbsp; (25444407)<br>|
| Non-US Core Equity | &nbsp;&nbsp; 59509651 | &nbsp;&nbsp; 175672652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 729444387 | &nbsp;&nbsp; 964626690 |
| Core Fixed | &nbsp;&nbsp; 814071 | &nbsp;&nbsp; — | &nbsp;&nbsp; (181834658)<br>| &nbsp;&nbsp; (32797881)<br>| &nbsp;&nbsp; (213818468)<br>|
| Opportunistic Fixed | &nbsp;&nbsp; 3605165 | &nbsp;&nbsp; — | &nbsp;&nbsp; (146331484)<br>| &nbsp;&nbsp; (31653625)<br>| &nbsp;&nbsp; (174379944)<br>|
| Short Duration Fixed | &nbsp;&nbsp; — | &nbsp;&nbsp; 22690 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107064 | &nbsp;&nbsp; 129754 |

---

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

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

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

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

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

The Trust has entered into a Credit Agreement on behalf of the Funds (the "Credit Agreement") with State Street Bank and Trust Company in order to establish a committed, unsecured revolving line of credit. The current term of the line of credit under the Credit Agreement is through January 15, 2027. Borrowings for each Fund under the Credit Agreement are limited to the lesser of $50,000,000 or 33 1/3% of a Fund's Adjusted Net Assets provided borrowings did not exceed, in the aggregate, $50,000,000. Under the terms of the Credit Agreement, the Trust pays an annual commitment fee at the rate 0.25% per year on the difference between the total line of credit and the average daily amount of borrowings outstanding. Interest is charged to the Funds based on its borrowings at a variable rate per annum equal to the Applicable Rate plus the Applicable Margin, which rate shall be subject to change from time to time as and when the Applicable Rate changes (as such terms are defined in the Credit Agreement). The Funds did not borrow under the Credit Agreement during the year ended March 31, 2026.

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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

**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, 2026, the Adviser provides investment advisory services to each Fund pursuant to an investment management agreement. Pursuant to the investment management agreement, each Fund pays the Adviser a fee for managing the Fund's investments at an annual rate of:

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fee\* on Net Assets  | Investment Advisory Fee\* on Net Assets  | Investment Advisory Fee\* on Net Assets  |
|  | Average net assets <br>up to <br>$750 million<br>| Average net assets <br>in excess of <br>$750 million up to <br>$1 billion<br>| Average net assets <br>in excess of <br>$1 billion<br>|
| Small/Mid Cap | 0.90<br> %<br>| 0.88<br> %<br>| 0.83<br> %<br>|
| Emerging Markets | 0.80<br> %<br>| 0.78<br> %<br>| 0.73<br> %<br>|
| Non-US Core Equity | 0.75<br> %<br>| 0.73<br> %<br>| 0.68<br> %<br>|
| Core Fixed | 0.35<br> %<br>| 0.33<br> %<br>| 0.28<br> %<br>|
| Opportunistic Fixed | 0.80<br> %<br>| 0.78<br> %<br>| 0.73<br> %<br>|
| Short Duration Fixed | 0.30<br> %<br>| 0.28<br> %<br>| 0.23<br> %<br>|

---

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

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

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

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

The Adviser provides certain internal administrative services to the Adviser Class, Class I and Class Y-2 shares of the Funds, for which the Adviser receives a fee of 0.15%, 0.15% and 0.15% of the average daily net assets of the Adviser Class, Class I and Class Y-2 shares of the Funds, respectively. These internal administrative services include attending to shareholder correspondence, assisting with the processing of purchases and redemptions of shares, preparing and disseminating information and documents for use by beneficial shareholders and monitoring, and overseeing non-advisory relationships with entities providing services to the Adviser Class, Class I and Class Y-2 shares, including the

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

transfer agent. As of March 31, 2026, all Funds had Class I shares outstanding. As of March 31, 2026, 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, 2026.

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, 2026, and as a result, no 12b-1 fees were paid by any of the Funds for the period ended March 31, 2026.

**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, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long-Term <br>U.S. Government <br>Securities<br>| Other <br>Long-Term <br>Securities<br>|
| *Purchases*  |  |  |
| Small/Mid Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp; $944463869 |
| Emerging Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; 615081286 |
| Non-US Core Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 2587371384 |
| Core Fixed | &nbsp;&nbsp; 1,493,574,096<br> \*<br>| &nbsp;&nbsp; 397372269 |
| Opportunistic Fixed | &nbsp;&nbsp; 2,309,785,198<br> \*\*<br>| &nbsp;&nbsp; 2811975178 |
| Short Duration Fixed | &nbsp;&nbsp; 90102725 | &nbsp;&nbsp; 47358136 |

---

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

---

| | | |
|:---|:---|:---|
|  | Long-Term <br>U.S. Government <br>Securities<br>| Other <br>Long-Term <br>Securities<br>|
| *Sales*  |  |  |
| Small/Mid Cap | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1095499513 |
| Emerging Markets | &nbsp;&nbsp; — | &nbsp;&nbsp; 556158539 |
| Non-US Core Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 2775923952 |
| Core Fixed | &nbsp;&nbsp; 1,646,525,584<br> \*<br>| &nbsp;&nbsp; 649872767 |
| Opportunistic Fixed | &nbsp;&nbsp; 2,222,503,334<br> \*\*<br>| &nbsp;&nbsp; 2458812867 |
| Short Duration Fixed | &nbsp;&nbsp; 88071016 | &nbsp;&nbsp; 30081824 |

---

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

\* *Includes purchases of $237,241,221 and sales of $235,989,658 for TBA securities.*

\*\* *Includes purchases of $1,647,051,515 and sales of $1,503,395,841 for TBA securities.*

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Small/Mid Cap |  |  |  |  |
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 30415784 | &nbsp;&nbsp; $342622990 | &nbsp;&nbsp; 24254537 | &nbsp;&nbsp; $278212262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 10785564 | &nbsp;&nbsp; 123171139 | &nbsp;&nbsp; 13614483 | &nbsp;&nbsp; 160106322 |
| Shares repurchased | &nbsp;&nbsp; (45740621)<br>| &nbsp;&nbsp; (500188970)<br>| &nbsp;&nbsp; (32101408)<br>| &nbsp;&nbsp; (373632692)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (4539273)<br>| &nbsp;&nbsp; $(34394841)<br>| &nbsp;&nbsp; 5767612 | &nbsp;&nbsp; $64685892 |
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 62597 | &nbsp;&nbsp; 693520 | &nbsp;&nbsp; 595937 | &nbsp;&nbsp; 6940335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 32699 | &nbsp;&nbsp; 373097 | &nbsp;&nbsp; 47223 | &nbsp;&nbsp; 554868 |
| Shares repurchased | &nbsp;&nbsp; (1042566)<br>| &nbsp;&nbsp; (11820750)<br>| &nbsp;&nbsp; (171711)<br>| &nbsp;&nbsp; (1992808)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (947270)<br>| &nbsp;&nbsp; $(10754133)<br>| &nbsp;&nbsp; 471449 | &nbsp;&nbsp; $5502395 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Emerging Markets |  |  |  |  |
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 34678940 | &nbsp;&nbsp; $323345111 | &nbsp;&nbsp; 9894856 | &nbsp;&nbsp; $76181388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 3899366 | &nbsp;&nbsp; 36654036 | &nbsp;&nbsp; 2036759 | &nbsp;&nbsp; 15825614 |
| Shares repurchased | &nbsp;&nbsp; (29717240)<br>| &nbsp;&nbsp; (278476540)<br>| &nbsp;&nbsp; (56921271)<br>| &nbsp;&nbsp; (439520189)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 8861066 | &nbsp;&nbsp; $81522607 | &nbsp;&nbsp; (44989656)<br>| &nbsp;&nbsp; $(347513187)<br>|
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 72712 | &nbsp;&nbsp; 554614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; —\*\* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; —\*\* | &nbsp;&nbsp; 1 |
| Shares repurchased | &nbsp;&nbsp; (134141)<br>| &nbsp;&nbsp; (1209395)<br>| &nbsp;&nbsp; (80824)<br>| &nbsp;&nbsp; (624770)<br>|
| Net decrease | &nbsp;&nbsp; (132277)<br>| &nbsp;&nbsp; $(1194392)<br>| &nbsp;&nbsp; (8112)<br>| &nbsp;&nbsp; $(70155)<br>|

---

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Non-US Core Equity |  |  |  |  |
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 89756858 | &nbsp;&nbsp; $1140980879 | &nbsp;&nbsp; 55007346 | &nbsp;&nbsp; $607990810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 38060561 | &nbsp;&nbsp; 462435810 | &nbsp;&nbsp; 26098308 | &nbsp;&nbsp; 272205349 |
| Shares repurchased | &nbsp;&nbsp; (117097682)<br>| &nbsp;&nbsp; (1455678017)<br>| &nbsp;&nbsp; (100367508)<br>| &nbsp;&nbsp; (1124307787)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 10719737 | &nbsp;&nbsp; $147738672 | &nbsp;&nbsp; (19261854)<br>| &nbsp;&nbsp; $(244111628)<br>|
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 25132259 | &nbsp;&nbsp; 316935860 | &nbsp;&nbsp; 13237017 | &nbsp;&nbsp; 147082613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 4573745 | &nbsp;&nbsp; 55388053 | &nbsp;&nbsp; 1930574 | &nbsp;&nbsp; 20097274 |
| Shares repurchased | &nbsp;&nbsp; (18048617)<br>| &nbsp;&nbsp; (222884361)<br>| &nbsp;&nbsp; (3612861)<br>| &nbsp;&nbsp; (38462820)<br>|
| Net increase | &nbsp;&nbsp; 11657387 | &nbsp;&nbsp; $149439552 | &nbsp;&nbsp; 11554730 | &nbsp;&nbsp; $128717067 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed |  |  |  |  |
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 62863967 | &nbsp;&nbsp; $570605720 | &nbsp;&nbsp; 91031661 | &nbsp;&nbsp; $814323702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 9855371 | &nbsp;&nbsp; 88943142 | &nbsp;&nbsp; 9680009 | &nbsp;&nbsp; 85668080 |
| Shares repurchased | &nbsp;&nbsp; (114653842)<br>| &nbsp;&nbsp; (1030850458)<br>| &nbsp;&nbsp; (89429933)<br>| &nbsp;&nbsp; (813195755)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (41934504)<br>| &nbsp;&nbsp; $(371301596)<br>| &nbsp;&nbsp; 11281737 | &nbsp;&nbsp; $86796027 |
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 213034 | &nbsp;&nbsp; 1904842 | &nbsp;&nbsp; 194749 | &nbsp;&nbsp; 1753051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 55811 | &nbsp;&nbsp; 504962 | &nbsp;&nbsp; 85294 | &nbsp;&nbsp; 755702 |
| Shares repurchased | &nbsp;&nbsp; (1066032)<br>| &nbsp;&nbsp; (9647708)<br>| &nbsp;&nbsp; (3354258)<br>| &nbsp;&nbsp; (30411398)<br>|
| Net decrease | &nbsp;&nbsp; (797187)<br>| &nbsp;&nbsp; $(7237904)<br>| &nbsp;&nbsp; (3074215)<br>| &nbsp;&nbsp; $(27902645)<br>|

---

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Opportunistic Fixed |  |  |  |  |
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 78575091 | &nbsp;&nbsp; $669977904 | &nbsp;&nbsp; 54680306 | &nbsp;&nbsp; $464386034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 15682140 | &nbsp;&nbsp; 133386841 | &nbsp;&nbsp; 14342374 | &nbsp;&nbsp; 117464048 |
| Shares repurchased | &nbsp;&nbsp; (65604410)<br>| &nbsp;&nbsp; (554854861)<br>| &nbsp;&nbsp; (54857782)<br>| &nbsp;&nbsp; (467039240)<br>|
| Net increase | &nbsp;&nbsp; 28652821 | &nbsp;&nbsp; $248509884 | &nbsp;&nbsp; 14164898 | &nbsp;&nbsp; $114810842 |
| **Class I:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9062 | &nbsp;&nbsp; 74693 | &nbsp;&nbsp; 168371 | &nbsp;&nbsp; 1404573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 |
| Shares repurchased | &nbsp;&nbsp; (582014)<br>| &nbsp;&nbsp; (4977237)<br>| &nbsp;&nbsp; (119754)<br>| &nbsp;&nbsp; (1001580)<br>|
| Net increase (decrease) | &nbsp;&nbsp; (572930)<br>| &nbsp;&nbsp; $(4902362)<br>| &nbsp;&nbsp; 48618 | &nbsp;&nbsp; $403000 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short Duration Fixed |  |  |  |  |
|  | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2026 | Year Ended <br>March 31, 2025 | Year Ended <br>March 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class Y-3:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3164850 | &nbsp;&nbsp; $31982321 | &nbsp;&nbsp; 1757434 | &nbsp;&nbsp; $17668218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; 345201 | &nbsp;&nbsp; 3490208 | &nbsp;&nbsp; 313483 | &nbsp;&nbsp; 3159886 |
| Shares repurchased | &nbsp;&nbsp; (1377747)<br>| &nbsp;&nbsp; (13880913)<br>| &nbsp;&nbsp; (1748532)<br>| &nbsp;&nbsp; (17572699)<br>|
| Net increase | &nbsp;&nbsp; 2132304 | &nbsp;&nbsp; $21591616 | &nbsp;&nbsp; 322385 | &nbsp;&nbsp; $3255405 |
| **Class I:#** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued to shareholders in reinvestment <br> of distributions<br>| &nbsp;&nbsp; —\*\* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net increase | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $101 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

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

\*\* *Rounds to less than one share.* <br> # *The Class commenced operations on December 30, 2025.*

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

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

Additional risks associated with certain of the Funds' investments are described above within the

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**March 31, 2026**

------

respective security type notes. A more complete description of risks is included in the Funds' prospectus and statement of additional information.

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

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, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to 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.

*Market Risk:* Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

On April 8, 2026 American Century Investments Management, Inc. was terminated as sub-adviser to the Non-US Core Equity Fund, and the Board approved the hiring of Hardman Johnston Global Advisors LLC and WCM Investment Management, LLC as new sub-advisers to the Fund. The termination and hiring of these sub-advisers to the Fund were all completed effective April 2026.

Management has evaluated the impact of subsequent events through May 26, 2026, 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.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Trustees of the Mercer Funds

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of the Mercer Funds (the "Trust") comprising the 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 (each a "Fund", and collectively referred to as the "Funds"), including the schedules of investments, as of March 31, 2026, 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 periods listed in the table below; 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, as of March 31, 2026, 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 periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Individual Funds Comprising the Mercer Funds** | **Financial Highlights** |
| &nbsp;&nbsp; Mercer US Small/Mid Cap Equity Fund, Mercer <br> Emerging Markets Equity Fund, Mercer Non-US <br> Core Equity Fund, Mercer Core Fixed Income Fund, <br> Mercer Opportunistic Fixed Income Fund<br>| For each of the five years in the period ended <br> March 31, 2026<br>|
| Mercer Short Duration Fixed Income Fund | For each of the two years in the period ended <br> March 31, 2026 and for the period from December 1, <br> 2023 (commencement of operations) through <br> March 31, 2024<br>|

---

**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, 2026, 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

Boston, Massachusetts

May 26, 2026

We have served as the auditor of one or more Mercer investment companies since 2006.

------

**Mercer Funds**

**Additional Information (Unaudited)**

------

**Federal Tax Information**

The amount of long-term capital gains paid for the fiscal year ended March 31, 2026, were as follows:

---

| | |
|:---|:---|
| Fund  |  |
| Small/Mid Cap | &nbsp;&nbsp; $105135991<br>|
| Non-US Core Equity | &nbsp;&nbsp; 358281700<br>|
| Short Duration Fixed | &nbsp;&nbsp; 136317<br>|

---

For the year ended March 31, 2026, Emerging Markets and Non-US Core Equity had foreign tax credits in the amount of $3,651,600 and $9,073,491, respectively, and foreign source income of $34,568,473 and $115,566,671, respectively.

Qualified dividend income received by the Funds through March 31, 2026, that qualified for a reduced tax rate pursuant to the Code Section 1(h)(11) are as follows:

---

| | |
|:---|:---|
| Fund  |  |
| Small/Mid Cap | &nbsp;&nbsp; $15937189<br>|
| Emerging Markets | &nbsp;&nbsp; 17754100<br>|
| Non-US Core Equity | &nbsp;&nbsp; 89664461<br>|
| Opportunistic Fixed | &nbsp;&nbsp; 198675<br>|

---

------

**Mercer Funds**

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

------

For corporate shareholders, a portion of the ordinary dividends paid during the Funds' year ended March 31, 2026 qualified for the dividends received deduction, as follows:

---

| | |
|:---|:---|
| Fund  |  |
| Small/Mid Cap | &nbsp;&nbsp; 76.27%<br>|
| Emerging Markets | &nbsp;&nbsp; 0.11%<br>|
| Non-US Core Equity | &nbsp;&nbsp; 1.07%<br>|
| Opportunistic Fixed | &nbsp;&nbsp; 0.07%<br>|

---

**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 Amendment to Investment Management Agreement**

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

**Mercer Non-US Core Equity Fund**

**Mercer Emerging Markets Equity Fund**

**Mercer Core Fixed Income Fund**

**Mercer Opportunistic Fixed Income Fund**

**Mercer Short Duration Fixed Income Fund**

At a meeting of the Board of Trustees (the "Board") of the Mercer Funds (the "Trust") held on March 10-11, 2026 (the "March 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"), approved a proposed amendment to the Investment Management Agreement (the "Management Agreement") for each series of the Trust (each a "Fund," and collectively, the "Funds"), subject to approval by the holders of shares of beneficial interest of each of the Funds. The proposed amendment to the Management Agreement would remove the Adviser's provision of certain non-advisory services from the Agreement (as part of a restructuring of the Management Agreement into separate advisory and administrative services agreements) and reduce the contractual advisory fee rates charged by the Adviser with respect to each Fund.

In approving the proposed amendment to the Management Agreement at the March Meeting, the Board determined that it was appropriate to rely on its consideration at its meeting on June 23-24, 2025, as well as its conclusions with respect to those factors and with respect to the renewal of the Management Agreement. The Board considered that the services provided by the Adviser remain substantially the same and the Board regularly receives updated information regarding the Adviser and the Funds at its quarterly meetings, including information regarding the Funds' performance, expenses, and operations over various periods. The Board also considered the pro forma expense information provided by the Adviser in connection with the proposed amendment to the Management Agreement, which noted that each Fund's total expense ratio would remain the

------

**Mercer Funds**

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

------

same or decrease, and each Fund's net expense ratio would remain the same or increase slightly (by no more than one basis point).

At the March Meeting, the Board revisited particular factors to the extent relevant to the proposed amendment to the Management Agreement. Among other things, the Board further reviewed the investment advisory services that were provided to the Funds, including the capabilities of the Adviser's investment personnel and the Adviser's selection and oversight of the Funds' Subadvisers. The Board also considered the investment performance of each Fund and reviewed Fund performance in the context of the Trust's multi-manager structure. The Board further considered the duration of the Funds' fee waiver arrangements and their expected effect on the Funds' net expense ratios and noted the Adviser's intent to propose the continuation of the current fee waiver arrangements for an additional year at the Board's June 2026 meeting.

The Board considered the differences between the current Management Agreement and the proposed amendment to the Management Agreement. The Board noted that the structure under the amendment to the Management Agreement would more clearly delineate the Adviser's duties under the Management Agreement by separating the Adviser's non-advisory functions from its advisory functions. The Board considered the Adviser's explanation that restricting the Management Agreement to investment advisory services would facilitate the Adviser's ability to more effectively manage or oversee those services that are non-investment in nature, including legal, compliance and administrative services (including managing the costs associated with such services), while limiting the increase in the Funds' overall net expense ratio annually to one basis point or less. The Board also considered the Adviser's explanation that it was not commercially reasonable for the Adviser to continue to cover the expenses of the non-advisory services, and the Board determined that it was appropriate and reasonable for the Funds to cover such expenses.

The Board also considered whether any ancillary or "fall-out" benefits would be realized by the Adviser resulting from the restructuring of the Management Agreement into separate advisory and administrative services agreements. The Board noted that the Adviser would be entitled to receive compensation in an amount equal to the Adviser's reasonable costs and expenses incurred in providing non-advisory services to the Funds (excluding compliance services), and that such compensation would be limited to the annual rate of one basis point of the average daily net assets of each Fund. The Board also recognized that the Adviser was considering the possibility of recommending that the Trust enter into a separate compliance services agreement in the future, subject to Board consideration and approval. The Board noted that the Adviser currently provides compliance services to the Funds and that, if such compliance services agreement was approved by the Board, the cost of such services would be borne directly by the Funds. The Board noted that the cost of the non-advisory in the aggregate (including compliance services) was anticipated to be no more than one basis point.

The Board also considered the Adviser's proposal to contractually reduce the gross advisory fee payable by each of the Funds under the Management Agreement in recognition of the current marketplace for the Funds. The Board noted the Adviser's explanation that the amendment to the Management Agreement and such contractual advisory fee reductions would not result in any reduction in the nature and quality of the advisory services provided by the Adviser to the Funds.

**Board Approval of Subadvisory Agreements**

**Mercer Non-US Core Equity Fund**

At a meeting of the Board of Trustees (the "Board") of the Mercer Funds (the "Trust") held on March 10-11, 2026 (the "March 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 Hardman Johnston Global Advisors LLC ("Hardman") and WCM Investment Management, LLC ("WCM") (each a "Subadviser" and collectively, the "Subadvisers") to serve as Subadvisers for the Mercer Non-US Core Equity Fund (the "Non-US Core Equity Fund" or the "Fund"). The Adviser had informed the Board that it was recommending that the Subadvisers be appointed as Subadvisers for the Non-US

------

**Mercer Funds**

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

------

Core Equity 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 Non-US Core Equity Fund Structure").

*Approval of Subadvisory Agreement with Hardman Johnston Global Advisors LLC*

In considering the approval of the subadvisory agreement with Hardman (the "Hardman 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 Non-US Core Equity 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

------

**Mercer Funds**

**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 Hardman and the implementation of the New Non-US Core Equity 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 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 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 was significantly less than its standard fee for the strategy to be employed for 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

------

**Mercer Funds**

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

------

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 Hardman 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 WCM Investment Management, LLC*

In considering the approval of the subadvisory agreement with WCM (the "WCM 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 Non-US Core Equity 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.

------

**Mercer Funds**

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

------

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

(b) T*he 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.

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 WCM and the implementation of the New Non-US Core Equity 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 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 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 also noted the Subadviser's statement that it does not anticipate realizing material economies of scale in connection with the services to be provided to the Fund, including as Fund assets grow.

(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

------

**Mercer Funds**

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

------

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 WCM 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.

------

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 are attached.](d89714dex99codeeth.htm)

(a)(2) Not applicable

(a)(3) [Section 302 Certifications are attached](d89714dex99cert.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;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d89714dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant)  <u>Mercer Funds</u> | (Registrant) <u>Mercer Funds</u> | (Registrant) <u>Mercer Funds</u> |
| By (Signature and Title) |  | <u>/s/ Stephen Gouthro</u> |
|  |  | Stephen Gouthro<br> President and Chief Executive Officer<br> (Principal Executive Officer) |
| Date <u>5/26/26</u> | Date <u>5/26/26</u> | Date <u>5/26/26</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) | <u>/s/ Stephen Gouthro</u> |
|  | Stephen Gouthro<br> President and Chief Executive Officer<br> (Principal Executive Officer) |
| Date <u>5/26/26</u> | Date <u>5/26/26</u> |
| By (Signature and Title) | <u>/s/ Frederick Keyo</u> |
|  | Frederick Keyo<br> Vice President, Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
| Date <u>5/26/26</u> | Date <u>5/26/26</u> |

---

## Ex-99.Code

![LOGO](g89714dsp7aa.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](g89714dsp08.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](g89714dsp08a.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](g89714dsp08.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](g89714dsp08a.jpg) |

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RESOURCES

Any questions regarding this policy should be raised with the CCO. ¦

Last Amended: June 17, 2019 <br> Last Reviewed: October 29, 2021

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| | |
|:---|:---|
| ![LOGO](g89714dsp08.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

**Exhibit 99CERT** 

**N-CSR Exhibit for Item 19(a)(3): Section 302 Certifications** 

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;&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;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;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;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;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;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: May 26, 2026 | /s/ Stephen Gouthro |
|  | Stephen Gouthro |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
|  | Mercer Funds |

---

------

**Exhibit 99CERT** 

**N-CSR Exhibit for Item 19(a)(3): Section 302 Certifications** 

I, Frederick Keyo, 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;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;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;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;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;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;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 26, 2026</u> | /s/ Frederick Keyo |
|  | Frederick Keyo |
|  | Vice President, Assistant 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, 2026, (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ Stephen Gouthro |
| Stephen Gouthro |
| President and Chief Executive Officer |
| (Principal Executive Officer) |
| Mercer Funds |

---

Date: May 26, 2026

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>**

Frederick Keyo, Vice President, Assistant 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, 2026, the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2 The information contained in Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>/s/ Frederick Keyo</u> 

Frederick Keyo

Vice President, Assistant Treasurer and Chief Financial Officer

Mercer Funds

Date: May 26, 2026

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.