# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0001410368-26-016055
**Filing Date:** 2026-2
**Character Count:** 2193912
**Document Hash:** 298a3585c3355be5a46b93f0e3ea8b8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-016055.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001410368-26-016055

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21732
- **FILM NUMBER:** 26663618

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**Schedule of Investments**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.9%** | **COMMON STOCKS — 96.9%** |
|  | **Basic Materials — 2.1%** | **Basic Materials — 2.1%** |
| &nbsp;&nbsp; 29500 | Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1955260 |
| &nbsp;&nbsp; 22000 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1701480 |
| &nbsp;&nbsp; 34800 | Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2221284 |
| 255059 | Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6373925 |
| &nbsp;&nbsp; 61918 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4172654 |
| &nbsp;&nbsp; 58700 | Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589596 |
| &nbsp;&nbsp; 21717 | Magnera Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328795 |
| &nbsp;&nbsp; 70400 | Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695936 |
| &nbsp;&nbsp;&nbsp; 5000 | NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3436300 |
| &nbsp;&nbsp; 35545 | Quaker Chemical Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4880684 |
| &nbsp;&nbsp; 48176 | RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5010304 |
| &nbsp;&nbsp; 14800 | Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2507860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35874078 |
|  | **Communications — 3.6%** | **Communications — 3.6%** |
| &nbsp;&nbsp; 47900 | AMC Networks, Inc. Class A\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456008 |
| &nbsp;&nbsp; 48000 | Cargurus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840800 |
| &nbsp;&nbsp; 15699 | Ciena Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3671525 |
| &nbsp;&nbsp; 19387 | Credo Technology Group Holding Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2789595 |
| &nbsp;&nbsp; 72239 | ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6335360 |
| &nbsp;&nbsp; 19500 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5524545 |
| &nbsp;&nbsp; 13220 | F5, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3374537 |
| &nbsp;&nbsp; 77800 | Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5684846 |
| 101984 | GCI Liberty, Inc.\*<sup>(b)(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 129400 | Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518386 |
| &nbsp;&nbsp;&nbsp; 6466 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058645 |
| &nbsp;&nbsp; 67800 | Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2189262 |
| &nbsp;&nbsp; 20100 | Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4081305 |
| &nbsp;&nbsp; 54440 | Roku, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5906196 |
| &nbsp;&nbsp; 60300 | Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1205699 |
| &nbsp;&nbsp; 92100 | TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787661 |
| 184616 | TripAdvisor, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2688009 |
| 104060 | Uniti Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729461 |
| 120800 | Upwork, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2394256 |
| &nbsp;&nbsp; 88979 | Yelp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2704072 |
| &nbsp;&nbsp; 39000 | Ziff Davis, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60311018 |
|  | **Consumer, Cyclical — 14.2%** | **Consumer, Cyclical — 14.2%** |
| &nbsp;&nbsp; 43500 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4258650 |
| &nbsp;&nbsp; 32200 | Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3822140 |
| &nbsp;&nbsp;&nbsp; 7900 | AutoNation, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631192 |
| 210193 | BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18923676 |
| &nbsp;&nbsp; 89400 | Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551598 |
| &nbsp;&nbsp; 76000 | BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3424560 |
| &nbsp;&nbsp; 28410 | Burlington Stores, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8206228 |
| &nbsp;&nbsp; 15900 | Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515637 |
| &nbsp;&nbsp;&nbsp; 5720 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3161501 |

---

See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| &nbsp;&nbsp; 15711 | Cavco Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9281116 |
| &nbsp;&nbsp; 52795 | Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6007015 |
| &nbsp;&nbsp; 25900 | Crocs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2214968 |
| &nbsp;&nbsp;&nbsp; 7200 | Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425384 |
| &nbsp;&nbsp; 52266 | Dorman Products, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6438649 |
| &nbsp;&nbsp; 52690 | Dutch Bros, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3225682 |
| 106600 | Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2728960 |
| &nbsp;&nbsp; 73400 | Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279362 |
| &nbsp;&nbsp; 92404 | Gentherm, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3360733 |
| 102000 | Goodyear Tire & Rubber Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893520 |
| &nbsp;&nbsp; 21102 | Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299417 |
| &nbsp;&nbsp; 79000 | Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618710 |
| &nbsp;&nbsp; 41100 | Haverty Furniture Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960096 |
| &nbsp;&nbsp; 14500 | Jack in the Box, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274775 |
| &nbsp;&nbsp; 61300 | La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2284651 |
| 233270 | Levi Strauss & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4838020 |
| &nbsp;&nbsp; 50849 | LGI Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184473 |
| 102822 | Life Time Group Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2733009 |
| &nbsp;&nbsp; 25737 | Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8553177 |
| 105459 | LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3184862 |
| &nbsp;&nbsp; 94700 | Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088135 |
| 138500 | Mattel, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2747840 |
| &nbsp;&nbsp; 39300 | MGM Resorts International\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434057 |
| 158700 | MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2901036 |
| &nbsp;&nbsp; 21583 | Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8709172 |
| &nbsp;&nbsp; 30777 | National Vision Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794662 |
| &nbsp;&nbsp; 21963 | Ollie's Bargain Outlet Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2407364 |
| &nbsp;&nbsp; 29300 | Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1836817 |
| &nbsp;&nbsp; 24186 | Planet Fitness, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2623455 |
| &nbsp;&nbsp; 12786 | Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2924798 |
| &nbsp;&nbsp; 28432 | PriceSmart, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3487753 |
| &nbsp;&nbsp; 38100 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4467606 |
| &nbsp;&nbsp; 74909 | Pursuit Attractions & Hospitality, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2522935 |
| &nbsp;&nbsp; 31600 | PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117832 |
| &nbsp;&nbsp; 57813 | Red Rock Resorts, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3581515 |
| &nbsp;&nbsp; 81900 | Sally Beauty Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167894 |
| &nbsp;&nbsp; 36400 | ScanSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421784 |
| &nbsp;&nbsp; 40670 | SharkNinja, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4550973 |
| &nbsp;&nbsp; 15300 | Signet Jewelers Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268064 |
| &nbsp;&nbsp; 52507 | SiteOne Landscape Supply, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6540272 |
| &nbsp;&nbsp; 85010 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10861728 |
| &nbsp;&nbsp; 58616 | Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9730256 |
| &nbsp;&nbsp; 39100 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5287102 |
| &nbsp;&nbsp; 44000 | Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3103320 |
| 198522 | Tri Pointe Homes, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6247487 |
| &nbsp;&nbsp; 43443 | UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8380155 |
| &nbsp;&nbsp; 33800 | United Airlines Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3779516 |
| 117229 | United Parks & Resorts, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4255413 |
| &nbsp;&nbsp; 30825 | Vail Resorts, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4093560 |

---

2See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Cyclical — continued** | **Consumer, Cyclical — continued** |
| &nbsp;&nbsp; 13756 | VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2376624 |
| &nbsp;&nbsp; 16425 | WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4018212 |
| &nbsp;&nbsp; 29060 | Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3496790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 241505888 |
|  | **Consumer, Non-cyclical — 22.4%** | **Consumer, Non-cyclical — 22.4%** |
| &nbsp;&nbsp; 26190 | Abivax SA, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3531852 |
| &nbsp;&nbsp; 59400 | ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512620 |
| 157500 | ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587475 |
| 103990 | Adaptive Biotechnologies Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1688798 |
| 156350 | ADMA Biologics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2851824 |
| 338400 | ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730888 |
| &nbsp;&nbsp; 42480 | Affirm Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3161786 |
| 256500 | Albertsons Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4404105 |
| 442810 | Alight, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863480 |
| &nbsp;&nbsp; 63589 | Alkermes PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779220 |
| 335919 | API Group Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12852261 |
| &nbsp;&nbsp; 70455 | Ascendis Pharma AS, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15023824 |
| &nbsp;&nbsp; 81556 | Azenta, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2712553 |
| &nbsp;&nbsp; 65000 | Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242150 |
| 128182 | BellRing Brands, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3426305 |
| &nbsp;&nbsp; 31940 | Bicycle Therapeutics PLC, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226135 |
| &nbsp;&nbsp; 71935 | BioMarin Pharmaceutical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275097 |
| &nbsp;&nbsp; 17160 | Bio-Rad Laboratories, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5199308 |
| &nbsp;&nbsp; 49220 | Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2894628 |
| &nbsp;&nbsp; 49350 | Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004090 |
| &nbsp;&nbsp; 48372 | BrightSpring Health Services, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1811531 |
| &nbsp;&nbsp; 14800 | Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1727604 |
| &nbsp;&nbsp; 77030 | Celsius Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3523352 |
| &nbsp;&nbsp;&nbsp; 6688 | Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334122 |
| &nbsp;&nbsp; 16741 | Colliers International Group, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2461094 |
| &nbsp;&nbsp; 52900 | Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915699 |
| &nbsp;&nbsp; 79173 | Cooper Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6489019 |
| 442655 | CoreCivic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8459137 |
| &nbsp;&nbsp; 60421 | Crinetics Pharmaceuticals, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2812598 |
| &nbsp;&nbsp; 13600 | DaVita, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1545096 |
| &nbsp;&nbsp; 60000 | Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1339800 |
| 171411 | Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2569451 |
| 171517 | Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037622 |
| &nbsp;&nbsp; 65981 | Enovis Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757734 |
| &nbsp;&nbsp; 45183 | EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314373 |
| 126500 | Exelixis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5544495 |
| &nbsp;&nbsp; 79500 | Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2832585 |
| &nbsp;&nbsp; 16750 | GeneDx Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2178505 |
| &nbsp;&nbsp; 16694 | Glaukos Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1884920 |
| &nbsp;&nbsp; 80099 | Globus Medical, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6993444 |
| &nbsp;&nbsp; 30726 | Grand Canyon Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5110041 |
| &nbsp;&nbsp; 44200 | H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1926236 |
| &nbsp;&nbsp; 54378 | Haemonetics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4358397 |

---

See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| &nbsp;&nbsp; 96408 | Halozyme Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6488258 |
| &nbsp;&nbsp; 41400 | Harmony Biosciences Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549188 |
| &nbsp;&nbsp; 74314 | HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6807906 |
| &nbsp;&nbsp; 65700 | Herbalife Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846873 |
| &nbsp;&nbsp; 36011 | ICON PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6561924 |
| &nbsp;&nbsp; 32399 | ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4622365 |
| &nbsp;&nbsp; 56200 | Incyte Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550874 |
| &nbsp;&nbsp; 43100 | Ingles Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2954505 |
| &nbsp;&nbsp; 35900 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3958334 |
| &nbsp;&nbsp; 79846 | Insmed, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13896398 |
| &nbsp;&nbsp; 37368 | Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446889 |
| &nbsp;&nbsp; 52742 | Integer Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4136555 |
| &nbsp;&nbsp; 54179 | Ionis Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4286101 |
| &nbsp;&nbsp; 12606 | iRhythm Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2236809 |
| &nbsp;&nbsp; 95057 | Jazz Pharmaceuticals PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16159690 |
| &nbsp;&nbsp; 94071 | Laureate Education, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3167371 |
| &nbsp;&nbsp; 53704 | Legence Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311420 |
| &nbsp;&nbsp; 81626 | Legend Biotech Corp., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1774549 |
| 188421 | LifeStance Health Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326484 |
| &nbsp;&nbsp; 33000 | ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 981090 |
| &nbsp;&nbsp; 24647 | Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4052460 |
| &nbsp;&nbsp; 28090 | Masimo Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3653385 |
| &nbsp;&nbsp; 10391 | Medpace Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5836105 |
| &nbsp;&nbsp; 85900 | Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4009812 |
| &nbsp;&nbsp; 52150 | Natera, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11947044 |
| &nbsp;&nbsp; 70427 | Neurocrine Biosciences, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9988661 |
| 214699 | Nomad Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2685885 |
| &nbsp;&nbsp; 63343 | Option Care Health, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018108 |
| 258400 | Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1852728 |
| &nbsp;&nbsp; 37219 | Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5675898 |
| &nbsp;&nbsp; 10026 | Penumbra, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3117184 |
| &nbsp;&nbsp; 78472 | Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2301584 |
| &nbsp;&nbsp; 89382 | Performance Food Group Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8037229 |
| 116718 | Privia Health Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2767384 |
| &nbsp;&nbsp; 52100 | PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536429 |
| 156864 | Rentokil Initial PLC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4621213 |
| &nbsp;&nbsp; 15963 | Repligen Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2615697 |
| &nbsp;&nbsp; 65860 | Revolution Medicines, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5245749 |
| &nbsp;&nbsp; 32278 | Rhythm Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3455037 |
| 143767 | Smith & Nephew PLC, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4716995 |
| &nbsp;&nbsp; 86035 | Stevanato Group SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1731024 |
| 188605 | Tandem Diabetes Care, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4145538 |
| &nbsp;&nbsp; 14000 | Tenet Healthcare Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2782080 |
| &nbsp;&nbsp; 63190 | Toast, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2243877 |
| &nbsp;&nbsp; 46442 | TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3982402 |
| &nbsp;&nbsp; 26129 | Travere Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998389 |
| &nbsp;&nbsp;&nbsp; 7100 | United Therapeutics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3459475 |
| &nbsp;&nbsp; 14100 | Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3074082 |
| &nbsp;&nbsp; 66683 | Universal Technical Institute, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742427 |

---

4See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Consumer, Non-cyclical — continued** | **Consumer, Non-cyclical — continued** |
| &nbsp;&nbsp; 61200 | Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074672 |
| 124700 | Varex Imaging Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452755 |
| &nbsp;&nbsp; 85150 | Vaxcyte, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3928821 |
| 115614 | Vericel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4163260 |
| 141006 | Verra Mobility Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3159944 |
| 168200 | Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094090 |
| &nbsp;&nbsp; 40752 | WEX, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6071233 |
| 122951 | WillScot Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315167 |
| &nbsp;&nbsp; 31180 | Xenon Pharmaceuticals, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1397488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 378910148 |
|  | **Energy — 3.2%** | **Energy — 3.2%** |
| 109416 | Antero Resources Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3770475 |
| 127000 | APA Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3106420 |
| &nbsp;&nbsp; 23000 | Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2132100 |
| &nbsp;&nbsp; 26800 | CNX Resources Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985436 |
| &nbsp;&nbsp; 97244 | Delek U.S. Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2884257 |
| &nbsp;&nbsp; 78745 | Flowco Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475681 |
| &nbsp;&nbsp; 63200 | Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812576 |
| 112834 | HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5199391 |
| 280633 | Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6143056 |
| 168390 | Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7146472 |
| &nbsp;&nbsp; 60100 | Murphy Oil Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1878125 |
| 133880 | Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5246757 |
| &nbsp;&nbsp; 26691 | Par Pacific Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937922 |
| 524538 | Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7359268 |
| &nbsp;&nbsp; 41600 | SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777920 |
| 134852 | SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970935 |
| &nbsp;&nbsp; 57930 | TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54408152 |
|  | **Financial — 18.1%** | **Financial — 18.1%** |
| &nbsp;&nbsp; 61072 | Agree Realty Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4399016 |
| &nbsp;&nbsp; 40400 | Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829716 |
| &nbsp;&nbsp; 81800 | American Assets Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1548474 |
| &nbsp;&nbsp; 44750 | Annaly Capital Management, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000610 |
| 107000 | Apple Hospitality REIT, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267950 |
| &nbsp;&nbsp; 60900 | ARES Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232007 |
| &nbsp;&nbsp; 84400 | Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2174144 |
| &nbsp;&nbsp; 26916 | Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6482719 |
| &nbsp;&nbsp; 85268 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7663035 |
| 157893 | Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5573623 |
| &nbsp;&nbsp; 66068 | Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7075222 |
| &nbsp;&nbsp; 33435 | Axos Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2880760 |
| 109100 | Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2104539 |
| &nbsp;&nbsp; 28507 | Bancorp, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924793 |
| &nbsp;&nbsp; 51800 | Bank of NT Butterfield & Son Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2580676 |
| &nbsp;&nbsp; 61000 | Blue Owl Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758230 |
| 219813 | Blue Owl Capital, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3284006 |

---

See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| 177700 | Brandywine Realty Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518884 |
| &nbsp;&nbsp; 65100 | Brixmor Property Group, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706922 |
| 102700 | Broadstone Net Lease, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1783899 |
| &nbsp;&nbsp; 19000 | Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183890 |
| &nbsp;&nbsp;&nbsp; 6897 | C&F Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500653 |
| 168193 | Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645676 |
| &nbsp;&nbsp; 31000 | Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500090 |
| &nbsp;&nbsp; 59900 | Chimera Investment Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744557 |
| &nbsp;&nbsp; 67300 | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930993 |
| &nbsp;&nbsp; 61750 | CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947945 |
| 129300 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5491371 |
| &nbsp;&nbsp; 24453 | Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381594 |
| &nbsp;&nbsp; 69200 | Core Scientific, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007552 |
| &nbsp;&nbsp; 39800 | Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200766 |
| &nbsp;&nbsp; 40304 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5103696 |
| &nbsp;&nbsp; 23317 | EastGroup Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4153690 |
| &nbsp;&nbsp; 19305 | Enova International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3034746 |
| &nbsp;&nbsp; 59300 | EPR Properties, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2959070 |
| &nbsp;&nbsp; 29500 | Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1405675 |
| &nbsp;&nbsp; 24300 | Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579743 |
| &nbsp;&nbsp; 65600 | Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3415792 |
| &nbsp;&nbsp; 76057 | Fidelis Insurance Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488435 |
| &nbsp;&nbsp; 53350 | Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497313 |
| &nbsp;&nbsp; 90100 | First BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1867773 |
| &nbsp;&nbsp; 62100 | First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477359 |
| &nbsp;&nbsp; 63800 | First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075668 |
| 207300 | First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954470 |
| &nbsp;&nbsp; 96000 | FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641600 |
| 803700 | Genworth Financial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7257411 |
| &nbsp;&nbsp; 94416 | Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4159025 |
| &nbsp;&nbsp; 42000 | Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5874120 |
| &nbsp;&nbsp; 26426 | Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3549276 |
| &nbsp;&nbsp; 28700 | Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1827616 |
| 106812 | Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2887128 |
| 172396 | Healthpeak Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2772128 |
| &nbsp;&nbsp; 75500 | Highwoods Properties, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949410 |
| &nbsp;&nbsp; 83300 | Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912968 |
| 197400 | Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3499902 |
| &nbsp;&nbsp; 26808 | Howard Hughes Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138474 |
| &nbsp;&nbsp; 63380 | Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061751 |
| &nbsp;&nbsp; 64000 | Industrial Logistics Properties Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354560 |
| &nbsp;&nbsp; 72400 | International Money Express, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1112064 |
| &nbsp;&nbsp; 13000 | Jackson Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1386450 |
| &nbsp;&nbsp; 38191 | Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2366696 |
| 179254 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3699803 |
| &nbsp;&nbsp; 44400 | Kilroy Realty Corp., REIT<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1659228 |
| &nbsp;&nbsp; 13294 | Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5199549 |
| &nbsp;&nbsp; 56600 | Kite Realty Group Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356702 |
| &nbsp;&nbsp; 36800 | Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638704 |

---

6See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| &nbsp;&nbsp; 16863 | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6022958 |
| &nbsp;&nbsp; 86599 | McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9086833 |
| 135300 | MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3953466 |
| 139500 | Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813500 |
| 199800 | New Mountain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840158 |
| &nbsp;&nbsp; 81808 | OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468454 |
| &nbsp;&nbsp; 54000 | OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2212920 |
| &nbsp;&nbsp; 60400 | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2756656 |
| &nbsp;&nbsp; 16400 | OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107820 |
| &nbsp;&nbsp; 89300 | Outfront Media, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2152130 |
| 240380 | P10, Inc. Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2358128 |
| 195700 | Piedmont Realty Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1632138 |
| &nbsp;&nbsp; 36381 | Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3471111 |
| &nbsp;&nbsp; 29869 | Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10146798 |
| &nbsp;&nbsp; 25500 | Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3175260 |
| &nbsp;&nbsp; 92700 | Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3336273 |
| &nbsp;&nbsp; 72100 | Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1953910 |
| &nbsp;&nbsp; 14241 | Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2897474 |
| &nbsp;&nbsp; 40400 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085852 |
| &nbsp;&nbsp; 78700 | Sabra Health Care REIT, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490578 |
| 104400 | Service Properties Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192096 |
| &nbsp;&nbsp; 41688 | StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2675119 |
| &nbsp;&nbsp; 65987 | Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8262892 |
| &nbsp;&nbsp; 13881 | StoneX Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320500 |
| &nbsp;&nbsp; 35613 | Sun Communities, Inc., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4412807 |
| &nbsp;&nbsp; 56200 | Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4688766 |
| &nbsp;&nbsp; 44093 | UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5072459 |
| &nbsp;&nbsp; 20100 | Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679380 |
| &nbsp;&nbsp; 72000 | Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5580000 |
| 127700 | Valley National Bancorp<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491536 |
| &nbsp;&nbsp; 48700 | Victory Capital Holdings, Inc. Class A<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3072483 |
| &nbsp;&nbsp; 95659 | Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7125639 |
| 129900 | Western Union Co.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209369 |
| &nbsp;&nbsp;&nbsp; 5617 | White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11672294 |
| &nbsp;&nbsp; 43012 | Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6013938 |
| &nbsp;&nbsp; 54300 | Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3178722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 306252724 |
|  | **Government — 0.2%** | **Government — 0.2%** |
| &nbsp;&nbsp; 58816 | Banco Latinoamericano de Comercio Exterior SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2623193 |
|  | **Industrial — 22.4%** | **Industrial — 22.4%** |
| &nbsp;&nbsp; 57710 | Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12082743 |
| &nbsp;&nbsp; 11633 | AeroVironment, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2813906 |
| &nbsp;&nbsp; 27100 | AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2827072 |
| &nbsp;&nbsp; 22832 | Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3635311 |
| &nbsp;&nbsp; 42100 | Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532861 |
| &nbsp;&nbsp; 15822 | Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4062615 |
| &nbsp;&nbsp; 51814 | AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6319235 |

---

See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| &nbsp;&nbsp; 11500 | ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853185 |
| &nbsp;&nbsp; 14286 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730055 |
| &nbsp;&nbsp; 28800 | Arrow Electronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173184 |
| &nbsp;&nbsp; 32424 | ATI, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3720978 |
| &nbsp;&nbsp; 24600 | Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555950 |
| &nbsp;&nbsp;&nbsp; 6110 | Axon Enterprise, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3470052 |
| &nbsp;&nbsp; 25850 | Bloom Energy Corp. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246107 |
| &nbsp;&nbsp; 21600 | Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589760 |
| &nbsp;&nbsp; 23690 | Builders FirstSource, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2437464 |
| &nbsp;&nbsp; 20891 | BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610800 |
| &nbsp;&nbsp; 51202 | Casella Waste Systems, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5014724 |
| &nbsp;&nbsp; 27730 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4457875 |
| &nbsp;&nbsp; 12234 | Clean Harbors, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2868628 |
| 556195 | CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5128118 |
| 132559 | Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4769473 |
| &nbsp;&nbsp; 10510 | Coherent Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1939831 |
| &nbsp;&nbsp; 26025 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24288872 |
| &nbsp;&nbsp; 19000 | Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418760 |
| &nbsp;&nbsp; 12311 | Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2270518 |
| &nbsp;&nbsp; 27713 | Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5727723 |
| &nbsp;&nbsp; 91200 | Energizer Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813968 |
| &nbsp;&nbsp; 33600 | EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4930800 |
| &nbsp;&nbsp; 63512 | Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5350886 |
| &nbsp;&nbsp; 17937 | Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003922 |
| &nbsp;&nbsp; 79649 | Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8649085 |
| 103300 | Flex Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6241386 |
| &nbsp;&nbsp; 37756 | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2619511 |
| &nbsp;&nbsp; 47110 | FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9273603 |
| 416363 | Gates Industrial Corp. PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8939314 |
| &nbsp;&nbsp; 14844 | Generac Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024276 |
| &nbsp;&nbsp; 28200 | Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318068 |
| &nbsp;&nbsp; 31100 | Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290515 |
| 119010 | GXO Logistics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6264686 |
| &nbsp;&nbsp; 19530 | HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4929958 |
| &nbsp;&nbsp; 29160 | Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2154924 |
| &nbsp;&nbsp; 85252 | Hub Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3632588 |
| &nbsp;&nbsp; 17425 | Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5925720 |
| &nbsp;&nbsp; 19970 | IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3553462 |
| &nbsp;&nbsp; 70660 | ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12260217 |
| &nbsp;&nbsp; 62923 | Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14347702 |
| 210403 | Janus International Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1376036 |
| &nbsp;&nbsp; 36605 | Karman Holdings, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2678388 |
| &nbsp;&nbsp; 19274 | Knife River Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355926 |
| &nbsp;&nbsp; 22120 | Kratos Defense & Security Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1679129 |
| &nbsp;&nbsp; 48232 | Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1644229 |
| &nbsp;&nbsp; 38869 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9314567 |
| &nbsp;&nbsp; 24932 | Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1695376 |
| &nbsp;&nbsp; 90760 | Mirion Technologies, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125599 |
| &nbsp;&nbsp; 14700 | Mohawk Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606710 |

---

8See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Industrial — continued** | **Industrial — continued** |
| &nbsp;&nbsp; 26670 | Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6495478 |
| &nbsp;&nbsp; 19200 | Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2204160 |
| &nbsp;&nbsp; 32099 | Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7717563 |
| &nbsp;&nbsp; 33311 | Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3963676 |
| &nbsp;&nbsp; 64000 | O-I Glass, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944640 |
| &nbsp;&nbsp; 42100 | Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5289023 |
| &nbsp;&nbsp; 62959 | Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7045742 |
| &nbsp;&nbsp; 14190 | Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2926404 |
| &nbsp;&nbsp; 21898 | Powell Industries, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6980644 |
| &nbsp;&nbsp; 10270 | Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274918 |
| &nbsp;&nbsp; 28256 | RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12670838 |
| &nbsp;&nbsp; 21140 | Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966365 |
| &nbsp;&nbsp; 88330 | Rocket Lab Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6161901 |
| &nbsp;&nbsp; 32200 | Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6162758 |
| &nbsp;&nbsp; 10000 | Sanmina Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500700 |
| 125756 | Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3336307 |
| &nbsp;&nbsp; 41700 | Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119611 |
| &nbsp;&nbsp; 22841 | Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3688136 |
| &nbsp;&nbsp; 57900 | Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526756 |
| &nbsp;&nbsp; 22408 | SPX Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4482944 |
| &nbsp;&nbsp; 11509 | Sterling Infrastructure, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3524401 |
| &nbsp;&nbsp; 44427 | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6674268 |
| &nbsp;&nbsp; 49600 | Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2647648 |
| &nbsp;&nbsp; 74600 | Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6502882 |
| &nbsp;&nbsp;&nbsp; 2984 | TopBuild Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1244895 |
| &nbsp;&nbsp; 37523 | Trimble, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2939927 |
| &nbsp;&nbsp; 41762 | UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3802430 |
| 205033 | Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7623127 |
| &nbsp;&nbsp; 75700 | World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1773651 |
| &nbsp;&nbsp; 38600 | Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990602 |
| &nbsp;&nbsp; 28510 | XPO, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3874794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 380603540 |
|  | **Technology — 8.7%** | **Technology — 8.7%** |
| &nbsp;&nbsp; 36500 | ACM Research, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439925 |
| &nbsp;&nbsp; 78511 | Alignment Healthcare, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550592 |
| &nbsp;&nbsp; 73150 | Alkami Technology, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1687570 |
| &nbsp;&nbsp; 90527 | Allegro MicroSystems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388102 |
| &nbsp;&nbsp; 44000 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3542440 |
| &nbsp;&nbsp; 33500 | Amkor Technology, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322580 |
| &nbsp;&nbsp;&nbsp; 6979 | Appfolio, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623664 |
| &nbsp;&nbsp;&nbsp; 9680 | Astera Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610365 |
| &nbsp;&nbsp;&nbsp; 9230 | CACI International, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4917836 |
| &nbsp;&nbsp; 44700 | Cirrus Logic, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5296950 |
| &nbsp;&nbsp; 23570 | Commvault Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2954735 |
| &nbsp;&nbsp; 29500 | CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262355 |
| &nbsp;&nbsp;&nbsp; 4243 | CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1892633 |
| &nbsp;&nbsp; 33110 | Descartes Systems Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902423 |
| 145200 | Dropbox, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4036560 |

---

See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Technology — continued** | **Technology — continued** |
| &nbsp;&nbsp; 75580 | Dynatrace, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3275637 |
| &nbsp;&nbsp; 42015 | ExlService Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1783117 |
| &nbsp;&nbsp; 57100 | Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2671138 |
| &nbsp;&nbsp; 15419 | Guidewire Software, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3099373 |
| &nbsp;&nbsp; 41626 | Hinge Health, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933528 |
| &nbsp;&nbsp;&nbsp; 6589 | HubSpot, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2644166 |
| &nbsp;&nbsp; 30130 | IonQ, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1351933 |
| &nbsp;&nbsp; 81115 | MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13893377 |
| &nbsp;&nbsp; 16733 | Manhattan Associates, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2899996 |
| &nbsp;&nbsp; 34400 | Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2969408 |
| &nbsp;&nbsp; 43684 | MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6980703 |
| &nbsp;&nbsp; 53486 | nCino, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1371381 |
| &nbsp;&nbsp; 21700 | NCR Atleos Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826987 |
| 152633 | NCR Voyix Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556857 |
| &nbsp;&nbsp; 83060 | NetScout Systems, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2247604 |
| &nbsp;&nbsp;&nbsp; 8331 | Nova Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2735817 |
| &nbsp;&nbsp; 18252 | Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2908639 |
| &nbsp;&nbsp; 72800 | Photronics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2329600 |
| 171700 | Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1814869 |
| 208500 | Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823575 |
| &nbsp;&nbsp; 26160 | Power Integrations, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929726 |
| &nbsp;&nbsp; 85486 | Procore Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6218252 |
| &nbsp;&nbsp; 47301 | Pure Storage, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169640 |
| &nbsp;&nbsp; 37800 | Qorvo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3194478 |
| &nbsp;&nbsp; 27295 | Rambus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508138 |
| &nbsp;&nbsp; 61700 | RingCentral, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781896 |
| 283366 | SailPoint, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5732494 |
| &nbsp;&nbsp; 90610 | Samsara, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3212124 |
| &nbsp;&nbsp; 48886 | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4920865 |
| &nbsp;&nbsp; 42986 | Semtech Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3167638 |
| &nbsp;&nbsp; 26686 | ServiceTitan, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2842059 |
| &nbsp;&nbsp; 40714 | Silicon Laboratories, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5321320 |
| &nbsp;&nbsp; 41900 | Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2656879 |
| &nbsp;&nbsp;&nbsp; 3093 | Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404067 |
| &nbsp;&nbsp; 17611 | Workiva, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518949 |
| 107700 | Xerox Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 148380209 |
|  | **Utilities — 2.0%** | **Utilities — 2.0%** |
| &nbsp;&nbsp; 50040 | IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6333062 |
| 236947 | MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625206 |
| &nbsp;&nbsp; 24700 | National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1977482 |
| &nbsp;&nbsp; 62959 | Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4063374 |
| &nbsp;&nbsp; 90684 | Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4351925 |
| &nbsp;&nbsp; 45828 | Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3667157 |
| &nbsp;&nbsp;&nbsp; 9266 | Talen Energy Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3473267 |
| &nbsp;&nbsp; 37040 | TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2180915 |

---

10See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Utilities — continued** | **Utilities — continued** |
| &nbsp;&nbsp; 73700 | UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2758591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33430979 |
|  | TOTAL COMMON STOCKS (COST $1,396,634,949) | 1642299929 |

---

&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%** |
| 5478924 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.83%<sup>(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5478924 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $5,478,924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5478924 |
|  | **TOTAL INVESTMENTS — 97.2**% <br>(Cost $1,402,113,873)<br>| &nbsp;&nbsp; 1647778853 |
|  | Other Assets and Liabilities (net) — 2.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47248597 |
|  | **NET ASSETS — 100.0%** | **$1695027450** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | All or a portion of this security is out on loan. |
| (b) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (c) | Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at December 31, 2025 was $0.<br>|
| (d) | The rate disclosed is the 7-day net yield as of December 31, 2025. |
| (e) | Represents an investment of securities lending cash collateral. |

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 102 | Russell 2000 E-mini Index | Mar 2026 | &nbsp;&nbsp; $12739800 | &nbsp;&nbsp; $(426341)<br>|
| 44 | S&P Mid 400 E-mini Index | Mar 2026 | &nbsp;&nbsp; 14630880 | &nbsp;&nbsp; (342292)<br>|
|  |  |  |  | &nbsp;&nbsp; $(768633)<br>|

---

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

---

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

---

See accompanying Notes to the Schedule of Investments

------

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

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Common Stocks | &nbsp;&nbsp; 96.9 |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.3 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 2.8 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

12See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 93.9%** | **COMMON STOCKS — 93.9%** |
|  | **Australia — 0.1%** | **Australia — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19628 | Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1684977 |
|  | **Brazil — 5.2%** | **Brazil — 5.2%** |
| &nbsp;&nbsp; 1605300 | Ambev SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4041372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287800 | Axia Energia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2646821 |
| &nbsp;&nbsp; 2614100 | B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6804371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 124700 | Banco Bradesco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 456100 | Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1794511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 114400 | BB Seguridade Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31900 | CPFL Energia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 642248 | Dexco SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 585100 | EcoRodovias Infraestrutura e Logistica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 371787 | Itau Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2661993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 111620 | Lojas Renner SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38300 | MBRF Global Foods Co. SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4234 | MercadoLibre, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8528377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39500 | Motiva Infraestrutura de Mobilidade SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108097 |
| &nbsp;&nbsp; 1836500 | Natura Cosmeticos SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2498036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215700 | Neoenergia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 141148 | NU Holdings Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2362818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 102267 | Pagseguro Digital Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 342061 | Petroleo Brasileiro SA - Petrobras, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 299154 | Petroleo Brasileiro SA - Petrobras, Preferred ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88100 | Porto Seguro SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63400 | PRIO SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 690846 | Raia Drogasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2963068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144800 | Rede D'Or Sao Luiz SA 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 877500 | Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45925 | StoneCo Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136276 | Telefonica Brasil SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30044 | TIM SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204200 | TOTVS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204400 | Vale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2672529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 402031 | Vale SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5238464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336800 | WEG SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66494059 |
|  | **Canada — 0.3%** | **Canada — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17080 | Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3540342 |
|  | **Chile — 0.7%** | **Chile — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14094 | Banco de Credito e Inversiones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910363 |
| &nbsp;&nbsp; 1567090 | Enel Americas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148749 |
| &nbsp;&nbsp; 5839961 | Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287720 | Falabella SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12979 | Latam Airlines Group SA, ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700996 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Chile — continued** | **Chile — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65202 | Sociedad Quimica y Minera de Chile SA, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4485898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8723447 |
|  | **China — 25.4%** | **China — 25.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 362000 | 37 Interactive Entertainment Network Technology Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20860 | ACM Research Shanghai, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4833 | Advanced Micro-Fabrication Equipment, Inc. China Class A <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 399600 | Agricultural Bank of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439138 |
| &nbsp;&nbsp; 4291800 | Agricultural Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3182990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | Airtac International Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2811836 |
| &nbsp;&nbsp; 1470291 | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26905615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130000 | Aluminum Corp. of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54933 | Amlogic Shanghai Co. Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33624 | Autohome, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 635000 | AviChina Industry & Technology Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288250 | Baidu, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4724384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 119400 | Bank of Beijing Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 167900 | Bank of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137601 |
| &nbsp;&nbsp; 6219000 | Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3554903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187600 | Bank of Communications Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 684000 | Bank of Communications Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566185 |
| &nbsp;&nbsp; 1002600 | Bank of Jiangsu Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 240500 | Bank of Ningbo Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966672 |
| &nbsp;&nbsp; 1164137 | Bank of Shanghai Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1682478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40500 | Beijing Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165386 |
| &nbsp;&nbsp; 1306400 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2535327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 863800 | Beijing Yanjing Brewery Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1387177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76960 | Bilibili, Inc. Class Z \*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 189100 | BYD Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2640166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 108200 | BYD Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1317413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1959 | Cambricon Technologies Corp. Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 720000 | China CITIC Bank Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 384000 | China Communications Services Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89500 | China Conch Venture Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94700 | China Construction Bank Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125753 |
| &nbsp;&nbsp; 8914600 | China Construction Bank Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8784754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 222500 | China Everbright Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111087 |
| &nbsp;&nbsp; 1283000 | China Everbright Bank Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599482 |
| &nbsp;&nbsp; 1355000 | China Feihe Ltd.<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 264000 | China Galaxy Securities Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 353000 | China Hongqiao Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1466731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 157000 | China Jushi Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 869000 | China Lesso Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 945000 | China Life Insurance Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3302481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 625200 | China Merchants Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3766813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296000 | China Merchants Bank Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196000 | China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36400 | China Merchants Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 163200 | China Minsheng Banking Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89423 |

---

14See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 531000 | China Minsheng Banking Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 228000 | China National Building Material Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286000 | China Oilfield Services Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256482 |
| &nbsp;&nbsp; 2791000 | China Overseas Land & Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4381827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32500 | China Pacific Insurance Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129600 | China Pacific Insurance Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 137700 | China Petroleum & Chemical Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121664 |
| &nbsp;&nbsp; 3077000 | China Reinsurance Group Corp. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28500 | China Resources Land Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 459500 | China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28000 | China Shenhua Energy Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9200 | China Tourism Group Duty Free Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125000 | Chongqing Rural Commercial Bank Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 412600 | Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655884 |
| &nbsp;&nbsp; 1289000 | CITIC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61700 | CITIC Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77900 | CMOC Group Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 939000 | CMOC Group Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2310653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89979 | Contemporary Amperex Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4710602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61800 | COSCO SHIPPING Holdings Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 700500 | COSCO SHIPPING Holdings Co. Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1237473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 115300 | CRRC Corp. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 869000 | CRRC Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 120000 | CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 453354 | DiDi Global, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11800 | Ecovacs Robotics Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 396000 | Fosun International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33800 | Ganfeng Lithium Group Co. Ltd. Class H <sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8300 | G-bits Network Technology Xiamen Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502082 |
| &nbsp;&nbsp; 1152000 | Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2643905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64800 | GF Securities Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 122500 | Great Wall Motor Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203900 | Gree Electric Appliances, Inc. of Zhuhai Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300000 | Guangdong Investment Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68600 | Guosen Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35500 | Guotai Haitong Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42900 | H World Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Haier Smart Home Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111907 |
| &nbsp;&nbsp; 1412800 | Haier Smart Home Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4390073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 436471 | Hangzhou Robam Appliances Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 418000 | Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 362491 | Hongfa Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 291000 | Horizon Robotics\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34500 | Huatai Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 432000 | Huatai Securities Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044548 |
| &nbsp;&nbsp; 1121890 | Huaxia Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 469600 | Huayu Automotive Systems Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4254 | Hygon Information Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 301200 | Industrial & Commercial Bank of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341780 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp; 6662000 | Industrial & Commercial Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5397492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97700 | Industrial Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 242000 | Innovent Biologics, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2358044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 253050 | JD Health International, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1797535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 686900 | JD Logistics, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 386050 | JD.com, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5537518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 246000 | Jiangxi Copper Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1348858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94598 | Kanzhun Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1927907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 115000 | Kingsoft Corp. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 604900 | Kuaishou Technology 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4929721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85300 | Legend Holdings Corp. Class H \* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96913 |
| &nbsp;&nbsp; 1208000 | Lenovo Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1432238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103300 | Li Auto, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869758 |
| &nbsp;&nbsp; 1454000 | Lonking Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83176 | Luckin Coffee, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2786396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 148000 | Meitu, Inc. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 451250 | Meituan Class B \*<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5953936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 767705 | Midea Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8582665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32200 | Midea Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 832000 | MMG Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65501 | Montage Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000 | NetEase Cloud Music, Inc.\*<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 187000 | NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5145539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 300200 | New China Life Insurance Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33200 | Nongfu Spring Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71085 | PDD Holdings, Inc., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8060328 |
| &nbsp;&nbsp; 2228000 | People's Insurance Co. Group of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91700 | PetroChina Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 470000 | PICC Property & Casualty Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51732 | Ping An Insurance Group Co. of China Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505792 |
| &nbsp;&nbsp; 1433500 | Ping An Insurance Group Co. of China Ltd. Class H <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12057133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69400 | Pop Mart International Group Ltd.<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 138300 | Postal Savings Bank of China Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9806 | Qfin Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39800 | Sany Heavy Industry Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 634000 | Shanghai Construction Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 438300 | Shanghai Rural Commercial Bank Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 246600 | Shanghai Tunnel Engineering Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60200 | Shanjin International Gold Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98400 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2681784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43400 | Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 209300 | Sichuan Road & Bridge Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 204000 | Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1233962 |
| &nbsp;&nbsp; 2475000 | Sino Biopharmaceutical Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212000 | Sinoma International Engineering Co. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 272000 | Sinotruk Hong Kong Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 101000 | SooChow Securities Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16600 | Sungrow Power Supply Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404386 |

---

16See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67600 | Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10652 | TAL Education Group, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761400 | Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58337981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47271 | Tencent Music Entertainment Group, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 682400 | Tian Di Science & Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 566000 | Tongcheng Travel Holdings Ltd.<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340000 | TravelSky Technology Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60750 | Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4357374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16500 | UBTech Robotics Corp. Ltd. Class H \*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265353 |
| &nbsp;&nbsp; 1219000 | Uni-President China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 101365 | Vipshop Holdings Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1793147 |
| &nbsp;&nbsp; 1713000 | Weichai Power Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4122353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175600 | Western Mining Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691982 |
| &nbsp;&nbsp; 1604400 | Wilmar International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3833733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11600 | WuXi AppTec Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77800 | WuXi AppTec Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 348500 | Wuxi Biologics Cayman, Inc.\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50200 | XD, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 520500 | Xiamen C & D, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 958400 | Xiaomi Corp. Class B \* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4836606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151900 | XPeng, Inc. Class A \*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537723 |
| &nbsp;&nbsp; 1137549 | Yifeng Pharmacy Chain Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3531603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 247201 | Yunnan Aluminium Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68900 | Yunnan Baiyao Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 163500 | Yunnan Yuntianhua Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 407800 | Zhejiang China Commodities City Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 133300 | Zhejiang Dahua Technology Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 508000 | Zhejiang Expressway Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 111300 | Zhejiang Huayou Cobalt Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252100 | Zhejiang Leapmotor Technology Co. Ltd. Class H \* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563372 |
| &nbsp;&nbsp; 1046700 | Zhejiang Longsheng Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 124600 | Zhejiang NHU Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448416 |
| &nbsp;&nbsp; 1180500 | Zhongsheng Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1755661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 155400 | Zhuzhou CRRC Times Electric Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99100 | Zijin Mining Group Co. Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 184000 | Zijin Mining Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18500 | ZTE Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 138200 | ZTO Express Cayman, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2883290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60716 | ZTO Express Cayman, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1268357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 327117214 |
|  | **Colombia — 0.1%** | **Colombia — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20438 | Grupo Cibest SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8613 | Grupo Cibest SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33752 | Interconexion Electrica SA ESP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141584 |
|  | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10002 | CEZ AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629068 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Czech Republic — continued** | **Czech Republic — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5901 | Komercni Banka AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20057 | Moneta Money Bank AS 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150607 |
|  | **Greece — 0.7%** | **Greece — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 130417 | Alpha Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 532873 | Eurobank SA Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2134383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80818 | Jumbo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2653616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88407 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229470 | Piraeus Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1823174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8504991 |
|  | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | Orient Overseas International Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225381 |
| &nbsp;&nbsp; 3692500 | WH Group Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4110535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39000 | Zijin Gold International Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064912 |
|  | **Hungary — 0.6%** | **Hungary — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32435 | MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49148 | OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5267929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76045 | Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7854359 |
|  | **India — 13.1%** | **India — 13.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22209 | Ajanta Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10636 | Alkem Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9639 | APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1739 | Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136204 |
| &nbsp;&nbsp; 1058318 | Ashok Leyland Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49606 | Asian Paints Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30682 | Aurobindo Pharma Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125783 | Axis Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15222 | Bajaj Auto Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1583637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15416 | Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30693 | Bajaj Finserv Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 534978 | Bank of Baroda | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 133472 | Bharat Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 465118 | Bharat Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 198967 | Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4670693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 | Bosch Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31026 | Britannia Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2079641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39993 | BSE Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173595 |
| &nbsp;&nbsp; 1079412 | Canara Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 404391 | Cipla Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6781158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14444 | Coromandel International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34763 | Cummins India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39216 | Dabur India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136344 | Dr. Reddy's Laboratories Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1914270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24548 | Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1996446 |

---

18See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29692 | Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 652823 | GAIL India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1249655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21100 | Glenmark Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20767 | Grasim Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94546 | Great Eastern Shipping Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 137469 | HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2478136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18866 | HDFC Asset Management Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561469 |
| &nbsp;&nbsp; 1864862 | HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20642153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23184 | HDFC Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90717 | HDFC Life Insurance Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31413 | Hero MotoCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 271755 | Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2679330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36654 | Hindustan Aeronautics Ltd.<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1788645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 353317 | Hindustan Petroleum Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1963645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48114 | Hindustan Unilever Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 | Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12587 | Hyundai Motor India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 167060 | ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2494314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125210 | ICICI Bank Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3731258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9245 | ICICI Lombard General Insurance Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201738 |
| &nbsp;&nbsp; 1005189 | Indian Oil Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1860384 |
| &nbsp;&nbsp; 1059603 | Indraprastha Gas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2294420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95009 | Indus Towers Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202007 | Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3618253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 315524 | Infosys Ltd., ADR<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5622638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13137 | Jindal Stainless Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72215 | Kfin Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 123135 | Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3018345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48114 | Kwality Wall's India Ltd.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2248 | Larsen & Toubro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19897 | Laurus Labs Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83016 | LIC Housing Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7034 | LTIMindtree Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85186 | Lupin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1995427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31191 | Mahindra & Mahindra Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 106883 | Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4419673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 218377 | Marico Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1824243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7897 | Maruti Suzuki India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1467256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23185 | Mphasis Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | MRF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47444 | Muthoot Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 272959 | National Aluminium Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 954273 |
| &nbsp;&nbsp; 1742604 | NMDC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 231123 | Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6853 | Oracle Financial Services Software Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80486 | PB Fintech Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12357 | Persistent Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 372269 | Petronet LNG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3099 | PI Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111542 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **India — continued** | **India — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32502 | Pidilite Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14096 | Polycab India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1191346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 114502 | Power Finance Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 505295 | Power Grid Corp. of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1484161 |
| &nbsp;&nbsp; 1167672 | Punjab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3342 | Radico Khaitan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 202173 | REC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 540630 | Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9428050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | Shree Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83675 | Shriram Finance Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6789 | Siemens Energy India Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6345 | Solar Industries India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8108 | SRF Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 116539 | State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1273853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61048 | Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1171646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37482 | Sun TV Network Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20882 | Swiggy Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 114011 | Syngene International Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 123715 | Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4427838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 154420 | Tata Motors Ltd./new\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 393482 | Tata Motors Passenger Vehicles Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1606723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 239809 | Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91398 | Tech Mahindra Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6790 | Titan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19280 | Torrent Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56550 | TVS Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2338875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 847762 | Union Bank of India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28877 | United Spirits Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 576957 | UPL Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5091477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 104869 | Vedanta Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 148277 | Vishal Mega Mart Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6092 | WAAREE Energies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 743233 | Wipro Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2175740 |
| &nbsp;&nbsp; 2441354 | Yes Bank Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 149106 | Zydus Lifesciences Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1520166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 169030053 |
|  | **Indonesia — 1.1%** | **Indonesia — 1.1%** |
| &nbsp;&nbsp; 2233100 | Aneka Tambang Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419865 |
| &nbsp;&nbsp; 3748500 | Astra International Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505927 |
| &nbsp;&nbsp; 8379000 | Bank Central Asia Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4044515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 411100 | Bank Negara Indonesia Persero Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107723 |
| 24325299 | Bank Rakyat Indonesia Persero Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5338590 |
| 71718700 | GoTo Gojek Tokopedia Tbk. PT\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288500 | Indofood Sukses Makmur Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117212 |
| &nbsp;&nbsp; 3976500 | Kalbe Farma Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287324 |
| &nbsp;&nbsp; 7054900 | Perusahaan Gas Negara Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 847800 | United Tractors Tbk. PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14401631 |

---

20See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Italy — 0.2%** | **Italy — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39183 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024792 |
|  | **Japan — 0.1%** | **Japan — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75600 | Nexon Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1853370 |
|  | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49039 | Kaspi.KZ JSC, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3831417 |
|  | **Kuwait — 0.5%** | **Kuwait — 0.5%** |
| &nbsp;&nbsp; 1354902 | Kuwait Finance House KSCP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3571508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150732 | Mobile Telecommunications Co. KSCP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 714078 | National Bank of Kuwait SAKP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2356418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6182364 |
|  | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7658 | Reinet Investments SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268140 |
|  | **Macau — 0.3%** | **Macau — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 738000 | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3619319 |
|  | **Malaysia — 0.8%** | **Malaysia — 0.8%** |
| &nbsp;&nbsp; 1134500 | AMMB Holdings Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1817137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 153000 | Axiata Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32900 | Hong Leong Bank Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63100 | Kuala Lumpur Kepong Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 502700 | Malayan Banking Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 273700 | MISC Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | Nestle Malaysia Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83300 | Petronas Dagangan Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60400 | PPB Group Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185700 | Press Metal Aluminium Holdings Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 936400 | RHB Bank Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779350 |
| &nbsp;&nbsp; 1318900 | SD Guthrie Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863914 |
| &nbsp;&nbsp; 1023400 | Sime Darby Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 544000 | Telekom Malaysia Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1078577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25400 | Tenaga Nasional Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 312960 | YTL Corp. Bhd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10798968 |
|  | **Mexico — 2.6%** | **Mexico — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 130860 | America Movil SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2704876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334780 | Arca Continental SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3621609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135341 | Cemex SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37268 | Coca-Cola Femsa SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309671 | Credito Real SAB de CV SOFOM ER\*<sup>(b)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74582 | Fomento Economico Mexicano SAB de CV, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7538003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5315 | Gruma SAB de CV Class B <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 474670 | Grupo Financiero Banorte SAB de CV Class O  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4404680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 263900 | Grupo Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2498166 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Mexico — continued** | **Mexico — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26800 | Industrias Penoles SAB de CV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 151800 | Kimberly-Clark de Mexico SAB de CV Class A <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57765 | Promotora y Operadora de Infraestructura SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11900 | Qualitas Controladora SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 668000 | Sigma Foods SAB de CV<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6382 | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 162906 | Unifin Financiera SAB de CV\*<sup>(b)(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1223524 | Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3811540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33971979 |
|  | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46247 | Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3390204 |
|  | **Panama — 0.2%** | **Panama — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24358 | Copa Holdings SA Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2937818 |
|  | **Peru — 0.8%** | **Peru — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13393 | Cia de Minas Buenaventura SAA, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33251 | Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9543037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9915764 |
|  | **Philippines — 0.1%** | **Philippines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19640 | Ayala Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29090 | GT Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 122040 | International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 161740 | Metropolitan Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1808901 |
|  | **Poland — 0.6%** | **Poland — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24849 | Alior Bank SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 230166 | Allegro.eu SA\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9265 | Asseco Poland SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594 | Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7258 | KGHM Polska Miedz SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | LPP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 173070 | PGE Polska Grupa Energetyczna SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15285 | Powszechna Kasa Oszczednosci Bank Polski SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 122196 | Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2258156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94663 | Tauron Polska Energia SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9262 | XTB SA 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51038 | Zabka Group SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7973432 |
|  | **Portugal — 0.2%** | **Portugal — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 131493 | Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3130213 |
|  | **Qatar — 0.3%** | **Qatar — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 258117 | Al Rayan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 295427 | Barwa Real Estate Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 160227 | Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572233 |

---

22See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Qatar — continued** | **Qatar — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 233868 | Qatar Islamic Bank QPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 354418 | Qatar National Bank QPSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1816284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294594 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 214920 | Evraz PLC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7610 | Gazprom Neft PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1043282 | Gazprom PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99121 | Globaltrans Investment PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1645900 | GMK Norilskiy Nickel PAO\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | HeadHunter Group PLC, ADR\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44258 | LSR Group PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 136755 | LUKOIL PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8543 | Magnit PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 984659 | Magnitogorsk Iron & Steel Works PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | MMC Norilsk Nickel PJSC, ADR\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 126700 | Mobile TeleSystems PJSC, ADR\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 154250 | Novatek PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 1715500 | Novolipetsk Steel PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5323 | PhosAgro PJSC\*<sup>(b)(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | PhosAgro PJSC\*<sup>(b)(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | PhosAgro PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 250620 | Polyus PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | Polyus PJSC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4954 | Ros Agro PLC, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 5496180 | Sberbank of Russia PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 105511 | Severstal PAO, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 25625090 | Surgutneftegas PAO\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 598704 | Tatneft PJSC\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16391 | TCS Group Holding PLC, GDR\*<sup>(b)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8773 | T-Tekhnologii MKPAO, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47122 | X5 Retail Group NV, GDR\*<sup>(b)(c)(d)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | **Saudi Arabia — 2.0%** | **Saudi Arabia — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83133 | Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2161062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 274566 | Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4736 | Astra Industrial Group Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61872 | Bank Al-Jazira\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 343537 | Banque Saudi Fransi | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8802 | Co. for Cooperative Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 117362 | Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46524 | Jarir Marketing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 161113 | Mobile Telecommunications Co. Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7747 | Mouwasat Medical Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9901 | Nahdi Medical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 271765 | Riyad Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1966114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65553 | SABIC Agri-Nutrients Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31043 | Saudi Arabian Mining Co.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504460 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 435073 | Saudi Arabian Oil Co. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2764234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 255544 | Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64098 | Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 211564 | Saudi Investment Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 373561 | Saudi National Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3771716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175198 | Saudi Telecom Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47008 | Yanbu National Petrochemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25454195 |
|  | **Singapore — 0.2%** | **Singapore — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23975 | Sea Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3058491 |
|  | **South Africa — 2.6%** | **South Africa — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40245 | Absa Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36442 | AVI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 121067 | Bid Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3082297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28656 | Discovery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32407 | Exxaro Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 103415 | Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4515099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 506166 | Growthpoint Properties Ltd., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25106 | Harmony Gold Mining Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27655 | Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150231 | Investec Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65496 | Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1387449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 688077 | Momentum Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1588210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 238906 | MTN Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2439877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59592 | Naspers Ltd. Class N  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3955740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 924778 | Old Mutual Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96347 | OUTsurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416179 |
| &nbsp;&nbsp; 1622601 | Redefine Properties Ltd., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400384 | Sanlam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2375720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40876 | Sasol Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 125497 | Shoprite Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2048152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 412653 | Sibanye Stillwater Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 197671 | Standard Bank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3471466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11922 | Tiger Brands Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2836 | Valterra Platinum Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85456 | Vodacom Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33806539 |
|  | **South Korea — 12.0%** | **South Korea — 12.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875 | Alteogen, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35387 | Coupang, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13272 | Coway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10937 | DB HiTek Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13273 | DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1204693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57964 | Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2310301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 | Doosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3717 | Ecopro BM Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376803 |

---

24See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39843 | Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2598903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 | Hanjin Kal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100930 | Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4073184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380 | Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1548444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8386 | Hanwha Ocean Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5628 | Hanwha Systems Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5969 | HD Hyundai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4438 | HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850 | HD Hyundai Heavy Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2917 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4319 | HL Mando Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 | Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23514 | Hyundai Glovis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2940030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31793 | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8237806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16275 | Hyundai Rotem Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9374 | Hyundai Steel Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17493 | Industrial Bank of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16451 | Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56931 | KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33599 | Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2830265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34351 | Korea Electric Power Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13891 | Korea Investment Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 | Krafton, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23023 | KT Corp., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7103 | LEENO Industrial, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3764 | LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7481 | LG Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48723 | LG Display Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7557 | LG Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140 | LG Innotek Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 140183 | LG Uplus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1431697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1576 | NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18284 | Netmarble Corp. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41579 | NH Investment & Securities Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131 | PharmaResearch Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4709 | Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 | Samsung Electro-Mechanics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 743350 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61953982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 106216 | Samsung Heavy Industries Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1763139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70123 | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3742102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5415 | SK Biopharmaceuticals Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52681 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23855295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17089 | SK Square Co. Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4294983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 | SK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 135066 | Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2628659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 153958043 |
|  | **Taiwan — 17.0%** | **Taiwan — 17.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674197 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** | **Taiwan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | Acter Group Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62000 | ADATA Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 312792 | Advantech Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320000 | ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2536814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 715000 | Asia Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47000 | Asia Vital Components Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 108000 | Asustek Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873065 |
| &nbsp;&nbsp; 1364000 | AUO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10059 | Bizlink Holding, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 682000 | Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 644000 | Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418474 |
| &nbsp;&nbsp; 1183000 | China Airlines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 179000 | Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4381640 |
| &nbsp;&nbsp; 3404000 | Compal Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3293409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62000 | Compeq Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 736000 | CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 201000 | Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6115927 |
| &nbsp;&nbsp; 1644123 | E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1766763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 134000 | Elan Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504517 |
| &nbsp;&nbsp; 1608000 | Eva Airways Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1867404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 235000 | Evergreen Marine Corp. Taiwan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 931000 | Far Eastern New Century Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822086 |
| &nbsp;&nbsp; 1717000 | First Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600 | Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Genius Electronic Optical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171670 |
| &nbsp;&nbsp; 1282000 | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9314660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 129000 | Hua Nan Financial Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | International Games System Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 913270 | KGI Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | King Slide Works Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | Largan Precision Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 457000 | Lite-On Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2354072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 165000 | MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7476410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 371000 | Pegatron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | Phison Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635750 |
| &nbsp;&nbsp; 1497000 | Pou Chen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1432558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 244998 | President Chain Store Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1726192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 461000 | Primax Electronics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 199000 | Radiant Opto-Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107000 | Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000 | Simplo Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 131000 | Sitronix Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 803980 | Taiwan Business Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409138 |
| &nbsp;&nbsp; 2790924 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 136346064 |
| &nbsp;&nbsp; 1574000 | TS Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020563 |
| &nbsp;&nbsp; 1470000 | United Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2297780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43000 | Voltronic Power Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 663000 | Winbond Electronics Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717766 |

---

26See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Taiwan — continued** | **Taiwan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 164000 | WNC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58000 | WPG Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 336000 | Yageo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2461060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 297000 | Yang Ming Marine Transport Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 288550 | Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192000 | Zhen Ding Technology Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 219013359 |
|  | **Thailand — 1.4%** | **Thailand — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 166200 | Advanced Info Service PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1649587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 646800 | Bangkok Bank PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3473285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77600 | Bumrungrad Hospital PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387916 |
| &nbsp;&nbsp; 2180800 | Charoen Pokphand Foods PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1508928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 116500 | Delta Electronics Thailand PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340700 | Gulf Development PCL, NVDR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451460 |
| &nbsp;&nbsp; 2056000 | Indorama Ventures PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 309700 | Kasikornbank PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911920 |
| &nbsp;&nbsp; 1958300 | Krung Thai Bank PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 703400 | SCB X PCL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 243800 | SCB X PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 248700 | Thanachart Capital PCL, NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17439864 |
|  | **Turkey — 0.7%** | **Turkey — 0.7%** |
| &nbsp;&nbsp; 1467715 | Akbank TAS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2389817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 412988 | Aselsan Elektronik Sanayi Ve Ticaret AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2231077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71095 | BIM Birlesik Magazalar AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83386 | Haci Omer Sabanci Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 252765 | KOC Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 196416 | Turk Hava Yollari AO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54168 | Turkcell Iletisim Hizmetleri AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117579 |
| &nbsp;&nbsp; 3104221 | Turkiye Is Bankasi AS Class C  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9036904 |
|  | **United Arab Emirates — 0.8%** | **United Arab Emirates — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 433095 | Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215276 | Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 334749 | Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 191886 | Dubai Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77457 | Emaar Development PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 924531 | Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3537061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144765 | Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38612 | Emirates Telecommunications Group Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 308584 | First Abu Dhabi Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10792535 |
|  | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24946 | Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627493 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — 0.7%** | **United States — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 114700 | BeOne Medicines Ltd. Class H \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47065 | Cognizant Technology Solutions Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3906395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17632 | Globant SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1152604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35432 | JBS NV, BDR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46497 | JBS NV Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8905576 |
|  | **Vietnam — 0.7%** | **Vietnam — 0.7%** |
| &nbsp;&nbsp; 1082300 | Military Commercial Joint Stock Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 686800 | Mobile World Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2304273 |
| &nbsp;&nbsp; 1455630 | Vietnam Dairy Products JSC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3387245 |
| &nbsp;&nbsp; 1649700 | Vietnam Prosperity JSC Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1797107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8529773 |
|  | **Zambia — 0.6%** | **Zambia — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 275858 | First Quantum Minerals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7405854 |
|  | TOTAL COMMON STOCKS (COST $1,076,363,702) | 1209738077 |
|  | **PREFERRED STOCKS — 1.9%** | **PREFERRED STOCKS — 1.9%** |
|  | **Brazil — 1.6%** | **Brazil — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75644 | Axia Energia, 0.00%, Class C\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 753800 | Banco Bradesco SA, 9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2516393 |
| &nbsp;&nbsp; 2748900 | Cia Energetica de Minas Gerais, 14.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52700 | Gerdau SA, 3.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 687503 | Itau Unibanco Holding SA, 11.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4928050 |
| &nbsp;&nbsp; 1987009 | Itausa SA, 14.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4227201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 354900 | Petroleo Brasileiro SA - Petrobras, 9.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20123727 |
|  | **India — 0.0%** | **India — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 151872 | TVS Motor Co. Ltd., 6.00%\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16897 |
|  | **South Korea — 0.3%** | **South Korea — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869 | Hyundai Motor Co., 6.40%, Second-Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854 | Hyundai Motor Co., 6.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62056 | Samsung Electronics Co. Ltd., 1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3808281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493495 |
|  | TOTAL PREFERRED STOCKS (COST $21,011,752) | &nbsp;&nbsp;&nbsp;&nbsp; 24634119 |

---

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

28See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **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%** |
| 3662852 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.83%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3662852 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $3,662,852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3662852 |
|  | **TOTAL INVESTMENTS — 96.1**% <br>(Cost $1,101,038,306)<br>| &nbsp;&nbsp; 1238035048 |
|  | Other Assets and Liabilities (net) — 3.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50051249 |
|  | **NET ASSETS — 100.0%** | **$1288086297** |

---

&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 fair valued by the Valuation Committee as approved by the Board of Trustees. The total <br> market value of the securities at period end is $225,959 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at December 31, 2025 was $86,096,050.<br>|
| (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) | Illiquid securities represent Russian securities impacted by the Russian/Ukraine crisis. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at December 31, 2025 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 December 31, 2025. |
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $45,566,818 which represents 3.5% of net <br> assets.<br>|

---

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 710 | MSCI Emerging Markets E-mini Index | Mar 2026 | &nbsp;&nbsp; $50104700 | &nbsp;&nbsp; $811027 |

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

---

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

---

30See accompanying Notes to the Schedule of Investments

------

**Mercer Emerging Markets Equity Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Technology | &nbsp;&nbsp; 23.8 |
| Financial | &nbsp;&nbsp; 22.2 |
| Communications | &nbsp;&nbsp; 14.0 |
| Consumer, Cyclical | &nbsp;&nbsp;&nbsp; 9.7 |
| Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp; 8.8 |
| Industrial | &nbsp;&nbsp;&nbsp; 7.0 |
| Basic Materials | &nbsp;&nbsp;&nbsp; 5.8 |
| Energy | &nbsp;&nbsp;&nbsp; 2.6 |
| Utilities | &nbsp;&nbsp;&nbsp; 1.6 |
| Diversified | &nbsp;&nbsp;&nbsp; 0.3 |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.3 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 3.9 |
|  | 100.0% |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **COMMON STOCKS — 96.9%** | **COMMON STOCKS — 96.9%** |
|  | **Australia — 2.8%** | **Australia — 2.8%** |
| &nbsp;&nbsp; 321461 | AGL Energy Ltd. | &nbsp;&nbsp;&nbsp; 1991528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13757 | Ampol Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32330 | Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp; 1252821 |
| 1126881 | Aurizon Holdings Ltd. | &nbsp;&nbsp;&nbsp; 2734056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21367 | Austal Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94806 |
| &nbsp;&nbsp; 681000 | Bank of Queensland Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 2965953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58726 | BHP Group Ltd. Class DI <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1772948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33754 | BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77550 | Brambles Ltd. | &nbsp;&nbsp;&nbsp; 1187818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26892 | Capricorn Metals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6513 | Codan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29724 | Computershare Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41228 | Downer EDI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217970 |
| &nbsp;&nbsp; 111792 | Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59296 | Genesis Minerals Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284829 |
| 3555759 | Glencore PLC\* | &nbsp;&nbsp; 19300766 |
| &nbsp;&nbsp; 105055 | GPT Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378317 |
| &nbsp;&nbsp; 317600 | Harvey Norman Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1468528 |
| 1256900 | Helia Group Ltd. | &nbsp;&nbsp;&nbsp; 4592308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6017 | Megaport Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7413 | Netwealth Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126053 |
| &nbsp;&nbsp; 789189 | Northern Star Resources Ltd. | &nbsp;&nbsp; 13988477 |
| &nbsp;&nbsp; 276171 | OceanaGold Corp. | &nbsp;&nbsp;&nbsp; 7837353 |
| 1206200 | Perenti Ltd. | &nbsp;&nbsp;&nbsp; 2235221 |
| &nbsp;&nbsp; 835959 | Perseus Mining Ltd. | &nbsp;&nbsp;&nbsp; 3145555 |
| &nbsp;&nbsp; 926865 | Qantas Airways Ltd. | &nbsp;&nbsp;&nbsp; 6389581 |
| &nbsp;&nbsp; 568600 | QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp; 7527054 |
| &nbsp;&nbsp; 101704 | Ramelius Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968 | REA Group Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34775 | Regis Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174023 |
| &nbsp;&nbsp; 105435 | Rio Tinto Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10324651 |
| &nbsp;&nbsp; 174138 | Rio Tinto PLC, ADR | &nbsp;&nbsp; 13936264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20707 | SEEK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317982 |
| &nbsp;&nbsp; 436251 | Super Retail Group Ltd. | &nbsp;&nbsp;&nbsp; 4655511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 | Technology One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6169 |
| &nbsp;&nbsp; 334054 | Telstra Group Ltd. | &nbsp;&nbsp;&nbsp; 1082841 |
| &nbsp;&nbsp; 171752 | Transurban Group | &nbsp;&nbsp;&nbsp; 1623086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59179 | Vault Minerals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51401 | Ventia Services Group Pty. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54019 | Viva Energy Group Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65369 | Wesfarmers Ltd. | &nbsp;&nbsp;&nbsp; 3520941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34296 | West African Resources Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43777 | Westgold Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48429 | Whitehaven Coal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70200 | Woolworths Group Ltd. | &nbsp;&nbsp;&nbsp; 1373843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29210 | Worley Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244580 |
|  |  | 121265696 |

---

32See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Austria — 0.7%** | **Austria — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 74122 | ANDRITZ AG | &nbsp;&nbsp; 5779768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5427 | BAWAG Group AG 144A | &nbsp;&nbsp;&nbsp;&nbsp; 815245 |
| &nbsp;&nbsp; 122762 | Erste Group Bank AG<sup>(b)</sup> <br>| 14760035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2891 | Erste Group Bank AG<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 344487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170 | EVN AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85700 | Kontron AG | &nbsp;&nbsp; 2296344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76138 | OMV AG | &nbsp;&nbsp; 4232545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9905 | Raiffeisen Bank International AG | &nbsp;&nbsp;&nbsp;&nbsp; 442649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4906 | UNIQA Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1416 | Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp;&nbsp;&nbsp; 111319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6280 | voestalpine AG | &nbsp;&nbsp;&nbsp;&nbsp; 276743 |
|  |  | 29216938 |
|  | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 27200 | Ageas SA | &nbsp;&nbsp; 1905580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225 | D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp; 220525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16800 | KBC Ancora | &nbsp;&nbsp; 1438829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21907 | Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp; 182011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | Solvay SA<sup>(a)</sup> <br>| &nbsp;&nbsp; 1980637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6751 | UCB SA | &nbsp;&nbsp; 1881769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11647 | Umicore SA | &nbsp;&nbsp;&nbsp;&nbsp; 242925 |
|  |  | &nbsp;&nbsp; 7852276 |
|  | **Brazil — 1.0%** | **Brazil — 1.0%** |
| &nbsp;&nbsp; 274428 | Petroleo Brasileiro SA - Petrobras, Preferred ADR | &nbsp;&nbsp; 3092804 |
| &nbsp;&nbsp; 224600 | Vale SA | &nbsp;&nbsp; 2936643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64680 | Wheaton Precious Metals Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 7601194 |
| &nbsp;&nbsp; 236708 | Wheaton Precious Metals Corp.<sup>(b)</sup> <br>| 27864456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51300 | Yara International ASA | &nbsp;&nbsp; 2100480 |
|  |  | 43595577 |
|  | **Burkina Faso — 0.0%** | **Burkina Faso — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 33358 | IAMGOLD Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 550073 |
|  | **Cambodia — 0.0%** | **Cambodia — 0.0%** |
| 1014000 | NagaCorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 605424 |
|  | **Canada — 7.3%** | **Canada — 7.3%** |
| &nbsp;&nbsp; 156882 | Agnico Eagle Mines Ltd.<sup>(b)</sup> <br>| 26639325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92893 | Agnico Eagle Mines Ltd.<sup>(b)</sup> <br>| 15748150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9431 | Air Canada\* | &nbsp;&nbsp;&nbsp;&nbsp; 132719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6640 | Alamos Gold, Inc. Class A <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 256171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18958 | Alamos Gold, Inc. Class A <sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 733010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5703 | Allied Gold Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 130848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4731 | Aritzia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 405021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10931 | Atco Ltd. Class I  | &nbsp;&nbsp;&nbsp;&nbsp; 449600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27595 | Athabasca Oil Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 141523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35931 | B2Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 161994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2033 | Badger Infrastructure Solutions Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 108461 |
| 1009787 | Barrick Mining Corp.<sup>(b)</sup> <br>| 43976224 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| 146600 | Barrick Mining Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 6394466 |
| &nbsp;&nbsp; 20737 | Bausch Health Cos., Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 144122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794 | BCE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18913 |
| &nbsp;&nbsp;&nbsp; 9303 | Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 356677 |
| &nbsp;&nbsp; 19140 | Canada Packers, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 224667 |
| &nbsp;&nbsp; 15826 | Canadian Apartment Properties REIT, REIT | &nbsp;&nbsp;&nbsp;&nbsp; 425683 |
| &nbsp;&nbsp; 77900 | Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 7071382 |
| &nbsp;&nbsp; 32470 | Canadian National Railway Co. | &nbsp;&nbsp; 3209660 |
| &nbsp;&nbsp; 41389 | Canadian Tire Corp. Ltd. Class A <sup>(a)</sup> <br>| &nbsp;&nbsp; 5252017 |
| &nbsp;&nbsp;&nbsp; 7900 | Canadian Utilities Ltd. Class A <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 246264 |
| &nbsp;&nbsp; 50617 | Capstone Copper Corp.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 508847 |
| &nbsp;&nbsp;&nbsp; 8994 | CCL Industries, Inc. Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 568871 |
| &nbsp;&nbsp;&nbsp; 6786 | Celestica, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp; 2006010 |
| &nbsp;&nbsp;&nbsp; 8963 | Celestica, Inc.\*<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 2654800 |
| 368752 | Centerra Gold, Inc. | &nbsp;&nbsp; 5315732 |
| &nbsp;&nbsp; 12965 | CGI, Inc. | &nbsp;&nbsp; 1199127 |
| &nbsp;&nbsp;&nbsp; 2223 | Constellation Software, Inc. | &nbsp;&nbsp; 5354012 |
| &nbsp;&nbsp; 30958 | Descartes Systems Group, Inc.\* | &nbsp;&nbsp; 2713778 |
| &nbsp;&nbsp; 38980 | Discovery Silver Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp; 238302 |
| &nbsp;&nbsp;&nbsp; 4132 | Docebo, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91730 |
| &nbsp;&nbsp; 16434 | Dollarama, Inc. | &nbsp;&nbsp; 2459435 |
| &nbsp;&nbsp; 11574 | DPM Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 358176 |
| 166700 | Empire Co. Ltd. Class A  | &nbsp;&nbsp; 5803337 |
| &nbsp;&nbsp; 75200 | Finning International, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4079974 |
| &nbsp;&nbsp; 22872 | First Majestic Silver Corp.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 382104 |
| &nbsp;&nbsp;&nbsp; 3514 | First Majestic Silver Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58543 |
| &nbsp;&nbsp;&nbsp; 2312 | FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 359585 |
| &nbsp;&nbsp; 15799 | Fortuna Mining Corp.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 154988 |
| &nbsp;&nbsp; 12790 | Fortuna Mining Corp.\*<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 125497 |
| &nbsp;&nbsp; 20097 | Franco-Nevada Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp; 4165706 |
| 223586 | Franco-Nevada Corp.<sup>(b)</sup> <br>| 46407042 |
| &nbsp;&nbsp; 24398 | Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 485023 |
| &nbsp;&nbsp; 40600 | iA Financial Corp., Inc. | &nbsp;&nbsp; 5267115 |
| &nbsp;&nbsp; 34700 | Imperial Oil Ltd. | &nbsp;&nbsp; 3001806 |
| &nbsp;&nbsp; 30110 | Intact Financial Corp. | &nbsp;&nbsp; 6276367 |
| &nbsp;&nbsp; 14230 | K92 Mining, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 235549 |
| &nbsp;&nbsp;&nbsp; 1584 | Kinaxis, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 200006 |
| 657102 | Kinross Gold Corp. | 18503992 |
| &nbsp;&nbsp;&nbsp; 2314 | Linamar Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 140047 |
| &nbsp;&nbsp;&nbsp; 4669 | Lundin Gold, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 388371 |
| &nbsp;&nbsp;&nbsp; 1741 | Lundin Gold, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 146000 |
| &nbsp;&nbsp; 66044 | Magna International, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 3525398 |
| 134276 | Magna International, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 7156911 |
| 173000 | Manulife Financial Corp. | &nbsp;&nbsp; 6290221 |
| &nbsp;&nbsp;&nbsp; 6577 | MDA Space Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 127822 |
| &nbsp;&nbsp; 67325 | New Gold, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 587421 |
| 469695 | New Gold, Inc.\*<sup>(b)</sup> <br>| &nbsp;&nbsp; 4091044 |
| &nbsp;&nbsp;&nbsp; 2811 | North West Co., Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 100300 |
| &nbsp;&nbsp; 90256 | Nutrien Ltd.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; 5578325 |

---

34See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Canada — continued** | **Canada — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 29385 | Nutrien Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1813642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3549 | Onex Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292464 |
| &nbsp;&nbsp; 241900 | Open Text Corp.<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 7888331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14973 | Open Text Corp.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9558 | OR Royalties, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3116 | OR Royalties, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27128 | Pan American Silver Corp. | &nbsp;&nbsp;&nbsp; 1405502 |
| &nbsp;&nbsp; 122700 | Power Corp. of Canada<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 6529976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1786 | Precision Drilling Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8758 | Quebecor, Inc. Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7847 | RioCan Real Estate Investment Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22316 | Rogers Communications, Inc. Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841983 |
| &nbsp;&nbsp; 117200 | Russel Metals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 3744928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15151 | Saputo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74669 | Shopify, Inc. Class A \* | &nbsp;&nbsp; 12019469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | Shopify, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1462 | Sprott, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11382 | SSR Mining, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99600 | Suncor Energy, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 4426505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75328 | Suncor Energy, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 3341550 |
| &nbsp;&nbsp; 195560 | TC Energy Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 10782728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5756 | Teck Resources Ltd. Class B <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22753 | Teck Resources Ltd. Class B <sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1090717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4963 | Torex Gold Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4947 | Triple Flag Precious Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7065 | Wesdome Gold Mines Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117205 |
|  |  | 316768048 |
|  | **Chile — 0.1%** | **Chile — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 22146 | Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45183 | Lundin Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972386 |
|  |  | &nbsp;&nbsp;&nbsp; 1942286 |
|  | **China — 2.5%** | **China — 2.5%** |
| 6252000 | Agricultural Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 4636762 |
| &nbsp;&nbsp; 127400 | Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp; 2331359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44790 | Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp;&nbsp; 6565318 |
| &nbsp;&nbsp; 166000 | Aluminum Corp. of China Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258391 |
| 4811000 | Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 2750063 |
| &nbsp;&nbsp; 947000 | BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp;&nbsp; 4787687 |
| &nbsp;&nbsp; 984500 | Budweiser Brewing Co. APAC Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88400 | Chifeng Jilong Gold Mining Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336639 |
| &nbsp;&nbsp; 488000 | China CITIC Bank Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434608 |
| 3187000 | China Galaxy Securities Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 4086908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38400 | China Gold International Resources Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771009 |
| &nbsp;&nbsp; 231500 | China Hongqiao Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961893 |
| 1323600 | China International Capital Corp. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp; 3308939 |
| &nbsp;&nbsp; 980000 | China Life Insurance Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 3424795 |
| &nbsp;&nbsp; 824000 | China Medical System Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1363308 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **China — continued** | **China — continued** |
| &nbsp;&nbsp; 3482000 | China National Building Material Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 2282650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 864000 | China Oilfield Services Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 485400 | China Taiping Insurance Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; 1165559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 584000 | COSCO SHIPPING Ports Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 245000 | Dongfang Electric Corp. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 140000 | Fuyao Glass Industry Group Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp; 1207023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172000 | Haier Smart Home Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 212000 | Hansoh Pharmaceutical Group Co. Ltd. 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 119900 | Huaxin Building Materials Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276663 |
| 10027000 | Industrial & Commercial Bank of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 8123784 |
| &nbsp;&nbsp; 1450500 | JD Logistics, Inc.\* 144A | &nbsp;&nbsp;&nbsp; 2119740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 370500 | Kingboard Holdings Ltd. | &nbsp;&nbsp;&nbsp; 1394244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97000 | Li Ning Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 149800 | NetEase, Inc. | &nbsp;&nbsp;&nbsp; 4121934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22800 | Pharmaron Beijing Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | PICC Property & Casualty Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 945500 | Ping An Insurance Group Co. of China Ltd. Class H  | &nbsp;&nbsp;&nbsp; 7952577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 172000 | Pop Mart International Group Ltd. 144A | &nbsp;&nbsp;&nbsp; 4126862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Precision Tsugami China Corp. Ltd.<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 156350 | Prosus NV | &nbsp;&nbsp;&nbsp; 9650593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15566 | Silvercorp Metals, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130365 |
| &nbsp;&nbsp; 2973000 | Sino Biopharmaceutical Ltd. | &nbsp;&nbsp;&nbsp; 2354930 |
| &nbsp;&nbsp; 2542000 | Sinofert Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 717600 | Sinopharm Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp; 1786436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83000 | SITC International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296505 |
| &nbsp;&nbsp; 1219500 | Sunshine Insurance Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95400 | TAL Education Group, ADR\* | &nbsp;&nbsp;&nbsp; 1040814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 136200 | Tanwan, Inc.\*<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 349000 | Weichai Power Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20400 | WuXi AppTec Co. Ltd. Class H 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257052 |
| &nbsp;&nbsp; 1878500 | Wuxi Biologics Cayman, Inc.\* 144A | &nbsp;&nbsp;&nbsp; 7564405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4859 | Xunlei Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34450 |
| &nbsp;&nbsp; 2395700 | Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;&nbsp; 6483237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | Yuexiu Property Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 492100 | Zhejiang Leapmotor Technology Co. Ltd. Class H \* 144A | &nbsp;&nbsp;&nbsp; 3051708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190000 | Zijin Mining Group Co. Ltd. Class H  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858722 |
|  |  | 109468749 |
|  | **Colombia — 0.0%** | **Colombia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12521 | Aris Mining Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203216 |
|  | **Denmark — 1.1%** | **Denmark — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3135 | AL Sydbank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41800 | Alm Brand AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5249 | Carlsberg AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47025 | Coloplast AS Class B  | &nbsp;&nbsp;&nbsp; 4033940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48600 | D/S Norden AS | &nbsp;&nbsp;&nbsp; 1920220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 223676 | Danske Bank AS | &nbsp;&nbsp; 11151203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71900 | Dfds AS\* | &nbsp;&nbsp;&nbsp; 1073868 |

---

36See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Denmark — continued** | **Denmark — continued** |
| &nbsp;&nbsp;&nbsp; 3847 | Genmab AS\* | &nbsp;&nbsp; 1188041 |
| 179676 | Genmab AS, ADR\* | &nbsp;&nbsp; 5534021 |
| &nbsp;&nbsp;&nbsp; 8545 | ISS AS | &nbsp;&nbsp;&nbsp;&nbsp; 291690 |
| &nbsp;&nbsp; 33297 | Jyske Bank AS | &nbsp;&nbsp; 4550699 |
| &nbsp;&nbsp;&nbsp; 2926 | NKT AS\* | &nbsp;&nbsp;&nbsp;&nbsp; 365560 |
| 177422 | Novonesis Novozymes B Class B  | 11355024 |
| &nbsp;&nbsp;&nbsp; 6640 | Pandora AS | &nbsp;&nbsp;&nbsp;&nbsp; 733976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 | Per Aarsleff Holding AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99647 |
| &nbsp;&nbsp;&nbsp; 1595 | Ringkjoebing Landbobank AS | &nbsp;&nbsp;&nbsp;&nbsp; 383478 |
| &nbsp;&nbsp;&nbsp; 5510 | Rockwool AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 193823 |
| &nbsp;&nbsp; 15461 | Tryg AS | &nbsp;&nbsp;&nbsp;&nbsp; 404405 |
| &nbsp;&nbsp; 53240 | Vestas Wind Systems AS | &nbsp;&nbsp; 1436514 |
|  |  | 45807297 |
|  | **Finland — 0.7%** | **Finland — 0.7%** |
| &nbsp;&nbsp; 19312 | Kone OYJ Class B  | &nbsp;&nbsp; 1368891 |
| &nbsp;&nbsp; 26400 | Konecranes OYJ | &nbsp;&nbsp; 2894635 |
| &nbsp;&nbsp; 23496 | Neste OYJ<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 531360 |
| 857942 | Nokia OYJ<sup>(b)</sup> <br>| &nbsp;&nbsp; 5553365 |
| &nbsp;&nbsp; 11884 | Nokia OYJ<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77278 |
| 219274 | Nordea Bank Abp<sup>(b)</sup> <br>| &nbsp;&nbsp; 4134120 |
| 401035 | Nordea Bank Abp<sup>(b)</sup> <br>| &nbsp;&nbsp; 7554822 |
| &nbsp;&nbsp;&nbsp; 4824 | Orion OYJ Class B  | &nbsp;&nbsp;&nbsp;&nbsp; 359996 |
| &nbsp;&nbsp; 97589 | TietoEVRY OYJ<sup>(a)</sup> <br>| &nbsp;&nbsp; 2089737 |
| 102900 | Valmet OYJ<sup>(a)</sup> <br>| &nbsp;&nbsp; 3404826 |
| &nbsp;&nbsp; 28649 | Wartsila OYJ Abp | &nbsp;&nbsp; 1012952 |
|  |  | 28981982 |
|  | **France — 8.3%** | **France — 8.3%** |
| &nbsp;&nbsp; 10536 | Air France-KLM\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 142508 |
| &nbsp;&nbsp; 64500 | Air Liquide SA | 12130180 |
| &nbsp;&nbsp; 78801 | Airbus SE<sup>(b)</sup> <br>| 18266496 |
| &nbsp;&nbsp;&nbsp; 4602 | Airbus SE<sup>(b)</sup> <br>| &nbsp;&nbsp; 1070389 |
| 169380 | AXA SA | &nbsp;&nbsp; 8141101 |
| 298501 | BNP Paribas SA | 28227818 |
| &nbsp;&nbsp; 70155 | Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp; 394256 |
| &nbsp;&nbsp; 73076 | Bouygues SA | &nbsp;&nbsp; 3785804 |
| &nbsp;&nbsp; 79529 | Capgemini SE | 13162609 |
| 315800 | Carrefour SA | &nbsp;&nbsp; 5264322 |
| 177477 | Cie de Saint-Gobain SA | 18004739 |
| &nbsp;&nbsp; 77000 | Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 2551990 |
| 263437 | Credit Agricole SA | &nbsp;&nbsp; 5404155 |
| &nbsp;&nbsp; 12521 | Dassault Aviation SA | &nbsp;&nbsp; 4009693 |
| 554854 | Dassault Systemes SE | 15487375 |
| &nbsp;&nbsp; 30277 | Edenred SE<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 672191 |
| &nbsp;&nbsp; 21700 | Eiffage SA | &nbsp;&nbsp; 3110385 |
| 120717 | Engie SA | &nbsp;&nbsp; 3172060 |
| &nbsp;&nbsp; 71430 | EssilorLuxottica SA | 22569907 |
| &nbsp;&nbsp; 42955 | Gecina SA, REIT | &nbsp;&nbsp; 4072866 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **France — continued** | **France — continued** |
| &nbsp;&nbsp; 11425 | Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211057 |
| &nbsp;&nbsp; 21000 | Ipsen SA | &nbsp;&nbsp;&nbsp; 2931110 |
| &nbsp;&nbsp; 48500 | IPSOS SA | &nbsp;&nbsp;&nbsp; 1945691 |
| 204256 | Klepierre SA, REIT | &nbsp;&nbsp;&nbsp; 8082153 |
| 343133 | Legrand SA | &nbsp;&nbsp; 50959089 |
| &nbsp;&nbsp; 21960 | L'Oreal SA | &nbsp;&nbsp;&nbsp; 9426535 |
| &nbsp;&nbsp;&nbsp; 6910 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp; 5206128 |
| 125400 | Metropole Television SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1791589 |
| &nbsp;&nbsp;&nbsp; 1843 | Nexans SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270850 |
| 134500 | Orange SA | &nbsp;&nbsp;&nbsp; 2242724 |
| 127461 | Pernod Ricard SA | &nbsp;&nbsp; 10904842 |
| &nbsp;&nbsp; 28300 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp; 2934004 |
| &nbsp;&nbsp; 35500 | Quadient SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601784 |
| &nbsp;&nbsp; 81300 | Rubis SCA | &nbsp;&nbsp;&nbsp; 3063573 |
| &nbsp;&nbsp; 36122 | Safran SA | &nbsp;&nbsp; 12561753 |
| &nbsp;&nbsp;&nbsp; 9505 | SCOR SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319362 |
| &nbsp;&nbsp; 34444 | Societe BIC SA | &nbsp;&nbsp;&nbsp; 2079426 |
| 293891 | Societe Generale SA | &nbsp;&nbsp; 23663068 |
| &nbsp;&nbsp; 15100 | Sopra Steria Group<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 2729230 |
| 219200 | Television Francaise 1 SA | &nbsp;&nbsp;&nbsp; 2139355 |
| &nbsp;&nbsp;&nbsp; 5837 | Thales SA | &nbsp;&nbsp;&nbsp; 1575571 |
| 707474 | TotalEnergies SE | &nbsp;&nbsp; 46082240 |
| &nbsp;&nbsp;&nbsp; 2946 | Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413435 |
| &nbsp;&nbsp; 26812 | Vivendi SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | VusionGroup | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85808 |
|  |  | 361935577 |
|  | **Georgia — 0.1%** | **Georgia — 0.1%** |
| &nbsp;&nbsp; 45361 | Lion Finance Group PLC | &nbsp;&nbsp;&nbsp; 5620569 |
| &nbsp;&nbsp;&nbsp; 4128 | TBC Bank Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223314 |
|  |  | &nbsp;&nbsp;&nbsp; 5843883 |
|  | **Germany — 5.4%** | **Germany — 5.4%** |
| &nbsp;&nbsp; 27273 | adidas AG | &nbsp;&nbsp;&nbsp; 5365232 |
| &nbsp;&nbsp; 25019 | Allianz SE | &nbsp;&nbsp; 11468103 |
| &nbsp;&nbsp;&nbsp; 3020 | Aumovio SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152086 |
| &nbsp;&nbsp;&nbsp; 5717 | Auto1 Group SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183183 |
| 129100 | Bayer AG | &nbsp;&nbsp;&nbsp; 5565460 |
| &nbsp;&nbsp; 61000 | Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp; 6665281 |
| &nbsp;&nbsp; 78409 | Beiersdorf AG | &nbsp;&nbsp;&nbsp; 8623081 |
| &nbsp;&nbsp; 34299 | Bilfinger SE | &nbsp;&nbsp;&nbsp; 4326096 |
| &nbsp;&nbsp; 67400 | Commerzbank AG | &nbsp;&nbsp;&nbsp; 2851633 |
| &nbsp;&nbsp;&nbsp; 6040 | Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481868 |
| &nbsp;&nbsp;&nbsp; 3716 | CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340881 |
| 186900 | Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp; 8190256 |
| 219400 | Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 8528043 |
| 108501 | Deutsche Boerse AG | &nbsp;&nbsp; 28480823 |
| &nbsp;&nbsp; 37334 | Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368939 |
| 118200 | Deutsche Pfandbriefbank AG 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584938 |

---

38See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Germany — continued** | **Germany — continued** |
| &nbsp;&nbsp; 135000 | Deutsche Post AG | &nbsp;&nbsp;&nbsp; 7389535 |
| &nbsp;&nbsp; 185110 | Deutsche Telekom AG | &nbsp;&nbsp;&nbsp; 6000648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6703 | GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454799 |
| &nbsp;&nbsp; 164636 | HUGO BOSS AG | &nbsp;&nbsp;&nbsp; 6988969 |
| &nbsp;&nbsp; 205077 | Infineon Technologies AG | &nbsp;&nbsp;&nbsp; 9080933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621 | IONOS Group SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9857 | K&S AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79950 | Knorr-Bremse AG | &nbsp;&nbsp;&nbsp; 8934893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16578 | Krones AG | &nbsp;&nbsp;&nbsp; 2643495 |
| &nbsp;&nbsp; 101590 | Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp; 7164525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10995 | MTU Aero Engines AG | &nbsp;&nbsp;&nbsp; 4583279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26320 | Nemetschek SE | &nbsp;&nbsp;&nbsp; 2868086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7562 | Nordex SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6265 | Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3154 | RENK Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200 | Rheinmetall AG | &nbsp;&nbsp;&nbsp; 5864104 |
| &nbsp;&nbsp; 159943 | SAP SE | &nbsp;&nbsp; 39109630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4235 | Scout24 SE 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13390 | Siemens AG | &nbsp;&nbsp;&nbsp; 3757997 |
| &nbsp;&nbsp; 113745 | Siemens Energy AG\* | &nbsp;&nbsp; 16065065 |
| &nbsp;&nbsp; 225683 | Symrise AG | &nbsp;&nbsp; 18250789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Talanx AG | &nbsp;&nbsp;&nbsp; 3335003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30280 | thyssenkrupp AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514 | Tkms AG& Co. KGaA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27628 | TUI AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1288 | Volkswagen AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158919 |
|  |  | 236801843 |
|  | **Greece — 0.2%** | **Greece — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 38700 | Metlen Energy & Metals PLC\* | &nbsp;&nbsp;&nbsp; 2009423 |
| &nbsp;&nbsp; 407092 | National Bank of Greece SA | &nbsp;&nbsp;&nbsp; 6196714 |
|  |  | &nbsp;&nbsp;&nbsp; 8206137 |
|  | **Guatemala — 0.0%** | **Guatemala — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5639 | Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312626 |
|  | **Guernsey — 0.0%** | **Guernsey — 0.0%** |
| &nbsp;&nbsp; 134265 | Super Group SGHC Ltd. | &nbsp;&nbsp;&nbsp; 1604467 |
|  | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| 1831000 | AIA Group Ltd. | &nbsp;&nbsp; 18805171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15600 | ASMPT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155228 |
| &nbsp;&nbsp; 439500 | CK Asset Holdings Ltd. | &nbsp;&nbsp;&nbsp; 2213573 |
| &nbsp;&nbsp; 100500 | CLP Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897872 |
| &nbsp;&nbsp; 454000 | Cowell e Holdings, Inc.\* | &nbsp;&nbsp;&nbsp; 1603711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3478 | Futu Holdings Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571122 |
| &nbsp;&nbsp; 163000 | Guotai Junan International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53095 |
| &nbsp;&nbsp; 105000 | Hang Lung Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47200 | Hang Seng Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 930841 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Hong Kong — continued** | **Hong Kong — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Henderson Land Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 227267 |
| &nbsp;&nbsp; 233000 | HKT Trust & HKT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 344311 |
| &nbsp;&nbsp; 576900 | Hong Kong Exchanges & Clearing Ltd. | 30139907 |
| &nbsp;&nbsp; 333900 | Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 2317419 |
| &nbsp;&nbsp; 239000 | Hysan Development Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 579136 |
| &nbsp;&nbsp; 320400 | J&T Global Express Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 429491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500 | Johnson Electric Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24626 |
| &nbsp;&nbsp; 316000 | Kerry Properties Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 820948 |
| &nbsp;&nbsp; 635500 | Link REIT, REIT | &nbsp;&nbsp; 2830250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Luk Fook Holdings International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 102568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11340 | Melco Resorts & Entertainment Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85500 | MTR Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 326913 |
| &nbsp;&nbsp; 255000 | PCCW Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 176664 |
| &nbsp;&nbsp; 120000 | Power Assets Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 849853 |
| &nbsp;&nbsp; 121119 | Prudential PLC | &nbsp;&nbsp; 1864754 |
| &nbsp;&nbsp; 410000 | Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 4973413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | Swire Pacific Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp; 209083 |
| &nbsp;&nbsp; 496500 | Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 5703593 |
| 2732000 | United Laboratories International Holdings Ltd. | &nbsp;&nbsp; 4057411 |
| 2847000 | Value Partners Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 880892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59100 | VTech Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 464651 |
| 6818500 | WH Group Ltd. 144A | &nbsp;&nbsp; 7590436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87000 | Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 274107 |
| &nbsp;&nbsp; 379500 | Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 777968 |
|  |  | 91398061 |
|  | **Hungary — 0.1%** | **Hungary — 0.1%** |
| &nbsp;&nbsp; 223400 | MOL Hungarian Oil & Gas PLC | &nbsp;&nbsp; 2008156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68200 | Richter Gedeon Nyrt | &nbsp;&nbsp; 2058125 |
|  |  | &nbsp;&nbsp; 4066281 |
|  | **India — 0.1%** | **India — 0.1%** |
| 3195400 | NMDC Ltd. | &nbsp;&nbsp; 2951212 |
| &nbsp;&nbsp; 768300 | Redington Ltd. | &nbsp;&nbsp; 2324869 |
|  |  | &nbsp;&nbsp; 5276081 |
|  | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | First Pacific Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8400 | Jardine Matheson Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 572910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 647842 |
|  | **Ireland — 1.6%** | **Ireland — 1.6%** |
| 3454983 | AIB Group PLC | 37102472 |
| 1224597 | Bank of Ireland Group PLC | 23413267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99694 | Kerry Group PLC Class A  | &nbsp;&nbsp; 9132774 |
|  |  | 69648513 |
|  | **Israel — 0.8%** | **Israel — 0.8%** |
| &nbsp;&nbsp; 363533 | Bank Hapoalim BM | &nbsp;&nbsp; 8217999 |
| &nbsp;&nbsp; 316972 | Bank Leumi Le-Israel BM | &nbsp;&nbsp; 6981439 |

---

40See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Israel — continued** | **Israel — continued** |
| 1321356 | Bezeq The Israeli Telecommunication Corp. Ltd. | &nbsp;&nbsp; 2943125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45130 | Check Point Software Technologies Ltd.\* | &nbsp;&nbsp; 8374323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 | Clal Insurance Enterprises Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 276822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 | Delek Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 113736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 | Elbit Systems Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 639550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840 | Elbit Systems Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 485277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4405 | Enlight Renewable Energy Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 200127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3467 | First International Bank of Israel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 272485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5479 | Harel Insurance Investments & Financial Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 213078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31673 | ICL Group Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 181507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10400 | ICL Group Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 | Israel Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73932 | Israel Discount Bank Ltd. Class A  | &nbsp;&nbsp;&nbsp;&nbsp; 784496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253 | Menora Mivtachim Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 156301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34974 | Migdal Insurance & Financial Holdings Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 169642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44017 | Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 3071432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2978 | Nice Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 337645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 | Oddity Tech Ltd. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10974 | Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 453776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4002 | Plus500 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 194914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11682 | Shufersal Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 145712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5313 | Tel Aviv Stock Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 157921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62500 | Teva Pharmaceutical Industries Ltd.\* | &nbsp;&nbsp; 1961261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928 | Wix.com Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp; 304190 |
|  |  | 36819167 |
|  | **Italy — 4.5%** | **Italy — 4.5%** |
| 1334600 | A2A SpA | &nbsp;&nbsp; 3616771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4616 | Azimut Holding SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 192725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634 | Banca Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp; 243250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12495 | Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp; 284333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90944 | Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp; 967540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65570 | Banco BPM SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 995354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11333 | BFF Bank SpA\* 144A | &nbsp;&nbsp;&nbsp;&nbsp; 125787 |
| &nbsp;&nbsp; 504014 | BPER Banca SpA | &nbsp;&nbsp; 6811182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49614 | Coca-Cola HBC AG | &nbsp;&nbsp; 2563816 |
| &nbsp;&nbsp; 243700 | Eni SpA | &nbsp;&nbsp; 4619584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29300 | Ferrari NV | 10902439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5574 | Fincantieri SpA\* | &nbsp;&nbsp;&nbsp;&nbsp; 107992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37346 | FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp; 969224 |
| &nbsp;&nbsp; 304740 | Generali | 12783598 |
| &nbsp;&nbsp; 156564 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> 144A | &nbsp;&nbsp; 1449926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7260 | Interpump Group SpA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 397309 |
| 4545801 | Intesa Sanpaolo SpA | 31463675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95935 | Iveco Group NV | &nbsp;&nbsp; 2114825 |
| &nbsp;&nbsp; 467936 | Leonardo SpA | 26788942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7619 | Lottomatica Group SpA | &nbsp;&nbsp;&nbsp;&nbsp; 199810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8021 | Maire SpA | &nbsp;&nbsp;&nbsp;&nbsp; 122012 |
| &nbsp;&nbsp; 173500 | Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 3603382 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Italy — continued** | **Italy — continued** |
| &nbsp;&nbsp; 673960 | MFE-MediaForEurope NV Class A  | &nbsp;&nbsp;&nbsp; 2434677 |
| &nbsp;&nbsp; 501000 | Pirelli & C SpA 144A | &nbsp;&nbsp;&nbsp; 3442812 |
| &nbsp;&nbsp; 262370 | Poste Italiane SpA 144A | &nbsp;&nbsp;&nbsp; 6596389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16278 | Prysmian SpA | &nbsp;&nbsp;&nbsp; 1622075 |
| &nbsp;&nbsp; 254967 | Ryanair Holdings PLC, ADR | &nbsp;&nbsp; 18406068 |
| &nbsp;&nbsp; 590445 | Telecom Italia SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353969 |
| &nbsp;&nbsp; 598839 | UniCredit SpA | &nbsp;&nbsp; 49681347 |
| &nbsp;&nbsp; 167357 | Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp; 4023112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31466 | Webuild SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125954 |
|  |  | 198009879 |
|  | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 97000 | Endeavour Mining PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 5001613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10092 | Endeavour Mining PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521429 |
|  |  | &nbsp;&nbsp;&nbsp; 5523042 |
|  | **Japan — 19.9%** | **Japan — 19.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400 | ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74823 |
| &nbsp;&nbsp; 129400 | Advantest Corp. | &nbsp;&nbsp; 16325030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300 | AEON REIT Investment Corp., REIT | &nbsp;&nbsp;&nbsp; 2012683 |
| &nbsp;&nbsp; 184100 | AGC, Inc. | &nbsp;&nbsp;&nbsp; 6103816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40600 | Aichi Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23200 | Air Water, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28200 | Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11400 | Alfresa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96900 | Alps Alpine Co. Ltd. | &nbsp;&nbsp;&nbsp; 1233933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14300 | ALSOK Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32500 | Amada Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55200 | Amano Corp. | &nbsp;&nbsp;&nbsp; 1483961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31100 | ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900 | Anritsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65100 | Artience Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 1429748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Asahi Intecc Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205932 |
| &nbsp;&nbsp; 172100 | Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp; 1526327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46800 | Asics Corp. | &nbsp;&nbsp;&nbsp; 1126692 |
| &nbsp;&nbsp; 475800 | Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp; 6352909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84100 | Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763942 |
| &nbsp;&nbsp; 122100 | Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3252186 |
| &nbsp;&nbsp; 102900 | BayCurrent, Inc. | &nbsp;&nbsp;&nbsp; 4257397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60900 | Bic Camera, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43700 | BIPROGY, Inc. | &nbsp;&nbsp;&nbsp; 1508485 |
| &nbsp;&nbsp; 238000 | Brother Industries Ltd. | &nbsp;&nbsp;&nbsp; 4745153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7700 | Canon Marketing Japan, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337782 |
| &nbsp;&nbsp; 233600 | Canon, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 6910495 |
| &nbsp;&nbsp; 158800 | Capcom Co. Ltd. | &nbsp;&nbsp;&nbsp; 3692086 |
| &nbsp;&nbsp; 162500 | Central Japan Railway Co. | &nbsp;&nbsp;&nbsp; 4501775 |
| 1195394 | Chiba Bank Ltd. | &nbsp;&nbsp; 13280902 |
| &nbsp;&nbsp; 105100 | Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp; 1616770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 | Chudenko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51656 |

---

42See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp; 15400 | Chugoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97618 |
| 343900 | Citizen Watch Co. Ltd. | &nbsp;&nbsp; 2801373 |
| 114200 | Coca-Cola Bottlers Japan Holdings, Inc. | &nbsp;&nbsp; 2308378 |
| &nbsp;&nbsp;&nbsp; 7000 | COMSYS Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 203424 |
| &nbsp;&nbsp; 11000 | Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 292913 |
| &nbsp;&nbsp;&nbsp; 1800 | Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91455 |
| 202600 | Credit Saison Co. Ltd. | &nbsp;&nbsp; 5440483 |
| 114200 | CyberAgent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 975415 |
| 447500 | Daicel Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp; 3985635 |
| &nbsp;&nbsp; 21200 | Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 667835 |
| 111200 | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 2366713 |
| &nbsp;&nbsp; 21500 | Daikin Industries Ltd. | &nbsp;&nbsp; 2758171 |
| &nbsp;&nbsp; 55600 | Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 1845216 |
| 174200 | Daiwa Securities Group, Inc. | &nbsp;&nbsp; 1524950 |
| &nbsp;&nbsp;&nbsp; 5500 | Disco Corp. | &nbsp;&nbsp; 1695013 |
| &nbsp;&nbsp;&nbsp; 5000 | Dowa Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 237365 |
| &nbsp;&nbsp; 58600 | East Japan Railway Co. | &nbsp;&nbsp; 1549798 |
| &nbsp;&nbsp; 13700 | Eisai Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 406176 |
| &nbsp;&nbsp; 99200 | Electric Power Development Co. Ltd. | &nbsp;&nbsp; 2003313 |
| 224300 | ENEOS Holdings, Inc. | &nbsp;&nbsp; 1583996 |
| &nbsp;&nbsp; 11400 | EXEO Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 189127 |
| 143700 | Ezaki Glico Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4966889 |
| 319900 | FANUC Corp. | 12442070 |
| &nbsp;&nbsp; 33500 | Fast Retailing Co. Ltd. | 12140712 |
| 121000 | Food & Life Cos. Ltd. | &nbsp;&nbsp; 6129703 |
| &nbsp;&nbsp;&nbsp; 5900 | Fuji Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 137260 |
| &nbsp;&nbsp; 65400 | FUJIFILM Holdings Corp. | &nbsp;&nbsp; 1396411 |
| &nbsp;&nbsp; 14900 | Fujikura Ltd. | &nbsp;&nbsp; 1662992 |
| &nbsp;&nbsp; 41600 | Fukuoka Financial Group, Inc. | &nbsp;&nbsp; 1341846 |
| &nbsp;&nbsp; 28700 | Futaba Industrial Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 191865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | GLP J-Reit, REIT | &nbsp;&nbsp;&nbsp;&nbsp; 164365 |
| &nbsp;&nbsp;&nbsp; 2300 | GMO internet group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57530 |
| &nbsp;&nbsp;&nbsp; 6600 | GungHo Online Entertainment, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; 106187 |
| 100000 | Hamamatsu Photonics KK | &nbsp;&nbsp; 1062124 |
| &nbsp;&nbsp; 24700 | Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 620789 |
| &nbsp;&nbsp; 60800 | Hirose Electric Co. Ltd. | &nbsp;&nbsp; 6718164 |
| &nbsp;&nbsp;&nbsp; 3900 | Hisamitsu Pharmaceutical Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109117 |
| &nbsp;&nbsp; 57000 | Hokkaido Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 380747 |
| 751400 | Honda Motor Co. Ltd. | &nbsp;&nbsp; 7350424 |
| &nbsp;&nbsp; 31700 | Horiba Ltd. | &nbsp;&nbsp; 3232658 |
| &nbsp;&nbsp;&nbsp; 8000 | Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 267026 |
| &nbsp;&nbsp; 21400 | Hoya Corp. | &nbsp;&nbsp; 3239267 |
| &nbsp;&nbsp; 10200 | Ichinen Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 138559 |
| &nbsp;&nbsp; 64000 | Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 482433 |
| &nbsp;&nbsp;&nbsp; 9500 | Iida Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 152720 |
| 477000 | Inpex Corp. | &nbsp;&nbsp; 9433256 |
| &nbsp;&nbsp; 24200 | Internet Initiative Japan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 427167 |
| 256000 | Isuzu Motors Ltd. | &nbsp;&nbsp; 3988211 |
| &nbsp;&nbsp; 26100 | Iwatani Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 274452 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 28700 | JAC Recruitment Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 194642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51500 | Japan Airlines Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 957970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900 | Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 109222 |
| &nbsp;&nbsp; 171600 | Japan Exchange Group, Inc. | &nbsp;&nbsp; 1830318 |
| &nbsp;&nbsp; 533000 | Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 5319927 |
| &nbsp;&nbsp; 261000 | Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 3668245 |
| 1056400 | Japan Post Holdings Co. Ltd. | 11101477 |
| &nbsp;&nbsp; 200100 | Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 6000203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21700 | Japan Securities Finance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 280018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13400 | JTEKT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 148523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | JX Advanced Metals Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 426362 |
| &nbsp;&nbsp; 166200 | Kakaku.com, Inc. | &nbsp;&nbsp; 2457855 |
| &nbsp;&nbsp; 120400 | Kamigumi Co. Ltd. | &nbsp;&nbsp; 3887187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10100 | Kanadevia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89700 | Kaneka Corp. | &nbsp;&nbsp; 2514201 |
| &nbsp;&nbsp; 442000 | Kanematsu Corp. | &nbsp;&nbsp; 5078241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51900 | Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 813813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8400 | Kansai Paint Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 132454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92200 | Kao Corp. | &nbsp;&nbsp; 3686993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14700 | Kato Sangyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 602142 |
| &nbsp;&nbsp; 173900 | Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2416346 |
| &nbsp;&nbsp; 128100 | KDDI Corp. | &nbsp;&nbsp; 2214436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300 | Keio Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 162783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31600 | Keisei Electric Railway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 259583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36800 | Keyence Corp. | 13323884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44100 | Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 399633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31900 | Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 625050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29200 | Kioxia Holdings Corp.\* | &nbsp;&nbsp; 1953656 |
| &nbsp;&nbsp; 137900 | Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 2072738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92500 | Kitz Corp. | &nbsp;&nbsp; 1027612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76200 | Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 1949960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10800 | Koito Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 159610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86300 | Komatsu Ltd. | &nbsp;&nbsp; 2756904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10300 | Konami Group Corp. | &nbsp;&nbsp; 1402983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26586 | Kose Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 890498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61300 | Kuraray Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 619606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9400 | Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 381110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56100 | Kushikatsu Tanaka Holdings Co.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 716993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 | Kyocera Corp. | &nbsp;&nbsp; 1066179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14300 | Kyowa Kirin Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 230051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25200 | Kyushu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 270164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500 | Kyushu Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp; 221305 |
| &nbsp;&nbsp; 198700 | Lasertec Corp. | 37685087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 | Life Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 123804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21200 | Lintec Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 598505 |
| &nbsp;&nbsp; 117300 | Lion Corp. | &nbsp;&nbsp; 1237371 |
| &nbsp;&nbsp; 219500 | Lixil Corp. | &nbsp;&nbsp; 2650296 |
| &nbsp;&nbsp; 194300 | LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 517004 |
| &nbsp;&nbsp; 683400 | M3, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 9248544 |

---

44See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp; 69200 | Mabuchi Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 635521 |
| 133600 | Macnica Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2042308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | Makino Milling Machine Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42252 |
| &nbsp;&nbsp; 13600 | Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 410529 |
| &nbsp;&nbsp; 69100 | Marubeni Corp. | &nbsp;&nbsp; 1921553 |
| &nbsp;&nbsp; 39400 | Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 307501 |
| &nbsp;&nbsp;&nbsp; 5800 | McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 236631 |
| 870300 | Mebuki Financial Group, Inc. | &nbsp;&nbsp; 5747902 |
| &nbsp;&nbsp; 11700 | Medipal Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 206990 |
| &nbsp;&nbsp; 14600 | MEIJI Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 325392 |
| &nbsp;&nbsp;&nbsp; 2100 | Micronics Japan Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94022 |
| &nbsp;&nbsp; 16900 | MISUMI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 264191 |
| 559000 | Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 3262723 |
| 802200 | Mitsubishi Electric Corp. | 23517957 |
| 280300 | Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 2344585 |
| &nbsp;&nbsp; 35600 | Mitsubishi Motors Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84402 |
| 108900 | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 1238169 |
| &nbsp;&nbsp;&nbsp; 9700 | Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp; 1095033 |
| &nbsp;&nbsp;&nbsp; 5100 | Miura Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98973 |
| &nbsp;&nbsp; 77100 | MIXI, Inc. | &nbsp;&nbsp; 1343270 |
| &nbsp;&nbsp; 74700 | Mizuho Financial Group, Inc. | &nbsp;&nbsp; 2710667 |
| 456000 | Mizuho Leasing Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 4102821 |
| &nbsp;&nbsp;&nbsp; 3100 | Modec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 235808 |
| &nbsp;&nbsp; 74600 | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 1755440 |
| &nbsp;&nbsp; 92700 | Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 1923128 |
| 100600 | Nabtesco Corp. | &nbsp;&nbsp; 2408881 |
| &nbsp;&nbsp; 31500 | Nagase & Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 765183 |
| &nbsp;&nbsp; 11500 | Nagoya Railroad Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 123309 |
| &nbsp;&nbsp;&nbsp; 6100 | Nankai Electric Railway Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 115929 |
| 534300 | NEC Corp. | 18004034 |
| 245600 | Nexon Co. Ltd. | &nbsp;&nbsp; 6021002 |
| 337600 | NGK Insulators Ltd. | &nbsp;&nbsp; 7226014 |
| &nbsp;&nbsp; 67600 | NH Foods Ltd. | &nbsp;&nbsp; 2826844 |
| &nbsp;&nbsp; 13400 | Nichirei Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 159639 |
| &nbsp;&nbsp; 46000 | NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 622517 |
| &nbsp;&nbsp;&nbsp; 5500 | Nifco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 170090 |
| &nbsp;&nbsp; 15200 | Nikon Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 169316 |
| &nbsp;&nbsp; 66800 | Nintendo Co. Ltd. | &nbsp;&nbsp; 4509274 |
| &nbsp;&nbsp; 27000 | Nippon Electric Glass Co. Ltd. | &nbsp;&nbsp; 1061501 |
| 219000 | Nippon Express Holdings, Inc. | &nbsp;&nbsp; 4683825 |
| &nbsp;&nbsp;&nbsp; 6800 | Nippon Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 128678 |
| 140500 | Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 5058830 |
| 128100 | Nippon Soda Co. Ltd. | &nbsp;&nbsp; 2960265 |
| &nbsp;&nbsp; 56400 | Nippon Yusen KK | &nbsp;&nbsp; 1824837 |
| &nbsp;&nbsp;&nbsp; 7400 | Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 151448 |
| &nbsp;&nbsp;&nbsp; 4200 | Nishi-Nippon Railroad Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74829 |
| &nbsp;&nbsp;&nbsp; 8700 | Nissan Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 297940 |
| &nbsp;&nbsp; 12200 | Nisshin Seifun Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149550 |
| &nbsp;&nbsp; 54600 | Nisshinbo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 457268 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12100 | Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 225340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 341800 | Nitori Holdings Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 5979240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 537900 | Nitto Denko Corp. | 12772461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17700 | Nojima Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 134429 |
| &nbsp;&nbsp; 1233400 | Nomura Holdings, Inc. | 10253074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 112800 | Nomura Research Institute Ltd. | &nbsp;&nbsp; 4339518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700 | NS Solutions Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 104275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21800 | NSK Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 135470 |
| 10214200 | NTT, Inc. | 10298187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36700 | OBIC Business Consultants Co. Ltd. | &nbsp;&nbsp; 1980311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 176300 | Obic Co. Ltd. | &nbsp;&nbsp; 5536280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28200 | Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 307020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10700 | Okinawa Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 444600 | Olympus Corp. | &nbsp;&nbsp; 5659621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10600 | Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 268414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 203500 | Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2818783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100 | Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp; 176871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 132900 | Oriental Land Co. Ltd. | &nbsp;&nbsp; 2456683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 184700 | ORIX Corp. | &nbsp;&nbsp; 5365967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 190100 | Osaka Gas Co. Ltd. | &nbsp;&nbsp; 6593816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66300 | OSG Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 967633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10400 | Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 213953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69200 | Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 3906809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 112000 | Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 666987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 531500 | Panasonic Holdings Corp. | &nbsp;&nbsp; 6948438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Park24 Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93371 |
| &nbsp;&nbsp; 1340900 | Persol Holdings Co. Ltd. | &nbsp;&nbsp; 2483182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20100 | Raito Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 433186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 215000 | Rakuten Bank Ltd.\*<sup>(a)</sup> <br>| &nbsp;&nbsp; 9401872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74900 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 4269962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 492400 | Rengo Co. Ltd. | &nbsp;&nbsp; 3813276 |
| &nbsp;&nbsp; 2977500 | Resona Holdings, Inc. | 28212860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Resorttrust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29400 | Ricoh Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 257934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16400 | Rinnai Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 415007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 606500 | Rohto Pharmaceutical Co. Ltd. | 10171346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6400 | Rorze Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 473400 | Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 8405266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331500 | Sankyo Co. Ltd. | &nbsp;&nbsp; 5377309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42100 | Sankyu, Inc. | &nbsp;&nbsp; 2268169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44600 | Sanrio Co. Ltd. | &nbsp;&nbsp; 1398317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 295600 | Santen Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3062112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18200 | Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 473077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29600 | Sanyo Chemical Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 986318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65500 | SCREEN Holdings Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6346188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29300 | Secom Co. Ltd. | &nbsp;&nbsp; 1040602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300 | Sega Sammy Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 145307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12200 | Seibu Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 335199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 255900 | Seiko Epson Corp. | &nbsp;&nbsp; 3240948 |

---

46See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| 148200 | Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 2484665 |
| &nbsp;&nbsp;&nbsp; 1300 | SHIFT, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8153 |
| 407400 | Shimadzu Corp. | 10842604 |
| &nbsp;&nbsp; 63300 | Shimano, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; 6678700 |
| &nbsp;&nbsp; 24400 | Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 758285 |
| 365300 | Shionogi & Co. Ltd. | &nbsp;&nbsp; 6605370 |
| &nbsp;&nbsp; 12000 | Sinfonia Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 696170 |
| &nbsp;&nbsp; 13800 | Skylark Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 296357 |
| &nbsp;&nbsp; 11500 | SMC Corp. | &nbsp;&nbsp; 4001575 |
| &nbsp;&nbsp;&nbsp; 3100 | Socionext, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43216 |
| 693300 | SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 951165 |
| 145400 | Sojitz Corp. | &nbsp;&nbsp; 4518751 |
| 253200 | Sompo Holdings, Inc. | &nbsp;&nbsp; 8614368 |
| 331000 | Sony Group Corp. | &nbsp;&nbsp; 8454745 |
| 189600 | Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 3463772 |
| 168100 | Stanley Electric Co. Ltd. | &nbsp;&nbsp; 3306309 |
| 249500 | Subaru Corp. | &nbsp;&nbsp; 5354931 |
| &nbsp;&nbsp; 88600 | Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 2087612 |
| &nbsp;&nbsp;&nbsp; 4000 | Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 131947 |
| 279000 | Sumitomo Corp. | &nbsp;&nbsp; 9642705 |
| &nbsp;&nbsp; 81000 | Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 2605106 |
| 118400 | Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 3595304 |
| &nbsp;&nbsp; 20900 | Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 507425 |
| 383100 | Sumitomo Pharma Co. Ltd.\* | &nbsp;&nbsp; 5675247 |
| 315500 | Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 4863162 |
| &nbsp;&nbsp;&nbsp; 2800 | Sumitomo Warehouse Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63442 |
| &nbsp;&nbsp;&nbsp; 2200 | Sundrug Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60546 |
| &nbsp;&nbsp; 55300 | Suntory Beverage & Food Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 1669973 |
| &nbsp;&nbsp;&nbsp; 4200 | Suzuken Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 164276 |
| 717700 | Suzuki Motor Corp. | 10652100 |
| &nbsp;&nbsp; 29400 | Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 289592 |
| &nbsp;&nbsp; 29800 | T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 686248 |
| &nbsp;&nbsp;&nbsp; 6500 | Taiheiyo Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 161342 |
| &nbsp;&nbsp; 97600 | Taisei Corp. | &nbsp;&nbsp; 9246249 |
| 249800 | Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 7755332 |
| 168500 | Takeda Pharmaceutical Co. Ltd., ADR | &nbsp;&nbsp; 2626915 |
| 164100 | TDK Corp. | &nbsp;&nbsp; 2320236 |
| 788500 | Terumo Corp. | 11480222 |
| &nbsp;&nbsp; 80600 | TIS, Inc. | &nbsp;&nbsp; 2696144 |
| &nbsp;&nbsp; 50400 | Tobu Railway Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 848400 |
| &nbsp;&nbsp; 70600 | Toho Co. Ltd. | &nbsp;&nbsp; 3597628 |
| &nbsp;&nbsp;&nbsp; 4600 | Toho Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 136598 |
| &nbsp;&nbsp; 29900 | Tohoku Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 219406 |
| &nbsp;&nbsp; 37100 | TOKAI Holdings Corp.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 255890 |
| &nbsp;&nbsp; 13000 | Token Corp. | &nbsp;&nbsp; 1216211 |
| 178300 | Tokuyama Corp. | &nbsp;&nbsp; 4678255 |
| 818900 | Tokyo Electric Power Co. Holdings, Inc.\*<sup>(a)</sup> <br>| &nbsp;&nbsp; 3421274 |
| &nbsp;&nbsp; 60600 | Tokyo Electron Ltd. | 13299908 |
| &nbsp;&nbsp; 19900 | Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 786338 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Japan — continued** | **Japan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 17400 | Tokyo Metro Co. Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43100 | Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp; 1599636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 | Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31900 | Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74500 | Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | Toridoll Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84400 | TOTO Ltd. | &nbsp;&nbsp;&nbsp; 2328827 |
| &nbsp;&nbsp; 106800 | Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;&nbsp; 2602371 |
| &nbsp;&nbsp; 265300 | Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 18153459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4200 | Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105804 |
| &nbsp;&nbsp; 212700 | Toyota Motor Corp. | &nbsp;&nbsp;&nbsp; 4546993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35400 | Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp; 1193001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32300 | Trend Micro, Inc. | &nbsp;&nbsp;&nbsp; 1336555 |
| &nbsp;&nbsp; 210600 | TS Tech Co. Ltd. | &nbsp;&nbsp;&nbsp; 2477967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45500 | Tsubakimoto Chain Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16940 | Tsuruha Holdings, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56200 | UACJ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48400 | Ulvac, Inc. | &nbsp;&nbsp;&nbsp; 2190486 |
| &nbsp;&nbsp; 466500 | Unicharm Corp. | &nbsp;&nbsp;&nbsp; 2671995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | United Urban Investment Corp., REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25700 | Valor Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Visional, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23900 | Warabeya Nichiyo Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24000 | West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479601 |
| &nbsp;&nbsp; 114900 | Yakult Honsha Co. Ltd. | &nbsp;&nbsp;&nbsp; 1800877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44400 | Yamada Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11700 | Yamaguchi Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83700 | Yamaha Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32100 | Yamato Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27700 | Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp; 1888657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7700 | Yamazaki Baking Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162054 |
| &nbsp;&nbsp; 194600 | Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp; 5854359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13400 | Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429468 |
| &nbsp;&nbsp; 180600 | Yokohama Rubber Co. Ltd. | &nbsp;&nbsp;&nbsp; 6942418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | Yonex Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19800 | Zensho Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; 1134058 |
|  |  | 869923533 |
|  | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| &nbsp;&nbsp; 290588 | ArcelorMittal SA | &nbsp;&nbsp; 13225633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7810 | Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570829 |
|  |  | &nbsp;&nbsp; 13796462 |
|  | **Macau — 0.3%** | **Macau — 0.3%** |
| 1953000 | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp; 9577954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72400 | MGM China Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121509 |
| &nbsp;&nbsp; 797200 | Sands China Ltd. | &nbsp;&nbsp;&nbsp; 2008890 |
|  |  | &nbsp;&nbsp; 11708353 |

---

48See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Mexico — 0.0%** | **Mexico — 0.0%** |
| &nbsp;&nbsp;&nbsp; 9679 | Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430057 |
|  | **Netherlands — 4.1%** | **Netherlands — 4.1%** |
| 228997 | ABN AMRO Bank NV CVA, GDR 144A | &nbsp;&nbsp;&nbsp; 7988047 |
| &nbsp;&nbsp;&nbsp; 6368 | Adyen NV\* 144A | &nbsp;&nbsp; 10210764 |
| &nbsp;&nbsp;&nbsp; 2648 | ASM International NV | &nbsp;&nbsp;&nbsp; 1595246 |
| &nbsp;&nbsp; 57405 | ASML Holding NV<sup>(b)</sup> <br>| &nbsp;&nbsp; 61321991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | ASML Holding NV<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169748 |
| &nbsp;&nbsp;&nbsp; 8978 | ASML Holding NV, ADR NYRS | &nbsp;&nbsp;&nbsp; 9605203 |
| &nbsp;&nbsp; 36111 | ASR Nederland NV | &nbsp;&nbsp;&nbsp; 2561769 |
| &nbsp;&nbsp;&nbsp; 1760 | Basic-Fit NV\* 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61104 |
| 144378 | Euronext NV 144A | &nbsp;&nbsp; 21656330 |
| &nbsp;&nbsp; 26552 | EXOR NV | &nbsp;&nbsp;&nbsp; 2248817 |
| 899451 | ING Groep NV | &nbsp;&nbsp; 25268514 |
| 121397 | ING Groep NV, ADR | &nbsp;&nbsp;&nbsp; 3399116 |
| 209400 | Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp; 8582600 |
| &nbsp;&nbsp;&nbsp; 1139 | Koninklijke Heijmans NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90005 |
| 222725 | NN Group NV | &nbsp;&nbsp; 17135190 |
| &nbsp;&nbsp; 81365 | Wolters Kluwer NV | &nbsp;&nbsp;&nbsp; 8442448 |
|  |  | 180336892 |
|  | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| &nbsp;&nbsp; 13382 | Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290896 |
| &nbsp;&nbsp;&nbsp; 9806 | Xero Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740892 |
|  |  | &nbsp;&nbsp;&nbsp; 1031788 |
|  | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| &nbsp;&nbsp; 66241 | Airtel Africa PLC 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313386 |
|  | **Norway — 0.7%** | **Norway — 0.7%** |
| 458413 | Aker BP ASA | &nbsp;&nbsp; 11656690 |
| 100400 | Austevoll Seafood ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970289 |
| 168245 | DNB Bank ASA | &nbsp;&nbsp;&nbsp; 4682237 |
| &nbsp;&nbsp; 45073 | Equinor ASA | &nbsp;&nbsp;&nbsp; 1064872 |
| 100715 | Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp; 2580234 |
| 608300 | Norsk Hydro ASA | &nbsp;&nbsp;&nbsp; 4696924 |
| 179300 | Orkla ASA | &nbsp;&nbsp;&nbsp; 2000191 |
| &nbsp;&nbsp;&nbsp; 3174 | Protector Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164434 |
| &nbsp;&nbsp; 27309 | Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467354 |
| &nbsp;&nbsp; 38072 | Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553802 |
|  |  | &nbsp;&nbsp; 28837027 |
|  | **Peru — 0.0%** | **Peru — 0.0%** |
| &nbsp;&nbsp; 20384 | Hochschild Mining PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139932 |
|  | **Portugal — 0.4%** | **Portugal — 0.4%** |
| 536228 | Banco Comercial Portugues SA Class R  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561553 |
| &nbsp;&nbsp; 23068 | CTT-Correios de Portugal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201303 |
| &nbsp;&nbsp; 61352 | EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281821 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Portugal — continued** | **Portugal — continued** |
| &nbsp;&nbsp; 254291 | Galp Energia SGPS SA | &nbsp;&nbsp; 4329237 |
| &nbsp;&nbsp; 352335 | Jeronimo Martins SGPS SA | &nbsp;&nbsp; 8387395 |
| 1650798 | Sonae SGPS SA | &nbsp;&nbsp; 3116303 |
|  |  | 16877612 |
|  | **Russia — 0.0%** | **Russia — 0.0%** |
| 3792080 | Gazprom PJSC\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 843000 | GMK Norilskiy Nickel PAO\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 113778 | LUKOIL PJSC\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; 18119 | Novatek PJSC\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 169349 | Rosneft Oil Co. PJSC\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1092670 | Sberbank of Russia PJSC\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; 296674 | Tatneft PJSC\*<sup>(d)(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
|  | **Singapore — 0.6%** | **Singapore — 0.6%** |
| &nbsp;&nbsp; 126600 | ComfortDelGro Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 145520 |
| 4781600 | Genting Singapore Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp; 2690985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16364 | Hafnia Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88108 |
| &nbsp;&nbsp; 120400 | iFAST Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 891330 |
| &nbsp;&nbsp; 500000 | IGG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 244118 |
| &nbsp;&nbsp; 122300 | Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; 3216074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72600 | Keppel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 582488 |
| &nbsp;&nbsp; 159200 | Netlink NBN Trust<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 119435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51400 | SATS Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 151982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22833 | Sea Ltd., ADR\* | &nbsp;&nbsp; 2912806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84300 | Singapore Airlines Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 419128 |
| &nbsp;&nbsp; 330900 | Singapore Exchange Ltd. | &nbsp;&nbsp; 4346033 |
| &nbsp;&nbsp; 111400 | Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 726476 |
| 1904400 | Singapore Telecommunications Ltd. | &nbsp;&nbsp; 6744228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16776 | STMicroelectronics NV<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 434488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11198 | STMicroelectronics NV<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 291843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99000 | United Overseas Bank Ltd. | &nbsp;&nbsp; 2694853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23500 | UOL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 159520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15500 | Venture Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 182165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99900 | Yangzijiang Financial Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99900 | Yangzijiang Maritime Development Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48163 |
|  |  | 27120685 |
|  | **South Africa — 0.3%** | **South Africa — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 44291 | Anglo American PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 1821277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20126 | Anglo American PLC<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 833003 |
| &nbsp;&nbsp; 104100 | Gold Fields Ltd. | &nbsp;&nbsp; 4537093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46600 | Naspers Ltd. Class N  | &nbsp;&nbsp; 3093326 |
| 1003000 | Old Mutual Ltd.<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 903655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496 | Sibanye Stillwater Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21318 |
|  |  | 11209672 |
|  | **South Korea — 0.6%** | **South Korea — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 84300 | Doosan Bobcat, Inc. | &nbsp;&nbsp; 3359989 |

---

50See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **South Korea — continued** | **South Korea — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496 | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387625 |
| &nbsp;&nbsp; 107837 | Kia Corp. | &nbsp;&nbsp;&nbsp; 9083822 |
| &nbsp;&nbsp; 109788 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp; 9150203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15721 | Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp; 5418655 |
|  |  | &nbsp;&nbsp; 27400294 |
|  | **Spain — 3.5%** | **Spain — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 13727 | ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp; 1360563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41851 | Aena SME SA 144A | &nbsp;&nbsp;&nbsp; 1170824 |
| &nbsp;&nbsp; 175052 | Amadeus IT Group SA | &nbsp;&nbsp; 12831652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13979 | Atalaya Mining Copper SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158885 |
| &nbsp;&nbsp; 384863 | Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp; 8996258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48347 | Banco Bilbao Vizcaya Argentaria SA, ADR | &nbsp;&nbsp;&nbsp; 1126969 |
| &nbsp;&nbsp; 336312 | Banco de Sabadell SA | &nbsp;&nbsp;&nbsp; 1317977 |
| 3427991 | Banco Santander SA | &nbsp;&nbsp; 40201283 |
| &nbsp;&nbsp; 820947 | Bankinter SA | &nbsp;&nbsp; 13584587 |
| 2836382 | CaixaBank SA | &nbsp;&nbsp; 34616484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98952 | Cellnex Telecom SA\* 144A | &nbsp;&nbsp;&nbsp; 3180915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14934 | Grifols SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186754 |
| &nbsp;&nbsp; 704120 | Iberdrola SA | &nbsp;&nbsp; 15231044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7958 | Indra Sistemas SA<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60876 | Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp; 4007368 |
| 1222320 | Mapfre SA | &nbsp;&nbsp;&nbsp; 6147559 |
| &nbsp;&nbsp; 421992 | Repsol SA | &nbsp;&nbsp;&nbsp; 7898654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3614 | Solaria Energia y Medio Ambiente SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76747 |
| &nbsp;&nbsp; 204829 | Unicaja Banco SA 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664796 |
|  |  | 153210282 |
|  | **Sweden — 1.8%** | **Sweden — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 17313 | Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873660 |
| &nbsp;&nbsp; 484987 | Assa Abloy AB Class B  | &nbsp;&nbsp; 18777599 |
| &nbsp;&nbsp; 208714 | Betsson AB Class B  | &nbsp;&nbsp;&nbsp; 3335196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1942 | Camurus AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8936 | Evolution AB 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607337 |
| &nbsp;&nbsp; 107429 | H & M Hennes & Mauritz AB Class B <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 2158053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5864 | Hemnet Group AB<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15338 | Husqvarna AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97771 | Investor AB Class B  | &nbsp;&nbsp;&nbsp; 3484439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4447 | L E Lundbergforetagen AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27924 | Loomis AB | &nbsp;&nbsp;&nbsp; 1181947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63300 | NCC AB Class B  | &nbsp;&nbsp;&nbsp; 1506884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19708 | Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7953 | Sectra AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215443 |
| &nbsp;&nbsp; 185400 | Securitas AB Class B  | &nbsp;&nbsp;&nbsp; 2950253 |
| &nbsp;&nbsp; 168700 | SKF AB Class B  | &nbsp;&nbsp;&nbsp; 4477611 |
| &nbsp;&nbsp; 684678 | Svenska Cellulosa AB SCA Class B  | &nbsp;&nbsp;&nbsp; 9082362 |
| &nbsp;&nbsp; 242800 | Swedbank AB Class A  | &nbsp;&nbsp;&nbsp; 8435545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32256 | Tele2 AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540526 |
| &nbsp;&nbsp; 250056 | Telefonaktiebolaget LM Ericsson, ADR | &nbsp;&nbsp;&nbsp; 2413040 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Sweden — continued** | **Sweden — continued** |
| &nbsp;&nbsp; 879161 | Telefonaktiebolaget LM Ericsson Class B  | &nbsp;&nbsp;&nbsp; 8571073 |
| &nbsp;&nbsp; 130628 | Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12034 | Trelleborg AB Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508560 |
| &nbsp;&nbsp; 284900 | Volvo AB Class B  | &nbsp;&nbsp;&nbsp; 9119975 |
|  |  | &nbsp;&nbsp; 79996525 |
|  | **Switzerland — 4.5%** | **Switzerland — 4.5%** |
| &nbsp;&nbsp; 111543 | ABB Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 8243843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20306 | ABB Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1501872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6656 | Accelleron Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 | Adecco Group AG | &nbsp;&nbsp;&nbsp; 2236588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62500 | Avolta AG | &nbsp;&nbsp;&nbsp; 3706016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 | Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4757 | Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 | Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp; 4664505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75188 | Cie Financiere Richemont SA Class A  | &nbsp;&nbsp; 16223717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1853 | dormakaba Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 | Flughafen Zurich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65492 | Galderma Group AG | &nbsp;&nbsp; 13291268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15080 | Huber & Suhner AG | &nbsp;&nbsp;&nbsp; 2727828 |
| &nbsp;&nbsp; 169231 | Julius Baer Group Ltd. | &nbsp;&nbsp; 13227749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261 | Kardex Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11959 | Landis & Gyr Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35681 | Logitech International SA<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 3633159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21169 | Logitech International SA<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 2121557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25572 | Lonza Group AG | &nbsp;&nbsp; 17297647 |
| &nbsp;&nbsp; 190310 | On Holding AG Class A \* | &nbsp;&nbsp;&nbsp; 8845609 |
| &nbsp;&nbsp; 324499 | Sandoz Group AG | &nbsp;&nbsp; 23645462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24359 | Schindler Holding AG<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 9178208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 | Schindler Holding AG<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51244 | Sika AG | &nbsp;&nbsp; 10500759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15786 | Sonova Holding AG | &nbsp;&nbsp;&nbsp; 4072271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4989 | Sunrise Communications AG Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18949 | Swatch Group AG Bearer Shares <sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 4020868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5418 | Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541185 |
| &nbsp;&nbsp; 701025 | UBS Group AG<sup>(b)</sup> <br>| &nbsp;&nbsp; 32400191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59066 | UBS Group AG\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 2735347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 | VAT Group AG<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7669 | Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp; 5819800 |
|  |  | 195056987 |
|  | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| &nbsp;&nbsp; 971000 | Chipbond Technology Corp. | &nbsp;&nbsp;&nbsp; 1661797 |
| &nbsp;&nbsp; 413000 | Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp; 3000744 |
| &nbsp;&nbsp; 270000 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 13190412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72770 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 22114075 |
| 1296000 | United Microelectronics Corp. | &nbsp;&nbsp;&nbsp; 2025798 |
|  |  | &nbsp;&nbsp; 41992826 |

---

52See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Turkey — 0.1%** | **Turkey — 0.1%** |
| 1439800 | Coca-Cola Icecek AS | &nbsp;&nbsp; 1970215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5732 | Eldorado Gold Corp.\*<sup>(a)(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 206281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7388 | Eldorado Gold Corp.\*<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 265377 |
|  |  | &nbsp;&nbsp; 2441873 |
|  | **United Kingdom — 10.1%** | **United Kingdom — 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 46000 | 3i Group PLC | &nbsp;&nbsp; 1997032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13543 | Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 578534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19594 | AJ Bell PLC | &nbsp;&nbsp;&nbsp;&nbsp; 116263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21521 | Allfunds Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 202328 |
| &nbsp;&nbsp; 162841 | Associated British Foods PLC | &nbsp;&nbsp; 4659525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91660 | AstraZeneca PLC<sup>(b)</sup> <br>| 16846701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28024 | AstraZeneca PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 5160235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47316 | AstraZeneca PLC, ADR | &nbsp;&nbsp; 4349760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52604 | Auto Trader Group PLC 144A | &nbsp;&nbsp;&nbsp;&nbsp; 413933 |
| &nbsp;&nbsp; 758803 | Aviva PLC | &nbsp;&nbsp; 6932311 |
| &nbsp;&nbsp; 403600 | B&M European Value Retail SA | &nbsp;&nbsp;&nbsp;&nbsp; 916333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15031 | Babcock International Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 249657 |
| &nbsp;&nbsp; 420377 | Balfour Beatty PLC | &nbsp;&nbsp; 4001036 |
| 6205653 | Barclays PLC | 39309035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9364 | Bodycote PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45200 | British American Tobacco PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 2556317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 | British American Tobacco PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43433 |
| 1801577 | BT Group PLC | &nbsp;&nbsp; 4445307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16442 | Burberry Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp; 279621 |
| 1899300 | Centrica PLC | &nbsp;&nbsp; 4315304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18927 | Chemring Group PLC | &nbsp;&nbsp;&nbsp;&nbsp; 119807 |
| &nbsp;&nbsp; 533500 | CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 3634366 |
| &nbsp;&nbsp; 347505 | Compass Group PLC | 11032082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14300 | Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp; 563228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77825 | Croda International PLC | &nbsp;&nbsp; 2814306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24891 | Currys PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42189 |
| &nbsp;&nbsp; 597581 | Diageo PLC | 12844612 |
| &nbsp;&nbsp; 456268 | Drax Group PLC | &nbsp;&nbsp; 5143136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16570 | easyJet PLC | &nbsp;&nbsp;&nbsp;&nbsp; 113328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34193 | Firstgroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21894 | Halma PLC | &nbsp;&nbsp; 1035335 |
| &nbsp;&nbsp; 303200 | Hiscox Ltd. | &nbsp;&nbsp; 5768352 |
| &nbsp;&nbsp; 556400 | HSBC Holdings PLC | &nbsp;&nbsp; 8704356 |
| &nbsp;&nbsp; 144234 | IG Group Holdings PLC | &nbsp;&nbsp; 2551206 |
| &nbsp;&nbsp; 554517 | IMI PLC | 18447149 |
| &nbsp;&nbsp; 229500 | Imperial Brands PLC | &nbsp;&nbsp; 9627823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20462 | Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp; 211657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76071 | Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp; 900399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9293 | InterContinental Hotels Group PLC | &nbsp;&nbsp; 1298936 |
| 1260030 | International Consolidated Airlines Group SA<sup>(b)</sup> <br>| &nbsp;&nbsp; 6961828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28915 | International Consolidated Airlines Group SA<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 160222 |
| 1101600 | J Sainsbury PLC | &nbsp;&nbsp; 4844376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6214 | JET2 PLC | &nbsp;&nbsp;&nbsp;&nbsp; 117069 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United Kingdom — continued** | **United Kingdom — continued** |
| &nbsp;&nbsp; 1751120 | Kingfisher PLC | &nbsp;&nbsp;&nbsp; 7326844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19121 | Lancashire Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320213 | Legal & General Group PLC | &nbsp;&nbsp;&nbsp; 1121961 |
| 29659211 | Lloyds Banking Group PLC | &nbsp;&nbsp; 39002018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 592819 | Lloyds Banking Group PLC, ADR | &nbsp;&nbsp;&nbsp; 3141941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 265695 | London Stock Exchange Group PLC | &nbsp;&nbsp; 31924684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 949651 | Man Group PLC | &nbsp;&nbsp;&nbsp; 2908038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 109317 | Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 393300 | Mitchells & Butlers PLC\* | &nbsp;&nbsp;&nbsp; 1375097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32159 | MONY Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79043 |
| &nbsp;&nbsp; 5339154 | NatWest Group PLC | &nbsp;&nbsp; 46467675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21024 | OSB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 421633 | Paragon Banking Group PLC | &nbsp;&nbsp;&nbsp; 4818240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 345600 | QinetiQ Group PLC | &nbsp;&nbsp;&nbsp; 2041557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45155 | Quilter PLC 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 161904 | Reckitt Benckiser Group PLC | &nbsp;&nbsp; 13079731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 555141 | RELX PLC<sup>(b)</sup> <br>| &nbsp;&nbsp; 22406166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31420 | RELX PLC<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1279812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39924 | Rightmove PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 469411 | Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp; 7280421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 287132 | Sage Group PLC | &nbsp;&nbsp;&nbsp; 4172125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 630866 | Serco Group PLC | &nbsp;&nbsp;&nbsp; 2350180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 881918 | Smith & Nephew PLC | &nbsp;&nbsp; 14650197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59894 | Spirax Group PLC | &nbsp;&nbsp;&nbsp; 5465677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88784 | Standard Chartered PLC | &nbsp;&nbsp;&nbsp; 2163530 |
| &nbsp;&nbsp; 1391600 | Tesco PLC | &nbsp;&nbsp;&nbsp; 8267590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50139 | TP ICAP Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8111 | Vesuvius PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43291 |
| &nbsp;&nbsp; 5764678 | Vodafone Group PLC | &nbsp;&nbsp;&nbsp; 7643132 |
| &nbsp;&nbsp; 1209680 | Vodafone Group PLC, ADR | &nbsp;&nbsp; 15979873 |
|  |  | 440865212 |
|  | **United States — 9.0%** | **United States — 9.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8826 | ACI Worldwide, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29669 | Adobe, Inc.\* | &nbsp;&nbsp; 10383853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 761026 | Aegon Ltd. | &nbsp;&nbsp;&nbsp; 5869519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94894 | Agilent Technologies, Inc. | &nbsp;&nbsp; 12912227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 131661 | Alcon AG<sup>(b)</sup> <br>| &nbsp;&nbsp; 10456308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12721 | Alcon AG<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 1002542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33042 | American Tower Corp., REIT | &nbsp;&nbsp;&nbsp; 5801184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | AP Moller - Maersk AS Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | AP Moller - Maersk AS Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8754 | Autodesk, Inc.\* | &nbsp;&nbsp;&nbsp; 2591271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | BeOne Medicines Ltd., ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 836623 | BP PLC | &nbsp;&nbsp;&nbsp; 4846129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87648 | Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp; 4727733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1964 | BRP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12451 | Cadence Design Systems, Inc.\* | &nbsp;&nbsp;&nbsp; 3891934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5906 | Carnival PLC, ADR\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179129 |

---

54See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **United States — continued** | **United States — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7728 | Charles River Laboratories International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541581 |
| &nbsp;&nbsp; 160157 | CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19987594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 | CyberArk Software Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28552 | Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6536124 |
| &nbsp;&nbsp; 470389 | Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21228263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17978 | Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161981 |
| &nbsp;&nbsp; 130610 | GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5609699 |
| &nbsp;&nbsp; 510904 | GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12528726 |
| 5680448 | Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28682065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4086 | Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2706648 |
| &nbsp;&nbsp; 533629 | Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9205100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23893 | Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1555195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 24136 | Lennar Corp. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34337 | Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8280711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39758 | McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12151237 |
| &nbsp;&nbsp; 172400 | Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23810517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34952 | Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2210714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45590 | Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116946 |
| &nbsp;&nbsp; 112842 | Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46625165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5799 | Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4472 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94600 | Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9172024 |
| &nbsp;&nbsp; 133314 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36518249 |
| &nbsp;&nbsp; 311200 | Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11407098 |
| &nbsp;&nbsp; 155300 | Signify NV 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32025 | Sinch AB\*<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21031 | Spotify Technology SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12212912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56700 | Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9453162 |
| &nbsp;&nbsp; 381642 | Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7357245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22467 | TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3451156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12290 | Tyson Foods, Inc. Class A  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25468 | United Parcel Service, Inc. Class B  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2526171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31121 | Waters Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11820689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66402 | Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8354700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 391795606 |
|  | **Zambia — 0.0%** | **Zambia — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 41123 | First Quantum Minerals Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1104013 |
|  | TOTAL COMMON STOCKS (COST $3,292,784,883) | 4227939978 |
|  | **INVESTMENT COMPANIES — 0.4%** | **INVESTMENT COMPANIES — 0.4%** |
|  | **United States — 0.4%** | **United States — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 63813 | iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5708711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60943 | iShares MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5852356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81765 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5107860 |
|  | TOTAL INVESTMENT COMPANIES (COST $14,441,788) | &nbsp;&nbsp;&nbsp;&nbsp; 16668927 |

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |
|  | **Germany — 0.2%** | **Germany — 0.2%** |
| 22700 | Henkel AG & Co. KGaA, 2.92% | &nbsp;&nbsp; 1854070 |
| &nbsp;&nbsp; 2606 | Jungheinrich AG, 2.26% | &nbsp;&nbsp;&nbsp;&nbsp; 107799 |
| &nbsp;&nbsp; 8471 | Porsche Automobil Holding SE, 4.80% | &nbsp;&nbsp;&nbsp;&nbsp; 396985 |
| &nbsp;&nbsp; 1311 | Sartorius AG, 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 378796 |
| 49481 | Volkswagen AG, 6.11% | &nbsp;&nbsp; 6014218 |
|  |  | &nbsp;&nbsp; 8751868 |
|  | TOTAL PREFERRED STOCKS (COST $12,695,002) | 8751868 |

---

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

---

| | | |
|:---|:---|:---|
| **Par Value ($)** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.0%** | **SHORT-TERM INVESTMENT — 0.0%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.0%** | **Mutual Fund - Securities Lending Collateral — 0.0%** |
| 2887129 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.83%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2887128 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $2,887,129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2887128 |
|  | **TOTAL INVESTMENTS — 97.5**% <br>(Cost $3,322,808,802)<br>| &nbsp;&nbsp; 4256247901 |
|  | Other Assets and Liabilities (net) — 2.5% | &nbsp;&nbsp;&nbsp;&nbsp; 107483931 |
|  | **NET ASSETS — 100.0%** | **$4363731832** |

---

&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 as approved by the Board of Trustees. The total <br> market value of the securities at period end is $0 which represents 0.0% of net assets. The <br> aggregate tax cost of these securities held at December 31, 2025 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 period end is $0 which represents 0.0% of net assets. The <br> aggregate cost of these securities held at December 31, 2025 was $29,569,045.<br>|
| (g) | The rate disclosed is the 7-day net yield as of December 31, 2025. |
| (h) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $95,473,977 which represents 2.2% of net <br> assets.<br>|

---

56See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of <br>Contracts<br>| Description | Expiration Date | Notional <br>Value<br>| Market Value/ <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Buys |  |  |  |  |
| 564 | MSCI EAFE | Mar 2026 | &nbsp;&nbsp; $81839220 | &nbsp;&nbsp; $(505779)<br>|

---

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

---

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

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Non-US Core Equity Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Industry Sector Summary (Unaudited)** | **% of Net Assets** |
| Financial | &nbsp;&nbsp; 26.9 |
| Consumer, Non-cyclical | &nbsp;&nbsp; 16.3 |
| Industrial | &nbsp;&nbsp; 14.8 |
| Consumer, Cyclical | &nbsp;&nbsp; 10.9 |
| Basic Materials | &nbsp;&nbsp; 10.1 |
| Technology | &nbsp;&nbsp;&nbsp; 9.7 |
| Communications | &nbsp;&nbsp;&nbsp; 3.7 |
| Energy | &nbsp;&nbsp;&nbsp; 3.5 |
| Utilities | &nbsp;&nbsp;&nbsp; 1.2 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 0.4 |
| Diversified | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.0\* |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 2.5 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

58See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>|  | **Description** | **Value ($)** |
|  |  | **DEBT OBLIGATIONS — 98.8%** | **DEBT OBLIGATIONS — 98.8%** |
|  |  | **Asset Backed Securities — 10.6%** | **Asset Backed Securities — 10.6%** |
| &nbsp;&nbsp; 141328 |  | &nbsp;&nbsp;&nbsp; ABPCI Direct Lending Fund ABS I Ltd., Series 2020-1A, Class A, 3.20%, due 12/29/30 <br> 144A<br>| &nbsp;&nbsp; 140160 |
| 1800000 |  | Affirm Master Trust, Series 2025-1A, Class A, 4.99%, due 02/15/33 144A | 1818807 |
| &nbsp;&nbsp; 148000 |  | Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, due 08/15/46 144A | &nbsp;&nbsp; 145378 |
| &nbsp;&nbsp; 221000 |  | Aligned Data Centers Issuer LLC, Series 2023-2A, Class A2, 6.50%, due 11/16/48 144A | &nbsp;&nbsp; 224214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8442 |  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, due 01/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8429 |
| &nbsp;&nbsp; 206503 |  | AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, due 08/18/27 | &nbsp;&nbsp; 205089 |
| &nbsp;&nbsp; 700000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C, 5.80%, due 12/18/28 | &nbsp;&nbsp; 711250 |
| &nbsp;&nbsp; 800000 |  | AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C, 6.00%, due 07/18/29 | &nbsp;&nbsp; 821152 |
| 1522977 |  | AMSR Trust, Series 2021-SFR2, Class A, 1.53%, due 08/17/38 144A | 1497261 |
| 2742000 |  | AMSR Trust, Series 2022-SFR3, Class A, 4.00%, due 10/17/39 144A | 2730401 |
| &nbsp;&nbsp; 181000 |  | AMSR Trust, Series 2025-SFR1, Class A, 3.66%, due 06/17/42 144A | &nbsp;&nbsp; 174956 |
| &nbsp;&nbsp; 211000 |  | AMSR Trust, Series 2025-SFR2, Class A, 4.28%, due 11/17/42 144A | &nbsp;&nbsp; 208300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71653 |  | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 07/17/46 144A | &nbsp;&nbsp;&nbsp;&nbsp; 66018 |
| &nbsp;&nbsp; 497437 |  | Arbys Funding LLC, Series 2020-1A, Class A2, 3.24%, due 07/30/50 144A | &nbsp;&nbsp; 484951 |
| 1466000 |  | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class A, 5.23%, due <br> 12/20/30 144A<br>| 1514971 |
| 2500000 | EUR | &nbsp;&nbsp;&nbsp; Barings Euro CLO DAC, Series 2015-1A, Class ARR, 3.05% (3 mo. EURIBOR + <br> 0.98%), due 07/25/35<sup>(b)</sup> 144A<br>| 2938334 |
| 2600000 |  | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R2, 5.16% (3 mo. <br> USD Term SOFR + 1.24%), due 01/15/39<sup>(b)</sup> 144A<br>| 2594088 |
| 1227297 | EUR | &nbsp;&nbsp;&nbsp; BNPP AM Euro CLO DAC, Series 2018-1A, Class AR, 2.63% (3 mo. EURIBOR + <br> 0.60%), due 04/15/31<sup>(b)</sup> 144A<br>| 1433726 |
| &nbsp;&nbsp; 964086 |  | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2024-CES1, Class A1A, 6.38%, due <br> 04/25/54<sup>(c)</sup> 144A<br>| &nbsp;&nbsp; 977657 |
| 1950000 |  | Capital One Multi-Asset Execution Trust, Series 2025-A3, Class A, 4.65%, due 10/15/37 | 1959694 |
| &nbsp;&nbsp; 128000 |  | &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Series 2025-1, Class A3, 3.85%, due <br> 07/15/30<br>| &nbsp;&nbsp; 128181 |
| &nbsp;&nbsp; 215009 | EUR | &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2A, Class AR1, 2.81% (3 <br> mo. EURIBOR + 0.75%), due 11/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 252646 |
| &nbsp;&nbsp; 400000 |  | CarMax Auto Owner Trust, Series 2022-1, Class C, 2.20%, due 11/15/27 | &nbsp;&nbsp; 398172 |
| &nbsp;&nbsp; 200000 |  | CarMax Auto Owner Trust, Series 2022-1, Class D, 2.47%, due 07/17/28 | &nbsp;&nbsp; 199092 |
| &nbsp;&nbsp; 221000 |  | Carvana Auto Receivables Trust, Series 2025-P4, Class A3, 4.14%, due 12/10/30 | &nbsp;&nbsp; 221800 |
| &nbsp;&nbsp; 402644 |  | CF Hippolyta Issuer LLC, Series 2020-1, Class A1, 1.69%, due 07/15/60 144A | &nbsp;&nbsp; 342090 |
| &nbsp;&nbsp; 389295 |  | CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.53%, due 03/15/61 144A | &nbsp;&nbsp; 316474 |
| 3650000 |  | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2023-1A, Class A1R, 5.14% (3 mo. USD Term SOFR + <br> 1.24%), due 10/15/38<sup>(b)</sup> 144A<br>| 3651544 |
| &nbsp;&nbsp; 288673 |  | CLI Funding IX LLC, Series 2025-1A, Class A, 5.35%, due 06/20/50 144A | &nbsp;&nbsp; 293754 |
| &nbsp;&nbsp; 347302 |  | CLI Funding VI LLC, Series 2020-1A, Class A, 2.08%, due 09/18/45 144A | &nbsp;&nbsp; 328253 |
| &nbsp;&nbsp; 257695 |  | CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64%, due 02/18/46 144A | &nbsp;&nbsp; 240267 |
| &nbsp;&nbsp; 267185 |  | CLI Funding VIII LLC, Series 2022-1A, Class A, 2.72%, due 01/18/47 144A | &nbsp;&nbsp; 249376 |
| 2152000 |  | CNH Equipment Trust, Series 2025-B, Class A3, 4.30%, due 10/15/30 | 2177191 |
| &nbsp;&nbsp; 256000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.25%, due 02/25/49 <br> 144A<br>| &nbsp;&nbsp; 257520 |
| &nbsp;&nbsp; 328000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC, Series 2025-1A, Class A1, 5.32%, due 05/25/50 <br> 144A<br>| &nbsp;&nbsp; 331671 |
| &nbsp;&nbsp; 199000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC, Series 2025-2A, Class A2, 5.84%, due 02/25/50 <br> 144A<br>| &nbsp;&nbsp; 202665 |
| 1003000 |  | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC, Series 2025-3A, Class A2, 5.29%, due 07/25/50 <br> 144A<br>| 1011362 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 221000 |  | Concord Music Royalties LLC, Series 2025-2A, Class A, 5.79%, due 07/20/75 144A | &nbsp;&nbsp; 223465 |
| &nbsp;&nbsp; 235000 |  | &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-1A, <br> Class A2, 6.00%, due 05/20/55 144A<br>| &nbsp;&nbsp; 240821 |
| &nbsp;&nbsp; 176000 |  | &nbsp;&nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-4A, <br> Class A2, 5.52%, due 12/20/55 144A<br>| &nbsp;&nbsp; 177453 |
| &nbsp;&nbsp; 418000 |  | &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, Series 2023-1A, Class A2, 4.30%, due 04/20/48 <br> 144A<br>| &nbsp;&nbsp; 412526 |
| &nbsp;&nbsp; 394000 |  | &nbsp;&nbsp;&nbsp; CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, 4.50%, due 05/20/49 <br> 144A<br>| &nbsp;&nbsp; 385219 |
| &nbsp;&nbsp; 278000 |  | DataBank Issuer LLC, Series 2021-1A, Class A2, 2.06%, due 02/27/51 144A | &nbsp;&nbsp; 276757 |
| &nbsp;&nbsp; 257377 |  | DB Master Finance LLC, Series 2017-1A, Class A2II, 4.03%, due 11/20/47 144A | &nbsp;&nbsp; 255950 |
| &nbsp;&nbsp; 155000 |  | DB Master Finance LLC, Series 2025-1A, Class A2I, 4.89%, due 08/20/55 144A | &nbsp;&nbsp; 155832 |
| &nbsp;&nbsp; 166000 |  | DB Master Finance LLC, Series 2025-1A, Class A2II, 5.17%, due 08/20/55 144A | &nbsp;&nbsp; 166934 |
| &nbsp;&nbsp; 152000 |  | &nbsp;&nbsp;&nbsp; Diamond Infrastructure Funding LLC, Series 2021-1A, Class C, 3.48%, due 04/15/49 <br> 144A<br>| &nbsp;&nbsp; 147629 |
| &nbsp;&nbsp; 389972 |  | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, due 04/25/51 <br> 144A<br>| &nbsp;&nbsp; 371378 |
| &nbsp;&nbsp; 177000 |  | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2I, 4.93%, due 07/25/55 <br> 144A<br>| &nbsp;&nbsp; 178457 |
| 2702000 |  | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC, Series 2025-1A, Class A2II, 5.22%, due 07/25/55 <br> 144A<br>| 2732470 |
| &nbsp;&nbsp; 336397 |  | Driven Brands Funding LLC, Series 2020-2A, Class A2, 3.24%, due 01/20/51 144A | &nbsp;&nbsp; 326390 |
| &nbsp;&nbsp; 399925 |  | Driven Brands Funding LLC, Series 2021-1A, Class A2, 2.79%, due 10/20/51 144A | &nbsp;&nbsp; 378499 |
| &nbsp;&nbsp; 226000 |  | Driven Brands Funding LLC, Series 2025-1A, Class A2, 5.30%, due 10/20/55 144A | &nbsp;&nbsp; 225917 |
| &nbsp;&nbsp; 531000 |  | FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, due 08/17/38 144A | &nbsp;&nbsp; 521980 |
| &nbsp;&nbsp; 175000 |  | Flexential Issuer LLC, Series 2025-1A, Class A2, 6.03%, due 10/25/60 144A | &nbsp;&nbsp; 174690 |
| &nbsp;&nbsp; 238000 |  | Ford Credit Auto Owner Trust, Series 2025-C, Class A3, 3.90%, due 06/15/30 | &nbsp;&nbsp; 238843 |
| &nbsp;&nbsp; 242000 |  | Frontier Issuer LLC, Series 2024-1, Class C, 11.16%, due 06/20/54 144A | &nbsp;&nbsp; 270146 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, <br> due 01/16/29<br>| &nbsp;&nbsp; 509505 |
| &nbsp;&nbsp; 700000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class B, 6.16%, <br> due 04/16/29<br>| &nbsp;&nbsp; 720526 |
| &nbsp;&nbsp; 500000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class C, 6.41%, <br> due 05/16/29<br>| &nbsp;&nbsp; 515524 |
| &nbsp;&nbsp; 120000 |  | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2025-4, Class A3, 3.84%, <br> due 02/18/31<br>| &nbsp;&nbsp; 120209 |
| &nbsp;&nbsp; 160000 |  | &nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, due 12/11/36 <br> 144A<br>| &nbsp;&nbsp; 164784 |
| 2973000 |  | &nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, Series 2023-2, Class A, 5.34%, due 06/15/30 <br> 144A<br>| 3071785 |
| &nbsp;&nbsp; 180307 |  | &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd., Series 2020-1A, Class A2, 3.21%, due <br> 01/22/29 144A<br>| &nbsp;&nbsp; 179901 |
| &nbsp;&nbsp; 337907 |  | &nbsp;&nbsp;&nbsp; Golub Capital Partners ABS Funding Ltd., Series 2021-1A, Class A2, 2.77%, due <br> 04/20/29 144A<br>| &nbsp;&nbsp; 336570 |
| 5000000 | EUR | &nbsp;&nbsp;&nbsp; Harvest CLO XXXII DAC, Series 32A, Class A, 3.52% (3 mo. EURIBOR + 1.45%), <br> due 07/25/37<sup>(b)</sup> 144A<br>| 5882112 |
| &nbsp;&nbsp; 402000 |  | HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, due 02/01/62 144A | &nbsp;&nbsp; 397522 |
| &nbsp;&nbsp; 352000 |  | Honda Auto Receivables Owner Trust, Series 2025-4, Class A3, 3.98%, due 06/17/30 | &nbsp;&nbsp; 353840 |
| &nbsp;&nbsp; 167000 |  | Hotwire Funding LLC, Series 2024-1A, Class A2, 5.89%, due 06/20/54 144A | &nbsp;&nbsp; 169991 |
| 2800000 |  | &nbsp;&nbsp;&nbsp; HPS Loan Management Ltd., Series 2021-16A, Class A1R, 4.97% (3 mo. USD Term <br> SOFR + 1.11%), due 01/23/35<sup>(b)</sup> 144A<br>| 2801145 |
| &nbsp;&nbsp; 252000 |  | Hyundai Auto Receivables Trust, Series 2025-D, Class A3, 3.99%, due 09/16/30 | &nbsp;&nbsp; 253200 |

---

60See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value**<sup>(a)</sup> |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 3750000 | EUR | &nbsp;&nbsp;&nbsp; ICG Euro CLO DAC, Series 2023-1A, Class AR, 3.25% (3 mo. EURIBOR + 1.25%), <br> due 10/19/38<sup>(b)</sup> 144A<br>| 4395901 |
| 1152033 | EUR | &nbsp;&nbsp;&nbsp; Invesco Euro CLO I DAC, Series 1A, Class A1R, 2.66% (3 mo. EURIBOR + 0.65%), <br> due 07/15/31<sup>(b)</sup> 144A<br>| 1351193 |
| &nbsp;&nbsp; 431261 |  | Invitation Homes Trust, Series 2024-SFR1, Class A, 4.00%, due 09/17/41 144A | &nbsp;&nbsp; 425226 |
| &nbsp;&nbsp; 308227 |  | Jersey Mike's Funding, Series 2025-1A, Class A2, 5.61%, due 08/16/55 144A | &nbsp;&nbsp; 315116 |
| &nbsp;&nbsp; 262020 |  | Jersey Mike's Funding LLC, Series 2024-1A, Class A2, 5.64%, due 02/15/55 144A | &nbsp;&nbsp; 267787 |
| &nbsp;&nbsp; 969122 |  | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2024-HE3, Class A1, 5.12% (30 day USD SOFR <br> Average + 1.20%), due 02/25/55<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 969844 |
| &nbsp;&nbsp; 157000 |  | LAD Auto Receivables Trust, Series 2025-3A, Class A3, 4.03%, due 01/15/31 144A | &nbsp;&nbsp; 157742 |
| &nbsp;&nbsp; 405660 |  | Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, due 09/20/65 144A | &nbsp;&nbsp; 409527 |
| &nbsp;&nbsp; 290000 |  | &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-2A, Class A2, 5.40%, due 08/20/55 <br> 144A<br>| &nbsp;&nbsp; 294581 |
| &nbsp;&nbsp; 150000 |  | &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, Series 2025-4A, Class A2, 5.16%, due 12/20/55 <br> 144A<br>| &nbsp;&nbsp; 150771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 57176 |  | Navient Student Loan Trust, Series 2020-2A, Class A1A, 1.32%, due 08/26/69 144A | &nbsp;&nbsp;&nbsp;&nbsp; 51232 |
| &nbsp;&nbsp; 614065 |  | Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, due 04/30/51 144A | &nbsp;&nbsp; 590166 |
| &nbsp;&nbsp; 197312 |  | Neighborly Issuer LLC, Series 2022-1A, Class A2, 3.70%, due 01/30/52 144A | &nbsp;&nbsp; 187127 |
| &nbsp;&nbsp; 108680 |  | &nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust, Series 2003-A, Class A, 3.21% (1 mo. USD <br> Term SOFR + 0.83%), due 10/25/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 111626 |
| &nbsp;&nbsp; 506000 |  | &nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, due <br> 10/20/61 144A<br>| &nbsp;&nbsp; 423908 |
| &nbsp;&nbsp; 474000 |  | &nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, due <br> 10/20/61 144A<br>| &nbsp;&nbsp; 297929 |
| 4750000 |  | &nbsp;&nbsp;&nbsp; NGC Ltd., Series 2024-1A, Class A1, 5.48% (3 mo. USD Term SOFR + 1.60%), due <br> 07/20/37<sup>(b)</sup> 144A<br>| 4758949 |
| &nbsp;&nbsp; 296000 |  | Nissan Auto Receivables Owner Trust, Series 2025-B, Class A3, 3.99%, due 04/15/30 | &nbsp;&nbsp; 297455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47667 |  | &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A, 3.10%, due <br> 07/25/26 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47106 |
| 2550000 |  | &nbsp;&nbsp;&nbsp; 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>| 2551892 |
| 3650000 |  | &nbsp;&nbsp;&nbsp; Octagon 55 Ltd., Series 2021-1A, Class A1R, 5.23% (3 mo. USD Term SOFR + 1.26%), <br> due 03/20/38<sup>(b)</sup> 144A<br>| 3652632 |
| 1994000 |  | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 02/15/29 144A | 2015907 |
| 2486000 |  | PFS Financing Corp., Series 2025-F, Class A, 4.40%, due 08/15/30 144A | 2513980 |
| 1501987 |  | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.77%, due 06/05/54 <br> 144A<br>| 1527920 |
| 1000000 |  | &nbsp;&nbsp;&nbsp; Polen Capital CLO Ltd., Series 2025-1A, Class A1, 5.20% (3 mo. USD Term SOFR + <br> 1.32%), due 03/06/38<sup>(b)</sup> 144A<br>| 1003510 |
| 1521498 |  | Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, due 04/17/27 144A | 1497114 |
| 1563940 |  | Progress Residential Trust, Series 2024-SFR3, Class A, 3.00%, due 06/17/41 144A | 1494307 |
| &nbsp;&nbsp; 223106 |  | Progress Residential Trust, Series 2025-SFR1, Class A, 3.40%, due 02/17/42 144A | &nbsp;&nbsp; 214386 |
| &nbsp;&nbsp; 297025 |  | Progress Residential Trust, Series 2025-SFR2, Class A, 3.31%, due 04/17/42 144A | &nbsp;&nbsp; 283600 |
| &nbsp;&nbsp; 319000 |  | Progress Residential Trust, Series 2025-SFR4, Class A, 4.30%, due 08/17/42 144A | &nbsp;&nbsp; 315865 |
| &nbsp;&nbsp; 250000 |  | Progress Residential Trust, Series 2025-SFR5, Class A, 3.85%, due 10/17/42 144A | &nbsp;&nbsp; 242600 |
| &nbsp;&nbsp; 185000 |  | Progress Residential Trust, Series 2025-SFR6, Class A, 4.00%, due 12/17/42 144A | &nbsp;&nbsp; 179862 |
| &nbsp;&nbsp; 612784 |  | RCKT Mortgage Trust, Series 2024-CES3, Class A1A, 6.59%, due 05/25/44<sup>(d)</sup> 144A | &nbsp;&nbsp; 622436 |
| &nbsp;&nbsp; 701568 |  | RCKT Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 01/25/45<sup>(c)</sup> 144A | &nbsp;&nbsp; 709108 |
| 3800000 |  | &nbsp;&nbsp;&nbsp; Regatta 31 Funding Ltd., Series 2025-1A, Class A1, 5.03% (3 mo. USD Term SOFR + <br> 1.17%), due 03/25/38<sup>(b)</sup> 144A<br>| 3800745 |
| 2000000 |  | &nbsp;&nbsp;&nbsp; Regatta XII Funding Ltd., Series 2019-1A, Class ARR, 5.29% (3 mo. USD Term SOFR <br> + 1.39%), due 10/15/37<sup>(b)</sup> 144A<br>| 2005726 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | Renaissance Home Equity Loan Trust, Series 2005-2, Class AF4, 5.43%, due 08/25/35<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class A2A, 5.00%, due <br> 09/15/48 144A<br>| &nbsp;&nbsp; 277501 |
| 1384000 | &nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC, Series 2024-1A, Class A2, 4.99%, due <br> 09/15/49 144A<br>| 1374908 |
| &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp; RIN II Ltd., Series 2019-1A, Class AR, 5.38% (3 mo. USD Term SOFR + 1.48%), due <br> 01/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 302455 |
| &nbsp;&nbsp; 331000 | &nbsp;&nbsp;&nbsp; RIN XII LLC, Series 2025-1A, Class A1, 5.20% (3 mo. USD Term SOFR + 1.30%), <br> due 04/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 330146 |
| &nbsp;&nbsp; 176444 | Santander Drive Auto Receivables Trust, Series 2023-1, Class C, 5.09%, due 05/15/30 | &nbsp;&nbsp; 177628 |
| &nbsp;&nbsp; 600000 | Santander Drive Auto Receivables Trust, Series 2023-3, Class C, 5.77%, due 11/15/30 | &nbsp;&nbsp; 611395 |
| &nbsp;&nbsp; 900000 | Santander Drive Auto Receivables Trust, Series 2023-4, Class C, 6.04%, due 12/15/31 | &nbsp;&nbsp; 923185 |
| &nbsp;&nbsp; 400000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class B, 5.98%, due 04/16/29 | &nbsp;&nbsp; 405623 |
| &nbsp;&nbsp; 100000 | Santander Drive Auto Receivables Trust, Series 2023-6, Class C, 6.40%, due 03/17/31 | &nbsp;&nbsp; 103432 |
| &nbsp;&nbsp; 500000 | Santander Drive Auto Receivables Trust, Series 2024-1, Class C, 5.45%, due 03/15/30 | &nbsp;&nbsp; 506174 |
| &nbsp;&nbsp; 500000 | Santander Drive Auto Receivables Trust, Series 2024-2, Class C, 5.84%, due 06/17/30 | &nbsp;&nbsp; 511147 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-3, Class C, 5.64%, due 08/15/30 | 1019964 |
| 1000000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | 1008414 |
| 2100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class C, 5.04%, due 03/17/31 | 2126927 |
| 2700000 | Santander Drive Auto Receivables Trust, Series 2025-2, Class C, 5.06%, due 05/15/31 | 2735275 |
| 3113232 | SBA Small Business Investment Cos., Series 2024-10A, Class 1, 5.04%, due 03/10/34 | 3161441 |
| &nbsp;&nbsp; 240000 | Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class A2, 5.67%, due 07/25/55 144A | &nbsp;&nbsp; 241348 |
| &nbsp;&nbsp; 274482 | ServiceMaster Funding LLC, Series 2021-1, Class A2II, 3.11%, due 07/30/51 144A | &nbsp;&nbsp; 238603 |
| &nbsp;&nbsp; 130673 | Servpro Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, due 01/25/54 144A | &nbsp;&nbsp; 135144 |
| &nbsp;&nbsp; 270000 | Sesac Finance LLC, Series 2025-1, Class A2, 5.50%, due 07/25/55 144A | &nbsp;&nbsp; 269158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35579 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07%, due 01/15/53 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32626 |
| &nbsp;&nbsp; 368846 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2024-A, Class A1A, 5.24%, due 03/15/56 <br> 144A<br>| &nbsp;&nbsp; 376047 |
| &nbsp;&nbsp; 419371 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2024-E, Class A1A, 5.09%, due 10/16/56 <br> 144A<br>| &nbsp;&nbsp; 426676 |
| &nbsp;&nbsp; 416533 | Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, due 01/20/50 144A | &nbsp;&nbsp; 412469 |
| &nbsp;&nbsp; 361935 | Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, due 08/20/51 144A | &nbsp;&nbsp; 337571 |
| 2274154 | STORE Master Funding LLC, Series 2025-1A, Class A2, 4.98%, due 10/20/55 144A | 2265546 |
| &nbsp;&nbsp; 128700 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 07/30/54 144A | &nbsp;&nbsp; 130590 |
| 2726460 | Subway Funding LLC, Series 2024-1A, Class A2II, 6.27%, due 07/30/54 144A | 2788263 |
| &nbsp;&nbsp; 439560 | Subway Funding LLC, Series 2024-3A, Class A23, 5.91%, due 07/30/54 144A | &nbsp;&nbsp; 438149 |
| &nbsp;&nbsp; 307000 | Summit Issuer LLC, Series 2025-1A, Class A2, 5.21%, due 11/20/55 144A | &nbsp;&nbsp; 308699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95931 | Sunbird Engine Finance LLC, Series 2020-1A, Class A, 3.67%, due 02/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp; 94923 |
| &nbsp;&nbsp; 103000 | Switch ABS Issuer LLC, Series 2024-2A, Class A2, 5.44%, due 06/25/54 144A | &nbsp;&nbsp; 103373 |
| &nbsp;&nbsp; 386000 | Switch ABS Issuer LLC, Series 2025-1A, Class A2, 5.04%, due 03/25/55 144A | &nbsp;&nbsp; 380378 |
| &nbsp;&nbsp; 202000 | Switch ABS Issuer LLC, Series 2025-2A, Class A21, 5.12%, due 10/25/55 144A | &nbsp;&nbsp; 202206 |
| 2784000 | Taco Bell Funding LLC, Series 2025-1A, Class A2I, 4.82%, due 08/25/55 144A | 2777318 |
| &nbsp;&nbsp; 263000 | Taco Bell Funding LLC, Series 2025-1A, Class A2II, 5.05%, due 08/25/55 144A | &nbsp;&nbsp; 263212 |
| &nbsp;&nbsp; 267325 | TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, due 02/20/46 144A | &nbsp;&nbsp; 245511 |
| &nbsp;&nbsp; 739034 | Towd Point Mortgage Trust, Series 2024-CES3, Class A1, 6.29%, due 05/25/64<sup>(d)</sup> 144A | &nbsp;&nbsp; 748326 |
| &nbsp;&nbsp; 754710 | Towd Point Mortgage Trust, Series 2024-CES4, Class A1, 5.12%, due 09/25/64<sup>(c)</sup> 144A | &nbsp;&nbsp; 756123 |
| &nbsp;&nbsp; 727121 | Towd Point Mortgage Trust, Series 2025-CRM1, Class A1, 5.80%, due 01/25/65<sup>(c)</sup> 144A | &nbsp;&nbsp; 733806 |
| 4007346 | Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10%, due 07/17/40 144A | 4023946 |
| 1390517 | &nbsp;&nbsp;&nbsp; Tricon Residential Trust, Series 2025-SFR1, Class A, 4.85% (1 mo. USD Term SOFR + <br> 1.10%), due 03/17/42<sup>(b)</sup> 144A<br>| 1392041 |

---

62See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 363260 | &nbsp;&nbsp;&nbsp; Triton Container Finance VIII LLC, Series 2020-1A, Class A, 2.11%, due 09/20/45 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343321 |
| &nbsp;&nbsp; 199148 | &nbsp;&nbsp;&nbsp; Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, due 03/20/46 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185474 |
| &nbsp;&nbsp; 786765 | U.S. Small Business Administration, Series 2013-20H, Class 1, 3.16%, due 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762692 |
| &nbsp;&nbsp; 527816 | U.S. Small Business Administration, Series 2013-20L, Class 1, 3.38%, due 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510060 |
| &nbsp;&nbsp; 687483 | U.S. Small Business Administration, Series 2014-20C, Class 1, 3.21%, due 03/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667651 |
| &nbsp;&nbsp; 255160 | U.S. Small Business Administration, Series 2014-20D, Class 1, 3.11%, due 04/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247571 |
| &nbsp;&nbsp; 217239 | U.S. Small Business Administration, Series 2014-20I, Class 1, 2.92%, due 09/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207682 |
| &nbsp;&nbsp; 672412 | U.S. Small Business Administration, Series 2020-25D, Class 1, 1.77%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565272 |
| 2314876 | U.S. Small Business Administration, Series 2022-25G, Class 1, 3.93%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 2232147 |
| 2008438 | U.S. Small Business Administration, Series 2022-25J, Class 1, 5.04%, due 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 2036172 |
| 1574412 | U.S. Small Business Administration, Series 2023-25D, Class 1, 4.48%, due 04/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1555077 |
| 1202051 | U.S. Small Business Administration, Series 2023-25L, Class 1, 5.28%, due 12/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1236507 |
| 1733906 | U.S. Small Business Administration, Series 2024-25D, Class 1, 5.38%, due 04/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 1793472 |
| &nbsp;&nbsp; 249000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 04/20/55 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254692 |
| &nbsp;&nbsp; 172000 | Uniti Fiber ABS Issuer LLC, Series 2025-2A, Class A2, 5.18%, due 01/20/56 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172592 |
| &nbsp;&nbsp; 288000 | Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, due 09/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274402 |
| &nbsp;&nbsp; 275000 | Verizon Master Trust, Series 2025-9, Class A1A, 3.96%, due 10/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275959 |
| &nbsp;&nbsp; 180000 | Volkswagen Auto Loan Enhanced Trust, Series 2025-2, Class A3, 3.92%, due 03/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180602 |
| 1961287 | Wendy's Funding LLC, Series 2019-1A, Class A2II, 4.08%, due 06/15/49 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1914349 |
| 1802445 | Wendy's Funding LLC, Series 2021-1A, Class A2I, 2.37%, due 06/15/51 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1683437 |
| 1209203 | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, due 09/19/39 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1222442 |
| &nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp; Wheels Fleet Lease Funding 1 LLC, Series 2025-3A, Class A1, 4.08%, due 09/18/40 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277965 |
| &nbsp;&nbsp; 250000 | Willis Engine Structured Trust IX, Series 2025-B, Class A, 5.16%, due 12/15/50 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251165 |
| &nbsp;&nbsp; 130164 | Willis Engine Structured Trust V, Series 2020-A, Class A, 3.23%, due 03/15/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126019 |
| &nbsp;&nbsp; 245572 | Willis Engine Structured Trust VIII, Series 2025-A, Class A, 5.58%, due 06/15/50 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250042 |
| &nbsp;&nbsp; 277000 | Wingstop Funding LLC, Series 2024-1A, Class A2, 5.86%, due 12/05/54 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285333 |
| &nbsp;&nbsp; 247992 | Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.24%, due 07/30/51 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234436 |
| &nbsp;&nbsp; 254000 | Zayo Issuer LLC, Series 2025-1A, Class A2, 5.65%, due 03/20/55 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258786 |
|  |  | 150432895 |
|  | **Corporate Debt — 32.3%** | **Corporate Debt — 32.3%** |
| &nbsp;&nbsp; 225000 | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | AbbVie, Inc., 4.05%, due 11/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58234 |
| &nbsp;&nbsp; 155000 | AbbVie, Inc., 5.05%, due 03/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159607 |
| &nbsp;&nbsp; 500000 | AbbVie, Inc., 5.40%, due 03/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 | Acushnet Co., 5.63%, due 12/01/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78058 |
| 1340000 | Advocate Health & Hospitals Corp., 2.21%, due 06/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1237351 |
| &nbsp;&nbsp; 400000 | AEP Texas, Inc., 3.80%, due 10/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298189 |
| &nbsp;&nbsp; 315000 | AEP Transmission Co. LLC, 3.80%, due 06/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239463 |
| 2250000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2182725 |
| 1161000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, due 01/30/32 | &nbsp;&nbsp;&nbsp;&nbsp; 1073837 |
| &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50% (5 yr. CMT + <br> 2.44%), due 01/31/56<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218512 |
| &nbsp;&nbsp; 206000 | Aeropuertos Dominicanos Siglo XXI SA, 7.00%, due 06/30/34 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217319 |
| &nbsp;&nbsp; 245513 | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231200 |
| &nbsp;&nbsp; 370000 | Aetna, Inc., 4.75%, due 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325666 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 200000 | Aker BP ASA, 3.10%, due 07/15/31 144A | &nbsp;&nbsp; 183996 |
| &nbsp;&nbsp; 150000 | Aker BP ASA, 3.75%, due 01/15/30 144A | &nbsp;&nbsp; 145334 |
| 2085000 | Aker BP ASA, 4.00%, due 01/15/31 144A | 2015094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.50%, due <br> 03/31/31 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25309 |
| &nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, due <br> 03/31/34 144A<br>| &nbsp;&nbsp; 278467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Alcoa Nederland Holding BV, 7.13%, due 03/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 90674 |
| &nbsp;&nbsp; 655000 | Alexandria Real Estate Equities, Inc., 2.00%, due 05/18/32 | &nbsp;&nbsp; 555181 |
| &nbsp;&nbsp; 870000 | Alexandria Real Estate Equities, Inc., 5.50%, due 10/01/35<sup>(e)</sup> <br>| &nbsp;&nbsp; 885582 |
| &nbsp;&nbsp; 226430 | Alfa Desarrollo SpA, 4.55%, due 09/27/51 144A | &nbsp;&nbsp; 183050 |
| &nbsp;&nbsp; 397000 | Ally Financial, Inc., 5.55% (1 day USD SOFR + 1.78%), due 07/31/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 400745 |
| &nbsp;&nbsp; 186000 | Ally Financial, Inc., 5.74% (1 day USD SOFR Index + 1.96%), due 05/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 190839 |
| &nbsp;&nbsp; 266000 | Ally Financial, Inc., 6.18% (1 day USD SOFR + 2.29%), due 07/26/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 276290 |
| &nbsp;&nbsp; 353000 | Ally Financial, Inc., 8.00%, due 11/01/31 | &nbsp;&nbsp; 401555 |
| &nbsp;&nbsp; 120000 | Alphabet, Inc., 4.38%, due 11/15/32 | &nbsp;&nbsp; 120621 |
| &nbsp;&nbsp; 350000 | Alphabet, Inc., 4.70%, due 11/15/35 | &nbsp;&nbsp; 350909 |
| &nbsp;&nbsp; 101000 | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 104795 |
| 1798000 | Amazon.com, Inc., 4.10%, due 04/13/62 | 1395335 |
| 1780000 | Ameren Illinois Co., 4.95%, due 06/01/33 | 1825328 |
| &nbsp;&nbsp; 530330 | American Airlines Pass-Through Trust, 2.88%, due 01/11/36 | &nbsp;&nbsp; 486390 |
| &nbsp;&nbsp; 329035 | American Airlines Pass-Through Trust, 3.15%, due 08/15/33 | &nbsp;&nbsp; 311966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60755 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 58366 |
| &nbsp;&nbsp; 380250 | American Airlines Pass-Through Trust, 3.50%, due 08/15/33 | &nbsp;&nbsp; 352119 |
| &nbsp;&nbsp; 163372 | American Airlines Pass-Through Trust, 3.60%, due 04/15/31 | &nbsp;&nbsp; 156028 |
| &nbsp;&nbsp; 270201 | American Airlines Pass-Through Trust, 3.65%, due 08/15/30 | &nbsp;&nbsp; 265805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90216 | American Airlines Pass-Through Trust, 3.85%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 88396 |
| &nbsp;&nbsp; 324850 | American Airlines Pass-Through Trust, 3.95%, due 01/11/32 | &nbsp;&nbsp; 313958 |
| &nbsp;&nbsp; 242412 | American Airlines Pass-Through Trust, 4.00%, due 08/15/30 | &nbsp;&nbsp; 235652 |
| &nbsp;&nbsp; 369969 | American Airlines Pass-Through Trust, 4.10%, due 07/15/29 | &nbsp;&nbsp; 365355 |
| &nbsp;&nbsp; 381000 | American Airlines Pass-Through Trust, 4.90%, due 11/11/39 | &nbsp;&nbsp; 378105 |
| &nbsp;&nbsp; 133000 | American Airlines Pass-Through Trust, 5.65%, due 05/11/36 | &nbsp;&nbsp; 133895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | American Airlines, Inc., 7.25%, due 02/15/28<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96000 | American Electric Power Co., Inc., 5.63%, due 03/01/33 | &nbsp;&nbsp; 101049 |
| &nbsp;&nbsp; 221000 | American Electric Power Co., Inc., 5.80% (5 yr. CMT + 2.13%), due 03/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 219498 |
| &nbsp;&nbsp; 101000 | American Electric Power Co., Inc., 6.05% (5 yr. CMT + 1.94%), due 03/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99285 |
| &nbsp;&nbsp; 283000 | American Tower Corp., 4.70%, due 12/15/32 | &nbsp;&nbsp; 283724 |
| &nbsp;&nbsp; 241000 | American Tower Corp., 5.55%, due 07/15/33 | &nbsp;&nbsp; 252893 |
| &nbsp;&nbsp; 241000 | American Tower Corp., 5.65%, due 03/15/33 | &nbsp;&nbsp; 254780 |
| 2305000 | American Tower Trust #1, 5.49%, due 03/15/53 144A | 2345528 |
| 1317000 | Amgen, Inc., 5.25%, due 03/02/33 | 1365548 |
| &nbsp;&nbsp; 469000 | Amgen, Inc., 5.65%, due 03/02/53 | &nbsp;&nbsp; 461537 |
| &nbsp;&nbsp; 686000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, due 02/01/46 | &nbsp;&nbsp; 637786 |
| &nbsp;&nbsp; 287000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, due 10/15/33 <br> 144A<br>| &nbsp;&nbsp; 288888 |
| &nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, due 07/01/34 <br> 144A<br>| &nbsp;&nbsp; 419566 |
| &nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 <br> 144A<br>| &nbsp;&nbsp; 430838 |
| &nbsp;&nbsp; 322000 | Apollo Debt Solutions BDC, 6.70%, due 07/29/31 | &nbsp;&nbsp; 340241 |

---

64See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 523000 | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | &nbsp;&nbsp; 549437 |
| 1526000 | AppLovin Corp., 5.13%, due 12/01/29 | 1567277 |
| &nbsp;&nbsp; 980000 | AptarGroup, Inc., 3.60%, due 03/15/32 | &nbsp;&nbsp; 918693 |
| &nbsp;&nbsp; 645000 | AptarGroup, Inc., 4.75%, due 03/30/31 | &nbsp;&nbsp; 651609 |
| &nbsp;&nbsp; 875000 | Aptiv Swiss Holdings Ltd., 5.15%, due 09/13/34 | &nbsp;&nbsp; 884710 |
| &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 6.25%, due 01/30/31 144A<br>| &nbsp;&nbsp; 244590 |
| &nbsp;&nbsp; 444000 | ARES Strategic Income Fund, 5.15%, due 01/15/31 144A | &nbsp;&nbsp; 436344 |
| &nbsp;&nbsp; 176000 | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | &nbsp;&nbsp; 177667 |
| &nbsp;&nbsp; 245000 | ARES Strategic Income Fund, 5.60%, due 02/15/30 | &nbsp;&nbsp; 246523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | ARES Strategic Income Fund, 5.70%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 48685 |
| &nbsp;&nbsp; 339000 | ARES Strategic Income Fund, 5.80%, due 09/09/30 144A | &nbsp;&nbsp; 342763 |
| &nbsp;&nbsp; 213000 | ARES Strategic Income Fund, 6.20%, due 03/21/32 | &nbsp;&nbsp; 218725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | ARES Strategic Income Fund, 6.35%, due 08/15/29 | &nbsp;&nbsp; 101039 |
| &nbsp;&nbsp; 213000 | Aris Mining Corp., 8.00%, due 10/31/29 144A | &nbsp;&nbsp; 222472 |
| 1780000 | Arizona Public Service Co., 5.70%, due 08/15/34 | 1876320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94000 | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 92559 |
| &nbsp;&nbsp; 208000 | Asbury Automotive Group, Inc., 4.75%, due 03/01/30 | &nbsp;&nbsp; 205760 |
| &nbsp;&nbsp; 710000 | Ascension Health, 2.53%, due 11/15/29 | &nbsp;&nbsp; 672106 |
| &nbsp;&nbsp; 150000 | Ascension Health, 3.11%, due 11/15/39 | &nbsp;&nbsp; 120042 |
| &nbsp;&nbsp; 341000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 06/30/29 144A | &nbsp;&nbsp; 343214 |
| &nbsp;&nbsp; 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/32 144A | &nbsp;&nbsp; 124648 |
| &nbsp;&nbsp; 139000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 07/15/33 144A | &nbsp;&nbsp; 143959 |
| 2050000 | Ashtead Capital, Inc., 2.45%, due 08/12/31 144A | 1832261 |
| &nbsp;&nbsp; 483000 | Ashtead Capital, Inc., 5.55%, due 05/30/33 144A | &nbsp;&nbsp; 499317 |
| 2200000 | AT&T, Inc., 2.25%, due 02/01/32 | 1933291 |
| &nbsp;&nbsp; 960000 | AT&T, Inc., 2.30%, due 06/01/27 | &nbsp;&nbsp; 938672 |
| &nbsp;&nbsp; 798000 | AT&T, Inc., 2.75%, due 06/01/31 | &nbsp;&nbsp; 733951 |
| &nbsp;&nbsp; 814000 | AT&T, Inc., 3.50%, due 06/01/41 | &nbsp;&nbsp; 642762 |
| 1014000 | AT&T, Inc., 3.65%, due 09/15/59 | &nbsp;&nbsp; 672807 |
| &nbsp;&nbsp; 249000 | AT&T, Inc., 4.50%, due 05/15/35 | &nbsp;&nbsp; 239912 |
| &nbsp;&nbsp; 192000 | Athene Global Funding, 4.72%, due 10/08/29 144A | &nbsp;&nbsp; 192485 |
| &nbsp;&nbsp; 248000 | Athene Global Funding, 5.32%, due 11/13/31 144A | &nbsp;&nbsp; 251935 |
| &nbsp;&nbsp; 196000 | Athene Holding Ltd., 3.50%, due 01/15/31 | &nbsp;&nbsp; 185529 |
| &nbsp;&nbsp; 172000 | Athene Holding Ltd., 6.63% (5 yr. CMT + 2.61%), due 10/15/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 172068 |
| 2121000 | Atlas Warehouse Lending Co. LP, 4.63%, due 11/15/28 144A | 2130623 |
| &nbsp;&nbsp; 250000 | Atlas Warehouse Lending Co. LP, 6.25%, due 01/15/30 144A | &nbsp;&nbsp; 263540 |
| 1720000 | AutoNation, Inc., 4.75%, due 06/01/30 | 1739105 |
| 1939000 | Aviation Capital Group LLC, 6.38%, due 07/15/30 144A | 2074972 |
| &nbsp;&nbsp; 175000 | Ball Corp., 3.13%, due 09/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 161407 |
| &nbsp;&nbsp; 220000 | Ball Corp., 5.50%, due 09/15/33 | &nbsp;&nbsp; 224450 |
| &nbsp;&nbsp; 461000 | Banco Santander SA, 4.55%, due 11/06/30 | &nbsp;&nbsp; 462051 |
| &nbsp;&nbsp; 400000 | Banco Santander SA, 5.54% (1 yr. CMT + 1.45%), due 03/14/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 414218 |
| &nbsp;&nbsp; 452000 | Banco Santander SA, 9.63% (5 yr. CMT + 5.30%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 546076 |
| 2330000 | Bank of America Corp., 2.50% (3 mo. USD Term SOFR + 1.25%), due 02/13/31<sup>(b)</sup> <br>| 2172941 |
| &nbsp;&nbsp; 592000 | Bank of America Corp., 2.59% (1 day USD SOFR + 2.15%), due 04/29/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 552218 |
| 3962000 | Bank of America Corp., 2.69% (1 day USD SOFR + 1.32%), due 04/22/32<sup>(b)</sup> <br>| 3640415 |
| &nbsp;&nbsp; 230000 | Bank of America Corp., 2.88% (3 mo. USD Term SOFR + 1.45%), due 10/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 219045 |
| 1145000 | Bank of America Corp., 3.59% (3 mo. USD Term SOFR + 1.63%), due 07/21/28<sup>(b)</sup> <br>| 1137642 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 5398000 | Bank of America Corp., 4.57% (1 day USD SOFR + 1.83%), due 04/27/33<sup>(b)</sup> <br>| 5395782 |
| 1575000 | Bank of America Corp., 4.95% (1 day USD SOFR + 2.04%), due 07/22/28<sup>(b)</sup> <br>| 1598210 |
| &nbsp;&nbsp; 965000 | Bank of America Corp., 5.43% (1 day USD SOFR + 1.91%), due 08/15/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 988375 |
| &nbsp;&nbsp; 122000 | Bank of America Corp., 5.52% (1 day USD SOFR + 1.74%), due 10/25/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 125243 |
| &nbsp;&nbsp; 616000 | Bank of America Corp., 6.63% (5 yr. CMT + 2.68%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 642343 |
| &nbsp;&nbsp; 509000 | Bank of Montreal, 7.70% (5 yr. CMT + 3.45%), due 05/26/84<sup>(b)</sup> <br>| &nbsp;&nbsp; 540789 |
| &nbsp;&nbsp; 242000 | Bank of New York Mellon Corp., 4.94% (1 day USD SOFR + 0.89%), due 02/11/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 249118 |
| &nbsp;&nbsp; 400000 | Barclays PLC, 4.84% (1 day USD SOFR + 1.34%), due 09/10/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 405045 |
| 1475000 | Barclays PLC, 4.94% (1 day USD SOFR + 1.56%), due 09/10/30<sup>(b)</sup> <br>| 1505533 |
| &nbsp;&nbsp; 368000 | Barclays PLC, 5.37% (1 day USD SOFR + 1.23%), due 02/25/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 380734 |
| 1994000 | Barclays PLC, 6.49% (1 day USD SOFR + 2.22%), due 09/13/29<sup>(b)</sup> <br>| 2108391 |
| &nbsp;&nbsp; 412000 | Barclays PLC, 8.00% (5 yr. CMT + 5.43%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 441316 |
| &nbsp;&nbsp; 156000 | BAT Capital Corp., 3.56%, due 08/15/27 | &nbsp;&nbsp; 154930 |
| 1970000 | BAT Capital Corp., 4.39%, due 08/15/37 | 1819822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Baxter International, Inc., 4.45%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 40179 |
| &nbsp;&nbsp; 746000 | Baxter International, Inc., 4.90%, due 12/15/30 | &nbsp;&nbsp; 752647 |
| 1221000 | Beignet Investor LLC, 6.58%, due 05/30/49 144A | 1294818 |
| &nbsp;&nbsp; 605000 | Berkshire Hathaway Energy Co., 1.65%, due 05/15/31 | &nbsp;&nbsp; 528109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Berkshire Hathaway Energy Co., 5.95%, due 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp; 91434 |
| 1015000 | Blackstone Holdings Finance Co. LLC, 2.80%, due 09/30/50 144A | &nbsp;&nbsp; 630315 |
| &nbsp;&nbsp; 366000 | Blackstone Private Credit Fund, 5.05%, due 09/10/30 | &nbsp;&nbsp; 360949 |
| &nbsp;&nbsp; 326000 | Blackstone Private Credit Fund, 5.25%, due 04/01/30 | &nbsp;&nbsp; 324054 |
| &nbsp;&nbsp; 234000 | Blackstone Private Credit Fund, 5.95%, due 07/16/29 | &nbsp;&nbsp; 239016 |
| &nbsp;&nbsp; 227000 | Blackstone Private Credit Fund, 7.30%, due 11/27/28 | &nbsp;&nbsp; 241227 |
| &nbsp;&nbsp; 124000 | Block, Inc., 5.63%, due 08/15/30 144A | &nbsp;&nbsp; 126590 |
| &nbsp;&nbsp; 161000 | Block, Inc., 6.00%, due 08/15/33 144A | &nbsp;&nbsp; 165379 |
| &nbsp;&nbsp; 324000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | &nbsp;&nbsp; 344047 |
| &nbsp;&nbsp; 290000 | BlueLinx Holdings, Inc., 6.00%, due 11/15/29 144A | &nbsp;&nbsp; 285589 |
| &nbsp;&nbsp; 260000 | BNP Paribas SA, 2.16% (1 day USD SOFR + 1.22%), due 09/15/29<sup>(b)</sup> 144A | &nbsp;&nbsp; 246234 |
| &nbsp;&nbsp; 510000 | BNP Paribas SA, 5.50% (1 day USD SOFR + 1.59%), due 05/20/30<sup>(b)</sup> 144A | &nbsp;&nbsp; 528319 |
| &nbsp;&nbsp; 180000 | BNP Paribas SA, 9.25% (5 yr. CMT + 4.97%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 192750 |
| 2775000 | Boeing Co., 2.20%, due 02/04/26 | 2769836 |
| &nbsp;&nbsp; 325000 | Boeing Co., 3.95%, due 08/01/59 | &nbsp;&nbsp; 231859 |
| 1795000 | Boeing Co., 5.71%, due 05/01/40 | 1838728 |
| 1120000 | Boeing Co., 6.53%, due 05/01/34 | 1242142 |
| &nbsp;&nbsp; 324000 | BPCE SA, 5.94% (1 day USD SOFR + 1.85%), due 05/30/35<sup>(b)</sup> 144A | &nbsp;&nbsp; 338657 |
| &nbsp;&nbsp; 261000 | Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, due 01/15/33 144A | &nbsp;&nbsp; 259264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50326 | British Airways Pass-Through Trust, 4.13%, due 03/20/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 48867 |
| 1055000 | Brixmor Operating Partnership LP, 2.50%, due 08/16/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 950747 |
| 1006000 | Broadcom, Inc., 3.42%, due 04/15/33 | &nbsp;&nbsp; 933897 |
| 1180000 | Broadcom, Inc., 3.47%, due 04/15/34 | 1078738 |
| &nbsp;&nbsp; 111000 | Broadcom, Inc., 4.55%, due 02/15/32 | &nbsp;&nbsp; 111499 |
| 1747000 | Broadcom, Inc., 4.80%, due 02/15/36 | 1728118 |
| &nbsp;&nbsp; 528000 | Broadcom, Inc., 4.90%, due 07/15/32 | &nbsp;&nbsp; 540091 |
| 2131000 | Broadridge Financial Solutions, Inc., 2.60%, due 05/01/31 | 1939230 |
| 1847000 | Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, due 01/30/32 | 1622497 |
| &nbsp;&nbsp; 307000 | Brookfield Finance, Inc., 6.30% (5 yr. CMT + 2.08%), due 01/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 305277 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| &nbsp;&nbsp; 145985 |

---

66See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1444000 | Brown & Brown, Inc., 4.90%, due 06/23/30 | 1466740 |
| 1732000 | Brown & Brown, Inc., 5.25%, due 06/23/32 | 1776998 |
| &nbsp;&nbsp; 321000 | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | &nbsp;&nbsp; 305933 |
| &nbsp;&nbsp; 311000 | Builders FirstSource, Inc., 6.38%, due 03/01/34 144A | &nbsp;&nbsp; 322054 |
| 1640000 | Bunge Ltd. Finance Corp., 2.75%, due 05/14/31 | 1508207 |
| 1215000 | Bunge Ltd. Finance Corp., 5.15%, due 08/04/35 | 1237871 |
| &nbsp;&nbsp; 221000 | Cable One, Inc., 4.00%, due 11/15/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 170569 |
| &nbsp;&nbsp; 250000 | Calpine Corp., 3.75%, due 03/01/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 241690 |
| &nbsp;&nbsp; 630000 | Canadian Natural Resources Ltd., 5.00%, due 12/15/29 | &nbsp;&nbsp; 646635 |
| &nbsp;&nbsp; 509000 | Canadian Pacific Railway Co., 6.13%, due 09/15/15<sup>(g)</sup> <br>| &nbsp;&nbsp; 510453 |
| &nbsp;&nbsp; 845000 | Capital One Financial Corp., 5.88% (1 day USD SOFR + 1.99%), due 07/26/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 891231 |
| &nbsp;&nbsp; 165000 | Capital Power U.S. Holdings, Inc., 5.26%, due 06/01/28 144A | &nbsp;&nbsp; 168436 |
| &nbsp;&nbsp; 271000 | Capital Power U.S. Holdings, Inc., 6.19%, due 06/01/35 144A | &nbsp;&nbsp; 284788 |
| &nbsp;&nbsp; 326000 | Carnival Corp., 5.13%, due 05/01/29 144A | &nbsp;&nbsp; 329778 |
| &nbsp;&nbsp; 795000 | Carnival Corp., 5.75%, due 08/01/32 144A | &nbsp;&nbsp; 817062 |
| &nbsp;&nbsp; 345000 | Carnival Corp., 5.88%, due 06/15/31 144A | &nbsp;&nbsp; 356614 |
| &nbsp;&nbsp; 707000 | CBRE Services, Inc., 4.80%, due 06/15/30 | &nbsp;&nbsp; 717845 |
| 1390000 | CBRE Services, Inc., 4.90%, due 01/15/33 | 1399091 |
| &nbsp;&nbsp; 252000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | &nbsp;&nbsp; 231767 |
| &nbsp;&nbsp; 172000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | &nbsp;&nbsp; 154487 |
| &nbsp;&nbsp; 210000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, due 06/01/29 144A | &nbsp;&nbsp; 208027 |
| &nbsp;&nbsp; 205000 | CCO Holdings LLC/CCO Holdings Capital Corp., 7.38%, due 03/01/31 144A | &nbsp;&nbsp; 209329 |
| &nbsp;&nbsp; 700000 | CDW LLC/CDW Finance Corp., 5.10%, due 03/01/30 | &nbsp;&nbsp; 714323 |
| &nbsp;&nbsp; 294000 | Cemex SAB de CV, 3.88%, due 07/11/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 281721 |
| &nbsp;&nbsp; 145000 | Cenovus Energy, Inc., 3.75%, due 02/15/52 | &nbsp;&nbsp; 101844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Cenovus Energy, Inc., 5.40%, due 03/20/36 | &nbsp;&nbsp;&nbsp;&nbsp; 85094 |
| &nbsp;&nbsp; 215000 | Cenovus Energy, Inc., 5.40%, due 06/15/47 | &nbsp;&nbsp; 197635 |
| &nbsp;&nbsp; 950000 | Cenovus Energy, Inc., 6.75%, due 11/15/39 | 1050860 |
| &nbsp;&nbsp; 311000 | Centene Corp., 3.00%, due 10/15/30 | &nbsp;&nbsp; 278475 |
| &nbsp;&nbsp; 205000 | Centene Corp., 3.38%, due 02/15/30 | &nbsp;&nbsp; 188970 |
| &nbsp;&nbsp; 252000 | CenterPoint Energy, Inc., 5.95% (5 yr. CMT + 2.22%), due 04/01/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 254464 |
| &nbsp;&nbsp; 110000 | CenterPoint Energy, Inc., 6.85% (5 yr. CMT + 2.95%), due 02/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 118126 |
| &nbsp;&nbsp; 230000 | CenterPoint Energy, Inc., 7.00% (5 yr. CMT + 3.25%), due 02/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 240022 |
| &nbsp;&nbsp; 159000 | Century Communities, Inc., 3.88%, due 08/15/29 144A | &nbsp;&nbsp; 151394 |
| &nbsp;&nbsp; 185000 | Champion Iron Canada, Inc., 7.88%, due 07/15/32 144A | &nbsp;&nbsp; 197156 |
| &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 2.30%, due 02/01/32<br>| &nbsp;&nbsp; 142123 |
| &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 3.50%, due 03/01/42<br>| &nbsp;&nbsp;&nbsp;&nbsp; 97611 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 5.38%, due 05/01/47<br>| &nbsp;&nbsp; 578708 |
| 3021000 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, <br> 6.38%, due 10/23/35<br>| 3124043 |
| &nbsp;&nbsp; 152000 | Cheniere Energy Partners LP, 5.55%, due 10/30/35 144A | &nbsp;&nbsp; 155887 |
| &nbsp;&nbsp; 362000 | Cheniere Energy Partners LP, 5.95%, due 06/30/33 | &nbsp;&nbsp; 384581 |
| &nbsp;&nbsp; 185000 | CIMIC Finance USA Pty. Ltd., 7.00%, due 03/25/34 144A | &nbsp;&nbsp; 201726 |
| &nbsp;&nbsp; 245000 | Cimpress PLC, 7.38%, due 09/15/32 144A | &nbsp;&nbsp; 250207 |
| &nbsp;&nbsp; 146000 | Cipher Compute LLC, 7.13%, due 11/15/30 144A | &nbsp;&nbsp; 148881 |
| &nbsp;&nbsp; 250000 | Citadel Finance LLC, 5.90%, due 02/10/30 144A | &nbsp;&nbsp; 255527 |
| &nbsp;&nbsp; 525000 | Citigroup, Inc., 2.56% (1 day USD SOFR + 1.17%), due 05/01/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 477358 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 625000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 619760 |
| &nbsp;&nbsp; 340000 | Citigroup, Inc., 3.67% (3 mo. USD Term SOFR + 1.65%), due 07/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp; 337977 |
| 1840000 | Citigroup, Inc., 3.89% (3 mo. USD Term SOFR + 1.82%), due 01/10/28<sup>(b)</sup> <br>| 1837292 |
| &nbsp;&nbsp; 440000 | Citigroup, Inc., 4.41% (1 day USD SOFR + 3.91%), due 03/31/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 440375 |
| 1959000 | Citigroup, Inc., 4.95% (1 day USD SOFR + 1.46%), due 05/07/31<sup>(b)</sup> <br>| 2003196 |
| 1350000 | Citigroup, Inc., 6.02% (1 day USD SOFR + 1.83%), due 01/24/36<sup>(b)</sup> <br>| 1417140 |
| &nbsp;&nbsp; 498000 | Citigroup, Inc., 6.17% (1 day USD SOFR + 2.66%), due 05/25/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 530017 |
| &nbsp;&nbsp; 296000 | Citigroup, Inc., 6.63% (5 yr. CMT + 3.00%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 300560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54000 | Citizens Financial Group, Inc., 3.25%, due 04/30/30 | &nbsp;&nbsp;&nbsp;&nbsp; 51642 |
| &nbsp;&nbsp; 250000 | Citizens Financial Group, Inc., 5.25% (1 day USD SOFR + 1.26%), due 03/05/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 257141 |
| &nbsp;&nbsp; 674000 | Citizens Financial Group, Inc., 5.72% (1 day USD SOFR + 1.91%), due 07/23/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 708668 |
| &nbsp;&nbsp; 125000 | Clean Harbors, Inc., 5.75%, due 10/15/33 144A | &nbsp;&nbsp; 128503 |
| &nbsp;&nbsp; 127000 | Cloud Software Group, Inc., 6.63%, due 08/15/33 144A | &nbsp;&nbsp; 125943 |
| &nbsp;&nbsp; 120000 | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | &nbsp;&nbsp; 125471 |
| &nbsp;&nbsp; 200000 | Clue Opco LLC, 9.50%, due 10/15/31 144A | &nbsp;&nbsp; 211932 |
| &nbsp;&nbsp; 246000 | Clydesdale Acquisition Holdings, Inc., 6.88%, due 01/15/30 144A | &nbsp;&nbsp; 252457 |
| &nbsp;&nbsp; 438000 | CNO Financial Group, Inc., 5.25%, due 05/30/29 | &nbsp;&nbsp; 445578 |
| &nbsp;&nbsp; 165000 | CNO Financial Group, Inc., 6.45%, due 06/15/34 | &nbsp;&nbsp; 174941 |
| &nbsp;&nbsp; 173000 | CNO Global Funding, 4.70%, due 12/11/30 144A | &nbsp;&nbsp; 173484 |
| &nbsp;&nbsp; 305000 | Columbia Pipelines Holding Co. LLC, 5.00%, due 11/17/32 144A | &nbsp;&nbsp; 305586 |
| &nbsp;&nbsp; 538000 | Columbia Pipelines Holding Co. LLC, 5.68%, due 01/15/34 144A | &nbsp;&nbsp; 556926 |
| 1423000 | Columbia Pipelines Operating Co. LLC, 5.44%, due 02/15/35 144A | 1458658 |
| &nbsp;&nbsp; 348000 | Columbia Pipelines Operating Co. LLC, 6.04%, due 11/15/33 144A | &nbsp;&nbsp; 373304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Comcast Corp., 2.89%, due 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 10600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Comcast Corp., 3.97%, due 11/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3762 |
| &nbsp;&nbsp; 228000 | Comerica, Inc., 5.98% (1 day USD SOFR + 2.16%), due 01/30/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 237944 |
| &nbsp;&nbsp; 200000 | Comision Federal de Electricidad, 4.69%, due 05/15/29 144A | &nbsp;&nbsp; 198248 |
| 1670000 | CommonSpirit Health, 5.32%, due 12/01/34 | 1705013 |
| &nbsp;&nbsp; 350000 | Commonwealth Edison Co., 4.00%, due 03/01/48 | &nbsp;&nbsp; 280233 |
| &nbsp;&nbsp; 190000 | Comstock Resources, Inc., 5.88%, due 01/15/30 144A | &nbsp;&nbsp; 184937 |
| &nbsp;&nbsp; 738000 | ConocoPhillips Co., 5.50%, due 01/15/55<sup>(e)</sup> <br>| &nbsp;&nbsp; 708902 |
| &nbsp;&nbsp; 463000 | ConocoPhillips Co., 5.55%, due 03/15/54 | &nbsp;&nbsp; 447903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Consolidated Edison Co. of New York, Inc., 4.30%, due 12/01/56 | &nbsp;&nbsp;&nbsp;&nbsp; 75593 |
| &nbsp;&nbsp; 350000 | Consolidated Edison Co. of New York, Inc., 4.50%, due 12/01/45 | &nbsp;&nbsp; 303228 |
| &nbsp;&nbsp; 385000 | Constellation Brands, Inc., 2.25%, due 08/01/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 342082 |
| &nbsp;&nbsp; 183000 | Constellation Energy Generation LLC, 6.50%, due 10/01/53 | &nbsp;&nbsp; 200253 |
| 1155000 | Constellation Software, Inc., 5.16%, due 02/16/29 144A | 1179104 |
| &nbsp;&nbsp; 279000 | Continental Resources, Inc., 2.88%, due 04/01/32 144A | &nbsp;&nbsp; 243578 |
| &nbsp;&nbsp; 357000 | Continental Resources, Inc., 5.75%, due 01/15/31 144A | &nbsp;&nbsp; 366590 |
| 1536000 | COPT Defense Properties LP, 4.50%, due 10/15/30 | 1532956 |
| 1214000 | Corebridge Financial, Inc., 5.75%, due 01/15/34 | 1274366 |
| 1085000 | Corebridge Global Funding, 4.85%, due 06/06/30 144A | 1100665 |
| &nbsp;&nbsp; 264000 | CoreWeave, Inc., 9.00%, due 02/01/31 144A | &nbsp;&nbsp; 242291 |
| &nbsp;&nbsp; 215000 | CoreWeave, Inc., 9.25%, due 06/01/30 144A | &nbsp;&nbsp; 200124 |
| &nbsp;&nbsp; 525000 | Corp. Andina de Fomento, 5.00%, due 01/24/29 | &nbsp;&nbsp; 541822 |
| &nbsp;&nbsp; 499000 | CoStar Group, Inc., 2.80%, due 07/15/30 144A | &nbsp;&nbsp; 458486 |
| &nbsp;&nbsp; 970000 | Cox Communications, Inc., 2.60%, due 06/15/31 144A | &nbsp;&nbsp; 866019 |
| &nbsp;&nbsp; 728000 | Credit Agricole SA, 3.25%, due 01/14/30 144A | &nbsp;&nbsp; 693484 |
| &nbsp;&nbsp; 427000 | Credit Agricole SA, 5.86% (1 day USD SOFR + 1.74%), due 01/09/36<sup>(b)</sup> 144A | &nbsp;&nbsp; 451472 |

---

68See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 445000 | Credit Agricole SA, 6.32% (1 day USD SOFR + 1.86%), due 10/03/29<sup>(b)</sup> 144A | &nbsp;&nbsp; 469616 |
| &nbsp;&nbsp; 457000 | CSN Resources SA, 4.63%, due 06/10/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 352234 |
| 2592000 | Cummins, Inc., 5.15%, due 02/20/34 | 2692728 |
| &nbsp;&nbsp; 635000 | CVS Health Corp., 4.78%, due 03/25/38 | &nbsp;&nbsp; 601520 |
| &nbsp;&nbsp; 425000 | CVS Health Corp., 5.00%, due 09/15/32 | &nbsp;&nbsp; 434694 |
| &nbsp;&nbsp; 130000 | CVS Health Corp., 5.13%, due 07/20/45 | &nbsp;&nbsp; 118038 |
| &nbsp;&nbsp; 791075 | CVS Pass-Through Trust, 5.77%, due 01/10/33 144A | &nbsp;&nbsp; 807394 |
| &nbsp;&nbsp; 352733 | CVS Pass-Through Trust, 6.94%, due 01/10/30 | &nbsp;&nbsp; 366216 |
| 1134656 | CVS Pass-Through Trust, 7.51%, due 01/10/32 144A | 1205259 |
| &nbsp;&nbsp; 391000 | Danske Bank AS, 5.02% (1 yr. CMT + 0.93%), due 03/04/31<sup>(b)</sup> 144A | &nbsp;&nbsp; 399805 |
| &nbsp;&nbsp; 214000 | DaVita, Inc., 4.63%, due 06/01/30 144A | &nbsp;&nbsp; 208204 |
| &nbsp;&nbsp; 115000 | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | &nbsp;&nbsp; 118265 |
| &nbsp;&nbsp; 192000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 02/01/28 144A | &nbsp;&nbsp; 193032 |
| &nbsp;&nbsp; 490000 | Dell International LLC/EMC Corp., 4.50%, due 02/15/31 | &nbsp;&nbsp; 490111 |
| &nbsp;&nbsp; 429000 | Dell International LLC/EMC Corp., 4.75%, due 10/06/32 | &nbsp;&nbsp; 429648 |
| &nbsp;&nbsp; 262000 | Dell International LLC/EMC Corp., 5.10%, due 02/15/36 | &nbsp;&nbsp; 259384 |
| &nbsp;&nbsp; 443000 | Dell International LLC/EMC Corp., 5.30%, due 04/01/32 | &nbsp;&nbsp; 456336 |
| &nbsp;&nbsp; 641000 | Dell International LLC/EMC Corp., 5.40%, due 04/15/34 | &nbsp;&nbsp; 660802 |
| &nbsp;&nbsp; 971801 | Delta Air Lines Pass-Through Trust, 2.00%, due 12/10/29 | &nbsp;&nbsp; 929393 |
| &nbsp;&nbsp; 169000 | Delta Air Lines, Inc., 5.25%, due 07/10/30 | &nbsp;&nbsp; 173900 |
| 1140000 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, due 10/20/28 144A | 1147230 |
| &nbsp;&nbsp; 528000 | Deutsche Bank AG, 3.74% (1 day USD SOFR + 2.26%), due 01/07/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 491458 |
| &nbsp;&nbsp; 760000 | Deutsche Bank AG, 4.47% (1 day USD SOFR + 1.10%), due 12/10/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 758810 |
| &nbsp;&nbsp; 279000 | Deutsche Bank AG, 5.30% (1 day USD SOFR + 1.72%), due 05/09/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 286381 |
| &nbsp;&nbsp; 460000 | Deutsche Bank AG, 5.37% (1 day USD SOFR + 1.21%), due 01/10/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 469630 |
| &nbsp;&nbsp; 301000 | Deutsche Bank AG, 6.82% (1 day USD SOFR + 2.51%), due 11/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 321372 |
| &nbsp;&nbsp; 174000 | Devon Energy Corp., 5.20%, due 09/15/34<sup>(e)</sup> <br>| &nbsp;&nbsp; 173781 |
| 1900000 | Diamondback Energy, Inc., 6.25%, due 03/15/33 | 2051773 |
| &nbsp;&nbsp; 338000 | Dominion Energy, Inc., 6.00% (5 yr. CMT + 2.26%), due 02/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 340061 |
| &nbsp;&nbsp; 416000 | Dominion Energy, Inc., 6.20% (5 yr. CMT + 2.01%), due 02/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 417413 |
| &nbsp;&nbsp; 240000 | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 249821 |
| &nbsp;&nbsp; 149000 | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 161904 |
| &nbsp;&nbsp; 725000 | DT Midstream, Inc., 4.38%, due 06/15/31 144A | &nbsp;&nbsp; 710699 |
| &nbsp;&nbsp; 166000 | DT Midstream, Inc., 5.80%, due 12/15/34 144A | &nbsp;&nbsp; 172689 |
| &nbsp;&nbsp; 413413 | DTE Electric Securitization Funding I LLC, 2.64%, due 12/01/27 | &nbsp;&nbsp; 406997 |
| 2038000 | DTE Energy Co., 5.85%, due 06/01/34 | 2178323 |
| &nbsp;&nbsp; 411000 | Duke Energy Carolinas LLC, 3.95%, due 03/15/48 | &nbsp;&nbsp; 327945 |
| &nbsp;&nbsp; 349000 | Duke Energy Corp., 5.75%, due 09/15/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 370360 |
| &nbsp;&nbsp; 435000 | Duke Energy Florida LLC, 3.40%, due 10/01/46 | &nbsp;&nbsp; 320220 |
| 1525000 | Duke Energy Indiana LLC, 5.25%, due 03/01/34 | 1582930 |
| &nbsp;&nbsp; 523000 | DuPont de Nemours, Inc., 4.73%, due 11/15/28 144A | &nbsp;&nbsp; 530332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | DuPont de Nemours, Inc., 5.42%, due 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 24844 |
| &nbsp;&nbsp; 228000 | Ecopetrol SA, 6.88%, due 04/29/30 | &nbsp;&nbsp; 231454 |
| &nbsp;&nbsp; 790000 | Ecopetrol SA, 8.63%, due 01/19/29 | &nbsp;&nbsp; 847303 |
| &nbsp;&nbsp; 575000 | Edison International, 5.25%, due 11/15/28 | &nbsp;&nbsp; 583141 |
| &nbsp;&nbsp; 261000 | Efesto Bidco SpA Efesto U.S. LLC, 7.50%, due 02/15/32 144A | &nbsp;&nbsp; 264261 |
| &nbsp;&nbsp; 501000 | Electricite de France SA, 5.65%, due 04/22/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 522208 |
| &nbsp;&nbsp; 420000 | Electricite de France SA, 9.13% (5 yr. CMT + 5.41%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 490093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Elevance Health, Inc., 5.10%, due 01/15/44 | &nbsp;&nbsp;&nbsp;&nbsp; 14230 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 411000 | Enact Holdings, Inc., 6.25%, due 05/28/29 | &nbsp;&nbsp; 431094 |
| &nbsp;&nbsp; 317000 | Enbridge, Inc., 5.50% (3 mo. USD Term SOFR + 3.68%), due 07/15/77<sup>(b)</sup> <br>| &nbsp;&nbsp; 314410 |
| &nbsp;&nbsp; 456000 | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(b)</sup> <br>| &nbsp;&nbsp; 461995 |
| &nbsp;&nbsp; 306000 | Enbridge, Inc., 6.25% (3 mo. USD Term SOFR + 3.90%), due 03/01/78<sup>(b)</sup> <br>| &nbsp;&nbsp; 310626 |
| &nbsp;&nbsp; 217000 | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(b)</sup> <br>| &nbsp;&nbsp; 248949 |
| &nbsp;&nbsp; 189000 | Endo Finance Holdings, Inc., 8.50%, due 04/15/31 144A | &nbsp;&nbsp; 200002 |
| &nbsp;&nbsp; 115000 | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(h)</sup> <br>| &nbsp;&nbsp; 113596 |
| &nbsp;&nbsp; 172000 | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(h)</sup> <br>| &nbsp;&nbsp; 166792 |
| &nbsp;&nbsp; 150000 | Energy Transfer LP, 5.30%, due 04/01/44 | &nbsp;&nbsp; 136887 |
| &nbsp;&nbsp; 590000 | Energy Transfer LP, 5.30%, due 04/15/47 | &nbsp;&nbsp; 526557 |
| &nbsp;&nbsp; 170000 | Energy Transfer LP, 5.40%, due 10/01/47 | &nbsp;&nbsp; 153413 |
| 1918000 | Energy Transfer LP, 5.60%, due 09/01/34 | 1978468 |
| &nbsp;&nbsp; 120000 | Energy Transfer LP, 6.40%, due 12/01/30 | &nbsp;&nbsp; 129795 |
| &nbsp;&nbsp; 228000 | Energy Transfer LP, 6.50% (5 yr. CMT + 2.68%), due 02/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 227355 |
| &nbsp;&nbsp; 683000 | Energy Transfer LP, 6.50% (5 yr. CMT + 5.69%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 688894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Energy Transfer LP, 6.55%, due 12/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 71390 |
| &nbsp;&nbsp; 395000 | Energy Transfer LP, 6.75% (5 yr. CMT + 2.48%), due 02/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 396721 |
| 1376000 | Energy Transfer LP, 7.13% (5 yr. CMT + 5.31%)<sup>(b)(f)</sup> <br>| 1414700 |
| &nbsp;&nbsp; 391000 | Entergy Corp., 5.88% (5 yr. CMT + 2.18%), due 06/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 391396 |
| &nbsp;&nbsp; 217000 | Entergy Corp., 6.10% (5 yr. CMT + 2.01%), due 06/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 217165 |
| 2445000 | Entergy Louisiana LLC, 4.00%, due 03/15/33 | 2365675 |
| 1450000 | Enterprise Products Operating LLC, 4.90%, due 05/15/46 | 1316534 |
| &nbsp;&nbsp; 656000 | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 5.25% (3 mo. USD Term SOFR + 3.29%), due <br> 08/16/77<sup>(b)</sup> <br>| &nbsp;&nbsp; 655389 |
| &nbsp;&nbsp; 114000 | EQT Corp., 7.50%, due 06/01/30 | &nbsp;&nbsp; 125671 |
| &nbsp;&nbsp; 205000 | Eskom Holdings, 6.35%, due 08/10/28 144A | &nbsp;&nbsp; 212743 |
| 2050000 | Eversource Energy, 2.90%, due 03/01/27 | 2022870 |
| 1416000 | Exelon Corp., 3.35%, due 03/15/32 | 1328824 |
| 1478000 | Exelon Corp., 5.10%, due 06/15/45 | 1372669 |
| &nbsp;&nbsp; 162000 | Exelon Corp., 5.13%, due 03/15/31 | &nbsp;&nbsp; 167751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92000 | Exelon Corp., 6.50% (5 yr. CMT + 1.98%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95930 |
| &nbsp;&nbsp; 419000 | Expand Energy Corp., 4.75%, due 02/01/32 | &nbsp;&nbsp; 414069 |
| &nbsp;&nbsp; 116000 | F&G Annuities & Life, Inc., 6.25%, due 10/04/34 | &nbsp;&nbsp; 118252 |
| &nbsp;&nbsp; 174000 | F&G Annuities & Life, Inc., 6.50%, due 06/04/29 | &nbsp;&nbsp; 181610 |
| 1000000 | Fairfax Financial Holdings Ltd., 5.63%, due 08/16/32 | 1045926 |
| &nbsp;&nbsp; 675000 | Fairfax Financial Holdings Ltd., 6.00%, due 12/07/33 | &nbsp;&nbsp; 718023 |
| 2378000 | Ferguson Finance PLC, 3.25%, due 06/02/30 144A | 2274983 |
| 1130000 | Ferguson Finance PLC, 4.50%, due 10/24/28<sup>(e)</sup> 144A | 1138981 |
| &nbsp;&nbsp; 216000 | FIBRA Prologis, 5.50%, due 11/26/35 144A | &nbsp;&nbsp; 217134 |
| &nbsp;&nbsp; 181000 | Fifth Third Bancorp, 4.77% (1 day USD SOFR Index + 2.13%), due 07/28/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 183332 |
| &nbsp;&nbsp; 244000 | Fifth Third Bancorp, 5.63% (1 day USD SOFR + 1.84%), due 01/29/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 256366 |
| &nbsp;&nbsp; 264000 | Fifth Third Bancorp, 6.97% (3 mo. USD Term SOFR + 3.29%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 264694 |
| &nbsp;&nbsp; 353000 | First Citizens BancShares, Inc., 5.23% (1 day USD SOFR + 1.41%), due 03/12/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 359245 |
| &nbsp;&nbsp; 403000 | First Citizens BancShares, Inc., 5.60% (5 yr. CMT + 1.85%), due 09/05/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 402809 |
| &nbsp;&nbsp; 281000 | First Citizens BancShares, Inc., 7.00% (5 yr. CMT + 3.30%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 287507 |
| &nbsp;&nbsp; 246000 | First Horizon Corp., 5.51% (1 day USD SOFR + 1.77%), due 03/07/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 254761 |
| &nbsp;&nbsp; 200000 | First Quantum Minerals Ltd., 7.25%, due 02/15/34 144A | &nbsp;&nbsp; 210422 |
| &nbsp;&nbsp; 200000 | First Quantum Minerals Ltd., 8.00%, due 03/01/33 144A | &nbsp;&nbsp; 213840 |
| &nbsp;&nbsp; 200000 | First Quantum Minerals Ltd., 8.63%, due 06/01/31 144A | &nbsp;&nbsp; 210750 |

---

70See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 2365000 | Florida Power & Light Co., 2.45%, due 02/03/32 | 2138051 |
| &nbsp;&nbsp; 221000 | Flowserve Corp., 3.50%, due 10/01/30 | &nbsp;&nbsp; 211023 |
| &nbsp;&nbsp; 200000 | Flutter Treasury DAC, 5.88%, due 06/04/31 144A | &nbsp;&nbsp; 202889 |
| 1560000 | Ford Motor Credit Co. LLC, 2.90%, due 02/10/29 | 1467887 |
| &nbsp;&nbsp; 350000 | Ford Motor Credit Co. LLC, 3.63%, due 06/17/31 | &nbsp;&nbsp; 321165 |
| 1264000 | Ford Motor Credit Co. LLC, 4.00%, due 11/13/30 | 1195199 |
| &nbsp;&nbsp; 986000 | Ford Motor Credit Co. LLC, 5.11%, due 05/03/29 | &nbsp;&nbsp; 988553 |
| &nbsp;&nbsp; 461000 | Ford Motor Credit Co. LLC, 5.80%, due 03/08/29 | &nbsp;&nbsp; 471459 |
| &nbsp;&nbsp; 878000 | Ford Motor Credit Co. LLC, 6.13%, due 03/08/34 | &nbsp;&nbsp; 893973 |
| 1075000 | Foundry JV Holdco LLC, 5.90%, due 01/25/33 144A | 1127422 |
| &nbsp;&nbsp; 468000 | Foundry JV Holdco LLC, 6.10%, due 01/25/36 144A | &nbsp;&nbsp; 491015 |
| &nbsp;&nbsp; 673000 | Foundry JV Holdco LLC, 6.25%, due 01/25/35 144A | &nbsp;&nbsp; 716086 |
| &nbsp;&nbsp; 325000 | Freedom Mortgage Holdings LLC, 6.88%, due 05/01/31 144A | &nbsp;&nbsp; 325458 |
| &nbsp;&nbsp; 159000 | Freedom Mortgage Holdings LLC, 7.88%, due 04/01/33 144A | &nbsp;&nbsp; 165108 |
| &nbsp;&nbsp; 267000 | Freeport-McMoRan, Inc., 5.40%, due 11/14/34 | &nbsp;&nbsp; 275917 |
| &nbsp;&nbsp; 655000 | Fresenius Medical Care U.S. Finance III, Inc., 2.38%, due 02/16/31 144A | &nbsp;&nbsp; 582630 |
| &nbsp;&nbsp; 200000 | Froneri Lux FinCo SARL, 6.00%, due 08/01/32 144A | &nbsp;&nbsp; 202905 |
| &nbsp;&nbsp; 484000 | GA Global Funding Trust, 4.50%, due 09/18/30 144A | &nbsp;&nbsp; 479543 |
| &nbsp;&nbsp; 245000 | GA Global Funding Trust, 5.20%, due 12/09/31 144A | &nbsp;&nbsp; 249041 |
| &nbsp;&nbsp; 165000 | Gap, Inc., 3.63%, due 10/01/29 144A | &nbsp;&nbsp; 156797 |
| &nbsp;&nbsp; 231000 | Garda World Security Corp., 6.50%, due 01/15/31 144A | &nbsp;&nbsp; 236514 |
| &nbsp;&nbsp; 323000 | GCI LLC, 4.75%, due 10/15/28 144A | &nbsp;&nbsp; 315236 |
| 3111000 | General Motors Financial Co., Inc., 2.40%, due 10/15/28 | 2968504 |
| &nbsp;&nbsp; 495000 | General Motors Financial Co., Inc., 3.10%, due 01/12/32 | &nbsp;&nbsp; 452037 |
| 1078000 | General Motors Financial Co., Inc., 3.60%, due 06/21/30 | 1039678 |
| 1053000 | General Motors Financial Co., Inc., 5.95%, due 04/04/34 | 1104209 |
| &nbsp;&nbsp; 878000 | General Motors Financial Co., Inc., 6.00%, due 01/09/28 | &nbsp;&nbsp; 908117 |
| &nbsp;&nbsp; 180000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.88%, due 05/15/32 | &nbsp;&nbsp; 187746 |
| &nbsp;&nbsp; 198000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | &nbsp;&nbsp; 205669 |
| &nbsp;&nbsp; 200000 | Genmab AS/Genmab Finance LLC, 6.25%, due 12/15/32 144A | &nbsp;&nbsp; 205058 |
| 1831000 | Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, due 06/04/29 | 1916310 |
| 2471000 | Global Atlantic Fin Co., 3.13%, due 06/15/31 144A | 2239634 |
| 1497000 | Global Atlantic Fin Co., 4.40%, due 10/15/29 144A | 1476600 |
| &nbsp;&nbsp; 142000 | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(b)</sup> 144A | &nbsp;&nbsp; 147417 |
| &nbsp;&nbsp; 504000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, due 01/15/32 144A | &nbsp;&nbsp; 484338 |
| &nbsp;&nbsp; 234000 | Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, due 08/15/29 144A | &nbsp;&nbsp; 245912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | Global Partners LP/GLP Finance Corp., 7.13%, due 07/01/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 68647 |
| &nbsp;&nbsp; 165000 | Global Partners LP/GLP Finance Corp., 8.25%, due 01/15/32 144A | &nbsp;&nbsp; 174456 |
| 1259000 | GLP Capital LP/GLP Financing II, Inc., 4.00%, due 01/15/31 | 1210888 |
| 1100000 | Goldman Sachs Group, Inc., 1.54% (1 day USD SOFR + 0.82%), due 09/10/27<sup>(b)</sup> <br>| 1081129 |
| 2169000 | Goldman Sachs Group, Inc., 2.62% (1 day USD SOFR + 1.28%), due 04/22/32<sup>(b)</sup> <br>| 1980297 |
| &nbsp;&nbsp; 407000 | Goldman Sachs Group, Inc., 2.65% (1 day USD SOFR + 1.26%), due 10/21/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 367928 |
| 1407000 | Goldman Sachs Group, Inc., 3.80%, due 03/15/30 | 1386464 |
| 1065000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| 1059468 |
| &nbsp;&nbsp; 924000 | Goldman Sachs Group, Inc., 5.22% (1 day USD SOFR + 1.58%), due 04/23/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 955190 |
| &nbsp;&nbsp; 476000 | Golub Capital BDC, Inc., 7.05%, due 12/05/28 | &nbsp;&nbsp; 502611 |
| &nbsp;&nbsp; 204000 | Graphic Packaging International LLC, 3.50%, due 03/01/29 144A | &nbsp;&nbsp; 195347 |
| &nbsp;&nbsp; 327000 | Gray Media, Inc., 10.50%, due 07/15/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 352207 |
| &nbsp;&nbsp; 159000 | Gulfstream Natural Gas System LLC, 5.60%, due 07/23/35 144A | &nbsp;&nbsp; 163645 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 132000 | HCA, Inc., 4.30%, due 11/15/30 | &nbsp;&nbsp; 131668 |
| &nbsp;&nbsp; 203000 | HCA, Inc., 4.60%, due 11/15/32 | &nbsp;&nbsp; 201528 |
| &nbsp;&nbsp; 339000 | HCA, Inc., 5.45%, due 04/01/31 | &nbsp;&nbsp; 354182 |
| &nbsp;&nbsp; 275000 | HCA, Inc., 7.75%, due 07/15/36 | &nbsp;&nbsp; 323476 |
| &nbsp;&nbsp; 165000 | Herc Holdings, Inc., 5.75%, due 03/15/31 144A | &nbsp;&nbsp; 167626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Herc Holdings, Inc., 6.00%, due 03/15/34 144A | &nbsp;&nbsp;&nbsp;&nbsp; 30407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Hess Midstream Operations LP, 6.50%, due 06/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 65392 |
| &nbsp;&nbsp; 290000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, due 04/15/30 144A | &nbsp;&nbsp; 282918 |
| &nbsp;&nbsp; 205000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 04/15/32 144A | &nbsp;&nbsp; 193674 |
| &nbsp;&nbsp; 237000 | Hilton Domestic Operating Co., Inc., 5.50%, due 03/31/34 144A | &nbsp;&nbsp; 238944 |
| &nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.63%, <br> due 01/15/32 144A<br>| &nbsp;&nbsp; 286993 |
| &nbsp;&nbsp; 435000 | Horizon Mutual Holdings, Inc., 6.20%, due 11/15/34 144A | &nbsp;&nbsp; 421916 |
| &nbsp;&nbsp; 168000 | Howard Midstream Energy Partners LLC, 6.63%, due 01/15/34 144A | &nbsp;&nbsp; 172671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | Howard Midstream Energy Partners LLC, 7.38%, due 07/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 47513 |
| &nbsp;&nbsp; 304000 | HPS Corporate Lending Fund, 5.95%, due 04/14/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 309068 |
| 1704000 | HSBC Holdings PLC, 5.13% (1 day USD SOFR + 1.29%), due 03/03/31<sup>(b)</sup> <br>| 1748397 |
| &nbsp;&nbsp; 241000 | Huntington Bancshares, Inc., 5.27% (1 day USD SOFR + 1.28%), due 01/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 248225 |
| &nbsp;&nbsp; 128000 | Huntington Bancshares, Inc., 6.14% (5 yr. CMT + 1.70%), due 11/18/39<sup>(b)</sup> <br>| &nbsp;&nbsp; 134057 |
| &nbsp;&nbsp; 164000 | Huntington Bancshares, Inc., 6.21% (1 day USD SOFR + 2.02%), due 08/21/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 172217 |
| &nbsp;&nbsp; 189000 | Huntington Bancshares, Inc., 6.25% (5 yr. CMT + 2.65%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 189855 |
| &nbsp;&nbsp; 216000 | IHS Holding Ltd., 7.88%, due 05/29/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 222917 |
| &nbsp;&nbsp; 393000 | IHS Holding Ltd., 8.25%, due 11/29/31<sup>(e)</sup> 144A | &nbsp;&nbsp; 411769 |
| &nbsp;&nbsp; 309000 | Iliad Holding SAS, 7.00%, due 04/15/32 144A | &nbsp;&nbsp; 319222 |
| &nbsp;&nbsp; 200000 | Iliad Holding SAS, 8.50%, due 04/15/31 144A | &nbsp;&nbsp; 215379 |
| 2000000 | Imperial Brands Finance PLC, 5.50%, due 02/01/30 144A | 2075612 |
| &nbsp;&nbsp; 120000 | ING Groep NV, 5.34% (1 day USD SOFR + 1.44%), due 03/19/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 123900 |
| &nbsp;&nbsp; 200000 | ING Groep NV, 6.11% (1 day USD SOFR + 2.09%), due 09/11/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 216642 |
| 1230000 | Invitation Homes Operating Partnership LP, 4.95%, due 01/15/33 | 1250661 |
| &nbsp;&nbsp; 278000 | ION Platform Finance U.S., Inc., 7.88%, due 09/30/32 144A | &nbsp;&nbsp; 264130 |
| &nbsp;&nbsp; 170000 | IPALCO Enterprises, Inc., 4.25%, due 05/01/30 | &nbsp;&nbsp; 166497 |
| &nbsp;&nbsp; 172000 | IQVIA, Inc., 6.25%, due 02/01/29 | &nbsp;&nbsp; 181503 |
| &nbsp;&nbsp; 270000 | Iron Mountain Information Management Services, Inc., 5.00%, due 07/15/32 144A | &nbsp;&nbsp; 257920 |
| &nbsp;&nbsp; 161000 | Iron Mountain, Inc., 5.25%, due 07/15/30 144A | &nbsp;&nbsp; 159178 |
| &nbsp;&nbsp; 289000 | JB Poindexter & Co., Inc., 8.75%, due 12/15/31 144A | &nbsp;&nbsp; 303082 |
| 1050000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.00%, due <br> 02/02/29<br>| 1011953 |
| &nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 3.63%, due <br> 01/15/32<br>| &nbsp;&nbsp; 377596 |
| &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL, 5.75%, due <br> 04/01/33<br>| &nbsp;&nbsp; 365963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp; JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 04/20/35 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98016 |
| &nbsp;&nbsp; 980000 | Jefferies Financial Group, Inc., 5.88%, due 07/21/28 | 1019731 |
| &nbsp;&nbsp; 347000 | Jefferies Financial Group, Inc., 6.20%, due 04/14/34 | &nbsp;&nbsp; 367086 |
| &nbsp;&nbsp; 215150 | JetBlue Pass-Through Trust, 2.75%, due 11/15/33 | &nbsp;&nbsp; 193706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91000 | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 93019 |
| &nbsp;&nbsp; 291000 | JH North America Holdings, Inc., 6.13%, due 07/31/32 144A | &nbsp;&nbsp; 298887 |
| 2000000 | JPMorgan Chase & Co., 2.07% (1 day USD SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| 1911931 |
| &nbsp;&nbsp; 273000 | JPMorgan Chase & Co., 2.52% (1 day USD SOFR + 2.04%), due 04/22/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 254600 |

---

72See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 760000 | JPMorgan Chase & Co., 2.58% (3 mo. USD Term SOFR + 1.25%), due 04/22/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 695726 |
| 1817000 | JPMorgan Chase & Co., 3.78% (3 mo. USD Term SOFR + 1.60%), due 02/01/28<sup>(b)</sup> <br>| 1813465 |
| &nbsp;&nbsp; 965000 | JPMorgan Chase & Co., 4.01% (3 mo. USD Term SOFR + 1.38%), due 04/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 964577 |
| 2124000 | JPMorgan Chase & Co., 4.20% (3 mo. USD Term SOFR + 1.52%), due 07/23/29<sup>(b)</sup> <br>| 2131358 |
| &nbsp;&nbsp; 434000 | JPMorgan Chase & Co., 4.60% (1 day USD SOFR + 1.04%), due 10/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 440542 |
| &nbsp;&nbsp; 415000 | JPMorgan Chase & Co., 5.00% (1 day USD SOFR + 1.13%), due 07/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 426439 |
| &nbsp;&nbsp; 406000 | JPMorgan Chase & Co., 5.01% (1 day USD SOFR + 1.31%), due 01/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 416566 |
| &nbsp;&nbsp; 611000 | JPMorgan Chase & Co., 5.29% (1 day USD SOFR + 1.46%), due 07/22/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 631613 |
| 2965000 | JPMorgan Chase & Co., 5.34% (1 day USD SOFR + 1.62%), due 01/23/35<sup>(b)</sup> <br>| 3078746 |
| &nbsp;&nbsp; 404000 | JPMorgan Chase & Co., 5.50% (1 day USD SOFR + 1.32%), due 01/24/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 423368 |
| &nbsp;&nbsp; 229000 | JPMorgan Chase & Co., 5.58% (1 day USD SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 239121 |
| 1003000 | JPMorgan Chase & Co., 5.58% (1 day USD SOFR + 1.64%), due 07/23/36<sup>(b)</sup> <br>| 1040010 |
| &nbsp;&nbsp; 780000 | Kaiser Foundation Hospitals, 2.81%, due 06/01/41 | &nbsp;&nbsp; 582551 |
| &nbsp;&nbsp; 206000 | KB Home, 4.00%, due 06/15/31 | &nbsp;&nbsp; 195125 |
| &nbsp;&nbsp; 327000 | KeyCorp, 5.12% (1 day USD SOFR Index + 1.23%), due 04/04/31<sup>(b)(e)</sup> <br>| &nbsp;&nbsp; 336144 |
| &nbsp;&nbsp; 154000 | KeyCorp, 6.40% (1 day USD SOFR Index + 2.42%), due 03/06/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 167599 |
| &nbsp;&nbsp; 608000 | Kinder Morgan, Inc., 5.85%, due 06/01/35<sup>(e)</sup> <br>| &nbsp;&nbsp; 645059 |
| &nbsp;&nbsp; 535000 | Kioxia Holdings Corp., 6.63%, due 07/24/33 144A | &nbsp;&nbsp; 556893 |
| 1291000 | KKR Group Finance Co. II LLC, 5.50%, due 02/01/43<sup>(e)</sup> 144A | 1266479 |
| &nbsp;&nbsp; 257000 | KKR Group Finance Co. VII LLC, 3.63%, due 02/25/50 144A | &nbsp;&nbsp; 186234 |
| &nbsp;&nbsp; 283000 | KKR Group Finance Co. X LLC, 3.25%, due 12/15/51 144A | &nbsp;&nbsp; 188658 |
| 1910000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | 1914923 |
| &nbsp;&nbsp; 145000 | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | &nbsp;&nbsp; 140393 |
| &nbsp;&nbsp; 260000 | Lamb Weston Holdings, Inc., 4.38%, due 01/31/32<sup>(e)</sup> 144A | &nbsp;&nbsp; 247944 |
| &nbsp;&nbsp; 377000 | Lazard Group LLC, 4.38%, due 03/11/29 | &nbsp;&nbsp; 378105 |
| &nbsp;&nbsp; 480000 | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | &nbsp;&nbsp; 491400 |
| &nbsp;&nbsp; 457000 | Leviathan Bond Ltd., 6.50%, due 06/30/27<sup>(h)</sup> <br>| &nbsp;&nbsp; 460603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Leviathan Bond Ltd., 6.75%, due 06/30/30<sup>(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 80518 |
| &nbsp;&nbsp; 252000 | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(b)</sup> 144A | &nbsp;&nbsp; 248564 |
| &nbsp;&nbsp; 110000 | Lithia Motors, Inc., 3.88%, due 06/01/29 144A | &nbsp;&nbsp; 106439 |
| &nbsp;&nbsp; 246000 | Lithia Motors, Inc., 4.38%, due 01/15/31 144A | &nbsp;&nbsp; 236624 |
| &nbsp;&nbsp; 235000 | Lithia Motors, Inc., 5.50%, due 10/01/30 144A | &nbsp;&nbsp; 236776 |
| 1360000 | Lloyds Banking Group PLC, 5.68% (1 yr. CMT + 1.75%), due 01/05/35<sup>(b)</sup> <br>| 1434483 |
| &nbsp;&nbsp; 255000 | Lloyds Banking Group PLC, 6.07% (1 yr. CMT + 1.60%), due 06/13/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 268799 |
| &nbsp;&nbsp; 296000 | Lloyds Banking Group PLC, 6.63% (5 yr. CMT + 2.68%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 295665 |
| &nbsp;&nbsp; 200000 | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 208036 |
| &nbsp;&nbsp; 260000 | Long Ridge Energy LLC, 8.75%, due 02/15/32 144A | &nbsp;&nbsp; 276886 |
| &nbsp;&nbsp; 167000 | M&T Bank Corp., 5.13% (3 mo. USD Term SOFR + 3.78%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 166827 |
| &nbsp;&nbsp; 200000 | M&T Bank Corp., 5.18% (1 day USD SOFR + 1.40%), due 07/08/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 205677 |
| &nbsp;&nbsp; 347000 | M&T Bank Corp., 5.39% (1 day USD SOFR + 1.61%), due 01/16/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 353409 |
| &nbsp;&nbsp; 375000 | M&T Bank Corp., 5.40% (5 yr. CMT + 1.43%), due 07/30/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 379047 |
| &nbsp;&nbsp; 246000 | Macquarie Bank Ltd., 3.62%, due 06/03/30 144A | &nbsp;&nbsp; 235734 |
| 2000000 | Macquarie Group Ltd., 6.26% (1 day USD SOFR + 2.30%), due 12/07/34<sup>(b)(e)</sup> 144A | 2182965 |
| &nbsp;&nbsp; 149000 | Macy's Retail Holdings LLC, 5.88%, due 03/15/30 144A | &nbsp;&nbsp; 150529 |
| &nbsp;&nbsp; 146000 | Macy's Retail Holdings LLC, 6.13%, due 03/15/32 144A | &nbsp;&nbsp; 147974 |
| &nbsp;&nbsp; 277000 | Macy's Retail Holdings LLC, 7.38%, due 08/01/33 144A | &nbsp;&nbsp; 293960 |
| &nbsp;&nbsp; 514000 | MARB BondCo PLC, 3.95%, due 01/29/31 144A | &nbsp;&nbsp; 466389 |
| &nbsp;&nbsp; 286000 | Marriott Ownership Resorts, Inc., 6.50%, due 10/01/33<sup>(e)</sup> 144A | &nbsp;&nbsp; 275241 |
| &nbsp;&nbsp; 247000 | Mars, Inc., 5.00%, due 03/01/32 144A | &nbsp;&nbsp; 255047 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1465000 | Mars, Inc., 5.20%, due 03/01/35 144A | 1509383 |
| &nbsp;&nbsp; 193000 | Marvell Technology, Inc., 5.95%, due 09/15/33 | &nbsp;&nbsp; 206863 |
| &nbsp;&nbsp; 460000 | Massachusetts Institute of Technology, 4.68%, due 07/01/14<sup>(g)</sup> <br>| &nbsp;&nbsp; 384631 |
| 1615000 | Massachusetts Mutual Life Insurance Co., 5.67%, due 12/01/52<sup>(e)</sup> 144A | 1566935 |
| &nbsp;&nbsp; 332000 | MassMutual Global Funding II, 4.35%, due 09/17/31 144A | &nbsp;&nbsp; 329803 |
| &nbsp;&nbsp; 182000 | MasTec, Inc., 5.90%, due 06/15/29 | &nbsp;&nbsp; 190030 |
| &nbsp;&nbsp; 261000 | MercadoLibre, Inc., 4.90%, due 01/15/33 | &nbsp;&nbsp; 259069 |
| &nbsp;&nbsp; 487000 | Meta Platforms, Inc., 4.20%, due 11/15/30 | &nbsp;&nbsp; 488795 |
| 2630000 | Meta Platforms, Inc., 4.60%, due 11/15/32 | 2655450 |
| &nbsp;&nbsp; 665000 | Meta Platforms, Inc., 4.88%, due 11/15/35 | &nbsp;&nbsp; 665485 |
| &nbsp;&nbsp; 188000 | Meta Platforms, Inc., 5.63%, due 11/15/55 | &nbsp;&nbsp; 180940 |
| &nbsp;&nbsp; 382000 | MetLife, Inc., 6.40%, due 12/15/66 | &nbsp;&nbsp; 401000 |
| &nbsp;&nbsp; 401000 | Mexico City Airport Trust, 4.25%, due 10/31/26 144A | &nbsp;&nbsp; 399849 |
| 1005000 | Mexico City Airport Trust, 5.50%, due 07/31/47 144A | &nbsp;&nbsp; 883335 |
| &nbsp;&nbsp; 323000 | MGM Resorts International, 4.75%, due 10/15/28 | &nbsp;&nbsp; 322914 |
| &nbsp;&nbsp; 289000 | Michaels Cos., Inc., 5.25%, due 05/01/28 144A | &nbsp;&nbsp; 278166 |
| &nbsp;&nbsp; 178000 | Michaels Cos., Inc., 7.88%, due 05/01/29 144A | &nbsp;&nbsp; 164570 |
| &nbsp;&nbsp; 372000 | Micron Technology, Inc., 2.70%, due 04/15/32 | &nbsp;&nbsp; 334264 |
| &nbsp;&nbsp; 318000 | Micron Technology, Inc., 5.30%, due 01/15/31 | &nbsp;&nbsp; 330007 |
| &nbsp;&nbsp; 303000 | Micron Technology, Inc., 5.65%, due 11/01/32 | &nbsp;&nbsp; 319212 |
| &nbsp;&nbsp; 265000 | Micron Technology, Inc., 5.80%, due 01/15/35 | &nbsp;&nbsp; 279878 |
| &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| &nbsp;&nbsp; 324913 |
| &nbsp;&nbsp; 241200 | Millicom International Cellular SA, 6.25%, due 03/25/29 144A | &nbsp;&nbsp; 243581 |
| &nbsp;&nbsp; 200000 | Millicom International Cellular SA, 7.38%, due 04/02/32 144A | &nbsp;&nbsp; 208019 |
| &nbsp;&nbsp; 376000 | Millrose Properties, Inc., 6.38%, due 08/01/30 144A | &nbsp;&nbsp; 384982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Mineral Resources Ltd., 7.00%, due 04/01/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 78288 |
| &nbsp;&nbsp; 135000 | Molina Healthcare, Inc., 6.50%, due 02/15/31 144A | &nbsp;&nbsp; 138818 |
| 1250000 | Moody's Corp., 3.25%, due 05/20/50 | &nbsp;&nbsp; 857307 |
| &nbsp;&nbsp; 715000 | Morgan Stanley, 1.93% (1 day USD SOFR + 1.02%), due 04/28/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 628861 |
| 2321000 | Morgan Stanley, 2.24% (1 day USD SOFR + 1.18%), due 07/21/32<sup>(b)</sup> <br>| 2065011 |
| &nbsp;&nbsp; 601000 | Morgan Stanley, 2.48% (1 day USD SOFR + 1.36%), due 09/16/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 529351 |
| 1755000 | Morgan Stanley, 2.70% (1 day USD SOFR + 1.14%), due 01/22/31<sup>(b)</sup> <br>| 1648103 |
| 2423000 | Morgan Stanley, 2.94% (1 day USD SOFR + 1.29%), due 01/21/33<sup>(b)</sup> <br>| 2214768 |
| 2461000 | Morgan Stanley, 3.62% (1 day USD SOFR + 3.12%), due 04/01/31<sup>(b)</sup> <br>| 2393829 |
| &nbsp;&nbsp; 910000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 905295 |
| 1247000 | Morgan Stanley, 4.21% (1 day USD SOFR + 1.61%), due 04/20/28<sup>(b)</sup> <br>| 1250104 |
| &nbsp;&nbsp; 653000 | Morgan Stanley, 5.17% (1 day USD SOFR + 1.45%), due 01/16/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 671169 |
| &nbsp;&nbsp; 525000 | Morgan Stanley, 5.32% (1 day USD SOFR + 1.56%), due 07/19/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 541773 |
| &nbsp;&nbsp; 545000 | Motorola Solutions, Inc., 2.30%, due 11/15/30 | &nbsp;&nbsp; 495791 |
| &nbsp;&nbsp; 415000 | Motorola Solutions, Inc., 2.75%, due 05/24/31 | &nbsp;&nbsp; 380307 |
| &nbsp;&nbsp; 370000 | MPLX LP, 4.50%, due 04/15/38 | &nbsp;&nbsp; 338549 |
| &nbsp;&nbsp; 530000 | MPLX LP, 4.70%, due 04/15/48 | &nbsp;&nbsp; 442908 |
| &nbsp;&nbsp; 655000 | MPLX LP, 4.80%, due 02/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 663604 |
| &nbsp;&nbsp; 208000 | MPLX LP, 4.95%, due 09/01/32 | &nbsp;&nbsp; 209755 |
| &nbsp;&nbsp; 223000 | MPLX LP, 5.00%, due 03/01/33 | &nbsp;&nbsp; 224817 |
| &nbsp;&nbsp; 105000 | MPLX LP, 5.20%, due 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 94208 |
| &nbsp;&nbsp; 685000 | MPLX LP, 5.50%, due 06/01/34 | &nbsp;&nbsp; 700407 |
| &nbsp;&nbsp; 255000 | MPT Operating Partnership LP/MPT Finance Corp., 3.50%, due 03/15/31 | &nbsp;&nbsp; 185618 |

---

74See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 210000 | MPT Operating Partnership LP/MPT Finance Corp., 5.00%, due 10/15/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 203542 |
| &nbsp;&nbsp; 454000 | MSCI, Inc., 3.63%, due 11/01/31 144A | &nbsp;&nbsp; 426967 |
| 1494000 | MSCI, Inc., 5.25%, due 09/01/35 | 1508330 |
| &nbsp;&nbsp; 695000 | Mylan, Inc., 5.40%, due 11/29/43 | &nbsp;&nbsp; 601165 |
| &nbsp;&nbsp; 365000 | National Fuel Gas Co., 5.50%, due 03/15/30 | &nbsp;&nbsp; 377299 |
| 2436000 | National Securities Clearing Corp., 5.00%, due 05/30/28 144A | 2495384 |
| &nbsp;&nbsp; 356000 | NatWest Group PLC, 7.30% (5 yr. CMT + 2.94%)<sup>(b)(f)</sup> <br>| &nbsp;&nbsp; 377852 |
| &nbsp;&nbsp; 283000 | NatWest Group PLC, 8.13% (5 yr. CMT + 3.75%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 319247 |
| &nbsp;&nbsp; 323000 | NBM U.S. Holdings, Inc., 6.63%, due 08/06/29<sup>(e)</sup> 144A | &nbsp;&nbsp; 327188 |
| &nbsp;&nbsp; 191000 | NCL Corp. Ltd., 5.88%, due 01/15/31 144A | &nbsp;&nbsp; 190385 |
| &nbsp;&nbsp; 202000 | NCL Corp. Ltd., 6.75%, due 02/01/32 144A | &nbsp;&nbsp; 206957 |
| &nbsp;&nbsp; 176000 | NCL Corp. Ltd., Class C, 6.25%, due 09/15/33 144A | &nbsp;&nbsp; 175961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Newell Brands, Inc., 6.38%, due 05/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 83119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Newell Brands, Inc., 6.63%, due 05/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 48577 |
| &nbsp;&nbsp; 265000 | News Corp., 3.88%, due 05/15/29 144A | &nbsp;&nbsp; 257097 |
| &nbsp;&nbsp; 164000 | News Corp., 5.13%, due 02/15/32 144A | &nbsp;&nbsp; 161746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | NextEra Energy Capital Holdings, Inc., 2.25%, due 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 66305 |
| &nbsp;&nbsp; 228000 | NextEra Energy Capital Holdings, Inc., 6.38% (5 yr. CMT + 2.05%), due 08/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 235500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68000 | NextEra Energy Capital Holdings, Inc., 6.50% (5 yr. CMT + 1.98%), due 08/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 71679 |
| &nbsp;&nbsp; 182000 | NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT + 2.36%), due 09/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 189212 |
| 1900000 | Niagara Mohawk Power Corp., 5.66%, due 01/17/54 144A | 1856032 |
| &nbsp;&nbsp; 137000 | NiSource, Inc., 3.60%, due 05/01/30 | &nbsp;&nbsp; 133304 |
| &nbsp;&nbsp; 345000 | NiSource, Inc., 5.75% (5 yr. CMT + 2.04%), due 07/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp; 347787 |
| &nbsp;&nbsp; 174000 | NMI Holdings, Inc., 6.00%, due 08/15/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 180391 |
| &nbsp;&nbsp; 200000 | Nomura Holdings, Inc., 2.61%, due 07/14/31 | &nbsp;&nbsp; 181020 |
| 2285000 | Northwest Pipeline LLC, 4.00%, due 04/01/27 | 2285131 |
| &nbsp;&nbsp; 324000 | Novelis Corp., 4.75%, due 01/30/30 144A | &nbsp;&nbsp; 313209 |
| &nbsp;&nbsp; 218000 | NRG Energy, Inc., 3.63%, due 02/15/31 144A | &nbsp;&nbsp; 203841 |
| &nbsp;&nbsp; 747000 | NRG Energy, Inc., 3.88%, due 02/15/32 144A | &nbsp;&nbsp; 702465 |
| &nbsp;&nbsp; 261000 | NRG Energy, Inc., 4.45%, due 06/15/29 144A | &nbsp;&nbsp; 260265 |
| &nbsp;&nbsp; 190000 | NRG Energy, Inc., 5.75%, due 01/15/34 144A | &nbsp;&nbsp; 192076 |
| &nbsp;&nbsp; 217000 | NRG Energy, Inc., 6.00%, due 02/01/33 144A | &nbsp;&nbsp; 221644 |
| &nbsp;&nbsp; 378000 | NRG Energy, Inc., 7.00%, due 03/15/33 144A | &nbsp;&nbsp; 419698 |
| &nbsp;&nbsp; 235000 | NRG Energy, Inc., 10.25% (5 yr. CMT + 5.92%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 256825 |
| &nbsp;&nbsp; 250000 | NSTAR Electric Co., 3.10%, due 06/01/51 | &nbsp;&nbsp; 168779 |
| &nbsp;&nbsp; 400000 | NSTAR Electric Co., 5.40%, due 06/01/34 | &nbsp;&nbsp; 416249 |
| &nbsp;&nbsp; 267000 | NTT Finance Corp., 5.17%, due 07/16/32 144A | &nbsp;&nbsp; 274630 |
| 2792000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 2.50%, due 05/11/31 | 2530745 |
| 3517000 | Occidental Petroleum Corp., 4.46%, due 10/10/36<sup>(i)</sup> <br>| 2145523 |
| &nbsp;&nbsp; 153000 | Occidental Petroleum Corp., 5.38%, due 01/01/32 | &nbsp;&nbsp; 156761 |
| &nbsp;&nbsp; 421000 | Occidental Petroleum Corp., 6.45%, due 09/15/36 | &nbsp;&nbsp; 449038 |
| &nbsp;&nbsp; 459000 | Occidental Petroleum Corp., 6.63%, due 09/01/30 | &nbsp;&nbsp; 494444 |
| &nbsp;&nbsp; 412000 | OCP SA, 6.75%, due 05/02/34 144A | &nbsp;&nbsp; 444884 |
| &nbsp;&nbsp; 133000 | OneMain Finance Corp., 3.88%, due 09/15/28 | &nbsp;&nbsp; 129700 |
| &nbsp;&nbsp; 381000 | OneMain Finance Corp., 6.13%, due 05/15/30 | &nbsp;&nbsp; 389316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | OneMain Finance Corp., 6.63%, due 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 63829 |
| &nbsp;&nbsp; 655000 | ONEOK, Inc., 3.10%, due 03/15/30 | &nbsp;&nbsp; 623712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | ONEOK, Inc., 4.25%, due 09/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 59003 |
| &nbsp;&nbsp; 370000 | ONEOK, Inc., 5.38%, due 06/01/29 | &nbsp;&nbsp; 381739 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1380000 | ONEOK, Inc., 6.05%, due 09/01/33 | 1473012 |
| 1456000 | Oracle Corp., 3.95%, due 03/25/51 | &nbsp;&nbsp; 963165 |
| &nbsp;&nbsp; 290000 | Oracle Corp., 4.70%, due 09/27/34 | &nbsp;&nbsp; 269770 |
| 2205000 | Oracle Corp., 4.80%, due 09/26/32 | 2139945 |
| &nbsp;&nbsp; 204000 | Oracle Corp., 5.25%, due 02/03/32 | &nbsp;&nbsp; 204297 |
| &nbsp;&nbsp; 636000 | Oracle Corp., 5.55%, due 02/06/53 | &nbsp;&nbsp; 529909 |
| &nbsp;&nbsp; 177000 | Ovintiv, Inc., 6.25%, due 07/15/33 | &nbsp;&nbsp; 188410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Ovintiv, Inc., 7.20%, due 11/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 65250 |
| &nbsp;&nbsp; 870000 | Pacific Gas & Electric Co., 3.95%, due 12/01/47 | &nbsp;&nbsp; 651499 |
| &nbsp;&nbsp; 694000 | Pacific Gas & Electric Co., 4.95%, due 07/01/50 | &nbsp;&nbsp; 589074 |
| &nbsp;&nbsp; 305000 | Pacific Gas & Electric Co., 5.80%, due 05/15/34 | &nbsp;&nbsp; 317447 |
| &nbsp;&nbsp; 265000 | PacifiCorp, 2.70%, due 09/15/30 | &nbsp;&nbsp; 244007 |
| &nbsp;&nbsp; 308000 | PacifiCorp, 7.38% (5 yr. CMT + 3.32%), due 09/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 314139 |
| &nbsp;&nbsp; 393000 | Panther Escrow Issuer LLC, 7.13%, due 06/01/31 144A | &nbsp;&nbsp; 407493 |
| &nbsp;&nbsp; 109000 | Paramount Global, 4.20%, due 05/19/32 | &nbsp;&nbsp;&nbsp;&nbsp; 98706 |
| &nbsp;&nbsp; 242000 | Paramount Global, 4.38%, due 03/15/43 | &nbsp;&nbsp; 168934 |
| &nbsp;&nbsp; 486000 | Paramount Global, 4.95%, due 05/19/50 | &nbsp;&nbsp; 340921 |
| &nbsp;&nbsp; 415000 | PECO Energy Co., 3.05%, due 03/15/51 | &nbsp;&nbsp; 272894 |
| &nbsp;&nbsp; 205000 | PECO Energy Co., 3.70%, due 09/15/47 | &nbsp;&nbsp; 157183 |
| 2342000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 5.25%, due 07/01/29 144A | 2411056 |
| &nbsp;&nbsp; 255000 | Petroleos Mexicanos, 6.50%, due 06/02/41 | &nbsp;&nbsp; 220999 |
| &nbsp;&nbsp; 508000 | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 529385 |
| 1405772 | PG&E Wildfire Recovery Funding LLC, 3.59%, due 06/01/32 | 1392838 |
| &nbsp;&nbsp; 827000 | PG&E Wildfire Recovery Funding LLC, 4.26%, due 06/01/38 | &nbsp;&nbsp; 807365 |
| 2169000 | PG&E Wildfire Recovery Funding LLC, 4.72%, due 06/01/39 | 2151248 |
| &nbsp;&nbsp; 143000 | PHH Escrow Issuer LLC/PHH Corp., 9.88%, due 11/01/29 144A | &nbsp;&nbsp; 148499 |
| &nbsp;&nbsp; 145000 | Piedmont Natural Gas Co., Inc., 3.50%, due 06/01/29 | &nbsp;&nbsp; 142091 |
| &nbsp;&nbsp; 502000 | Pilgrim's Pride Corp., 6.25%, due 07/01/33 | &nbsp;&nbsp; 537187 |
| &nbsp;&nbsp; 150000 | Plains All American Pipeline LP/PAA Finance Corp., 4.70%, due 01/15/31 | &nbsp;&nbsp; 151042 |
| &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 4.81% (1 day USD SOFR + 1.26%), due <br> 10/21/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 417853 |
| 1444000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 5.40% (1 day USD SOFR + 1.60%), due <br> 07/23/35<sup>(b)</sup> <br>| 1496762 |
| &nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 5.58% (1 day USD SOFR + 1.39%), due <br> 01/29/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 248915 |
| &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 5.94% (1 day USD SOFR + 1.95%), due <br> 08/18/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 290443 |
| &nbsp;&nbsp; 307000 | PNC Financial Services Group, Inc., 6.25% (7 yr. CMT + 2.81%)<sup>(b)(e)(f)</sup> <br>| &nbsp;&nbsp; 317170 |
| &nbsp;&nbsp; 369000 | Popular, Inc., 7.25%, due 03/13/28 | &nbsp;&nbsp; 389125 |
| &nbsp;&nbsp; 156000 | Prologis Targeted U.S. Logistics Fund LP, 4.25%, due 01/15/31 144A | &nbsp;&nbsp; 155062 |
| &nbsp;&nbsp; 130000 | Providence St. Joseph Health Obligated Group, 2.75%, due 10/01/26 | &nbsp;&nbsp; 128897 |
| 1580000 | Public Service Co. of Colorado, 5.35%, due 05/15/34 | 1627217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Qnity Electronics, Inc., 5.75%, due 08/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 30711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Qnity Electronics, Inc., 6.25%, due 08/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 20756 |
| &nbsp;&nbsp; 329000 | Qorvo, Inc., 3.38%, due 04/01/31 144A | &nbsp;&nbsp; 305693 |
| &nbsp;&nbsp; 220000 | Qorvo, Inc., 4.38%, due 10/15/29 | &nbsp;&nbsp; 217064 |
| &nbsp;&nbsp; 630000 | Quanta Services, Inc., 4.50%, due 01/15/31 | &nbsp;&nbsp; 632262 |
| &nbsp;&nbsp; 236000 | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | &nbsp;&nbsp; 245807 |
| &nbsp;&nbsp; 174000 | Radian Group, Inc., 6.20%, due 05/15/29 | &nbsp;&nbsp; 182632 |
| &nbsp;&nbsp; 200000 | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | &nbsp;&nbsp; 223755 |

---

76See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 476000 | Regeneron Pharmaceuticals, Inc., 1.75%, due 09/15/30 | &nbsp;&nbsp; 425291 |
| &nbsp;&nbsp; 780000 | Regions Financial Corp., 5.50% (1 day USD SOFR + 2.06%), due 09/06/35<sup>(b)</sup> <br>| &nbsp;&nbsp; 805851 |
| &nbsp;&nbsp; 156000 | Regions Financial Corp., 5.72% (1 day USD SOFR + 1.49%), due 06/06/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 162771 |
| &nbsp;&nbsp; 329000 | Reinsurance Group of America, Inc., 6.65% (5 yr. CMT + 2.39%), due 09/15/55<sup>(b)(e)</sup> <br>| &nbsp;&nbsp; 341297 |
| 1582000 | Rentokil Terminix Funding LLC, 5.00%, due 04/28/30 144A | 1611337 |
| &nbsp;&nbsp; 200000 | Repsol E&P Capital Markets U.S. LLC, 5.20%, due 09/16/30 144A | &nbsp;&nbsp; 203074 |
| &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, due 02/01/33 <br> 144A<br>| &nbsp;&nbsp; 210767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, due 10/15/30 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 83738 |
| &nbsp;&nbsp; 538000 | ROBLOX Corp., 3.88%, due 05/01/30 144A | &nbsp;&nbsp; 515155 |
| &nbsp;&nbsp; 101000 | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | &nbsp;&nbsp; 105431 |
| &nbsp;&nbsp; 588000 | Royal Bank of Canada, 6.50% (5 yr. CMT + 2.46%), due 11/24/85<sup>(b)</sup> <br>| &nbsp;&nbsp; 588828 |
| &nbsp;&nbsp; 154000 | Royal Caribbean Cruises Ltd., 5.38%, due 01/15/36 | &nbsp;&nbsp; 155099 |
| &nbsp;&nbsp; 195000 | Royalty Pharma PLC, 5.15%, due 09/02/29 | &nbsp;&nbsp; 200662 |
| 2032000 | Ryder System, Inc., 4.30%, due 12/01/30 | 2025917 |
| &nbsp;&nbsp; 529000 | Ryder System, Inc., 4.90%, due 12/01/29 | &nbsp;&nbsp; 541398 |
| &nbsp;&nbsp; 341000 | S&S Holdings LLC, 8.38%, due 10/01/31 144A | &nbsp;&nbsp; 327065 |
| &nbsp;&nbsp; 547000 | Sabine Pass Liquefaction LLC, 4.50%, due 05/15/30 | &nbsp;&nbsp; 549945 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; Santander U.K. Group Holdings PLC, 4.32% (1 day USD SOFR Index + 1.07%), due <br> 09/22/29<sup>(b)</sup> <br>| &nbsp;&nbsp; 225340 |
| &nbsp;&nbsp; 400000 | Sasol Financing USA LLC, 6.50%, due 09/27/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 394387 |
| 2523000 | SBA Tower Trust, 4.83%, due 10/15/29 144A | 2542554 |
| &nbsp;&nbsp; 278000 | Sempra, 5.50%, due 08/01/33 | &nbsp;&nbsp; 291548 |
| &nbsp;&nbsp; 288000 | Sempra, 6.40% (5 yr. CMT + 2.63%), due 10/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 293093 |
| &nbsp;&nbsp; 290000 | Sempra, 6.88% (5 yr. CMT + 2.79%), due 10/01/54<sup>(b)</sup> <br>| &nbsp;&nbsp; 299149 |
| &nbsp;&nbsp; 185000 | Sensata Technologies, Inc., 3.75%, due 02/15/31 144A | &nbsp;&nbsp; 173727 |
| &nbsp;&nbsp; 850000 | Simon Property Group LP, 6.75%, due 02/01/40 | &nbsp;&nbsp; 982214 |
| &nbsp;&nbsp; 186000 | Sirius XM Radio LLC, 4.00%, due 07/15/28 144A | &nbsp;&nbsp; 182077 |
| &nbsp;&nbsp; 132000 | Sixth Street Lending Partners, 5.75%, due 01/15/30 | &nbsp;&nbsp; 133914 |
| &nbsp;&nbsp; 166000 | Sixth Street Lending Partners, 6.13%, due 07/15/30 | &nbsp;&nbsp; 170634 |
| 1365000 | Societe Generale SA, 2.80% (1 yr. CMT + 1.30%), due 01/19/28<sup>(b)</sup> 144A | 1344948 |
| &nbsp;&nbsp; 343000 | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 328969 |
| 1130000 | Societe Generale SA, 5.52% (1 yr. CMT + 1.50%), due 01/19/28<sup>(b)</sup> 144A | 1144985 |
| &nbsp;&nbsp; 553000 | Solventum Corp., 5.45%, due 03/13/31 | &nbsp;&nbsp; 577855 |
| 1131000 | Sonoco Products Co., 5.00%, due 09/01/34<sup>(e)</sup> <br>| 1122974 |
| &nbsp;&nbsp; 570000 | Southern California Edison Co., 3.45%, due 02/01/52 | &nbsp;&nbsp; 380756 |
| &nbsp;&nbsp; 335000 | Southern California Edison Co., 4.00%, due 04/01/47 | &nbsp;&nbsp; 252490 |
| &nbsp;&nbsp; 281000 | Southern Co., 5.70%, due 03/15/34 | &nbsp;&nbsp; 296551 |
| &nbsp;&nbsp; 370000 | Southern Co., 6.38% (5 yr. CMT + 2.07%), due 03/15/55<sup>(b)</sup> <br>| &nbsp;&nbsp; 386376 |
| 2180000 | Southern Co. Gas Capital Corp., 4.95%, due 09/15/34 | 2195134 |
| &nbsp;&nbsp; 274000 | Standard Building Solutions, Inc., 5.88%, due 03/15/34 144A | &nbsp;&nbsp; 274967 |
| &nbsp;&nbsp; 244000 | Standard Building Solutions, Inc., 6.25%, due 08/01/33 144A | &nbsp;&nbsp; 249393 |
| &nbsp;&nbsp; 205000 | Standard Industries, Inc., 4.38%, due 07/15/30 144A | &nbsp;&nbsp; 198028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Standard Industries, Inc., 4.75%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 24953 |
| &nbsp;&nbsp; 175000 | Starwood Property Trust, Inc., 3.63%, due 07/15/26 144A | &nbsp;&nbsp; 174759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Starwood Property Trust, Inc., 5.25%, due 10/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 25280 |
| &nbsp;&nbsp; 229000 | Starwood Property Trust, Inc., 6.00%, due 04/15/30 144A | &nbsp;&nbsp; 235777 |
| &nbsp;&nbsp; 300000 | Stonebriar ABF Issuer LLC, 8.13%, due 12/15/30 144A | &nbsp;&nbsp; 308409 |
| 1550000 | Sun Communities Operating LP, 2.30%, due 11/01/28<sup>(e)</sup> <br>| 1476008 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1900000 | Sun Communities Operating LP, 2.70%, due 07/15/31 | 1729669 |
| &nbsp;&nbsp; 233000 | Sunoco LP, 4.50%, due 10/01/29 144A | &nbsp;&nbsp; 227614 |
| &nbsp;&nbsp; 158000 | Sunoco LP, 4.63%, due 05/01/30 144A | &nbsp;&nbsp; 153592 |
| &nbsp;&nbsp; 151000 | Sunoco LP, 5.63%, due 03/15/31 144A | &nbsp;&nbsp; 152191 |
| &nbsp;&nbsp; 265000 | Sunoco LP, 5.88%, due 03/15/34 144A | &nbsp;&nbsp; 265100 |
| &nbsp;&nbsp; 161000 | Sunoco LP, 6.25%, due 07/01/33 144A | &nbsp;&nbsp; 165067 |
| &nbsp;&nbsp; 245000 | Sunoco LP, 7.25%, due 05/01/32 144A | &nbsp;&nbsp; 259209 |
| &nbsp;&nbsp; 464000 | Sunoco LP, 7.88% (5 yr. CMT + 4.23%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 477011 |
| &nbsp;&nbsp; 415000 | Sunoco LP/Sunoco Finance Corp., 4.50%, due 04/30/30 | &nbsp;&nbsp; 405571 |
| &nbsp;&nbsp; 275000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | &nbsp;&nbsp; 277382 |
| &nbsp;&nbsp; 267000 | Targa Resources Corp., 5.50%, due 02/15/35 | &nbsp;&nbsp; 274128 |
| 1136000 | Targa Resources Corp., 6.15%, due 03/01/29 | 1196903 |
| &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, due <br> 01/15/32<br>| &nbsp;&nbsp; 372813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | Taylor Morrison Communities, Inc., 5.75%, due 11/15/32 144A | &nbsp;&nbsp; 100892 |
| &nbsp;&nbsp; 404000 | TD SYNNEX Corp., 5.30%, due 10/10/35 | &nbsp;&nbsp; 401631 |
| &nbsp;&nbsp; 435000 | Teachers Insurance & Annuity Association of America, 4.27%, due 05/15/47 144A | &nbsp;&nbsp; 358818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A | &nbsp;&nbsp;&nbsp;&nbsp; 43783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | Tenet Healthcare Corp., 4.38%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 68740 |
| &nbsp;&nbsp; 420000 | Tenet Healthcare Corp., 5.50%, due 11/15/32 144A | &nbsp;&nbsp; 426007 |
| &nbsp;&nbsp; 175000 | Tenneco, Inc., 8.00%, due 11/17/28 144A | &nbsp;&nbsp; 175679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68000 | Teva Pharmaceutical Finance Co. LLC, 6.15%, due 02/01/36 | &nbsp;&nbsp;&nbsp;&nbsp; 71482 |
| &nbsp;&nbsp; 478000 | Teva Pharmaceutical Finance Netherlands III BV, 4.10%, due 10/01/46 | &nbsp;&nbsp; 362106 |
| &nbsp;&nbsp; 318000 | Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, due 12/01/30 | &nbsp;&nbsp; 330130 |
| 1262000 | T-Mobile USA, Inc., 3.88%, due 04/15/30 | 1242587 |
| 1604000 | T-Mobile USA, Inc., 5.88%, due 11/15/55 | 1614356 |
| &nbsp;&nbsp; 296000 | TopBuild Corp., 5.63%, due 01/31/34 144A | &nbsp;&nbsp; 299588 |
| &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| &nbsp;&nbsp; 287835 |
| &nbsp;&nbsp; 140000 | Transcontinental Gas Pipe Line Co. LLC, 3.95%, due 05/15/50 | &nbsp;&nbsp; 108516 |
| &nbsp;&nbsp; 285000 | Transcontinental Gas Pipe Line Co. LLC, 5.10%, due 03/15/36 144A | &nbsp;&nbsp; 287748 |
| &nbsp;&nbsp; 141000 | Travel & Leisure Co., 4.63%, due 03/01/30 144A | &nbsp;&nbsp; 138128 |
| &nbsp;&nbsp; 336000 | Travel & Leisure Co., 6.13%, due 09/01/33 144A | &nbsp;&nbsp; 341301 |
| 1843000 | Triton Container International Ltd., 3.15%, due 06/15/31 144A | 1665399 |
| &nbsp;&nbsp; 164000 | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | &nbsp;&nbsp; 174058 |
| &nbsp;&nbsp; 402000 | Truist Financial Corp., 5.15% (1 day USD SOFR + 1.57%), due 08/05/32<sup>(b)</sup> <br>| &nbsp;&nbsp; 415991 |
| 1400000 | Truist Financial Corp., 5.71% (1 day USD SOFR + 1.92%), due 01/24/35<sup>(b)</sup> <br>| 1476387 |
| &nbsp;&nbsp; 816000 | Truist Financial Corp., 5.87% (1 day USD SOFR + 2.36%), due 06/08/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 869907 |
| &nbsp;&nbsp; 284000 | Truist Financial Corp., 6.12% (1 day USD SOFR + 2.30%), due 10/28/33<sup>(b)</sup> <br>| &nbsp;&nbsp; 307974 |
| &nbsp;&nbsp; 274000 | Trust 2401, 7.38%, due 02/13/34 144A | &nbsp;&nbsp; 304247 |
| &nbsp;&nbsp; 489000 | U.S. Bancorp, 4.84% (1 day USD SOFR + 1.60%), due 02/01/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 493804 |
| &nbsp;&nbsp; 297000 | U.S. Bancorp, 5.08% (1 day USD SOFR + 1.30%), due 05/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp; 306644 |
| &nbsp;&nbsp; 263000 | U.S. Bancorp, 5.38% (1 day USD SOFR + 1.56%), due 01/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp; 272615 |
| &nbsp;&nbsp; 431000 | U.S. Bancorp, 5.84% (1 day USD SOFR + 2.26%), due 06/12/34<sup>(b)</sup> <br>| &nbsp;&nbsp; 460876 |
| 2892000 | UBS Group AG, 4.84% (1 day USD SOFR + 1.29%), due 11/06/33<sup>(b)</sup> 144A | 2899560 |
| &nbsp;&nbsp; 339000 | UBS Group AG, 5.43% (1 yr. CMT + 1.52%), due 02/08/30<sup>(b)</sup> 144A | &nbsp;&nbsp; 350871 |
| &nbsp;&nbsp; 268000 | UBS Group AG, 6.30% (1 yr. CMT + 2.00%), due 09/22/34<sup>(b)</sup> 144A | &nbsp;&nbsp; 293186 |
| &nbsp;&nbsp; 218000 | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap + 3.08%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 223765 |
| &nbsp;&nbsp; 289000 | UBS Group AG, 7.13% (5 yr. USD SOFR ICE Swap + 3.18%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 296326 |

---

78See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 294000 | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 344973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87000 | Under Armour, Inc., 7.25%, due 07/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 87302 |
| &nbsp;&nbsp; 302229 | United Airlines Pass-Through Trust, 3.45%, due 01/07/30 | &nbsp;&nbsp; 294994 |
| 1523050 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | 1522976 |
| &nbsp;&nbsp; 277161 | United Airlines Pass-Through Trust, 4.55%, due 02/25/33 | &nbsp;&nbsp; 270341 |
| &nbsp;&nbsp; 406485 | United Airlines Pass-Through Trust, 5.45%, due 08/15/38 | &nbsp;&nbsp; 419923 |
| &nbsp;&nbsp; 483279 | United Airlines Pass-Through Trust, 5.80%, due 07/15/37 | &nbsp;&nbsp; 507348 |
| &nbsp;&nbsp; 341759 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | &nbsp;&nbsp; 350695 |
| &nbsp;&nbsp; 311863 | United Airlines Pass-Through Trust, 5.88%, due 08/15/38 | &nbsp;&nbsp; 320993 |
| &nbsp;&nbsp; 580000 | United Airlines, Inc., 4.38%, due 04/15/26 144A | &nbsp;&nbsp; 579623 |
| &nbsp;&nbsp; 238000 | United Airlines, Inc., 4.63%, due 04/15/29 144A | &nbsp;&nbsp; 237114 |
| &nbsp;&nbsp; 265000 | United Rentals North America, Inc., 5.25%, due 01/15/30 | &nbsp;&nbsp; 268936 |
| &nbsp;&nbsp; 885000 | UnitedHealth Group, Inc., 3.05%, due 05/15/41 | &nbsp;&nbsp; 673319 |
| &nbsp;&nbsp; 155000 | UnitedHealth Group, Inc., 3.25%, due 05/15/51 | &nbsp;&nbsp; 105516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | UnitedHealth Group, Inc., 5.30%, due 06/15/35<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72668 |
| &nbsp;&nbsp; 499000 | UnitedHealth Group, Inc., 5.75%, due 07/15/64 | &nbsp;&nbsp; 489708 |
| &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, due 02/15/29 <br> 144A<br>| &nbsp;&nbsp; 131707 |
| &nbsp;&nbsp; 471000 | Universal Health Services, Inc., 2.65%, due 10/15/30 | &nbsp;&nbsp; 430074 |
| &nbsp;&nbsp; 120000 | University of Chicago, 2.76%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 95381 |
| &nbsp;&nbsp; 350000 | University of Southern California, 2.95%, due 10/01/51 | &nbsp;&nbsp; 229811 |
| &nbsp;&nbsp; 238000 | Valvoline, Inc., 3.63%, due 06/15/31 144A | &nbsp;&nbsp; 218893 |
| &nbsp;&nbsp; 581000 | Var Energi ASA, 5.88%, due 05/22/30 144A | &nbsp;&nbsp; 605332 |
| 1160000 | Var Energi ASA, 7.50%, due 01/15/28 144A | 1230235 |
| &nbsp;&nbsp; 804000 | Var Energi ASA, 8.00%, due 11/15/32 144A | &nbsp;&nbsp; 922474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 60974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Venture Global Calcasieu Pass LLC, 4.13%, due 08/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 54570 |
| &nbsp;&nbsp; 215000 | Venture Global LNG, Inc., 7.00%, due 01/15/30<sup>(e)</sup> 144A | &nbsp;&nbsp; 207076 |
| &nbsp;&nbsp; 722000 | Venture Global LNG, Inc., 9.00% (5 yr. CMT + 5.44%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 570713 |
| &nbsp;&nbsp; 359000 | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | &nbsp;&nbsp; 372343 |
| &nbsp;&nbsp; 100000 | Venture Global Plaquemines LNG LLC, 6.13%, due 12/15/30 144A | &nbsp;&nbsp; 101925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Venture Global Plaquemines LNG LLC, 6.50%, due 06/15/34<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 35801 |
| 1544000 | Verisk Analytics, Inc., 5.13%, due 02/15/36 | 1557802 |
| &nbsp;&nbsp; 451000 | Verizon Communications, Inc., 2.55%, due 03/21/31 | &nbsp;&nbsp; 412624 |
| &nbsp;&nbsp; 578000 | Verizon Communications, Inc., 2.88%, due 11/20/50 | &nbsp;&nbsp; 360843 |
| 1624000 | Verizon Communications, Inc., 3.55%, due 03/22/51 | 1158410 |
| &nbsp;&nbsp; 515000 | Viatris, Inc., 3.85%, due 06/22/40 | &nbsp;&nbsp; 396164 |
| &nbsp;&nbsp; 505000 | VICI Properties LP, 5.13%, due 11/15/31 | &nbsp;&nbsp; 512561 |
| &nbsp;&nbsp; 373000 | VICI Properties LP, 5.13%, due 05/15/32 | &nbsp;&nbsp; 376247 |
| &nbsp;&nbsp; 205000 | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | &nbsp;&nbsp; 201400 |
| 1203000 | VICI Properties LP/VICI Note Co., Inc., 5.75%, due 02/01/27 144A | 1217099 |
| &nbsp;&nbsp; 348000 | Viking Cruises Ltd., 5.88%, due 10/15/33 144A | &nbsp;&nbsp; 353491 |
| &nbsp;&nbsp; 303000 | Viper Energy Partners LLC, 4.90%, due 08/01/30 | &nbsp;&nbsp; 306747 |
| 3016000 | Virginia Power Fuel Securitization LLC, 4.88%, due 05/01/33 | 3087811 |
| &nbsp;&nbsp; 107000 | Vistra Corp., 8.00% (5 yr. CMT + 6.93%)<sup>(b)(f)</sup> 144A | &nbsp;&nbsp; 110104 |
| &nbsp;&nbsp; 602000 | Vistra Operations Co. LLC, 4.30%, due 07/15/29 144A | &nbsp;&nbsp; 598457 |
| &nbsp;&nbsp; 295000 | Vistra Operations Co. LLC, 4.60%, due 10/15/30 144A | &nbsp;&nbsp; 295243 |
| &nbsp;&nbsp; 195000 | Vistra Operations Co. LLC, 5.00%, due 07/31/27 144A | &nbsp;&nbsp; 196141 |
| &nbsp;&nbsp; 382000 | Vistra Operations Co. LLC, 6.95%, due 10/15/33 144A | &nbsp;&nbsp; 426990 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 319000 | Vodafone Group PLC, 7.00% (5 yr. USD Swap + 4.87%), due 04/04/79<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338157 |
| &nbsp;&nbsp; 340000 | WakeMed, 3.29%, due 10/01/52<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236009 |
| &nbsp;&nbsp; 228000 | Warnermedia Holdings, Inc., 4.28%, due 03/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200428 |
| &nbsp;&nbsp; 457000 | Warnermedia Holdings, Inc., 5.05%, due 03/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323784 |
| &nbsp;&nbsp; 178000 | Wayfair LLC, 6.75%, due 11/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183241 |
| &nbsp;&nbsp; 151000 | Webster Financial Corp., 5.78% (5 yr. CMT + 2.13%), due 09/11/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151227 |
| &nbsp;&nbsp; 215000 | WEC Energy Group, Inc., 5.63% (5 yr. CMT + 1.91%), due 05/15/56<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216871 |
| &nbsp;&nbsp; 200000 | Weir Group, Inc., 5.35%, due 05/06/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205758 |
| 1871000 | Wells Fargo & Co., 2.57% (3 mo. USD Term SOFR + 1.26%), due 02/11/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1749572 |
| 1285000 | Wells Fargo & Co., 3.35% (1 day USD SOFR + 1.50%), due 03/02/33<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1201338 |
| 1905000 | Wells Fargo & Co., 4.81% (1 day USD SOFR + 1.98%), due 07/25/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1926850 |
| 2694000 | Wells Fargo & Co., 5.15% (1 day USD SOFR + 1.50%), due 04/23/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2783854 |
| &nbsp;&nbsp; 317000 | Wells Fargo & Co., 5.21% (1 day USD SOFR + 1.38%), due 12/03/35<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324558 |
| &nbsp;&nbsp; 207000 | Wells Fargo & Co., 5.24% (1 day USD SOFR + 1.11%), due 01/24/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214599 |
| 1720000 | Wells Fargo & Co., 5.39% (1 day USD SOFR + 2.02%), due 04/24/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1792413 |
| &nbsp;&nbsp; 611000 | Wells Fargo & Co., 6.49% (1 day USD SOFR + 2.06%), due 10/23/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677743 |
| &nbsp;&nbsp; 381000 | Western Midstream Operating LP, 4.05%, due 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373750 |
| &nbsp;&nbsp; 219000 | Western Midstream Operating LP, 5.45%, due 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221020 |
| &nbsp;&nbsp; 153000 | Whistler Pipeline LLC, 5.40%, due 09/30/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158044 |
| &nbsp;&nbsp; 165000 | Whistler Pipeline LLC, 5.70%, due 09/30/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171687 |
| &nbsp;&nbsp; 136000 | Williams Scotsman, Inc., 6.63%, due 06/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140978 |
| &nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153404 |
| &nbsp;&nbsp; 272000 | WMG Acquisition Corp., 3.88%, due 07/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261237 |
| &nbsp;&nbsp; 300000 | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277769 |
| &nbsp;&nbsp; 130000 | WULF Compute LLC, 7.75%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134031 |
| &nbsp;&nbsp; 157000 | XHR LP, 6.63%, due 05/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162478 |
| &nbsp;&nbsp; 610000 | Yale University, 2.40%, due 04/15/50<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369210 |
| 1070000 | Yamana Gold, Inc., 2.63%, due 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963765 |
| 1220000 | Yara International ASA, 4.75%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1231243 |
| &nbsp;&nbsp; 560000 | Yara International ASA, 7.38%, due 11/14/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635900 |
|  |  | 458563398 |
|  | **Mortgage Backed Securities - Private Issuers — 7.2%** | **Mortgage Backed Securities - Private Issuers — 7.2%** |
| &nbsp;&nbsp; 327000 | 1301 Trust, Series 2025-1301, Class A, 5.06%, due 08/11/42<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331695 |
| &nbsp;&nbsp; 221718 | A&D Mortgage Trust, Series 2025-NQM5, Class A1, 5.12%, due 12/25/70<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62038 | Angel Oak Mortgage Trust, Series 2020-R1, Class A1, 0.99%, due 04/25/53<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60040 |
| &nbsp;&nbsp; 173905 | Angel Oak Mortgage Trust, Series 2021-4, Class A1, 1.04%, due 01/20/65<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148457 |
| &nbsp;&nbsp; 308806 | Angel Oak Mortgage Trust, Series 2021-5, Class A1, 0.95%, due 07/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270130 |
| &nbsp;&nbsp; 204816 | Angel Oak Mortgage Trust, Series 2024-3, Class A1, 4.80%, due 11/26/68<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204563 |
| &nbsp;&nbsp; 163229 | Angel Oak Mortgage Trust, Series 2025-10, Class A1, 4.96%, due 09/25/70<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163552 |
| &nbsp;&nbsp; 238514 | Angel Oak Mortgage Trust, Series 2025-11, Class A1, 4.98%, due 10/25/70<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239051 |
| 1000000 | &nbsp;&nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, Series 2021-MF2, Class A4, 2.25%, due <br> 06/15/54 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899081 |
| &nbsp;&nbsp; 149338 | Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.18%, due 10/25/48<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135491 |
| &nbsp;&nbsp; 796395 | ATLX Trust, Series 2024-RPL1, Class A1, 3.85%, due 04/25/64<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779628 |
| &nbsp;&nbsp; 421000 | BAHA Trust, Series 2024-MAR, Class A, 5.97%, due 12/10/41<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436564 |
| &nbsp;&nbsp; 217000 | &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.72%, <br> due 11/05/32<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185161 |

---

80See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 971351 | Bank, Series 2019-BN20, Class A2, 2.76%, due 09/15/62 | &nbsp;&nbsp; 921471 |
| 2038993 | Bank, Series 2019-BN23, Class A2, 2.67%, due 12/15/52 | 1923946 |
| 1438152 | Bank, Series 2020-BN26, Class A2, 2.04%, due 03/15/63 | 1373228 |
| 1800000 | Bank, Series 2020-BN26, Class A3, 2.16%, due 03/15/63 | 1665460 |
| 2300000 | Bank, Series 2021-BN34, Class A4, 2.16%, due 06/15/63 | 2068677 |
| 2224000 | Bank, Series 2021-BN36, Class A5, 2.47%, due 09/15/64 | 1994026 |
| 2408000 | Bank5, Series 2025-5YR16, Class A3, 5.28%, due 08/15/63 | 2490711 |
| &nbsp;&nbsp; 311000 | Bank5, Series 2025-5YR18, Class A3, 5.15%, due 12/15/58 | &nbsp;&nbsp; 320255 |
| &nbsp;&nbsp; 216000 | Bank5, Series 2025-5YR19, Class A3, 5.27%, due 12/15/58 | &nbsp;&nbsp; 223556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22990 | BBCMS Mortgage Trust, Series 2019-C5, Class A2, 3.04%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 22464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42908 | BBCMS Mortgage Trust, Series 2020-C6, Class A2, 2.69%, due 02/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 40492 |
| 2000000 | BBCMS Mortgage Trust, Series 2022-C14, Class A4, 2.69%, due 02/15/55 | 1806554 |
| 1232103 | BBCMS Mortgage Trust, Series 2023-C21, Class A2, 6.30%, due 09/15/56<sup>(d)</sup> <br>| 1293908 |
| &nbsp;&nbsp; 162000 | BBCMS Mortgage Trust, Series 2024-5C29, Class A3, 5.21%, due 09/15/57 | &nbsp;&nbsp; 166698 |
| &nbsp;&nbsp; 171000 | BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, due 12/15/57 | &nbsp;&nbsp; 178494 |
| &nbsp;&nbsp; 245000 | BBCMS Mortgage Trust, Series 2025-5C38, Class A3, 5.15%, due 11/15/58 | &nbsp;&nbsp; 252481 |
| 2052000 | BBCMS Mortgage Trust, Series 2025-C32, Class A5, 5.72%, due 02/15/62 | 2189942 |
| 1515146 | BBCMS Trust, Series 2021-C10, Class A5, 2.49%, due 07/15/54 | 1385085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69728 | Benchmark Mortgage Trust, Series 2019-B12, Class A2, 3.00%, due 08/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 67564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79556 | Benchmark Mortgage Trust, Series 2019-B13, Class A2, 2.89%, due 08/15/57 | &nbsp;&nbsp;&nbsp;&nbsp; 76988 |
| 1350000 | Benchmark Mortgage Trust, Series 2019-B15, Class A4, 2.67%, due 12/15/72 | 1262213 |
| 1100000 | Benchmark Mortgage Trust, Series 2020-B17, Class A4, 2.04%, due 03/15/53 | 1006488 |
| &nbsp;&nbsp; 130794 | Benchmark Mortgage Trust, Series 2020-B20, Class A2, 1.75%, due 10/15/53 | &nbsp;&nbsp; 130535 |
| &nbsp;&nbsp; 583866 | Benchmark Mortgage Trust, Series 2020-IG3, Class A2, 2.48%, due 09/15/48 144A | &nbsp;&nbsp; 574226 |
| 2940172 | Benchmark Mortgage Trust, Series 2021-B23, Class A2, 1.62%, due 02/15/54 | 2718287 |
| 1700000 | Benchmark Mortgage Trust, Series 2021-B23, Class A4A1, 1.82%, due 02/15/54 | 1497598 |
| &nbsp;&nbsp; 900000 | Benchmark Mortgage Trust, Series 2021-B24, Class A3, 2.01%, due 03/15/54 | &nbsp;&nbsp; 818274 |
| 1750000 | Benchmark Mortgage Trust, Series 2021-B24, Class A4, 2.26%, due 03/15/54 | 1584467 |
| 3000000 | Benchmark Mortgage Trust, Series 2023-B39, Class A2, 6.57%, due 07/15/56<sup>(d)</sup> <br>| 3117412 |
| 1145995 | Benchmark Mortgage Trust, Series 2023-B40, Class A2, 6.93%, due 12/15/56 | 1210968 |
| &nbsp;&nbsp; 402000 | Benchmark Mortgage Trust, Series 2024-V12, Class A3, 5.74%, due 12/15/57 | &nbsp;&nbsp; 421121 |
| 2218000 | Benchmark Mortgage Trust, Series 2025-V14, Class A4, 5.66%, due 04/15/57 | 2323368 |
| 2580000 | Benchmark Mortgage Trust, Series 2025-V17, Class A3, 5.07%, due 09/15/58 | 2647867 |
| 1620000 | BMO Mortgage Trust, Series 2024-5C6, Class A3, 5.32%, due 09/15/57 | 1668054 |
| &nbsp;&nbsp; 177000 | BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, due 12/15/57<sup>(d)</sup> <br>| &nbsp;&nbsp; 184507 |
| &nbsp;&nbsp; 129439 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, due <br> 02/25/49<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 119545 |
| 1061234 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, due 05/25/63<sup>(d)</sup> <br> 144A<br>| 1067416 |
| 1231503 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-CIP, Class A, 4.79% (1 mo. USD Term <br> SOFR + 1.04%), due 12/15/38<sup>(b)</sup> 144A<br>| 1231970 |
| &nbsp;&nbsp; 260000 | BX Trust, Series 2019-OC11, Class A, 3.20%, due 12/09/41 144A | &nbsp;&nbsp; 247219 |
| 1657000 | BX Trust, Series 2022-CLS, Class A, 5.76%, due 10/13/27 144A | 1663946 |
| &nbsp;&nbsp; 237000 | CENT 2025-CITY, Series 2025-CITY, Class A, 4.92%, due 07/10/40<sup>(d)</sup> 144A | &nbsp;&nbsp; 240323 |
| &nbsp;&nbsp; 956471 | CF Mortgage Trust, Series 2020-P1, Class A1, 2.84%, due 04/15/52<sup>(d)</sup> 144A | &nbsp;&nbsp; 926164 |
| &nbsp;&nbsp; 445997 | &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, Series 2024-RPL3, Class A1A, 3.25%, due <br> 09/25/64<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 399790 |
| 2469519 | &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, Series 2025-11, Class A4A, 5.00%, due <br> 02/25/56<sup>(d)</sup> 144A<br>| 2471631 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1267245 | &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, 5.50%, due 06/25/56<sup>(d)</sup> <br> 144A<br>| 1277012 |
| 1164549 | CIM Trust, Series 2024-R1, Class A1, 4.75%, due 06/25/64<sup>(d)</sup> 144A | 1160153 |
| 2241495 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class XB, 0.09%, due <br> 05/10/47<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578 |
| &nbsp;&nbsp; 254850 | Citigroup Commercial Mortgage Trust, Series 2019-C7, Class A3, 2.86%, due 12/15/72 | &nbsp;&nbsp; 242342 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82%, due <br> 10/12/40<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 391936 |
| &nbsp;&nbsp; 244910 | COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.92%, due 08/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 208611 |
| &nbsp;&nbsp; 193082 | COLT Mortgage Loan Trust, Series 2021-3, Class A1, 0.96%, due 09/27/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 166693 |
| &nbsp;&nbsp; 111451 | COLT Mortgage Loan Trust, Series 2021-HX1, Class A1, 1.11%, due 10/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 96974 |
| &nbsp;&nbsp; 167142 | COLT Mortgage Loan Trust, Series 2025-6, Class A1, 5.53%, due 08/25/70<sup>(c)</sup> 144A | &nbsp;&nbsp; 168805 |
| &nbsp;&nbsp; 380664 | COLT Trust, Series 2020-RPL1, Class A1, 1.39%, due 01/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 332408 |
| &nbsp;&nbsp; 216196 | Cross Mortgage Trust, Series 2025-H8, Class A1, 5.00%, due 11/25/70<sup>(d)</sup> 144A | &nbsp;&nbsp; 216803 |
| &nbsp;&nbsp; 284542 | Cross Mortgage Trust, Series 2025-H9, Class A1, 5.04%, due 11/25/70<sup>(d)</sup> 144A | &nbsp;&nbsp; 285475 |
| 1050000 | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class A3, 2.72%, due 12/15/52 | &nbsp;&nbsp; 990492 |
| &nbsp;&nbsp; 161883 | CSMC Trust, Series 2018-RPL9, Class A, 3.85%, due 09/25/57<sup>(d)</sup> 144A | &nbsp;&nbsp; 157063 |
| &nbsp;&nbsp; 197902 | CSMC Trust, Series 2021-NQM2, Class A1, 1.18%, due 02/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 178291 |
| &nbsp;&nbsp; 172704 | CSMC Trust, Series 2021-NQM3, Class A1, 1.02%, due 04/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 151574 |
| &nbsp;&nbsp; 255107 | CSMC Trust, Series 2021-NQM6, Class A1, 1.17%, due 07/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 219701 |
| &nbsp;&nbsp; 152087 | EFMT, Series 2025-INV4, Class A1, 5.10%, due 10/25/70<sup>(c)</sup> 144A | &nbsp;&nbsp; 152642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52914 | &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, due 02/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46517 |
| &nbsp;&nbsp; 114204 | &nbsp;&nbsp;&nbsp; Ellington Financial Mortgage Trust, Series 2021-2, Class A1, 0.93%, due 06/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 97521 |
| &nbsp;&nbsp; 210285 | Flagstar Mortgage Trust, Series 2020-2, Class A2, 3.00%, due 08/25/50<sup>(d)</sup> 144A | &nbsp;&nbsp; 184527 |
| &nbsp;&nbsp; 526225 | Flagstar Mortgage Trust, Series 2021-1, Class A2, 2.50%, due 02/01/51<sup>(d)</sup> 144A | &nbsp;&nbsp; 441815 |
| &nbsp;&nbsp; 169844 | GCAT Trust, Series 2021-NQM1, Class A1, 0.87%, due 01/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 152612 |
| &nbsp;&nbsp; 154228 | GCAT Trust, Series 2021-NQM2, Class A1, 1.04%, due 05/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 135117 |
| &nbsp;&nbsp; 229889 | GCAT Trust, Series 2021-NQM3, Class A1, 1.09%, due 05/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp; 203204 |
| &nbsp;&nbsp; 288928 | GCAT Trust, Series 2025-NQM5, Class A1, 4.98%, due 08/25/70<sup>(d)</sup> 144A | &nbsp;&nbsp; 289579 |
| 2015000 | GS Mortgage Securities Trust, Series 2019-GC40, Class A3, 2.90%, due 07/10/52 | 1935580 |
| 1600000 | GS Mortgage Securities Trust, Series 2020-GC47, Class A4, 2.12%, due 05/12/53 | 1472915 |
| &nbsp;&nbsp; 958902 | GS Mortgage Securities Trust, Series 2020-GSA2, Class AAB, 1.66%, due 12/12/53 | &nbsp;&nbsp; 916878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93579 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-NQM1, Class A1, 1.02%, due <br> 07/25/61<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28320 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, due <br> 09/27/60<sup>(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27083 |
| &nbsp;&nbsp; 324000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, due 01/13/40<sup>(d)</sup> 144A | &nbsp;&nbsp; 336416 |
| &nbsp;&nbsp; 143868 | &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2021-NQM1, Class A1, 1.07%, due 06/25/56<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 126799 |
| &nbsp;&nbsp; 346558 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A3, <br> 2.56%, due 08/15/49<br>| &nbsp;&nbsp; 345511 |
| &nbsp;&nbsp; 357000 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-NNN, Class AFX, <br> 2.81%, due 01/16/37 144A<br>| &nbsp;&nbsp; 323085 |
| 1294721 | JP Morgan Mortgage Trust, Series 2023-4, Class 1A4A, 5.50%, due 11/25/53<sup>(d)</sup> 144A | 1302250 |
| 1409680 | JP Morgan Mortgage Trust, Series 2025-2, Class A4A, 5.50%, due 07/25/55<sup>(d)</sup> 144A | 1419504 |
| &nbsp;&nbsp; 565871 | &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, Series 2017-JP6, Class A3, 3.11%, due <br> 07/15/50<br>| &nbsp;&nbsp; 558471 |
| &nbsp;&nbsp; 194052 | &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class A2, 3.15%, <br> due 06/13/52<br>| &nbsp;&nbsp; 192817 |

---

82See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 134528 | &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A3A, 2.88%, due <br> 06/15/49<br>| &nbsp;&nbsp; 134018 |
| &nbsp;&nbsp; 960482 | &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, due <br> 03/15/50<br>| &nbsp;&nbsp; 950743 |
| &nbsp;&nbsp; 492328 | &nbsp;&nbsp;&nbsp; Kinbane 2 DAC, Series 2024-RPL2A, Class A, 3.00% (1 mo. EURIBOR + 1.10%), due <br> 01/24/63<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 578936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59914 | Legacy Mortgage Asset Trust, Series 2021-GS1, Class A1, 5.89%, due 10/25/66<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 59974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83394 | MFA Trust, Series 2021-NQM1, Class A1, 1.15%, due 04/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 79062 |
| &nbsp;&nbsp; 339670 | Mill City Mortgage Trust, Series 2015-1, Class M3, 3.71%, due 06/25/56<sup>(d)</sup> 144A | &nbsp;&nbsp; 337516 |
| &nbsp;&nbsp; 249595 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, <br> 3.31%, due 04/15/48<br>| &nbsp;&nbsp; 246571 |
| 1280000 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-C35, Class A5, <br> 5.63%, due 08/15/58<br>| 1355905 |
| 1562383 | Morgan Stanley Capital I Trust, Series 2016-UB11, Class A3, 2.53%, due 08/15/49 | 1552240 |
| 2626456 | Morgan Stanley Capital I Trust, Series 2019-H6, Class A3, 3.16%, due 06/15/52 | 2552103 |
| &nbsp;&nbsp; 980000 | Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4, 2.04%, due 07/15/53 | &nbsp;&nbsp; 889520 |
| &nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM10, Class A1, <br> 5.12%, due 11/25/70<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 204892 |
| &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2018-ALXA, Class C, 4.32%, due <br> 01/15/43<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 183283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86955 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 4.60% (1 mo. USD <br> Term SOFR + 0.86%), due 01/25/48<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85526 |
| &nbsp;&nbsp; 342439 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2025-NQM6, Class A1, 5.09%, due <br> 10/25/65<sup>(d)</sup> 144A<br>| &nbsp;&nbsp; 343828 |
| &nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp; NXPT Commercial Mortgage Trust, Series 2024-STOR, Class A, 4.31%, due 11/05/41<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 264348 |
| &nbsp;&nbsp; 133501 | NYMT Loan Trust, Series 2022-CP1, Class A1, 2.04%, due 07/25/61 144A | &nbsp;&nbsp; 126018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97204 | OBX Trust, Series 2020-EXP2, Class A3, 2.50%, due 05/25/60<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 83519 |
| &nbsp;&nbsp; 151025 | OBX Trust, Series 2021-NQM2, Class A1, 1.10%, due 05/25/61<sup>(d)</sup> 144A | &nbsp;&nbsp; 125636 |
| &nbsp;&nbsp; 200938 | OBX Trust, Series 2021-NQM3, Class A1, 1.05%, due 07/25/61<sup>(d)</sup> 144A | &nbsp;&nbsp; 165934 |
| &nbsp;&nbsp; 125110 | OBX Trust, Series 2025-NQM18, Class A1, 5.06%, due 09/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 125614 |
| &nbsp;&nbsp; 250666 | OBX Trust, Series 2025-NQM19, Class A1, 4.87%, due 10/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 250934 |
| &nbsp;&nbsp; 272395 | OBX Trust, Series 2025-NQM20, Class A1, 5.02%, due 10/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 273384 |
| &nbsp;&nbsp; 193168 | OBX Trust, Series 2025-NQM21, Class A1, 4.99%, due 10/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 193778 |
| &nbsp;&nbsp; 368000 | OBX Trust, Series 2025-NQM23, Class A1, 4.87%, due 10/25/65<sup>(d)</sup> 144A | &nbsp;&nbsp; 368597 |
| &nbsp;&nbsp; 327372 | &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, Series 2020-F1, Class A2, 2.00%, due 01/25/36<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 295279 |
| &nbsp;&nbsp; 199225 | PRPM LLC, Series 2024-RPL2, Class A1, 3.50%, due 05/25/54<sup>(c)</sup> 144A | &nbsp;&nbsp; 194869 |
| &nbsp;&nbsp; 591473 | PRPM LLC, Series 2025-RCF1, Class A1, 4.50%, due 02/25/55<sup>(c)</sup> 144A | &nbsp;&nbsp; 589458 |
| &nbsp;&nbsp; 326000 | ROCK Trust, Series 2024-CNTR, Class A, 5.39%, due 11/13/41 144A | &nbsp;&nbsp; 335413 |
| &nbsp;&nbsp; 375000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/41 144A | &nbsp;&nbsp; 393842 |
| 1200000 | &nbsp;&nbsp;&nbsp; SCG Trust, Series 2025-SNIP, Class A, 5.25% (1 mo. USD Term SOFR + 1.50%), due <br> 09/15/42<sup>(b)</sup> 144A<br>| 1203713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86740 | Sequoia Mortgage Trust, Series 2020-3, Class A4, 3.00%, due 04/25/50<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 85782 |
| &nbsp;&nbsp; 875653 | Sequoia Mortgage Trust, Series 2024-5, Class A5, 6.00%, due 06/25/54<sup>(d)</sup> 144A | &nbsp;&nbsp; 882101 |
| 1105972 | Sequoia Mortgage Trust, Series 2024-6, Class A5, 6.00%, due 07/27/54<sup>(d)</sup> 144A | 1119443 |
| 1652229 | Sequoia Mortgage Trust, Series 2025-12, Class A5, 5.00%, due 12/25/55<sup>(d)</sup> 144A | 1649014 |
| 1187576 | Sequoia Mortgage Trust, Series 2025-8, Class A4, 5.50%, due 09/25/55<sup>(d)</sup> 144A | 1195445 |
| &nbsp;&nbsp; 289000 | SLG Office Trust, Series 2021-OVA, Class D, 2.85%, due 07/15/41 144A | &nbsp;&nbsp; 252812 |
| &nbsp;&nbsp; 295126 | &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2022-1, Class A1, 2.45%, due 12/25/66<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp; 268140 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 200364 | Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.00%, due 06/25/58<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191424 |
| &nbsp;&nbsp; 191772 | Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75%, due 03/25/58<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187609 |
| &nbsp;&nbsp; 150085 | Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.90%, due 10/25/59<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50048 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY3, Class A1A, 4.85% (1 mo. USD Term <br> SOFR + 1.11%), due 10/25/59<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50122 |
| &nbsp;&nbsp; 238238 | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75%, due 10/25/60 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218828 |
| &nbsp;&nbsp; 500000 | Towd Point Mortgage Trust, Series 2021-SJ2, Class A1B, 2.25%, due 12/25/61<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471342 |
| &nbsp;&nbsp; 435389 | Towd Point Mortgage Trust, Series 2024-4, Class A1A, 4.58%, due 10/27/64<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437481 |
| &nbsp;&nbsp; 671336 | Towd Point Mortgage Trust, Series 2025-CES1, Class A1, 5.71%, due 02/25/55<sup>(c)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678945 |
| &nbsp;&nbsp; 234000 | &nbsp;&nbsp;&nbsp; VDCM Commercial Mortgage Trust, Series 2025-AZ, Class A, 5.06%, due 07/13/44<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237185 |
| &nbsp;&nbsp; 103761 | Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, due 06/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91776 |
| &nbsp;&nbsp; 155309 | Verus Securitization Trust, Series 2021-4, Class A1, 0.94%, due 07/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131982 |
| &nbsp;&nbsp; 178776 | Verus Securitization Trust, Series 2021-5, Class A1, 1.01%, due 09/25/66<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47057 | Verus Securitization Trust, Series 2021-R1, Class A1, 0.82%, due 10/25/63<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45680 |
| &nbsp;&nbsp; 359466 | Verus Securitization Trust, Series 2025-11, Class A1, 4.91%, due 11/25/70<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360137 |
| &nbsp;&nbsp; 176000 | Verus Securitization Trust, Series 2025-R2, Class A1, 5.09%, due 07/25/67<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4995 | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 1A7, 5.45%, <br> due 09/25/33<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| &nbsp;&nbsp; 832853 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class A4, 3.19%, due <br> 07/15/50<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822948 |
| 1590090 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class A4, 3.37%, due <br> 03/15/50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1574384 |
| 1900000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A3, 1.96%, due <br> 04/15/54<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1749540 |
| &nbsp;&nbsp; 189000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-5C4, Class A3, 5.67%, due <br> 05/15/58<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197839 |
| &nbsp;&nbsp; 286000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-5C6, Class A3, 5.19%, due <br> 10/15/58<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294623 |
| 2601000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-5C7, Class A3, 5.20%, due <br> 12/15/58<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2680418 |
| &nbsp;&nbsp; 422000 | &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, 5.35%, due 07/15/40<sup>(d)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434447 |
|  |  | 102399976 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 29.8%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 29.8%** |
| &nbsp;&nbsp; 140027 | Federal Home Loan Mortgage Corp., Pool # A89870, 4.50%, due 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141647 |
| &nbsp;&nbsp; 100408 | Federal Home Loan Mortgage Corp., Pool # A96970, 4.00%, due 02/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98097 |
| &nbsp;&nbsp; 176950 | Federal Home Loan Mortgage Corp., Pool # C91908, 3.00%, due 01/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168808 |
| &nbsp;&nbsp; 140041 | Federal Home Loan Mortgage Corp., Pool # G06231, 4.00%, due 12/01/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87929 | Federal Home Loan Mortgage Corp., Pool # G06409, 6.00%, due 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42588 | Federal Home Loan Mortgage Corp., Pool # G06875, 5.50%, due 12/01/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44625 |
| &nbsp;&nbsp; 161023 | Federal Home Loan Mortgage Corp., Pool # G07021, 5.00%, due 09/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166043 |
| &nbsp;&nbsp; 302474 | Federal Home Loan Mortgage Corp., Pool # G07816, 4.50%, due 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305135 |
| &nbsp;&nbsp; 224535 | Federal Home Loan Mortgage Corp., Pool # G08537, 3.00%, due 07/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208260 |
| &nbsp;&nbsp; 135383 | Federal Home Loan Mortgage Corp., Pool # G08672, 4.00%, due 10/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131410 |
| &nbsp;&nbsp; 461570 | Federal Home Loan Mortgage Corp., Pool # G08721, 3.00%, due 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420759 |
| &nbsp;&nbsp; 214358 | Federal Home Loan Mortgage Corp., Pool # G08726, 3.00%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37308 | Federal Home Loan Mortgage Corp., Pool # G08735, 4.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18061 | Federal Home Loan Mortgage Corp., Pool # G08748, 3.50%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17062 |
| &nbsp;&nbsp; 258147 | Federal Home Loan Mortgage Corp., Pool # G08749, 4.00%, due 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250356 |

---

84See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 135596 | Federal Home Loan Mortgage Corp., Pool # G08771, 4.00%, due 07/01/47 | &nbsp;&nbsp; 131504 |
| &nbsp;&nbsp; 115425 | Federal Home Loan Mortgage Corp., Pool # G08786, 4.50%, due 10/01/47 | &nbsp;&nbsp; 114979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52791 | Federal Home Loan Mortgage Corp., Pool # G16177, 2.00%, due 01/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 50603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37071 | Federal Home Loan Mortgage Corp., Pool # G60359, 3.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 34069 |
| &nbsp;&nbsp; 184362 | Federal Home Loan Mortgage Corp., Pool # G60581, 3.50%, due 05/01/46 | &nbsp;&nbsp; 175385 |
| &nbsp;&nbsp; 724003 | Federal Home Loan Mortgage Corp., Pool # G60722, 3.00%, due 10/01/46 | &nbsp;&nbsp; 661558 |
| &nbsp;&nbsp; 265967 | Federal Home Loan Mortgage Corp., Pool # G60767, 3.50%, due 10/01/46 | &nbsp;&nbsp; 251371 |
| &nbsp;&nbsp; 114088 | Federal Home Loan Mortgage Corp., Pool # G60788, 3.50%, due 12/01/46 | &nbsp;&nbsp; 108462 |
| &nbsp;&nbsp; 404936 | Federal Home Loan Mortgage Corp., Pool # G60804, 4.50%, due 05/01/42 | &nbsp;&nbsp; 409603 |
| &nbsp;&nbsp; 595526 | Federal Home Loan Mortgage Corp., Pool # G60934, 3.50%, due 06/01/45 | &nbsp;&nbsp; 570108 |
| &nbsp;&nbsp; 753206 | Federal Home Loan Mortgage Corp., Pool # G60985, 3.00%, due 05/01/47 | &nbsp;&nbsp; 690336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81289 | Federal Home Loan Mortgage Corp., Pool # G60989, 3.00%, due 12/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 74160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55738 | Federal Home Loan Mortgage Corp., Pool # G61022, 3.00%, due 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 51657 |
| &nbsp;&nbsp; 406140 | Federal Home Loan Mortgage Corp., Pool # G61748, 3.50%, due 11/01/48 | &nbsp;&nbsp; 384871 |
| &nbsp;&nbsp; 216832 | Federal Home Loan Mortgage Corp., Pool # G67701, 3.00%, due 10/01/46 | &nbsp;&nbsp; 200388 |
| &nbsp;&nbsp; 134515 | Federal Home Loan Mortgage Corp., Pool # G67703, 3.50%, due 04/01/47 | &nbsp;&nbsp; 127745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49095 | Federal Home Loan Mortgage Corp., Pool # J24414, 2.50%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 48413 |
| &nbsp;&nbsp; 405300 | Federal Home Loan Mortgage Corp., Pool # Q09224, 4.00%, due 07/01/42 | &nbsp;&nbsp; 397589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60919 | Federal Home Loan Mortgage Corp., Pool # Q11218, 3.50%, due 09/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 58370 |
| &nbsp;&nbsp; 130855 | Federal Home Loan Mortgage Corp., Pool # Q12052, 3.50%, due 10/01/42 | &nbsp;&nbsp; 125298 |
| &nbsp;&nbsp; 360990 | Federal Home Loan Mortgage Corp., Pool # Q12862, 3.50%, due 11/01/42 | &nbsp;&nbsp; 349237 |
| &nbsp;&nbsp; 139298 | Federal Home Loan Mortgage Corp., Pool # Q17792, 3.50%, due 05/01/43 | &nbsp;&nbsp; 133310 |
| &nbsp;&nbsp; 340911 | Federal Home Loan Mortgage Corp., Pool # Q36815, 4.00%, due 10/01/45 | &nbsp;&nbsp; 329961 |
| &nbsp;&nbsp; 268145 | Federal Home Loan Mortgage Corp., Pool # Q41918, 3.50%, due 07/01/46 | &nbsp;&nbsp; 255337 |
| &nbsp;&nbsp; 141925 | Federal Home Loan Mortgage Corp., Pool # Q44963, 3.50%, due 12/01/46 | &nbsp;&nbsp; 134600 |
| &nbsp;&nbsp; 451125 | Federal Home Loan Mortgage Corp., Pool # Q45741, 3.50%, due 01/01/47 | &nbsp;&nbsp; 428387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38293 | Federal Home Loan Mortgage Corp., Pool # Q49494, 4.50%, due 07/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 38145 |
| &nbsp;&nbsp; 147229 | Federal Home Loan Mortgage Corp., Pool # Q52312, 4.00%, due 11/01/47 | &nbsp;&nbsp; 142382 |
| &nbsp;&nbsp; 115263 | Federal Home Loan Mortgage Corp., Pool # Q54957, 4.00%, due 03/01/48 | &nbsp;&nbsp; 111736 |
| 1013280 | Federal Home Loan Mortgage Corp., Pool # QA6367, 3.00%, due 01/01/50 | &nbsp;&nbsp; 915923 |
| &nbsp;&nbsp; 657182 | Federal Home Loan Mortgage Corp., Pool # QA7234, 3.00%, due 02/01/50 | &nbsp;&nbsp; 589805 |
| &nbsp;&nbsp; 441594 | Federal Home Loan Mortgage Corp., Pool # QA8518, 3.00%, due 04/01/50 | &nbsp;&nbsp; 398403 |
| 1180319 | Federal Home Loan Mortgage Corp., Pool # QB3535, 2.00%, due 09/01/50 | &nbsp;&nbsp; 964539 |
| &nbsp;&nbsp; 229395 | Federal Home Loan Mortgage Corp., Pool # QC0039, 2.50%, due 03/01/51 | &nbsp;&nbsp; 197307 |
| 1190928 | Federal Home Loan Mortgage Corp., Pool # QC4339, 2.00%, due 07/01/51 | &nbsp;&nbsp; 986381 |
| &nbsp;&nbsp; 728613 | Federal Home Loan Mortgage Corp., Pool # QC5189, 2.50%, due 08/01/51 | &nbsp;&nbsp; 622697 |
| &nbsp;&nbsp; 365665 | Federal Home Loan Mortgage Corp., Pool # QC6357, 2.50%, due 09/01/51 | &nbsp;&nbsp; 314514 |
| &nbsp;&nbsp; 402988 | Federal Home Loan Mortgage Corp., Pool # QD6056, 3.00%, due 02/01/52 | &nbsp;&nbsp; 362532 |
| 1008658 | Federal Home Loan Mortgage Corp., Pool # QD6057, 3.00%, due 02/01/52 | &nbsp;&nbsp; 905606 |
| &nbsp;&nbsp; 641904 | Federal Home Loan Mortgage Corp., Pool # QE0375, 4.00%, due 04/01/52 | &nbsp;&nbsp; 618024 |
| &nbsp;&nbsp; 633731 | Federal Home Loan Mortgage Corp., Pool # QF2436, 5.00%, due 10/01/52 | &nbsp;&nbsp; 640863 |
| &nbsp;&nbsp; 206111 | Federal Home Loan Mortgage Corp., Pool # RA1343, 3.00%, due 09/01/49 | &nbsp;&nbsp; 186067 |
| 1331358 | Federal Home Loan Mortgage Corp., Pool # RA1776, 3.00%, due 12/01/49 | 1203753 |
| &nbsp;&nbsp; 767470 | Federal Home Loan Mortgage Corp., Pool # RA1860, 3.00%, due 12/01/49 | &nbsp;&nbsp; 688791 |
| 1334216 | Federal Home Loan Mortgage Corp., Pool # RA6944, 3.50%, due 03/01/52 | 1245732 |
| &nbsp;&nbsp; 588557 | Federal Home Loan Mortgage Corp., Pool # RA6950, 3.50%, due 03/01/52 | &nbsp;&nbsp; 549663 |
| &nbsp;&nbsp; 505140 | Federal Home Loan Mortgage Corp., Pool # RA6951, 3.50%, due 03/01/52 | &nbsp;&nbsp; 472553 |
| 2611358 | Federal Home Loan Mortgage Corp., Pool # RA7135, 2.50%, due 04/01/52 | 2239179 |
| 1677195 | Federal Home Loan Mortgage Corp., Pool # RA7407, 4.00%, due 05/01/52 | 1607084 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 1722491 | Federal Home Loan Mortgage Corp., Pool # RA7545, 4.00%, due 06/01/52 | 1646751 |
| 1100978 | Federal Home Loan Mortgage Corp., Pool # RA9258, 5.00%, due 06/01/53 | 1103419 |
| 1509721 | Federal Home Loan Mortgage Corp., Pool # RB5111, 2.00%, due 05/01/41 | 1319588 |
| 1002283 | Federal Home Loan Mortgage Corp., Pool # RC1916, 2.00%, due 06/01/36 | &nbsp;&nbsp; 930943 |
| 1788317 | Federal Home Loan Mortgage Corp., Pool # RJ3009, 5.00%, due 12/01/54 | 1803262 |
| 1291417 | Federal Home Loan Mortgage Corp., Pool # RJ3472, 5.50%, due 02/01/55 | 1326732 |
| &nbsp;&nbsp; 591679 | Federal Home Loan Mortgage Corp., Pool # RJ4835, 5.50%, due 09/01/55 | &nbsp;&nbsp; 601722 |
| 3199976 | Federal Home Loan Mortgage Corp., Pool # SB0307, 2.50%, due 02/01/35 | 3052644 |
| 1801047 | Federal Home Loan Mortgage Corp., Pool # SB0385, 3.00%, due 07/01/35 | 1756845 |
| &nbsp;&nbsp; 227820 | Federal Home Loan Mortgage Corp., Pool # SB8199, 4.50%, due 12/01/37 | &nbsp;&nbsp; 228279 |
| 1151800 | Federal Home Loan Mortgage Corp., Pool # SB8205, 4.50%, due 01/01/38 | 1155539 |
| &nbsp;&nbsp; 302165 | Federal Home Loan Mortgage Corp., Pool # SB8212, 4.50%, due 02/01/38 | &nbsp;&nbsp; 303145 |
| &nbsp;&nbsp; 825779 | Federal Home Loan Mortgage Corp., Pool # SB8504, 2.50%, due 10/01/35 | &nbsp;&nbsp; 790740 |
| 2355498 | Federal Home Loan Mortgage Corp., Pool # SD0291, 5.00%, due 03/01/50 | 2392861 |
| &nbsp;&nbsp; 863840 | Federal Home Loan Mortgage Corp., Pool # SD0742, 2.50%, due 11/01/51 | &nbsp;&nbsp; 747778 |
| &nbsp;&nbsp; 356604 | Federal Home Loan Mortgage Corp., Pool # SD0815, 3.00%, due 01/01/52 | &nbsp;&nbsp; 321327 |
| &nbsp;&nbsp; 370835 | Federal Home Loan Mortgage Corp., Pool # SD0905, 3.00%, due 03/01/52 | &nbsp;&nbsp; 333266 |
| 1185000 | Federal Home Loan Mortgage Corp., Pool # SD1040, 4.00%, due 06/01/52 | 1133174 |
| &nbsp;&nbsp; 498412 | Federal Home Loan Mortgage Corp., Pool # SD1050, 4.50%, due 07/01/52 | &nbsp;&nbsp; 490289 |
| 2549179 | Federal Home Loan Mortgage Corp., Pool # SD1265, 4.50%, due 06/01/52 | 2518577 |
| 1794131 | Federal Home Loan Mortgage Corp., Pool # SD1295, 5.00%, due 07/01/52 | 1813690 |
| 1401191 | Federal Home Loan Mortgage Corp., Pool # SD1325, 4.00%, due 08/01/52 | 1345465 |
| 1170713 | Federal Home Loan Mortgage Corp., Pool # SD1446, 4.50%, due 08/01/52 | 1151164 |
| 1453495 | Federal Home Loan Mortgage Corp., Pool # SD1475, 4.50%, due 08/01/52 | 1436047 |
| 2250845 | Federal Home Loan Mortgage Corp., Pool # SD1483, 4.00%, due 08/01/52 | 2176399 |
| 1114212 | Federal Home Loan Mortgage Corp., Pool # SD1513, 5.00%, due 08/01/52 | 1118479 |
| &nbsp;&nbsp; 840030 | Federal Home Loan Mortgage Corp., Pool # SD1517, 4.50%, due 09/01/52 | &nbsp;&nbsp; 830720 |
| &nbsp;&nbsp; 772471 | Federal Home Loan Mortgage Corp., Pool # SD1606, 4.50%, due 09/01/52 | &nbsp;&nbsp; 762571 |
| &nbsp;&nbsp; 825030 | Federal Home Loan Mortgage Corp., Pool # SD1695, 5.00%, due 10/01/52 | &nbsp;&nbsp; 828190 |
| &nbsp;&nbsp; 436623 | Federal Home Loan Mortgage Corp., Pool # SD1807, 4.50%, due 07/01/52 | &nbsp;&nbsp; 430379 |
| &nbsp;&nbsp; 616668 | Federal Home Loan Mortgage Corp., Pool # SD1922, 5.00%, due 11/01/52 | &nbsp;&nbsp; 619347 |
| &nbsp;&nbsp; 646286 | Federal Home Loan Mortgage Corp., Pool # SD1999, 5.00%, due 12/01/52 | &nbsp;&nbsp; 648761 |
| 2764776 | Federal Home Loan Mortgage Corp., Pool # SD2172, 5.50%, due 02/01/53 | 2842665 |
| &nbsp;&nbsp; 405306 | Federal Home Loan Mortgage Corp., Pool # SD2273, 4.50%, due 12/01/52 | &nbsp;&nbsp; 398637 |
| 1438208 | Federal Home Loan Mortgage Corp., Pool # SD2318, 5.00%, due 02/01/53 | 1446534 |
| 1393996 | Federal Home Loan Mortgage Corp., Pool # SD2526, 4.00%, due 08/01/49 | 1336586 |
| &nbsp;&nbsp; 385440 | Federal Home Loan Mortgage Corp., Pool # SD2683, 4.50%, due 04/01/53 | &nbsp;&nbsp; 381167 |
| 3160347 | Federal Home Loan Mortgage Corp., Pool # SD2922, 5.00%, due 05/01/53 | 3178791 |
| 1451712 | Federal Home Loan Mortgage Corp., Pool # SD2954, 4.50%, due 04/01/53 | 1434282 |
| &nbsp;&nbsp; 320018 | Federal Home Loan Mortgage Corp., Pool # SD3338, 5.50%, due 06/01/53 | &nbsp;&nbsp; 328975 |
| &nbsp;&nbsp; 720600 | Federal Home Loan Mortgage Corp., Pool # SD3372, 5.00%, due 07/01/53 | &nbsp;&nbsp; 728698 |
| &nbsp;&nbsp; 358102 | Federal Home Loan Mortgage Corp., Pool # SD3425, 5.50%, due 07/01/53 | &nbsp;&nbsp; 367314 |
| &nbsp;&nbsp; 894267 | Federal Home Loan Mortgage Corp., Pool # SD3435, 5.00%, due 07/01/53 | &nbsp;&nbsp; 900604 |
| &nbsp;&nbsp; 448384 | Federal Home Loan Mortgage Corp., Pool # SD3507, 4.00%, due 04/01/53 | &nbsp;&nbsp; 430524 |
| 1307703 | Federal Home Loan Mortgage Corp., Pool # SD3562, 4.50%, due 08/01/53 | 1293345 |
| 1675647 | Federal Home Loan Mortgage Corp., Pool # SD3563, 4.50%, due 08/01/53 | 1655197 |
| 1119874 | Federal Home Loan Mortgage Corp., Pool # SD3566, 5.00%, due 08/01/53 | 1129875 |
| &nbsp;&nbsp; 754396 | Federal Home Loan Mortgage Corp., Pool # SD3780, 4.00%, due 08/01/52 | &nbsp;&nbsp; 721405 |
| &nbsp;&nbsp; 880419 | Federal Home Loan Mortgage Corp., Pool # SD4253, 3.50%, due 07/01/52 | &nbsp;&nbsp; 822299 |

---

86See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 982712 | Federal Home Loan Mortgage Corp., Pool # SD4624, 3.50%, due 08/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 925235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 446295 | Federal Home Loan Mortgage Corp., Pool # SD4660, 4.00%, due 08/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 426671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 456422 | Federal Home Loan Mortgage Corp., Pool # SD4904, 3.50%, due 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 426150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 492176 | Federal Home Loan Mortgage Corp., Pool # SD4934, 4.00%, due 04/01/53 | &nbsp;&nbsp;&nbsp;&nbsp; 472539 |
| &nbsp;&nbsp; 1131616 | Federal Home Loan Mortgage Corp., Pool # SD5082, 3.50%, due 07/01/52 | &nbsp;&nbsp; 1054095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 845021 | Federal Home Loan Mortgage Corp., Pool # SD5100, 4.00%, due 10/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 808132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 348118 | Federal Home Loan Mortgage Corp., Pool # SD5147, 3.00%, due 11/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 312719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 752031 | Federal Home Loan Mortgage Corp., Pool # SD5367, 5.50%, due 04/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 770404 |
| &nbsp;&nbsp; 1285640 | Federal Home Loan Mortgage Corp., Pool # SD5470, 5.00%, due 03/01/53 | &nbsp;&nbsp; 1298094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 586684 | Federal Home Loan Mortgage Corp., Pool # SD5730, 3.50%, due 12/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 546267 |
| &nbsp;&nbsp; 1160036 | Federal Home Loan Mortgage Corp., Pool # SD6755, 3.50%, due 11/01/52 | &nbsp;&nbsp; 1090095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 821283 | Federal Home Loan Mortgage Corp., Pool # SD7170, 5.00%, due 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 827887 |
| &nbsp;&nbsp; 1036671 | Federal Home Loan Mortgage Corp., Pool # SD7334, 5.50%, due 01/01/55 | &nbsp;&nbsp; 1056700 |
| &nbsp;&nbsp; 1222885 | Federal Home Loan Mortgage Corp., Pool # SD7408, 5.50%, due 01/01/55 | &nbsp;&nbsp; 1261211 |
| &nbsp;&nbsp; 2123952 | Federal Home Loan Mortgage Corp., Pool # SD7433, 5.00%, due 01/01/55 | &nbsp;&nbsp; 2135777 |
| &nbsp;&nbsp; 4044210 | Federal Home Loan Mortgage Corp., Pool # SD7521, 2.50%, due 07/01/50 | &nbsp;&nbsp; 3504356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 974905 | Federal Home Loan Mortgage Corp., Pool # SD7543, 2.50%, due 08/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 844208 |
| &nbsp;&nbsp; 2075429 | Federal Home Loan Mortgage Corp., Pool # SD7548, 2.50%, due 11/01/51 | &nbsp;&nbsp; 1798341 |
| &nbsp;&nbsp; 1426689 | Federal Home Loan Mortgage Corp., Pool # SD7551, 3.00%, due 01/01/52 | &nbsp;&nbsp; 1287223 |
| &nbsp;&nbsp; 4211994 | Federal Home Loan Mortgage Corp., Pool # SD7552, 2.50%, due 01/01/52 | &nbsp;&nbsp; 3646090 |
| &nbsp;&nbsp; 3375539 | Federal Home Loan Mortgage Corp., Pool # SD7563, 4.50%, due 05/01/53 | &nbsp;&nbsp; 3340860 |
| &nbsp;&nbsp; 3063641 | Federal Home Loan Mortgage Corp., Pool # SD7565, 5.50%, due 09/01/53 | &nbsp;&nbsp; 3154931 |
| &nbsp;&nbsp; 3669903 | Federal Home Loan Mortgage Corp., Pool # SD8090, 2.00%, due 09/01/50 | &nbsp;&nbsp; 3005218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 686406 | Federal Home Loan Mortgage Corp., Pool # SD8104, 1.50%, due 11/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 531086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 331119 | Federal Home Loan Mortgage Corp., Pool # SD8113, 2.00%, due 12/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 270803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 477065 | Federal Home Loan Mortgage Corp., Pool # SD8121, 2.00%, due 01/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 390363 |
| &nbsp;&nbsp; 2300319 | Federal Home Loan Mortgage Corp., Pool # SD8128, 2.00%, due 02/01/51 | &nbsp;&nbsp; 1880818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 980847 | Federal Home Loan Mortgage Corp., Pool # SD8134, 2.00%, due 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 801360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29471 | Federal Home Loan Mortgage Corp., Pool # SD8140, 2.00%, due 04/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24069 |
| &nbsp;&nbsp; 2941422 | Federal Home Loan Mortgage Corp., Pool # SD8141, 2.50%, due 04/01/51 | &nbsp;&nbsp; 2515781 |
| &nbsp;&nbsp; 4688035 | Federal Home Loan Mortgage Corp., Pool # SD8146, 2.00%, due 05/01/51 | &nbsp;&nbsp; 3832337 |
| &nbsp;&nbsp; 2699485 | Federal Home Loan Mortgage Corp., Pool # SD8147, 2.50%, due 05/01/51 | &nbsp;&nbsp; 2306338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 851194 | Federal Home Loan Mortgage Corp., Pool # SD8151, 2.50%, due 06/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 727855 |
| &nbsp;&nbsp; 1466206 | Federal Home Loan Mortgage Corp., Pool # SD8167, 2.50%, due 09/01/51 | &nbsp;&nbsp; 1247454 |
| &nbsp;&nbsp; 1195604 | Federal Home Loan Mortgage Corp., Pool # SD8193, 2.00%, due 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 972145 |
| &nbsp;&nbsp; 1561602 | Federal Home Loan Mortgage Corp., Pool # SD8222, 4.00%, due 06/01/52 | &nbsp;&nbsp; 1493182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 885106 | Federal Home Loan Mortgage Corp., Pool # SD8229, 4.50%, due 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 868443 |
| 10710543 | Federal Home Loan Mortgage Corp., Pool # SD8258, 5.00%, due 10/01/52 | 10744382 |
| &nbsp;&nbsp; 2165318 | Federal Home Loan Mortgage Corp., Pool # SD8267, 5.00%, due 11/01/52 | &nbsp;&nbsp; 2174269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 353734 | Federal Home Loan Mortgage Corp., Pool # SD8278, 6.00%, due 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 364967 |
| &nbsp;&nbsp; 1176402 | Federal Home Loan Mortgage Corp., Pool # SD8289, 5.50%, due 01/01/53 | &nbsp;&nbsp; 1198881 |
| &nbsp;&nbsp; 3172487 | Federal Home Loan Mortgage Corp., Pool # SD8408, 5.50%, due 03/01/54 | &nbsp;&nbsp; 3223175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 355111 | Federal Home Loan Mortgage Corp., Pool # SL0209, 5.00%, due 12/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 356420 |
| &nbsp;&nbsp; 1016279 | Federal Home Loan Mortgage Corp., Pool # SL0331, 5.50%, due 02/01/55 | &nbsp;&nbsp; 1040686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 727018 | Federal Home Loan Mortgage Corp., Pool # SL0765, 4.50%, due 02/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 717697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 668999 | Federal Home Loan Mortgage Corp., Pool # SL1031, 4.00%, due 01/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 639634 |
| &nbsp;&nbsp; 1356383 | Federal Home Loan Mortgage Corp., Pool # SL1810, 5.50%, due 05/01/55 | &nbsp;&nbsp; 1391633 |
| &nbsp;&nbsp; 2672606 | Federal Home Loan Mortgage Corp., Pool # SL2529, 4.50%, due 04/01/50 | &nbsp;&nbsp; 2659134 |
| &nbsp;&nbsp; 2635645 | Federal Home Loan Mortgage Corp., Pool # SL3134, 4.00%, due 08/01/51 | &nbsp;&nbsp; 2546616 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49210 | Federal Home Loan Mortgage Corp., Pool # V60565, 3.00%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 48637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150656 | Federal Home Loan Mortgage Corp., Pool # V60599, 3.00%, due 09/01/29 | &nbsp;&nbsp; 148778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 339527 | Federal Home Loan Mortgage Corp., Pool # V82292, 4.00%, due 04/01/46 | &nbsp;&nbsp; 329493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192605 | Federal Home Loan Mortgage Corp., Pool # V82848, 3.00%, due 12/01/46 | &nbsp;&nbsp; 176886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 593563 | Federal Home Loan Mortgage Corp., Pool # ZM1609, 3.50%, due 09/01/46 | &nbsp;&nbsp; 561145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185184 | Federal Home Loan Mortgage Corp., Pool # ZS4727, 4.00%, due 07/01/47 | &nbsp;&nbsp; 179383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 116337 | Federal Home Loan Mortgage Corp., Pool # ZS4760, 4.00%, due 03/01/48 | &nbsp;&nbsp; 112637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 859539 | Federal Home Loan Mortgage Corp., Pool # ZT0536, 3.50%, due 03/01/48 | &nbsp;&nbsp; 811995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 286449 | Federal Home Loan Mortgage Corp., Pool # ZT0657, 6.00%, due 07/01/40 | &nbsp;&nbsp; 305148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 296244 | Federal Home Loan Mortgage Corp., Pool # ZT2100, 3.00%, due 04/01/47 | &nbsp;&nbsp; 268415 |
| 11133972 | &nbsp;&nbsp;&nbsp; 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>| &nbsp;&nbsp; 514826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25326 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Reference REMICS, Series R007, Class ZA, <br> 6.00%, due 05/15/36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 705677 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-2, <br> Class MA, 3.50%, due 11/25/57<br>| &nbsp;&nbsp; 694029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 488027 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-4, <br> Class MA, 3.50%, due 03/25/58<br>| &nbsp;&nbsp; 478330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 454851 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, <br> Class MA, 3.50%, due 07/25/58<br>| &nbsp;&nbsp; 445385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA3, <br> Class M1B, 6.77%, (30 day USD SOFR Average + 2.90%), due 04/25/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 389654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 130635 | Federal National Mortgage Association, Pool # 745148, 5.00%, due 01/01/36 | &nbsp;&nbsp; 134412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 133047 | Federal National Mortgage Association, Pool # 932807, 4.00%, due 09/01/40 | &nbsp;&nbsp; 131131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68582 | Federal National Mortgage Association, Pool # 983471, 5.50%, due 05/01/38 | &nbsp;&nbsp;&nbsp;&nbsp; 71347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 138663 | Federal National Mortgage Association, Pool # 985184, 5.50%, due 08/01/38 | &nbsp;&nbsp; 144636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 111072 | Federal National Mortgage Association, Pool # 995245, 5.00%, due 01/01/39 | &nbsp;&nbsp; 113912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 251047 | Federal National Mortgage Association, Pool # AB6212, 3.00%, due 09/01/42 | &nbsp;&nbsp; 232855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 408139 | Federal National Mortgage Association, Pool # AB6802, 3.50%, due 11/01/42 | &nbsp;&nbsp; 391366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 105023 | Federal National Mortgage Association, Pool # AB7059, 2.50%, due 11/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 94573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 192874 | Federal National Mortgage Association, Pool # AB8703, 3.00%, due 03/01/38 | &nbsp;&nbsp; 182921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82662 | Federal National Mortgage Association, Pool # AB9383, 4.00%, due 05/01/43 | &nbsp;&nbsp;&nbsp;&nbsp; 80995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 653838 | Federal National Mortgage Association, Pool # AB9659, 3.00%, due 06/01/43 | &nbsp;&nbsp; 605876 |
| &nbsp;&nbsp; 1259256 | Federal National Mortgage Association, Pool # AC3668, 4.50%, due 10/01/39 | 1272148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 126926 | Federal National Mortgage Association, Pool # AD9153, 4.50%, due 08/01/40 | &nbsp;&nbsp; 128167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95531 | Federal National Mortgage Association, Pool # AE0469, 6.00%, due 12/01/39 | &nbsp;&nbsp; 101118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 278002 | Federal National Mortgage Association, Pool # AH4404, 4.00%, due 01/01/41 | &nbsp;&nbsp; 272596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52606 | Federal National Mortgage Association, Pool # AI1892, 5.00%, due 05/01/41 | &nbsp;&nbsp;&nbsp;&nbsp; 54185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266900 | Federal National Mortgage Association, Pool # AI4815, 4.50%, due 06/01/41 | &nbsp;&nbsp; 269017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 225874 | Federal National Mortgage Association, Pool # AJ9278, 3.50%, due 12/01/41 | &nbsp;&nbsp; 217756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 112283 | Federal National Mortgage Association, Pool # AJ9317, 4.00%, due 01/01/42 | &nbsp;&nbsp; 110053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229765 | Federal National Mortgage Association, Pool # AL0215, 4.50%, due 04/01/41 | &nbsp;&nbsp; 231635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 441585 | Federal National Mortgage Association, Pool # AL1895, 3.50%, due 06/01/42 | &nbsp;&nbsp; 424258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 266803 | Federal National Mortgage Association, Pool # AL2466, 4.00%, due 09/01/42 | &nbsp;&nbsp; 261421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 302152 | Federal National Mortgage Association, Pool # AL3000, 3.50%, due 12/01/42 | &nbsp;&nbsp; 288860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 350273 | Federal National Mortgage Association, Pool # AL3316, 3.50%, due 03/01/43 | &nbsp;&nbsp; 334903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 390235 | Federal National Mortgage Association, Pool # AL6663, 4.00%, due 03/01/39 | &nbsp;&nbsp; 388393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 450732 | Federal National Mortgage Association, Pool # AL7594, 3.50%, due 08/01/45 | &nbsp;&nbsp; 429029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 352562 | Federal National Mortgage Association, Pool # AL8191, 4.00%, due 12/01/45 | &nbsp;&nbsp; 341750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91005 | Federal National Mortgage Association, Pool # AL9657, 3.50%, due 01/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 86318 |

---

88See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 52087 | Federal National Mortgage Association, Pool # AO4109, 4.00%, due 06/01/42 | &nbsp;&nbsp;&nbsp;&nbsp; 51036 |
| &nbsp;&nbsp; 131553 | Federal National Mortgage Association, Pool # AQ7923, 3.00%, due 12/01/42 | &nbsp;&nbsp; 121999 |
| &nbsp;&nbsp; 248006 | Federal National Mortgage Association, Pool # AS5133, 3.50%, due 06/01/45 | &nbsp;&nbsp; 236065 |
| &nbsp;&nbsp; 102493 | Federal National Mortgage Association, Pool # AS6188, 3.50%, due 11/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 97525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 56624 | Federal National Mortgage Association, Pool # AS6286, 4.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 54880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 84150 | Federal National Mortgage Association, Pool # AS6304, 4.00%, due 12/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 81575 |
| &nbsp;&nbsp; 126889 | Federal National Mortgage Association, Pool # AS6452, 3.50%, due 01/01/46 | &nbsp;&nbsp; 120569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65219 | Federal National Mortgage Association, Pool # AS7693, 2.00%, due 08/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 62562 |
| &nbsp;&nbsp; 151820 | Federal National Mortgage Association, Pool # AS8073, 2.50%, due 10/01/46 | &nbsp;&nbsp; 131783 |
| 1313728 | Federal National Mortgage Association, Pool # AS8483, 3.00%, due 12/01/46 | 1190809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88069 | Federal National Mortgage Association, Pool # AZ3743, 3.50%, due 11/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 83260 |
| &nbsp;&nbsp; 150226 | Federal National Mortgage Association, Pool # BC9468, 3.00%, due 06/01/46 | &nbsp;&nbsp; 137109 |
| &nbsp;&nbsp; 322218 | Federal National Mortgage Association, Pool # BD7043, 4.00%, due 03/01/47 | &nbsp;&nbsp; 312124 |
| &nbsp;&nbsp; 192665 | Federal National Mortgage Association, Pool # BE7192, 4.00%, due 03/01/47 | &nbsp;&nbsp; 186927 |
| &nbsp;&nbsp; 342986 | Federal National Mortgage Association, Pool # BK1023, 4.50%, due 02/01/48 | &nbsp;&nbsp; 338713 |
| &nbsp;&nbsp; 164151 | Federal National Mortgage Association, Pool # BK7611, 4.50%, due 09/01/48 | &nbsp;&nbsp; 163290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97771 | Federal National Mortgage Association, Pool # BM1013, 3.50%, due 03/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 92739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86896 | Federal National Mortgage Association, Pool # BM1277, 4.00%, due 05/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 84174 |
| &nbsp;&nbsp; 519722 | Federal National Mortgage Association, Pool # BM1573, 3.50%, due 07/01/47 | &nbsp;&nbsp; 492972 |
| &nbsp;&nbsp; 547308 | Federal National Mortgage Association, Pool # BM1972, 3.50%, due 10/01/37 | &nbsp;&nbsp; 530626 |
| &nbsp;&nbsp; 408503 | Federal National Mortgage Association, Pool # BM3033, 3.00%, due 10/01/47 | &nbsp;&nbsp; 372827 |
| &nbsp;&nbsp; 141563 | Federal National Mortgage Association, Pool # BM3258, 3.00%, due 02/01/47 | &nbsp;&nbsp; 129857 |
| &nbsp;&nbsp; 283342 | Federal National Mortgage Association, Pool # BM3332, 3.50%, due 01/01/48 | &nbsp;&nbsp; 267308 |
| &nbsp;&nbsp; 204217 | Federal National Mortgage Association, Pool # BM3491, 4.50%, due 01/01/38 | &nbsp;&nbsp; 207547 |
| &nbsp;&nbsp; 110651 | Federal National Mortgage Association, Pool # BM3628, 3.50%, due 03/01/48 | &nbsp;&nbsp; 105138 |
| &nbsp;&nbsp; 564289 | Federal National Mortgage Association, Pool # BM3641, 4.00%, due 04/01/48 | &nbsp;&nbsp; 546405 |
| &nbsp;&nbsp; 340997 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Pool # BM4377, 6.76%, (1 yr. USD RFUCC + <br> 1.87%), due 04/01/38<sup>(b)</sup> <br>| &nbsp;&nbsp; 355883 |
| &nbsp;&nbsp; 388493 | Federal National Mortgage Association, Pool # BM4896, 3.00%, due 02/01/47 | &nbsp;&nbsp; 359967 |
| 1608193 | Federal National Mortgage Association, Pool # BM5019, 4.00%, due 12/01/47 | 1568655 |
| &nbsp;&nbsp; 481475 | Federal National Mortgage Association, Pool # BM5213, 3.00%, due 07/01/45 | &nbsp;&nbsp; 442407 |
| &nbsp;&nbsp; 116830 | Federal National Mortgage Association, Pool # BM5293, 3.50%, due 02/01/49 | &nbsp;&nbsp; 109703 |
| &nbsp;&nbsp; 208090 | Federal National Mortgage Association, Pool # BM5694, 4.00%, due 06/01/48 | &nbsp;&nbsp; 201541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80636 | Federal National Mortgage Association, Pool # BM5874, 4.00%, due 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 78153 |
| &nbsp;&nbsp; 184363 | Federal National Mortgage Association, Pool # BM5950, 3.00%, due 11/01/48 | &nbsp;&nbsp; 168082 |
| &nbsp;&nbsp; 328500 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, Pool # BM6482, 6.32%, (1 yr. USD RFUCC + <br> 1.58%), due 04/01/47<sup>(b)</sup> <br>| &nbsp;&nbsp; 342616 |
| &nbsp;&nbsp; 152934 | Federal National Mortgage Association, Pool # BO1420, 3.50%, due 09/01/49 | &nbsp;&nbsp; 143250 |
| &nbsp;&nbsp; 313744 | Federal National Mortgage Association, Pool # BO5387, 3.50%, due 12/01/49 | &nbsp;&nbsp; 296413 |
| 1149744 | Federal National Mortgage Association, Pool # BP6618, 2.50%, due 08/01/50 | &nbsp;&nbsp; 985134 |
| &nbsp;&nbsp; 401135 | Federal National Mortgage Association, Pool # BQ3138, 2.50%, due 10/01/50 | &nbsp;&nbsp; 347177 |
| 1041333 | Federal National Mortgage Association, Pool # BV8474, 3.00%, due 05/01/52 | &nbsp;&nbsp; 938792 |
| &nbsp;&nbsp; 618998 | Federal National Mortgage Association, Pool # CA0623, 4.50%, due 10/01/47 | &nbsp;&nbsp; 617409 |
| &nbsp;&nbsp; 388760 | Federal National Mortgage Association, Pool # CA0655, 3.50%, due 11/01/47 | &nbsp;&nbsp; 367409 |
| &nbsp;&nbsp; 244561 | Federal National Mortgage Association, Pool # CA0855, 3.50%, due 12/01/47 | &nbsp;&nbsp; 230586 |
| &nbsp;&nbsp; 207002 | Federal National Mortgage Association, Pool # CA3828, 4.00%, due 07/01/49 | &nbsp;&nbsp; 200037 |
| 2518517 | Federal National Mortgage Association, Pool # CA3861, 3.50%, due 07/01/49 | 2375176 |
| &nbsp;&nbsp; 562520 | Federal National Mortgage Association, Pool # CA3986, 5.00%, due 08/01/49 | &nbsp;&nbsp; 572880 |
| &nbsp;&nbsp; 367358 | Federal National Mortgage Association, Pool # CA4149, 3.00%, due 09/01/49 | &nbsp;&nbsp; 326635 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 438913 | Federal National Mortgage Association, Pool # CA5556, 3.50%, due 04/01/50 | &nbsp;&nbsp; 411067 |
| &nbsp;&nbsp; 925879 | Federal National Mortgage Association, Pool # CA6738, 3.00%, due 08/01/50 | &nbsp;&nbsp; 828938 |
| 2191445 | Federal National Mortgage Association, Pool # CA6840, 2.00%, due 09/01/35 | 2036949 |
| &nbsp;&nbsp; 639044 | Federal National Mortgage Association, Pool # CA6909, 2.50%, due 09/01/50 | &nbsp;&nbsp; 553758 |
| &nbsp;&nbsp; 765491 | Federal National Mortgage Association, Pool # CA9171, 2.00%, due 02/01/51 | &nbsp;&nbsp; 624695 |
| &nbsp;&nbsp; 221313 | Federal National Mortgage Association, Pool # CA9303, 3.00%, due 02/01/51 | &nbsp;&nbsp; 198051 |
| 4752989 | Federal National Mortgage Association, Pool # CB0671, 2.50%, due 06/01/51 | 4128633 |
| 1055393 | Federal National Mortgage Association, Pool # CB0855, 3.00%, due 06/01/51 | &nbsp;&nbsp; 942501 |
| 1150801 | Federal National Mortgage Association, Pool # CB1273, 2.00%, due 08/01/51 | &nbsp;&nbsp; 945621 |
| 1487650 | Federal National Mortgage Association, Pool # CB1878, 3.00%, due 10/01/51 | 1339110 |
| 1306043 | Federal National Mortgage Association, Pool # CB2243, 2.50%, due 11/01/36 | 1245480 |
| &nbsp;&nbsp; 436008 | Federal National Mortgage Association, Pool # CB2287, 2.50%, due 12/01/51 | &nbsp;&nbsp; 376142 |
| 4558983 | Federal National Mortgage Association, Pool # CB2857, 2.50%, due 02/01/52 | 3930657 |
| &nbsp;&nbsp; 380535 | Federal National Mortgage Association, Pool # CB2858, 2.50%, due 02/01/52 | &nbsp;&nbsp; 327640 |
| &nbsp;&nbsp; 996320 | Federal National Mortgage Association, Pool # CB2889, 3.00%, due 02/01/52 | &nbsp;&nbsp; 885509 |
| &nbsp;&nbsp; 362917 | Federal National Mortgage Association, Pool # CB3126, 3.50%, due 03/01/52 | &nbsp;&nbsp; 340400 |
| &nbsp;&nbsp; 679676 | Federal National Mortgage Association, Pool # CB3158, 2.50%, due 03/01/52 | &nbsp;&nbsp; 583817 |
| 1761394 | Federal National Mortgage Association, Pool # CB3512, 4.00%, due 05/01/52 | 1691392 |
| &nbsp;&nbsp; 611710 | Federal National Mortgage Association, Pool # CB3601, 3.50%, due 05/01/52 | &nbsp;&nbsp; 570227 |
| 1428235 | Federal National Mortgage Association, Pool # CB3606, 3.50%, due 05/01/52 | 1326930 |
| &nbsp;&nbsp; 862392 | Federal National Mortgage Association, Pool # CB3618, 4.00%, due 05/01/52 | &nbsp;&nbsp; 824742 |
| &nbsp;&nbsp; 874478 | Federal National Mortgage Association, Pool # CB3865, 4.50%, due 06/01/52 | &nbsp;&nbsp; 863980 |
| &nbsp;&nbsp; 634565 | Federal National Mortgage Association, Pool # CB3910, 4.00%, due 06/01/52 | &nbsp;&nbsp; 606663 |
| &nbsp;&nbsp; 364872 | Federal National Mortgage Association, Pool # CB4028, 4.50%, due 07/01/52 | &nbsp;&nbsp; 360196 |
| &nbsp;&nbsp; 694778 | Federal National Mortgage Association, Pool # CB4040, 5.00%, due 07/01/52 | &nbsp;&nbsp; 697833 |
| &nbsp;&nbsp; 691748 | Federal National Mortgage Association, Pool # CB4090, 4.00%, due 07/01/52 | &nbsp;&nbsp; 664185 |
| 1304929 | Federal National Mortgage Association, Pool # CB4101, 4.50%, due 07/01/52 | 1284570 |
| &nbsp;&nbsp; 854939 | Federal National Mortgage Association, Pool # CB4300, 4.50%, due 08/01/52 | &nbsp;&nbsp; 845691 |
| 1053441 | Federal National Mortgage Association, Pool # CB4304, 4.50%, due 08/01/52 | 1038919 |
| 1766371 | Federal National Mortgage Association, Pool # CB4337, 4.50%, due 08/01/52 | 1756358 |
| 4113497 | Federal National Mortgage Association, Pool # CB4352, 5.00%, due 08/01/52 | 4169907 |
| 3174312 | Federal National Mortgage Association, Pool # CB4354, 5.00%, due 08/01/52 | 3214503 |
| &nbsp;&nbsp; 860711 | Federal National Mortgage Association, Pool # CB4384, 4.50%, due 08/01/52 | &nbsp;&nbsp; 851384 |
| 1240249 | Federal National Mortgage Association, Pool # CB4387, 4.50%, due 08/01/52 | 1217364 |
| 1678431 | Federal National Mortgage Association, Pool # CB4395, 4.50%, due 08/01/52 | 1654203 |
| &nbsp;&nbsp; 691596 | Federal National Mortgage Association, Pool # CB4562, 5.00%, due 09/01/52 | &nbsp;&nbsp; 695314 |
| &nbsp;&nbsp; 421632 | Federal National Mortgage Association, Pool # CB4675, 4.50%, due 09/01/52 | &nbsp;&nbsp; 415276 |
| 1316911 | Federal National Mortgage Association, Pool # CB4808, 4.00%, due 10/01/52 | 1259209 |
| &nbsp;&nbsp; 316454 | Federal National Mortgage Association, Pool # CB4838, 5.00%, due 10/01/52 | &nbsp;&nbsp; 318368 |
| 1554144 | Federal National Mortgage Association, Pool # CB5434, 5.00%, due 01/01/53 | 1572087 |
| 1231897 | Federal National Mortgage Association, Pool # CB6059, 5.00%, due 04/01/53 | 1242294 |
| &nbsp;&nbsp; 669163 | Federal National Mortgage Association, Pool # CB8978, 5.00%, due 08/01/54 | &nbsp;&nbsp; 672210 |
| 1315078 | Federal National Mortgage Association, Pool # CB9429, 5.00%, due 11/01/54 | 1320965 |
| 1005237 | Federal National Mortgage Association, Pool # CB9463, 5.00%, due 11/01/54 | 1016904 |
| &nbsp;&nbsp; 449017 | Federal National Mortgage Association, Pool # CB9485, 5.50%, due 11/01/54 | &nbsp;&nbsp; 460330 |
| 1798269 | Federal National Mortgage Association, Pool # CB9649, 5.00%, due 12/01/54 | 1810726 |
| 1148595 | Federal National Mortgage Association, Pool # CC0525, 5.50%, due 06/01/55 | 1173605 |
| &nbsp;&nbsp; 426574 | Federal National Mortgage Association, Pool # CC0532, 5.50%, due 06/01/55 | &nbsp;&nbsp; 437736 |
| &nbsp;&nbsp; 957069 | Federal National Mortgage Association, Pool # DE3615, 5.50%, due 07/01/55 | &nbsp;&nbsp; 973528 |

---

90See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 1384174 | Federal National Mortgage Association, Pool # FA0018, 2.50%, due 04/01/52 | 1193180 |
| &nbsp;&nbsp; 864710 | Federal National Mortgage Association, Pool # FA0243, 5.50%, due 12/01/54 | &nbsp;&nbsp; 885019 |
| &nbsp;&nbsp; 675897 | Federal National Mortgage Association, Pool # FA1034, 3.50%, due 08/01/53 | &nbsp;&nbsp; 633494 |
| &nbsp;&nbsp; 405907 | Federal National Mortgage Association, Pool # FA1626, 4.00%, due 09/01/52 | &nbsp;&nbsp; 388123 |
| 1043923 | Federal National Mortgage Association, Pool # FA1655, 3.50%, due 12/01/52 | &nbsp;&nbsp; 977188 |
| &nbsp;&nbsp; 316335 | Federal National Mortgage Association, Pool # FA2696, 5.50%, due 09/01/55 | &nbsp;&nbsp; 324344 |
| &nbsp;&nbsp; 577083 | Federal National Mortgage Association, Pool # FM0030, 3.00%, due 02/01/49 | &nbsp;&nbsp; 524967 |
| &nbsp;&nbsp; 152767 | Federal National Mortgage Association, Pool # FM1001, 3.50%, due 11/01/48 | &nbsp;&nbsp; 144212 |
| &nbsp;&nbsp; 113611 | Federal National Mortgage Association, Pool # FM1347, 3.00%, due 12/01/48 | &nbsp;&nbsp; 103448 |
| &nbsp;&nbsp; 447174 | Federal National Mortgage Association, Pool # FM1467, 3.00%, due 12/01/47 | &nbsp;&nbsp; 409114 |
| &nbsp;&nbsp; 448096 | Federal National Mortgage Association, Pool # FM1588, 3.00%, due 10/01/49 | &nbsp;&nbsp; 407023 |
| &nbsp;&nbsp; 246561 | Federal National Mortgage Association, Pool # FM1715, 3.00%, due 12/01/45 | &nbsp;&nbsp; 225882 |
| &nbsp;&nbsp; 346373 | Federal National Mortgage Association, Pool # FM1790, 3.00%, due 11/01/49 | &nbsp;&nbsp; 307975 |
| &nbsp;&nbsp; 240479 | Federal National Mortgage Association, Pool # FM1864, 3.00%, due 11/01/49 | &nbsp;&nbsp; 217043 |
| 1476868 | Federal National Mortgage Association, Pool # FM2226, 3.00%, due 09/01/46 | 1368433 |
| &nbsp;&nbsp; 625569 | Federal National Mortgage Association, Pool # FM2274, 4.00%, due 08/01/49 | &nbsp;&nbsp; 605198 |
| &nbsp;&nbsp; 283374 | Federal National Mortgage Association, Pool # FM2336, 4.00%, due 01/01/50 | &nbsp;&nbsp; 273531 |
| &nbsp;&nbsp; 312559 | Federal National Mortgage Association, Pool # FM2461, 3.50%, due 03/01/50 | &nbsp;&nbsp; 291432 |
| &nbsp;&nbsp; 419742 | Federal National Mortgage Association, Pool # FM2570, 4.50%, due 04/01/48 | &nbsp;&nbsp; 423583 |
| &nbsp;&nbsp; 747342 | Federal National Mortgage Association, Pool # FM2664, 3.50%, due 03/01/50 | &nbsp;&nbsp; 694334 |
| &nbsp;&nbsp; 965389 | Federal National Mortgage Association, Pool # FM2725, 3.00%, due 02/01/50 | &nbsp;&nbsp; 858355 |
| 1030724 | Federal National Mortgage Association, Pool # FM3250, 3.50%, due 05/01/50 | &nbsp;&nbsp; 966138 |
| &nbsp;&nbsp; 569719 | Federal National Mortgage Association, Pool # FM4330, 2.50%, due 10/01/50 | &nbsp;&nbsp; 494592 |
| 2350536 | Federal National Mortgage Association, Pool # FM4765, 2.00%, due 11/01/50 | 1947266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23318 | Federal National Mortgage Association, Pool # FM5035, 4.00%, due 07/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 22562 |
| &nbsp;&nbsp; 678223 | Federal National Mortgage Association, Pool # FM6039, 3.50%, due 06/01/50 | &nbsp;&nbsp; 635288 |
| 1660580 | Federal National Mortgage Association, Pool # FM6497, 2.00%, due 03/01/51 | 1377381 |
| &nbsp;&nbsp; 623211 | Federal National Mortgage Association, Pool # FM6585, 3.50%, due 11/01/40 | &nbsp;&nbsp; 595228 |
| &nbsp;&nbsp; 610481 | Federal National Mortgage Association, Pool # FM7341, 4.00%, due 03/01/48 | &nbsp;&nbsp; 591375 |
| &nbsp;&nbsp; 232037 | Federal National Mortgage Association, Pool # FM7441, 3.00%, due 05/01/51 | &nbsp;&nbsp; 205966 |
| &nbsp;&nbsp; 941078 | Federal National Mortgage Association, Pool # FM7785, 4.00%, due 05/01/49 | &nbsp;&nbsp; 911084 |
| 1486933 | Federal National Mortgage Association, Pool # FM7794, 4.00%, due 01/01/50 | 1436038 |
| 2487964 | Federal National Mortgage Association, Pool # FM8029, 2.50%, due 07/01/51 | 2146614 |
| 1474848 | Federal National Mortgage Association, Pool # FM8216, 4.00%, due 11/01/48 | 1424956 |
| &nbsp;&nbsp; 847108 | Federal National Mortgage Association, Pool # FM8325, 2.50%, due 07/01/35 | &nbsp;&nbsp; 815719 |
| &nbsp;&nbsp; 726461 | Federal National Mortgage Association, Pool # FM8451, 2.50%, due 08/01/51 | &nbsp;&nbsp; 628892 |
| 1211390 | Federal National Mortgage Association, Pool # FM8603, 4.00%, due 09/01/49 | 1173096 |
| 3968576 | Federal National Mortgage Association, Pool # FM8779, 2.50%, due 09/01/51 | 3446972 |
| 2681894 | Federal National Mortgage Association, Pool # FM9000, 2.00%, due 06/01/51 | 2212378 |
| 1143431 | Federal National Mortgage Association, Pool # FM9461, 3.50%, due 11/01/51 | 1066949 |
| &nbsp;&nbsp; 808984 | Federal National Mortgage Association, Pool # FM9726, 2.50%, due 11/01/51 | &nbsp;&nbsp; 702656 |
| &nbsp;&nbsp; 469284 | Federal National Mortgage Association, Pool # FM9977, 4.00%, due 02/01/50 | &nbsp;&nbsp; 452730 |
| 1139369 | Federal National Mortgage Association, Pool # FP0077, 3.50%, due 03/01/51 | 1064862 |
| &nbsp;&nbsp; 861644 | Federal National Mortgage Association, Pool # FS0027, 2.50%, due 11/01/51 | &nbsp;&nbsp; 747793 |
| &nbsp;&nbsp; 938235 | Federal National Mortgage Association, Pool # FS0194, 2.50%, due 01/01/52 | &nbsp;&nbsp; 808776 |
| &nbsp;&nbsp; 107202 | Federal National Mortgage Association, Pool # FS0703, 4.00%, due 01/01/49 | &nbsp;&nbsp; 102987 |
| 1765040 | Federal National Mortgage Association, Pool # FS0715, 3.00%, due 01/01/52 | 1587699 |
| &nbsp;&nbsp; 325900 | Federal National Mortgage Association, Pool # FS0717, 3.00%, due 02/01/52 | &nbsp;&nbsp; 291924 |
| &nbsp;&nbsp; 390040 | Federal National Mortgage Association, Pool # FS1201, 3.00%, due 01/01/50 | &nbsp;&nbsp; 346757 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 1097780 | Federal National Mortgage Association, Pool # FS1228, 3.00%, due 03/01/52 | &nbsp;&nbsp; 985780 |
| &nbsp;&nbsp; 455807 | Federal National Mortgage Association, Pool # FS1285, 3.50%, due 02/01/52 | &nbsp;&nbsp; 427289 |
| &nbsp;&nbsp; 345885 | Federal National Mortgage Association, Pool # FS1427, 3.00%, due 02/01/50 | &nbsp;&nbsp; 312143 |
| &nbsp;&nbsp; 274041 | Federal National Mortgage Association, Pool # FS1602, 4.00%, due 07/01/49 | &nbsp;&nbsp; 265370 |
| &nbsp;&nbsp; 185982 | Federal National Mortgage Association, Pool # FS1637, 4.00%, due 04/01/52 | &nbsp;&nbsp; 177848 |
| 2419142 | Federal National Mortgage Association, Pool # FS1938, 2.50%, due 02/01/52 | 2088093 |
| 1111742 | Federal National Mortgage Association, Pool # FS1976, 4.00%, due 08/01/51 | 1076621 |
| &nbsp;&nbsp; 354278 | Federal National Mortgage Association, Pool # FS2060, 4.00%, due 06/01/52 | &nbsp;&nbsp; 340165 |
| &nbsp;&nbsp; 915523 | Federal National Mortgage Association, Pool # FS2187, 4.00%, due 06/01/52 | &nbsp;&nbsp; 884834 |
| 1369063 | Federal National Mortgage Association, Pool # FS2896, 4.50%, due 09/01/52 | 1356484 |
| &nbsp;&nbsp; 400815 | Federal National Mortgage Association, Pool # FS2969, 4.50%, due 10/01/52 | &nbsp;&nbsp; 397132 |
| 1815930 | Federal National Mortgage Association, Pool # FS3040, 3.00%, due 12/01/51 | 1627888 |
| &nbsp;&nbsp; 537614 | Federal National Mortgage Association, Pool # FS3067, 4.00%, due 07/01/52 | &nbsp;&nbsp; 516289 |
| &nbsp;&nbsp; 522780 | Federal National Mortgage Association, Pool # FS3139, 4.50%, due 10/01/52 | &nbsp;&nbsp; 514527 |
| &nbsp;&nbsp; 574746 | Federal National Mortgage Association, Pool # FS3158, 4.50%, due 11/01/52 | &nbsp;&nbsp; 565912 |
| &nbsp;&nbsp; 387688 | Federal National Mortgage Association, Pool # FS3276, 4.50%, due 12/01/37 | &nbsp;&nbsp; 388469 |
| &nbsp;&nbsp; 249614 | Federal National Mortgage Association, Pool # FS3310, 4.50%, due 11/01/37 | &nbsp;&nbsp; 250424 |
| &nbsp;&nbsp; 844573 | Federal National Mortgage Association, Pool # FS3332, 5.50%, due 12/01/52 | &nbsp;&nbsp; 868204 |
| &nbsp;&nbsp; 806772 | Federal National Mortgage Association, Pool # FS3417, 5.00%, due 12/01/52 | &nbsp;&nbsp; 813743 |
| 1553110 | Federal National Mortgage Association, Pool # FS3560, 4.50%, due 04/01/53 | 1534465 |
| 1770736 | Federal National Mortgage Association, Pool # FS4223, 4.50%, due 05/01/47 | 1779739 |
| 1015039 | Federal National Mortgage Association, Pool # FS4312, 4.50%, due 03/01/53 | 1002028 |
| 1031837 | Federal National Mortgage Association, Pool # FS4758, 2.50%, due 01/01/36 | &nbsp;&nbsp; 985018 |
| &nbsp;&nbsp; 791760 | Federal National Mortgage Association, Pool # FS5171, 3.00%, due 12/01/51 | &nbsp;&nbsp; 711090 |
| &nbsp;&nbsp; 334493 | Federal National Mortgage Association, Pool # FS5263, 4.50%, due 05/01/53 | &nbsp;&nbsp; 330786 |
| &nbsp;&nbsp; 805064 | Federal National Mortgage Association, Pool # FS5656, 5.50%, due 08/01/53 | &nbsp;&nbsp; 826339 |
| 1365360 | Federal National Mortgage Association, Pool # FS5871, 2.00%, due 07/01/51 | 1117785 |
| 1524313 | Federal National Mortgage Association, Pool # FS5912, 4.00%, due 05/01/52 | 1457890 |
| &nbsp;&nbsp; 394466 | Federal National Mortgage Association, Pool # FS6158, 4.00%, due 07/01/52 | &nbsp;&nbsp; 377245 |
| 1318940 | Federal National Mortgage Association, Pool # FS6255, 3.50%, due 08/01/52 | 1231153 |
| &nbsp;&nbsp; 640285 | Federal National Mortgage Association, Pool # FS6431, 3.50%, due 09/01/52 | &nbsp;&nbsp; 598052 |
| &nbsp;&nbsp; 377625 | Federal National Mortgage Association, Pool # FS6645, 3.00%, due 05/01/52 | &nbsp;&nbsp; 340980 |
| &nbsp;&nbsp; 653636 | Federal National Mortgage Association, Pool # FS7206, 5.50%, due 02/01/54 | &nbsp;&nbsp; 672405 |
| &nbsp;&nbsp; 581591 | Federal National Mortgage Association, Pool # FS7249, 4.50%, due 10/01/52 | &nbsp;&nbsp; 575143 |
| &nbsp;&nbsp; 848397 | Federal National Mortgage Association, Pool # FS7381, 3.50%, due 09/01/52 | &nbsp;&nbsp; 792128 |
| 1799349 | Federal National Mortgage Association, Pool # FS7404, 3.50%, due 01/01/48 | 1701806 |
| 2646257 | Federal National Mortgage Association, Pool # FS7948, 2.50%, due 04/01/52 | 2294132 |
| &nbsp;&nbsp; 860925 | Federal National Mortgage Association, Pool # FS8125, 5.50%, due 05/01/54 | &nbsp;&nbsp; 880432 |
| 1096880 | Federal National Mortgage Association, Pool # FS8422, 4.00%, due 09/01/53 | 1048825 |
| 1615711 | Federal National Mortgage Association, Pool # FS8685, 4.50%, due 09/01/52 | 1590676 |
| 2544312 | Federal National Mortgage Association, Pool # FS9027, 5.50%, due 07/01/53 | 2617511 |
| &nbsp;&nbsp; 567012 | Federal National Mortgage Association, Pool # FS9784, 5.50%, due 11/01/54 | &nbsp;&nbsp; 581054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88155 | Federal National Mortgage Association, Pool # MA2781, 2.50%, due 10/01/46 | &nbsp;&nbsp;&nbsp;&nbsp; 76949 |
| 2102220 | Federal National Mortgage Association, Pool # MA2863, 3.00%, due 01/01/47 | 1903716 |
| &nbsp;&nbsp; 253430 | Federal National Mortgage Association, Pool # MA3058, 4.00%, due 07/01/47 | &nbsp;&nbsp; 243296 |
| &nbsp;&nbsp; 235270 | Federal National Mortgage Association, Pool # MA3076, 2.50%, due 07/01/32 | &nbsp;&nbsp; 227198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70980 | Federal National Mortgage Association, Pool # MA3087, 3.50%, due 08/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 66739 |
| &nbsp;&nbsp; 263968 | Federal National Mortgage Association, Pool # MA3114, 2.50%, due 08/01/32 | &nbsp;&nbsp; 255440 |
| &nbsp;&nbsp; 249909 | Federal National Mortgage Association, Pool # MA3124, 2.50%, due 09/01/32 | &nbsp;&nbsp; 241738 |

---

92See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 50422 | Federal National Mortgage Association, Pool # MA3155, 3.00%, due 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 49292 |
| 2713671 | Federal National Mortgage Association, Pool # MA3182, 3.50%, due 11/01/47 | 2551612 |
| 5754548 | Federal National Mortgage Association, Pool # MA3210, 3.50%, due 12/01/47 | 5402572 |
| &nbsp;&nbsp; 113848 | Federal National Mortgage Association, Pool # MA3211, 4.00%, due 12/01/47 | &nbsp;&nbsp; 110515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82443 | Federal National Mortgage Association, Pool # MA3238, 3.50%, due 01/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 77686 |
| &nbsp;&nbsp; 208044 | Federal National Mortgage Association, Pool # MA3332, 3.50%, due 04/01/48 | &nbsp;&nbsp; 195426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51730 | Federal National Mortgage Association, Pool # MA3364, 3.50%, due 05/01/33 | &nbsp;&nbsp;&nbsp;&nbsp; 51215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43986 | Federal National Mortgage Association, Pool # MA3385, 4.50%, due 06/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 43746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62982 | Federal National Mortgage Association, Pool # MA3442, 3.50%, due 08/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 59103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49558 | Federal National Mortgage Association, Pool # MA3521, 4.00%, due 11/01/48 | &nbsp;&nbsp;&nbsp;&nbsp; 47944 |
| &nbsp;&nbsp; 514330 | Federal National Mortgage Association, Pool # MA3871, 3.00%, due 12/01/49 | &nbsp;&nbsp; 462082 |
| 3324592 | Federal National Mortgage Association, Pool # MA3937, 3.00%, due 02/01/50 | 2984765 |
| &nbsp;&nbsp; 106191 | Federal National Mortgage Association, Pool # MA3960, 3.00%, due 03/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 95095 |
| &nbsp;&nbsp; 611781 | Federal National Mortgage Association, Pool # MA4018, 2.00%, due 05/01/50 | &nbsp;&nbsp; 501391 |
| &nbsp;&nbsp; 381281 | Federal National Mortgage Association, Pool # MA4048, 3.00%, due 06/01/50 | &nbsp;&nbsp; 341953 |
| &nbsp;&nbsp; 106252 | Federal National Mortgage Association, Pool # MA4120, 2.50%, due 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 91073 |
| 1366848 | Federal National Mortgage Association, Pool # MA4158, 2.00%, due 10/01/50 | 1118721 |
| &nbsp;&nbsp; 885927 | Federal National Mortgage Association, Pool # MA4159, 2.50%, due 10/01/50 | &nbsp;&nbsp; 759090 |
| &nbsp;&nbsp; 359810 | Federal National Mortgage Association, Pool # MA4181, 1.50%, due 11/01/50 | &nbsp;&nbsp; 278396 |
| &nbsp;&nbsp; 269514 | Federal National Mortgage Association, Pool # MA4204, 2.00%, due 12/01/40 | &nbsp;&nbsp; 237852 |
| &nbsp;&nbsp; 648840 | Federal National Mortgage Association, Pool # MA4208, 2.00%, due 12/01/50 | &nbsp;&nbsp; 531054 |
| 3073196 | Federal National Mortgage Association, Pool # MA4209, 1.50%, due 12/01/50 | 2380334 |
| &nbsp;&nbsp; 413426 | Federal National Mortgage Association, Pool # MA4232, 2.00%, due 01/01/41 | &nbsp;&nbsp; 362646 |
| &nbsp;&nbsp; 433475 | Federal National Mortgage Association, Pool # MA4236, 1.50%, due 01/01/51 | &nbsp;&nbsp; 335389 |
| 1539378 | Federal National Mortgage Association, Pool # MA4237, 2.00%, due 01/01/51 | 1259289 |
| &nbsp;&nbsp; 748492 | Federal National Mortgage Association, Pool # MA4238, 2.50%, due 01/01/51 | &nbsp;&nbsp; 639977 |
| &nbsp;&nbsp; 860216 | Federal National Mortgage Association, Pool # MA4254, 1.50%, due 02/01/51 | &nbsp;&nbsp; 665786 |
| 1735047 | Federal National Mortgage Association, Pool # MA4255, 2.00%, due 02/01/51 | 1418272 |
| &nbsp;&nbsp; 421520 | Federal National Mortgage Association, Pool # MA4268, 2.00%, due 02/01/41 | &nbsp;&nbsp; 371439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87883 | Federal National Mortgage Association, Pool # MA4281, 2.00%, due 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 71802 |
| &nbsp;&nbsp; 193868 | Federal National Mortgage Association, Pool # MA4305, 2.00%, due 04/01/51 | &nbsp;&nbsp; 158332 |
| 4516972 | Federal National Mortgage Association, Pool # MA4325, 2.00%, due 05/01/51 | 3686191 |
| 1289767 | Federal National Mortgage Association, Pool # MA4326, 2.50%, due 05/01/51 | 1103283 |
| &nbsp;&nbsp; 236026 | Federal National Mortgage Association, Pool # MA4333, 2.00%, due 05/01/41 | &nbsp;&nbsp; 206387 |
| &nbsp;&nbsp; 276083 | Federal National Mortgage Association, Pool # MA4356, 2.50%, due 06/01/51 | &nbsp;&nbsp; 236122 |
| &nbsp;&nbsp; 338379 | Federal National Mortgage Association, Pool # MA4380, 3.00%, due 07/01/51 | &nbsp;&nbsp; 302075 |
| &nbsp;&nbsp; 382828 | Federal National Mortgage Association, Pool # MA4399, 2.50%, due 08/01/51 | &nbsp;&nbsp; 327235 |
| &nbsp;&nbsp; 815214 | Federal National Mortgage Association, Pool # MA4549, 3.00%, due 02/01/52 | &nbsp;&nbsp; 724758 |
| &nbsp;&nbsp; 291665 | Federal National Mortgage Association, Pool # MA4600, 3.50%, due 05/01/52 | &nbsp;&nbsp; 270977 |
| 1208801 | Federal National Mortgage Association, Pool # MA4618, 4.00%, due 04/01/52 | 1153875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070 | Federal National Mortgage Association, Pool # MA4624, 3.00%, due 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840 |
| &nbsp;&nbsp; 730312 | Federal National Mortgage Association, Pool # MA4626, 4.00%, due 06/01/52 | &nbsp;&nbsp; 698314 |
| 1048976 | Federal National Mortgage Association, Pool # MA4644, 4.00%, due 05/01/52 | 1001763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1673 | Federal National Mortgage Association, Pool # MA4653, 3.00%, due 07/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489 |
| 2172148 | Federal National Mortgage Association, Pool # MA4656, 4.50%, due 07/01/52 | 2133189 |
| 1000690 | Federal National Mortgage Association, Pool # MA4665, 2.50%, due 07/01/37 | &nbsp;&nbsp; 948340 |
| &nbsp;&nbsp; 718945 | Federal National Mortgage Association, Pool # MA4686, 5.00%, due 06/01/52 | &nbsp;&nbsp; 721254 |
| 1214301 | Federal National Mortgage Association, Pool # MA4733, 4.50%, due 09/01/52 | 1192396 |
| &nbsp;&nbsp; 885054 | Federal National Mortgage Association, Pool # MA4761, 5.00%, due 09/01/52 | &nbsp;&nbsp; 887896 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| 1698069 | Federal National Mortgage Association, Pool # MA4806, 5.00%, due 11/01/52 | 1703347 |
| 1368410 | Federal National Mortgage Association, Pool # MA4894, 6.00%, due 01/01/53 | 1408514 |
| &nbsp;&nbsp; 943918 | Federal National Mortgage Association, Pool # MA4941, 5.50%, due 03/01/53 | &nbsp;&nbsp; 961840 |
| 3695092 | Federal National Mortgage Association, Pool # MA4979, 5.50%, due 04/01/53 | 3764489 |
| &nbsp;&nbsp; 785475 | Federal National Mortgage Association, Pool # MA5010, 5.50%, due 05/01/53 | &nbsp;&nbsp; 800227 |
| &nbsp;&nbsp; 359936 | Federal National Mortgage Association, Pool # MA5139, 6.00%, due 09/01/53 | &nbsp;&nbsp; 370596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1671 | Federal National Mortgage Association, Pool # MA5909, 5.00%, due 12/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669 |
| &nbsp;&nbsp; 347062 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2023-R02, Class 1M1, 6.17%, (30 day USD SOFR Average + 2.30%), due 01/25/43<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 354014 |
| &nbsp;&nbsp; 337289 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2011-59, Class NZ, 5.50%, due <br> 07/25/41<br>| &nbsp;&nbsp; 351176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2012-28, Class B, 6.50%, due <br> 06/25/39<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93216 | Government National Mortgage Association, Pool # 004636, 4.50%, due 02/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 94072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17659 | Government National Mortgage Association, Pool # 004678, 4.50%, due 04/20/40 | &nbsp;&nbsp;&nbsp;&nbsp; 17821 |
| &nbsp;&nbsp; 104886 | Government National Mortgage Association, Pool # 004833, 4.00%, due 10/20/40 | &nbsp;&nbsp; 102129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98943 | Government National Mortgage Association, Pool # 004977, 4.00%, due 03/20/41 | &nbsp;&nbsp;&nbsp;&nbsp; 96319 |
| &nbsp;&nbsp; 248271 | Government National Mortgage Association, Pool # 004978, 4.50%, due 03/20/41 | &nbsp;&nbsp; 250490 |
| &nbsp;&nbsp; 385327 | Government National Mortgage Association, Pool # 005055, 4.50%, due 05/20/41 | &nbsp;&nbsp; 388752 |
| &nbsp;&nbsp; 201947 | Government National Mortgage Association, Pool # 734152, 4.00%, due 01/15/41 | &nbsp;&nbsp; 195898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15222 | Government National Mortgage Association, Pool # 783637, 3.00%, due 06/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 14153 |
| &nbsp;&nbsp; 138892 | Government National Mortgage Association, Pool # 784605, 4.50%, due 01/15/42 | &nbsp;&nbsp; 139215 |
| &nbsp;&nbsp; 337024 | Government National Mortgage Association, Pool # 796468, 4.00%, due 09/20/42 | &nbsp;&nbsp; 326106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78570 | Government National Mortgage Association, Pool # AL8626, 3.00%, due 08/15/45 | &nbsp;&nbsp;&nbsp;&nbsp; 71226 |
| &nbsp;&nbsp; 542523 | Government National Mortgage Association, Pool # AV9421, 3.50%, due 11/20/46 | &nbsp;&nbsp; 501700 |
| &nbsp;&nbsp; 302666 | Government National Mortgage Association, Pool # AY7555, 3.50%, due 04/20/47 | &nbsp;&nbsp; 279884 |
| &nbsp;&nbsp; 147761 | Government National Mortgage Association, Pool # MA0462, 3.50%, due 10/20/42 | &nbsp;&nbsp; 139386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22117 | Government National Mortgage Association, Pool # MA0624, 3.00%, due 12/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 20537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98829 | Government National Mortgage Association, Pool # MA0625, 3.50%, due 12/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 93657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55991 | Government National Mortgage Association, Pool # MA0698, 3.00%, due 01/20/43 | &nbsp;&nbsp;&nbsp;&nbsp; 51990 |
| &nbsp;&nbsp; 190338 | Government National Mortgage Association, Pool # MA0851, 3.00%, due 03/20/43 | &nbsp;&nbsp; 176581 |
| &nbsp;&nbsp; 153312 | Government National Mortgage Association, Pool # MA0852, 3.50%, due 03/20/43 | &nbsp;&nbsp; 144805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32086 | Government National Mortgage Association, Pool # MA1156, 3.00%, due 07/20/43 | &nbsp;&nbsp;&nbsp;&nbsp; 29701 |
| &nbsp;&nbsp; 103717 | Government National Mortgage Association, Pool # MA1376, 4.00%, due 10/20/43 | &nbsp;&nbsp; 100675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47232 | Government National Mortgage Association, Pool # MA1599, 3.00%, due 01/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 43721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95725 | Government National Mortgage Association, Pool # MA2371, 3.50%, due 11/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 89704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 78018 | Government National Mortgage Association, Pool # MA2372, 4.00%, due 11/20/44 | &nbsp;&nbsp;&nbsp;&nbsp; 75489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69899 | Government National Mortgage Association, Pool # MA2825, 3.00%, due 05/20/45 | &nbsp;&nbsp;&nbsp;&nbsp; 64030 |
| &nbsp;&nbsp; 162719 | Government National Mortgage Association, Pool # MA3310, 3.50%, due 12/20/45 | &nbsp;&nbsp; 151688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65656 | Government National Mortgage Association, Pool # MA3377, 4.00%, due 01/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 63457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98197 | Government National Mortgage Association, Pool # MA3455, 4.00%, due 02/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 94926 |
| &nbsp;&nbsp; 186065 | Government National Mortgage Association, Pool # MA3456, 4.50%, due 02/20/46 | &nbsp;&nbsp; 185710 |
| &nbsp;&nbsp; 160325 | Government National Mortgage Association, Pool # MA3596, 3.00%, due 04/20/46 | &nbsp;&nbsp; 146317 |
| &nbsp;&nbsp; 304776 | Government National Mortgage Association, Pool # MA3803, 3.50%, due 07/20/46 | &nbsp;&nbsp; 282501 |
| &nbsp;&nbsp; 227054 | Government National Mortgage Association, Pool # MA3873, 3.00%, due 08/20/46 | &nbsp;&nbsp; 207214 |
| &nbsp;&nbsp; 106925 | Government National Mortgage Association, Pool # MA4004, 3.50%, due 10/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 99694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61715 | Government National Mortgage Association, Pool # MA4071, 4.50%, due 11/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 61664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55167 | Government National Mortgage Association, Pool # MA4125, 2.50%, due 12/20/46 | &nbsp;&nbsp;&nbsp;&nbsp; 48626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86514 | Government National Mortgage Association, Pool # MA4263, 4.00%, due 02/20/47 | &nbsp;&nbsp;&nbsp;&nbsp; 83376 |

---

94See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 136094 | Government National Mortgage Association, Pool # MA4585, 3.00%, due 07/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124157 |
| &nbsp;&nbsp; 128500 | Government National Mortgage Association, Pool # MA4586, 3.50%, due 07/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119581 |
| &nbsp;&nbsp; 328056 | Government National Mortgage Association, Pool # MA4720, 4.00%, due 09/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92055 | Government National Mortgage Association, Pool # MA4838, 4.00%, due 11/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88714 |
| &nbsp;&nbsp; 375952 | Government National Mortgage Association, Pool # MA5019, 3.50%, due 02/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43070 | Government National Mortgage Association, Pool # MA5021, 4.50%, due 02/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15238 | Government National Mortgage Association, Pool # MA5079, 4.50%, due 03/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15181 |
| &nbsp;&nbsp; 181570 | Government National Mortgage Association, Pool # MA5264, 4.00%, due 06/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174615 |
| &nbsp;&nbsp; 103754 | Government National Mortgage Association, Pool # MA5397, 3.50%, due 08/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96425 |
| &nbsp;&nbsp; 105949 | Government National Mortgage Association, Pool # MA5466, 4.00%, due 09/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85956 | Government National Mortgage Association, Pool # MA5467, 4.50%, due 09/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36357 | Government National Mortgage Association, Pool # MA5530, 5.00%, due 10/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63284 | Government National Mortgage Association, Pool # MA5762, 3.50%, due 02/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58629 |
| 3482468 | Government National Mortgage Association, Pool # MA5764, 4.50%, due 02/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 3456478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 58950 | Government National Mortgage Association, Pool # MA5817, 4.00%, due 03/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56546 |
| &nbsp;&nbsp; 213868 | Government National Mortgage Association, Pool # MA5874, 3.00%, due 04/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195573 |
| &nbsp;&nbsp; 811637 | Government National Mortgage Association, Pool # MA5876, 4.00%, due 04/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778062 |
| &nbsp;&nbsp; 411667 | Government National Mortgage Association, Pool # MA6038, 3.00%, due 07/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372928 |
| 3415234 | Government National Mortgage Association, Pool # MA6090, 3.50%, due 08/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 3151694 |
| &nbsp;&nbsp; 149117 | Government National Mortgage Association, Pool # MA6338, 3.00%, due 12/20/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134880 |
| &nbsp;&nbsp; 345944 | Government National Mortgage Association, Pool # MA6409, 3.00%, due 01/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67291 | Government National Mortgage Association, Pool # MA6476, 4.00%, due 02/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64509 |
| 1879418 | Government National Mortgage Association, Pool # MA6540, 2.50%, due 03/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 1634422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44402 | Government National Mortgage Association, Pool # MA6865, 2.50%, due 09/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38475 |
| 4892370 | Government National Mortgage Association, Pool # MA6930, 2.00%, due 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 4064677 |
| &nbsp;&nbsp; 202780 | Government National Mortgage Association, Pool # MA6931, 2.50%, due 10/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175932 |
| &nbsp;&nbsp; 154825 | Government National Mortgage Association, Pool # MA6995, 2.50%, due 11/20/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134015 |
| 2788867 | Government National Mortgage Association, Pool # MA7589, 2.50%, due 09/20/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2414015 |
| 3810227 | Government National Mortgage Association, Pool # MA7880, 2.00%, due 02/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 3164398 |
| 1552002 | Government National Mortgage Association, Pool # MA7938, 3.50%, due 03/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1432879 |
| &nbsp;&nbsp; 796401 | Government National Mortgage Association, Pool # MA7939, 4.00%, due 03/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759595 |
| 2990793 | Government National Mortgage Association, Pool # MA8044, 3.50%, due 05/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2759985 |
| 1526564 | Government National Mortgage Association, Pool # MA8150, 4.00%, due 07/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1456559 |
| 2340237 | Government National Mortgage Association, Pool # MA8267, 4.00%, due 09/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2231226 |
| 1364648 | Government National Mortgage Association, Pool # MA8429, 5.50%, due 11/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1391873 |
| &nbsp;&nbsp; 849064 | Government National Mortgage Association, Pool # MA8725, 5.00%, due 03/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850657 |
| 2277799 | Government National Mortgage Association, Pool # MA8879, 5.50%, due 05/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 2318336 |
| 2516602 | Government National Mortgage Association, Pool # MA9304, 5.00%, due 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 2527802 |
| 1432905 | Government National Mortgage Association, Pool # MA9782, 7.00%, due 07/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1480922 |
| 1999736 | Government National Mortgage Association, Pool # MA9964, 5.00%, due 10/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2000015 |
| &nbsp;&nbsp; 315953 | Government National Mortgage Association, Pool # MB0150, 7.00%, due 01/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325747 |
|  |  | 423539473 |
|  | **Municipal Obligations — 0.7%** | **Municipal Obligations — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Alabama Economic Settlement Authority, 4.26%, due 09/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59976 |
| &nbsp;&nbsp; 355000 | Bay Area Toll Authority, 6.26%, due 04/01/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374974 |
| 1525000 | California Health Facilities Financing Authority, 4.19%, due 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp; 1458304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | District of Columbia Water & Sewer Authority, 4.81%, due 10/01/14<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77457 |
| 1055000 | Empire State Development Corp., 5.77%, due 03/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; 1087116 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Municipal Obligations — continued** | **Municipal Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 257000 | Golden State Tobacco Securitization Corp., 4.21%, due 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 188183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 555129 | &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development <br> Authority, 3.62%, due 02/01/29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 553686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280000 | Maryland Economic Development Corp., 5.43%, due 05/31/56 | &nbsp;&nbsp;&nbsp;&nbsp; 269242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 338000 | Municipal Electric Authority of Georgia, 6.64%, due 04/01/57 | &nbsp;&nbsp;&nbsp;&nbsp; 365952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 885000 | State of California, 7.50%, due 04/01/34 | &nbsp;&nbsp; 1033274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 655000 | State of California, 7.55%, due 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp; 795736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 935000 | State of Connecticut, 3.98%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 939905 |
| &nbsp;&nbsp; 1690000 | University of Michigan, 4.45%, due 04/01/22<sup>(g)</sup> <br>| &nbsp;&nbsp; 1317087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 940000 | University of Virginia, 2.26%, due 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 550275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 595000 | University of Virginia, 2.58%, due 11/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 368069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 185000 | University of Virginia, 4.18%, due 09/01/17<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 137562 |
|  |  | 9576798 |
|  | **Sovereign Debt Obligations — 0.4%** | **Sovereign Debt Obligations — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Cassa Depositi e Prestiti SpA, 4.38%, due 10/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 201144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | Cassa Depositi e Prestiti SpA, 5.88%, due 04/30/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 211044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 360000 | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 365274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 535000 | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 550256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 999000 | Israel Government International Bonds, 5.38%, due 02/19/30 | &nbsp;&nbsp; 1034190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 695000 | Mexico Government International Bonds, 6.88%, due 05/13/37 | &nbsp;&nbsp;&nbsp;&nbsp; 743303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 320000 | Province of Alberta, 1.30%, due 07/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 286501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175000 | Province of Alberta, 3.30%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 173692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | Province of Manitoba, 2.13%, due 06/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 220000 | Province of Quebec, 2.75%, due 04/12/27 | &nbsp;&nbsp;&nbsp;&nbsp; 217455 |
| &nbsp;&nbsp; 1590000 | Romania Government International Bonds, 5.75%, due 09/16/30 144A | &nbsp;&nbsp; 1641115 |
|  |  | 5523146 |
|  | **U.S. Government and Agency Obligations — 17.8%** | **U.S. Government and Agency Obligations — 17.8%** |
| &nbsp;&nbsp; 4550000 | Federal Home Loan Bank Discount Notes, 1.79%, due 01/02/26<sup>(i)</sup> <br>| &nbsp;&nbsp; 4549115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Federal National Mortgage Association, 0.88%, due 08/05/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 310000 | Federal National Mortgage Association, 4.43%, due 03/17/31<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 251830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 545000 | Federal National Mortgage Association, 6.63%, due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 615240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 | Tennessee Valley Authority, 1.50%, due 09/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 132010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 910000 | Tennessee Valley Authority, 5.25%, due 02/01/55 | &nbsp;&nbsp;&nbsp;&nbsp; 906111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Tennessee Valley Authority, 7.13%, due 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 | Tennessee Valley Authority Generic STRIPS, 4.78%, due 07/15/34<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52167 |
| 10753000 | U.S. Treasury Bonds, 1.38%, due 08/15/50 | &nbsp;&nbsp; 5317485 |
| &nbsp;&nbsp; 5891000 | U.S. Treasury Bonds, 1.63%, due 11/15/50 | &nbsp;&nbsp; 3110034 |
| &nbsp;&nbsp; 7639000 | U.S. Treasury Bonds, 2.00%, due 02/15/50 | &nbsp;&nbsp; 4501340 |
| &nbsp;&nbsp; 2240000 | U.S. Treasury Bonds, 2.38%, due 11/15/49 | &nbsp;&nbsp; 1446025 |
| 18915000 | U.S. Treasury Bonds, 2.38%, due 05/15/51<sup>(j)</sup> <br>| 11983318 |
| 17310000 | U.S. Treasury Bonds, 3.00%, due 02/15/49<sup>(k)</sup> <br>| 12812781 |
| &nbsp;&nbsp; 5700000 | U.S. Treasury Bonds, 3.25%, due 05/15/42 | &nbsp;&nbsp; 4772859 |
| &nbsp;&nbsp; 2726000 | U.S. Treasury Bonds, 3.38%, due 11/15/48 | &nbsp;&nbsp; 2166638 |
| &nbsp;&nbsp; 9905000 | U.S. Treasury Bonds, 3.63%, due 08/15/43 | &nbsp;&nbsp; 8585236 |
| &nbsp;&nbsp; 3214000 | U.S. Treasury Bonds, 4.00%, due 11/15/42 | &nbsp;&nbsp; 2957508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 930000 | U.S. Treasury Bonds, 4.00%, due 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 810335 |
| &nbsp;&nbsp; 8760000 | U.S. Treasury Bonds, 4.25%, due 02/15/54 | &nbsp;&nbsp; 7957228 |

---

96See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** | **U.S. Government and Agency Obligations — continued** |
| &nbsp;&nbsp; 6893000 | U.S. Treasury Bonds, 4.25%, due 08/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6261725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 600000 | U.S. Treasury Bonds, 4.38%, due 08/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575426 |
| &nbsp;&nbsp; 9076000 | U.S. Treasury Bonds, 4.50%, due 02/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8815597 |
| 10462000 | U.S. Treasury Bonds, 4.63%, due 05/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10312426 |
| 12095000 | U.S. Treasury Bonds, 4.63%, due 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11899401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 815000 | U.S. Treasury Bonds, 4.63%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799464 |
| &nbsp;&nbsp; 8594000 | U.S. Treasury Bonds, 4.63%, due 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316709 |
| &nbsp;&nbsp; 6221000 | U.S. Treasury Bonds, 4.75%, due 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6246030 |
| &nbsp;&nbsp; 1805000 | U.S. Treasury Bonds, 4.75%, due 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780040 |
| &nbsp;&nbsp; 3080000 | U.S. Treasury Bonds, 4.75%, due 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3041019 |
| 15832000 | U.S. Treasury Bonds, 4.75%, due 08/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15639047 |
| 12866000 | U.S. Treasury Bonds, 4.88%, due 08/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13042908 |
| &nbsp;&nbsp; 6192000 | U.S. Treasury Bonds, 5.00%, due 05/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6381630 |
| &nbsp;&nbsp; 2948475 | U.S. Treasury Inflation-Indexed Notes, 0.13%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800202 |
| &nbsp;&nbsp; 1694000 | U.S. Treasury Notes, 3.38%, due 11/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1691022 |
| &nbsp;&nbsp; 3617000 | U.S. Treasury Notes, 3.50%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3614881 |
| &nbsp;&nbsp; 2433000 | U.S. Treasury Notes, 3.50%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2431194 |
| &nbsp;&nbsp; 5159000 | U.S. Treasury Notes, 3.50%, due 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112650 |
| &nbsp;&nbsp; 5744000 | U.S. Treasury Notes, 3.63%, due 08/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5757687 |
| &nbsp;&nbsp; 7072000 | U.S. Treasury Notes, 3.63%, due 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7092719 |
| &nbsp;&nbsp; 5866000 | U.S. Treasury Notes, 3.63%, due 08/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5851106 |
| &nbsp;&nbsp; 6432000 | U.S. Treasury Notes, 3.63%, due 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6408131 |
| &nbsp;&nbsp; 4494000 | U.S. Treasury Notes, 3.75%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4519981 |
| &nbsp;&nbsp; 8480000 | U.S. Treasury Notes, 3.88%, due 05/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8524719 |
| &nbsp;&nbsp; 1365000 | U.S. Treasury Notes, 3.88%, due 09/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1363000 |
| &nbsp;&nbsp; 6334000 | U.S. Treasury Notes, 3.88%, due 12/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6316680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 781000 | U.S. Treasury Notes, 4.00%, due 07/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786354 |
| &nbsp;&nbsp; 8835000 | U.S. Treasury Notes, 4.00%, due 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8728014 |
| &nbsp;&nbsp; 1414000 | U.S. Treasury Notes, 4.13%, due 02/28/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1423776 |
| &nbsp;&nbsp; 7250000 | U.S. Treasury Notes, 4.63%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7367388 |
| &nbsp;&nbsp; 2395000 | U.S. Treasury STRIPS Coupon, 2.66%, due 08/15/44<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942902 |
| &nbsp;&nbsp; 3500000 | U.S. Treasury STRIPS Coupon, 2.67%, due 02/15/43<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506147 |
| &nbsp;&nbsp; 7055000 | U.S. Treasury STRIPS Coupon, 3.37%, due 11/15/41<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3267796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 345000 | U.S. Treasury STRIPS Coupon, 4.37%, due 08/15/43<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 100000 | U.S. Treasury STRIPS Coupon, 4.72%, due 02/15/40<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51423 |
| &nbsp;&nbsp; 2690000 | U.S. Treasury STRIPS Coupon, 4.84%, due 02/15/42<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1227495 |
|  |  | &nbsp;&nbsp; 253102310 |
|  | TOTAL DEBT OBLIGATIONS (COST $1,414,980,004) | 1403137996 |

---

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

---

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

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **SHORT-TERM INVESTMENT — 0.6%** | **SHORT-TERM INVESTMENT — 0.6%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.6%** | **Mutual Fund - Securities Lending Collateral — 0.6%** |
| 9294745 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.83%<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9294745 |
|  | TOTAL SHORT-TERM INVESTMENT (COST $9,294,745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9294745 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS BEFORE TBA SALE** <br> **COMMITMENTS — 99.4%** <br>(Cost $1,424,509,061)<br>| &nbsp;&nbsp; 1412457227 |
|  | **TBA SALE COMMITMENTS — (0.5)%** | **TBA SALE COMMITMENTS — (0.5)%** |
| (7000000) | Uniform Mortgage-Backed Security, TBA, 2.00%, due 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5669710) |
| (1500000) | Uniform Mortgage-Backed Security, TBA, 2.50%, due 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1271250) |
|  | TOTAL TBA SALE COMMITMENTS (PROCEEDS $6,947,031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6940960) |
|  | **TOTAL INVESTMENTS NET OF TBA SALE** <br> **COMMITMENTS — 98.9%** <br>(Cost $1,417,562,030)<br>| &nbsp;&nbsp; 1405516267 |
|  | Other Assets and Liabilities (net) — 1.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15096061 |
|  | **NET ASSETS — 100.0%** | **$1420612328** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | Unless otherwise indicated, all par values are denominated in United States dollars ($). |
| (b) | Variable or floating rate note. Rate shown is as of December 31, 2025. |
| (c) | Step coupon security that pays an initial coupon rate for the first period and then a lower/higher <br> coupon rate for the following periods. Rate shown is current coupon rate.<br>|
| (d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (e) | All or a portion of this security is out on loan. |
| (f) | Security is perpetual and has no stated maturity date. |
| (g) | Year of maturity is greater than 2100. |
| (h) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (i) | Interest rate presented is yield to maturity. |
| (j) | All or a portion of this security is pledged for open futures collateral. |
| (k) | All or a portion of this security is pledged for centrally cleared swaps collateral. |
| (l) | The rate disclosed is the 7-day net yield as of December 31, 2025. |
| (m) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $286,585,821 which represents 20.2% of <br> net assets.<br>|

---

98See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement <br>Date<br>| Counterparty | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| EUR | 1350900 | &nbsp;&nbsp; USD | 1590587 | 01/09/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; $(3722)<br>|
| USD | 17786950 | &nbsp;&nbsp; EUR | 15393863 | 01/09/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (295793)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(299515)<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 |  |  |  |  |
| 140 | U.S. Treasury Note 10-Year | Mar 2026 | &nbsp;&nbsp; $15741250 | &nbsp;&nbsp; $(73423)<br>|
| 43 | U.S. Treasury Note 2-Year | Mar 2026 | &nbsp;&nbsp; 8977930 | &nbsp;&nbsp; 2049 |
| 366 | U.S. Treasury Note 5-Year | Mar 2026 | &nbsp;&nbsp; 40005516 | &nbsp;&nbsp; (76525)<br>|
| 85 | U.S. Ultra 10-Year | Mar 2026 | &nbsp;&nbsp; 9776328 | &nbsp;&nbsp; (28504)<br>|
|  |  |  |  | &nbsp;&nbsp; $(176403)<br>|
| Sales |  |  |  |  |
| 65 | U.S. Long Bond | Mar 2026 | &nbsp;&nbsp; $7513594 | &nbsp;&nbsp; $(8328)<br>|
| 29 | U.S. Ultra Bond | Mar 2026 | &nbsp;&nbsp; 3422000 | &nbsp;&nbsp; 10706 |
|  |  |  |  | &nbsp;&nbsp; $2378 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made <br>by Fund<br>| Payment <br>Frequency<br>| Maturity <br>Date<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| SOFR | Annual | 4.70% | Annual | 09/25/26 | &nbsp;&nbsp;&nbsp;&nbsp; $154 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; $(6886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7040)<br>|
| SOFR | Annual | 4.67% | Annual | 05/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; — | USD | &nbsp;&nbsp;&nbsp;&nbsp; 10955000 | &nbsp;&nbsp;&nbsp;&nbsp; (38903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38903)<br>|
| SOFR | Annual | 4.25% | Annual | 05/13/29 | &nbsp;&nbsp;&nbsp;&nbsp; (9824)<br>| USD | &nbsp;&nbsp;&nbsp;&nbsp; 9240000 | &nbsp;&nbsp;&nbsp;&nbsp; (260374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (250550)<br>|
| SOFR | Annual | 1.35% | Annual | 05/11/54 | &nbsp;&nbsp;&nbsp;&nbsp; 515808 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 534805 | &nbsp;&nbsp;&nbsp;&nbsp; 18997 |
| 4.50% | Annual | SOFR | Annual | 05/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 5534 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 14850000 | &nbsp;&nbsp;&nbsp;&nbsp; 220605 | &nbsp;&nbsp;&nbsp;&nbsp; 215071 |
|  |  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(62425)<br>|

---

**Centrally Cleared Credit Default Swaps**

**Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Value |
| 10116000 | USD | 12/20/30 | (1.00%) | Quarterly | CDX.NA.IG.S45\*\* | $820 | $(229884)<br>| $(229064)<br>|

---

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

See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

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

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

---

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

---

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

---

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

---

100See accompanying Notes to the Schedule of Investments

------

**Mercer Core Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Debt Obligations | &nbsp;&nbsp; 98.8 |
| Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Equities | &nbsp;&nbsp;&nbsp; 0.0\* |
| Futures Contracts | &nbsp;&nbsp; (0.0)\* |
| TBA Sale Commitments | &nbsp;&nbsp; (0.5) |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; (1.2) |
| Short-Term Investment | &nbsp;&nbsp;&nbsp; 0.7 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 2.2 |
|  | 100.0 |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 97.2%** | **DEBT OBLIGATIONS — 97.2%** |
|  | **Asset Backed Securities — 8.6%** | **Asset Backed Securities — 8.6%** |
| 3200000 | &nbsp;&nbsp;&nbsp; ACRES LLC, Series 2025-FL3, Class A, 5.35% (1 mo. USD Term SOFR + 1.62%), due <br> 08/18/40<sup>(a)</sup> 144A<br>| 3205818 |
| &nbsp;&nbsp; 446810 | &nbsp;&nbsp;&nbsp; Aegis Asset-Backed Securities Trust, Series 2005-5, Class M1, 4.49% (1 mo. USD Term <br> SOFR + 0.76%), due 12/25/35<sup>(a)</sup> <br>| &nbsp;&nbsp; 424997 |
| 1650000 | Affirm Asset Securitization Trust, Series 2024-A, Class E, 9.17%, due 02/15/29 144A | 1654703 |
| 1900000 | Affirm Asset Securitization Trust, Series 2024-B, Class E, 7.35%, due 09/15/29 144A | 1911866 |
| 1800000 | Affirm Master Trust, Series 2025-2A, Class A, 4.67%, due 07/15/33 144A | 1813245 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; AGL CLO 25 Ltd., Series 2023-25A, Class D1R, 6.77% (3 mo. USD Term SOFR + <br> 2.90%), due 07/21/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 300633 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; AIMCO CLO 15 Ltd., Series 2021-15A, Class ER, 8.48% (3 mo. USD Term SOFR + <br> 4.60%), due 04/17/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 249734 |
| 1575000 | &nbsp;&nbsp;&nbsp; AIMCO CLO 24 Ltd., Series 2025-24A, Class E, 10.23% (3 mo. USD Term SOFR + <br> 6.10%), due 04/19/38<sup>(a)</sup> 144A<br>| 1613473 |
| 1620000 | AIMCO CLO 24 Ltd., Series 2025-24A, Class SUB, due 04/19/38<sup>(b)</sup> 144A | 1286288 |
| 2016000 | AIMCO CLO 28 Ltd., 1.00%, due 06/27/27<sup>(b)</sup> <br>| 2016000 |
| &nbsp;&nbsp; 232476 | &nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class E, 6.16%, due 09/15/33 <br> 144A<br>| &nbsp;&nbsp; 233250 |
| &nbsp;&nbsp; 340000 | AMSR Trust, Series 2025-SFR1, Class F2, 3.66%, due 06/17/42 144A | &nbsp;&nbsp; 302638 |
| &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables XV LLC, Series 2025-1A, Class E, 8.35%, due <br> 01/20/34 144A<br>| &nbsp;&nbsp; 519544 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 15 Ltd., Series 2020-15A, Class ER2, 10.26% (3 mo. USD <br> Term SOFR + 6.05%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 251989 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 26 Ltd., Series 2023-26A, Class ER, 10.13% (3 mo. USD Term <br> SOFR + 6.25%), due 03/19/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 252840 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Anchorage Capital CLO 32 Ltd., Series 2025-32A, Class E, 11.12% (3 mo. USD Term <br> SOFR + 7.00%), due 07/15/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 251483 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; Anchorage Credit Funding 18 Ltd., Series 2025-18A, Class B, 5.70%, due 10/22/40 <br> 144A<br>| &nbsp;&nbsp; 601543 |
| &nbsp;&nbsp; 931064 | Aqua Finance Issuer Trust, Series 2025-B, Class A, 4.79%, due 05/17/51 144A | &nbsp;&nbsp; 938667 |
| 2000000 | &nbsp;&nbsp;&nbsp; ARES XLIV CLO Ltd., Series 2017-44A, Class A1RR, 5.03% (3 mo. USD Term SOFR <br> + 1.13%), due 04/15/34<sup>(a)</sup> 144A<br>| 2002134 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE5, Class M1, <br> 2.89% (1 mo. USD Term SOFR + 0.53%), due 07/25/36<sup>(a)</sup> <br>| &nbsp;&nbsp; 724097 |
| 1509531 | Avid Automobile Receivables Trust, 7.80%, due 07/15/32 | 1519300 |
| &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class D, 7.31%, due <br> 06/20/29 144A<br>| &nbsp;&nbsp; 878852 |
| &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class D, 7.37%, due <br> 12/20/29 144A<br>| &nbsp;&nbsp; 931175 |
| 2160000 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2023-8A, Class D, 7.52%, due <br> 02/20/30 144A<br>| 2231006 |
| 1500000 | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 5.01% (3 mo. USD Term <br> SOFR + 1.15%), due 04/22/35<sup>(a)</sup> 144A<br>| 1499520 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2022-1A, Class ER, 10.51% (3 mo. USD Term <br> SOFR + 6.63%), due 04/20/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 502481 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2023-1A, Class D1RR, 6.78% (3 mo. USD Term <br> SOFR + 2.90%), due 04/20/36<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 300375 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Balboa Bay Loan Funding Ltd., Series 2025-1A, Class E, 10.03% (3 mo. USD Term <br> SOFR + 5.75%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 709166 |
| 1220000 | Ballyrock CLO 29 Ltd., Series 2025-29A, Class SUB, due 07/25/38<sup>(b)</sup> 144A | &nbsp;&nbsp; 977527 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2023-1A, Class ER, 10.58% (3 mo. USD Term SOFR + <br> 6.70%), due 04/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 253638 |

---

102See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; BCC Middle Market CLO LLC, Series 2025-1A, Class D1, 7.61% (3 mo. USD Term <br> SOFR + 3.50%), due 07/17/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 299539 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO 41 Ltd., Series 2025-41A, Class E, 9.22% (3 mo. USD <br> Term SOFR + 4.90%), due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 251324 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XL Ltd., Series 2025-40A, Class E, 9.50% (3 mo. USD <br> Term SOFR + 5.25%), due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 250931 |
| 1200000 | BHG Securitization Trust, Series 2025-2CON, Class B, 5.17%, due 09/17/36 144A | 1214019 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Brant Point CLO Ltd., Series 2025-7A, Class D1, 7.53% (3 mo. USD Term SOFR + <br> 3.20%), due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 452704 |
| 1700000 | &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class C, 5.17%, due <br> 03/17/31<br>| 1723120 |
| 2000000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2017-2A, Class ER2, 11.44% (3 mo. USD Term SOFR + <br> 7.56%), due 07/20/37<sup>(a)</sup> 144A<br>| 2027448 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2020-2A, Class A1R2, 4.94% (3 mo. USD Term SOFR + <br> 1.08%), due 01/25/35<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 400394 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2023-1A, Class D1R, 6.73% (3 mo. USD Term SOFR + <br> 2.85%), due 07/20/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 703620 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2023-1A, Class ER, 9.63% (3 mo. USD Term SOFR + <br> 5.75%), due 07/20/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 252202 |
| 1000000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2025-2A, Class E, 11.05% (3 mo. USD Term SOFR + <br> 6.75%), due 07/25/38<sup>(a)</sup> 144A<br>| 1023456 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Carlyle U.S. CLO Ltd., Series 2025-3A, Class E, 9.33% (3 mo. USD Term SOFR + <br> 5.25%), due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 252820 |
| &nbsp;&nbsp; 854504 | Chase Auto Credit Linked Notes, Series 2025-1, Class E, 6.02%, due 02/25/33 144A | &nbsp;&nbsp; 859092 |
| &nbsp;&nbsp; 662762 | Chase Auto Credit Linked Notes, Series 2025-1, Class F, 7.00%, due 02/25/33 144A | &nbsp;&nbsp; 666311 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2018-4A, Class ER, 8.73% (3 mo. USD Term SOFR + <br> 4.85%), due 01/17/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 249619 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2019-4A, Class C1R2, 6.75% (3 mo. USD Term SOFR + <br> 2.85%), due 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 252271 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2019-4A, Class DR2, 9.15% (3 mo. USD Term SOFR + <br> 5.25%), due 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 251513 |
| &nbsp;&nbsp; 300000 | CIFC Funding Ltd., Series 2025-3A, Class SUB, due 07/21/38<sup>(b)</sup> 144A | &nbsp;&nbsp; 252651 |
| 1000000 | &nbsp;&nbsp;&nbsp; Clermont Park CLO Ltd., Series 2025-1A, Class E, 9.37% (3 mo. USD Term SOFR + <br> 5.50%), due 04/24/38<sup>(a)</sup> 144A<br>| 1017229 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust, Series 2025-B, Class B, 4.79%, due 11/15/29 <br> 144A<br>| &nbsp;&nbsp; 502601 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust, Series 2025-B, Class C, 5.12%, due 07/15/31 <br> 144A<br>| &nbsp;&nbsp; 504768 |
| &nbsp;&nbsp; 500000 | CPS Auto Receivables Trust, Series 2025-C, Class B, 4.71%, due 12/17/29 144A | &nbsp;&nbsp; 503281 |
| 1200000 | CPS Auto Receivables Trust, Series 2025-C, Class C, 4.91%, due 10/15/31 144A | 1209336 |
| 1000000 | &nbsp;&nbsp;&nbsp; CTM CLO Ltd., Series 2025-1A, Class E, 11.08% (3 mo. USD Term SOFR + 6.75%), <br> due 07/15/38<sup>(a)</sup> 144A<br>| 1014490 |
| &nbsp;&nbsp; 250000 | Diameter Capital CLO 3 Ltd., Series 2022-3A, Class SUB, due 04/15/22<sup>(b)(c)</sup> 144A | &nbsp;&nbsp; 200934 |
| &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; Eldridge CLO Ltd., Series 2025-2A, Class D1 (3 mo. USD Term SOFR + 2.85%), due <br> 01/20/39<sup>(a)(d)</sup> 144A<br>| &nbsp;&nbsp; 925729 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R, 5.01% (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 800432 |
| &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 42 Ltd., Series 2025-5A, Class D, 7.53% (3 mo. USD Term SOFR + <br> 3.25%), due 03/31/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 761553 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 42 Ltd., Series 2025-5A, Class E, 10.78% (3 mo. USD Term SOFR + <br> 6.50%), due 03/31/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 258931 |
| &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 43 Ltd., Series 2025-6A, Class E, 9.32% (3 mo. USD Term SOFR + <br> 5.00%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 432829 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 266000 | Elmwood CLO XI Ltd., Series 2021-4A, Class SUB, due 10/20/34<sup>(b)</sup> 144A | &nbsp;&nbsp; 187714 |
| 1000000 | &nbsp;&nbsp;&nbsp; Elmwood CLO XII Ltd., Series 2021-5A, Class D1R, 7.00% (3 mo. USD Term SOFR + <br> 3.10%), due 10/15/37<sup>(a)</sup> 144A<br>| 1004409 |
| 1875000 | &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, Series 2025-4A, Class E, 6.99%, due 04/15/33 <br> 144A<br>| 1885185 |
| &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; Exeter Select Automobile Receivables Trust, Series 2025-2, Class E, 6.87%, due <br> 02/15/33 144A<br>| &nbsp;&nbsp; 583148 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Flatiron CLO 23 LLC, Series 2023-1A, Class ER, 8.83% (3 mo. USD Term SOFR + <br> 4.95%), due 04/17/36<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 250837 |
| 1250000 | &nbsp;&nbsp;&nbsp; Fortress Credit Opportunities XXIX CLO Ltd., Series 2025-29A, Class D, 7.38% (3 mo. <br> USD Term SOFR + 3.50%), due 04/20/33<sup>(a)</sup> 144A<br>| 1252594 |
| &nbsp;&nbsp; 417400 | Foundation Finance Trust, Series 2025-2A, Class A, 4.67%, due 04/15/52 144A | &nbsp;&nbsp; 420087 |
| &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; Generate CLO 21 Ltd., Series 2025-21A, Class D1, 7.20% (3 mo. USD Term SOFR + <br> 3.10%), due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 805002 |
| 2000000 | GLS Auto Receivables Issuer Trust, Series 2025-3A, Class B, 4.57%, due 01/15/30 144A | 2008888 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.99% (3 mo. <br> USD Term SOFR + 1.11%), due 04/20/35<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 699630 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class AJR2, 5.28% (3 mo. <br> USD Term SOFR + 1.40%), due 04/20/35<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 400188 |
| 1400000 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class BR2, 5.38% (3 mo. <br> USD Term SOFR + 1.50%), due 04/20/35<sup>(a)</sup> 144A<br>| 1401355 |
| &nbsp;&nbsp; 375431 | &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A2, 4.93%, due <br> 06/25/60 144A<br>| &nbsp;&nbsp; 376911 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A3, 5.02%, due <br> 06/25/60 144A<br>| &nbsp;&nbsp; 508128 |
| &nbsp;&nbsp; 425258 | &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-2A, Class A4, 4.89%, due <br> 06/25/60 144A<br>| &nbsp;&nbsp; 428799 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-3A, Class A1, 4.34%, due <br> 12/27/60 144A<br>| &nbsp;&nbsp; 701157 |
| 6000000 | &nbsp;&nbsp;&nbsp; Greystone CRE Notes LLC, Series 2025-FL4, Class A, 5.23% (1 mo. USD Term SOFR <br> + 1.48%), due 01/15/43<sup>(a)</sup> 144A<br>| 6014788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21339 | &nbsp;&nbsp;&nbsp; GSAA Home Equity Trust, Series 2007-7, Class A4, 4.39% (1 mo. USD Term SOFR + <br> 0.65%), due 07/25/37<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20808 |
| 1515000 | Hertz Vehicle Financing III LLC, Series 2025-3A, Class D, 8.55%, due 12/26/29 144A | 1555047 |
| &nbsp;&nbsp; 441484 | &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class D, 7.17% (30 day <br> USD SOFR Average + 3.25%), due 09/20/33<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 443579 |
| 2200000 | &nbsp;&nbsp;&nbsp; Invesco CLO Ltd., Series 2022-2A, Class A1R, 5.03% (3 mo. USD Term SOFR + <br> 1.15%), due 07/20/35<sup>(a)</sup> 144A<br>| 2201661 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Kennedy Lewis CLO 17 Ltd., Series 2024-17A, Class E, 10.01% (3 mo. USD Term <br> SOFR + 6.15%), due 10/22/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 247448 |
| 4400000 | &nbsp;&nbsp;&nbsp; KKR CLO 16 Ltd., Series 16, Class A1R3, 4.99% (3 mo. USD Term SOFR + 1.14%), <br> due 10/20/34<sup>(a)</sup> 144A<br>| 4403256 |
| &nbsp;&nbsp; 417701 | &nbsp;&nbsp;&nbsp; KREF Ltd., Series 2022-FL3, Class A, 5.18% (1 mo. USD Term SOFR + 1.45%), due <br> 02/17/39<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 418309 |
| &nbsp;&nbsp; 882171 | Lendbuzz Securitization Trust, Series 2023-2A, Class A2, 7.09%, due 10/16/28 144A | &nbsp;&nbsp; 893916 |
| &nbsp;&nbsp; 775000 | Lendmark Funding Trust, Series 2025-1A, Class E, 8.91%, due 09/20/34 144A | &nbsp;&nbsp; 806138 |
| 3500000 | &nbsp;&nbsp;&nbsp; LMNT CRE LLC, Series 2025-FL3, Class A, 5.55% (1 mo. USD Term SOFR + 1.55%), <br> due 07/21/43<sup>(a)</sup> 144A<br>| 3506084 |
| &nbsp;&nbsp; 104425 | &nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2005-1, Class M4, 5.12% (1 mo. USD Term <br> SOFR + 1.39%), due 02/25/35<sup>(a)</sup> <br>| &nbsp;&nbsp; 103523 |
| 3000000 | &nbsp;&nbsp;&nbsp; LRECS LLC, Series 2025-CRE1, Class A, 5.50% (1 mo. USD Term SOFR + 1.50%), <br> due 08/19/43<sup>(a)</sup> 144A<br>| 3005672 |

---

104See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXIII Ltd., Series 2023-63A, Class ER, 9.87% (3 mo. USD Term <br> SOFR + 6.00%), due 07/21/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 250636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXV Ltd., Series 2025-65A, Class D1, 7.12% (3 mo. USD Term <br> SOFR + 2.80%), due 07/16/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 504092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding LXV Ltd., Series 2025-65A, Class E, 9.32% (3 mo. USD Term <br> SOFR + 5.00%), due 07/16/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 250999 |
| &nbsp;&nbsp; 2030000 | Madison Park Funding LXXII Ltd., Series 2025-72A, Class SUB, due 07/23/38<sup>(b)</sup> 144A | 1980433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding XLVI Ltd., Series 2020-46A, Class ERR, 9.15% (3 mo. USD <br> Term SOFR + 5.25%), due 10/15/34<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 242241 |
| 11453250 | Madison Park Funding XVII Ltd., Series 2015-17A, Class SUB, due 07/21/45<sup>(b)</sup> 144A | 1292133 |
| &nbsp;&nbsp; 1190000 | Madison Park Funding XVII Ltd., Series 2015-17X, Class SUB, due 07/21/30<sup>(b)(e)</sup> <br>| &nbsp;&nbsp; 134253 |
| &nbsp;&nbsp; 1690000 | Madison Park Funding XXII Ltd., Series 2016-22A, Class SUB, due 01/15/33<sup>(b)</sup> 144A | &nbsp;&nbsp; 700846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Madison Park Funding XXXI Ltd., Series 2018-31A, Class ER, 10.26% (3 mo. USD <br> Term SOFR + 6.40%), due 07/23/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 247313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; Magnetite 50 Ltd., Series 2025-50A, Class E, 9.11% (3 mo. USD Term SOFR + 4.80%), <br> due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 545642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Magnetite XLIII Ltd., Series 2025-43A, Class D2, 7.33% (3 mo. USD Term SOFR + <br> 3.20%), due 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 502733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Magnetite XLIII Ltd., Series 2025-43A, Class E, 10.63% (3 mo. USD Term SOFR + <br> 6.50%), due 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 256944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 367883 | Magnetite XLVIII Ltd., 1.00%, due 11/06/26<sup>(b)</sup> <br>| &nbsp;&nbsp; 367883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 280500 | Magnetite XXVIII Ltd., Series 2020-28A, Class SUB, due 01/20/35<sup>(b)</sup> 144A | &nbsp;&nbsp; 203452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Magnetite XXXVI Ltd., Series 2023-36A, Class ER, 8.86% (3 mo. USD Term SOFR + <br> 5.00%), due 07/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 252477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; MF1 LLC, Series 2025-FL19, Class C, 6.58% (1 mo. USD Term SOFR + 2.84%), due <br> 05/18/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 435803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 313356 | Mill City Solar Loan Ltd., Series 2019-1A, Class A, 4.34%, due 03/20/43 144A | &nbsp;&nbsp; 296119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 368100 | &nbsp;&nbsp;&nbsp; National Collegiate Student Loan Trust, Series 2007-2, Class A4, 4.14% (1 mo. USD <br> Term SOFR + 0.40%), due 01/25/33<sup>(a)</sup> <br>| &nbsp;&nbsp; 364098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; Navesink CLO 2 Ltd., Series 2024-2A, Class A1R (3 mo. USD Term SOFR + 1.19%), <br> due 01/15/36<sup>(a)(d)</sup> 144A<br>| &nbsp;&nbsp; 900225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 803452 | Navient Education Loan Trust, Series 2025-A, Class A, 5.02%, due 07/15/55 144A | &nbsp;&nbsp; 813491 |
| &nbsp;&nbsp; 1200000 | Navient Education Loan Trust, Series 2025-A, Class B, 5.32%, due 07/15/55 144A | 1214075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 249893 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2018-CA, Class B, 4.22%, due <br> 06/16/42 144A<br>| &nbsp;&nbsp; 248072 |
| &nbsp;&nbsp; 1216424 | Nelnet Student Loan Trust, Series 2025-BA, Class A1A, 4.84%, due 05/17/55 144A | 1222601 |
| &nbsp;&nbsp; 1122853 | &nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2025-BA, Class A1B, 5.33% (30 day USD SOFR <br> Average + 1.35%), due 05/17/55<sup>(a)</sup> 144A<br>| 1132004 |
| &nbsp;&nbsp; 2000000 | Nelnet Student Loan Trust, Series 2025-DA, Class A1A, 4.65%, due 08/20/54 144A | 1996278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 61 Ltd., Series 2025-61A, Class E, 8.99% (3 <br> mo. USD Term SOFR + 4.90%), due 07/17/39<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 251511 |
| &nbsp;&nbsp; 1150000 | NMEF Funding LLC, Series 2025-B, Class E, 7.66%, due 01/18/33 144A | 1173668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2023-1A, Class ER, 11.40% (3 mo. USD Term SOFR + <br> 7.50%), due 04/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 255362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2025-32A, Class E, 9.46% (3 mo. USD Term SOFR + 5.35%), <br> due 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 248734 |
| &nbsp;&nbsp; 1240625 | OCP CLO Ltd., Series 2018-15A, Class SUB, due 07/20/31<sup>(b)</sup> 144A | &nbsp;&nbsp; 483246 |
| &nbsp;&nbsp; 3360000 | OCP CLO Ltd., Series 2021-21A, Class SUB, due 01/20/38<sup>(b)</sup> 144A | 1897355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2022-24A, Class ER, 10.13% (3 mo. USD Term SOFR + 6.25%), <br> due 10/20/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 253870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2024-35A, Class D1, 6.96% (3 mo. USD Term SOFR + 3.10%), <br> due 10/25/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 453440 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2025-43A, Class D1, 7.54% (3 mo. USD Term SOFR + 3.25%), <br> due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 669508 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2025-43A, Class E, 10.79% (3 mo. USD Term SOFR + 6.50%), <br> due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 257640 |
| 2800000 | &nbsp;&nbsp;&nbsp; Octagon 64 Ltd., Series 2022-1A, Class A1R, 5.13% (3 mo. USD Term SOFR + 1.26%), <br> due 07/21/35<sup>(a)</sup> 144A<br>| 2802786 |
| &nbsp;&nbsp; 303307 | Octagon 67 Ltd., Series 2023-1A, Class FR, 12.00%, due 07/25/38 144A | &nbsp;&nbsp; 303492 |
| &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 22 Ltd., Series 2025-22A, Class E, 9.83% (3 mo. USD Term <br> SOFR + 5.55%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 733330 |
| &nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., Series 2020-7A, Class D1R2, 6.58% (3 mo. USD Term <br> SOFR + 2.70%), due 07/19/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 458658 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; OHA Credit Funding 7 Ltd., Series 2020-7A, Class ER2, 8.78% (3 mo. USD Term <br> SOFR + 4.90%), due 07/19/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 381105 |
| &nbsp;&nbsp; 620000 | OHA Credit Funding 8 Ltd., Series 2021-8A, Class SUB, due 01/20/38<sup>(b)</sup> 144A | &nbsp;&nbsp; 473847 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; OHA Credit Partners Ltd., Series 2023-15RA, Class E, 8.73% (3 mo. USD Term SOFR <br> + 4.85%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 251740 |
| 1000000 | OHA Credit Partners VII Ltd., Series 2012-7A, Class SUB, due 02/20/38<sup>(b)</sup> 144A | &nbsp;&nbsp; 524159 |
| &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, Series 2005-3, Class M4, 4.78% (1 mo. USD Term <br> SOFR + 1.04%), due 08/25/35<sup>(a)</sup> <br>| &nbsp;&nbsp; 752603 |
| 2499903 | Pagaya AI Debt Grantor Trust, Series 2025-5, Class B, 5.44%, due 03/15/33 144A | 2512129 |
| 1700000 | Pagaya AI Debt Grantor Trust, Series 2025-6, Class B, 4.88%, due 04/15/33 144A | 1695813 |
| &nbsp;&nbsp; 673066 | Pagaya AI Debt Grantor Trust, Series 2025-R2, Class A, 4.87%, due 10/15/32 144A | &nbsp;&nbsp; 675623 |
| &nbsp;&nbsp; 261875 | Pagaya AI Debt Trust, Series 2025-4, Class A1, 4.86%, due 06/15/26 144A | &nbsp;&nbsp; 262013 |
| &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2018-1A, Class DR, 10.82% (3 mo. USD Term SOFR <br> + 6.94%), due 04/18/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 282658 |
| &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; Peace Park CLO Ltd., Series 2021-1A, Class ER, 8.78% (3 mo. USD Term SOFR + <br> 4.90%), due 10/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 771110 |
| 1501772 | PK Alift Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, due 11/15/42 144A | 1515388 |
| 1269821 | PK Alift Loan Funding 7 LP, Series 2025-2, Class A, 4.75%, due 03/15/43 144A | 1274768 |
| &nbsp;&nbsp; 680000 | Point Securitization Trust, Series 2025-1, Class A2, 7.50%, due 06/25/55 144A | &nbsp;&nbsp; 685122 |
| &nbsp;&nbsp; 330000 | Point Securitization Trust, Series 2025-2, Class A2, 7.00%, due 09/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 330862 |
| 1150000 | &nbsp;&nbsp;&nbsp; Post CLO Ltd., Series 2021-1A, Class AR, 4.98% (3 mo. USD Term SOFR + 1.08%), <br> due 10/15/34<sup>(a)</sup> 144A<br>| 1148303 |
| 1200000 | &nbsp;&nbsp;&nbsp; PPM CLO 3 Ltd., Series 2019-3A, Class A1R2, 5.00% (3 mo. USD Term SOFR + <br> 1.12%), due 07/17/34<sup>(a)</sup> 144A<br>| 1200683 |
| &nbsp;&nbsp; 430000 | PRET LLC, Series 2025-NPL10, Class A2, 7.26%, due 10/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 444769 |
| &nbsp;&nbsp; 375000 | PRET LLC, Series 2025-NPL11, Class A2, 7.02%, due 10/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 375278 |
| 1780338 | PRET LLC, Series 2025-NPL13, Class A1, 5.34%, due 12/25/55<sup>(f)</sup> 144A | 1783520 |
| &nbsp;&nbsp; 366000 | PRET LLC, Series 2025-NPL13, Class A2, 6.78%, due 12/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 366683 |
| 1000000 | PRET LLC, Series 2025-NPL14, Class A1, 5.27%, due 12/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 999999 |
| 1050000 | PRET LLC, Series 2025-NPL14, Class A2, 6.78%, due 12/25/55<sup>(f)</sup> 144A | 1049997 |
| 1305000 | PRET LLC, Series 2025-NPL3, Class A2, 8.84%, due 04/25/55<sup>(f)</sup> 144A | 1317499 |
| 1782376 | PRET LLC, Series 2025-NPL5, Class A1, 6.24%, due 05/25/55<sup>(f)</sup> 144A | 1793557 |
| 1335000 | PRET LLC, Series 2025-NPL5, Class A2, 8.72%, due 05/25/55<sup>(f)</sup> 144A | 1343827 |
| &nbsp;&nbsp; 924347 | PRET LLC, Series 2025-NPL6, Class A1, 5.74%, due 06/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 928624 |
| &nbsp;&nbsp; 590000 | PRET LLC, Series 2025-NPL6, Class A2, 8.72%, due 06/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 594479 |
| 1149414 | PRET LLC, Series 2025-NPL7, Class A1, 5.66%, due 07/25/55<sup>(f)</sup> 144A | 1153257 |
| &nbsp;&nbsp; 725000 | PRET LLC, Series 2025-NPL7, Class A2, 8.35%, due 07/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 728326 |
| &nbsp;&nbsp; 475000 | PRET LLC, Series 2025-NPL8, Class A2, 7.99%, due 08/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 476918 |
| &nbsp;&nbsp; 948064 | PRET LLC, Series 2025-NPL9, Class A1, 5.39%, due 08/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 951302 |
| &nbsp;&nbsp; 755000 | PRET LLC, Series 2025-NPL9, Class A2, 7.51%, due 08/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 757362 |

---

106See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| 1875000 | &nbsp;&nbsp;&nbsp; Rad CLO 12 Ltd., Series 2021-12A, Class DR, 10.49% (3 mo. USD Term SOFR + <br> 6.65%), due 07/30/40<sup>(a)</sup> 144A<br>| 1884081 |
| 1955081 | RCKT Mortgage Trust, Series 2025-CES6, Class A1A, 5.47%, due 06/25/55<sup>(f)</sup> 144A | 1975523 |
| &nbsp;&nbsp; 370452 | Reach ABS Trust, Series 2025-2A, Class A, 4.93%, due 08/18/32 144A | &nbsp;&nbsp; 372027 |
| 1600000 | Reach ABS Trust, Series 2025-2A, Class B, 5.12%, due 08/18/32 144A | 1616987 |
| 1000000 | &nbsp;&nbsp;&nbsp; Regatta 33 Funding Ltd., Series 2025-2A, Class E, 10.95% (3 mo. USD Term SOFR + <br> 6.65%), due 07/25/38<sup>(a)</sup> 144A<br>| 1023642 |
| &nbsp;&nbsp; 714549 | Renew, Series 2024-2A, Class M, 6.83%, due 11/20/60 144A | &nbsp;&nbsp; 696300 |
| &nbsp;&nbsp; 374700 | &nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A1, 4.73%, due <br> 07/27/26 144A<br>| &nbsp;&nbsp; 374974 |
| &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class A2, 5.12%, due <br> 04/25/34 144A<br>| &nbsp;&nbsp; 702944 |
| 1160000 | &nbsp;&nbsp;&nbsp; Residential Asset Securities Corporation Trust, Series 2006-KS2, Class M3, 4.46% (1 <br> mo. USD Term SOFR + 0.73%), due 03/25/36<sup>(a)</sup> <br>| 1148828 |
| &nbsp;&nbsp; 993334 | Riviera Loan Funding WH 75 Ltd., 1.00%, due 09/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp; 993334 |
| 1900000 | &nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., Series 2022-1A, Class A1R, 5.08% (3 mo. USD Term SOFR <br> + 1.20%), due 07/20/35<sup>(a)</sup> 144A<br>| 1899795 |
| 2600000 | Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.42%, due 07/29/43 144A | 2611294 |
| &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; RR 23 Ltd., Series 2022-23A, Class DR2, 8.90% (3 mo. USD Term SOFR + 5.00%), <br> due 07/15/37<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 261435 |
| &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; RR 40 Ltd., Series 2025-40A, Class D, 10.05% (3 mo. USD Term SOFR + 5.75%), due <br> 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 555837 |
| 1557073 | &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class F, 10.17%, due <br> 06/15/32 144A<br>| 1606668 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class E, 6.27%, due 01/16/34 <br> 144A<br>| &nbsp;&nbsp; 250784 |
| &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class F, 7.34%, due 01/16/34 <br> 144A<br>| &nbsp;&nbsp; 862757 |
| &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; Sculptor CLO XXX Ltd., Series 30A, Class D1R, 7.48% (3 mo. USD Term SOFR + <br> 3.60%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 452663 |
| &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO 29 Ltd., Series 2025-29A, Class E, 9.32% (3 mo. USD Term SOFR + <br> 5.00%), due 07/17/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 383386 |
| &nbsp;&nbsp; 940000 | Sixth Street CLO 29 Ltd., Series 2025-29A, Class SUB, due 07/17/38<sup>(b)</sup> 144A | &nbsp;&nbsp; 824936 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO XX Ltd., Series 2021-20A, Class ER, 9.38% (3 mo. USD Term SOFR <br> + 5.50%), due 07/17/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 250250 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Sixth Street CLO XXVI Ltd., Series 2024-26X, Class E, 9.53% (3 mo. USD Term <br> SOFR + 5.65%), due 10/18/37<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 252014 |
| 2605537 | Slam Ltd., Series 2025-1A, Class A, 5.81%, due 05/15/50 144A | 2678798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, Series 2003-A, Class A3, 6.94%, due <br> 06/15/32<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; SLM Private Credit Student Loan Trust, Series 2003-B, Class A3, 7.92%, due <br> 03/15/33<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 49730 |
| &nbsp;&nbsp; 230359 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86%, due 01/15/53 <br> 144A<br>| &nbsp;&nbsp; 210335 |
| 1389149 | SMB Private Education Loan Trust, Series 2023-B, Class B, 5.77%, due 10/16/56 144A | 1419778 |
| 1020211 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2024-A, Class A1B, 5.43% (30 day USD <br> SOFR Average + 1.45%), due 03/15/56<sup>(a)</sup> 144A<br>| 1031214 |
| 1250000 | SMB Private Education Loan Trust, Series 2024-D, Class D, 7.51%, due 07/15/53 144A | 1297487 |
| 2090921 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2025-B, Class A1A, 5.02%, due 03/17/53 <br> 144A<br>| 2112047 |
| 1805000 | &nbsp;&nbsp;&nbsp; Southwick Park CLO LLC, Series 2019-4A, Class ERR, 10.13% (3 mo. USD Term <br> SOFR + 6.25%), due 07/20/32<sup>(a)</sup> 144A<br>| 1782840 |
| &nbsp;&nbsp; 288097 | Stonepeak ABS, Series 2021-1A, Class A, 2.68%, due 02/28/33 144A | &nbsp;&nbsp; 281071 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 800000 |  | Sunbit Asset Securitization Trust , Series 2025-1, Class A, 5.36%, due 07/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805873 |
| 1400000 |  | &nbsp;&nbsp;&nbsp; Symphony CLO 36 Ltd., Series 2025-52A, Class AR (3 mo. USD Term SOFR + <br> 1.15%), due 01/20/36<sup>(a)(d)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1400350 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class D1R, 6.63% (3 mo. USD Term <br> SOFR + 2.75%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251446 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Texas Debt Capital CLO Ltd., Series 2023-1A, Class ER, 8.83% (3 mo. USD Term <br> SOFR + 4.95%), due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252729 |
| 1200000 |  | &nbsp;&nbsp;&nbsp; Thayer Park CLO Ltd., Series 2017-1A, Class A1RR, 4.87% (3 mo. USD Term SOFR + <br> 1.00%), due 04/20/34<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1200659 |
| 1506035 |  | Towd Point Mortgage Trust, Series 2025-CES3, Class A1A, 5.28%, due 08/25/65<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1513652 |
| 1000000 |  | &nbsp;&nbsp;&nbsp; TPG CLO Ltd., Series 2025-1A, Class E, 10.30% (3 mo. USD Term SOFR + 6.15%), <br> due 07/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1009169 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Trimaran Cavu Ltd., Series 2025-1A, Class E, 9.11% (3 mo. USD Term SOFR + <br> 5.25%), due 04/25/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249619 |
| 1600000 |  | UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, due 09/25/47 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1600742 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2025-1A, Class E, 8.48% (3 mo. USD Term SOFR + 4.60%), <br> due 04/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245809 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2025-3A, Class E, 9.73% (3 mo. USD Term SOFR + 5.40%), <br> due 07/20/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251217 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Wonder Lake Park CLO Ltd., Series 2025-1A, Class E, 9.22% (3 mo. USD Term SOFR <br> + 4.90%), due 07/24/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251324 |
| 2500000 |  | Zayo Issuer LLC, Series 2025-2A, Class C, 9.49%, due 06/20/55 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2653543 |
|  |  |  | 186407306 |
|  |  | **Bank Loans — 16.1%** | **Bank Loans — 16.1%** |
| &nbsp;&nbsp; 237505 |  | &nbsp;&nbsp;&nbsp; 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, 5.47% (1 mo. USD Term <br> SOFR + 1.75%), due 09/20/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238099 |
| &nbsp;&nbsp; 134322 |  | &nbsp;&nbsp;&nbsp; AAL Delaware Holdco, Inc., 2025 Term Loan, 6.47% (1 mo. USD Term SOFR + <br> 2.75%), due 07/30/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135161 |
| &nbsp;&nbsp; 908114 |  | &nbsp;&nbsp;&nbsp; Access CIG LLC, 2025 Term Loan, 7.72% (1 mo. USD Term SOFR + 4.00%), due <br> 08/19/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877465 |
| &nbsp;&nbsp; 787000 |  | &nbsp;&nbsp;&nbsp; ACP Tara Holdings, Inc., 2025 Term Loan B, 6.95% (3 mo. USD Term SOFR + 3.25%), <br> due 12/15/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792411 |
| 1738092 |  | &nbsp;&nbsp;&nbsp; Acrisure LLC, 2024 1st Lien Term Loan B6, 6.72% (1 mo. USD Term SOFR + 3.00%), <br> due 11/06/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1739178 |
| &nbsp;&nbsp; 995000 |  | &nbsp;&nbsp;&nbsp; Acrisure LLC, 2025 Term Loan B, 6.97% (1 mo. USD Term SOFR + 3.25%), due <br> 06/21/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998109 |
| 1290541 |  | &nbsp;&nbsp;&nbsp; ADMI Corp., 2021 Incremental Term Loan B3, 7.58% (1 mo. USD Term SOFR + <br> 3.75%), due 12/23/27<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1223594 |
| &nbsp;&nbsp; 285000 |  | &nbsp;&nbsp;&nbsp; Advisor Group, Inc., 2025 Term Loan, 6.60% (6 mo. USD Term SOFR + 3.00%), due <br> 08/02/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286603 |
| &nbsp;&nbsp; 715457 |  | &nbsp;&nbsp;&nbsp; Agiliti Health, Inc., 2023 Term Loan, 6.86% (6 mo. USD Term SOFR + 3.00%), due <br> 05/01/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702489 |
| 1000000 | EUR | Ahlstrom Holding 3 OYJ, 5.83% (3 mo. EURIBOR + 3.75%), due 05/27/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1186561 |
| 1278268 |  | &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 6.87% (1 mo. USD Term SOFR <br> + 3.00%), due 07/31/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1282618 |
| 1929522 |  | &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, 6.85% (3 mo. USD Term SOFR <br> + 3.00%), due 07/31/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1936088 |
| 1737466 |  | &nbsp;&nbsp;&nbsp; AIT Worldwide Logistics, Inc., 2025 Repriced Term Loan, 7.89% (3 mo. USD Term <br> SOFR + 4.00%), due 04/08/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1751040 |
| 1085000 |  | AL GCX Holdings LLC TBD, due 12/17/32<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1086356 |
| 1000000 | EUR | Albea Beauty Holdings S.A TBD, due 12/31/27<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1159770 |

---

108See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1000000 | EUR<br> &nbsp;&nbsp;&nbsp; Albion Financing 3 SARL, 2025 EUR Term Loan, 5.01% (3 mo. EURIBOR + 3.00%), <br> due 05/21/31<sup>(a)</sup> <br>| 1190599 |
| &nbsp;&nbsp; 284288 | &nbsp;&nbsp;&nbsp; Alera Group, Inc., 2025 Term Loan, 6.97% (1 mo. USD Term SOFR + 3.25%), due <br> 05/31/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 286084 |
| 1480724 | &nbsp;&nbsp;&nbsp; AlixPartners LLP, 2025 USD Term Loan, 5.72% (1 mo. USD Term SOFR + 2.00%), due <br> 08/12/32<sup>(a)</sup> <br>| 1484888 |
| &nbsp;&nbsp; 645125 | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2025 Term Loan B, 6.22% (1 mo. USD Term SOFR <br> + 2.50%), due 09/19/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 647544 |
| 1655850 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2025 USD Term Loan B, 6.97% (1 mo. USD Term SOFR <br> + 3.25%), due 08/20/32<sup>(a)</sup> <br>| 1665992 |
| &nbsp;&nbsp; 300000 | Allison Transmission, Inc. TBD, due 11/05/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 301875 |
| 1590000 | &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, 9.28% (12 mo. USD Term SOFR + <br> 5.60%), due 02/01/30<sup>(a)</sup> <br>| 1512487 |
| &nbsp;&nbsp; 675000 | Altice France SA TBD, due 05/31/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 675562 |
| &nbsp;&nbsp; 348250 | &nbsp;&nbsp;&nbsp; American Airlines, Inc., 2025 Term Loan B, 7.13% (3 mo. USD Term SOFR + 3.25%), <br> due 05/28/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 350209 |
| 1200476 | &nbsp;&nbsp;&nbsp; American Auto Auction Group LLC, 2025 Term Loan, 8.17% (3 mo. USD Term SOFR <br> + 4.50%), due 05/28/32<sup>(a)</sup> <br>| 1181968 |
| &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 2025 Incremental Term Loan C TBD, due <br> 02/24/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 601250 |
| &nbsp;&nbsp; 198485 | &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, 5.47% (1 mo. <br> USD Term SOFR + 1.75%), due 01/31/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 199589 |
| 1719690 | &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 7.22% (1 mo. USD Term SOFR + 3.50%), due <br> 08/01/32<sup>(a)</sup> <br>| 1736887 |
| 1485535 | &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., 2025 Term Loan B, 6.99% (1 mo. USD <br> Term SOFR + 3.25%), due 06/13/30<sup>(a)</sup> <br>| 1500390 |
| &nbsp;&nbsp; 509894 | &nbsp;&nbsp;&nbsp; Applied Systems, Inc., 2024 1st Lien Term Loan, 6.17% (3 mo. USD Term SOFR + <br> 2.50%), due 02/24/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 513435 |
| 1240578 | &nbsp;&nbsp;&nbsp; Apro LLC, 2024 Term Loan B, 7.68% (3 mo. USD Term SOFR + 3.75%), due <br> 07/09/31<sup>(a)</sup> <br>| 1240578 |
| 1000000 | &nbsp;&nbsp;&nbsp; Aramark Services, Inc., 2025 Repriced Term Loan, 5.47% (1 mo. USD Term SOFR + <br> 1.75%), due 04/06/28<sup>(a)</sup> <br>| 1005625 |
| 1513055 | &nbsp;&nbsp;&nbsp; Arches Buyer, Inc., 2021 Term Loan B, 7.07% (1 mo. USD Term SOFR + 3.25%), due <br> 12/06/27<sup>(a)</sup> <br>| 1518019 |
| 1331145 | &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK Term Loan, 10.00% (10.00% Fixed or <br> PIK), due 12/31/27<sup>(a)(h)(i)</sup> <br>| &nbsp;&nbsp; 615522 |
| 1000000 | EUR<br> &nbsp;&nbsp;&nbsp; Armorica Lux SARL, EUR Term Loan, 6.99% (3 mo. EURIBOR + 4.93%), due <br> 07/28/28<sup>(a)</sup> <br>| 1126885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45004 | Artera Services LLC, 2024 Term Loan TBD, due 02/15/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 36565 |
| 3020000 | &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 11.57% (1 mo. USD Term <br> SOFR + 7.75%), due 11/24/28<sup>(a)</sup> <br>| 2702900 |
| &nbsp;&nbsp; 208368 | &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2020 USD Term Loan, 7.82% (1 mo. USD Term <br> SOFR + 4.00%), due 11/24/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 193609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90673 | Aruba Investments Holdings LLC, 2020 USD Term Loan TBD, due 11/24/27<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 84250 |
| &nbsp;&nbsp; 265620 | &nbsp;&nbsp;&nbsp; Aruba Investments Holdings LLC, 2022 USD Incremental Term Loan, 8.47% (1 mo. <br> USD Term SOFR + 4.75%), due 11/24/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 236402 |
| &nbsp;&nbsp; 208188 | &nbsp;&nbsp;&nbsp; Aspire Bakeries Holdings LLC, 2025 Term Loan B, 7.22% (1 mo. USD Term SOFR + <br> 3.50%), due 12/23/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 209489 |
| 1039395 | &nbsp;&nbsp;&nbsp; Astro Acquisition LLC, 2025 Term Loan B, 7.12% (6 mo. USD Term SOFR + 3.25%), <br> due 08/30/32<sup>(a)</sup> <br>| 1048923 |
| 3030000 | &nbsp;&nbsp;&nbsp; Asurion LLC, 2021 Second Lien Term Loan B4, 9.08% (1 mo. USD Term SOFR + <br> 5.25%), due 01/20/29<sup>(a)</sup> <br>| 2983035 |
| &nbsp;&nbsp; 400000 | Asurion LLC, 2021 Second Lien Term Loan B4 TBD, due 01/20/29<sup>(g)</sup> <br>| &nbsp;&nbsp; 393800 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value** | **Value ($)** |
|  | **Bank Loans — continued** |
| 1985963<br> &nbsp;&nbsp;&nbsp; Asurion LLC, 2023 Term Loan B11, 8.07% (1 mo. USD Term SOFR + 4.25%), due <br> 08/19/28<sup>(a)</sup> <br>| 1993410 |
| &nbsp;&nbsp; 432825<br> &nbsp;&nbsp;&nbsp; Asurion LLC, 2025 Term Loan B13, 7.97% (1 mo. USD Term SOFR + 4.25%), due <br> 09/19/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 433276 |
| 1488750<br> &nbsp;&nbsp;&nbsp; Athenahealth Group, Inc., 2022 Term Loan B, 6.47% (1 mo. USD Term SOFR + <br> 2.75%), due 02/15/29<sup>(a)</sup> <br>| 1493775 |
| &nbsp;&nbsp; 897739<br> Athenahealth Group, Inc., 2022 Term Loan B TBD, due 02/15/29<sup>(g)</sup> <br>| &nbsp;&nbsp; 900769 |
| &nbsp;&nbsp; 166084<br> Auction.com LLC TBD, due 05/26/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 145946 |
| &nbsp;&nbsp; 456507<br> &nbsp;&nbsp;&nbsp; Avaya, Inc., 2023 Exit Term Loan, 11.22% (1 mo. USD Term SOFR + 7.50%), due <br> 08/01/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 410857 |
| &nbsp;&nbsp; 453657<br> &nbsp;&nbsp;&nbsp; Barnes Group, Inc., 2025 Term Loan B, 6.47% (1 mo. USD Term SOFR + 2.75%), due <br> 01/27/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 455415 |
| &nbsp;&nbsp; 723153<br> &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., 2025 Term Loan B, 7.97% (1 mo. USD Term SOFR + 4.25%), <br> due 01/15/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 727447 |
| 1091729<br> &nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc., 2025 Term Loan B, 6.97% (1 mo. USD Term SOFR + <br> 3.25%), due 12/11/30<sup>(a)</sup> <br>| 1082274 |
| &nbsp;&nbsp; 149625<br> BCPE Pequod Buyer Inc, 6.72% (1 mo. USD Term SOFR + 3.00%), due 11/25/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 150139 |
| 1810000<br> &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, USD Term Loan B, 6.92% (3 mo. USD Term SOFR + <br> 3.25%), due 09/12/32<sup>(a)</sup> <br>| 1827345 |
| &nbsp;&nbsp; 521562<br> &nbsp;&nbsp;&nbsp; Belron Finance LLC, 2025 Repriced Term Loan B, 6.12% (3 mo. USD Term SOFR + <br> 2.25%), due 10/16/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 525311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000<br> Bending Spoons U.S., Inc. TBD, due 03/07/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 72938 |
| &nbsp;&nbsp; 845187<br> &nbsp;&nbsp;&nbsp; Bending Spoons U.S., Inc., USD Term Loan B, 9.03% (1 mo. USD Term SOFR + <br> 5.25%), due 03/07/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 825114 |
| &nbsp;&nbsp; 992500<br> &nbsp;&nbsp;&nbsp; BEP Intermediate Holdco LLC, 2025 Term Loan B, 6.47% (1 mo. USD Term SOFR + <br> 2.75%), due 04/25/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 997462 |
| &nbsp;&nbsp; 928487<br> &nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 2025 Term Loan B7, 7.12% (1 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 931904 |
| &nbsp;&nbsp; 128041<br> &nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 2025 Term Loan B7, 6.92% (3 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 128512 |
| &nbsp;&nbsp; 138473<br> &nbsp;&nbsp;&nbsp; Berlin Packaging LLC, 2025 Term Loan B7, 7.24% (3 mo. USD Term SOFR + 3.25%), <br> due 06/07/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 138982 |
| 1122786<br> Bingo Holdings I LLC TBD, due 06/30/32<sup>(g)</sup> <br>| 1103606 |
| &nbsp;&nbsp; 496241<br> &nbsp;&nbsp;&nbsp; Blackhawk Network Holdings, Inc., 2025 Term Loan B, 7.67% (3 mo. USD Term SOFR <br> + 4.00%), due 03/12/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 499298 |
| 1191000<br> &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., 2025 USD Term Loan B, 6.82% (3 mo. USD Term SOFR + <br> 3.00%), due 07/30/31<sup>(a)</sup> <br>| 1189418 |
| &nbsp;&nbsp; 445000<br> BradyPlus Holdings LLC, 7.19% (3 mo. USD Term SOFR + 3.50%), due 12/11/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 440967 |
| 1614976<br> &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc., 2024 Term Loan B4, 6.47% (1 mo. USD Term SOFR + <br> 2.75%), due 06/13/31<sup>(a)</sup> <br>| 1621592 |
| &nbsp;&nbsp; 101665<br> &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.47% (1 mo. USD Term <br> SOFR + 2.75%), due 07/01/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 102250 |
| &nbsp;&nbsp; 139178<br> &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.57% (4 mo. USD Term <br> SOFR + 2.75%), due 07/01/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 139978 |
| &nbsp;&nbsp; 215690<br> &nbsp;&nbsp;&nbsp; Brown Group Holding LLC, 2022 Incremental Term Loan B2, 6.59% (4 mo. USD Term <br> SOFR + 2.75%), due 07/01/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 216930 |
| &nbsp;&nbsp; 644055<br> &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., Term Loan B, 5.97% (1 mo. USD Term SOFR + 2.25%), <br> due 02/06/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 639358 |
| 1520000<br> &nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, 6.97% (1 mo. USD <br> Term SOFR + 3.25%), due 01/31/31<sup>(a)</sup> <br>| 1524274 |
| &nbsp;&nbsp; 258000<br> Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B TBD, due 01/31/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 258725 |
| 2062388<br> &nbsp;&nbsp;&nbsp; Cast & Crew Payroll LLC, 2021 Incremental Term Loan, 7.47% (1 mo. USD Term <br> SOFR + 3.75%), due 12/29/28<sup>(a)</sup> <br>| 1243878 |

---

110See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 1500000 | Cengage Learning, Inc. TBD, due 03/24/31<sup>(g)</sup> <br>| 1508229 |
| 1139828 | &nbsp;&nbsp;&nbsp; Central Parent, Inc., 2024 Term Loan B, 6.92% (3 mo. USD Term SOFR + 3.25%), due <br> 07/06/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 970012 |
| &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; CFC Bidco Ltd., Term Loan B, 7.74% (3 mo. USD Term SOFR + 3.75%), due <br> 07/01/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 522294 |
| 1328325 | &nbsp;&nbsp;&nbsp; Chamberlain Group, Inc., 2025 Term Loan B, 6.47% (1 mo. USD Term SOFR + 2.75%), <br> due 09/08/32<sup>(a)</sup> <br>| 1332995 |
| &nbsp;&nbsp; 148200 | &nbsp;&nbsp;&nbsp; Champ Acquisition Corp., 2024 Term Loan B, 7.72% (1 mo. USD Term SOFR + <br> 4.00%), due 11/25/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 149312 |
| 1836090 | &nbsp;&nbsp;&nbsp; Charlotte Buyer, Inc., 2025 Repriced Term Loan B, 8.01% (1 mo. USD Term SOFR + <br> 4.25%), due 02/11/28<sup>(a)</sup> <br>| 1805106 |
| &nbsp;&nbsp; 984303 | Chemours Co., 7.22% (1 mo. USD Term SOFR + 3.50%), due 10/15/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 975280 |
| &nbsp;&nbsp; 800000 | EUR<br> Chrysaor Bidco SARL, 5.51% (3 mo. EURIBOR + 3.50%), due 10/30/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 952479 |
| &nbsp;&nbsp; 423808 | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc., 2025 Term Loan B, 5.97% (1 mo. USD Term SOFR + 2.25%), due <br> 05/24/30<sup>(g)</sup> <br>| &nbsp;&nbsp; 424761 |
| &nbsp;&nbsp; 171692 | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc., 2025 Term Loan B, 5.92% (3 mo. USD Term SOFR + 2.25%), due <br> 05/24/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 172078 |
| &nbsp;&nbsp; 512425 | &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 2025 Term Loan B (2031), 6.92% (3 mo. USD Term SOFR <br> + 3.25%), due 03/21/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 513752 |
| 1546125 | &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., 2025 Term Loan B (2032), 6.92% (3 mo. USD Term SOFR <br> + 3.25%), due 08/13/32<sup>(a)</sup> <br>| 1549024 |
| 1562150 | &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75% (7.75% Fixed or PIK), due <br> 12/09/31<sup>(a)</sup> <br>| 1558245 |
| &nbsp;&nbsp; 378100 | &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term Loan B, 7.77% (1 mo. USD Term SOFR + 3.75%), due <br> 12/09/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 378632 |
| 2350000 | &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term Loan B, 6.89% (1 mo. USD Term SOFR + <br> 3.18%), due 04/13/29<sup>(a)</sup> <br>| 2355342 |
| 1000000 | CNT Holdings I Corp., 2025 Term Loan TBD, due 11/08/32<sup>(g)</sup> <br>| 1003403 |
| &nbsp;&nbsp; 163077 | Coherent Corp., 5.47% (1 mo. USD Term SOFR + 1.75%), due 07/02/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 163757 |
| &nbsp;&nbsp; 847875 | &nbsp;&nbsp;&nbsp; Colossus Acquireco LLC, Term Loan B, 5.41% (3 mo. USD Term SOFR + 1.75%), due <br> 07/30/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 848405 |
| 1000000 | EUR<br> Concorde Midco Ltd. TBD, due 03/01/30<sup>(g)</sup> <br>| 1131877 |
| &nbsp;&nbsp; 501085 | &nbsp;&nbsp;&nbsp; ConnectWise LLC, 2021 Term Loan B, 7.43% (3 mo. USD Term SOFR + 3.50%), due <br> 09/29/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 493152 |
| &nbsp;&nbsp; 538373 | &nbsp;&nbsp;&nbsp; Conservice Midco LLC, 2025 Term Loan, 6.47% (1 mo. USD Term SOFR + 2.75%), <br> due 05/13/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 540728 |
| 1260514 | &nbsp;&nbsp;&nbsp; Coolsys, Inc., 2021 Term Loan, 8.89% (3 mo. USD Term SOFR + 4.75%), due <br> 08/11/28<sup>(a)</sup> <br>| 1134463 |
| &nbsp;&nbsp; 200000 | Coral-U.S. Co-Borrower LLC TBD, due 01/31/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 196344 |
| 1500000 | &nbsp;&nbsp;&nbsp; Coral-U.S. Co-Borrower LLC, 2021 Term Loan B6, 6.86% (1 mo. USD Term SOFR + <br> 3.00%), due 10/15/29<sup>(a)</sup> <br>| 1487250 |
| &nbsp;&nbsp; 491803 | &nbsp;&nbsp;&nbsp; Corel Corp., 2019 Term Loan, 8.92% (3 mo. USD Term SOFR + 5.00%), due <br> 07/02/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 462295 |
| 1091709 | &nbsp;&nbsp;&nbsp; Cotiviti Corp., 2024 Term Loan, 6.62% (1 mo. USD Term SOFR + 2.75%), due <br> 05/01/31<sup>(a)</sup> <br>| 1052816 |
| 3909846 | Covetrus, Inc., Term Loan, 8.67% (3 mo. USD Term SOFR + 5.00%), due 10/13/29<sup>(a)</sup> <br>| 3530032 |
| 1017450 | &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term Loan, 8.97% (1 mo. USD Term SOFR + 5.25%), due <br> 07/08/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 986926 |
| &nbsp;&nbsp; 498750 | CP Atlas Buyer, Inc., 2025 Term Loan TBD, due 07/08/30<sup>(g)</sup> <br>| &nbsp;&nbsp; 483788 |
| &nbsp;&nbsp; 980000 | CP Iris Holdco I, Inc., 10.72% (1 mo. USD Term SOFR + 7.00%), due 10/27/33<sup>(a)</sup> <br>| &nbsp;&nbsp; 977550 |
| &nbsp;&nbsp; 278589 | &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, 2024 Term Loan, 5.72% (1 mo. USD Term SOFR + 2.00%), due <br> 05/19/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 279591 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value** | **Value ($)** |
|  | **Bank Loans — continued** |
| 1091713<br> &nbsp;&nbsp;&nbsp; CPPIB OVM Member US LLC, Term Loan B, 6.17% (3 mo. USD Term SOFR + <br> 2.50%), due 08/20/31<sup>(a)</sup> <br>| 1099901 |
| 1610000<br> &nbsp;&nbsp;&nbsp; CRC Insurance Group LLC, 2024 Term Loan B, 6.42% (3 mo. USD Term SOFR + <br> 2.75%), due 05/06/31<sup>(a)</sup> <br>| 1616037 |
| &nbsp;&nbsp; 750000<br> CRC Insurance Group LLC, 2024 Term Loan B TBD, due 05/06/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 752813 |
| 1743553<br> &nbsp;&nbsp;&nbsp; Creation Technologies, Inc., 2021 Term Loan, 9.70% (3 mo. USD Term SOFR + 5.50%), <br> due 10/05/28<sup>(a)</sup> <br>| 1745733 |
| 1737466<br> &nbsp;&nbsp;&nbsp; Crisis Prevention Institute, Inc., 2024 Term Loan B, 7.67% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/31<sup>(a)</sup> <br>| 1728778 |
| &nbsp;&nbsp; 349118<br> Crisis Prevention Institute, Inc., 2024 Term Loan B TBD, due 04/09/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 347373 |
| &nbsp;&nbsp; 772732<br> &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 6.22% (1 mo. USD Term SOFR + 2.50%), <br> due 01/31/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 777802 |
| 1581000<br> Cyberswift US Finco LLC, 7.90% (3 mo. USD Term SOFR + 4.00%), due 10/08/32<sup>(a)</sup> <br>| 1580012 |
| 1100000<br> Cyberswift US Finco LLC, 7.90% (3 mo. USD Term SOFR + 4.00%), due 10/08/32<sup>(a)</sup> <br>| 1099312 |
| &nbsp;&nbsp; 460000<br> &nbsp;&nbsp;&nbsp; Darktrace PLC, 2nd Lien Term Loan, 9.19% (3 mo. USD Term SOFR + 5.25%), due <br> 10/09/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 458083 |
| &nbsp;&nbsp; 665000<br> Databricks, Inc. TBD, due 01/05/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 665000 |
| &nbsp;&nbsp; 980000<br> Dayforce, Inc. TBD, due 08/20/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 978040 |
| &nbsp;&nbsp; 610000<br> &nbsp;&nbsp;&nbsp; Delta 2 Lux SARL, 2024 Term Loan B1, 5.42% (3 mo. USD Term SOFR + 1.75%), due <br> 09/30/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 611525 |
| &nbsp;&nbsp; 970000<br> &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2, Inc., 2025 2nd Lien Term Loan, 9.22% (1 mo. <br> USD Term SOFR + 5.50%), due 07/31/33<sup>(a)</sup> <br>| &nbsp;&nbsp; 973638 |
| 1566859<br> &nbsp;&nbsp;&nbsp; Digital Room Holdings, Inc., 2021 Term Loan, 9.07% (1 mo. USD Term SOFR + <br> 5.25%), due 12/21/28<sup>(a)</sup> <br>| 1544989 |
| 1451546<br> &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, 2025 Term Loan B, 9.34% (3 mo. USD Term SOFR + 5.50%), <br> due 02/17/31<sup>(a)</sup> <br>| 1453700 |
| &nbsp;&nbsp; 200000<br> DirecTV Financing LLC, 2025 Term Loan B TBD, due 02/17/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 200297 |
| 1826739<br> &nbsp;&nbsp;&nbsp; Drake Software LLC, 2024 Term Loan B, 7.92% (3 mo. USD Term SOFR + 4.25%), <br> due 06/26/31<sup>(a)</sup> <br>| 1799337 |
| &nbsp;&nbsp; 529907<br> &nbsp;&nbsp;&nbsp; Eagle Parent Corp., 2022 Term Loan B, 7.92% (3 mo. USD Term SOFR + 4.25%), due <br> 04/02/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 532143 |
| &nbsp;&nbsp; 515000<br> &nbsp;&nbsp;&nbsp; Edelman Financial Center LLC, 2024 2nd Lien Term Loan, 8.97% (1 mo. USD Term <br> SOFR + 5.25%), due 10/06/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 514034 |
| &nbsp;&nbsp; 949801<br> &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 6.47% (1 mo. USD Term SOFR + <br> 2.75%), due 10/09/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 956687 |
| &nbsp;&nbsp; 201797<br> &nbsp;&nbsp;&nbsp; Embecta Corp., Term Loan B, 6.72% (1 mo. USD Term SOFR + 3.00%), due <br> 03/30/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 202376 |
| &nbsp;&nbsp; 648332<br> &nbsp;&nbsp;&nbsp; Emerald X, Inc., 2025 Term Loan B1, 6.97% (1 mo. USD Term SOFR + 3.25%), due <br> 01/30/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 653194 |
| &nbsp;&nbsp; 347375<br> &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 2024 Term Loan B, 6.12% (6 mo. USD Term SOFR + 2.25%), <br> due 08/04/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 348526 |
| 1737434<br> &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 7.47% (1 mo. USD <br> Term SOFR + 3.75%), due 04/23/31<sup>(a)</sup> <br>| 1726575 |
| &nbsp;&nbsp; 100000<br> Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan TBD, due 04/23/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99375 |
| 1487198<br> &nbsp;&nbsp;&nbsp; EnergySolutions LLC, 2023 Term Loan B, 6.97% (1 mo. USD Term SOFR + 3.25%), <br> due 09/20/30<sup>(a)</sup> <br>| 1498662 |
| 3310000<br> &nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., 2021 USD 2nd Lien Term Loan, 9.93% (3 mo. <br> USD Term SOFR + 6.00%), due 05/21/29<sup>(a)</sup> <br>| 3326550 |
| 1409242<br> &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, 2024 Term Loan B, 6.84% (3 mo. USD Term SOFR + 3.00%), <br> due 08/01/29<sup>(a)</sup> <br>| 1418050 |
| 1836713<br> Ensono LP, 7.83% (1 mo. USD Term SOFR + 4.00%), due 05/26/28<sup>(a)</sup> <br>| 2771138 |
| &nbsp;&nbsp; 635613<br> &nbsp;&nbsp;&nbsp; Enviva Partners LP, 2024 Backstop Term Loan, 10.61% (3 mo. USD Term SOFR + <br> 8.50%), due 12/06/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 647798 |

---

112See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 694588 | &nbsp;&nbsp;&nbsp; EP Purchaser LLC, 2021 Term Loan B, 7.44% (3 mo. USD Term SOFR + 3.50%), due <br> 11/06/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 500682 |
| &nbsp;&nbsp; 758609 | &nbsp;&nbsp;&nbsp; Epicor Software Corp., 2024 Term Loan E, 6.22% (1 mo. USD Term SOFR + 2.50%), <br> due 05/30/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 761690 |
| 2185453 | &nbsp;&nbsp;&nbsp; Evergreen Acqco 1 LP, 2025 Term Loan B, 6.70% (3 mo. USD Term SOFR + 3.00%), <br> due 09/17/32<sup>(a)</sup> <br>| 2202526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76452 | &nbsp;&nbsp;&nbsp; EW Scripps Co., 2025 Term Loan B2, 9.60% (1 mo. USD Term SOFR + 5.75%), due <br> 06/30/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99250 | &nbsp;&nbsp;&nbsp; EW Scripps Co., 2025 Term Loan B3, 7.20% (1 mo. USD Term SOFR + 3.35%), due <br> 11/30/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 96107 |
| 2310000 | EyeCare Partners LLC, 2024 Second Out Term Loan B TBD, due 11/30/28<sup>(g)</sup> <br>| 1026026 |
| &nbsp;&nbsp; 476000 | EUR<br> Finastra USA, Inc., 6.60% (3 mo. EURIBOR + 4.50%), due 09/15/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 552050 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Finastra USA, Inc., 2025 1st Lien Term Loan, 7.72% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 490223 |
| 2183068 | &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 2025 Term Loan B, 6.17% (3 mo. USD Term SOFR + 2.50%), <br> due 08/15/30<sup>(a)</sup> <br>| 2192229 |
| &nbsp;&nbsp; 578685 | &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 2025 Term Loan C, 6.17% (3 mo. USD Term SOFR + 2.50%), <br> due 08/15/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 580855 |
| &nbsp;&nbsp; 793768 | &nbsp;&nbsp;&nbsp; Fluid-Flow Products, Inc., 2025 Term Loan B, 6.97% (1 mo. USD Term SOFR + <br> 3.25%), due 03/31/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 797985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Fluid-Flow Products, Inc., 2025 Term Loan B TBD, due 03/31/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 60319 |
| &nbsp;&nbsp; 432825 | &nbsp;&nbsp;&nbsp; Flutter Financing BV, 2025 Term Loan B, 5.67% (3 mo. USD Term SOFR + 2.00%), <br> due 06/04/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 432825 |
| &nbsp;&nbsp; 696491 | &nbsp;&nbsp;&nbsp; Flynn Restaurant Group LP, 2025 Incremental Term Loan, 7.47% (1 mo. USD Term <br> SOFR + 3.75%), due 01/28/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 700300 |
| 1641885 | &nbsp;&nbsp;&nbsp; Formulations Parent Corp., 2025 Term Loan B, 7.93% (3 mo. USD Term SOFR + <br> 4.00%), due 04/09/32<sup>(a)</sup> <br>| 1642911 |
| &nbsp;&nbsp; 150000 | Formulations Parent Corp., 2025 Term Loan B TBD, due 04/09/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 150094 |
| &nbsp;&nbsp; 845995 | &nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., 2025 Term Loan B, 6.78% (1 mo. USD Term SOFR + <br> 3.00%), due 06/27/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 847852 |
| &nbsp;&nbsp; 900455 | &nbsp;&nbsp;&nbsp; Freeport LNG Investments LLLP, Term Loan A, 7.15% (3 mo. USD Term SOFR + <br> 3.00%), due 11/16/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 904770 |
| 1000000 | EUR<br> &nbsp;&nbsp;&nbsp; Froneri Lux Finco SARL, 2025 EUR Term Loan, 4.87% (3 mo. EURIBOR + 2.75%), <br> due 09/30/32<sup>(a)</sup> <br>| 1181332 |
| 1435000 | &nbsp;&nbsp;&nbsp; Froneri Lux Finco SARL, 2025 USD Term Loan, 6.12% (6 mo. USD Term SOFR + <br> 2.25%), due 09/30/32<sup>(a)</sup> <br>| 1436705 |
| &nbsp;&nbsp; 459768 | &nbsp;&nbsp;&nbsp; Fugue Finance BV, 2025 Repriced Term Loan, 6.57% (3 mo. USD Term SOFR + <br> 2.75%), due 01/09/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 461493 |
| 2496602 | &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term Loan B, 7.77% (3 mo. USD Term SOFR + 4.00%), <br> due 10/01/27<sup>(a)</sup> <br>| 2457593 |
| &nbsp;&nbsp; 350000 | Gainwell Acquisition Corp., Term Loan B TBD, due 10/01/27<sup>(g)</sup> <br>| &nbsp;&nbsp; 344531 |
| &nbsp;&nbsp; 555208 | &nbsp;&nbsp;&nbsp; GC Ferry Acquisition I, Inc., Term Loan, 7.17% (3 mo. USD Term SOFR + 3.50%), due <br> 08/16/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 555000 |
| &nbsp;&nbsp; 795000 | Genmab AS, 6.73% (3 mo. USD Term SOFR + 3.00%), due 12/13/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 799472 |
| 1097250 | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., 2025 Term Loan B, 6.27% (3 mo. USD Term SOFR + <br> 2.50%), due 03/03/32<sup>(a)</sup> <br>| 1103194 |
| 1585804 | &nbsp;&nbsp;&nbsp; Global Medical Response, Inc., 2025 Repriced Term Loan B, 7.38% (3 mo. USD Term <br> SOFR + 3.50%), due 10/01/32<sup>(a)</sup> <br>| 1597414 |
| 1750000 | &nbsp;&nbsp;&nbsp; Gloves Buyer, Inc., 2025 Term Loan, 7.72% (1 mo. USD Term SOFR + 4.00%), due <br> 05/21/32<sup>(a)</sup> <br>| 1744531 |
| 1488722 | &nbsp;&nbsp;&nbsp; GoodRx, Inc., 2024 USD Term Loan B, 7.47% (1 mo. USD Term SOFR + 3.75%), due <br> 07/10/29<sup>(a)</sup> <br>| 1492908 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value** | **Value ($)** |
|  | **Bank Loans — continued** |
| &nbsp;&nbsp; 500000<br> &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 2024 Term Loan B, 6.22% (1 mo. USD Term SOFR + <br> 2.50%), due 08/04/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 502630 |
| &nbsp;&nbsp; 347368<br> &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, 2025 Term Loan B, 6.97% (1 mo. USD Term SOFR + <br> 3.25%), due 01/23/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 349865 |
| &nbsp;&nbsp; 700000<br> &nbsp;&nbsp;&nbsp; Green Infrastructure Partners, Inc., USD Term Loan B, 6.42% (3 mo. USD Term SOFR <br> + 2.75%), due 09/24/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 702625 |
| 1060000<br> &nbsp;&nbsp;&nbsp; Gryphon Acquire Newco, LLC, Term Loan B, 6.85% (6 mo. USD Term SOFR + <br> 3.00%), due 09/13/32<sup>(a)</sup> <br>| 1068613 |
| 2649941<br> &nbsp;&nbsp;&nbsp; Heartland Dental LLC, 2025 Term Loan, 7.47% (1 mo. USD Term SOFR + 3.75%), due <br> 08/25/32<sup>(a)</sup> <br>| 2664018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99500<br> &nbsp;&nbsp;&nbsp; Herschend Entertainment Co. LLC, 2025 Term Loan B, 6.97% (1 mo. USD Term SOFR <br> + 3.25%), due 05/27/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 100350 |
| &nbsp;&nbsp; 349091<br> Highspring Holdings LLC, 8.82% (3 mo. USD Term SOFR + 5.00%), due 01/22/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 285382 |
| &nbsp;&nbsp; 597000<br> &nbsp;&nbsp;&nbsp; Hightower Holdings LLC, 2025 1st Lien Term Loan B, 6.65% (3 mo. USD Term SOFR <br> + 2.75%), due 02/03/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 599239 |
| &nbsp;&nbsp; 848556<br> &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, 6.12% (3 mo. USD Term SOFR + 2.25%), <br> due 06/20/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 854036 |
| 1481555<br> &nbsp;&nbsp;&nbsp; IMC Financing LLC, Term Loan B, 7.23% (1 mo. USD Term SOFR + 3.50%), due <br> 06/18/32<sup>(a)</sup> <br>| 1485259 |
| 1250000<br> &nbsp;&nbsp;&nbsp; Imperative Worldwide LLC, 2021 Term Loan, 9.32% (3 mo. USD Term SOFR + <br> 5.50%), due 12/29/28<sup>(a)</sup> <br>| 1234375 |
| 1816417<br> &nbsp;&nbsp;&nbsp; Infinite Bidco LLC, 1st Lien Term Loan, 7.85% (3 mo. USD Term SOFR + 3.75%), due <br> 03/02/28<sup>(a)</sup> <br>| 1800523 |
| 1034138<br> &nbsp;&nbsp;&nbsp; Infinite Bidco LLC, 2023 Incremental Term Loan, 10.14% (3 mo. USD Term SOFR + <br> 6.25%), due 03/02/28<sup>(a)(b)</sup> <br>| 1036724 |
| &nbsp;&nbsp; 937350<br> INNIO Group Holding GmbH TBD, due 11/02/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 942037 |
| &nbsp;&nbsp; 255082<br> Instructure Holdings, Inc. TBD, due 11/13/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 255911 |
| &nbsp;&nbsp; 259981<br> &nbsp;&nbsp;&nbsp; Instructure Holdings, Inc., 2024 2nd Lien Term Loan, 8.84% (3 mo. USD Term SOFR + <br> 5.00%), due 11/12/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 261281 |
| 1373109<br> &nbsp;&nbsp;&nbsp; International Entertainment JJCo 3 Ltd., USD 1st Lien Term Loan B, 6.84% (3 mo. <br> USD Term SOFR + 3.00%), due 04/29/32<sup>(a)</sup> <br>| 1367959 |
| &nbsp;&nbsp; 748125<br> &nbsp;&nbsp;&nbsp; International Entertainment JJCo 3 Ltd., USD 1st Lien Term Loan B TBD, due <br> 04/29/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 745320 |
| 1200000<br> &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., 7.42% (3 mo. USD Term SOFR + 3.75%), due <br> 10/07/32<sup>(a)</sup> <br>| 1130100 |
| 1488750<br> IRB Holding Corp, 6.22% (1 mo. USD Term SOFR + 2.50%), due 12/16/30<sup>(a)</sup> <br>| 1493816 |
| &nbsp;&nbsp; 638351<br> &nbsp;&nbsp;&nbsp; Iris Holding, Inc., Term Loan, 8.69% (3 mo. USD Term SOFR + 4.75%), due <br> 06/28/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 620995 |
| &nbsp;&nbsp; 658505<br> Iris Holding, Inc., Term Loan TBD, due 06/28/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 640602 |
| &nbsp;&nbsp; 997487<br> &nbsp;&nbsp;&nbsp; J&J Ventures Gaming LLC, 2025 Repriced Term Loan B, 7.22% (1 mo. USD Term <br> SOFR + 3.50%), due 04/26/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 991721 |
| &nbsp;&nbsp; 698869<br> J&J Ventures Gaming LLC, 2025 Repriced Term Loan B TBD, due 04/26/30<sup>(g)</sup> <br>| &nbsp;&nbsp; 694829 |
| 2942257<br> Jane Street Group, LLC, 5.82% (3 mo. USD Term SOFR + 2.00%), due 12/15/31<sup>(a)</sup> <br>| 2932604 |
| &nbsp;&nbsp; 988731<br> &nbsp;&nbsp;&nbsp; Jefferies Finance LLC, 2024 Term Loan, 6.50% (1 mo. USD Term SOFR + 2.75%), due <br> 10/21/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 983170 |
| &nbsp;&nbsp; 250000<br> Jefferies Finance LLC, 2024 Term Loan TBD, due 10/21/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 248594 |
| &nbsp;&nbsp; 595477<br> &nbsp;&nbsp;&nbsp; JetBlue Airways Corp., 2024 Term Loan B, 8.44% (3 mo. USD Term SOFR + 4.75%), <br> due 08/27/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 576124 |
| 1497484<br> &nbsp;&nbsp;&nbsp; Jump Financial LLC, 2025 1st Lien Term Loan B, 7.17% (3 mo. USD Term SOFR + <br> 3.50%), due 02/26/32<sup>(a)</sup> <br>| 1478766 |
| 1276071<br> &nbsp;&nbsp;&nbsp; June Purchaser LLC, Term Loan, 6.42% (3 mo. USD Term SOFR + 2.75%), due <br> 11/28/31<sup>(a)</sup> <br>| 1286599 |

---

114See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 844872 | &nbsp;&nbsp;&nbsp; Kaseya, Inc., 2025 1st Lien Term Loan B, 6.72% (1 mo. USD Term SOFR + 3.00%), <br> due 03/20/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 846522 |
| 1600000 | &nbsp;&nbsp;&nbsp; Kaseya, Inc., 2025 2nd Lien Term Loan B, 8.72% (1 mo. USD Term SOFR + 5.00%), <br> due 03/18/33<sup>(a)</sup> <br>| 1568000 |
| &nbsp;&nbsp; 550000 | Kaseya, Inc., 2025 2nd Lien Term Loan B TBD, due 03/18/33<sup>(g)</sup> <br>| &nbsp;&nbsp; 539000 |
| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; Kodiak Building Partners, Inc., 2024 Term Loan B, 7.47% (1 mo. USD Term SOFR + <br> 3.75%), due 12/04/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 733125 |
| &nbsp;&nbsp; 250000 | Kodiak Building Partners, Inc., 2024 Term Loan B TBD, due 12/04/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 244375 |
| 1790000 | &nbsp;&nbsp;&nbsp; Kohler Energy Co. LLC, USD Term Loan B, 7.42% (3 mo. USD Term SOFR + 3.75%), <br> due 05/01/31<sup>(a)</sup> <br>| 1803425 |
| &nbsp;&nbsp; 816040 | &nbsp;&nbsp;&nbsp; LABL, Inc., 2021 USD 1st Lien Term Loan, 8.94% (3 mo. USD Term SOFR + 5.00%), <br> due 10/30/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 524889 |
| 1426001 | &nbsp;&nbsp;&nbsp; Laseraway Intermediate Holdings II LLC, Term Loan, 9.89% (3 mo. USD Term SOFR + <br> 5.75%), due 10/14/27<sup>(a)</sup> <br>| 1420654 |
| &nbsp;&nbsp; 249351 | Laseraway Intermediate Holdings II LLC, Term Loan TBD, due 10/14/27<sup>(g)</sup> <br>| &nbsp;&nbsp; 248416 |
| 1145330 | &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 2024 Incremental Term Loan B, 7.58% (1 mo. USD Term SOFR <br> + 3.75%), due 06/06/31<sup>(a)</sup> <br>| 1077088 |
| 1190955 | &nbsp;&nbsp;&nbsp; LC AHAB U.S. Bidco LLC, Term Loan B, 6.72% (1 mo. USD Term SOFR + 3.00%), <br> due 05/01/31<sup>(a)</sup> <br>| 1195049 |
| &nbsp;&nbsp; 977513 | Learning Care Group No. 2, Inc. TBD, due 08/11/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 811336 |
| &nbsp;&nbsp; 929670 | &nbsp;&nbsp;&nbsp; LendingTree, Inc., 2025 Term Loan, 8.22% (1 mo. USD Term SOFR + 4.50%), due <br> 08/21/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 929670 |
| &nbsp;&nbsp; 911323 | Lereta LLC, Term Loan B, 9.08% (1 mo. USD Term SOFR + 5.25%), due 07/30/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 840695 |
| 1736842 | &nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 2024 Incremental Term Loan B1, 7.33% (1 mo. USD Term SOFR <br> + 3.50%), due 05/19/31<sup>(a)</sup> <br>| 1741974 |
| 1238220 | Liquid Tech Solutions LLC, 9.75% (PRIME + 2.50%), due 10/12/32<sup>(a)</sup> <br>| 1242089 |
| 1812434 | &nbsp;&nbsp;&nbsp; LSCS Holdings, Inc., 2025 Term Loan, 8.17% (3 mo. USD Term SOFR + 4.50%), due <br> 03/04/32<sup>(a)</sup> <br>| 1780716 |
| &nbsp;&nbsp; 704356 | &nbsp;&nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, 7.37% (1 mo. USD <br> Term SOFR + 3.50%), due 12/02/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 709639 |
| &nbsp;&nbsp; 654186 | &nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, 6.20% (1 mo. USD Term SOFR + 2.50%), due <br> 04/01/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 658929 |
| 1137998 | &nbsp;&nbsp;&nbsp; Madison IAQ, LLC, Term Loan, 6.70% (6 mo. USD Term SOFR + 2.50%), due <br> 06/21/28<sup>(a)</sup> <br>| 1144844 |
| 2989853 | &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, Term Loan B, 7.93% (3 mo. USD Term SOFR + 4.00%), <br> due 06/01/28<sup>(a)</sup> <br>| 2727493 |
| &nbsp;&nbsp; 530653 | MajorDrive Holdings IV LLC, Term Loan B TBD, due 06/01/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 484088 |
| &nbsp;&nbsp; 515491 | &nbsp;&nbsp;&nbsp; Maravai Intermediate Holdings, LLC, 2022 Term Loan B, 6.87% (3 mo. USD Term <br> SOFR + 3.00%), due 10/19/27<sup>(a)</sup> <br>| &nbsp;&nbsp; 509048 |
| &nbsp;&nbsp; 498721 | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 7.23% (1 mo. USD Term SOFR + 3.50%), <br> due 04/15/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 490305 |
| 1439098 | McAfee, LLC, 6.72% (1 mo. USD Term SOFR + 3.00%), due 03/01/29<sup>(a)</sup> <br>| 1333564 |
| 1787716 | &nbsp;&nbsp;&nbsp; McAfee, LLC, 2024 USD 1st Lien Term Loan B, 6.72% (1 mo. USD Term SOFR + <br> 3.00%), due 03/01/29<sup>(a)</sup> <br>| 1656618 |
| 1051238 | &nbsp;&nbsp;&nbsp; MDVIP, Inc., 2025 Term Loan B, 6.73% (1 mo. USD Term SOFR + 3.00%), due <br> 10/14/31<sup>(a)</sup> <br>| 1056056 |
| &nbsp;&nbsp; 664975 | &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2025 Incremental Term Loan B, 5.47% (1 mo. USD Term SOFR <br> + 1.75%), due 10/23/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 668152 |
| &nbsp;&nbsp; 138257 | &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2025 Term Loan B, 5.47% (1 mo. USD Term SOFR + 1.75%), <br> due 10/23/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 138810 |
| &nbsp;&nbsp; 315789 | EUR<br> &nbsp;&nbsp;&nbsp; Mermaid Bidco, Inc., 2024 EUR Term Loan B, 5.77% (3 mo. EURIBOR + 3.75%), due <br> 07/03/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 374433 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| 2180000 | &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2021 2nd Lien Term Loan, 10.09% (3 mo. USD Term SOFR + 6.25%), <br> due 02/23/29<sup>(a)</sup> <br>| 1832903 |
| 1091603 | &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 Term Loan, 7.97% (3 mo. USD Term SOFR + 4.25%), due <br> 05/03/28<sup>(a)</sup> <br>| 1017920 |
| &nbsp;&nbsp; 421805 | &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2024 Term Loan B4, 7.97% (1 mo. USD Term SOFR + 4.25%), due <br> 12/31/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 363129 |
| 1562695 | &nbsp;&nbsp;&nbsp; Midwest Physician Administrative Services LLC, 2021 Term Loan, 6.93% (3 mo. USD <br> Term SOFR + 3.00%), due 03/12/28<sup>(a)</sup> <br>| 1422444 |
| &nbsp;&nbsp; 477784 | &nbsp;&nbsp;&nbsp; MKS Instruments, Inc., 2025 USD Repriced Term Loan, 5.72% (1 mo. USD Term <br> SOFR + 2.00%), due 08/17/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 480870 |
| 1493715 | &nbsp;&nbsp;&nbsp; Modena Buyer LLC, Term Loan, 8.09% (3 mo. USD Term SOFR + 4.25%), due <br> 07/01/31<sup>(a)</sup> <br>| 1487959 |
| &nbsp;&nbsp; 300000 | Modena Buyer LLC, Term Loan TBD, due 07/01/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 298844 |
| 1000000 | EUR<br> &nbsp;&nbsp;&nbsp; Mosel Bidco SE, 2025 EUR Term Loan B, 5.77% (3 mo. EURIBOR + 3.75%), due <br> 09/16/30<sup>(a)</sup> <br>| 1188122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85683 | MRI Software LLC, 8.42% (3 mo. USD Term SOFR + 4.75%), due 02/10/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26668 | MRI Software LLC, 8.44% (3 mo. USD Term SOFR + 4.75%), due 02/10/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 25935 |
| &nbsp;&nbsp; 650911 | &nbsp;&nbsp;&nbsp; MRI Software LLC, 2020 Term Loan B, 8.42% (3 mo. USD Term SOFR + 4.75%), due <br> 02/10/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 649690 |
| &nbsp;&nbsp; 626811 | &nbsp;&nbsp;&nbsp; National Mentor Holdings, Inc., 2025 1st Lien Term Loan B, 9.72% (1 mo. USD Term <br> SOFR + 6.00%), due 12/12/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 627595 |
| &nbsp;&nbsp; 250000 | National Mentor Holdings, Inc., 2025 1st Lien Term Loan B TBD, due 12/12/30<sup>(g)</sup> <br>| &nbsp;&nbsp; 250312 |
| &nbsp;&nbsp; 749980 | NEP Group, Inc., 8.22% (1 mo. USD Term SOFR + 4.50%), due 10/17/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 691481 |
| &nbsp;&nbsp; 341145 | &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, 2025 Incremental Term Loan, 7.72% (1 mo. USD Term SOFR + <br> 4.00%), due 07/31/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 338871 |
| 2034625 | &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, 2025 Term Loan B, 7.22% (1 mo. USD Term SOFR + 3.50%), due <br> 07/31/31<sup>(a)</sup> <br>| 2009192 |
| &nbsp;&nbsp; 250000 | Nexus Buyer LLC, 2025 Term Loan B TBD, due 07/31/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 246875 |
| &nbsp;&nbsp; 866667 | EUR<br> Nidda Healthcare Holding AG, 5.54% (3 mo. EURIBOR + 3.50%), due 12/09/32<sup>(a)</sup> <br>| 1026763 |
| 1000000 | EUR<br> Nuuday AS, EUR Term Loan B, 8.58% (3 mo. EURIBOR + 6.50%), due 02/03/28<sup>(a)</sup> <br>| 1187663 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; OID-OL Intermediate I LLC, Term Loan 1, 9.84% (3 mo. USD Term SOFR + 6.00%), <br> due 02/01/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 412000 |
| &nbsp;&nbsp; 497500 | &nbsp;&nbsp;&nbsp; OID-OL Intermediate I LLC, Term Loan 2, 8.24% (3 mo. USD Term SOFR + 4.25%), <br> due 02/01/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 417124 |
| &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., 2025 USD Term Loan B, 6.92% (3 mo. USD Term <br> SOFR + 3.25%), due 11/03/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 193998 |
| &nbsp;&nbsp; 750000 | Olympus Water U.S. Holding Corp., 2025 USD Term Loan B TBD, due 11/03/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 746146 |
| &nbsp;&nbsp; 425000 | OMNIA Partners LLC TBD, due 12/31/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 427258 |
| 1749000 | &nbsp;&nbsp;&nbsp; Onex TSG Intermediate Corp., 2025 Term Loan B, 7.59% (3 mo. USD Term SOFR + <br> 3.75%), due 08/06/32<sup>(a)</sup> <br>| 1762931 |
| &nbsp;&nbsp; 523688 | Opal Bidco SAS, 6.69% (3 mo. USD Term SOFR + 3.00%), due 04/28/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 527615 |
| 1637595 | &nbsp;&nbsp;&nbsp; Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, 5.98% (1 mo. USD <br> Term SOFR + 2.25%), due 10/05/28<sup>(a)</sup> <br>| 1648240 |
| 1243507 | &nbsp;&nbsp;&nbsp; Osmose Utilities Services, Inc., Term Loan, 7.08% (1 mo. USD Term SOFR + 3.25%), <br> due 06/23/28<sup>(a)</sup> <br>| 1219220 |
| &nbsp;&nbsp; 500000 | Osmose Utilities Services, Inc., Term Loan TBD, due 06/23/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 490234 |
| &nbsp;&nbsp; 630238 | &nbsp;&nbsp;&nbsp; Outcomes Group Holdings, Inc., 2025 Term Loan B, 6.72% (1 mo. USD Term SOFR + <br> 3.00%), due 05/06/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 635122 |
| &nbsp;&nbsp; 800000 | OVG Business Services LLC TBD, due 06/25/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 802500 |
| &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; Owens-Illinois Inc., 2025 Term Loan B, 6.84% (3 mo. USD Term SOFR + 3.00%), due <br> 09/30/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 267609 |
| &nbsp;&nbsp; 623438 | &nbsp;&nbsp;&nbsp; Paradigm Parent LLC, 1st Lien Term Loan, 8.17% (3 mo. USD Term SOFR + 4.50%), <br> due 04/16/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 549275 |

---

116See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| **Par Value** | **Value ($)** |
|  | **Bank Loans — continued** |
| &nbsp;&nbsp; 300000<br> PAREXEL International Corp. TBD, due 12/12/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 301313 |
| &nbsp;&nbsp; 545758<br> &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., 2022 Term Loan B, 6.22% (1 mo. USD Term SOFR + 2.50%), <br> due 05/03/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 549559 |
| 2189589<br> Peraton Corp., Term Loan B, 7.69% (3 mo. USD Term SOFR + 3.75%), due 02/01/28<sup>(a)</sup> <br>| 2036773 |
| &nbsp;&nbsp; 776100<br> &nbsp;&nbsp;&nbsp; Performance Health & Wellness, 2025 Term Loan B, 7.62% (6 mo. USD Term SOFR + <br> 3.75%), due 03/19/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 768339 |
| 1746104<br> &nbsp;&nbsp;&nbsp; PetSmart LLC, 2025 USD Term Loan B, 7.73% (1 mo. USD Term SOFR + 4.00%), due <br> 08/18/32<sup>(a)</sup> <br>| 1742830 |
| &nbsp;&nbsp; 350000<br> PetSmart LLC, 2025 USD Term Loan B TBD, due 08/18/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 349344 |
| &nbsp;&nbsp; 500000<br> &nbsp;&nbsp;&nbsp; Phoenix Aviation Capital LLC, 7.11% (3 mo. USD Term SOFR + 3.25%), due <br> 10/28/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 495625 |
| 1397762<br> PHRG Intermediate LLC TBD, due 02/20/32<sup>(g)</sup> <br>| 1394267 |
| &nbsp;&nbsp; 706076<br> &nbsp;&nbsp;&nbsp; PHRG Intermediate LLC, 2025 Term Loan B, 7.67% (3 mo. USD Term SOFR + <br> 4.00%), due 02/20/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 704311 |
| &nbsp;&nbsp; 560000<br> PHRG Intermediate LLC, 2025 Term Loan B TBD, due 02/20/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 558600 |
| &nbsp;&nbsp; 941190<br> Pinnacle Buyer LLC, 6.49% (3 mo. USD Term SOFR + 2.50%), due 10/01/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 946013 |
| &nbsp;&nbsp; 993122<br> &nbsp;&nbsp;&nbsp; Plano HoldCo, Inc., Term Loan B, 7.17% (3 mo. USD Term SOFR + 3.50%), due <br> 10/02/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 965811 |
| &nbsp;&nbsp; 450000<br> &nbsp;&nbsp;&nbsp; Pluto Acquisition I, Inc., 2024 First Out Superpriority Term Loan, 9.19% (3 mo. USD <br> Term SOFR + 5.50%), due 06/20/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 456750 |
| 2533024<br> &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, 7.85% (3 mo. USD Term SOFR + 3.75%), due <br> 06/02/28<sup>(a)</sup> <br>| 2447534 |
| &nbsp;&nbsp; 550000<br> Potters Industries, LLC TBD, due 12/09/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 553094 |
| &nbsp;&nbsp; 406925<br> &nbsp;&nbsp;&nbsp; Prairie ECI Acquiror LP, 2025 Repriced Term Loan B, 7.47% (1 mo. USD Term SOFR <br> + 3.75%), due 08/01/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 410231 |
| &nbsp;&nbsp; 450744<br> &nbsp;&nbsp;&nbsp; Pregis TopCo Corp., 2025 Refinancing Term Loan, 7.72% (1 mo. USD Term SOFR + <br> 4.00%), due 02/01/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 454923 |
| 1188976<br> &nbsp;&nbsp;&nbsp; Pre-Paid Legal Services, Inc., 2021 Term Loan, 6.97% (1 mo. USD Term SOFR + <br> 3.25%), due 12/15/28<sup>(a)</sup> <br>| 1150037 |
| &nbsp;&nbsp; 149622<br> Pre-Paid Legal Services, Inc., 2021 Term Loan TBD, due 12/15/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 144722 |
| &nbsp;&nbsp; 582075<br> Project Boost Purchaser LLC, 2025 Refinancing Term Loan TBD, due 07/16/31<sup>(g)</sup> <br>| &nbsp;&nbsp; 584185 |
| &nbsp;&nbsp; 992308<br> &nbsp;&nbsp;&nbsp; Project Castle, Inc., Term Loan B, 9.36% (6 mo. USD Term SOFR + 5.50%), due <br> 06/01/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 647067 |
| 1394238<br> &nbsp;&nbsp;&nbsp; Project Ruby Ultimate Parent Corp., 2025 Term Loan B, 6.58% (1 mo. USD Term <br> SOFR + 2.75%), due 03/10/28<sup>(a)</sup> <br>| 1399641 |
| 1457348<br> &nbsp;&nbsp;&nbsp; Prometric Holdings, Inc., 2025 Term Loan B, 7.47% (1 mo. USD Term SOFR + 3.75%), <br> due 06/25/32<sup>(a)</sup> <br>| 1470828 |
| 2064766<br> &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2025 Fungible Term Loan, 6.67% (3 mo. USD Term SOFR + 3.00%), <br> due 08/31/28<sup>(a)</sup> <br>| 2078817 |
| 1737487<br> &nbsp;&nbsp;&nbsp; PushPay USA, Inc., 2025 Repriced Term Loan, 7.62% (6 mo. USD Term SOFR + <br> 3.75%), due 08/15/31<sup>(a)</sup> <br>| 1737487 |
| &nbsp;&nbsp; 817800<br> &nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety LLC, 6.20% (3 mo. USD Term SOFR + 2.50%), due <br> 12/16/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 823806 |
| 1020000<br> &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., Term Loan B, 5.80% (6 mo. USD Term SOFR + 2.00%), due <br> 11/01/32<sup>(a)</sup> <br>| 1025950 |
| &nbsp;&nbsp; 748125<br> &nbsp;&nbsp;&nbsp; QuidelOrtho Corp., Term Loan, 7.72% (1 mo. USD Term SOFR + 4.00%), due <br> 08/20/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 747892 |
| 1736875<br> &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 2025 Term Loan B, 5.97% (1 mo. USD Term SOFR + 2.25%), <br> due 02/10/32<sup>(a)</sup> <br>| 1744257 |
| &nbsp;&nbsp; 850000<br> Restoration Hardware, Inc. TBD, due 10/20/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 845573 |
| &nbsp;&nbsp; 645375<br> &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 2023 USD Term Loan B, 7.47% (1 mo. USD Term SOFR + <br> 3.75%), due 11/28/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 646145 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 903000 | &nbsp;&nbsp;&nbsp; RxBenefits, Inc., 2025 Term Loan, 8.69% (3 mo. USD Term SOFR + 5.00%), due <br> 12/19/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 892846 |
| &nbsp;&nbsp; 333000 | RxBenefits, Inc., 2025 Term Loan TBD, due 12/19/30<sup>(g)</sup> <br>| &nbsp;&nbsp; 329255 |
| &nbsp;&nbsp; 246318 | Ryan LLC, 7.22% (1 mo. USD Term SOFR + 3.50%), due 11/05/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 243239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81250 | Sandisk Corp., Term Loan B, 6.86% (3 mo. USD Term SOFR + 3.00%), due 02/20/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 81859 |
| &nbsp;&nbsp; 540000 | Sanmina Corp., 5.92% (1 mo. USD Term SOFR + 2.00%), due 10/27/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 541688 |
| &nbsp;&nbsp; 194188 | &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., 2025 Repriced Term Loan B, 6.52% (3 mo. USD Term SOFR <br> + 2.75%), due 01/31/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 194734 |
| &nbsp;&nbsp; 450000 | SCIH Salt Holdings, Inc., 2025 Repriced Term Loan B TBD, due 01/31/29<sup>(g)</sup> <br>| &nbsp;&nbsp; 451265 |
| 1341368 | &nbsp;&nbsp;&nbsp; Secretariat Advisors LLC, 2025 Term Loan B, 7.67% (3 mo. USD Term SOFR + <br> 4.00%), due 02/28/32<sup>(a)</sup> <br>| 1345560 |
| &nbsp;&nbsp; 813982 | &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., 2023 Term Loan B, 6.22% (1 mo. USD <br> Term SOFR + 2.50%), due 07/31/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 817712 |
| 2251358 | Sgh2 LLC, 2025 USD Term Loan B (3 mo. USD Term SOFR + 4.50%), due 08/18/32<sup>(a)</sup> <br>| 2262614 |
| &nbsp;&nbsp; 223590 | Sgh2 LLC, 2025 USD Term Loan B TBD, due 08/18/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 224708 |
| 1007462 | &nbsp;&nbsp;&nbsp; Sharp Services LLC, 2025 Term Loan B, 6.67% (3 mo. USD Term SOFR + 3.00%), due <br> 09/29/32<sup>(a)</sup> <br>| 1013129 |
| &nbsp;&nbsp; 164588 | &nbsp;&nbsp;&nbsp; Shift4 Payments LLC, 2025 Term Loan, 6.17% (3 mo. USD Term SOFR + 2.50%), due <br> 06/30/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 165719 |
| &nbsp;&nbsp; 823846 | EUR<br> &nbsp;&nbsp;&nbsp; Siaci Saint Honore, 2025 EUR Unitranche Term Loan, 5.52% (3 mo. EURIBOR + <br> 3.50%), due 07/26/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 979661 |
| &nbsp;&nbsp; 196154 | Siaci Saint Honore, 2025 EUR Unitranche Term Loan TBD, due 07/26/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 233253 |
| &nbsp;&nbsp; 744332 | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 2024 Term Loan B, 5.72% (1 mo. USD Term SOFR + <br> 2.00%), due 05/01/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 736889 |
| 1836624 | &nbsp;&nbsp;&nbsp; SMX Group LLC, Term Loan, 8.22% (1 mo. USD Term SOFR + 4.50%), due <br> 02/06/32<sup>(a)</sup> <br>| 1813666 |
| &nbsp;&nbsp; 259997 | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc., 2025 Term Loan B, 5.91% (1 mo. USD Term SOFR + <br> 2.25%), due 10/24/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 262381 |
| 1340844 | &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC, 2021 Term Loan B, 7.57% (1 mo. USD <br> Term SOFR + 3.75%), due 10/16/28<sup>(a)</sup> <br>| 1255179 |
| &nbsp;&nbsp; 249352 | Specialty Building Products Holdings LLC, 2021 Term Loan B TBD, due 10/16/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 233421 |
| &nbsp;&nbsp; 541667 | EUR<br> Spectris PLC, EUR Term Loan, 5.30% (3 mo. EURIBOR + 3.25%), due 09/30/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 642721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59097 | Spirit Airlines, Inc. , due 12/09/34<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50232 |
| &nbsp;&nbsp; 531703 | Spirit Airlines, Inc., 11.75% (1 mo. USD Term SOFR + 8.00%), due 07/14/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 530041 |
| &nbsp;&nbsp; 137458 | Spirit Airlines, Inc., 11.75% (1 mo. USD Term SOFR + 8.00%), due 07/14/26<sup>(a)</sup> <br>| &nbsp;&nbsp; 118901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22260 | Spirit Airlines, Inc., 11.75% (1 mo. USD Term SOFR + 8.00%), due 12/09/34<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 18437 |
| &nbsp;&nbsp; 272178 | Spirit Airlines, Inc. TBD, due 07/14/26<sup>(g)</sup> <br>| &nbsp;&nbsp; 271328 |
| 3078277 | &nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, 7.67% (3 mo. USD Term SOFR + 4.00%), due <br> 09/27/30<sup>(a)</sup> <br>| 3085274 |
| 1000000 | EUR<br> &nbsp;&nbsp;&nbsp; Stepstone Group MidCo 2 GmbH, EUR Term Loan B, 6.60% (6 mo. EURIBOR + <br> 4.50%), due 04/26/32<sup>(a)</sup> <br>| 1113526 |
| 1000000 | &nbsp;&nbsp;&nbsp; Stonepeak Bayou Holdings LP, Term Loan B, 6.42% (3 mo. USD Term SOFR + 2.75%), <br> due 10/01/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 907500 |
| &nbsp;&nbsp; 142526 | Student Transportation of America Holdings, Inc. TBD, due 06/24/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 143239 |
| &nbsp;&nbsp; 100000 | Student Transportation of America Holdings, Inc. TBD, due 06/24/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 100500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99500 | &nbsp;&nbsp;&nbsp; Student Transportation of America Holdings, Inc., Term Loan B, 6.94% (3 mo. USD <br> Term SOFR + 3.25%), due 06/24/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99873 |
| &nbsp;&nbsp; 200000 | Talen Energy Supply, LLC, 5.67% (3 mo. USD Term SOFR + 2.00%), due 11/25/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 200604 |
| 1692495 | &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., Description 1, 8.34% (3 mo. USD Term SOFR + 4.50%), <br> due 06/30/28<sup>(a)</sup> <br>| 1700111 |
| &nbsp;&nbsp; 153065 | &nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, 2025 Repriced Term Loan B, 5.47% (1 mo. USD Term SOFR <br> + 1.75%), due 08/31/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 147708 |

---

118See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** |  | **Value ($)** |
|  |  | **Bank Loans — continued** |
| &nbsp;&nbsp; 116564 | Tempo Acquisition LLC, 2025 Repriced Term Loan B TBD, due 08/31/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 112485 |
| 1488737 | &nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc., 2024 Term Loan B, 7.92% (3 mo. USD Term SOFR + <br> 4.25%), due 08/31/28<sup>(a)</sup> <br>| 1485945 |
| &nbsp;&nbsp; 100000 | Thermostat Purchaser III, Inc., 2024 Term Loan B TBD, due 08/31/28<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99813 |
| &nbsp;&nbsp; 545455 | EUR<br> &nbsp;&nbsp;&nbsp; Thyme Holdco SARL, 2025 EUR Term Loan B, 5.52% (3 mo. EURIBOR + 3.50%), <br> due 07/19/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 647817 |
| 1330899 | &nbsp;&nbsp;&nbsp; TKC Holdings, Inc., 2024 Term Loan, 8.72% (1 mo. USD Term SOFR + 5.00%), due <br> 05/15/28<sup>(a)</sup> <br>| 1340880 |
| 1046662 | &nbsp;&nbsp;&nbsp; TKO Worldwide Holdings LLC, 2025 Term Loan, 5.87% (3 mo. USD Term SOFR + <br> 2.00%), due 11/21/31<sup>(a)</sup> <br>| 1052404 |
| &nbsp;&nbsp; 645088 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2023 Term Loan J, 6.22% (1 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 648193 |
| 3635081 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2025 Term Loan K, 5.97% (1 mo. USD Term SOFR + 2.25%), due <br> 03/22/30<sup>(a)</sup> <br>| 3649469 |
| 1421438 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2025 Term Loan M, 6.22% (1 mo. USD Term SOFR + 2.50%), due <br> 08/19/32<sup>(a)</sup> <br>| 1428940 |
| &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp; Traverse Midstream Partners LLC, 2017 Term Loan, 6.34% (3 mo. USD Term SOFR + <br> 2.50%), due 02/16/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 717681 |
| 2348978 | &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 2024 Term Loan B7, 7.42% (3 mo. USD Term SOFR + <br> 3.75%), due 09/15/28<sup>(a)</sup> <br>| 2260053 |
| &nbsp;&nbsp; 371517 | Trident TPI Holdings, Inc., 2024 Term Loan B7 TBD, due 09/15/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 357452 |
| &nbsp;&nbsp; 784429 | Trio Bidco, Inc., 7.67% (3 mo. USD Term SOFR + 4.00%), due 10/29/32<sup>(a)</sup> <br>| &nbsp;&nbsp; 787370 |
| 1000000 | EUR<br> Trivium Packaging BV, 5.81% (3 mo. EURIBOR + 3.75%), due 05/28/30<sup>(a)</sup> <br>| 1181544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99750 | &nbsp;&nbsp;&nbsp; Trucordia Insurance Holdings LLC, Term Loan B, 6.97% (1 mo. USD Term SOFR + <br> 3.25%), due 06/17/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 99625 |
| 1639808 | &nbsp;&nbsp;&nbsp; TruGreen Limited Partnership, 2020 Term Loan, 7.82% (1 mo. USD Term SOFR + <br> 4.00%), due 11/02/27<sup>(a)</sup> <br>| 1610428 |
| 1000000 | EUR<br> &nbsp;&nbsp;&nbsp; TSM II Lux Co. 21 SARL, EUR Term Loan B, 5.82% (3 mo. EURIBOR + 3.75%), due <br> 09/11/31<sup>(a)</sup> <br>| 1189865 |
| 1290076 | U.S. Renal Care, Inc., 8.83% (1 mo. USD Term SOFR + 5.00%), due 06/28/28<sup>(a)</sup> <br>| 1215897 |
| 1488550 | &nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 2023 Superpriority Term Loan, 8.83% (1 mo. USD Term SOFR + <br> 5.00%), due 06/28/28<sup>(a)</sup> <br>| 1402958 |
| &nbsp;&nbsp; 250000 | U.S. Renal Care, Inc., 2023 Superpriority Term Loan TBD, due 06/28/28<sup>(g)</sup> <br>| &nbsp;&nbsp; 235625 |
| 1492481 | &nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Term Loan B, 6.34% (3 mo. USD Term SOFR + 2.50%), due <br> 02/10/31<sup>(a)</sup> <br>| 1495668 |
| 1820000 | United Talent Agency LLC, 6.75% (1 mo. USD Term SOFR + 3.00%), due 06/10/32<sup>(a)</sup> <br>| 1833650 |
| 1742440 | &nbsp;&nbsp;&nbsp; Univision Communications Inc., 2024 Term Loan B, 7.33% (1 mo. USD Term SOFR + <br> 3.50%), due 01/31/29<sup>(a)</sup> <br>| 1741351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95589 | Univision Communications Inc., 2024 Term Loan B TBD, due 01/31/29<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 95529 |
| &nbsp;&nbsp; 248072 | &nbsp;&nbsp;&nbsp; Univision Communications, Inc., 2022 First Lien Term Loan B, 7.92% (3 mo. USD <br> Term SOFR + 4.25%), due 06/24/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 248899 |
| 1349594 | &nbsp;&nbsp;&nbsp; USALCO LLC, 2025 Term Loan, 7.22% (1 mo. USD Term SOFR + 3.50%), due <br> 09/30/31<sup>(a)</sup> <br>| 1356763 |
| &nbsp;&nbsp; 800000 | USI, Inc., 2024 Term Loan C TBD, due 09/29/30<sup>(g)</sup> <br>| &nbsp;&nbsp; 802700 |
| &nbsp;&nbsp; 793970 | &nbsp;&nbsp;&nbsp; USI, Inc., 2024 Term Loan D, 5.92% (3 mo. USD Term SOFR + 2.25%), due <br> 11/21/29<sup>(a)</sup> <br>| &nbsp;&nbsp; 796947 |
| &nbsp;&nbsp; 325000 | Valvoline, Inc., Term Loan B TBD, due 03/19/32<sup>(g)</sup> <br>| &nbsp;&nbsp; 327234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41157 | &nbsp;&nbsp;&nbsp; Van Pool Transportation LLC, 2025 Delayed Draw Term Loan, 3.25% (3 mo. USD Term <br> SOFR + 3.25%), due 08/06/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 41431 |
| &nbsp;&nbsp; 492530 | &nbsp;&nbsp;&nbsp; Van Pool Transportation LLC, 2025 Term Loan, 6.92% (3 mo. USD Term SOFR + <br> 3.25%), due 08/06/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 495814 |
| &nbsp;&nbsp; 269444 | &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, 9.35% (3 mo. USD Term SOFR + 5.25%), due <br> 08/18/28<sup>(a)</sup> <br>| &nbsp;&nbsp; 256183 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| 2581000 | Versant Media Group Inc TBD, due 10/23/30<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2585039 |
| 1736842 | &nbsp;&nbsp;&nbsp; Viant Medical Holdings, Inc., 2024 Term Loan B, 7.72% (1 mo. USD Term SOFR + <br> 4.00%), due 10/29/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1722459 |
| &nbsp;&nbsp; 100000 | Viant Medical Holdings, Inc., 2024 Term Loan B TBD, due 10/29/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99172 |
| &nbsp;&nbsp; 744201 | &nbsp;&nbsp;&nbsp; Victory Buyer LLC, Term Loan, 7.58% (1 mo. USD Term SOFR + 3.75%), due <br> 11/19/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748697 |
| 1700000 | &nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, 2020 USD Term Loan Q, 7.11% (1 mo. USD Term SOFR + <br> 3.25%), due 01/31/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1705312 |
| &nbsp;&nbsp; 396000 | &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc., 2025 Term Loan B, 7.74% (3 mo. USD Term SOFR + <br> 3.75%), due 04/01/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400331 |
| &nbsp;&nbsp; 519750 | Vista Management Holding, Inc., 2025 Term Loan B TBD, due 04/01/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525435 |
| 1745625 | &nbsp;&nbsp;&nbsp; Voyager Parent LLC, Term Loan B, 8.42% (3 mo. USD Term SOFR + 4.75%), due <br> 07/01/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1748655 |
| &nbsp;&nbsp; 598485 | &nbsp;&nbsp;&nbsp; VT Topco, Inc., 2024 1st Lien Term Loan B, 6.87% (1 mo. USD Term SOFR + 3.00%), <br> due 08/09/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590854 |
| &nbsp;&nbsp; 400000 | VT Topco, Inc., 2024 1st Lien Term Loan B TBD, due 08/09/30<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394900 |
| &nbsp;&nbsp; 486607 | &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 2025 Repriced Term Loan B, 6.22% (1 mo. USD Term SOFR + <br> 2.50%), due 01/30/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487874 |
| &nbsp;&nbsp; 500000 | Wand NewCo 3, Inc., 2025 Repriced Term Loan B TBD, due 01/30/31<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501302 |
| &nbsp;&nbsp; 144638 | &nbsp;&nbsp;&nbsp; Wasserman Media Group LLC, Term Loan B, 6.72% (1 mo. USD Term SOFR + <br> 3.00%), due 06/23/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144818 |
| &nbsp;&nbsp; 638603 | &nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., 2025 Term Loan B, 5.72% (1 mo. USD Term SOFR + <br> 2.00%), due 10/22/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643392 |
| &nbsp;&nbsp; 696500 | &nbsp;&nbsp;&nbsp; WCG Intermediate Corp., 2025 Term Loan B, 6.72% (1 mo. USD Term SOFR + <br> 3.00%), due 02/25/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698987 |
| 1736809 | &nbsp;&nbsp;&nbsp; WeddingWire, Inc., 2024 Term Loan B, 7.47% (1 mo. USD Term SOFR + 3.75%), due <br> 01/31/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1471946 |
| &nbsp;&nbsp; 396985 | &nbsp;&nbsp;&nbsp; WEX, Inc., 2024 Term Loan B2, 5.47% (1 mo. USD Term SOFR + 1.75%), due <br> 03/31/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398332 |
| 1091729 | &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 1st Lien Term Loan B, 6.22% (1 mo. USD Term SOFR + <br> 2.50%), due 08/03/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1095797 |
| 1392965 | &nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 2024 Term Loan B, 6.97% (1 mo. USD Term SOFR + 3.25%), <br> due 10/19/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1400166 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; WhiteWater Matterhorn Holdings LLC, 2025 Term Loan B, 5.98% (3 mo. USD Term <br> SOFR + 2.25%), due 06/16/32<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201125 |
| &nbsp;&nbsp; 689761 | &nbsp;&nbsp;&nbsp; WideOpenWest Finance LLC, 2024 Super Priority 1st Out New Money Term Loan, <br> 11.17% (3 mo. USD Term SOFR + 7.00%), due 12/11/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703988 |
| &nbsp;&nbsp; 317588 | &nbsp;&nbsp;&nbsp; Wilsonart LLC, 2024 Term Loan B, 7.92% (3 mo. USD Term SOFR + 4.25%), due <br> 08/05/31<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308722 |
| 4575000 | &nbsp;&nbsp;&nbsp; X Corp., 2025 Fixed Term Loan, 9.50% (6 mo. USD Term SOFR + 9.50%), due <br> 10/26/29<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4567373 |
| &nbsp;&nbsp; 650000 | XPLOR T1 LLC TBD, due 12/01/32<sup>(g)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651625 |
| &nbsp;&nbsp; 360393 | &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., 6.83% (1 mo. USD Term SOFR + 3.00%, 5.00% PIK), due <br> 03/11/30<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342985 |
| 1489763 | &nbsp;&nbsp;&nbsp; Zest Acquisition Corp., 2023 Term Loan, 9.11% (3 mo. USD Term SOFR + 5.25%), due <br> 02/08/28<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1467417 |
|  |  | 350297783 |
|  | **Convertible Debt — 2.0%** | **Convertible Debt — 2.0%** |
| &nbsp;&nbsp; 930000 | Alarm.com Holdings, Inc., 2.25%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887685 |
| &nbsp;&nbsp; 430000 | Alibaba Group Holding Ltd., due 09/15/32<sup>(e)(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443975 |
| &nbsp;&nbsp; 119000 | Alibaba Group Holding Ltd., 0.50%, due 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185105 |

---

120See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Convertible Debt — continued** | **Convertible Debt — continued** |
| &nbsp;&nbsp; 385000 |  | Alnylam Pharmaceuticals, Inc., due 09/15/28<sup>(j)</sup> 144A | &nbsp;&nbsp; 372488 |
| &nbsp;&nbsp; 213000 |  | AST SpaceMobile, Inc., 2.00%, due 01/15/36 144A | &nbsp;&nbsp; 213117 |
| 1345000 |  | Boston Properties LP, 2.00%, due 10/01/30 144A | 1305322 |
| &nbsp;&nbsp; 325000 |  | Bridgebio Pharma, Inc., 1.75%, due 03/01/31 144A | &nbsp;&nbsp; 565906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97000 |  | BWX Technologies, Inc., 0.23%, due 11/01/30<sup>(k)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 92684 |
| 2000000 | HKD | China Pacific Insurance Group Co. Ltd., due 09/18/30<sup>(e)(j)</sup> <br>| &nbsp;&nbsp; 275069 |
| &nbsp;&nbsp; 165000 |  | Cloudflare, Inc., due 08/15/26<sup>(j)</sup> <br>| &nbsp;&nbsp; 194106 |
| 1005000 |  | Cloudflare, Inc., due 06/15/30<sup>(j)</sup> 144A | 1094947 |
| &nbsp;&nbsp; 515000 |  | Coinbase Global, Inc., due 10/01/32<sup>(j)</sup> 144A | &nbsp;&nbsp; 461955 |
| &nbsp;&nbsp; 368000 |  | Coinbase Global, Inc., 0.25%, due 04/01/30 | &nbsp;&nbsp; 377844 |
| &nbsp;&nbsp; 300000 |  | CyberArk Software Ltd., due 06/15/30<sup>(j)</sup> 144A | &nbsp;&nbsp; 321300 |
| &nbsp;&nbsp; 744000 |  | Cytokinetics, Inc., 1.75%, due 10/01/31 144A | &nbsp;&nbsp; 927842 |
| 1280000 |  | Datadog, Inc., 1.10%, due 12/01/29<sup>(k)</sup> <br>| 1281600 |
| &nbsp;&nbsp; 846000 |  | DoorDash, Inc., due 05/15/30<sup>(j)</sup> 144A | &nbsp;&nbsp; 885762 |
| &nbsp;&nbsp; 655000 |  | Duke Energy Corp., 4.13%, due 04/15/26 | &nbsp;&nbsp; 675469 |
| &nbsp;&nbsp; 225000 |  | Enphase Energy, Inc., 6.21%, due 03/01/28<sup>(k)</sup> <br>| &nbsp;&nbsp; 196594 |
| &nbsp;&nbsp; 800000 |  | Federal Realty OP LP, 3.25%, due 01/15/29 144A | &nbsp;&nbsp; 809600 |
| &nbsp;&nbsp; 800000 |  | Fluor Corp., 1.13%, due 08/15/29 | &nbsp;&nbsp; 913360 |
| &nbsp;&nbsp; 765000 |  | Guidewire Software, Inc., 1.25%, due 11/01/29 | &nbsp;&nbsp; 843030 |
| &nbsp;&nbsp; 880000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 08/15/28 144A | 1120856 |
| &nbsp;&nbsp; 575000 |  | Immunocore Holdings PLC, 2.50%, due 02/01/30 | &nbsp;&nbsp; 522531 |
| &nbsp;&nbsp; 675000 |  | Integer Holdings Corp., 1.88%, due 03/15/30 144A | &nbsp;&nbsp; 626400 |
| &nbsp;&nbsp; 260000 |  | Ionis Pharmaceuticals, Inc., due 12/01/30<sup>(j)</sup> 144A | &nbsp;&nbsp; 277550 |
| &nbsp;&nbsp; 687000 |  | Ionis Pharmaceuticals, Inc., 1.75%, due 06/15/28 | 1093738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 |  | IREN Ltd., due 07/01/31<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 63155 |
| &nbsp;&nbsp; 575000 |  | Jazz Investments I Ltd., 3.13%, due 09/15/30 | &nbsp;&nbsp; 766762 |
| &nbsp;&nbsp; 575000 |  | JBT Marel Corp., 0.38%, due 09/15/30 144A | &nbsp;&nbsp; 596850 |
| &nbsp;&nbsp; 400000 |  | JD.com, Inc., 0.25%, due 06/01/29 | &nbsp;&nbsp; 401800 |
| &nbsp;&nbsp; 660000 |  | Lantheus Holdings, Inc., 2.63%, due 12/15/27 | &nbsp;&nbsp; 757845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 |  | Lumentum Holdings, Inc., 1.50%, due 12/15/29 | &nbsp;&nbsp; 180693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 |  | MakeMyTrip Ltd., 1.48%, due 07/01/30<sup>(k)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 64779 |
| &nbsp;&nbsp; 655000 |  | Merit Medical Systems, Inc., 3.00%, due 02/01/29 144A | &nbsp;&nbsp; 792222 |
| 1207000 |  | Meritage Homes Corp., 1.75%, due 05/15/28<sup>(l)</sup> <br>| 1193114 |
| &nbsp;&nbsp; 700000 | EUR | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Investor Services & Banking Luxembourg SA, Series PRX, 6.55%, (3 <br> mo. EURIBOR + 4.50%), due 12/15/50<sup>(a)</sup> <br>| &nbsp;&nbsp; 530515 |
| 1034000 |  | NCL Corp. Ltd., 0.75%, due 09/15/30 144A | 1002360 |
| &nbsp;&nbsp; 671000 |  | NCL Corp. Ltd., 0.88%, due 04/15/30 144A | &nbsp;&nbsp; 750262 |
| 1265000 |  | Nutanix, Inc., 0.50%, due 12/15/29 | 1223255 |
| &nbsp;&nbsp; 930000 |  | Parsons Corp., 2.63%, due 03/01/29 | &nbsp;&nbsp; 958365 |
| 1150000 |  | PG&E Corp., 4.25%, due 12/01/27 | 1184615 |
| &nbsp;&nbsp; 593000 |  | PPL Capital Funding, Inc., 3.00%, due 12/01/30 144A | &nbsp;&nbsp; 595173 |
| &nbsp;&nbsp; 600000 |  | Qiagen NV, 2.50%, due 09/10/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 624815 |
| &nbsp;&nbsp; 650000 |  | Rexford Industrial Realty LP, 4.13%, due 03/15/29 144A | &nbsp;&nbsp; 649480 |
| &nbsp;&nbsp; 500000 |  | Rexford Industrial Realty LP, 4.38%, due 03/15/27 144A | &nbsp;&nbsp; 498500 |
| &nbsp;&nbsp; 650000 |  | Rivian Automotive, Inc., 3.63%, due 10/15/30 | &nbsp;&nbsp; 730438 |
| &nbsp;&nbsp; 300000 |  | Rivian Automotive, Inc., 4.63%, due 03/15/29 | &nbsp;&nbsp; 377813 |
| 2000000 |  | Sasol Financing USA LLC, 4.50%, due 11/08/27<sup>(e)</sup> <br>| 1928280 |
| &nbsp;&nbsp; 100000 | EUR | Schneider Electric SE, Series SUFP, 1.25%, due 09/23/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 118952 |
| &nbsp;&nbsp; 108000 |  | Seagate HDD Cayman, 3.50%, due 06/01/28 | &nbsp;&nbsp; 363258 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Convertible Debt — continued** | **Convertible Debt — continued** |
| &nbsp;&nbsp; 706000 |  | Semtech Corp., due 10/15/30<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44000 |  | Semtech Corp., 1.63%, due 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89826 |
| &nbsp;&nbsp; 173000 |  | Snowflake, Inc., due 10/01/29<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267977 |
| &nbsp;&nbsp; 272000 |  | Solaris Energy Infrastructure, Inc., 0.25%, due 10/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294950 |
| &nbsp;&nbsp; 958000 |  | Southern Co., 3.25%, due 06/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958479 |
| &nbsp;&nbsp; 114000 |  | Spotify USA, Inc., due 03/15/26<sup>(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129675 |
| &nbsp;&nbsp; 553000 |  | Super Micro Computer, Inc., due 06/15/30<sup>(j)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468944 |
| &nbsp;&nbsp; 104000 |  | Super Micro Computer, Inc., 3.50%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92815 |
| &nbsp;&nbsp; 225000 |  | Terawulf, Inc., 0.71%, due 05/01/32<sup>(k)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 |  | Tyler Technologies, Inc., 0.25%, due 03/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55743 |
| &nbsp;&nbsp; 709000 |  | Uber Technologies, Inc., Series 2028, 0.88%, due 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921345 |
| &nbsp;&nbsp; 775000 |  | Unity Software, Inc., 0.30%, due 03/15/30<sup>(k)(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1121812 |
| &nbsp;&nbsp; 320000 |  | WEC Energy Group, Inc., 3.38%, due 06/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324560 |
| &nbsp;&nbsp; 761000 |  | WEC Energy Group, Inc., 4.38%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889609 |
| &nbsp;&nbsp; 280000 |  | Welltower OP LLC, 2.75%, due 05/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549080 |
| &nbsp;&nbsp; 138000 |  | Wix.com Ltd., 2.50%, due 09/15/30<sup>(k)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122268 |
| 1910000 |  | Wynn Macau Ltd., 4.50%, due 03/07/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1958963 |
| &nbsp;&nbsp; 655000 |  | Zoetis, Inc., 0.25%, due 06/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676288 |
| &nbsp;&nbsp; 310000 |  | Zscaler, Inc., 1.97%, due 07/15/28<sup>(k)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290780 |
|  |  |  | 43477210 |
|  |  | **Corporate Debt — 36.0%** | **Corporate Debt — 36.0%** |
| 1475000 |  | 1011778 BC ULC/New Red Finance, Inc., 3.88%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1455385 |
| 1900000 |  | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1810812 |
| &nbsp;&nbsp; 780000 |  | 1261229 BC Ltd., 10.00%, due 04/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812021 |
| &nbsp;&nbsp; 400000 | EUR | Abanca Corp. Bancaria SA, 6.13% (5 yr. EURIBOR ICE Swap + 3.89%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475477 |
| 3030000 |  | Acadia Healthcare Co., Inc., 7.38%, due 03/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 3064069 |
| &nbsp;&nbsp; 240000 |  | ACCO Brands Corp., 4.25%, due 03/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 |  | Acrisure LLC/Acrisure Finance, Inc., 6.75%, due 07/01/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39405 |
| &nbsp;&nbsp; 500000 |  | Acrisure LLC/Acrisure Finance, Inc., 7.50%, due 11/06/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522543 |
| &nbsp;&nbsp; 296000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.25%, due 02/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307431 |
| 1052000 |  | Acrisure LLC/Acrisure Finance, Inc., 8.50%, due 06/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1101448 |
| &nbsp;&nbsp; 150000 |  | AdaptHealth LLC, 5.13%, due 03/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147054 |
| &nbsp;&nbsp; 285000 |  | Adtalem Global Education, Inc., 5.50%, due 03/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286260 |
| 1075000 |  | Advance Auto Parts, Inc., 7.00%, due 08/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1084994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 |  | Advanced Drainage Systems, Inc., 5.00%, due 09/30/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10023 |
| 2625000 |  | Aegea Finance SARL, 7.63%, due 01/20/36 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2508526 |
| &nbsp;&nbsp; 200000 |  | Aegea Finance SARL, 7.63%, due 01/20/36<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191126 |
| &nbsp;&nbsp; 144000 | EUR | Aegis Lux 1a SARL, 5.63%, due 10/29/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171646 |
| &nbsp;&nbsp; 466755 |  | AES Panama Generation Holdings SRL, 4.38%, due 05/31/30<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439543 |
| 2405000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2389296 |
| 1598000 |  | Africell Holding Ltd., 10.50%, due 10/23/29<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1587566 |
| &nbsp;&nbsp; 800000 |  | Ahli Bank QSC, 4.00% (5 yr. CMT + 3.45%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795412 |
| &nbsp;&nbsp; 600000 |  | Ahlstrom Holding 3 OYJ, 4.88%, due 02/04/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591232 |
| &nbsp;&nbsp; 550000 |  | AIB Group PLC, 5.32% (1 day USD SOFR + 1.65%), due 05/15/31<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568450 |
| &nbsp;&nbsp; 325000 | EUR | AIB Group PLC, 6.00% (5 yr. EURIBOR ICE Swap + 3.71%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391388 |
| &nbsp;&nbsp; 225000 |  | Air Lease Corp., 4.13% (5 yr. CMT + 3.15%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 |  | Aircastle Ltd., 5.25% (5 yr. CMT + 4.41%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59119 |
| 1795000 |  | AL Candelaria - spain- SA, 5.75%, due 06/15/33<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1594220 |

---

122See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, due <br> 03/15/29 144A<br>| &nbsp;&nbsp; 721228 |
| 1450000 | EUR | Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.38%, due 05/21/30<sup>(e)</sup> <br>| 1759809 |
| &nbsp;&nbsp; 885000 | EUR | Alexandrite Lake Lux Holdings SARL, 6.75%, due 07/30/30 144A | 1058095 |
| &nbsp;&nbsp; 225000 |  | &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 8.63%, due <br> 06/15/29 144A<br>| &nbsp;&nbsp; 238589 |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 4.25%, due 10/15/27<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 748614 |
| 1640000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.50%, due 10/01/31 <br> 144A<br>| 1693193 |
| &nbsp;&nbsp; 525000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 04/15/28 <br> 144A<br>| &nbsp;&nbsp; 536920 |
| 1150000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, due 01/15/31 <br> 144A<br>| 1193890 |
| &nbsp;&nbsp; 331000 |  | &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.38%, due 10/01/32<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 343607 |
| &nbsp;&nbsp; 400000 | EUR | Allwyn Entertainment Financing U.K. PLC, 4.13%, due 02/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 463527 |
| &nbsp;&nbsp; 725000 |  | Ally Financial, Inc., 6.18% (1 day USD SOFR + 2.29%), due 07/26/35<sup>(a)</sup> <br>| &nbsp;&nbsp; 753046 |
| &nbsp;&nbsp; 500000 |  | Alpha Generation LLC, 6.75%, due 10/15/32 144A | &nbsp;&nbsp; 517031 |
| &nbsp;&nbsp; 288000 |  | AltaGas Ltd., 7.20% (5 yr. CMT + 3.57%), due 10/15/54<sup>(a)</sup> 144A | &nbsp;&nbsp; 298822 |
| &nbsp;&nbsp; 364000 |  | Altice France Lux 3/Altice Holdings 1, 10.00%, due 01/15/33 144A | &nbsp;&nbsp; 334290 |
| &nbsp;&nbsp; 450000 | EUR | Altice France SA, 4.75%, due 10/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 498273 |
| &nbsp;&nbsp; 616080 | EUR | Altice France SA, 5.50%, due 10/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 689077 |
| &nbsp;&nbsp; 380000 |  | Altice France SA, 6.50%, due 04/15/32 144A | &nbsp;&nbsp; 364529 |
| 1222353 |  | Altice France SA, 6.88%, due 10/15/30 144A | 1186681 |
| &nbsp;&nbsp; 231030 |  | Altice France SA, 6.88%, due 07/15/32 144A | &nbsp;&nbsp; 221696 |
| &nbsp;&nbsp; 500000 |  | Altice France SA, 9.50%, due 11/01/29 144A | &nbsp;&nbsp; 516676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1522 | EUR | Altice Holdings 1 SARL<sup>(m)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp; 385000 |  | Amentum Holdings, Inc., 7.25%, due 08/01/32 144A | &nbsp;&nbsp; 406030 |
| &nbsp;&nbsp; 200000 |  | Amer Sports Co., 6.75%, due 02/16/31 144A | &nbsp;&nbsp; 209853 |
| &nbsp;&nbsp; 925000 |  | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 04/20/29 144A | &nbsp;&nbsp; 942460 |
| 2800000 |  | American Builders & Contractors Supply Co., Inc., 4.00%, due 01/15/28 144A | 2782721 |
| &nbsp;&nbsp; 235000 |  | American National Group, Inc., 7.00% (5 yr. CMT + 3.18%), due 12/01/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 236250 |
| &nbsp;&nbsp; 205000 |  | AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, due 06/01/28 144A | &nbsp;&nbsp; 213247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 |  | AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, due 06/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 53299 |
| &nbsp;&nbsp; 950000 |  | AmeriTex HoldCo Intermediate LLC, 7.63%, due 08/15/33 144A | 1003054 |
| 1165000 |  | AMN Healthcare, Inc., 6.50%, due 01/15/31 144A | 1166127 |
| &nbsp;&nbsp; 300000 |  | Amneal Pharmaceuticals LLC, 6.88%, due 08/01/32 144A | &nbsp;&nbsp; 316896 |
| &nbsp;&nbsp; 800000 |  | ams-OSRAM AG, 12.25%, due 03/30/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 853716 |
| 1500000 |  | AmWINS Group, Inc., 4.88%, due 06/30/29 144A | 1476367 |
| &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 02/01/32 <br> 144A<br>| &nbsp;&nbsp; 258917 |
| &nbsp;&nbsp; 225000 |  | APi Group DE, Inc., 4.13%, due 07/15/29 144A | &nbsp;&nbsp; 219872 |
| 1050000 |  | APLD ComputeCo LLC, 9.25%, due 12/15/30 144A | 1032655 |
| 1000000 |  | Apollo Debt Solutions BDC, 6.90%, due 04/13/29 | 1050548 |
| &nbsp;&nbsp; 300000 |  | Aptiv Swiss Holdings Ltd., 6.88% (5 yr. CMT + 3.39%), due 12/15/54<sup>(a)</sup> <br>| &nbsp;&nbsp; 311632 |
| &nbsp;&nbsp; 300000 | EUR | Arbejdernes Landsbank AS, 3.63% (3 mo. EURIBOR + 1.45%), due 03/05/30<sup>(a)</sup> <br>| &nbsp;&nbsp; 356498 |
| &nbsp;&nbsp; 500000 |  | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 09/01/32 144A | &nbsp;&nbsp; 515996 |
| &nbsp;&nbsp; 324665 |  | Ardagh Group SA, 9.50%, due 12/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 352441 |
| &nbsp;&nbsp; 391543 |  | Ardagh Group SA, 12.00%, due 12/01/30 144A | &nbsp;&nbsp; 359241 |
| &nbsp;&nbsp; 500000 | EUR | Ardagh Group SA, 12.00%, due 12/01/30 144A | &nbsp;&nbsp; 540014 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 400000 | EUR | Ardagh Group SA, 12.00%, due 12/01/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 432011 |
| &nbsp;&nbsp; 309000 | EUR | &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 5.00%, due 01/30/31 144A<br>| &nbsp;&nbsp; 367238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 |  | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, due 08/15/27<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 19955 |
| &nbsp;&nbsp; 200000 |  | Ardonagh Group Finance Ltd., 8.88%, due 02/15/32 144A | &nbsp;&nbsp; 208669 |
| &nbsp;&nbsp; 600000 |  | ARES Strategic Income Fund, 5.45%, due 09/09/28 144A | &nbsp;&nbsp; 605684 |
| 1360000 |  | Arsenal AIC Parent LLC, 8.00%, due 10/01/30 144A | 1444879 |
| 1000000 |  | Asbury Automotive Group, Inc., 4.63%, due 11/15/29 144A | &nbsp;&nbsp; 984674 |
| 1927387 |  | &nbsp;&nbsp;&nbsp; ASP Unifrax Holdings, Inc., 7.10% (7.10% Cash, or 5.85% Cash or 1.25% PIK), due <br> 09/30/29 144A<br>| &nbsp;&nbsp; 231286 |
| 3386000 |  | Asurion LLC & Asurion Co-Issuer, Inc., 8.00%, due 12/31/32 144A | 3514706 |
| 5110000 |  | AthenaHealth Group, Inc., 6.50%, due 02/15/30 144A | 5098965 |
| &nbsp;&nbsp; 310000 |  | Atkore, Inc., 4.25%, due 06/01/31 144A | &nbsp;&nbsp; 297867 |
| &nbsp;&nbsp; 160000 |  | Atlanticus Holdings Corp., 9.75%, due 09/01/30 144A | &nbsp;&nbsp; 160508 |
| &nbsp;&nbsp; 675000 |  | Avantor Funding, Inc., 4.63%, due 07/15/28 144A | &nbsp;&nbsp; 671859 |
| &nbsp;&nbsp; 750000 |  | Avianca Midco 2 PLC, 9.00%, due 12/01/28 144A | &nbsp;&nbsp; 756870 |
| 1000000 |  | Avient Corp., 6.25%, due 11/01/31 144A | 1028522 |
| &nbsp;&nbsp; 400000 |  | Avilease Capital Ltd., 4.75%, due 11/12/30 144A | &nbsp;&nbsp; 397440 |
| &nbsp;&nbsp; 170000 |  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, due 01/15/30 144A | &nbsp;&nbsp; 176377 |
| &nbsp;&nbsp; 746000 |  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, due 06/15/32 144A | &nbsp;&nbsp; 770817 |
| &nbsp;&nbsp; 396000 |  | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | &nbsp;&nbsp; 384309 |
| 1225000 |  | Avolon Holdings Funding Ltd., 4.70%, due 01/30/31 144A | 1218840 |
| &nbsp;&nbsp; 660000 |  | Axon Enterprise, Inc., 6.13%, due 03/15/30 144A | &nbsp;&nbsp; 682967 |
| 1330000 |  | Axon Enterprise, Inc., 6.25%, due 03/15/33 144A | 1389175 |
| 1605000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30 144A | 1608539 |
| 1874000 |  | Azule Energy Finance PLC, 8.13%, due 01/23/30<sup>(e)</sup> <br>| 1878132 |
| &nbsp;&nbsp; 835000 |  | B&G Foods, Inc., 8.00%, due 09/15/28 144A | &nbsp;&nbsp; 822575 |
| 6340000 |  | Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, due 07/15/26 144A | 5600509 |
| 2900000 |  | Ball Corp., 2.88%, due 08/15/30 | 2683842 |
| &nbsp;&nbsp; 350000 |  | Banc of California, 3.25% (3 mo. USD Term SOFR + 2.52%), due 05/01/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 328335 |
| 1353000 | EUR | Banca Transilvania SA, 5.13% (1 yr. EURIBOR ICE Swap + 2.95%), due 09/30/30<sup>(a)(e)</sup> <br>| 1632685 |
| &nbsp;&nbsp; 580000 | EUR | Banca Transilvania SA, 8.88% (1 yr. EURIBOR ICE Swap + 5.58%), due 04/27/27<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 695972 |
| 2160000 |  | Banco Mercantil del Norte SA, 6.63% (10 yr. CMT + 5.03%)<sup>(a)(e)(m)</sup> <br>| 2121906 |
| &nbsp;&nbsp; 740000 |  | Banco Mercantil del Norte SA, 7.50% (10 yr. CMT + 5.47%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 765443 |
| &nbsp;&nbsp; 600000 |  | Banco Santander SA, 4.55%, due 11/06/30 | &nbsp;&nbsp; 601368 |
| &nbsp;&nbsp; 200000 | EUR | Banco Santander SA, 6.00% (5 yr. EURIBOR ICE Swap + 3.82%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 242828 |
| 1473000 |  | Bank Negara Indonesia Persero Tbk. PT, 4.30% (5 yr. CMT + 3.47%)<sup>(a)(e)(m)</sup> <br>| 1441612 |
| &nbsp;&nbsp; 250000 | EUR | Bank of Cyprus Holdings PLC, 11.88% (5 yr. EURIBOR ICE Swap + 9.13%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 341689 |
| &nbsp;&nbsp; 325000 | GBP | Barclays PLC, 8.88% (5 yr. U.K. Government Bond + 6.96%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 459566 |
| 1002000 |  | Bath & Body Works, Inc., 6.88%, due 11/01/35 | 1014734 |
| &nbsp;&nbsp; 235000 |  | Bath & Body Works, Inc., 6.95%, due 03/01/33 | &nbsp;&nbsp; 233597 |
| &nbsp;&nbsp; 700000 | EUR | &nbsp;&nbsp;&nbsp; Bausch & Lomb Netherlands BV & Bausch & Lomb, Inc., 5.87% (3 mo. EURIBOR + <br> 3.88%), due 01/15/31<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 836789 |
| &nbsp;&nbsp; 400000 | EUR | BAWAG Group AG, 7.25% (5 yr. EURIBOR ICE Swap + 5.05%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 502308 |
| &nbsp;&nbsp; 750000 |  | Baxter International, Inc., 4.90%, due 12/15/30 | &nbsp;&nbsp; 756683 |
| 1240000 |  | &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> 7.63% (5 yr. CMT + 3.38%), due 02/11/35<sup>(a)</sup> 144A<br>| 1305100 |
| &nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, <br> 8.45% (5 yr. CMT + 4.66%), due 06/29/38<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 829982 |
| &nbsp;&nbsp; 700000 | EUR | BCP V Modular Services Finance II PLC, 4.75%, due 11/30/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 779148 |

---

124See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 3620000 |  | &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, 10.00% (10.00% Cash or 10.75% PIK), due 07/15/33 <br> 144A<br>| 3998431 |
| 1125000 |  | Beacon Mobility Corp., 7.25%, due 08/01/30 144A | 1177291 |
| 1100000 |  | Beignet Investor LLC, 6.58%, due 05/30/49 144A | 1166502 |
| &nbsp;&nbsp; 145000 |  | &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada, 7.00% (5 yr. CMT + 2.36%), due <br> 09/15/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 152457 |
| &nbsp;&nbsp; 715000 | EUR | Bellis Acquisition Co. PLC, 8.00%, due 07/01/31 144A | &nbsp;&nbsp; 815948 |
| &nbsp;&nbsp; 410000 | EUR | Bellis Acquisition Co. PLC, 8.00%, due 07/01/31<sup>(e)(l)</sup> <br>| &nbsp;&nbsp; 467886 |
| &nbsp;&nbsp; 270000 |  | BellRing Brands, Inc., 7.00%, due 03/15/30 144A | &nbsp;&nbsp; 279356 |
| &nbsp;&nbsp; 160000 | EUR | Bertrand Franchise Finance SAS, 5.75% (3 mo. EURIBOR + 3.75%), due 07/18/30<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 187520 |
| &nbsp;&nbsp; 165000 | EUR | Bertrand Franchise Finance SAS, 6.50%, due 07/18/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 195240 |
| &nbsp;&nbsp; 650000 |  | BGC Group, Inc., 6.15%, due 04/02/30 | &nbsp;&nbsp; 674402 |
| 1333000 |  | Biocon Biologics Global PLC, 6.67%, due 10/09/29<sup>(e)</sup> <br>| 1345210 |
| &nbsp;&nbsp; 550000 |  | BKV Upstream Midstream LLC, 7.50%, due 10/15/30 144A | &nbsp;&nbsp; 561298 |
| &nbsp;&nbsp; 800000 |  | Blackstone Mortgage Trust, Inc., 7.75%, due 12/01/29 144A | &nbsp;&nbsp; 854174 |
| &nbsp;&nbsp; 650000 |  | Block Financial LLC, 5.38%, due 09/15/32 | &nbsp;&nbsp; 655424 |
| 2300000 |  | Block, Inc., 2.75%, due 06/01/26 | 2287452 |
| &nbsp;&nbsp; 975000 |  | Block, Inc., 6.00%, due 08/15/33 144A | 1001520 |
| &nbsp;&nbsp; 900000 |  | Blue Owl Finance LLC, 6.25%, due 04/18/34 | &nbsp;&nbsp; 929965 |
| &nbsp;&nbsp; 150000 |  | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, due 07/15/29 144A | &nbsp;&nbsp; 157110 |
| &nbsp;&nbsp; 150000 |  | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, due 07/15/32 144A | &nbsp;&nbsp; 159281 |
| &nbsp;&nbsp; 340000 |  | BNP Paribas SA, 7.75% (5 yr. CMT + 4.90%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 360498 |
| &nbsp;&nbsp; 200000 |  | BNP Paribas SA, 8.50% (5 yr. CMT + 4.35%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 212783 |
| &nbsp;&nbsp; 450000 | EUR | BOI Finance BV, 7.50%, due 02/16/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 545017 |
| &nbsp;&nbsp; 920000 |  | Boost Newco Borrower LLC, 7.50%, due 01/15/31 144A | &nbsp;&nbsp; 978264 |
| &nbsp;&nbsp; 715000 | EUR | Boots Group Finco LP, 5.38%, due 08/31/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 869171 |
| &nbsp;&nbsp; 425000 |  | BPCE SA, 7.00% (1 day USD SOFR + 2.59%), due 10/19/34<sup>(a)</sup> 144A | &nbsp;&nbsp; 474178 |
| 1000000 |  | Braskem Netherlands Finance BV, 4.50%, due 01/31/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 391610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 |  | Bread Financial Holdings, Inc., 6.75%, due 05/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 51830 |
| 3343000 |  | Bread Financial Holdings, Inc., 8.38% (5 yr. CMT + 4.30%), due 06/15/35<sup>(a)</sup> 144A | 3476667 |
| &nbsp;&nbsp; 735000 |  | BRF SA, 5.75%, due 09/21/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 618096 |
| &nbsp;&nbsp; 600000 |  | Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, due 01/15/33 144A | &nbsp;&nbsp; 596009 |
| &nbsp;&nbsp; 195000 |  | Brinker International, Inc., 8.25%, due 07/15/30 144A | &nbsp;&nbsp; 206565 |
| 1035000 |  | &nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI <br> Sellco LLC, 4.50%, due 04/01/27 144A<br>| 1026307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 |  | &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, due <br> 02/15/30 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69938 |
| &nbsp;&nbsp; 320000 |  | &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, due <br> 06/15/29 144A<br>| &nbsp;&nbsp; 311435 |
| &nbsp;&nbsp; 800000 |  | Brown & Brown, Inc., 5.55%, due 06/23/35 | &nbsp;&nbsp; 824050 |
| 2325000 |  | Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, due 02/01/32 144A | 2375236 |
| &nbsp;&nbsp; 701412 |  | &nbsp;&nbsp;&nbsp; Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy, 7.88%, <br> due 02/15/39<sup>(e)</sup> <br>| &nbsp;&nbsp; 770412 |
| &nbsp;&nbsp; 900000 |  | Builders FirstSource, Inc., 4.25%, due 02/01/32 144A | &nbsp;&nbsp; 857755 |
| &nbsp;&nbsp; 550000 |  | Builders FirstSource, Inc., 6.75%, due 05/15/35 144A | &nbsp;&nbsp; 575720 |
| 1040000 | EUR | Bulgarian Energy Holding EAD, 2.45%, due 07/22/28<sup>(e)</sup> <br>| 1179331 |
| &nbsp;&nbsp; 515000 | EUR | Bulgarian Energy Holding EAD, 4.25%, due 06/19/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 605466 |
| &nbsp;&nbsp; 800000 |  | Burford Capital Global Finance LLC, 6.25%, due 04/15/28 144A | &nbsp;&nbsp; 795688 |
| &nbsp;&nbsp; 955000 |  | Burford Capital Global Finance LLC, 9.25%, due 07/01/31 144A | &nbsp;&nbsp; 984592 |
| 1000000 |  | BWX Technologies, Inc., 4.13%, due 04/15/29 144A | &nbsp;&nbsp; 975339 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 488000 |  | C&S Group Enterprises LLC, 5.00%, due 12/15/28 144A | &nbsp;&nbsp; 454072 |
| 1108000 |  | C&W Senior Finance Ltd., 9.00%, due 01/15/33<sup>(e)</sup> <br>| 1143098 |
| &nbsp;&nbsp; 600000 | EUR | CAB SELAS, 3.38%, due 02/01/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 686804 |
| 2050000 |  | Caesars Entertainment, Inc., 6.00%, due 10/15/32 144A | 1994845 |
| &nbsp;&nbsp; 215000 |  | California Resources Corp., 8.25%, due 06/15/29 144A | &nbsp;&nbsp; 225021 |
| 1250000 |  | Camelot Return Merger Sub, Inc., 8.75%, due 08/01/28 144A | &nbsp;&nbsp; 969669 |
| &nbsp;&nbsp; 657000 | GBP | Canary Wharf Group Investment Holdings PLC, 3.38%, due 04/23/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 835288 |
| &nbsp;&nbsp; 675000 |  | Capital One Financial Corp., 5.20% (1 day USD SOFR + 1.63%), due 09/11/36<sup>(a)</sup> <br>| &nbsp;&nbsp; 673257 |
| 1270000 |  | Carnival Corp., 5.13%, due 05/01/29 144A | 1284719 |
| &nbsp;&nbsp; 525000 |  | Carnival Corp., 5.75%, due 08/01/32 144A | &nbsp;&nbsp; 539569 |
| &nbsp;&nbsp; 925000 |  | Carnival Corp., 5.88%, due 06/15/31 144A | &nbsp;&nbsp; 956138 |
| &nbsp;&nbsp; 240000 |  | Carpenter Technology Corp., 5.63%, due 03/01/34 144A | &nbsp;&nbsp; 243995 |
| 1706000 |  | &nbsp;&nbsp;&nbsp; Carvana Co., 9.00% ((14% PIK until 08/15/25; then 9% Cash until Maturity)), due <br> 06/01/31 144A<br>| 1926260 |
| &nbsp;&nbsp; 200000 | EUR | CCF Holding SAS, 9.25% (5 yr. EUR Swap + 6.63%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 257982 |
| 4530000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 02/01/31 144A | 4166288 |
| 1550000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, due 01/15/34 144A | 1319398 |
| &nbsp;&nbsp; 750000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 08/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 706629 |
| &nbsp;&nbsp; 650000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 05/01/32 | &nbsp;&nbsp; 583819 |
| 1940000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 06/01/33 144A | 1700407 |
| &nbsp;&nbsp; 500000 |  | CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, due 02/01/28 144A | &nbsp;&nbsp; 496350 |
| &nbsp;&nbsp; 520000 | GBP | CD&R Firefly Bidco PLC, 8.63%, due 04/30/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 734497 |
| &nbsp;&nbsp; 600000 |  | CDW LLC/CDW Finance Corp., 3.57%, due 12/01/31 | &nbsp;&nbsp; 559820 |
| 2667000 |  | Celanese U.S. Holdings LLC, 6.75%, due 04/15/33<sup>(l)</sup> <br>| 2655449 |
| 2795000 |  | Celanese U.S. Holdings LLC, 7.38%, due 02/15/34 | 2843792 |
| 1980000 |  | Cemex SAB de CV, 7.20% (5 yr. CMT + 3.52%)<sup>(a)(l)(m)</sup> 144A | 2067417 |
| 1400000 |  | Centene Corp., 2.50%, due 03/01/31 | 1209455 |
| &nbsp;&nbsp; 700000 |  | &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, due 06/15/29 <br> 144A<br>| &nbsp;&nbsp; 609391 |
| 2470000 |  | Century Aluminum Co., 6.88%, due 08/01/32 144A | 2551405 |
| &nbsp;&nbsp; 775000 |  | Cerdia Finanz GmbH, 9.38%, due 10/03/31 144A | &nbsp;&nbsp; 805031 |
| &nbsp;&nbsp; 500000 | EUR | Ceska sporitelna AS, 3.74% (3 mo. EURIBOR + 1.30%), due 09/09/32<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 588165 |
| 1728000 |  | Champ Acquisition Corp., 8.38%, due 12/01/31 144A | 1871014 |
| 1255000 |  | Champion MTN Ltd., 2.95%, due 06/15/30<sup>(e)</sup> <br>| 1085442 |
| &nbsp;&nbsp; 265000 |  | Cheplapharm Arzneimittel GmbH, 5.50%, due 01/15/28 144A | &nbsp;&nbsp; 262294 |
| &nbsp;&nbsp; 500000 | EUR | Cheplapharm Arzneimittel GmbH, 7.50%, due 05/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 609734 |
| &nbsp;&nbsp; 900000 |  | Choice Hotels International, Inc., 3.70%, due 12/01/29 | &nbsp;&nbsp; 876713 |
| &nbsp;&nbsp; 200000 |  | Chord Energy Corp., 6.00%, due 10/01/30 144A | &nbsp;&nbsp; 203017 |
| 1565000 |  | Chord Energy Corp., 6.75%, due 03/15/33 144A | 1619252 |
| &nbsp;&nbsp; 787000 |  | CHS/Community Health Systems, Inc., 4.75%, due 02/15/31 144A | &nbsp;&nbsp; 701505 |
| 1000000 |  | CHS/Community Health Systems, Inc., 5.25%, due 05/15/30 144A | &nbsp;&nbsp; 940919 |
| 1759000 |  | CHS/Community Health Systems, Inc., 6.88%, due 04/15/29<sup>(l)</sup> 144A | 1567181 |
| 1235000 |  | CHS/Community Health Systems, Inc., 9.75%, due 01/15/34 144A | 1298700 |
| &nbsp;&nbsp; 225000 |  | CHS/Community Health Systems, Inc., 10.88%, due 01/15/32 144A | &nbsp;&nbsp; 245855 |
| &nbsp;&nbsp; 775000 |  | Churchill Downs, Inc., 6.75%, due 05/01/31 144A | &nbsp;&nbsp; 804653 |
| &nbsp;&nbsp; 800000 | EUR | CI Financial Corp., 4.63%, due 12/12/31 144A | &nbsp;&nbsp; 946955 |
| &nbsp;&nbsp; 300000 |  | Cimpress PLC, 7.38%, due 09/15/32 144A | &nbsp;&nbsp; 306376 |
| 2687000 |  | Cipher Compute LLC, 7.13%, due 11/15/30 144A | 2740022 |
| &nbsp;&nbsp; 391000 | EUR | Cirsa Finance International SARL, 4.88%, due 10/15/31 144A | &nbsp;&nbsp; 472043 |

---

126See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1000000 |  | Citadel Finance LLC, 5.90%, due 02/10/30 144A | 1022109 |
| &nbsp;&nbsp; 265000 |  | Citadel Securities Global Holdings LLC, 6.20%, due 06/18/35 144A | &nbsp;&nbsp; 279617 |
| &nbsp;&nbsp; 110000 |  | Citigroup, Inc., 6.63% (5 yr. CMT + 3.00%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp; 111695 |
| &nbsp;&nbsp; 114000 |  | Citigroup, Inc., 7.63% (5 yr. CMT + 3.21%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp; 120307 |
| &nbsp;&nbsp; 550000 | EUR | Clarios Global LP/Clarios U.S. Finance Co., 4.75%, due 06/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 656664 |
| &nbsp;&nbsp; 148000 |  | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 09/15/32 144A | &nbsp;&nbsp; 153668 |
| &nbsp;&nbsp; 730000 |  | Clear Channel Outdoor Holdings, Inc., 7.50%, due 03/15/33 144A | &nbsp;&nbsp; 772780 |
| &nbsp;&nbsp; 161000 |  | Clear Channel Outdoor Holdings, Inc., 7.75%, due 04/15/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 161244 |
| &nbsp;&nbsp; 225000 |  | Clearwater Paper Corp., 4.75%, due 08/15/28 144A | &nbsp;&nbsp; 211561 |
| 1680000 |  | Cleveland-Cliffs, Inc., 7.00%, due 03/15/32 144A | 1724101 |
| 1630000 |  | Cleveland-Cliffs, Inc., 7.38%, due 05/01/33 144A | 1696671 |
| 1325000 |  | Cloud Software Group, Inc., 8.25%, due 06/30/32 144A | 1385407 |
| &nbsp;&nbsp; 348000 |  | Cloud Software Group, Inc., 9.00%, due 09/30/29 144A | &nbsp;&nbsp; 362575 |
| &nbsp;&nbsp; 675000 |  | Clydesdale Acquisition Holdings, Inc., 6.63%, due 04/15/29 144A | &nbsp;&nbsp; 689054 |
| 1660000 |  | Clydesdale Acquisition Holdings, Inc., 6.75%, due 04/15/32 144A | 1708048 |
| 1400000 |  | Clydesdale Acquisition Holdings, Inc., 8.75%, due 04/15/30 144A | 1424167 |
| &nbsp;&nbsp; 300000 | EUR | CMA CGM SA, 5.00%, due 01/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 352980 |
| &nbsp;&nbsp; 118000 |  | CMS Energy Corp., 4.75% (5 yr. CMT + 4.12%), due 06/01/50<sup>(a)</sup> <br>| &nbsp;&nbsp; 116166 |
| &nbsp;&nbsp; 875000 |  | Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, due 07/01/32<sup>(l)</sup> 144A | &nbsp;&nbsp; 819400 |
| &nbsp;&nbsp; 500000 |  | Coherent Corp., 5.00%, due 12/15/29 144A | &nbsp;&nbsp; 498701 |
| &nbsp;&nbsp; 250000 |  | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, due 01/24/33 144A | &nbsp;&nbsp; 268500 |
| &nbsp;&nbsp; 150000 |  | Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, due 01/24/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 161100 |
| &nbsp;&nbsp; 205874 |  | Compass Group Diversified Holdings LLC, 5.25%, due 04/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 191131 |
| 2840000 |  | Compass Minerals International, Inc., 8.00%, due 07/01/30 144A | 2974355 |
| &nbsp;&nbsp; 600000 |  | Comstock Resources, Inc., 6.75%, due 03/01/29 144A | &nbsp;&nbsp; 601742 |
| &nbsp;&nbsp; 350000 |  | Concentra Health Services, Inc., 6.88%, due 07/15/32 144A | &nbsp;&nbsp; 366451 |
| &nbsp;&nbsp; 230000 |  | &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, due <br> 11/01/29 144A<br>| &nbsp;&nbsp; 198964 |
| 1400000 |  | Constellium SE, 6.38%, due 08/15/32 144A | 1451800 |
| 4280000 |  | CoreWeave, Inc., 9.00%, due 02/01/31 144A | 3928056 |
| 1250000 |  | Corp. Nacional del Cobre de Chile, 5.95%, due 01/08/34<sup>(e)</sup> <br>| 1308297 |
| &nbsp;&nbsp; 755000 |  | Corp. Quiport SA, 9.00%, due 12/15/37 144A | &nbsp;&nbsp; 809929 |
| 1000000 |  | CoStar Group, Inc., 2.80%, due 07/15/30 144A | &nbsp;&nbsp; 918810 |
| &nbsp;&nbsp; 500000 |  | Cougar JV Subsidiary LLC, 8.00%, due 05/15/32 144A | &nbsp;&nbsp; 536404 |
| &nbsp;&nbsp; 762000 |  | CP Atlas Buyer, Inc., 9.75%, due 07/15/30 144A | &nbsp;&nbsp; 789976 |
| &nbsp;&nbsp; 938635 |  | CP Atlas Buyer, Inc., 12.75%, due 01/15/31 144A | &nbsp;&nbsp; 890155 |
| &nbsp;&nbsp; 540000 | EUR | CPI Property Group SA, 4.75%, due 07/22/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 611453 |
| &nbsp;&nbsp; 375000 | EUR | CPI Property Group SA, 7.50% (5 yr. EURIBOR ICE Swap + 5.23%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 409088 |
| &nbsp;&nbsp; 675000 |  | CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, due 06/15/31 144A | &nbsp;&nbsp; 668236 |
| &nbsp;&nbsp; 325000 | EUR | CrediaBank SA, 9.38% (5 yr. EURIBOR ICE Swap + 7.28%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 408995 |
| 3212000 | PEN | Credicorp Capital Sociedad Titulizadora SA, 10.10%, due 12/15/43<sup>(e)</sup> <br>| 1038794 |
| &nbsp;&nbsp; 275000 |  | Credit Agricole SA, 7.13% (5 yr. USD SOFR ICE Swap + 3.58%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 286531 |
| &nbsp;&nbsp; 560000 |  | Crescent Energy Finance LLC, 7.38%, due 01/15/33 144A | &nbsp;&nbsp; 531783 |
| &nbsp;&nbsp; 320000 |  | Crocs, Inc., 4.13%, due 08/15/31 144A | &nbsp;&nbsp; 297207 |
| 1908000 |  | CrossCountry Intermediate HoldCo LLC, 6.50%, due 10/01/30 144A | 1948459 |
| 3547000 |  | CrossCountry Intermediate HoldCo LLC, 6.75%, due 12/01/32 144A | 3622381 |
| 1500000 |  | Crowdstrike Holdings, Inc., 3.00%, due 02/15/29 | 1440699 |
| 1000000 |  | Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, due 09/30/26 | &nbsp;&nbsp; 996834 |
| &nbsp;&nbsp; 750000 |  | CSC Holdings LLC, 4.13%, due 12/01/30 144A | &nbsp;&nbsp; 460598 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 240000 |  | CSC Holdings LLC, 4.50%, due 11/15/31 144A | &nbsp;&nbsp; 146962 |
| &nbsp;&nbsp; 270000 |  | CSC Holdings LLC, 11.75%, due 01/31/29 144A | &nbsp;&nbsp; 200833 |
| &nbsp;&nbsp; 900000 |  | CSN Inova Ventures, 6.75%, due 01/28/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 835085 |
| 2100000 |  | CSN Resources SA, 5.88%, due 04/08/32<sup>(e)</sup> <br>| 1656322 |
| &nbsp;&nbsp; 500000 | EUR | Cullinan Holdco SCSp, 8.50%, due 10/15/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 515846 |
| 1375000 |  | CVS Health Corp., 5.45%, due 09/15/35 | 1410199 |
| &nbsp;&nbsp; 110000 |  | CVS Health Corp., 6.75% (5 yr. CMT + 2.52%), due 12/10/54<sup>(a)</sup> <br>| &nbsp;&nbsp; 114941 |
| &nbsp;&nbsp; 600000 |  | DAE Funding LLC, 3.38%, due 03/20/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 584983 |
| &nbsp;&nbsp; 320000 |  | DaVita, Inc., 3.75%, due 02/15/31 144A | &nbsp;&nbsp; 296345 |
| &nbsp;&nbsp; 825000 |  | Dcli Bidco LLC, 7.75%, due 11/15/29 144A | &nbsp;&nbsp; 848425 |
| 1500000 |  | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, due 06/30/33 144A | 1531702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 |  | Deluxe Corp., 8.00%, due 06/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 76529 |
| &nbsp;&nbsp; 575000 |  | Deluxe Corp., 8.13%, due 09/15/29 144A | &nbsp;&nbsp; 606469 |
| &nbsp;&nbsp; 130000 |  | Dentsply Sirona, Inc., 8.38% (5 yr. CMT + 4.38%), due 09/12/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 121806 |
| 1200000 |  | Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, due 10/01/30 144A | 1276073 |
| 1350000 |  | Diamond II Ltd., 7.95%, due 07/28/26 144A | 1355073 |
| &nbsp;&nbsp; 300000 |  | Diamond II Ltd., 7.95%, due 07/28/26 144A | &nbsp;&nbsp; 301127 |
| &nbsp;&nbsp; 900000 |  | Diamondback Energy, Inc., 5.55%, due 04/01/35 | &nbsp;&nbsp; 927176 |
| &nbsp;&nbsp; 935000 |  | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, due 02/15/31 144A | &nbsp;&nbsp; 956133 |
| &nbsp;&nbsp; 225000 |  | Diversified Healthcare Trust, 7.25%, due 10/15/30 144A | &nbsp;&nbsp; 230341 |
| &nbsp;&nbsp; 195000 | CAD | Doman Building Materials Group Ltd., 7.50%, due 09/17/29 | &nbsp;&nbsp; 145725 |
| &nbsp;&nbsp; 153000 |  | Dominion Energy, Inc., 4.35% (5 yr. CMT + 3.20%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp; 151831 |
| &nbsp;&nbsp; 108000 |  | Dominion Energy, Inc., 6.88% (5 yr. CMT + 2.39%), due 02/01/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 112419 |
| &nbsp;&nbsp; 105000 |  | Dominion Energy, Inc., 7.00% (5 yr. CMT + 2.51%), due 06/01/54<sup>(a)</sup> <br>| &nbsp;&nbsp; 114093 |
| 3360000 |  | Dornoch Debt Merger Sub, Inc., 6.63%, due 10/15/29 144A | 2913063 |
| &nbsp;&nbsp; 600000 |  | DT Midstream, Inc., 4.38%, due 06/15/31 144A | &nbsp;&nbsp; 588165 |
| 1675000 |  | Dua Capital Ltd., 2.78%, due 05/11/31<sup>(e)</sup> <br>| 1548533 |
| &nbsp;&nbsp; 300000 |  | Dycom Industries, Inc., 4.50%, due 04/15/29 144A | &nbsp;&nbsp; 296574 |
| &nbsp;&nbsp; 500000 | EUR | Dynamo Newco II GmbH, 6.25%, due 10/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 599618 |
| 2035000 | EUR | Eastern European Electric Co. BV, 6.50%, due 05/15/30 144A | 2520021 |
| &nbsp;&nbsp; 211000 |  | EchoStar Corp., 6.75%, due 11/30/30 | &nbsp;&nbsp; 216427 |
| 1500000 |  | EchoStar Corp., 10.75%, due 11/30/29 | 1659872 |
| 3815000 |  | Ecopetrol SA, 8.38%, due 01/19/36 | 3928028 |
| &nbsp;&nbsp; 100000 |  | Ecopetrol SA, 8.88%, due 01/13/33 | &nbsp;&nbsp; 106500 |
| &nbsp;&nbsp; 643000 |  | Edison International, 7.88% (5 yr. CMT + 3.66%), due 06/15/54<sup>(a)</sup> <br>| &nbsp;&nbsp; 675378 |
| 1923000 |  | Edison International, 8.13% (5 yr. CMT + 3.86%), due 06/15/53<sup>(a)</sup> <br>| 2007811 |
| &nbsp;&nbsp; 625000 |  | &nbsp;&nbsp;&nbsp; EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman <br> Non-MTM, 7.38%, due 09/30/30 144A<br>| &nbsp;&nbsp; 630590 |
| &nbsp;&nbsp; 500000 | EUR | eircom Finance DAC, 5.00%, due 04/30/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 598392 |
| 1070000 |  | Elastic NV, 4.13%, due 07/15/29 144A | 1038687 |
| 1330000 |  | Ellucian Holdings, Inc., 6.50%, due 12/01/29 144A | 1359461 |
| 1700000 |  | Embecta Corp., 5.00%, due 02/15/30 144A | 1626285 |
| &nbsp;&nbsp; 750000 |  | Emera U.S. Finance LP, 2.64%, due 06/15/31 | &nbsp;&nbsp; 679603 |
| &nbsp;&nbsp; 383000 |  | Emera, Inc., 6.75% (3 mo. USD LIBOR + 5.44%), due 06/15/76<sup>(a)</sup> <br>| &nbsp;&nbsp; 386344 |
| &nbsp;&nbsp; 130000 |  | Emergent BioSolutions, Inc., 3.88%, due 08/15/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 117208 |
| &nbsp;&nbsp; 374000 |  | Enbridge, Inc., 5.75% (5 yr. CMT + 5.31%), due 07/15/80<sup>(a)</sup> <br>| &nbsp;&nbsp; 378917 |
| &nbsp;&nbsp; 102000 |  | Enbridge, Inc., 8.50% (5 yr. CMT + 4.43%), due 01/15/84<sup>(a)</sup> <br>| &nbsp;&nbsp; 117017 |
| &nbsp;&nbsp; 145000 |  | Encompass Health Corp., 4.75%, due 02/01/30 | &nbsp;&nbsp; 144618 |
| 1600000 |  | Encore Capital Group, Inc., 8.50%, due 05/15/30<sup>(l)</sup> 144A | 1719317 |

---

128See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 120000 |  | Enerflex, Inc., 6.88%, due 01/15/31 144A | &nbsp;&nbsp; 122775 |
| &nbsp;&nbsp; 600000 |  | Energean Israel Finance Ltd., 5.38%, due 03/30/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 592676 |
| 2529000 |  | Energean Israel Finance Ltd., 5.88%, due 03/30/31<sup>(e)</sup> <br>| 2452420 |
| 2527000 | EUR | Energo - Pro as, 8.00%, due 05/27/30 144A | 3133930 |
| 1000000 |  | Energuate Trust 2 0, 6.35%, due 09/15/35 144A | 1000540 |
| &nbsp;&nbsp; 960000 |  | Energy Transfer LP, 6.25%, due 04/15/49 | &nbsp;&nbsp; 954454 |
| &nbsp;&nbsp; 105000 |  | Energy Transfer LP, 8.00% (5 yr. CMT + 4.02%), due 05/15/54<sup>(a)(l)</sup> <br>| &nbsp;&nbsp; 112166 |
| &nbsp;&nbsp; 295000 |  | EnerSys, 6.63%, due 01/15/32 144A | &nbsp;&nbsp; 307322 |
| &nbsp;&nbsp; 400000 |  | &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU, 8.50%, due <br> 06/30/32 144A<br>| &nbsp;&nbsp; 415319 |
| 1125000 |  | Eni SpA, 5.75%, due 05/19/35 144A | 1181944 |
| &nbsp;&nbsp; 255000 |  | Enova International, Inc., 11.25%, due 12/15/28 144A | &nbsp;&nbsp; 269877 |
| &nbsp;&nbsp; 215000 |  | EnQuest PLC, 11.63%, due 11/01/27<sup>(l)</sup> 144A | &nbsp;&nbsp; 216857 |
| &nbsp;&nbsp; 139000 |  | Enstar Group Ltd., 7.50% (5 yr. CMT + 3.19%), due 04/01/45<sup>(a)</sup> 144A | &nbsp;&nbsp; 146511 |
| &nbsp;&nbsp; 750000 |  | Entegris, Inc., 4.75%, due 04/15/29 144A | &nbsp;&nbsp; 753266 |
| 1270000 | EUR | Eolo SpA, 4.88%, due 10/21/28<sup>(e)(l)</sup> <br>| 1385469 |
| &nbsp;&nbsp; 800000 | EUR | Equinix Europe 2 Financing Corp. LLC, 3.25%, due 05/19/29 | &nbsp;&nbsp; 941978 |
| &nbsp;&nbsp; 400000 | EUR | Erste Group Bank AG, 6.38% (5 yr. EURIBOR ICE Swap + 4.01%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 489825 |
| 6000000 | ZAR | Eskom Holdings, 7.50%, due 09/15/33 | &nbsp;&nbsp; 338659 |
| 1200000 |  | Essential Properties LP, 2.95%, due 07/15/31 | 1098824 |
| &nbsp;&nbsp; 500000 | EUR | Eurobank SA, 4.00% (1 yr. EURIBOR ICE Swap + 1.70%), due 02/07/36<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 586259 |
| &nbsp;&nbsp; 218000 |  | EUSHI Finance, Inc., 7.63% (5 yr. CMT + 3.14%), due 12/15/54<sup>(a)</sup> <br>| &nbsp;&nbsp; 229326 |
| &nbsp;&nbsp; 125000 |  | Excelerate Energy LP, 8.00%, due 05/15/30 144A | &nbsp;&nbsp; 132550 |
| 1400000 |  | Expand Energy Corp., 4.75%, due 02/01/32 | 1383523 |
| &nbsp;&nbsp; 514000 |  | EZCORP, Inc., 7.38%, due 04/01/32 144A | &nbsp;&nbsp; 546614 |
| 1950000 |  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, due 01/15/29 <br> 144A<br>| 1896098 |
| 1790000 |  | &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, due 01/15/30 <br> 144A<br>| 1702577 |
| &nbsp;&nbsp; 792406 |  | &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due <br> 01/31/41<sup>(e)</sup> <br>| &nbsp;&nbsp; 834229 |
| 1360000 |  | Fiesta Purchaser, Inc., 7.88%, due 03/01/31 144A | 1425242 |
| 2840000 |  | Fiesta Purchaser, Inc., 9.63%, due 09/15/32 144A | 2983465 |
| &nbsp;&nbsp; 600000 |  | First Quantum Minerals Ltd., 7.25%, due 02/15/34 144A | &nbsp;&nbsp; 631266 |
| &nbsp;&nbsp; 280000 |  | FirstCash, Inc., 5.63%, due 01/01/30 144A | &nbsp;&nbsp; 282265 |
| &nbsp;&nbsp; 180000 |  | Five Point Operating Co. LP, 8.00%, due 10/01/30 144A | &nbsp;&nbsp; 188338 |
| &nbsp;&nbsp; 600000 |  | Flex Ltd., 5.25%, due 01/15/32 | &nbsp;&nbsp; 612566 |
| 1750000 |  | Flutter Treasury DAC, 6.38%, due 04/29/29 144A | 1812144 |
| 2060000 |  | Focus Financial Partners LLC, 6.75%, due 09/15/31 144A | 2122284 |
| &nbsp;&nbsp; 245000 | EUR | Food Service Project SA, 5.50%, due 01/21/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 289135 |
| 1050000 |  | Ford Motor Credit Co. LLC, 2.90%, due 02/16/28 | 1011793 |
| &nbsp;&nbsp; 800000 |  | Ford Motor Credit Co. LLC, 3.82%, due 11/02/27 | &nbsp;&nbsp; 788311 |
| &nbsp;&nbsp; 742000 |  | Fortescue Treasury Pty. Ltd., 4.38%, due 04/01/31 144A | &nbsp;&nbsp; 718100 |
| &nbsp;&nbsp; 360000 |  | Fortrea Holdings, Inc., 7.50%, due 07/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 368443 |
| 1145000 | EUR | Fortune Star BVI Ltd., 3.95%, due 10/02/26<sup>(e)</sup> <br>| 1340962 |
| &nbsp;&nbsp; 640000 |  | Fortune Star BVI Ltd., 6.80%, due 09/09/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 631043 |
| &nbsp;&nbsp; 178572 | EUR | Forvia SE, 3.75%, due 06/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 210056 |
| &nbsp;&nbsp; 220000 | EUR | Forvia SE, 5.38%, due 03/15/31 144A | &nbsp;&nbsp; 266144 |
| &nbsp;&nbsp; 170000 | EUR | Forvia SE, 5.50%, due 06/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 207418 |
| &nbsp;&nbsp; 200000 |  | Foundry JV Holdco LLC, 6.40%, due 01/25/38 144A | &nbsp;&nbsp; 214059 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1100000 | Freedom Mortgage Corp., 6.63%, due 01/15/27 144A | 1108037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 | Freedom Mortgage Holdings LLC, 6.88%, due 05/01/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 90127 |
| &nbsp;&nbsp; 330000 | Freedom Mortgage Holdings LLC, 7.88%, due 04/01/33 144A | &nbsp;&nbsp; 342677 |
| 2649000 | Freedom Mortgage Holdings LLC, 8.38%, due 04/01/32 144A | 2792338 |
| &nbsp;&nbsp; 209000 | Freedom Mortgage Holdings LLC, 9.13%, due 05/15/31 144A | &nbsp;&nbsp; 224751 |
| 1400000 | Freedom Mortgage Holdings LLC, 9.25%, due 02/01/29 144A | 1463854 |
| &nbsp;&nbsp; 800000 | Frontier Communications Holdings LLC, 6.75%, due 05/01/29 144A | &nbsp;&nbsp; 806574 |
| &nbsp;&nbsp; 400000 | FS KKR Capital Corp., 3.13%, due 10/12/28 | &nbsp;&nbsp; 369376 |
| &nbsp;&nbsp; 700000 | FS KKR Capital Corp., 6.13%, due 01/15/31 | &nbsp;&nbsp; 684295 |
| &nbsp;&nbsp; 615000 | FS Luxembourg SARL, 8.63%, due 06/25/33 144A | &nbsp;&nbsp; 634526 |
| &nbsp;&nbsp; 400000 | FS Luxembourg SARL, 8.63%, due 06/25/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 412700 |
| &nbsp;&nbsp; 438000 | FS Luxembourg SARL, 8.88%, due 02/12/31 144A | &nbsp;&nbsp; 458585 |
| &nbsp;&nbsp; 264000 | FS Luxembourg SARL, 8.88%, due 02/12/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 276407 |
| 2300000 | FTAI Aviation Investors LLC, 5.50%, due 05/01/28 144A | 2307641 |
| 1045000 | Gap, Inc., 3.63%, due 10/01/29 144A | &nbsp;&nbsp; 993048 |
| &nbsp;&nbsp; 150000 | Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, due 05/31/32 144A | &nbsp;&nbsp; 159535 |
| &nbsp;&nbsp; 295000 | Gartner, Inc., 3.63%, due 06/15/29 144A | &nbsp;&nbsp; 284988 |
| 1875000 | Gartner, Inc., 3.75%, due 10/01/30 144A | 1776921 |
| &nbsp;&nbsp; 270000 | Gates Corp., 6.88%, due 07/01/29 144A | &nbsp;&nbsp; 280727 |
| &nbsp;&nbsp; 755000 | GC Treasury Center Co. Ltd., 6.50% (5 yr. CMT + 2.82%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 765183 |
| &nbsp;&nbsp; 745000 | GC Treasury Center Co. Ltd., 7.13% (5 yr. CMT + 3.16%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 759435 |
| 2485000 | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29 144A | 2417128 |
| 1608000 | GDZ Elektrik Dagitim AS, 9.00%, due 10/15/29<sup>(e)</sup> <br>| 1564081 |
| &nbsp;&nbsp; 500000 | Gen Digital, Inc., 6.25%, due 04/01/33 144A | &nbsp;&nbsp; 517729 |
| &nbsp;&nbsp; 235000 | General Motors Financial Co., Inc., 5.70% (5 yr. CMT + 5.00%)<sup>(a)(l)(m)</sup> <br>| &nbsp;&nbsp; 237102 |
| &nbsp;&nbsp; 600000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, due 05/15/33 | &nbsp;&nbsp; 623240 |
| &nbsp;&nbsp; 459000 | Genmab AS/Genmab Finance LLC, 6.25%, due 12/15/32 144A | &nbsp;&nbsp; 470609 |
| &nbsp;&nbsp; 400000 | Genmab AS/Genmab Finance LLC, 7.25%, due 12/15/33 144A | &nbsp;&nbsp; 421812 |
| &nbsp;&nbsp; 195000 | Genworth Holdings, Inc., 6.50%, due 06/15/34 | &nbsp;&nbsp; 199138 |
| &nbsp;&nbsp; 315000 | Global Atlantic Fin Co., 7.25% (5 yr. CMT + 3.55%), due 03/01/56<sup>(a)</sup> 144A | &nbsp;&nbsp; 317007 |
| &nbsp;&nbsp; 173000 | Global Atlantic Fin Co., 7.95% (5 yr. CMT + 3.61%), due 10/15/54<sup>(a)</sup> 144A | &nbsp;&nbsp; 179600 |
| 1835000 | Global Medical Response, Inc., 7.38%, due 10/01/32 144A | 1910930 |
| &nbsp;&nbsp; 525000 | GLP Capital LP/GLP Financing II, Inc., 5.63%, due 09/15/34 | &nbsp;&nbsp; 533074 |
| &nbsp;&nbsp; 900000 | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | &nbsp;&nbsp; 926809 |
| 1550000 | GLP China Holdings Ltd., 2.95%, due 03/29/26<sup>(e)</sup> <br>| 1528348 |
| 1570000 | GLP Pte. Ltd., 4.50% (5 yr. CMT + 3.74%)<sup>(a)(e)(m)</sup> <br>| 1063785 |
| &nbsp;&nbsp; 970000 | GLP Pte. Ltd., 4.60% (5 yr. CMT + 3.73%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 620671 |
| 1160000 | GLP Pte. Ltd., 9.75%, due 05/20/28<sup>(e)</sup> <br>| 1189918 |
| 1325000 | Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, due 03/01/29 144A | 1273029 |
| 1730000 | Goat Holdco LLC, 6.75%, due 02/01/32 144A | 1774592 |
| &nbsp;&nbsp; 200000 | goeasy Ltd., 6.88%, due 05/15/30 144A | &nbsp;&nbsp; 191061 |
| 3190000 | goeasy Ltd., 6.88%, due 02/15/31 144A | 2986221 |
| &nbsp;&nbsp; 400000 | goeasy Ltd., 7.38%, due 10/01/30 144A | &nbsp;&nbsp; 385966 |
| 1300000 | goeasy Ltd., 9.25%, due 12/01/28 144A | 1337655 |
| &nbsp;&nbsp; 950000 | Goldman Sachs Group, Inc., 3.10% (1 day USD SOFR + 1.41%), due 02/24/33<sup>(a)</sup> <br>| &nbsp;&nbsp; 876782 |
| &nbsp;&nbsp; 605000 | Golomt Bank, 11.00%, due 05/20/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 626907 |
| &nbsp;&nbsp; 190000 | Graham Holdings Co., 5.63%, due 12/01/33 144A | &nbsp;&nbsp; 192292 |
| &nbsp;&nbsp; 983000 | Gray Media, Inc., 4.75%, due 10/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 763283 |
| &nbsp;&nbsp; 115000 | Gray Media, Inc., 5.38%, due 11/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 86337 |

---

130See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643000 |  | Gray Media, Inc., 9.63%, due 07/15/32<sup>(l)</sup> 144A | &nbsp;&nbsp; 669543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |  | Gray Media, Inc., 10.50%, due 07/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 48469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190000 |  | Great Canadian Gaming Corp./Raptor LLC, 8.75%, due 11/15/29 144A | &nbsp;&nbsp; 192057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | Griffon Corp., 5.75%, due 03/01/28 | &nbsp;&nbsp; 601534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920000 | EUR | Grifols SA, 3.88%, due 10/15/28<sup>(e)</sup> <br>| 1072743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374000 |  | Grifols SA, 4.75%, due 10/15/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 369617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | EUR | Grifols SA, 7.50%, due 05/01/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 680278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828731 |  | Guara Norte SARL, 5.20%, due 06/15/34<sup>(e)</sup> <br>| &nbsp;&nbsp; 809576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253000 |  | HA Sustainable Infrastructure Capital, Inc., 8.00% (5 yr. CMT + 4.30%), due 06/01/56<sup>(a)</sup> <br>| &nbsp;&nbsp; 264844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1775000 |  | HAH Group Holding Co. LLC, 9.75%, due 10/01/31 144A | 1670504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880000 |  | Harvest Midstream I LP, 7.50%, due 09/01/28 144A | 1909232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, due 06/15/26 144A | &nbsp;&nbsp; 160010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |  | HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, due 09/15/30<sup>(l)</sup> 144A | 1206219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | HCA, Inc., 4.90%, due 11/15/35 | &nbsp;&nbsp; 593152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 |  | HCA, Inc., 7.50%, due 11/06/33 | &nbsp;&nbsp; 635090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000 |  | HealthEquity, Inc., 4.50%, due 10/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 73788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | GBP | Heathrow Funding Ltd., 6.75%, due 12/03/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 749575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 |  | Helix Energy Solutions Group, Inc., 9.75%, due 03/01/29 144A | &nbsp;&nbsp; 216812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 |  | Hilton Domestic Operating Co., Inc., 3.63%, due 02/15/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 65034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | Hilton Domestic Operating Co., Inc., 3.75%, due 05/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 780101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |  | Hilton Domestic Operating Co., Inc., 4.00%, due 05/01/31 144A | 2107841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |  | HLF Financing SARL LLC/Herbalife International, Inc., 4.88%, due 06/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 253940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 |  | Hologic, Inc., 3.25%, due 02/15/29 144A | 1775486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 |  | Howard Midstream Energy Partners LLC, 6.63%, due 01/15/34 144A | &nbsp;&nbsp; 539597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 |  | &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 7.25%, due 02/15/31 144A<br>| &nbsp;&nbsp; 772833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance <br> LLC, 8.13%, due 02/15/32 144A<br>| &nbsp;&nbsp; 878212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |  | HSBC Holdings PLC, 4.60% (5 yr. CMT + 3.65%)<sup>(a)(l)(m)</sup> <br>| &nbsp;&nbsp; 381741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | HSBC Holdings PLC, 4.62% (1 day USD SOFR + 1.19%), due 11/06/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 602505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 |  | HSBC Holdings PLC, 7.05% (5 yr. CMT + 2.99%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp; 469109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | HTA Group Ltd., 7.50%, due 06/04/29 144A | &nbsp;&nbsp; 206935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147000 |  | HUB International Ltd., 5.63%, due 12/01/29 144A | &nbsp;&nbsp; 147085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2422000 |  | HUB International Ltd., 7.38%, due 01/31/32 144A | 2543025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 |  | Hudson Pacific Properties LP, 3.25%, due 01/15/30<sup>(l)</sup> <br>| &nbsp;&nbsp; 486868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |  | Hudson Pacific Properties LP, 3.95%, due 11/01/27 | &nbsp;&nbsp; 114645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2960000 |  | Hudson Pacific Properties LP, 4.65%, due 04/01/29<sup>(l)</sup> <br>| 2738888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375000 |  | Huntsman International LLC, 2.95%, due 06/15/31 | &nbsp;&nbsp; 316396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1880000 |  | Huntsman International LLC, 5.70%, due 10/15/34 | 1703952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | EUR | Ibercaja Banco SA, 9.13% (5 yr. EUR Swap + 6.83%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 771244 |
| 8058000000 | UZS | ICBC Standard Bank PLC, 20.00%, due 12/13/29 144A | &nbsp;&nbsp; 670372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | GBP | Iceland Bondco PLC, 4.38%, due 05/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 657443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 |  | iHeartCommunications, Inc., 9.13%, due 05/01/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 43376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |  | iHeartCommunications, Inc., 10.88%, due 05/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 30276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100000 |  | IHS Holding Ltd., 6.25%, due 11/29/28<sup>(e)</sup> <br>| 1097060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | EUR | iliad SA, 5.38%, due 05/02/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 126357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 117739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | EUR | IMA Industria Macchine Automatiche SpA, 3.75%, due 01/15/28 144A | &nbsp;&nbsp; 312008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350000 |  | Indofood CBP Sukses Makmur Tbk. PT, 4.75%, due 06/09/51<sup>(e)</sup> <br>| 1158325 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 900000 |  | Ingevity Corp., 3.88%, due 11/01/28 144A | &nbsp;&nbsp; 879966 |
| &nbsp;&nbsp; 205000 |  | Insulet Corp., 6.50%, due 04/01/33 144A | &nbsp;&nbsp; 214473 |
| &nbsp;&nbsp; 220000 | EUR | International Personal Finance PLC, 10.75%, due 12/14/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 279594 |
| &nbsp;&nbsp; 710000 |  | Intesa Sanpaolo SpA, 4.20% (1 yr. CMT + 2.60%), due 06/01/32<sup>(a)</sup> 144A | &nbsp;&nbsp; 678570 |
| &nbsp;&nbsp; 350000 |  | Intesa Sanpaolo SpA, 5.71%, due 01/15/26 144A | &nbsp;&nbsp; 350165 |
| &nbsp;&nbsp; 250000 | EUR | Intesa Sanpaolo SpA, 6.38% (5 yr. EURIBOR ICE Swap + 4.04%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 305991 |
| &nbsp;&nbsp; 300000 |  | Intesa Sanpaolo SpA, 7.80%, due 11/28/53 144A | &nbsp;&nbsp; 367946 |
| &nbsp;&nbsp; 475000 |  | Intesa Sanpaolo SpA, 8.25% (1 yr. CMT + 4.40%), due 11/21/33<sup>(a)</sup> 144A | &nbsp;&nbsp; 561889 |
| &nbsp;&nbsp; 700000 |  | &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc./ION Platform Finance SARL, 8.75%, due 05/01/29 <br> 144A<br>| &nbsp;&nbsp; 709874 |
| 1050000 |  | &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.00%, due 08/01/29 <br> 144A<br>| 1038414 |
| &nbsp;&nbsp; 255000 | EUR | IQVIA, Inc., 2.25%, due 01/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 294907 |
| &nbsp;&nbsp; 550000 |  | Iron Mountain, Inc., 4.50%, due 02/15/31 144A | &nbsp;&nbsp; 524813 |
| &nbsp;&nbsp; 500000 | EUR | Iron Mountain, Inc., 4.75%, due 01/15/34 144A | &nbsp;&nbsp; 572478 |
| &nbsp;&nbsp; 290000 |  | Iron Mountain, Inc., 4.88%, due 09/15/29 144A | &nbsp;&nbsp; 286305 |
| &nbsp;&nbsp; 400000 |  | Iron Mountain, Inc., 5.25%, due 03/15/28 144A | &nbsp;&nbsp; 402336 |
| &nbsp;&nbsp; 280000 |  | Ithaca Energy North Sea PLC, 8.13%, due 10/15/29 144A | &nbsp;&nbsp; 291343 |
| 1350000 |  | ITT Holdings LLC, 6.50%, due 08/01/29 144A | 1296701 |
| 1840000 |  | Ittihad International II Ltd., 7.38%, due 11/13/30 144A | 1861454 |
| 1130000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30 144A | 1170217 |
| &nbsp;&nbsp; 751000 |  | Ivanhoe Mines Ltd., 7.88%, due 01/23/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 777728 |
| &nbsp;&nbsp; 610000 |  | Jacobs Entertainment, Inc., 6.75%, due 02/15/29 144A | &nbsp;&nbsp; 599767 |
| &nbsp;&nbsp; 880000 |  | Jane Street Group/JSG Finance, Inc., 6.13%, due 11/01/32 144A | &nbsp;&nbsp; 896118 |
| 1730000 |  | Jane Street Group/JSG Finance, Inc., 7.13%, due 04/30/31 144A | 1818838 |
| 1675000 |  | JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, due 09/20/31 144A | 1688963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 |  | JH North America Holdings, Inc., 5.88%, due 01/31/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 56220 |
| 1820000 |  | Jones Deslauriers Insurance Management, Inc., 6.88%, due 10/01/33 144A | 1758791 |
| &nbsp;&nbsp; 975000 |  | JPMorgan Chase & Co., 5.35% (1 day USD SOFR + 1.85%), due 06/01/34<sup>(a)</sup> <br>| 1014988 |
| &nbsp;&nbsp; 640000 |  | JSW Steel Ltd., 3.95%, due 04/05/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 631972 |
| &nbsp;&nbsp; 400000 | GBP | Just Group PLC, 5.00% (5 yr. U.K. Government Bond + 4.27%)<sup>(a)(e)(l)(m)</sup> <br>| &nbsp;&nbsp; 489663 |
| &nbsp;&nbsp; 500000 | EUR | Jyske Bank AS, 3.50% (1 yr. EURIBOR ICE Swap + 1.27%), due 11/19/31<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 589020 |
| &nbsp;&nbsp; 750000 | GBP | Kane Bidco Ltd., 7.75%, due 07/15/31 144A | 1032210 |
| &nbsp;&nbsp; 700000 | EUR | Kapla Holding SAS, 5.00%, due 04/30/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 835906 |
| 2110000 |  | KazMunayGas National Co. JSC, 6.38%, due 10/24/48<sup>(e)</sup> <br>| 2133942 |
| &nbsp;&nbsp; 145000 |  | KBR, Inc., 4.75%, due 09/30/28 144A | &nbsp;&nbsp; 142872 |
| &nbsp;&nbsp; 150000 |  | Kennedy-Wilson, Inc., 4.75%, due 02/01/30 | &nbsp;&nbsp; 141761 |
| &nbsp;&nbsp; 150000 |  | Kennedy-Wilson, Inc., 5.00%, due 03/01/31<sup>(l)</sup> <br>| &nbsp;&nbsp; 141584 |
| 1175000 |  | Khazanah Global Sukuk Bhd., 4.69%, due 06/01/28<sup>(e)</sup> <br>| 1194338 |
| &nbsp;&nbsp; 500000 |  | Kilroy Realty LP, 5.88%, due 10/15/35 | &nbsp;&nbsp; 503459 |
| &nbsp;&nbsp; 212000 | EUR | King U.S. Bidco, Inc., 5.24% (3 mo. EURIBOR + 3.25%), due 12/01/32<sup>(a)</sup> 144A | &nbsp;&nbsp; 251527 |
| &nbsp;&nbsp; 335000 |  | Kodiak Gas Services LLC, 6.50%, due 10/01/33 144A | &nbsp;&nbsp; 342507 |
| &nbsp;&nbsp; 335000 |  | Kodiak Gas Services LLC, 6.75%, due 10/01/35<sup>(l)</sup> 144A | &nbsp;&nbsp; 344516 |
| 1225000 |  | Kodiak Gas Services LLC, 7.25%, due 02/15/29 144A | 1275287 |
| &nbsp;&nbsp; 285000 |  | Korn Ferry, 4.63%, due 12/15/27 144A | &nbsp;&nbsp; 285910 |
| &nbsp;&nbsp; 625000 |  | Kraken Oil & Gas Partners LLC, 7.63%, due 08/15/29 144A | &nbsp;&nbsp; 618917 |
| &nbsp;&nbsp; 512000 |  | LABL, Inc., 8.63%, due 10/01/31 144A | &nbsp;&nbsp; 272797 |
| &nbsp;&nbsp; 198000 |  | LABL, Inc., 9.50%, due 11/01/28 144A | &nbsp;&nbsp; 125180 |
| 1590000 |  | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, due <br> 07/15/31 144A<br>| 1686874 |

---

132See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 500000 |  | Lamb Weston Holdings, Inc., 4.13%, due 01/31/30 144A | &nbsp;&nbsp; 484114 |
| &nbsp;&nbsp; 680000 |  | Las Vegas Sands Corp., 3.50%, due 08/18/26 | &nbsp;&nbsp; 677242 |
| 1300000 |  | Latam Airlines Group SA, 7.88%, due 04/15/30<sup>(e)</sup> <br>| 1368926 |
| &nbsp;&nbsp; 417000 |  | LBM Acquisition LLC, 6.25%, due 01/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 375944 |
| &nbsp;&nbsp; 750000 |  | LCM Investments Holdings II LLC, 4.88%, due 05/01/29 144A | &nbsp;&nbsp; 739675 |
| &nbsp;&nbsp; 225000 |  | LCPR Senior Secured Financing DAC, 5.13%, due 07/15/29 144A | &nbsp;&nbsp; 140466 |
| &nbsp;&nbsp; 275000 |  | Level 3 Financing, Inc., 3.75%, due 07/15/29 144A | &nbsp;&nbsp; 251422 |
| &nbsp;&nbsp; 800000 |  | Level 3 Financing, Inc., 4.88%, due 06/15/29 144A | &nbsp;&nbsp; 781000 |
| &nbsp;&nbsp; 525000 |  | Level 3 Financing, Inc., 6.88%, due 06/30/33 144A | &nbsp;&nbsp; 537468 |
| &nbsp;&nbsp; 700000 |  | Level 3 Financing, Inc., 7.00%, due 03/31/34 144A | &nbsp;&nbsp; 721960 |
| &nbsp;&nbsp; 275000 |  | Level 3 Financing, Inc., 8.50%, due 01/15/36 144A | &nbsp;&nbsp; 282286 |
| &nbsp;&nbsp; 100000 | EUR | Levi Strauss & Co., 4.00%, due 08/15/30 144A | &nbsp;&nbsp; 119416 |
| 2524000 |  | LFS Topco LLC, 8.75%, due 07/15/30 144A | 2542496 |
| &nbsp;&nbsp; 105000 |  | Liberty Interactive LLC, 8.25%, due 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 |  | Liberty Mutual Group, Inc., 4.13% (5 yr. CMT + 3.32%), due 12/15/51<sup>(a)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 83841 |
| 1700000 |  | LifePoint Health, Inc., 8.38%, due 02/15/32 144A | 1846679 |
| &nbsp;&nbsp; 905000 |  | Light & Wonder International, Inc., 6.25%, due 10/01/33 144A | &nbsp;&nbsp; 916358 |
| 1530000 |  | Limak Yenilenebilir Enerji AS, 9.63%, due 08/12/30 144A | 1506566 |
| &nbsp;&nbsp; 317000 |  | Lincoln National Corp., 9.25% (5 yr. CMT + 5.32%)<sup>(a)(l)(m)</sup> <br>| &nbsp;&nbsp; 340598 |
| &nbsp;&nbsp; 150000 | EUR | Lion/Polaris Lux 4 SA, 5.64% (3 mo. EURIBOR + 3.63%), due 07/01/29<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 178744 |
| &nbsp;&nbsp; 300000 |  | Lithia Motors, Inc., 5.50%, due 10/01/30 144A | &nbsp;&nbsp; 302267 |
| 1150000 |  | Live Nation Entertainment, Inc., 4.75%, due 10/15/27 144A | 1153043 |
| &nbsp;&nbsp; 250000 |  | Lloyds Banking Group PLC, 6.75% (5 yr. CMT + 3.15%)<sup>(a)(l)(m)</sup> <br>| &nbsp;&nbsp; 260045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79681 | EUR | Lorca Telecom Bondco SA, 4.00%, due 09/18/27 144A | &nbsp;&nbsp;&nbsp;&nbsp; 93645 |
| &nbsp;&nbsp; 220000 |  | Lumen Technologies, Inc., 4.50%, due 01/15/29 144A | &nbsp;&nbsp; 204718 |
| &nbsp;&nbsp; 310000 |  | M/I Homes, Inc., 3.95%, due 02/15/30 | &nbsp;&nbsp; 299587 |
| &nbsp;&nbsp; 199000 |  | Macy's Retail Holdings LLC, 5.13%, due 01/15/42 | &nbsp;&nbsp; 163448 |
| 2170000 |  | Madison IAQ LLC, 5.88%, due 06/30/29 144A | 2158615 |
| &nbsp;&nbsp; 210000 |  | &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, due <br> 12/01/32 144A<br>| &nbsp;&nbsp; 216926 |
| &nbsp;&nbsp; 600000 |  | Marex Group PLC, 5.83%, due 05/08/28 | &nbsp;&nbsp; 610439 |
| &nbsp;&nbsp; 500000 |  | Marvell Technology, Inc., 4.75%, due 07/15/30 | &nbsp;&nbsp; 507920 |
| &nbsp;&nbsp; 600000 |  | Matador Resources Co., 6.25%, due 04/15/33 144A | &nbsp;&nbsp; 602956 |
| &nbsp;&nbsp; 750000 |  | Match Group Holdings II LLC, 3.63%, due 10/01/31 144A | &nbsp;&nbsp; 691681 |
| &nbsp;&nbsp; 260000 |  | Match Group Holdings II LLC, 6.13%, due 09/15/33 144A | &nbsp;&nbsp; 263307 |
| &nbsp;&nbsp; 600000 |  | Mauser Packaging Solutions Holding Co., 7.88%, due 04/15/30 144A | &nbsp;&nbsp; 598761 |
| 1280000 |  | Mavis Tire Express Services Topco Corp., 6.50%, due 05/15/29 144A | 1272385 |
| &nbsp;&nbsp; 601000 |  | McAfee Corp., 7.38%, due 02/15/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 524759 |
| &nbsp;&nbsp; 750000 |  | McGraw-Hill Education, Inc., 7.38%, due 09/01/31 144A | &nbsp;&nbsp; 791579 |
| 1420000 |  | McGraw-Hill Education, Inc., 8.00%, due 08/01/29 144A | 1436250 |
| &nbsp;&nbsp; 160000 |  | Medline Borrower LP, 3.88%, due 04/01/29 144A | &nbsp;&nbsp; 156321 |
| 1100000 |  | Medline Borrower LP, 5.25%, due 10/01/29 144A | 1106811 |
| 1040000 |  | Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, due 04/01/29 144A | 1076412 |
| &nbsp;&nbsp; 700000 | EUR | Mehilainen Yhtiot OYJ, 5.13%, due 06/30/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 836778 |
| &nbsp;&nbsp; 600000 |  | MercadoLibre, Inc., 4.90%, due 01/15/33 | &nbsp;&nbsp; 595560 |
| 1090000 |  | Mercer International, Inc., 12.88%, due 10/01/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 846715 |
| &nbsp;&nbsp; 600000 |  | Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, due 02/15/31 144A | &nbsp;&nbsp; 535311 |
| &nbsp;&nbsp; 600000 | GBP | &nbsp;&nbsp;&nbsp; Metro Bank Holdings PLC, 12.00% (1 yr. U.K. Government Bond + 7.81%), due <br> 04/30/29<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 923516 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 825000 | GBP | Metro Bank Holdings PLC, 13.88% (5 yr. U.K. Government Bond + 9.57%)<sup>(a)(e)(m)</sup> <br>| 1300885 |
| &nbsp;&nbsp; 980000 |  | MHP Lux SA, 6.25%, due 09/19/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 835117 |
| 1400000 |  | Midcap Financial Issuer Trust, 6.50%, due 05/01/28 144A | 1398763 |
| &nbsp;&nbsp; 900000 |  | &nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 05/01/29 <br> 144A<br>| &nbsp;&nbsp; 886126 |
| &nbsp;&nbsp; 875000 |  | Millicom International Cellular SA, 4.50%, due 04/27/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 815653 |
| &nbsp;&nbsp; 300000 |  | Mineral Resources Ltd., 7.00%, due 04/01/31 144A | &nbsp;&nbsp; 313151 |
| &nbsp;&nbsp; 700000 |  | Molina Healthcare, Inc., 3.88%, due 11/15/30 144A | &nbsp;&nbsp; 650189 |
| &nbsp;&nbsp; 330000 |  | Molina Healthcare, Inc., 3.88%, due 05/15/32 144A | &nbsp;&nbsp; 300423 |
| &nbsp;&nbsp; 750000 |  | Molina Healthcare, Inc., 4.38%, due 06/15/28 144A | &nbsp;&nbsp; 738124 |
| &nbsp;&nbsp; 250000 |  | Molina Healthcare, Inc., 6.25%, due 01/15/33 144A | &nbsp;&nbsp; 255085 |
| &nbsp;&nbsp; 180000 |  | Molina Healthcare, Inc., 6.50%, due 02/15/31 144A | &nbsp;&nbsp; 185090 |
| &nbsp;&nbsp; 750000 |  | Morgan Stanley, 4.89% (1 day USD SOFR + 1.31%), due 10/22/36<sup>(a)</sup> <br>| &nbsp;&nbsp; 745313 |
| &nbsp;&nbsp; 987000 |  | Moss Creek Resources Holdings, Inc., 8.25%, due 09/01/31 144A | &nbsp;&nbsp; 945831 |
| &nbsp;&nbsp; 400000 | EUR | MPT Operating Partnership LP/MPT Finance Corp., 0.99%, due 10/15/26 | &nbsp;&nbsp; 449071 |
| &nbsp;&nbsp; 500000 |  | MPT Operating Partnership LP/MPT Finance Corp., 8.50%, due 02/15/32 144A | &nbsp;&nbsp; 534339 |
| 1255000 |  | Muangthai Capital PCL, 7.55%, due 07/21/30 144A | 1294732 |
| &nbsp;&nbsp; 304000 |  | Muangthai Capital PCL, Class S, 7.55%, due 07/21/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 313624 |
| &nbsp;&nbsp; 685000 |  | Muthoot Finance Ltd., 6.38%, due 04/23/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 696116 |
| &nbsp;&nbsp; 660000 |  | Muthoot Finance Ltd., 6.38%, due 03/02/30 144A | &nbsp;&nbsp; 671107 |
| &nbsp;&nbsp; 625000 |  | MVM Energetika Zrt, 7.50%, due 06/09/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 662619 |
| &nbsp;&nbsp; 292000 |  | Nabors Industries, Inc., 7.63%, due 11/15/32 144A | &nbsp;&nbsp; 287353 |
| &nbsp;&nbsp; 382000 |  | Nabors Industries, Inc., 9.13%, due 01/31/30 144A | &nbsp;&nbsp; 400814 |
| &nbsp;&nbsp; 600000 |  | National Health Investors, Inc., 5.35%, due 02/01/33 | &nbsp;&nbsp; 600713 |
| 2490000 |  | National Mentor Holdings, Inc., 10.50%, due 12/15/30 144A | 2505508 |
| &nbsp;&nbsp; 200000 | GBP | Nationwide Building Society, 7.88% (5 yr. U.K. Government Bond + 3.59%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 284523 |
| &nbsp;&nbsp; 700000 |  | Navient Corp., 5.00%, due 03/15/27 | &nbsp;&nbsp; 701786 |
| 1750000 |  | NBK Tier 1 Ltd., 3.63% (6 yr. CMT + 2.88%)<sup>(a)(e)(m)</sup> <br>| 1721192 |
| 1341000 |  | NBK Tier 1 Ltd., 6.38% (6 yr. CMT + 2.40%)<sup>(a)(m)</sup> 144A | 1374017 |
| &nbsp;&nbsp; 625000 |  | NCR Atleos Corp., 9.50%, due 04/01/29 144A | &nbsp;&nbsp; 678698 |
| &nbsp;&nbsp; 600000 |  | NCR Voyix Corp., 5.13%, due 04/15/29 144A | &nbsp;&nbsp; 597765 |
| &nbsp;&nbsp; 100000 | EUR | Neinor Homes SA, 5.88%, due 02/15/30 144A | &nbsp;&nbsp; 122322 |
| &nbsp;&nbsp; 800000 |  | Nemak SAB de CV, 3.63%, due 06/28/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 694282 |
| &nbsp;&nbsp; 475000 |  | Neptune Bidco U.S., Inc., 9.29%, due 04/15/29 144A | &nbsp;&nbsp; 476099 |
| &nbsp;&nbsp; 300000 | EUR | New Immo Holding SA, 3.25%, due 07/23/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 352542 |
| &nbsp;&nbsp; 500000 | EUR | New Immo Holding SA, 4.88%, due 12/08/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 596484 |
| &nbsp;&nbsp; 200000 |  | Newmark Group, Inc., 7.50%, due 01/12/29 | &nbsp;&nbsp; 214741 |
| 1850000 |  | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, due 02/15/32 144A | 1917066 |
| &nbsp;&nbsp; 500000 | EUR | Nidda Healthcare Holding GmbH, 5.38%, due 10/23/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 601076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90000 |  | Nine Energy Service, Inc., 13.00%, due 02/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 27446 |
| 2875000 |  | Nissan Motor Acceptance Co. LLC, 5.63%, due 09/29/28 144A | 2885223 |
| &nbsp;&nbsp; 363000 |  | Nissan Motor Co. Ltd., 8.13%, due 07/17/35 144A | &nbsp;&nbsp; 386375 |
| 1220000 |  | Noble Finance II LLC, 8.00%, due 04/15/30 144A | 1268302 |
| &nbsp;&nbsp; 330000 |  | Northern Oil & Gas, Inc., 7.88%, due 10/15/33 144A | &nbsp;&nbsp; 321513 |
| &nbsp;&nbsp; 600000 |  | Northriver Midstream Finance LP, 6.75%, due 07/15/32 144A | &nbsp;&nbsp; 612169 |
| &nbsp;&nbsp; 100000 | EUR | &nbsp;&nbsp;&nbsp; Nova Ljubljanska Banka DD, 6.88% (5 yr. EURIBOR ICE Swap + 4.23%), due <br> 01/24/34<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 127164 |
| 1400000 |  | Novelis Corp., 3.88%, due 08/15/31 144A | 1277300 |
| &nbsp;&nbsp; 500000 |  | Novelis Corp., 4.75%, due 01/30/30 144A | &nbsp;&nbsp; 483348 |

---

134See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 578000 |  | Novelis Corp., 6.38%, due 08/15/33<sup>(l)</sup> 144A | &nbsp;&nbsp; 586422 |
| &nbsp;&nbsp; 500000 |  | NRG Energy, Inc., 3.63%, due 02/15/31 144A | &nbsp;&nbsp; 467526 |
| &nbsp;&nbsp; 225000 |  | NRG Energy, Inc., 6.00%, due 01/15/36 144A | &nbsp;&nbsp; 228098 |
| &nbsp;&nbsp; 500000 |  | NRG Energy, Inc., 6.25%, due 11/01/34 144A | &nbsp;&nbsp; 513921 |
| &nbsp;&nbsp; 650000 |  | Occidental Petroleum Corp., 5.20%, due 08/01/29 | &nbsp;&nbsp; 666450 |
| &nbsp;&nbsp; 220000 |  | Oceaneering International, Inc., 6.00%, due 02/01/28 | &nbsp;&nbsp; 223569 |
| &nbsp;&nbsp; 708000 |  | OCP SA, 3.75%, due 06/23/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 663659 |
| &nbsp;&nbsp; 680000 | EUR | Odido Group Holding BV, 5.50%, due 01/15/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 804924 |
| &nbsp;&nbsp; 450000 | EUR | Odido Holding BV, 3.75%, due 01/15/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 529600 |
| 1600000 | EUR | Olympus Water U.S. Holding Corp., 6.13%, due 02/15/33<sup>(e)</sup> <br>| 1870377 |
| &nbsp;&nbsp; 260000 |  | Olympus Water U.S. Holding Corp., 7.25%, due 06/15/31 144A | &nbsp;&nbsp; 267101 |
| 1690000 |  | Olympus Water U.S. Holding Corp., 7.25%, due 02/15/33 144A | 1699889 |
| 1350000 |  | ON Semiconductor Corp., 3.88%, due 09/01/28 144A | 1325811 |
| &nbsp;&nbsp; 750000 |  | OneMain Finance Corp., 3.50%, due 01/15/27<sup>(l)</sup> <br>| &nbsp;&nbsp; 743190 |
| 3775000 |  | OneMain Finance Corp., 6.63%, due 05/15/29 | 3914124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77000 |  | OneMain Finance Corp., 6.75%, due 09/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 78194 |
| &nbsp;&nbsp; 750000 |  | ONEOK, Inc., 5.45%, due 06/01/47 | &nbsp;&nbsp; 694156 |
| &nbsp;&nbsp; 703000 |  | Ontario Gaming GTA LP/OTG Co-Issuer, Inc., 8.00%, due 08/01/30 144A | &nbsp;&nbsp; 667111 |
| &nbsp;&nbsp; 500000 | EUR | Opal Bidco SAS, 5.50%, due 03/31/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 607447 |
| 1600000 |  | Open Text Holdings, Inc., 4.13%, due 02/15/30 144A | 1530378 |
| 1610000 |  | Option Care Health, Inc., 4.38%, due 10/31/29 144A | 1579990 |
| &nbsp;&nbsp; 113000 |  | Oracle Corp., 5.55%, due 02/06/53 | &nbsp;&nbsp;&nbsp;&nbsp; 94151 |
| 1530000 |  | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, due 04/30/31 144A | 1268271 |
| 3720000 |  | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, due 04/15/30 144A | 1684374 |
| &nbsp;&nbsp; 625000 |  | Ovintiv, Inc., 6.25%, due 07/15/33 | &nbsp;&nbsp; 665289 |
| &nbsp;&nbsp; 165000 |  | Owens & Minor, Inc., 6.63%, due 04/01/30<sup>(l)</sup> 144A | &nbsp;&nbsp; 105393 |
| 1200000 |  | Pacific Gas & Electric Co., 5.70%, due 03/01/35 | 1236675 |
| 2725000 |  | Pacific Gas & Electric Co., 6.00%, due 08/15/35 | 2871893 |
| &nbsp;&nbsp; 650000 |  | PacifiCorp, 5.45%, due 02/15/34 | &nbsp;&nbsp; 661050 |
| &nbsp;&nbsp; 130000 |  | Paramount Global, 4.38%, due 03/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 90749 |
| 1000000 |  | &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, due 08/15/28 <br> 144A<br>| &nbsp;&nbsp; 986849 |
| &nbsp;&nbsp; 260000 |  | Pediatrix Medical Group, Inc., 5.38%, due 02/15/30 144A | &nbsp;&nbsp; 260237 |
| &nbsp;&nbsp; 600000 |  | PennyMac Financial Services, Inc., 6.75%, due 02/15/34 144A | &nbsp;&nbsp; 620663 |
| &nbsp;&nbsp; 525000 |  | PennyMac Financial Services, Inc., 6.88%, due 05/15/32 144A | &nbsp;&nbsp; 550086 |
| &nbsp;&nbsp; 250000 |  | Perenti Finance Pty. Ltd., 7.50%, due 04/26/29 144A | &nbsp;&nbsp; 260558 |
| &nbsp;&nbsp; 700000 |  | Performance Food Group, Inc., 4.25%, due 08/01/29 144A | &nbsp;&nbsp; 688633 |
| &nbsp;&nbsp; 876000 |  | Performance Food Group, Inc., 6.13%, due 09/15/32 144A | &nbsp;&nbsp; 904186 |
| &nbsp;&nbsp; 525000 |  | Permian Resources Operating LLC, 6.25%, due 02/01/33 144A | &nbsp;&nbsp; 538852 |
| 2860000 |  | Petroleos Mexicanos, 5.95%, due 01/28/31 | 2769817 |
| 3600000 |  | Petroleos Mexicanos, 6.38%, due 01/23/45<sup>(l)</sup> <br>| 2911222 |
| 1150000 |  | Petroleos Mexicanos, 6.63%, due 06/15/35 | 1091997 |
| &nbsp;&nbsp; 630000 |  | Petroleos Mexicanos, 6.75%, due 09/21/47 | &nbsp;&nbsp; 518407 |
| &nbsp;&nbsp; 935000 |  | Petroleos Mexicanos, 7.69%, due 01/23/50 | &nbsp;&nbsp; 838663 |
| &nbsp;&nbsp; 203000 |  | Petroleos Mexicanos, 7.69%, due 01/23/50 | &nbsp;&nbsp; 182084 |
| 2140000 |  | Petroleos Mexicanos, 10.00%, due 02/07/33 | 2481169 |
| 3429000 |  | Petronas Capital Ltd., 3.40%, due 04/28/61<sup>(e)</sup> <br>| 2338723 |
| &nbsp;&nbsp; 460000 |  | Petronas Capital Ltd., 4.80%, due 04/21/60<sup>(e)</sup> <br>| &nbsp;&nbsp; 415780 |
| 1570000 |  | Petronas Capital Ltd., 4.80%, due 04/21/60<sup>(e)</sup> <br>| 1419076 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 290000 |  | PG&E Corp., 7.38% (5 yr. CMT + 3.88%), due 03/15/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 302208 |
| &nbsp;&nbsp; 155000 |  | Phillips 66 Co., 5.88% (5 yr. CMT + 2.28%), due 03/15/56<sup>(a)</sup> <br>| &nbsp;&nbsp; 153418 |
| &nbsp;&nbsp; 450000 | EUR | Picard Groupe SAS, 6.38%, due 07/01/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 552738 |
| &nbsp;&nbsp; 950000 |  | Pilgrim's Pride Corp., 3.50%, due 03/01/32 | &nbsp;&nbsp; 879995 |
| 2120000 |  | Pingan Real Estate Capital Ltd., 3.45%, due 07/29/26<sup>(e)</sup> <br>| 2086880 |
| &nbsp;&nbsp; 200000 | EUR | Piraeus Bank SA, 6.75% (5 yr. EURIBOR ICE Swap + 4.60%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 243620 |
| 2323000 |  | Planet Financial Group LLC, 10.50%, due 12/15/29 144A | 2445531 |
| &nbsp;&nbsp; 420000 | EUR | Playtech PLC, 5.88%, due 06/28/28<sup>(e)(l)</sup> <br>| &nbsp;&nbsp; 494376 |
| &nbsp;&nbsp; 160000 |  | Playtika Holding Corp., 4.25%, due 03/15/29 144A | &nbsp;&nbsp; 143620 |
| 2100000 |  | Post Holdings, Inc., 4.50%, due 09/15/31 144A | 1989977 |
| 2180000 |  | Post Holdings, Inc., 6.25%, due 10/15/34 144A | 2194150 |
| &nbsp;&nbsp; 295000 |  | Precision Drilling Corp., 6.88%, due 01/15/29 144A | &nbsp;&nbsp; 298522 |
| &nbsp;&nbsp; 335000 |  | Prestige Brands, Inc., 3.75%, due 04/01/31 144A | &nbsp;&nbsp; 314106 |
| 1450000 |  | Prime Healthcare Services, Inc., 9.38%, due 09/01/29 144A | 1524832 |
| 1500000 |  | Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, due 08/31/27 144A | 1472422 |
| 1050000 |  | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.38%, due 04/30/29 144A | 1022783 |
| 1365000 |  | Primo Water Holdings, Inc./Triton Water Holdings, Inc., 6.25%, due 04/01/29 144A | 1376683 |
| &nbsp;&nbsp; 600000 |  | PRIO Luxembourg Holding SARL, 6.75%, due 10/15/30 144A | &nbsp;&nbsp; 584400 |
| &nbsp;&nbsp; 290000 |  | PROG Holdings, Inc., 6.00%, due 11/15/29 144A | &nbsp;&nbsp; 287384 |
| &nbsp;&nbsp; 160000 |  | Qnity Electronics, Inc., 5.75%, due 08/15/32 144A | &nbsp;&nbsp; 163792 |
| &nbsp;&nbsp; 226000 |  | Qnity Electronics, Inc., 6.25%, due 08/15/33 144A | &nbsp;&nbsp; 234543 |
| &nbsp;&nbsp; 500000 | EUR | Q-Park Holding I BV, 4.25%, due 09/01/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 596336 |
| 3210000 |  | Quikrete Holdings, Inc., 6.38%, due 03/01/32 144A | 3343388 |
| 1490000 |  | Quikrete Holdings, Inc., 6.75%, due 03/01/33 144A | 1557022 |
| &nbsp;&nbsp; 600000 |  | QXO Building Products, Inc., 6.75%, due 04/30/32 144A | &nbsp;&nbsp; 627131 |
| &nbsp;&nbsp; 160000 |  | Rackspace Finance LLC, 3.50%, due 05/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 59200 |
| 1675000 |  | Radiology Partners, Inc., 8.50%, due 07/15/32 144A | 1740018 |
| 1500000 |  | Railworks Holdings LP/Railworks Rally, Inc., 8.25%, due 11/15/28 144A | 1514295 |
| &nbsp;&nbsp; 810000 |  | Raizen Fuels Finance SA, 6.25%, due 07/08/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 681413 |
| 1055000 |  | Raizen Fuels Finance SA, 6.70%, due 02/25/37<sup>(e)(l)</sup> <br>| &nbsp;&nbsp; 854763 |
| &nbsp;&nbsp; 200000 |  | Raizen Fuels Finance SA, 6.70%, due 02/25/37<sup>(e)</sup> <br>| &nbsp;&nbsp; 162040 |
| &nbsp;&nbsp; 865000 |  | Rakuten Group, Inc., 9.75%, due 04/15/29 144A | &nbsp;&nbsp; 967739 |
| 1500000 |  | Rand Parent LLC, 8.50%, due 02/15/30 144A | 1563837 |
| &nbsp;&nbsp; 963000 |  | Raven Acquisition Holdings LLC, 6.88%, due 11/15/31 144A | &nbsp;&nbsp; 993231 |
| &nbsp;&nbsp; 750000 | EUR | RAY Financing LLC, 6.50%, due 07/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 899343 |
| 3030000 |  | Real Hero Merger Sub 2, Inc., 6.25%, due 02/01/29 144A | 1313324 |
| 1400000 |  | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, due 04/16/29<sup>(e)</sup> <br>| 1248852 |
| &nbsp;&nbsp; 720000 |  | Rfna LP, 7.88%, due 02/15/30 144A | &nbsp;&nbsp; 735518 |
| &nbsp;&nbsp; 305000 |  | Rithm Capital Corp., 8.00%, due 04/01/29 144A | &nbsp;&nbsp; 313365 |
| 1042000 |  | RLJ Lodging Trust LP, 3.75%, due 07/01/26 144A | 1039551 |
| &nbsp;&nbsp; 196000 |  | Rocket Cos., Inc., 6.38%, due 08/01/33 144A | &nbsp;&nbsp; 204599 |
| 1625000 |  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.88%, due 03/01/31 144A | 1544244 |
| 1920000 | EUR | Rolls-Royce PLC, 4.63%, due 02/16/26<sup>(e)</sup> <br>| 2262845 |
| &nbsp;&nbsp; 750000 |  | Ryan Specialty LLC, 5.88%, due 08/01/32 144A | &nbsp;&nbsp; 766806 |
| &nbsp;&nbsp; 880000 | EUR | Samhallsbyggnadsbolaget I Norden Holding AB, 0.75%, due 11/14/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 878298 |
| 2065000 | EUR | Samhallsbyggnadsbolaget I Norden Holding AB, 1.13%, due 09/26/29<sup>(e)</sup> <br>| 1999442 |
| 1115000 |  | Sammaan Capital Ltd., 7.50%, due 10/16/30 144A | 1097977 |
| &nbsp;&nbsp; 800000 |  | Sammons Financial Group, Inc., 6.88%, due 04/15/34 144A | &nbsp;&nbsp; 879258 |
| 1380000 |  | SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA, 3.75%, due 08/02/28<sup>(e)</sup> <br>| 1328291 |

---

136See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1000000 |  | Science Applications International Corp., 4.88%, due 04/01/28 144A | &nbsp;&nbsp; 998182 |
| 4850000 |  | &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 03/01/30 <br> 144A<br>| 4313933 |
| &nbsp;&nbsp; 750000 |  | SCIH Salt Holdings, Inc., 4.88%, due 05/01/28 144A | &nbsp;&nbsp; 752833 |
| 4010000 |  | SCIH Salt Holdings, Inc., 6.63%, due 05/01/29<sup>(l)</sup> 144A | 4030631 |
| 1052000 |  | Scripps Escrow II, Inc., 3.88%, due 01/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 968933 |
| &nbsp;&nbsp; 245000 |  | Scripps Escrow II, Inc., 5.38%, due 01/15/31 144A | &nbsp;&nbsp; 186361 |
| &nbsp;&nbsp; 600000 |  | Seadrill Finance Ltd., 8.38%, due 08/01/30 144A | &nbsp;&nbsp; 624340 |
| 1600000 |  | Seagate Data Storage Technology Pte. Ltd., 5.75%, due 12/01/34 144A | 1643299 |
| &nbsp;&nbsp; 500000 |  | Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, due 02/01/28 144A | &nbsp;&nbsp; 508557 |
| 1105000 |  | Select Medical Corp., 6.25%, due 12/01/32<sup>(l)</sup> 144A | 1081228 |
| &nbsp;&nbsp; 190000 |  | Sempra, 6.38% (5 yr. CMT + 2.63%), due 04/01/56<sup>(a)</sup> <br>| &nbsp;&nbsp; 194360 |
| 1425000 |  | Service Corp. International, 3.38%, due 08/15/30 | 1333613 |
| &nbsp;&nbsp; 700000 |  | Service Properties Trust, 7.61%, due 09/30/28<sup>(k)</sup> 144A | &nbsp;&nbsp; 633277 |
| &nbsp;&nbsp; 341000 | EUR | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 5.50%, due 05/15/33 144A | &nbsp;&nbsp; 410932 |
| &nbsp;&nbsp; 205000 |  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 08/15/32 144A | &nbsp;&nbsp; 211772 |
| &nbsp;&nbsp; 400000 | EUR | Sigma Holdco BV, 8.63%, due 04/15/31 | &nbsp;&nbsp; 405830 |
| 1070000 |  | Silk Road Group Holding LLC, 7.50%, due 09/15/30<sup>(l)</sup> 144A | 1073186 |
| 2700000 |  | &nbsp;&nbsp;&nbsp; Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons <br> Feed, 4.63%, due 03/01/29 144A<br>| 2604827 |
| 1011000 |  | Sirius XM Radio LLC, 3.13%, due 09/01/26 144A | 1005231 |
| 2375000 |  | Sirius XM Radio LLC, 3.88%, due 09/01/31<sup>(l)</sup> 144A | 2187808 |
| 1116000 |  | Six Flags Entertainment Corp., 7.25%, due 05/15/31<sup>(l)</sup> 144A | 1071681 |
| &nbsp;&nbsp; 510000 |  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., <br> 6.63%, due 05/01/32 144A<br>| &nbsp;&nbsp; 514592 |
| 1700000 |  | SLM Corp., 6.50%, due 01/31/30 | 1761909 |
| 1480000 |  | Snap, Inc., 6.88%, due 03/01/33 144A | 1534812 |
| &nbsp;&nbsp; 225000 |  | Societe Generale SA, 5.38% (5 yr. CMT + 4.51%)<sup>(a)(e)(l)(m)</sup> <br>| &nbsp;&nbsp; 215796 |
| &nbsp;&nbsp; 200000 |  | Societe Generale SA, 5.51% (1 day USD SOFR + 1.65%), due 05/22/31<sup>(a)</sup> 144A | &nbsp;&nbsp; 206448 |
| &nbsp;&nbsp; 200000 | EUR | Societe Generale SA, 6.13% (5 yr. EURIBOR ICE Swap + 3.78%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 238874 |
| &nbsp;&nbsp; 250000 |  | Societe Generale SA, 10.00% (5 yr. CMT + 5.45%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 278091 |
| &nbsp;&nbsp; 300000 | EUR | Sogecap SA, 6.25% (5 yr. EURIBOR ICE Swap + 3.75%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 355739 |
| 1000000 |  | Sotheby's, 7.38%, due 10/15/27 144A | &nbsp;&nbsp; 994665 |
| &nbsp;&nbsp; 111000 |  | &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd., 7.63% (5 yr. CMT + 3.95%), due <br> 03/01/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 116120 |
| &nbsp;&nbsp; 725000 |  | South Bow USA Infrastructure Holdings LLC, 5.58%, due 10/01/34 | &nbsp;&nbsp; 734207 |
| 1200000 |  | Southern California Edison Co., 5.63%, due 02/01/36 | 1217156 |
| 2121222 |  | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 11.00%, due 03/12/30<sup>(n)</sup> 144A | &nbsp;&nbsp; 212200 |
| &nbsp;&nbsp; 280000 |  | SS&C Technologies, Inc., 5.50%, due 09/30/27 144A | &nbsp;&nbsp; 280430 |
| 1200000 |  | SS&C Technologies, Inc., 6.50%, due 06/01/32 144A | 1249481 |
| &nbsp;&nbsp; 775000 |  | Stagwell Global LLC, 5.63%, due 08/15/29 144A | &nbsp;&nbsp; 756433 |
| &nbsp;&nbsp; 500000 |  | Standard Building Solutions, Inc., 6.50%, due 08/15/32 144A | &nbsp;&nbsp; 515094 |
| 1225000 |  | Standard Industries, Inc., 4.38%, due 07/15/30 144A | 1183336 |
| &nbsp;&nbsp; 500000 |  | Staples, Inc., 10.75%, due 09/01/29 144A | &nbsp;&nbsp; 497720 |
| &nbsp;&nbsp; 750000 |  | Star Leasing Co. LLC, 7.63%, due 02/15/30 144A | &nbsp;&nbsp; 698373 |
| &nbsp;&nbsp; 402000 |  | Star Parent, Inc., 9.00%, due 10/01/30 144A | &nbsp;&nbsp; 429556 |
| &nbsp;&nbsp; 500000 |  | Starwood Property Trust, Inc., 5.75%, due 01/15/31 144A | &nbsp;&nbsp; 507047 |
| &nbsp;&nbsp; 620000 |  | Starwood Property Trust, Inc., 7.25%, due 04/01/29 144A | &nbsp;&nbsp; 655559 |
| 1300000 |  | Station Casinos LLC, 4.63%, due 12/01/31 144A | 1233476 |
| &nbsp;&nbsp; 500000 |  | Station Casinos LLC, 6.63%, due 03/15/32 144A | &nbsp;&nbsp; 514095 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 925000 |  | Stillwater Mining Co., 4.50%, due 11/16/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 876968 |
| 1953000 |  | Stonebriar ABF Issuer LLC, 8.13%, due 12/15/30 144A | 2007743 |
| &nbsp;&nbsp; 800000 |  | Stonepeak Nile Parent LLC, 7.25%, due 03/15/32 144A | &nbsp;&nbsp; 847570 |
| &nbsp;&nbsp; 220000 |  | Stonex Escrow Issuer LLC, 6.88%, due 07/15/32 144A | &nbsp;&nbsp; 228168 |
| 1705000 |  | Studio City Finance Ltd., 5.00%, due 01/15/29<sup>(e)</sup> <br>| 1647952 |
| &nbsp;&nbsp; 240000 |  | &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., 6.50%, due 12/15/35 <br> 144A<br>| &nbsp;&nbsp; 240235 |
| &nbsp;&nbsp; 525000 |  | Suci Second Investment Co., 6.00%, due 10/25/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 549775 |
| &nbsp;&nbsp; 280000 |  | Summit Midstream Holdings LLC, 8.63%, due 10/31/29 144A | &nbsp;&nbsp; 290503 |
| &nbsp;&nbsp; 300000 |  | SunCoke Energy, Inc., 4.88%, due 06/30/29 144A | &nbsp;&nbsp; 278840 |
| 1200000 |  | Sunoco LP, 5.63%, due 03/15/31 144A | 1209466 |
| &nbsp;&nbsp; 597000 |  | Sunoco LP, 6.25%, due 07/01/33<sup>(l)</sup> 144A | &nbsp;&nbsp; 612080 |
| 2450000 |  | Surgery Center Holdings, Inc., 7.25%, due 04/15/32 144A | 2484124 |
| 1000000 |  | Synaptics, Inc., 4.00%, due 06/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 969126 |
| &nbsp;&nbsp; 245000 |  | Synchrony Financial, 7.25%, due 02/02/33 | &nbsp;&nbsp; 263760 |
| 1000000 |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/30 144A | 1008662 |
| &nbsp;&nbsp; 725000 |  | TC Ziraat Bankasi AS, 8.99% (5 yr. CMT + 4.33%), due 08/02/34<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 773330 |
| &nbsp;&nbsp; 350000 | EUR | TeamSystem SpA, 5.53% (3 mo. EURIBOR + 3.50%), due 07/31/31<sup>(a)(e)</sup> <br>| &nbsp;&nbsp; 415105 |
| &nbsp;&nbsp; 600000 | EUR | Techem Verwaltungsgesellschaft 675 GmbH, 4.63%, due 07/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 714912 |
| 3030000 |  | Teine Energy Ltd., 6.88%, due 04/15/29 144A | 3040990 |
| 1108000 |  | Telecom Argentina SA, 9.25%, due 05/28/33 144A | 1159368 |
| &nbsp;&nbsp; 120000 |  | Telecom Italia Capital SA, 7.72%, due 06/04/38 | &nbsp;&nbsp; 133126 |
| &nbsp;&nbsp; 150000 |  | TELUS Corp., 6.38% (5 yr. CMT + 2.69%), due 06/09/56<sup>(a)</sup> <br>| &nbsp;&nbsp; 150382 |
| &nbsp;&nbsp; 286000 |  | TELUS Corp., 7.00% (5 yr. CMT + 2.71%), due 10/15/55<sup>(a)</sup> <br>| &nbsp;&nbsp; 297836 |
| 1057000 |  | Tenet Healthcare Corp., 6.13%, due 10/01/28 | 1062423 |
| &nbsp;&nbsp; 750000 |  | Tenneco, Inc., 8.00%, due 11/17/28 144A | &nbsp;&nbsp; 752910 |
| &nbsp;&nbsp; 635000 |  | Termocandelaria Power SA, 7.75%, due 09/17/31 144A | &nbsp;&nbsp; 657419 |
| &nbsp;&nbsp; 267000 |  | Termocandelaria Power SA, 7.75%, due 09/17/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 276426 |
| 1000000 |  | TerraForm Power Operating LLC, 5.00%, due 01/31/28 144A | &nbsp;&nbsp; 999556 |
| &nbsp;&nbsp; 185000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 1.88%, due 03/31/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 214829 |
| &nbsp;&nbsp; 320000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 4.38%, due 05/09/30 | &nbsp;&nbsp; 387136 |
| &nbsp;&nbsp; 368000 | EUR | Teva Pharmaceutical Finance Netherlands II BV, 7.38%, due 09/15/29 | &nbsp;&nbsp; 487718 |
| &nbsp;&nbsp; 240000 |  | Texas Capital Bancshares, Inc., 4.00% (5 yr. CMT + 3.15%), due 05/06/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 237180 |
| &nbsp;&nbsp; 900000 |  | TGNR Intermediate Holdings LLC, 5.50%, due 10/15/29 144A | &nbsp;&nbsp; 894361 |
| &nbsp;&nbsp; 600000 |  | TGS ASA, 8.50%, due 01/15/30 144A | &nbsp;&nbsp; 629063 |
| &nbsp;&nbsp; 315000 |  | Thor Industries, Inc., 4.00%, due 10/15/29 144A | &nbsp;&nbsp; 303861 |
| &nbsp;&nbsp; 125000 |  | Tidewater, Inc., 9.13%, due 07/15/30 144A | &nbsp;&nbsp; 134262 |
| &nbsp;&nbsp; 690000 | GBP | Time Warner Cable LLC, 5.25%, due 07/15/42 | &nbsp;&nbsp; 781251 |
| &nbsp;&nbsp; 700000 |  | TK Elevator U.S. Newco, Inc., 5.25%, due 07/15/27<sup>(l)</sup> 144A | &nbsp;&nbsp; 700597 |
| 2375000 |  | T-Mobile USA, Inc., 4.63%, due 01/15/33 | 2365980 |
| &nbsp;&nbsp; 100000 |  | TopBuild Corp., 3.63%, due 03/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp; 96942 |
| &nbsp;&nbsp; 760000 |  | TopBuild Corp., 4.13%, due 02/15/32 144A | &nbsp;&nbsp; 722674 |
| 2120000 |  | &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC, 9.50%, due <br> 05/15/30 144A<br>| 2118785 |
| 2373000 |  | Trade & Development Bank of Mongolia LLC, 8.50%, due 12/23/27<sup>(e)</sup> <br>| 2375194 |
| &nbsp;&nbsp; 424000 |  | Transcanada Trust, 5.60% (5 yr. CMT + 3.99%), due 03/07/82<sup>(a)</sup> <br>| &nbsp;&nbsp; 420400 |
| &nbsp;&nbsp; 113000 |  | Transcanada Trust, 5.88% (3 mo. USD LIBOR + 4.64%), due 08/15/76<sup>(a)</sup> <br>| &nbsp;&nbsp; 113566 |
| &nbsp;&nbsp; 910000 |  | TransDigm, Inc., 6.38%, due 05/31/33 144A | &nbsp;&nbsp; 934368 |
| 1410000 |  | TransDigm, Inc., 6.75%, due 01/31/34 144A | 1469670 |

---

138See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 645000 |  | TransMontaigne Partners LLC, 8.50%, due 06/15/30 144A | &nbsp;&nbsp; 651522 |
| 1067000 |  | Transocean International Ltd., 6.80%, due 03/15/38<sup>(l)</sup> <br>| &nbsp;&nbsp; 918080 |
| &nbsp;&nbsp; 725000 |  | Transocean International Ltd., 7.88%, due 10/15/32 144A | &nbsp;&nbsp; 760624 |
| &nbsp;&nbsp; 675000 |  | Travel & Leisure Co., 4.50%, due 12/01/29 144A | &nbsp;&nbsp; 661065 |
| &nbsp;&nbsp; 850000 |  | Trident Energy Finance PLC, 12.50%, due 11/30/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 865211 |
| &nbsp;&nbsp; 750000 |  | Trident TPI Holdings, Inc., 12.75%, due 12/31/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 769358 |
| &nbsp;&nbsp; 967000 |  | Trivium Packaging Finance BV, 8.25%, due 07/15/30 144A | 1037329 |
| 4906000 |  | Tronox, Inc., 4.63%, due 03/15/29<sup>(l)</sup> 144A | 3438696 |
| &nbsp;&nbsp; 480000 |  | TrueNoord Capital DAC, 8.75%, due 03/01/30 144A | &nbsp;&nbsp; 509439 |
| &nbsp;&nbsp; 397000 |  | Trust 2401, 6.39%, due 01/15/50 144A | &nbsp;&nbsp; 382875 |
| &nbsp;&nbsp; 575000 |  | Trust 2401, 7.38%, due 02/13/34<sup>(l)</sup> 144A | &nbsp;&nbsp; 638474 |
| &nbsp;&nbsp; 203000 |  | Trust Fibra Uno, 6.39%, due 01/15/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 192413 |
| 1350000 |  | Turkiye Is Bankasi AS, 9.13% (5 yr. CMT + 4.63%)<sup>(a)(e)(m)</sup> <br>| 1426560 |
| &nbsp;&nbsp; 135000 |  | Turning Point Brands, Inc., 7.63%, due 03/15/32 144A | &nbsp;&nbsp; 144020 |
| &nbsp;&nbsp; 260000 |  | Tutor Perini Corp., 11.88%, due 04/30/29 144A | &nbsp;&nbsp; 289835 |
| &nbsp;&nbsp; 300000 |  | Twilio, Inc., 3.63%, due 03/15/29 | &nbsp;&nbsp; 290309 |
| &nbsp;&nbsp; 600000 |  | Twilio, Inc., 3.88%, due 03/15/31<sup>(l)</sup> <br>| &nbsp;&nbsp; 573794 |
| 1750000 |  | U.S. Acute Care Solutions LLC, 9.75%, due 05/15/29 144A | 1765163 |
| 1890000 |  | U.S. Foods, Inc., 4.63%, due 06/01/30 144A | 1866602 |
| &nbsp;&nbsp; 171500 |  | U.S. Renal Care, Inc., 10.63%, due 06/28/28 144A | &nbsp;&nbsp; 147061 |
| &nbsp;&nbsp; 590000 |  | UBS Group AG, 7.00% (5 yr. USD SOFR ICE Swap + 3.08%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 605603 |
| &nbsp;&nbsp; 680000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.75%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 748154 |
| &nbsp;&nbsp; 291000 |  | UBS Group AG, 9.25% (5 yr. CMT + 4.76%)<sup>(a)(m)</sup> 144A | &nbsp;&nbsp; 341453 |
| &nbsp;&nbsp; 900000 |  | UKG, Inc., 6.88%, due 02/01/31 144A | &nbsp;&nbsp; 926333 |
| &nbsp;&nbsp; 400000 | EUR | Unicaja Banco SA, 4.88% (5 yr. EUR Swap + 5.02%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp; 474038 |
| &nbsp;&nbsp; 285000 |  | UniCredit SpA, 5.46% (5 yr. CMT + 4.75%), due 06/30/35<sup>(a)</sup> 144A | &nbsp;&nbsp; 290966 |
| &nbsp;&nbsp; 105387 |  | United Airlines Pass-Through Trust, 3.10%, due 04/07/30 | &nbsp;&nbsp; 100873 |
| &nbsp;&nbsp; 100000 | EUR | United Group BV, 5.25%, due 02/01/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 117365 |
| &nbsp;&nbsp; 500000 | EUR | United Group BV, 6.50%, due 10/31/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 601755 |
| &nbsp;&nbsp; 700000 | EUR | United Group BV, 6.75%, due 02/15/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 848291 |
| 1350000 |  | United Rentals North America, Inc., 3.75%, due 01/15/32 | 1270385 |
| &nbsp;&nbsp; 850000 |  | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, due 04/15/28 <br> 144A<br>| &nbsp;&nbsp; 847100 |
| &nbsp;&nbsp; 498000 |  | &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.63%, due <br> 06/15/32<sup>(l)</sup> 144A<br>| &nbsp;&nbsp; 490949 |
| 2300000 |  | Univision Communications, Inc., 4.50%, due 05/01/29 144A | 2211116 |
| 1710000 |  | Univision Communications, Inc., 9.38%, due 08/01/32 144A | 1838472 |
| &nbsp;&nbsp; 295000 |  | Upbound Group, Inc., 6.38%, due 02/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 292028 |
| &nbsp;&nbsp; 150000 |  | Urban One, Inc., 7.38%, due 02/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 78765 |
| &nbsp;&nbsp; 775000 |  | &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance Corp., 7.13%, due 03/15/29 <br> 144A<br>| &nbsp;&nbsp; 802631 |
| &nbsp;&nbsp; 500000 |  | UWM Holdings LLC, 6.25%, due 03/15/31 144A | &nbsp;&nbsp; 499443 |
| 1800000 |  | Valaris Ltd., 8.38%, due 04/30/30 144A | 1873778 |
| &nbsp;&nbsp; 758000 |  | Vale Overseas Ltd., 6.00% (5 yr. CMT + 2.43%), due 02/25/56<sup>(a)</sup> 144A | &nbsp;&nbsp; 758985 |
| &nbsp;&nbsp; 305000 |  | Valley National Bancorp, 3.00% (3 mo. USD Term SOFR + 2.36%), due 06/15/31<sup>(a)</sup> <br>| &nbsp;&nbsp; 287476 |
| 1145000 |  | Vedanta Resources Finance II PLC, 9.48%, due 07/24/30 144A | 1170956 |
| &nbsp;&nbsp; 600000 |  | Vedanta Resources Finance II PLC, 9.48%, due 07/24/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 613601 |
| &nbsp;&nbsp; 700000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33 144A | &nbsp;&nbsp; 724479 |
| 1536000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33 144A | 1589714 |
| &nbsp;&nbsp; 200000 |  | Vedanta Resources Finance II PLC, 9.85%, due 04/24/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 206994 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 425000 |  | Vedanta Resources Finance II PLC, 10.88%, due 09/17/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 448679 |
| 1060000 |  | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | &nbsp;&nbsp; 994341 |
| 2475000 |  | Venture Global Calcasieu Pass LLC, 6.25%, due 01/15/30 144A | 2507857 |
| &nbsp;&nbsp; 349000 |  | Venture Global LNG, Inc., 8.38%, due 06/01/31<sup>(l)</sup> 144A | &nbsp;&nbsp; 347372 |
| 1700000 |  | Venture Global LNG, Inc., 9.50%, due 02/01/29 144A | 1763186 |
| 2310000 |  | Venture Global LNG, Inc., 9.88%, due 02/01/32<sup>(l)</sup> 144A | 2387841 |
| &nbsp;&nbsp; 750000 |  | Venture Global Plaquemines LNG LLC, 6.13%, due 12/15/30 144A | &nbsp;&nbsp; 764439 |
| &nbsp;&nbsp; 200000 |  | Venture Global Plaquemines LNG LLC, 6.50%, due 01/15/34 144A | &nbsp;&nbsp; 204950 |
| 1325000 |  | Venture Global Plaquemines LNG LLC, 6.50%, due 06/15/34 144A | 1355306 |
| &nbsp;&nbsp; 600000 |  | Venture Global Plaquemines LNG LLC, 6.75%, due 01/15/36 144A | &nbsp;&nbsp; 614856 |
| &nbsp;&nbsp; 750000 |  | Venture Global Plaquemines LNG LLC, 7.50%, due 05/01/33 144A | &nbsp;&nbsp; 810792 |
| &nbsp;&nbsp; 330000 |  | Venture Global Plaquemines LNG LLC, 7.75%, due 05/01/35 144A | &nbsp;&nbsp; 360822 |
| 1623000 |  | Veon Midco BV, 3.38%, due 11/25/27<sup>(e)</sup> <br>| 1543246 |
| &nbsp;&nbsp; 690000 |  | Veon Midco BV, 9.00%, due 07/15/29 144A | &nbsp;&nbsp; 721167 |
| &nbsp;&nbsp; 500000 | EUR | Verisure Midholding AB, 5.25%, due 02/15/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 590272 |
| &nbsp;&nbsp; 150000 |  | Vermilion Energy, Inc., 6.88%, due 05/01/30 144A | &nbsp;&nbsp; 148441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 |  | Versant Media Group, Inc., 7.25%, due 01/30/31 144A | &nbsp;&nbsp; 101161 |
| &nbsp;&nbsp; 690000 |  | Vertiv Group Corp., 4.13%, due 11/15/28 144A | &nbsp;&nbsp; 681934 |
| &nbsp;&nbsp; 245000 |  | VF Corp., 6.00%, due 10/15/33 | &nbsp;&nbsp; 242117 |
| &nbsp;&nbsp; 295589 |  | VF Ukraine PAT via VFU Funding PLC, 9.63%, due 02/11/27<sup>(e)</sup> <br>| &nbsp;&nbsp; 288319 |
| 1100000 |  | VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, due 06/15/31 144A | 1154886 |
| 1825000 |  | VICI Properties LP/VICI Note Co., Inc., 3.88%, due 02/15/29 144A | 1792948 |
| &nbsp;&nbsp; 750000 |  | VICI Properties LP/VICI Note Co., Inc., 4.13%, due 08/15/30 144A | &nbsp;&nbsp; 728477 |
| &nbsp;&nbsp; 834000 |  | Victoria's Secret & Co., 4.63%, due 07/15/29<sup>(l)</sup> 144A | &nbsp;&nbsp; 809574 |
| 1750000 |  | Viking Baked Goods Acquisition Corp., 8.63%, due 11/01/31 144A | 1759226 |
| &nbsp;&nbsp; 270000 |  | Viking Cruises Ltd., 5.88%, due 10/15/33 144A | &nbsp;&nbsp; 274260 |
| 1100000 |  | Viking Cruises Ltd., 9.13%, due 07/15/31 144A | 1178543 |
| &nbsp;&nbsp; 300000 | GBP | Virgin Media Vendor Financing Notes III DAC, 4.88%, due 07/15/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 394416 |
| 1000000 |  | Virgin Media Vendor Financing Notes IV DAC, 5.00%, due 07/15/28 144A | &nbsp;&nbsp; 981694 |
| &nbsp;&nbsp; 886000 |  | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.38%, due 02/01/30<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 843834 |
| &nbsp;&nbsp; 538000 |  | &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, due 06/01/28<sup>(l)</sup> <br> 144A<br>| &nbsp;&nbsp; 558420 |
| 1285000 |  | Vivo Energy Investments BV, 5.13%, due 09/24/27<sup>(e)</sup> <br>| 1282688 |
| &nbsp;&nbsp; 900000 |  | Vmed O2 U.K. Financing I PLC, 4.25%, due 01/31/31 144A | &nbsp;&nbsp; 821664 |
| 2900000 |  | Vmed O2 U.K. Financing I PLC, 4.75%, due 07/15/31 144A | 2679814 |
| &nbsp;&nbsp; 300000 | EUR | Vmed O2 U.K. Financing I PLC, 5.63%, due 04/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 355406 |
| &nbsp;&nbsp; 235000 |  | Vmed O2 U.K. Financing I PLC, 6.75%, due 01/15/33 144A | &nbsp;&nbsp; 233337 |
| &nbsp;&nbsp; 420000 |  | VOC Escrow Ltd., 5.00%, due 02/15/28<sup>(l)</sup> 144A | &nbsp;&nbsp; 420143 |
| &nbsp;&nbsp; 690000 |  | VoltaGrid LLC, 7.38%, due 11/01/30 144A | &nbsp;&nbsp; 684058 |
| &nbsp;&nbsp; 500000 |  | VT Topco, Inc., 8.50%, due 08/15/30 144A | &nbsp;&nbsp; 524407 |
| 2200000 |  | VZ Secured Financing BV, 5.00%, due 01/15/32 144A | 2000404 |
| &nbsp;&nbsp; 500000 |  | VZ Secured Financing BV, 7.50%, due 01/15/33 144A | &nbsp;&nbsp; 507459 |
| &nbsp;&nbsp; 275000 |  | Wabash National Corp., 4.50%, due 10/15/28 144A | &nbsp;&nbsp; 257523 |
| 1720000 |  | Wand NewCo 3, Inc., 7.63%, due 01/30/32 144A | 1821305 |
| 1650000 |  | Warnermedia Holdings, Inc., 4.28%, due 03/15/32<sup>(l)</sup> <br>| 1450465 |
| 2185000 |  | Warnermedia Holdings, Inc., 5.05%, due 03/15/42 | 1548072 |
| 1530000 |  | Wayfair LLC, 6.75%, due 11/15/32 144A | 1575052 |
| &nbsp;&nbsp; 650000 |  | WBI Operating LLC, 6.25%, due 10/15/30 144A | &nbsp;&nbsp; 654362 |

---

140See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| 1330000 |  | WE Soda Investments Holding PLC, 9.38%, due 02/14/31<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1337890 |
| &nbsp;&nbsp; 260000 |  | WE Soda Investments Holding PLC, 9.38%, due 02/14/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261542 |
| 1698000 |  | WE Soda Investments Holding PLC, 9.50%, due 10/06/28<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1718189 |
| &nbsp;&nbsp; 725000 |  | Weatherford International Ltd., 6.75%, due 10/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742755 |
| &nbsp;&nbsp; 750000 |  | WESCO Distribution, Inc., 6.38%, due 03/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783532 |
| &nbsp;&nbsp; 305000 |  | Western Alliance Bancorp, 3.00% (3 mo. USD Term SOFR + 2.25%), due 06/15/31<sup>(a)(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293925 |
| &nbsp;&nbsp; 820000 |  | WEX, Inc., 6.50%, due 03/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842763 |
| &nbsp;&nbsp; 942000 |  | Wilsonart LLC, 11.00%, due 08/15/32<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842696 |
| 1100000 |  | Windstream Services LLC, 7.50%, due 10/15/33 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1128554 |
| &nbsp;&nbsp; 775000 |  | &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/01/31 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814300 |
| &nbsp;&nbsp; 610000 |  | Wolverine World Wide, Inc., 4.00%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564797 |
| &nbsp;&nbsp; 525000 |  | Woodside Finance Ltd., 6.00%, due 05/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548032 |
| &nbsp;&nbsp; 615000 |  | WR Grace Holdings LLC, 5.63%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587778 |
| 3822000 |  | WULF Compute LLC, 7.75%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 3940514 |
| &nbsp;&nbsp; 600000 |  | Wyndham Hotels & Resorts, Inc., 4.38%, due 08/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 595063 |
| &nbsp;&nbsp; 600000 |  | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, due 05/15/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602572 |
| &nbsp;&nbsp; 700000 |  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, due 02/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757892 |
| &nbsp;&nbsp; 155000 |  | Xerox Holdings Corp., 8.88%, due 11/30/29<sup>(l)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63161 |
| &nbsp;&nbsp; 821000 |  | Yapi ve Kredi Bankasi AS, 8.25% (5 yr. CMT + 4.44%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835923 |
| &nbsp;&nbsp; 725000 |  | Yapi ve Kredi Bankasi AS, 9.25% (5 yr. CMT + 5.28%), due 01/17/34<sup>(a)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775856 |
| &nbsp;&nbsp; 850000 |  | Yinson Bergenia Production BV, 8.50%, due 01/31/45 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894043 |
| &nbsp;&nbsp; 264894 |  | Yinson Boronia Production BV, 8.95%, due 07/31/42<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289184 |
| 1125000 |  | YPF SA, 6.95%, due 07/21/27<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1134837 |
| 2435000 |  | YPF SA, 7.00%, due 09/30/33<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2394140 |
| 1160000 |  | YPF SA, 8.75%, due 09/11/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1202111 |
| &nbsp;&nbsp; 223000 |  | YPF SA, 8.75%, due 09/11/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231096 |
| 1270000 |  | Yum! Brands, Inc., 3.63%, due 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1202863 |
| 1246062 |  | Zayo Group Holdings, Inc., 9.25%, due 03/09/30 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1184943 |
| &nbsp;&nbsp; 400000 | EUR | ZF Europe Finance BV, 7.00%, due 06/12/30<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496545 |
| 1050000 |  | ZF North America Capital, Inc., 6.88%, due 04/23/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1027573 |
| &nbsp;&nbsp; 500000 |  | ZF North America Capital, Inc., 7.13%, due 04/14/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504675 |
| &nbsp;&nbsp; 905000 |  | ZF North America Capital, Inc., 7.50%, due 03/24/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915273 |
| &nbsp;&nbsp; 320000 |  | Ziff Davis, Inc., 4.63%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305245 |
| 1035000 |  | Zorlu Enerji Elektrik Uretim AS, 11.00%, due 04/23/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897368 |
| &nbsp;&nbsp; 350000 |  | &nbsp;&nbsp;&nbsp; Zurich Finance Ireland Designated Activity Co., 3.00% (5 yr. CMT + 2.78%), due <br> 04/19/51<sup>(a)(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318478 |
|  |  |  | 782649367 |
|  |  | **Mortgage Backed Securities - Private Issuers — 3.8%** | **Mortgage Backed Securities - Private Issuers — 3.8%** |
| &nbsp;&nbsp; 315000 |  | &nbsp;&nbsp;&nbsp; ALA Trust, Series 2025-OANA, Class D, 6.84% (1 mo. USD Term SOFR + 3.09%), due <br> 06/15/40<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317247 |
| &nbsp;&nbsp; 265000 |  | Angel Oak Mortgage Trust, Series 2022-2, Class M1, 4.09%, due 01/25/67<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217102 |
| 2635188 |  | Angel Oak Mortgage Trust, Series 2025-8, Class A1, 5.41%, due 07/25/70<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 2657575 |
| 1810370 |  | Angel Oak Mortgage Trust, Series 2025-R1, Class A1, 4.85%, due 07/25/62<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1809688 |
| &nbsp;&nbsp; 900000 |  | ARZ Trust, Series 2024-BILT, Class F, 8.27%, due 06/11/39 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931068 |
| &nbsp;&nbsp; 450000 |  | &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class CNM, 3.72%, <br> due 11/05/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413306 |
| &nbsp;&nbsp; 270000 |  | &nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class DNM, 3.72%, <br> due 11/05/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240195 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1280000 | Bank, Series 2022-BNK42, Class A5, 4.49%, due 06/15/55<sup>(b)</sup> <br>| 1259442 |
| 1020000 | Bank, Series 2024-BNK48, Class A5, 5.05%, due 10/15/57 | 1040409 |
| 1544900 | Barclays Mortgage Trust, Series 2022-RPL1, Class B, 4.25%, due 02/25/28<sup>(f)</sup> 144A | 1549228 |
| &nbsp;&nbsp; 280000 | BBCMS Mortgage Trust, Series 2019-C5, Class A4, 3.06%, due 11/15/52 | &nbsp;&nbsp; 267710 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; Bellemeade Re Ltd., Series 2025-1, Class M1C, 7.12% (30 day USD SOFR Average + <br> 3.25%), due 10/25/35<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 151095 |
| 1300000 | BMO Mortgage Trust, Series 2024-5C5, Class A3, 5.86%, due 02/15/57 | 1359466 |
| &nbsp;&nbsp; 443301 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-21M, Class A, 4.59% (1 mo. USD Term <br> SOFR + 0.84%), due 10/15/36<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 443115 |
| &nbsp;&nbsp; 694344 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 4.71% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(a)</sup> 144A<br>| &nbsp;&nbsp; 694078 |
| 1260000 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-AHP, Class A, 4.74% (1 mo. USD Term <br> SOFR + 0.99%), due 01/17/39<sup>(a)</sup> 144A<br>| 1259568 |
| 1285000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2025-DELC, Class F, 7.91% (1 mo. USD Term SOFR + 3.95%), due <br> 12/15/42<sup>(a)</sup> 144A<br>| 1291605 |
| 1110000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2025-GW, Class E, 7.40% (1 mo. USD Term SOFR + 3.65%), due <br> 07/15/42<sup>(a)</sup> 144A<br>| 1119849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 77629 | &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, 5.08%, due 12/15/47<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76642 |
| &nbsp;&nbsp; 961243 | &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.38%, due <br> 04/25/65<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 871898 |
| &nbsp;&nbsp; 270000 | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class A4, 3.47%, due 10/12/50 | &nbsp;&nbsp; 266480 |
| &nbsp;&nbsp; 288435 | COMM Mortgage Trust, Series 2012-CR3, Class B, 3.92%, due 10/15/45 144A | &nbsp;&nbsp; 277904 |
| 1968000 | COMM Mortgage Trust, Series 2015-LC19, Class D, 2.87%, due 02/10/48 144A | 1843420 |
| &nbsp;&nbsp; 798000 | COMM Mortgage Trust, Series 2015-LC19, Class E, 4.42%, due 02/10/48<sup>(b)</sup> 144A | &nbsp;&nbsp; 724143 |
| 2075000 | COMM Mortgage Trust, Series 2024-CBM, Class E, 7.93%, due 12/10/41<sup>(b)</sup> 144A | 2110539 |
| &nbsp;&nbsp; 663820 | Cross Mortgage Trust, Series 2025-H6, Class A1, 5.18%, due 07/25/70<sup>(b)</sup> 144A | &nbsp;&nbsp; 667150 |
| 1094393 | Cross Mortgage Trust, Series 2025-H9, Class A1, 5.04%, due 11/25/70<sup>(b)</sup> 144A | 1097980 |
| 1000000 | CSMC Trust, Series 2018-RPL9, Class A2, 3.94%, due 09/25/57<sup>(b)</sup> 144A | &nbsp;&nbsp; 938799 |
| 1730000 | &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, Class F, 7.85% (1 mo. USD Term <br> SOFR + 4.10%), due 10/15/42<sup>(a)</sup> 144A<br>| 1751647 |
| &nbsp;&nbsp; 935726 | &nbsp;&nbsp;&nbsp; Finance of America HECM Buyout, Series 2025-HB1, Class A, 4.50%, due 11/25/28<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 933091 |
| &nbsp;&nbsp; 280000 | GS Mortgage Securities Trust, Series 2014-GC22, Class D, 4.57%, due 06/10/47<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 38214 |
| 2072990 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1, 5.65%, due <br> 06/25/65<sup>(f)</sup> 144A<br>| 2096048 |
| 1347646 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, 4.10%, due <br> 07/25/65<sup>(f)</sup> 144A<br>| 1319698 |
| &nbsp;&nbsp; 115868 | &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1C, 4.75% (1 mo. USD Term <br> SOFR + 1.01%), due 06/20/35<sup>(a)</sup> <br>| &nbsp;&nbsp; 109076 |
| &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; HTL Commercial Mortgage Trust, Series 2024-T53, Class D, 8.20%, due 05/10/39<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 726683 |
| 1600000 | &nbsp;&nbsp;&nbsp; HTL Commercial Mortgage Trust, Series 2024-T53, Class E, 10.26%, due 05/10/39<sup>(b)</sup> <br> 144A<br>| 1652949 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2021-NQM4, Class B2, 4.10%, due 01/25/57<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 225504 |
| 1300000 | &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2022-NQM1, Class B1, 4.08%, due 02/25/67<sup>(b)</sup> <br> 144A<br>| 1004770 |
| 2785000 | &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2022-NQM3, Class B2, 4.41%, due 05/25/67<sup>(b)</sup> <br> 144A<br>| 2083809 |
| 1175000 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9, Class E, <br> 3.57%, due 12/15/47<sup>(b)</sup> 144A<br>| 1091237 |

---

142See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1021161 | &nbsp;&nbsp;&nbsp; JP Morgan Seasoned Mortgage Trust, Series 2025-1, Class A4, 3.69%, due 01/25/63<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 963801 |
| 1715000 | &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class B, 4.51%, due <br> 09/15/47<sup>(b)</sup> <br>| 1673254 |
| &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; MAD Commercial Mortgage Trust, Series 2025-11MD, Class D, 6.36%, due 10/15/42<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp; 822800 |
| 1502448 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class E, 3.79%, <br> due 05/15/46<sup>(b)</sup> 144A<br>| 1364936 |
| 1932076 | &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, 5.44%, <br> due 07/25/70<sup>(b)</sup> 144A<br>| 1952478 |
| 1000000 | &nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM10, Class A1FC, <br> 5.02%, due 11/25/70<sup>(f)</sup> 144A<br>| 1003804 |
| &nbsp;&nbsp; 490000 | MSWF Commercial Mortgage Trust, Series 2023-1, Class A4, 5.47%, due 05/15/56 | &nbsp;&nbsp; 510482 |
| 1470000 | NCMF Trust, Series 2025-MFS, Class E, 7.53%, due 06/10/33<sup>(b)</sup> 144A | 1493930 |
| &nbsp;&nbsp; 248004 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2017-5A, Class B4, 5.92%, due <br> 06/25/57<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 243840 |
| &nbsp;&nbsp; 981201 | &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2025-NQM6, Class A1, 5.09%, due <br> 10/25/65<sup>(b)</sup> 144A<br>| &nbsp;&nbsp; 985180 |
| 1572018 | OBX Trust, Series 2025-R1, Class A1, 4.94%, due 09/25/62<sup>(f)</sup> 144A | 1571322 |
| 1742474 | &nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, Series 2025-3, Class AF1, 4.82% (30 day USD SOFR <br> Average + 0.95%), due 05/25/55<sup>(a)</sup> 144A<br>| 1745070 |
| &nbsp;&nbsp; 947016 | PRET Trust, Series 2025-RPL3, Class A1, 4.15%, due 04/25/65<sup>(f)</sup> 144A | &nbsp;&nbsp; 928444 |
| 2630000 | PRET Trust, Series 2025-RPL3, Class M1, 4.15%, due 04/25/65<sup>(f)</sup> 144A | 2435135 |
| &nbsp;&nbsp; 383000 | PRET Trust, Series 2025-RPL5, Class M2, 4.15%, due 01/25/70<sup>(f)</sup> 144A | &nbsp;&nbsp; 337637 |
| &nbsp;&nbsp; 730000 | PRET Trust, Series 2025-RPL6, Class A2, 3.85%, due 09/25/69<sup>(f)</sup> 144A | &nbsp;&nbsp; 667991 |
| 1100000 | PRET Trust, Series 2025-RPL6, Class M2, 3.85%, due 09/25/69<sup>(f)</sup> 144A | &nbsp;&nbsp; 951192 |
| &nbsp;&nbsp; 925019 | PRPM LLC, Series 2025-4, Class A1, 6.18%, due 06/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 927467 |
| &nbsp;&nbsp; 960476 | PRPM LLC, Series 2025-5, Class A1, 5.73%, due 07/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 961968 |
| &nbsp;&nbsp; 130000 | PRPM LLC, Series 2025-5, Class A2, 8.57%, due 07/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 129979 |
| &nbsp;&nbsp; 924197 | PRPM LLC, Series 2025-6, Class A1, 5.77%, due 08/25/28<sup>(f)</sup> 144A | &nbsp;&nbsp; 926379 |
| &nbsp;&nbsp; 959036 | PRPM LLC, Series 2025-7, Class A1, 5.50%, due 08/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 962285 |
| &nbsp;&nbsp; 245000 | PRPM LLC, Series 2025-7, Class A2, 7.45%, due 08/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 245655 |
| &nbsp;&nbsp; 951000 | PRPM LLC, Series 2025-8, Class A2, 7.20%, due 10/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 952510 |
| &nbsp;&nbsp; 851857 | PRPM LLC, Series 2025-RCF3, Class A1, 5.25%, due 07/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 860012 |
| &nbsp;&nbsp; 448515 | PRPM LLC, Series 2025-RCF4, Class A1, 4.50%, due 08/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 445603 |
| 1000000 | PRPM LLC, Series 2025-RCF6, Class A1, 4.99%, due 12/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 999838 |
| &nbsp;&nbsp; 820000 | PRPM LLC, Series 2025-RPL4, Class M1A, 3.00%, due 05/25/55<sup>(f)</sup> 144A | &nbsp;&nbsp; 737497 |
| 2700000 | PRPM LLC, Series 2025-RPL5, Class A1, 4.50%, due 06/25/65<sup>(f)</sup> 144A | 2657983 |
| &nbsp;&nbsp; 900015 | PRPM Trust, Series 2025-3, Class A1, 6.26%, due 05/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 902393 |
| &nbsp;&nbsp; 150000 | RCO VIII Mortgage LLC, Series 2025-3, Class A2, 8.84%, due 05/25/30<sup>(f)</sup> 144A | &nbsp;&nbsp; 150836 |
| 2155000 | ROCK Trust, Series 2024-CNTR, Class E, 8.82%, due 11/13/41 144A | 2300358 |
| &nbsp;&nbsp; 898148 | &nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A1, 5.73%, due <br> 02/25/65<sup>(f)</sup> 144A<br>| &nbsp;&nbsp; 908258 |
| &nbsp;&nbsp; 400000 | SG Residential Mortgage Trust, Series 2022-1, Class B2, 3.96%, due 03/27/62<sup>(b)</sup> 144A | &nbsp;&nbsp; 289705 |
| &nbsp;&nbsp; 219162 | &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2005-AR2, Class 2A2, 4.41% (1 <br> mo. USD Term SOFR + 0.67%), due 05/25/45<sup>(a)</sup> <br>| &nbsp;&nbsp; 167060 |
| &nbsp;&nbsp; 590000 | Towd Point Mortgage Trust, Series 2019-4, Class B1B, 3.50%, due 10/25/59<sup>(b)</sup> 144A | &nbsp;&nbsp; 460737 |
| &nbsp;&nbsp; 187461 | UBS Commercial Mortgage Trust, Series 2017-C7, Class A3, 3.42%, due 12/15/50 | &nbsp;&nbsp; 185512 |
| &nbsp;&nbsp; 922230 | Verus Securitization Trust, Series 2025-R1, Class A1, 5.40%, due 05/25/65<sup>(f)</sup> 144A | &nbsp;&nbsp; 929474 |
| &nbsp;&nbsp; 240176 | &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR16, Class 2A2, 4.13%, <br> due 12/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp; 212985 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| 1155000 | &nbsp;&nbsp;&nbsp; WBHT Commercial Mortgage Trust, Series 2025-WBM, Class E, 7.94% (1 mo. USD <br> Term SOFR + 4.19%), due 06/15/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1150367 |
| 1950000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class D, 3.19%, due <br> 12/15/49<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1777924 |
| &nbsp;&nbsp; 124737 | &nbsp;&nbsp;&nbsp; Wells Fargo Mortgage-Backed Securities Trust, Series 2006-AR5, Class 2A1, 6.67%, due <br> 04/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123776 |
| &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust, Series 2025-DC, Class E, 7.72%, due 07/15/40<sup>(b)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487341 |
| 1900000 | Worldwide Plaza Trust, Series 2017-WWP, Class A, 3.53%, due 11/10/36 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1528095 |
| 2450000 | &nbsp;&nbsp;&nbsp; X-Caliber Funding LLC, Series 2025-VFN1, Class A, 6.85% (1 mo. USD Term SOFR + <br> 2.97%), due 06/17/30<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2460352 |
|  |  | 83423072 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 7.7%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 7.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1749 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2017-2, <br> Class M1, 4.00%, due 08/25/56<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94035 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-2, <br> Class BX, 1.64%, due 11/25/57<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35420 |
| &nbsp;&nbsp; 388125 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2018-3, <br> Class M, 4.75%, due 08/25/57<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378114 |
| &nbsp;&nbsp; 213971 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-1, <br> Class M, 4.75%, due 07/25/58<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210493 |
| &nbsp;&nbsp; 570054 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-3, <br> Class M, 4.75%, due 10/25/58<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562758 |
| &nbsp;&nbsp; 547255 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2019-4, <br> Class M, 4.50%, due 02/25/59<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527191 |
| &nbsp;&nbsp; 363866 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-1, <br> Class M, 4.25%, due 08/25/59<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354362 |
| &nbsp;&nbsp; 541324 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-2, <br> Class M, 4.25%, due 11/25/59<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525779 |
| &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2020-3, <br> Class M, 4.25%, due 05/25/60<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575358 |
| &nbsp;&nbsp; 407508 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-1, <br> Class M, 4.25%, due 09/25/60 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96321 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust, Series 2021-3, <br> Class BXS, 7.76%, due 03/25/61<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57758 |
| 3140000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2022-DNA1, <br> Class B2, 10.97%, (30 day USD SOFR Average + 7.10%), due 01/25/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3307952 |
| 1850000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2020-HQA2, <br> Class B2, 11.59%, (30 day USD SOFR Average + 7.71%), due 03/25/50<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2246153 |
| 2900000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMICS Trust, Series 2021-DNA7, <br> Class B2, 11.67%, (30 day USD SOFR Average + 7.80%), due 11/25/41<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3049672 |
| 2704714 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R07, Class 1B2, 15.87%, (30 day USD SOFR Average + 12.00%), due <br> 06/25/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3092528 |
| 3105000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2021-R03, Class 1B2, 9.37%, (30 day USD SOFR Average + 5.50%), due 12/25/41<sup>(a)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3212340 |
| 2475000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2021-R01, Class 1B2, 9.87%, (30 day USD SOFR Average + 6.00%), due 10/25/41<sup>(a)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2556688 |
| 3095000 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R01, Class 1B2, 9.87%, (30 day USD SOFR Average + 6.00%), due 12/25/41<sup>(a)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3209433 |

---

144See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 2920000 |  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R05, Class 2B2, 10.87%, (30 day USD SOFR Average + 7.00%), due <br> 04/25/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3113368 |
| &nbsp;&nbsp; 1840000 |  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R02, Class 2B2, 11.52%, (30 day USD SOFR Average + 7.65%), due <br> 01/25/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1943800 |
| &nbsp;&nbsp; 3420000 |  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R04, Class 1B2, 13.37%, (30 day USD SOFR Average + 9.50%), due <br> 03/25/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3729118 |
| &nbsp;&nbsp; 1250000 |  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Connecticut Avenue Securities Trust, Series <br> 2022-R03, Class 1B2, 13.72%, (30 day USD SOFR Average + 9.85%), due <br> 03/25/42<sup>(a)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1367612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 592552 |  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2014-H23, Class FA, <br> 4.76%, (1 mo. USD Term SOFR + 0.76%), due 11/20/64<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52146 |  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2015-H32, Class FA, <br> 4.86%, (1 mo. USD Term SOFR + 0.86%), due 12/20/65<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 880178 |  | &nbsp;&nbsp;&nbsp; Multifamily Housing Mortgage Loan Trust, Series Q034, Class APT2, 2.90%, due <br> 07/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 150000 |  | Uniform Mortgage-Backed Security, TBA, 3.50%, due 03/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138525 |
| 12450000 |  | Uniform Mortgage-Backed Security, TBA, 4.50%, due 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp; 12170989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 400000 |  | Uniform Mortgage-Backed Security, TBA, 4.50%, due 02/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390661 |
| 14375000 |  | Uniform Mortgage-Backed Security, TBA, 5.00%, due 02/01/56 | &nbsp;&nbsp;&nbsp;&nbsp; 14339118 |
| 19815000 |  | Uniform Mortgage-Backed Security, TBA, 5.50%, due 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp; 20107510 |
| 43050000 |  | Uniform Mortgage-Backed Security, TBA, 6.00%, due 01/01/55 | &nbsp;&nbsp;&nbsp;&nbsp; 44219532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Uniform Mortgage-Backed Security, TBA, 6.00%, due 02/01/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 923923 |
| 36860000 |  | Uniform Mortgage-Backed Security, TBA, 6.50%, due 02/01/56 | &nbsp;&nbsp;&nbsp;&nbsp; 38319426 |
|  |  |  | 166565223 |
|  |  | **Municipal Obligation — 0.0%** | **Municipal Obligation — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 810000 |  | Maricopa County Industrial Development Authority, 7.38%, due 10/01/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850064 |
|  |  | **Sovereign Debt Obligations — 16.0%** | **Sovereign Debt Obligations — 16.0%** |
| &nbsp;&nbsp; 1195000 |  | Africa Finance Corp., 7.50%, (5 yr. CMT + 3.02%)<sup>(a)(e)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1204733 |
| &nbsp;&nbsp; 1055000 |  | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1032476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 851000 |  | Angola Government International Bonds, 8.00%, due 11/26/29<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832831 |
| &nbsp;&nbsp; 1200000 |  | Angola Government International Bonds, 8.75%, due 04/14/32 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1171959 |
| &nbsp;&nbsp; 1304000 |  | Angola Government International Bonds, 8.75%, due 04/14/32<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1273529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 390000 |  | Angola Government International Bonds, 9.13%, due 11/26/49<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 532000 |  | Angolan Government International Bonds, 9.24%, due 01/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 438000 |  | Angolan Government International Bonds, 9.88%, due 10/15/35 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62985 |  | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53852 |
| &nbsp;&nbsp; 2544536 |  | Argentina Republic Government International Bonds, 0.75%, due 07/09/30<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2175578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4404 |  | Argentina Republic Government International Bonds, 1.00%, due 07/09/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| &nbsp;&nbsp; 5884737 |  | Argentina Republic Government International Bonds, 3.50%, due 07/09/41<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4089892 |
| &nbsp;&nbsp; 4990214 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3717709 |
| &nbsp;&nbsp; 1370428 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/35<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1020969 |
| &nbsp;&nbsp; 4200000 |  | Argentina Republic Government International Bonds, 4.13%, due 07/09/46<sup>(f)(o)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3009300 |
| 23300000 | INR | Asian Infrastructure Investment Bank, 6.65%, due 06/30/33<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257188 |
| 37500000 | MXN | Asian Infrastructure Investment Bank, 9.89%, due 02/08/38<sup>(e)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653724 |
| &nbsp;&nbsp; 1219000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36 144A | &nbsp;&nbsp;&nbsp;&nbsp; 1363232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 |  | Bahamas Government International Bonds, 8.25%, due 06/24/36<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279580 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215000 |  | Bahamas Government International Bonds, 8.95%, due 10/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 241875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962000 |  | Bahrain Government International Bonds, 5.25%, due 01/25/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 920040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972000 |  | Bahrain Government International Bonds, 5.63%, due 05/18/34<sup>(e)</sup> <br>| &nbsp;&nbsp; 934667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3229000 |  | Baiterek National Managing Holding JSC, 4.65%, due 10/01/30 144A | 3228015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325000 |  | Benin Government International Bonds, 7.96%, due 02/13/38<sup>(e)</sup> <br>| 1379317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |  | Benin Government International Bonds, 7.96%, due 02/13/38<sup>(e)</sup> <br>| &nbsp;&nbsp; 208199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4030000 |  | Bermuda Government International Bonds, 2.38%, due 08/20/30<sup>(e)</sup> <br>| 3671330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1499000 |  | Bermuda Government International Bonds, 3.38%, due 08/20/50<sup>(e)</sup> <br>| 1045553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3510000 |  | Bermuda Government International Bonds, 5.00%, due 07/15/32<sup>(e)</sup> <br>| 3557385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 340000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 5.00%, due 03/01/35 | &nbsp;&nbsp; 374034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 140000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 6.00%, due 04/01/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 162989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 110000000 | CLP | Bonos de la Tesoreria de la Republica en pesos, 6.20%, due 10/01/40<sup>(e)</sup> <br>| &nbsp;&nbsp; 132193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075000 |  | Brazil Government International Bonds, 7.25%, due 01/12/56 | 2060994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/29 | &nbsp;&nbsp; 319829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17270000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/31 | 2769597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11147000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/33 | 1714404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229000 | BRL | Brazil Notas do Tesouro Nacional, 10.00%, due 01/01/35 | &nbsp;&nbsp;&nbsp;&nbsp; 34266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76000 | EUR | Bulgaria Government International Bonds, 1.38%, due 09/23/50<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 50820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5898000 |  | Chile Government International Bonds, 4.34%, due 03/07/42 | 5263965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4934000 |  | Chile Government International Bonds, 5.65%, due 01/13/37 | 5225106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12240000 | CNY | China Government Bonds, 2.15%, due 08/25/55 | 1706350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | EUR | Colombia Government International Bonds, 5.00%, due 09/19/32 | &nbsp;&nbsp; 112656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275000 |  | Colombia Government International Bonds, 5.00%, due 06/15/45 | 1662456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1125000 | EUR | Colombia Government International Bonds, 5.75%, due 11/26/34 | 1282573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095000 | EUR | Colombia Government International Bonds, 6.50%, due 11/26/38 | 2383658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575000 |  | Colombia Government International Bonds, 7.38%, due 09/18/37 | 1605712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 |  | Colombia Government International Bonds, 7.75%, due 11/07/36 | &nbsp;&nbsp; 678698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459000 |  | Colombia Government International Bonds, 8.00%, due 11/14/35 | &nbsp;&nbsp; 490212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683000 |  | Colombia Government International Bonds, 8.38%, due 11/07/54 | 1789870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420000 |  | Colombia Government International Bonds, 8.50%, due 04/25/35 | 1566970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 953094480 | COP | Colombia TES, 2.25%, due 04/18/29 | &nbsp;&nbsp; 223162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 858700000 | COP | Colombia TES, 6.25%, due 07/09/36 | &nbsp;&nbsp; 141625 |
| &nbsp;&nbsp; 3353701202 | COP | Colombia TES, 6.50%, due 01/22/31 | &nbsp;&nbsp; 892740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 431600000 | COP | Colombia TES, 7.25%, due 10/18/34 | &nbsp;&nbsp;&nbsp;&nbsp; 81327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 393400000 | COP | Colombia TES, 7.75%, due 09/18/30 | &nbsp;&nbsp;&nbsp;&nbsp; 85634 |
| &nbsp;&nbsp; 2385900000 | COP | Colombia TES, 9.25%, due 05/28/42 | &nbsp;&nbsp; 471750 |
| &nbsp;&nbsp; 5131000000 | COP | Colombia TES, 11.00%, due 08/22/29 | 1283912 |
| &nbsp;&nbsp; 1276200000 | COP | Colombia TES, 11.50%, due 07/25/46 | &nbsp;&nbsp; 303974 |
| 12040000000 | COP | Colombia TES, 11.75%, due 01/24/35 | 2979114 |
| &nbsp;&nbsp; 1125000000 | COP | Colombia TES, 12.75%, due 11/28/40 | &nbsp;&nbsp; 299176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 | EUR | Costa Rica Government International Bonds, 5.50%, due 11/21/30 144A | 1193036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(e)</sup> <br>| &nbsp;&nbsp; 665700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124000 |  | Costa Rica Government International Bonds, 7.16%, due 03/12/45<sup>(e)</sup> <br>| 1247078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050000 | CZK | Czech Republic Government Bonds, 1.50%, due 04/24/40 | &nbsp;&nbsp; 129501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4090000 | CZK | Czech Republic Government Bonds, 2.00%, due 10/13/33 | &nbsp;&nbsp; 167270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6930000 | CZK | Czech Republic Government Bonds, 3.50%, due 05/30/35 | &nbsp;&nbsp; 311591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58740000 | CZK | Czech Republic Government Bonds, 3.60%, due 06/03/36 | 2615213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8570000 | CZK | Czech Republic Government Bonds, 4.20%, due 12/04/36<sup>(e)</sup> <br>| &nbsp;&nbsp; 402139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6490000 | CZK | Czech Republic Government Bonds, 4.25%, due 10/24/34 | &nbsp;&nbsp; 309547 |

---

146See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | CZK | Czech Republic Government Bonds, 4.50%, due 11/11/32 | &nbsp;&nbsp;&nbsp;&nbsp; 73630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |  | Dominican Republic International Bonds, 4.50%, due 01/30/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 264357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3125000 |  | Dominican Republic International Bonds, 4.88%, due 09/23/32<sup>(e)</sup> <br>| 3014844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 |  | Dominican Republic International Bonds, 5.50%, due 02/22/29 144A | &nbsp;&nbsp; 355128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694000 |  | Dominican Republic International Bonds, 5.88%, due 10/28/35<sup>(e)</sup> <br>| 1699167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804000 |  | Dominican Republic International Bonds, 5.88%, due 01/30/60<sup>(e)</sup> <br>| 1613227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |  | Dominican Republic International Bonds, 6.00%, due 02/22/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 153983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884000 |  | Dominican Republic International Bonds, 6.85%, due 01/27/45<sup>(e)</sup> <br>| &nbsp;&nbsp; 923029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 |  | Dominican Republic International Bonds, 6.95%, due 03/15/37<sup>(e)</sup> <br>| &nbsp;&nbsp; 956617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75600000 | DOP | Dominican Republic International Bonds, 10.75%, due 06/01/36 144A | 1296801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23500000 | DOP | Dominican Republic International Bonds, 13.63%, due 02/03/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 453022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2747000 |  | Eagle Funding Luxco SARL, 5.50%, due 08/17/30 144A | 2800869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3050000 |  | Eagle Funding Luxco SARL, 5.50%, due 08/17/30<sup>(e)</sup> <br>| 3109810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625000 |  | Ecuador Government International Bonds, 5.00%, due 07/31/40<sup>(e)(f)</sup> <br>| 1276438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3938000 |  | Ecuador Government International Bonds, 6.90%, due 07/31/30<sup>(e)</sup> <br>| 3896690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325000 |  | Ecuador Government International Bonds, 6.90%, due 07/31/35 144A | 2056462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3963507 |  | Ecuador Government International Bonds, 6.90%, due 07/31/35<sup>(e)</sup> <br>| 3505722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57137000 | EGP | Egypt Government Bonds, 25.32%, due 08/13/27 | 1235293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |  | Egypt Government International Bonds, 6.59%, due 02/21/28<sup>(e)</sup> <br>| 1235141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1795000 |  | Egypt Government International Bonds, 7.90%, due 02/21/48<sup>(e)</sup> <br>| 1670815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3670000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(e)</sup> <br>| 3618377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925000 |  | Egypt Government International Bonds, 8.50%, due 01/31/47<sup>(e)</sup> <br>| &nbsp;&nbsp; 911989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691000 |  | Egypt Government International Bonds, 8.88%, due 05/29/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 703569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |  | El Salvador Government International Bonds, 7.12%, due 01/20/50<sup>(e)</sup> <br>| &nbsp;&nbsp; 738624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 |  | El Salvador Government International Bonds, 9.25%, due 04/17/30 144A | &nbsp;&nbsp; 698573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151000 |  | El Salvador Government International Bonds, 9.50%, due 07/15/52<sup>(e)</sup> <br>| &nbsp;&nbsp; 171142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810000 |  | El Salvador Government International Bonds, 9.65%, due 11/21/54<sup>(e)</sup> <br>| &nbsp;&nbsp; 930731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27200000 | INR | European Bank for Reconstruction & Development, 6.75%, due 01/13/32 | &nbsp;&nbsp; 302438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3110000 |  | Gabon Government International Bonds, 6.63%, due 02/06/31<sup>(e)</sup> <br>| 2421767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 |  | Gabon Government International Bonds, 6.63%, due 02/06/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 564560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |  | Ghana Government International Bonds, 5.00%, due 07/03/29<sup>(e)(f)</sup> <br>| 1279910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375000 |  | Ghana Government International Bonds, 5.00%, due 07/03/35<sup>(e)(f)</sup> <br>| 1261601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | Ghana Government International Bonds, 9.50%, due 02/18/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 521220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Guatemala Government Bonds, 4.65%, due 10/07/41<sup>(e)(l)</sup> <br>| &nbsp;&nbsp; 781988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 |  | Guatemala Government Bonds, 6.05%, due 08/06/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 564030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676000 |  | Guatemala Government Bonds, 6.55%, due 02/06/37<sup>(e)</sup> <br>| &nbsp;&nbsp; 726700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 |  | Guatemala Government Bonds, 6.60%, due 06/13/36<sup>(e)</sup> <br>| &nbsp;&nbsp; 452970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252000 |  | Guatemala Government Bonds, 6.60%, due 06/13/36<sup>(e)</sup> <br>| &nbsp;&nbsp; 271782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696000 |  | Guatemala Government Bonds, 6.88%, due 08/15/55 144A | &nbsp;&nbsp; 745590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 107580000 | HUF | Hungary Government Bonds, 3.00%, due 10/27/38 | &nbsp;&nbsp; 218274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30 144A | &nbsp;&nbsp; 617110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 |  | Hungary Government International Bonds, 5.38%, due 09/26/30<sup>(e)</sup> <br>| &nbsp;&nbsp; 257129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350000 |  | Hungary Government International Bonds, 5.50%, due 03/26/36<sup>(e)</sup> <br>| 2355172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 |  | Hungary Government International Bonds, 6.75%, due 09/25/52 144A | &nbsp;&nbsp; 468117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |  | Hungary Government International Bonds, 7.63%, due 03/29/41 | 1998325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17290000 | INR | India Government Bonds, 6.64%, due 06/16/35 | &nbsp;&nbsp; 191849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63570000 | INR | India Government Bonds, 7.30%, due 06/19/53 | &nbsp;&nbsp; 709400 |
| 54099000000 | IDR | Indonesia Treasury Bonds, 5.88%, due 03/15/31 | 3299564 |
| 69527000000 | IDR | Indonesia Treasury Bonds, 6.50%, due 07/15/30 | 4338735 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 55770000000 | IDR | Indonesia Treasury Bonds, 6.75%, due 07/15/35 | 3518811 |
| &nbsp;&nbsp; 4385000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 08/15/40 | &nbsp;&nbsp; 282502 |
| &nbsp;&nbsp; 1083000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 06/15/42 | &nbsp;&nbsp;&nbsp;&nbsp; 68910 |
| &nbsp;&nbsp; 1867000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 06/15/43 | &nbsp;&nbsp; 118796 |
| &nbsp;&nbsp; 3405000000 | IDR | Indonesia Treasury Bonds, 7.13%, due 08/15/45 | &nbsp;&nbsp; 219261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 | INR | International Bank for Reconstruction & Development, 6.50%, due 10/01/37 | &nbsp;&nbsp; 218916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12600000 | INR | International Bank for Reconstruction & Development, 6.75%, due 07/13/29 | &nbsp;&nbsp; 140751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320000 |  | Istanbul Metropolitan Municipality, 10.50%, due 12/06/28<sup>(e)</sup> <br>| 1451544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 |  | Ivory Coast Government International Bonds, 6.38%, due 03/03/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 335506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33 144A | 1940037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |  | Ivory Coast Government International Bonds, 7.63%, due 01/30/33<sup>(e)</sup> <br>| 2384403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245000 |  | Ivory Coast Government International Bonds, 8.08%, due 04/01/36 144A | 1348580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956000 |  | Ivory Coast Government International Bonds, 8.25%, due 01/30/37<sup>(e)</sup> <br>| 2135277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151000 |  | Jamaica Government International Bonds, 8.00%, due 03/15/39 | &nbsp;&nbsp; 182710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 108000000 | JMD | Jamaica Government International Bonds, 9.63%, due 11/03/30 | &nbsp;&nbsp; 721257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820000 |  | Jordan Government International Bonds, 7.75%, due 01/15/28 144A | &nbsp;&nbsp; 856723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Lebanon Government International Bonds, 7.00%, due 03/23/32<sup>(e)(n)</sup> <br>| &nbsp;&nbsp; 201484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Lebanon Government International Bonds, 7.25%, due 03/23/37<sup>(e)(n)</sup> <br>| &nbsp;&nbsp; 201720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |  | Lebanon Government International Bonds, 8.25%, due 04/12/21<sup>(e)(n)</sup> <br>| &nbsp;&nbsp; 198131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12467000 | MYR | Malaysia Government Bonds, 3.48%, due 07/02/35 | 3065170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3749000 | MYR | Malaysia Government Bonds, 3.58%, due 07/15/32 | &nbsp;&nbsp; 934710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1995000 | MYR | Malaysia Government Bonds, 3.83%, due 07/05/34 | &nbsp;&nbsp; 504149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6364000 | MYR | Malaysia Government Bonds, 3.89%, due 08/15/29 | 1605198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920000 | MYR | Malaysia Government Bonds, 3.90%, due 11/16/27 | &nbsp;&nbsp; 482166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858000 | MYR | Malaysia Government Bonds, 3.91%, due 07/15/26 | &nbsp;&nbsp; 212597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020000 | MYR | Malaysia Government Bonds, 4.39%, due 04/15/26 | &nbsp;&nbsp; 499973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313000 | MYR | Malaysia Government Bonds, 4.46%, due 03/31/53 | &nbsp;&nbsp; 350515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 | MYR | Malaysia Government Bonds, 4.70%, due 10/15/42 | &nbsp;&nbsp; 259949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786000 | MYR | Malaysia Government Bonds, 4.76%, due 04/07/37 | &nbsp;&nbsp; 213624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 | MXN | Mexico Bonos, 5.75%, due 03/05/26 | 2771238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61025900 | MXN | Mexico Bonos, 7.75%, due 11/13/42 | 2904991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787500 | MXN | Mexico Bonos, 8.00%, due 11/07/47 | &nbsp;&nbsp;&nbsp;&nbsp; 37756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2799800 | MXN | Mexico Bonos, 8.00%, due 07/31/53 | &nbsp;&nbsp; 132995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3259000 | MXN | Mexico Bonos, 8.00%, due 04/29/55 | &nbsp;&nbsp; 154060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5658780 | MXN | Mexico Cetes, 7.68%, due 09/02/27<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 27726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41126900 | MXN | Mexico Cetes, 7.70%, due 10/28/27<sup>(k)</sup> <br>| 1989336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Mexico Government International Bonds, 5.38%, due 03/22/33 | &nbsp;&nbsp; 497250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |  | Mexico Government International Bonds, 5.85%, due 07/02/32 | &nbsp;&nbsp; 411464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900000 |  | Mexico Government International Bonds, 6.00%, due 05/07/36 | 2945675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850000 |  | Mexico Government International Bonds, 6.40%, due 05/07/54 | 1783400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47172634 | MXN | Mexico Udibonos, 2.75%, due 11/27/31 | 2376098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659000 |  | Mongolia Government International Bond, 4.45%, due 07/07/31<sup>(e)</sup> <br>| 2445223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300000 |  | Mongolia Government International Bonds, 4.45%, due 07/07/31<sup>(e)</sup> <br>| 2115086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340000 |  | Mongolia Government International Bonds, 7.88%, due 06/05/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 362748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850000 |  | Mongolia Government International Bonds, 7.88%, due 06/05/29<sup>(e)</sup> <br>| 1973776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 |  | Morocco Government International Bonds, 3.00%, due 12/15/32<sup>(e)</sup> <br>| &nbsp;&nbsp; 616909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2265000 |  | Nigeria Government International Bonds, 7.14%, due 02/23/30<sup>(e)</sup> <br>| 2351320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 |  | Nigeria Government International Bonds, 8.63%, due 01/13/36<sup>(e)</sup> <br>| &nbsp;&nbsp; 700093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Nigeria Government International Bonds, 8.63%, due 01/13/36 144A | &nbsp;&nbsp; 538533 |

---

148See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |  | Nigeria Government International Bonds, 9.13%, due 01/13/46<sup>(l)</sup> 144A | &nbsp;&nbsp; 539176 |
| &nbsp;&nbsp;&nbsp; 1200000 |  | Oman Government International Bonds, 6.50%, due 03/08/47<sup>(e)</sup> <br>| 1291868 |
| &nbsp;&nbsp;&nbsp; 1100000 |  | Pakistan Global Sukuk Programme Co. Ltd., 7.95%, due 01/31/29<sup>(e)</sup> <br>| 1127884 |
| &nbsp;&nbsp;&nbsp; 1515000 |  | Pakistan Government International Bonds, 7.88%, due 03/31/36<sup>(e)</sup> <br>| 1489061 |
| &nbsp;&nbsp;&nbsp; 1838000 |  | Pakistan Government International Bonds, 7.88%, due 03/31/36<sup>(e)</sup> <br>| 1806530 |
| &nbsp;&nbsp;&nbsp; 3175000 |  | Panama Government International Bonds, 6.88%, due 01/31/36<sup>(l)</sup> <br>| 3461464 |
| &nbsp;&nbsp;&nbsp; 1275000 |  | Paraguay Government International Bonds, 3.85%, due 06/28/33<sup>(e)</sup> <br>| 1208737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000 |  | Paraguay Government International Bonds, 5.85%, due 08/21/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 447005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810000 |  | Paraguay Government International Bonds, 5.85%, due 08/21/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 862082 |
| &nbsp;&nbsp;&nbsp; 2175000 |  | Paraguay Government International Bonds, 6.00%, due 02/09/36<sup>(e)</sup> <br>| 2338651 |
| 645000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31 144A | &nbsp;&nbsp;&nbsp;&nbsp; 92911 |
| 628000000 | PYG | Paraguay Government International Bonds, 7.90%, due 02/09/31<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 91160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | PEN | Peru Government Bonds, 5.35%, due 08/12/40 | &nbsp;&nbsp;&nbsp;&nbsp; 46225 |
| &nbsp;&nbsp;&nbsp; 9425000 | PEN | Peru Government Bonds, 7.30%, due 08/12/33<sup>(e)</sup> <br>| 3197723 |
| &nbsp;&nbsp;&nbsp; 1669000 | PEN | Peru Government Bonds, 7.60%, due 08/12/39<sup>(e)</sup> <br>| &nbsp;&nbsp; 542277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440000 |  | Peru Government International Bonds, 3.00%, due 01/15/34 | &nbsp;&nbsp; 383614 |
| &nbsp;&nbsp;&nbsp; 3515000 |  | Peru Government International Bonds, 3.00%, due 01/15/34 | 3064553 |
| &nbsp;&nbsp;&nbsp; 3600000 |  | Peru Government International Bonds, 3.30%, due 03/11/41 | 2788560 |
| &nbsp;&nbsp;&nbsp; 2450000 | PEN | Peru Government International Bonds, 6.35%, due 08/12/28<sup>(e)</sup> <br>| &nbsp;&nbsp; 767083 |
| &nbsp;&nbsp;&nbsp; 2900000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(e)</sup> <br>| &nbsp;&nbsp; 902326 |
| &nbsp;&nbsp; 11719000 | PEN | Peru Government International Bonds, 6.90%, due 08/12/37<sup>(e)</sup> <br>| 3646332 |
| &nbsp;&nbsp;&nbsp; 9617000 | PEN | Peru Government International Bonds, 7.30%, due 08/12/33<sup>(e)</sup> <br>| 3262865 |
| &nbsp;&nbsp;&nbsp; 3337000 |  | Peruvian Government International Bond, 5.50%, due 03/30/36 | 3408245 |
| &nbsp;&nbsp; 25865000 | PHP | Philippines Government Bonds, 6.00%, due 08/20/30 | &nbsp;&nbsp; 443178 |
| 158450000 | PHP | Philippines Government Bonds, 6.25%, due 01/25/34 | 2736019 |
| 164860000 | PHP | Philippines Government Bonds, 6.38%, due 07/27/30 | 2866368 |
| &nbsp;&nbsp; 12200000 | PHP | Philippines Government Bonds, 6.75%, due 09/15/32 | &nbsp;&nbsp; 216977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640000 |  | Provincia de Cordoba, 9.75%, due 07/02/32 144A | &nbsp;&nbsp; 674720 |
| &nbsp;&nbsp;&nbsp; 1350000 |  | Republic of Cameroon International Bonds, 9.50%, due 07/31/31<sup>(e)</sup> <br>| 1347564 |
| &nbsp;&nbsp;&nbsp; 4368811 | GHS | Republic of Ghana Government Bonds, 8.80%, due 02/12/30 | &nbsp;&nbsp; 342254 |
| &nbsp;&nbsp;&nbsp; 2036231 | GHS | Republic of Ghana Government Bonds, 9.25%, due 02/08/33 | &nbsp;&nbsp; 143267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820740 | GHS | Republic of Ghana Government Bonds, 10.00%, due 02/02/38 | &nbsp;&nbsp;&nbsp;&nbsp; 53878 |
| &nbsp;&nbsp;&nbsp; 1100000 |  | Republic of Kenya Government International Bonds, 6.30%, due 01/23/34<sup>(e)</sup> <br>| 1009545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |  | Republic of Kenya Government International Bonds, 8.80%, due 10/09/38 144A | &nbsp;&nbsp; 405199 |
| &nbsp;&nbsp;&nbsp; 1380000 |  | Republic of Kenya Government International Bonds, 9.75%, due 02/16/31 144A | 1510420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593000 | PLN | Republic of Poland Government Bonds, 1.75%, due 04/25/32 | &nbsp;&nbsp; 139092 |
| &nbsp;&nbsp;&nbsp; 2645000 | PLN | Republic of Poland Government Bonds, 5.00%, due 10/25/34 | &nbsp;&nbsp; 733100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668000 | PLN | Republic of Poland Government Bonds, 5.00%, due 10/25/35 | &nbsp;&nbsp; 183860 |
| &nbsp;&nbsp;&nbsp; 1549894 | ZAR | Republic of South Africa Government Bond CPI-Linked, 2.25%, due 01/31/38 | &nbsp;&nbsp;&nbsp;&nbsp; 75956 |
| &nbsp;&nbsp;&nbsp; 3010289 | ZAR | Republic of South Africa Government Bond CPI-Linked, 2.50%, due 03/31/46 | &nbsp;&nbsp; 139689 |
| &nbsp;&nbsp;&nbsp; 6900000 | ZAR | Republic of South Africa Government Bonds, 8.00%, due 01/31/30 | &nbsp;&nbsp; 425391 |
| &nbsp;&nbsp; 66800000 | ZAR | Republic of South Africa Government Bonds, 8.25%, due 03/31/32 | 4128472 |
| 101781977 | ZAR | Republic of South Africa Government Bonds, 8.50%, due 01/31/37 | 6092579 |
| &nbsp;&nbsp; 17424958 | ZAR | Republic of South Africa Government Bonds, 8.75%, due 01/31/44 | 1006807 |
| &nbsp;&nbsp; 78455000 | ZAR | Republic of South Africa Government Bonds, 8.88%, due 02/28/35 | 4933456 |
| &nbsp;&nbsp; 66570000 | ZAR | Republic of South Africa Government Bonds, 9.00%, due 01/31/40 | 4028377 |
| &nbsp;&nbsp;&nbsp; 5683000 | ZAR | Republic of South Africa Government Bonds, 9.88%, due 03/31/39 | &nbsp;&nbsp; 367531 |
| &nbsp;&nbsp; 31000000 | ZAR | Republic of South Africa Government Bonds, 10.50%, due 12/21/26 | 1920120 |
| &nbsp;&nbsp; 10000000 | ZAR | Republic of South Africa Government Bonds, 10.88%, due 03/31/38 | &nbsp;&nbsp; 697701 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1229000 | ZAR | Republic of South Africa Government Bonds, 11.63%, due 03/31/53 | &nbsp;&nbsp;&nbsp;&nbsp; 93634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 1547266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5535000 |  | Republic of South Africa Government International Bonds, 5.88%, due 04/20/32 | 5709413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 |  | Republic of South Africa Government International Bonds, 7.10%, due 11/19/36<sup>(e)</sup> <br>| &nbsp;&nbsp; 564306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3225000 |  | Republic of South Africa Government International Bonds, 7.25%, due 12/11/55 144A | 3202180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 |  | Republic of South Africa Government International Bonds, 7.30%, due 04/20/52 | &nbsp;&nbsp; 657886 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 14.25%, due 06/22/34 | 1399353 |
| 5614500000 | UGX | Republic of Uganda Government Bonds, 15.00%, due 06/18/43 | 1341018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1185000 | RON | Romania Government Bonds, 4.75%, due 10/11/34 | &nbsp;&nbsp; 237891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3440000 | RON | Romania Government Bonds, 6.75%, due 04/25/35 | &nbsp;&nbsp; 793702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550000 | RON | Romania Government Bonds, 7.65%, due 07/27/31 | &nbsp;&nbsp; 373313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000 | RON | Romania Government Bonds, 8.25%, due 09/29/32 | &nbsp;&nbsp; 123061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735000 | EUR | Romania Government International Bonds, 2.75%, due 04/14/41<sup>(e)</sup> <br>| &nbsp;&nbsp; 575282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475000 | EUR | Romania Government International Bonds, 2.88%, due 04/13/42<sup>(e)</sup> <br>| &nbsp;&nbsp; 370327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430000 | EUR | Romania Government International Bonds, 3.75%, due 02/07/34<sup>(e)</sup> <br>| 1517590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3775000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31<sup>(e)</sup> <br>| 4620394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290000 | EUR | Romania Government International Bonds, 5.38%, due 03/22/31 144A | &nbsp;&nbsp; 354944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1927000 | EUR | Romania Government International Bonds, 5.38%, due 06/07/33 144A | 2292454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336000 | EUR | Romania Government International Bonds, 5.38%, due 06/07/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 399722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |  | Romania Government International Bonds, 5.75%, due 03/24/35 144A | &nbsp;&nbsp; 895057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716000 |  | Romania Government International Bonds, 5.75%, due 03/24/35 144A | &nbsp;&nbsp; 712068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594000 |  | Romania Government International Bonds, 5.88%, due 01/30/29<sup>(e)</sup> <br>| &nbsp;&nbsp; 613948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576000 |  | Romania Government International Bonds, 6.38%, due 01/30/34<sup>(e)</sup> <br>| &nbsp;&nbsp; 601366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | EUR | Romania Government International Bonds, 6.50%, due 10/07/45 144A | &nbsp;&nbsp; 938146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 | EUR | Romania Government International Bonds, 6.75%, due 07/11/39 144A | 1536245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690000 |  | Romania Government International Bonds, 7.13%, due 01/17/33<sup>(e)</sup> <br>| &nbsp;&nbsp; 751019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | &nbsp;&nbsp; 799719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532000 |  | Romania Government International Bonds, 7.50%, due 02/10/37 144A | &nbsp;&nbsp; 590903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 |  | Saudi Government International Bonds, 3.75%, due 01/21/55<sup>(e)(l)</sup> <br>| 1278005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2375000 | EUR | Senegal Government International Bonds, 4.75%, due 03/13/28<sup>(e)</sup> <br>| 1942612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000 | EUR | Senegal Government International Bonds, 5.38%, due 06/08/37<sup>(e)</sup> <br>| &nbsp;&nbsp; 695184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855000 | EUR | Senegal Government International Bonds, 5.38%, due 06/08/37<sup>(e)</sup> <br>| 1194043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1850000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(e)</sup> <br>| 1080446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075000 |  | Senegal Government International Bonds, 6.25%, due 05/23/33<sup>(e)</sup> <br>| 1211851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1285000 |  | Senegal Government International Bonds, 6.75%, due 03/13/48<sup>(e)</sup> <br>| &nbsp;&nbsp; 697743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450000 |  | Senegal Government International Bonds, 6.75%, due 03/13/48<sup>(e)</sup> <br>| 1330328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |  | Senegal Government International Bonds, 7.75%, due 06/10/31<sup>(e)</sup> <br>| &nbsp;&nbsp; 891234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |  | Serbia International Bonds, 6.00%, due 06/12/34<sup>(e)</sup> <br>| 1764996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37292 |  | Sri Lanka Government International Bonds, 3.10%, due 01/15/30<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 35542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698148 |  | Sri Lanka Government International Bonds, 3.35%, due 03/15/33<sup>(f)</sup> 144A | &nbsp;&nbsp; 601904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34279 |  | Sri Lanka Government International Bonds, 3.60%, due 05/15/36<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp; 31270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2889335 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(f)</sup> 144A | 2642326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050000 |  | Sri Lanka Government International Bonds, 3.60%, due 02/15/38<sup>(e)(f)</sup> <br>| &nbsp;&nbsp; 960235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34849 |  | Sri Lanka Government International Bonds, 4.00%, due 04/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp; 33457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411000 |  | Suriname Government International Bonds, 7.70%, due 11/06/30 144A | &nbsp;&nbsp; 424871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47685915 | THB | Thailand Government Bonds, 1.25%, due 03/12/28<sup>(e)</sup> <br>| 1494247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10402000 | THB | Thailand Government Bonds, 1.60%, due 06/17/35 | &nbsp;&nbsp; 330755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41134000 | THB | Thailand Government Bonds, 2.98%, due 06/17/45 | 1455117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1497000 | THB | Thailand Government Bonds, 3.30%, due 06/17/38 | &nbsp;&nbsp;&nbsp;&nbsp; 54867 |

---

150See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **Sovereign Debt Obligations — continued** | **Sovereign Debt Obligations — continued** |
| 10190000 | THB | Thailand Government Bonds, 3.45%, due 06/17/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378177 |
| &nbsp;&nbsp; 3176000 | THB | Thailand Government Bonds, 3.78%, due 06/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115932 |
| 51603587 | TRY | Turkiye Government Bonds, 27.70%, due 09/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225185 |
| 36811694 | TRY | Turkiye Government Bonds, 30.00%, due 09/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834814 |
| 20600000 | TRY | Turkiye Government Bonds, 36.00%, due 08/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483435 |
| &nbsp;&nbsp; 1037000 |  | Turkiye Government International Bonds, 7.13%, due 02/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100690 |
| &nbsp;&nbsp; 4565000 |  | Turkiye Government International Bonds, 7.25%, due 05/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4863900 |
| &nbsp;&nbsp; 2180000 |  | Ukraine Government International Bonds, 3.00%, due 02/01/34<sup>(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 582130 |  | Ukraine Government International Bonds, 4.50%, due 02/01/29<sup>(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436553 |
| &nbsp;&nbsp; 5490696 |  | Ukraine Government International Bonds, 4.50%, due 02/01/35<sup>(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3309031 |
| &nbsp;&nbsp; 1291157 |  | Ukraine Government International Bonds, 4.50%, due 02/01/36<sup>(e)(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 427308 | UYU | Uruguay Government International Bonds, 3.40%, due 05/16/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10956 |
| 44563000 | UYU | Uruguay Government International Bonds, 8.00%, due 10/29/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175263 |
| &nbsp;&nbsp; 4406000 | UYU | Uruguay Government International Bonds, 8.00%, due 10/29/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116548 |
| &nbsp;&nbsp; 8746000 | UYU | Uruguay Government International Bonds, 9.75%, due 07/20/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251485 |
| &nbsp;&nbsp; 6142303 |  | Zambia Government International Bonds, 0.50%, due 12/31/53<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4338951 |
|  |  |  | &nbsp;&nbsp; 346925125 |
|  |  | **U.S. Government and Agency Obligations — 7.0%** | **U.S. Government and Agency Obligations — 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 |  | Farm Credit Bank of Texas, Series 6, 7.00%, (5 yr. CMT + 3.01%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 250000 |  | Farm Credit Bank of Texas, 7.75%, (5 yr. CMT + 3.29%)<sup>(a)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34000 |  | U.S. Treasury Bonds, 3.00%, due 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26410 |
| &nbsp;&nbsp; 3530000 |  | U.S. Treasury Bonds, 4.63%, due 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3462709 |
| &nbsp;&nbsp; 6000000 |  | U.S. Treasury Bonds, 4.63%, due 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5806406 |
| 18165000 |  | U.S. Treasury Bonds, 4.75%, due 02/15/45<sup>(p)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18144423 |
| 13852100 |  | U.S. Treasury Bonds, 4.75%, due 05/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13676784 |
| &nbsp;&nbsp; 2439000 |  | U.S. Treasury Bonds, 4.88%, due 08/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472536 |
| 31575000 |  | U.S. Treasury Bonds, 6.25%, due 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34845973 |
| &nbsp;&nbsp; 9067209 |  | U.S. Treasury Inflation-Indexed Bonds, 0.25%, due 02/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5240662 |
| 12593117 |  | U.S. Treasury Inflation-Indexed Bonds, 0.75%, due 02/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9835108 |
| &nbsp;&nbsp; 7371823 |  | U.S. Treasury Inflation-Indexed Notes, 1.75%, due 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7343916 |
| 21190000 |  | U.S. Treasury Notes, 3.38%, due 11/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21152752 |
| &nbsp;&nbsp; 6865000 |  | U.S. Treasury Notes, 4.00%, due 07/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6912063 |
| &nbsp;&nbsp; 5064000 |  | U.S. Treasury Notes, 4.25%, due 08/15/35<sup>(q)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112266 |
| 16140000 |  | U.S. Treasury Notes, 4.63%, due 02/15/35<sup>(r)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16790959 |
|  |  |  | &nbsp;&nbsp; 151344275 |
|  |  | TOTAL DEBT OBLIGATIONS (COST $2,074,797,915) | 2111939425 |

---

&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%** |
| &nbsp;&nbsp;&nbsp; 1282 | Arctic Canadian Diamond Co. Ltd.<sup>(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18781 |
|  | **Consumer, Cyclical — 0.0%** | **Consumer, Cyclical — 0.0%** |
| &nbsp;&nbsp; 24811 | Spirit Aviation Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6228 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Energy — 0.0%** | **Energy — 0.0%** |
| &nbsp;&nbsp; 25000 | Enviva, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 |
|  | **Financial — 0.7%** | **Financial — 0.7%** |
| &nbsp;&nbsp; 87524 | ARES Capital Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1770610 |
| 151455 | Barings BDC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1390357 |
| &nbsp;&nbsp; 30000 | Blackstone Secured Lending Fund<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789900 |
| 105767 | Blue Owl Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1314684 |
| &nbsp;&nbsp; 49170 | Blue Owl Technology Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714932 |
| &nbsp;&nbsp; 39542 | Crescent Capital BDC, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555565 |
| &nbsp;&nbsp; 64380 | FS KKR Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953468 |
| &nbsp;&nbsp; 82218 | Goldman Sachs BDC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762983 |
| 102000 | Golub Capital BDC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1384140 |
| &nbsp;&nbsp; 42000 | MidCap Financial Investment Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480480 |
| &nbsp;&nbsp; 39115 | MSC Income Fund, Inc.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513971 |
| &nbsp;&nbsp; 36389 | New Mountain Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335143 |
| &nbsp;&nbsp; 28999 | Nuveen Churchill Direct Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386847 |
| &nbsp;&nbsp; 53000 | Oaktree Specialty Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675220 |
| &nbsp;&nbsp; 59450 | Runway Growth Finance Corp.<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530888 |
| &nbsp;&nbsp; 30000 | Sixth Street Specialty Lending, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651600 |
| &nbsp;&nbsp; 97973 | Yeoman Capital SA\*<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 858153 |
|  |  | &nbsp;&nbsp; 14068941 |
|  | **Industrial — 0.0%** | **Industrial — 0.0%** |
| &nbsp;&nbsp;&nbsp; 9896 | Luxco Co. Ltd.\*<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178113 |
|  | **Technology — 0.0%** | **Technology — 0.0%** |
| &nbsp;&nbsp; 30000 | Avaya Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440010 |
|  | TOTAL COMMON STOCKS (COST $16,384,655) | 15107073 |
|  | **INVESTMENT COMPANIES — 0.5%** | **INVESTMENT COMPANIES — 0.5%** |
| 100000 | Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| 224800 | SPDR Blackstone Senior Loan ETF<sup>(l)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 9277496 |
|  | TOTAL INVESTMENT COMPANIES (COST $11,239,580) | 11377496 |
|  | **PREFERRED STOCKS — 0.3%** |  |
|  | **Communications — 0.0%** | **Communications — 0.0%** |
| &nbsp;&nbsp;&nbsp; 3350 | T-Mobile USA, Inc., 6.25%\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83918 |
| &nbsp;&nbsp; 12825 | T-Mobile USA, Inc., 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384664 |
|  | **Financial — 0.2%** | **Financial — 0.2%** |
| &nbsp;&nbsp; 27277 | ARES Management Corp., Series B, 6.75% | &nbsp;&nbsp;&nbsp;&nbsp; 1374761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | Bank of America Corp., Series L, 7.25%<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369340 |
| &nbsp;&nbsp;&nbsp; 8485 | Brighthouse Financial, Inc., Series C, 5.38%<sup>(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105893 |
| &nbsp;&nbsp; 12100 | Citizens Financial Group, Inc., Series I, 6.50%<sup>(a)(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307219 |
| &nbsp;&nbsp;&nbsp; 4725 | Corebridge Financial, Inc., 6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109856 |
| &nbsp;&nbsp;&nbsp; 9525 | Enstar Group Ltd., Series D, 7.00%<sup>(a)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225266 |
| &nbsp;&nbsp; 16196 | KKR & Co., Inc., Series D, 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839601 |

---

152See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value ($)** |
|  | **Financial — continued** | **Financial — continued** |
| &nbsp;&nbsp;&nbsp; 8950 | Morgan Stanley, Series Q, 6.63%<sup>(l)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233863 |
| &nbsp;&nbsp; 11425 | Synchrony Financial, Series B, 8.25%<sup>(a)(m)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3866162 |
|  | **Industrial — 0.1%** | **Industrial — 0.1%** |
| &nbsp;&nbsp; 10916 | Boeing Co., 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753859 |
|  | **Utilities — 0.0%** | **Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; 7300 | DTE Energy Co., Series H, 6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181697 |
| &nbsp;&nbsp;&nbsp; 2367 | PG&E Corp., Series A, 6.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97047 |
| &nbsp;&nbsp;&nbsp; 1625 | Sempra, 5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35929 |
| &nbsp;&nbsp; 13225 | Southern Co., 6.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650588 |
|  | TOTAL PREFERRED STOCKS (COST $5,521,659) | &nbsp;&nbsp; 5655273 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Par Value** |  | **Description** | **Value ($)** |
|  |  | **SHORT-TERM INVESTMENTS — 6.1%** | **SHORT-TERM INVESTMENTS — 6.1%** |
|  |  | **Mutual Fund - Securities Lending Collateral — 2.1%** | **Mutual Fund - Securities Lending Collateral — 2.1%** |
| 45915186 |  | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.83%<sup>(s)(t)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45915186 |
|  |  | **Sovereign Debt Obligations — 0.2%** |  |
| 11575000 | EGP | Egypt Treasury Bills, 25.91%, due 01/20/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240218 |
| 49550000 | EGP | Egypt Treasury Bills, 26.38%, due 09/08/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894046 |
| 27675000 | EGP | Egypt Treasury Bills, 26.39%, due 09/15/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497426 |
| 12800000 | EGP | Egypt Treasury Bills, 26.44%, due 09/01/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231853 |
| &nbsp;&nbsp; 5850000 | EGP | Egypt Treasury Bills, 27.38%, due 06/16/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110526 |
| &nbsp;&nbsp; 1850000 | EGP | Egypt Treasury Bills, 28.07%, due 03/17/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36964 |
| 55800000 | EGP | Egypt Treasury Bills, 28.44%, due 03/10/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120095 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3131128 |
|  |  | **Repurchase Agreement — 0.1%** |  |
| &nbsp;&nbsp; 2900000 |  | &nbsp;&nbsp;&nbsp; Bank of America Repurchase Agreement, dated 12/31/25, maturing on 01/02/26 with a <br> maturity value of $2,900,628 and an effective yield of 3.90%, collateralized by <br> U.S. Treasury Note with maturity date 2/28/2027 and a market value of $2,920,051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900000 |
|  |  | **U.S. Government and Agency Obligations — 3.7%** |  |
| &nbsp;&nbsp; 1500000 |  | U.S. Treasury Bills, 3.57%, due 02/19/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 793000 |  | U.S. Treasury Bills, 3.44%, due 01/08/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792541 |
| &nbsp;&nbsp; 2800000 |  | U.S. Treasury Bills, 3.41%, due 01/15/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2796421 |
| 14475000 |  | U.S. Treasury Bills, 3.26%, due 01/06/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14469451 |
| 60032000 |  | U.S. Treasury Bills, 3.50%, due 01/20/26<sup>(k)(r)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59925913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 |  | U.S. Treasury Bills, 3.82%, due 02/10/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63000 |  | U.S. Treasury Bills, 3.85%, due 03/03/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 131000 |  | U.S. Treasury Bills, 3.83%, due 03/24/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129968 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value** | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | U.S. Treasury Bills, 3.62%, due 04/14/26<sup>(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79693586 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $131,613,340) | &nbsp;&nbsp;&nbsp;&nbsp; 131639900 |
|  | **TOTAL INVESTMENTS — 104.8%** <br>(Cost $2,239,557,149)<br>| &nbsp;&nbsp; 2275719167 |
|  | Other Assets and Liabilities (net) — (4.8)% | &nbsp;&nbsp;&nbsp; (103801291) |
|  | **NET ASSETS — 100.0%** | **$2171917876** |

---

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

---

| | |
|:---|:---|
|  | **Notes to Schedule of Investments:** |
| \* | Non-income producing security. |
| (a) | Variable or floating rate note. Rate shown is as of December 31, 2025. |
| (b) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as <br> of period end.<br>|
| (c) | Year of maturity is greater than 2100. |
| (d) | When-issued security. |
| (e) | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts <br> from registration securities offered and sold outside the United States. Security may not be offered <br> or sold in the United States except pursuant to an exemption from, or in a transaction not subject <br> to, the registration requirements of the Securities Act of 1933.<br>|
| (f) | 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) | 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>|
| (h) | Level 3 - significant unobservable inputs were used in determining the value of this security in the <br> Fund.<br>|
| (i) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal <br> restrictions on resale. These securities generally may be resold in transactions exempt from <br> registration or to the public if the securities are subsequently registered. Disposal of these securities <br> may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. <br> As of period end, the market value of restricted securities was $812,416, which is 0.0% of net <br> assets. See details shown in the Restricted Securities table that follows.<br>|
| (j) | Represents a zero coupon bond; no yield to maturity is available. |
| (k) | Interest rate presented is yield to maturity. |
| (l) | All or a portion of this security is out on loan. |
| (m) | Security is perpetual and has no stated maturity date. |
| (n) | Security is currently in default. |
| (o) | All or a portion of this security has been pledged to cover collateral requirements on reverse <br> repurchase agreements.<br>|
| (p) | All or a portion of this security is pledged for open futures collateral. |

---

154See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| (q) | All or a portion of this security is pledged for forward foreign currency contracts, OTC swaps, <br> and/or OTC options collateral.<br>|
| (r) | All or a portion of this security is pledged for centrally cleared swaps collateral. |
| (s) | The rate disclosed is the 7-day net yield as of December 31, 2025. |
| (t) | Represents an investment of securities lending cash collateral. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $877,052,788 which represents 40.4% of <br> net assets.<br>|

---

At December 31, 2025, the Fund held the following restricted securities:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Restricted Securities | Acquisition <br>Date<br>| Principal/Share <br>Amount | Principal/Share <br>Amount | Cost | Value |
| Arctic Canadian Diamond Co. Ltd. | 07/31/23 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $18781 |
| &nbsp;&nbsp;&nbsp; Arctic Canadian Diamond Co. Ltd., 2nd Lien PIK <br> Term Loan, 10.00%, (10.00% Fixed or PIK), <br> due 12/31/27<br>| 02/02/21 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1331145 | &nbsp;&nbsp; 1331145 | &nbsp;&nbsp; 615522 |
| Luxco Co. Ltd. | 10/01/25 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 9896 | &nbsp;&nbsp; 173643 | &nbsp;&nbsp; 178113 |
|  |  |  |  |  | &nbsp;&nbsp; $812416 |

---

**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 | 203299 | 02/18/26 | Bank of America, N.A. | &nbsp;&nbsp; $(6938)<br>|
| AUD | 75000 | &nbsp;&nbsp; USD | 49898 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 120 |
| BRL | 24907672 | &nbsp;&nbsp; USD | 4585642 | 01/05/26 | Bank of America, N.A. | &nbsp;&nbsp; (40239)<br>|
| BRL | 7611000 | &nbsp;&nbsp; USD | 1378255 | 03/03/26 | Bank of America, N.A. | &nbsp;&nbsp; (7401)<br>|
| BRL | 6265000 | &nbsp;&nbsp; USD | 1123062 | 03/03/26 | Bank of America, N.A. | &nbsp;&nbsp; 5358 |
| BRL | 4985000 | &nbsp;&nbsp; USD | 894331 | 03/03/26 | Citibank N.A. | &nbsp;&nbsp; 3541 |
| BRL | 491837 | &nbsp;&nbsp; USD | 90000 | 01/05/26 | Deutsche Bank AG | &nbsp;&nbsp; (245)<br>|
| BRL | 498433 | &nbsp;&nbsp; USD | 90000 | 01/05/26 | Deutsche Bank AG | &nbsp;&nbsp; 959 |
| BRL | 196000 | &nbsp;&nbsp; USD | 34981 | 03/03/26 | Goldman Sachs International | &nbsp;&nbsp; 322 |
| BRL | 1700000 | &nbsp;&nbsp; USD | 302592 | 03/03/26 | HSBC Bank PLC | &nbsp;&nbsp; 3603 |
| BRL | 25857996 | &nbsp;&nbsp; USD | 4699403 | 01/05/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 19425 |
| BRL | 11365678 | &nbsp;&nbsp; USD | 2064685 | 02/03/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (6197)<br>|
| BRL | 3232808 | &nbsp;&nbsp; USD | 587815 | 03/03/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (5539)<br>|
| BRL | 26428851 | &nbsp;&nbsp; USD | 4644871 | 04/02/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 79069 |
| CAD | 70000 | &nbsp;&nbsp; USD | 51123 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 110 |
| CLP | 120500000 | &nbsp;&nbsp; USD | 131407 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 2448 |
| CLP | 520400000 | &nbsp;&nbsp; USD | 567437 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; 10640 |
| CLP | 4601258082 | &nbsp;&nbsp; USD | 4992162 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 119055 |
| CNH | 17272209 | &nbsp;&nbsp; USD | 2467492 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 17582 |
| CNH | 16351880 | &nbsp;&nbsp; USD | 2327836 | 03/18/26 | BNP Paribas S.A. | &nbsp;&nbsp; 24823 |
| CNH | 6700000 | &nbsp;&nbsp; USD | 954949 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 9027 |
| CNH | 2744652 | &nbsp;&nbsp; USD | 389749 | 01/21/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3840 |
| CNH | 758000 | &nbsp;&nbsp; USD | 108232 | 03/18/26 | Societe Generale | &nbsp;&nbsp; 827 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| COP | 368500000 | &nbsp;&nbsp; USD | 94316 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; $872 |
| COP | 100500000 | &nbsp;&nbsp; USD | 26003 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (42)<br>|
| CZK | 6980000 | &nbsp;&nbsp; USD | 335683 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 3831 |
| CZK | 14990613 | &nbsp;&nbsp; USD | 723219 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 5938 |
| CZK | 3270000 | &nbsp;&nbsp; USD | 159465 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (409)<br>|
| CZK | 3159940 | &nbsp;&nbsp; USD | 152521 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 1181 |
| CZK | 10782310 | &nbsp;&nbsp; USD | 523795 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; 667 |
| CZK | 3200000 | &nbsp;&nbsp; USD | 154462 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 1189 |
| EGP | 21710000 | &nbsp;&nbsp; USD | 440589 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 3671 |
| EGP | 14470000 | &nbsp;&nbsp; USD | 272684 | 10/05/26 | Bank of America, N.A. | &nbsp;&nbsp; 3566 |
| EGP | 13643341 | &nbsp;&nbsp; USD | 276181 | 01/26/26 | Deutsche Bank AG | &nbsp;&nbsp; 7886 |
| EGP | 3257584 | &nbsp;&nbsp; USD | 65943 | 01/27/26 | Deutsche Bank AG | &nbsp;&nbsp; 1861 |
| EGP | 1886379 | &nbsp;&nbsp; USD | 36901 | 04/08/26 | Deutsche Bank AG | &nbsp;&nbsp; 1462 |
| EGP | 3804641 | &nbsp;&nbsp; USD | 78108 | 01/12/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1471 |
| EUR | 598391 | &nbsp;&nbsp; GBP | 529000 | 01/07/26 | Australia and New Zealand Banking Group | &nbsp;&nbsp; (8683)<br>|
| EUR | 714145 | &nbsp;&nbsp; GBP | 624000 | 01/30/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 436 |
| EUR | 107901 | &nbsp;&nbsp; GBP | 95000 | 01/07/26 | Natwest Markets PLC | &nbsp;&nbsp; (1044)<br>|
| EUR | 137032 | &nbsp;&nbsp; USD | 158000 | 01/07/26 | Bank of Montreal | &nbsp;&nbsp; 2953 |
| EUR | 505000 | &nbsp;&nbsp; USD | 594175 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 929 |
| EUR | 218000 | &nbsp;&nbsp; USD | 255153 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 1744 |
| EUR | 173000 | &nbsp;&nbsp; USD | 204107 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (240)<br>|
| EUR | 102000 | &nbsp;&nbsp; USD | 119615 | 01/07/26 | Deutsche Bank AG | &nbsp;&nbsp; 190 |
| EUR | 335000 | &nbsp;&nbsp; USD | 391816 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; 2956 |
| EUR | 15611060 | &nbsp;&nbsp; USD | 18305200 | 01/07/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 30948 |
| EUR | 191000 | &nbsp;&nbsp; USD | 225118 | 03/18/26 | Natwest Markets PLC | &nbsp;&nbsp; (39)<br>|
| EUR | 1287000 | &nbsp;&nbsp; USD | 1514842 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 1789 |
| EUR | 392000 | &nbsp;&nbsp; USD | 461171 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; 771 |
| EUR | 66000 | &nbsp;&nbsp; USD | 77644 | 03/18/26 | UBS AG | &nbsp;&nbsp; 132 |
| EUR | 392000 | &nbsp;&nbsp; USD | 463026 | 03/18/26 | Wells Fargo Bank N.A. | &nbsp;&nbsp; (1085)<br>|
| GBP | 624000 | &nbsp;&nbsp; EUR | 714947 | 01/07/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (439)<br>|
| GHS | 3000000 | &nbsp;&nbsp; USD | 257511 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 16477 |
| GHS | 4280000 | &nbsp;&nbsp; USD | 345859 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 45031 |
| HUF | 10200000 | &nbsp;&nbsp; USD | 30954 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 97 |
| HUF | 661164859 | &nbsp;&nbsp; USD | 1993126 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 19618 |
| HUF | 79900000 | &nbsp;&nbsp; USD | 239843 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 3391 |
| HUF | 53100000 | &nbsp;&nbsp; USD | 160248 | 03/18/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 1402 |
| IDR | 8007744000 | &nbsp;&nbsp; USD | 480000 | 01/15/26 | Bank of America, N.A. | &nbsp;&nbsp; 182 |
| IDR | 1338472000 | &nbsp;&nbsp; USD | 80000 | 02/05/26 | Bank of America, N.A. | &nbsp;&nbsp; 243 |
| IDR | 16643000000 | &nbsp;&nbsp; USD | 995038 | 03/25/26 | Bank of America, N.A. | &nbsp;&nbsp; 2062 |
| IDR | 839330000 | &nbsp;&nbsp; USD | 50000 | 01/30/26 | Barclays Bank PLC | &nbsp;&nbsp; 322 |
| IDR | 1173236000 | &nbsp;&nbsp; USD | 70000 | 02/02/26 | Barclays Bank PLC | &nbsp;&nbsp; 339 |
| IDR | 3161000000 | &nbsp;&nbsp; USD | 188649 | 03/25/26 | Goldman Sachs International | &nbsp;&nbsp; 730 |
| IDR | 2130734719 | &nbsp;&nbsp; USD | 127546 | 01/22/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 213 |

---

156See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| IDR | 6564500000 | &nbsp;&nbsp; USD | 392107 | 03/25/26 | Standard Chartered Bank | &nbsp;&nbsp; $1179 |
| INR | 13590000 | &nbsp;&nbsp; USD | 150299 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 73 |
| INR | 299343370 | &nbsp;&nbsp; USD | 3286995 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 25199 |
| INR | 43970000 | &nbsp;&nbsp; USD | 486071 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 451 |
| INR | 14100000 | &nbsp;&nbsp; USD | 155715 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 300 |
| INR | 370872470 | &nbsp;&nbsp; USD | 4100000 | 01/15/26 | Natwest Markets PLC | &nbsp;&nbsp; 22651 |
| INR | 62443000 | &nbsp;&nbsp; USD | 686474 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; 4450 |
| JPY | 636680520 | &nbsp;&nbsp; USD | 4089118 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (24236)<br>|
| KRW | 330225933 | &nbsp;&nbsp; USD | 226478 | 01/08/26 | Barclays Bank PLC | &nbsp;&nbsp; 2778 |
| KRW | 200916157 | &nbsp;&nbsp; USD | 137250 | 01/08/26 | Deutsche Bank AG | &nbsp;&nbsp; 2234 |
| KRW | 77280000 | &nbsp;&nbsp; USD | 52685 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 1114 |
| KRW | 485330000 | &nbsp;&nbsp; USD | 331499 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; 6362 |
| KZT | 551730000 | &nbsp;&nbsp; USD | 970843 | 02/27/26 | Citibank N.A. | &nbsp;&nbsp; 95415 |
| KZT | 35257920 | &nbsp;&nbsp; USD | 61856 | 03/11/26 | Deutsche Bank AG | &nbsp;&nbsp; 5976 |
| KZT | 329700000 | &nbsp;&nbsp; USD | 614539 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 18218 |
| KZT | 41574236 | &nbsp;&nbsp; USD | 71963 | 03/26/26 | Deutsche Bank AG | &nbsp;&nbsp; 7604 |
| KZT | 62800000 | &nbsp;&nbsp; USD | 114390 | 05/26/26 | Deutsche Bank AG | &nbsp;&nbsp; 3296 |
| MXN | 38698346 | &nbsp;&nbsp; USD | 2083783 | 01/29/26 | Deutsche Bank AG | &nbsp;&nbsp; 63588 |
| MXN | 74324000 | &nbsp;&nbsp; USD | 4076460 | 04/17/26 | Deutsche Bank AG | &nbsp;&nbsp; 15333 |
| MXN | 11016637 | &nbsp;&nbsp; USD | 604288 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 4096 |
| MXN | 11472391 | &nbsp;&nbsp; USD | 621332 | 03/18/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 12220 |
| MXN | 7344000 | &nbsp;&nbsp; USD | 403808 | 03/18/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 1758 |
| MYR | 130000 | &nbsp;&nbsp; USD | 32171 | 03/18/26 | BNP Paribas S.A. | &nbsp;&nbsp; (76)<br>|
| MYR | 250000 | &nbsp;&nbsp; USD | 61050 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 670 |
| MYR | 11450000 | &nbsp;&nbsp; USD | 2794868 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 31927 |
| NGN | 184238000 | &nbsp;&nbsp; USD | 121851 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 1157 |
| NGN | 184238000 | &nbsp;&nbsp; USD | 118329 | 06/08/26 | Bank of America, N.A. | &nbsp;&nbsp; 507 |
| NGN | 859450814 | &nbsp;&nbsp; USD | 511274 | 09/16/26 | Citibank N.A. | &nbsp;&nbsp; 20869 |
| NGN | 2013517208 | &nbsp;&nbsp; USD | 1323159 | 02/20/26 | Deutsche Bank AG | &nbsp;&nbsp; 36605 |
| NGN | 13073857 | &nbsp;&nbsp; USD | 8713 | 02/24/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 100 |
| NGN | 1563048000 | &nbsp;&nbsp; USD | 926251 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 117323 |
| NGN | 1563048000 | &nbsp;&nbsp; USD | 889993 | 06/17/26 | Standard Chartered Bank | &nbsp;&nbsp; 114412 |
| NGN | 813776946 | &nbsp;&nbsp; USD | 482954 | 09/16/26 | Standard Chartered Bank | &nbsp;&nbsp; 20909 |
| NZD | 85000 | &nbsp;&nbsp; USD | 49429 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (418)<br>|
| PEN | 1265000 | &nbsp;&nbsp; USD | 373586 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 1593 |
| PLN | 6210000 | &nbsp;&nbsp; USD | 1710791 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 15840 |
| PLN | 293704 | &nbsp;&nbsp; USD | 80620 | 01/23/26 | Barclays Bank PLC | &nbsp;&nbsp; 1064 |
| PLN | 4819595 | &nbsp;&nbsp; USD | 1338967 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 1075 |
| PLN | 19946768 | &nbsp;&nbsp; USD | 5475479 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 70527 |
| PLN | 2900000 | &nbsp;&nbsp; USD | 807104 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (787)<br>|
| PLN | 166878 | &nbsp;&nbsp; USD | 45189 | 01/23/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1223 |
| PLN | 107000 | &nbsp;&nbsp; USD | 29787 | 01/16/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (27)<br>|
| PLN | 162000 | &nbsp;&nbsp; USD | 44989 | 01/16/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 69 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| PLN | 143450 | &nbsp;&nbsp; USD | 39969 | 01/22/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; $(72)<br>|
| PLN | 9218138 | &nbsp;&nbsp; USD | 2556764 | 01/16/26 | Natwest Markets PLC | &nbsp;&nbsp; 7107 |
| RON | 80000 | &nbsp;&nbsp; USD | 18381 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (5)<br>|
| RON | 303000 | &nbsp;&nbsp; USD | 69553 | 03/18/26 | Societe Generale | &nbsp;&nbsp; 48 |
| RSD | 7302000 | &nbsp;&nbsp; USD | 72474 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 554 |
| SGD | 130000 | &nbsp;&nbsp; USD | 101800 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (234)<br>|
| SGD | 230000 | &nbsp;&nbsp; USD | 179305 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 389 |
| SGD | 130000 | &nbsp;&nbsp; USD | 101627 | 03/18/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (61)<br>|
| SGD | 100000 | &nbsp;&nbsp; USD | 77896 | 03/18/26 | UBS AG | &nbsp;&nbsp; 232 |
| THB | 3771492 | &nbsp;&nbsp; USD | 120000 | 02/05/26 | Barclays Bank PLC | &nbsp;&nbsp; (68)<br>|
| THB | 5179007 | &nbsp;&nbsp; USD | 165000 | 02/06/26 | Barclays Bank PLC | &nbsp;&nbsp; (299)<br>|
| THB | 6000884 | &nbsp;&nbsp; USD | 190000 | 02/06/26 | Barclays Bank PLC | &nbsp;&nbsp; 837 |
| THB | 43910000 | &nbsp;&nbsp; USD | 1386048 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 14883 |
| THB | 320000 | &nbsp;&nbsp; USD | 10228 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (18)<br>|
| TRY | 63730767 | &nbsp;&nbsp; USD | 1411456 | 01/27/26 | Barclays Bank PLC | &nbsp;&nbsp; 47094 |
| TRY | 12248210 | &nbsp;&nbsp; USD | 269556 | 02/10/26 | Barclays Bank PLC | &nbsp;&nbsp; 7783 |
| TRY | 19772332 | &nbsp;&nbsp; USD | 432466 | 02/25/26 | Barclays Bank PLC | &nbsp;&nbsp; 10212 |
| TRY | 64318736 | &nbsp;&nbsp; USD | 1407689 | 02/26/26 | Barclays Bank PLC | &nbsp;&nbsp; 31250 |
| TRY | 76533857 | &nbsp;&nbsp; USD | 1679000 | 03/09/26 | Barclays Bank PLC | &nbsp;&nbsp; 19327 |
| TRY | 23095000 | &nbsp;&nbsp; USD | 503527 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 5625 |
| TRY | 52260000 | &nbsp;&nbsp; USD | 931619 | 12/16/26 | BNP Paribas S.A. | &nbsp;&nbsp; 7806 |
| TRY | 9153827 | &nbsp;&nbsp; USD | 192763 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 9042 |
| TRY | 18395213 | &nbsp;&nbsp; USD | 386113 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 19427 |
| TRY | 10903417 | &nbsp;&nbsp; USD | 221974 | 06/17/26 | Goldman Sachs International | &nbsp;&nbsp; 2551 |
| TRY | 10200000 | &nbsp;&nbsp; USD | 223208 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; 1661 |
| TWD | 8539590 | &nbsp;&nbsp; USD | 270000 | 01/20/26 | Bank of America, N.A. | &nbsp;&nbsp; 2070 |
| TWD | 6288160 | &nbsp;&nbsp; USD | 200000 | 01/30/26 | Bank of America, N.A. | &nbsp;&nbsp; 471 |
| TWD | 4088500 | &nbsp;&nbsp; USD | 130000 | 01/20/26 | Barclays Bank PLC | &nbsp;&nbsp; 259 |
| TWD | 8777960 | &nbsp;&nbsp; USD | 280000 | 02/02/26 | Barclays Bank PLC | &nbsp;&nbsp; (97)<br>|
| TWD | 10050560 | &nbsp;&nbsp; USD | 320000 | 02/05/26 | Barclays Bank PLC | &nbsp;&nbsp; 546 |
| TWD | 4376971 | &nbsp;&nbsp; USD | 140247 | 01/23/26 | Deutsche Bank AG | &nbsp;&nbsp; (770)<br>|
| USD | 2513669 | &nbsp;&nbsp; AUD | 3770000 | 01/14/26 | Barclays Bank PLC | &nbsp;&nbsp; (528)<br>|
| USD | 126195 | &nbsp;&nbsp; AUD | 190000 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (517)<br>|
| USD | 53603 | &nbsp;&nbsp; AUD | 80000 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 251 |
| USD | 486844 | &nbsp;&nbsp; AUD | 745000 | 01/14/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (9993)<br>|
| USD | 151230 | &nbsp;&nbsp; AUD | 228000 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (822)<br>|
| USD | 265326 | &nbsp;&nbsp; AUD | 400000 | 01/14/26 | Natwest Markets PLC | &nbsp;&nbsp; (1433)<br>|
| USD | 4526692 | &nbsp;&nbsp; BRL | 24907672 | 01/05/26 | Bank of America, N.A. | &nbsp;&nbsp; (18711)<br>|
| USD | 1055122 | &nbsp;&nbsp; BRL | 5886000 | 03/03/26 | Bank of America, N.A. | &nbsp;&nbsp; (5033)<br>|
| USD | 318909 | &nbsp;&nbsp; BRL | 1725000 | 03/03/26 | Barclays Bank PLC | &nbsp;&nbsp; 8211 |
| USD | 526168 | &nbsp;&nbsp; BRL | 2954341 | 03/03/26 | Citibank N.A. | &nbsp;&nbsp; (5952)<br>|
| USD | 179971 | &nbsp;&nbsp; BRL | 990270 | 01/05/26 | Deutsche Bank AG | &nbsp;&nbsp; (744)<br>|
| USD | 567873 | &nbsp;&nbsp; BRL | 3126128 | 03/03/26 | Goldman Sachs International | &nbsp;&nbsp; 4811 |

---

158See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 229996 | &nbsp;&nbsp; BRL | 1290000 | 03/03/26 | Goldman Sachs International | &nbsp;&nbsp; $(2352)<br>|
| USD | 4644871 | &nbsp;&nbsp; BRL | 25857996 | 01/05/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (73957)<br>|
| USD | 85303 | &nbsp;&nbsp; BRL | 480000 | 03/03/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1152)<br>|
| USD | 2737788 | &nbsp;&nbsp; CAD | 3761000 | 01/14/26 | Barclays Bank PLC | &nbsp;&nbsp; (7488)<br>|
| USD | 291217 | &nbsp;&nbsp; CAD | 400000 | 01/30/26 | Citibank N.A. | &nbsp;&nbsp; (965)<br>|
| USD | 51285 | &nbsp;&nbsp; CAD | 70000 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 52 |
| USD | 177852 | &nbsp;&nbsp; CAD | 245000 | 03/18/26 | Toronto Dominion Bank | &nbsp;&nbsp; (1462)<br>|
| USD | 471793 | &nbsp;&nbsp; CHF | 374000 | 01/14/26 | Bank of America, N.A. | &nbsp;&nbsp; (692)<br>|
| USD | 486457 | &nbsp;&nbsp; CLP | 449000000 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; (12306)<br>|
| USD | 392887 | &nbsp;&nbsp; CNH | 2765000 | 01/21/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (3620)<br>|
| USD | 487615 | &nbsp;&nbsp; COP | 1901700000 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; (3618)<br>|
| USD | 183484 | &nbsp;&nbsp; COP | 707000000 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 857 |
| USD | 60222 | &nbsp;&nbsp; COP | 235482748 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (606)<br>|
| USD | 4612089 | &nbsp;&nbsp; COP | 17935629327 | 02/09/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (52854)<br>|
| USD | 100452 | &nbsp;&nbsp; COP | 388700000 | 03/18/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 46 |
| USD | 1230097 | &nbsp;&nbsp; COP | 4677935488 | 03/18/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 21726 |
| USD | 103705 | &nbsp;&nbsp; CZK | 2140000 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; (386)<br>|
| USD | 2048499 | &nbsp;&nbsp; CZK | 42608995 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (24044)<br>|
| USD | 165296 | &nbsp;&nbsp; CZK | 3435000 | 03/18/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1786)<br>|
| USD | 1885499 | &nbsp;&nbsp; EUR | 1606000 | 01/14/26 | Bank of America, N.A. | &nbsp;&nbsp; (1470)<br>|
| USD | 120283 | &nbsp;&nbsp; EUR | 102000 | 01/07/26 | Barclays Bank PLC | &nbsp;&nbsp; 478 |
| USD | 12733833 | &nbsp;&nbsp; EUR | 10967590 | 01/14/26 | Barclays Bank PLC | &nbsp;&nbsp; (152535)<br>|
| USD | 6260298 | &nbsp;&nbsp; EUR | 5305000 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 8759 |
| USD | 3420307 | &nbsp;&nbsp; EUR | 2898714 | 03/18/26 | BNP Paribas S.A. | &nbsp;&nbsp; 4393 |
| USD | 1996892 | &nbsp;&nbsp; EUR | 1692989 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 1832 |
| USD | 9679919 | &nbsp;&nbsp; EUR | 8233000 | 01/30/26 | Deutsche Bank AG | &nbsp;&nbsp; (780)<br>|
| USD | 292014 | &nbsp;&nbsp; EUR | 248000 | 01/30/26 | Deutsche Bank AG | &nbsp;&nbsp; 406 |
| USD | 19009943 | &nbsp;&nbsp; EUR | 16170000 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (45173)<br>|
| USD | 945025 | &nbsp;&nbsp; EUR | 801000 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; 1108 |
| USD | 36423513 | &nbsp;&nbsp; EUR | 30909747 | 03/16/26 | Goldman Sachs & Co. | &nbsp;&nbsp; 2045 |
| USD | 4118450 | &nbsp;&nbsp; EUR | 3500000 | 03/16/26 | Goldman Sachs & Co. | &nbsp;&nbsp; (5658)<br>|
| USD | 1594533 | &nbsp;&nbsp; EUR | 1357305 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (4947)<br>|
| USD | 1044045 | &nbsp;&nbsp; EUR | 885000 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 1140 |
| USD | 1440208 | &nbsp;&nbsp; EUR | 1230749 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; (10136)<br>|
| USD | 15145400 | &nbsp;&nbsp; EUR | 13077415 | 01/07/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (214826)<br>|
| USD | 18305200 | &nbsp;&nbsp; EUR | 15594195 | 01/30/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (31093)<br>|
| USD | 42400 | &nbsp;&nbsp; EUR | 36660 | 01/07/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (660)<br>|
| USD | 730642 | &nbsp;&nbsp; EUR | 627000 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (6052)<br>|
| USD | 29000 | &nbsp;&nbsp; EUR | 24595 | 01/30/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 80 |
| USD | 112275 | &nbsp;&nbsp; EUR | 95486 | 01/30/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (1)<br>|
| USD | 29764757 | &nbsp;&nbsp; EUR | 25476532 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (257399)<br>|
| USD | 1221502 | &nbsp;&nbsp; EUR | 1035054 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 1768 |
| USD | 3275400 | &nbsp;&nbsp; EUR | 2840521 | 01/07/26 | State Street Bank and Trust | &nbsp;&nbsp; (60967)<br>|

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 7062 | &nbsp;&nbsp; EUR | 6000 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; $(9)<br>|
| USD | 2625139 | &nbsp;&nbsp; GBP | 1957000 | 01/30/26 | Deutsche Bank AG | &nbsp;&nbsp; (7039)<br>|
| USD | 2912783 | &nbsp;&nbsp; GBP | 2183250 | 03/16/26 | Goldman Sachs & Co. | &nbsp;&nbsp; (23276)<br>|
| USD | 256618 | &nbsp;&nbsp; GBP | 194000 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (4320)<br>|
| USD | 28246 | &nbsp;&nbsp; GBP | 21000 | 01/30/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 1 |
| USD | 981485 | &nbsp;&nbsp; GBP | 735000 | 03/18/26 | UBS AG | &nbsp;&nbsp; (6944)<br>|
| USD | 266592 | &nbsp;&nbsp; HKD | 2072000 | 01/30/26 | State Street Bank and Trust | &nbsp;&nbsp; 144 |
| USD | 98319 | &nbsp;&nbsp; HUF | 32500000 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; (619)<br>|
| USD | 137004 | &nbsp;&nbsp; HUF | 45500000 | 03/18/26 | Royal Bank of Canada | &nbsp;&nbsp; (1509)<br>|
| USD | 128000 | &nbsp;&nbsp; IDR | 2135769600 | 01/22/26 | Barclays Bank PLC | &nbsp;&nbsp; (61)<br>|
| USD | 150824 | &nbsp;&nbsp; IDR | 2528503000 | 03/25/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (661)<br>|
| USD | 7157067 | &nbsp;&nbsp; IDR | 119838216157 | 03/25/26 | Standard Chartered Bank | &nbsp;&nbsp; (22569)<br>|
| USD | 309771 | &nbsp;&nbsp; INR | 28200000 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; (2258)<br>|
| USD | 130411 | &nbsp;&nbsp; INR | 11930000 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (1593)<br>|
| USD | 2476818 | &nbsp;&nbsp; INR | 225700000 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; (20524)<br>|
| USD | 129662 | &nbsp;&nbsp; INR | 11810000 | 03/18/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (1014)<br>|
| USD | 813466 | &nbsp;&nbsp; INR | 73800000 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (3121)<br>|
| USD | 302988 | &nbsp;&nbsp; INR | 27733000 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; (3873)<br>|
| USD | 702518 | &nbsp;&nbsp; JPY | 109700000 | 01/14/26 | Barclays Bank PLC | &nbsp;&nbsp; 2139 |
| USD | 1847970 | &nbsp;&nbsp; JPY | 287300000 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 13705 |
| USD | 240000 | &nbsp;&nbsp; KRW | 346332000 | 02/05/26 | Bank of America, N.A. | &nbsp;&nbsp; (675)<br>|
| USD | 365000 | &nbsp;&nbsp; KRW | 535882050 | 01/08/26 | Barclays Bank PLC | &nbsp;&nbsp; (7031)<br>|
| USD | 150000 | &nbsp;&nbsp; KRW | 215358000 | 01/30/26 | Barclays Bank PLC | &nbsp;&nbsp; 374 |
| USD | 210000 | &nbsp;&nbsp; KRW | 302693700 | 02/02/26 | Barclays Bank PLC | &nbsp;&nbsp; (327)<br>|
| USD | 660000 | &nbsp;&nbsp; KRW | 969084600 | 01/15/26 | Deutsche Bank AG | &nbsp;&nbsp; (12932)<br>|
| USD | 125798 | &nbsp;&nbsp; KRW | 185030000 | 03/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (3010)<br>|
| USD | 76164 | &nbsp;&nbsp; KRW | 112400000 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (2083)<br>|
| USD | 3023104 | &nbsp;&nbsp; MXN | 54939532 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (10880)<br>|
| USD | 651 | &nbsp;&nbsp; MXN | 12007 | 03/09/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (13)<br>|
| USD | 1870369 | &nbsp;&nbsp; MXN | 34347000 | 03/18/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (26410)<br>|
| USD | 456443 | &nbsp;&nbsp; MXN | 8300000 | 03/18/26 | Natwest Markets PLC | &nbsp;&nbsp; (1917)<br>|
| USD | 900671 | &nbsp;&nbsp; MXN | 16573599 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (14590)<br>|
| USD | 1259344 | &nbsp;&nbsp; MYR | 5173564 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (17914)<br>|
| USD | 343781 | &nbsp;&nbsp; NGN | 525984153 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (7395)<br>|
| USD | 332901 | &nbsp;&nbsp; NGN | 525984153 | 06/17/26 | Citibank N.A. | &nbsp;&nbsp; (5093)<br>|
| USD | 55463 | &nbsp;&nbsp; NOK | 567250 | 01/14/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (779)<br>|
| USD | 130166 | &nbsp;&nbsp; NZD | 224000 | 01/14/26 | Barclays Bank PLC | &nbsp;&nbsp; 1314 |
| USD | 52320 | &nbsp;&nbsp; NZD | 90000 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; 425 |
| USD | 90051 | &nbsp;&nbsp; NZD | 156000 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; 314 |
| USD | 1748873 | &nbsp;&nbsp; NZD | 3006000 | 01/14/26 | Natwest Markets PLC | &nbsp;&nbsp; 19718 |
| USD | 255523 | &nbsp;&nbsp; NZD | 440000 | 03/18/26 | UBS AG | &nbsp;&nbsp; 1816 |
| USD | 2031584 | &nbsp;&nbsp; PEN | 6848471 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; 433 |
| USD | 680172 | &nbsp;&nbsp; PEN | 2300000 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (1973)<br>|

---

160See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| USD | 4043517 | &nbsp;&nbsp; PEN | 13678815 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; $(13408)<br>|
| USD | 1246222 | &nbsp;&nbsp; PHP | 73400000 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; 1625 |
| USD | 5136691 | &nbsp;&nbsp; PHP | 304694590 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (29823)<br>|
| USD | 64311 | &nbsp;&nbsp; PLN | 235648 | 01/16/26 | Bank of America, N.A. | &nbsp;&nbsp; (1231)<br>|
| USD | 3029 | &nbsp;&nbsp; PLN | 10903 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; (2)<br>|
| USD | 65579 | &nbsp;&nbsp; PLN | 240975 | 01/16/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (1444)<br>|
| USD | 2822 | &nbsp;&nbsp; PLN | 10150 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 0 |
| USD | 770325 | &nbsp;&nbsp; RON | 3385000 | 03/18/26 | Bank of America, N.A. | &nbsp;&nbsp; (7235)<br>|
| USD | 681125 | &nbsp;&nbsp; SGD | 878000 | 01/14/26 | Barclays Bank PLC | &nbsp;&nbsp; (2038)<br>|
| USD | 637373 | &nbsp;&nbsp; SGD | 820000 | 03/18/26 | BNP Paribas S.A. | &nbsp;&nbsp; (3273)<br>|
| USD | 3402997 | &nbsp;&nbsp; SGD | 4403104 | 01/14/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (23015)<br>|
| USD | 820000 | &nbsp;&nbsp; THB | 25986784 | 01/15/26 | Barclays Bank PLC | &nbsp;&nbsp; (5314)<br>|
| USD | 2884936 | &nbsp;&nbsp; THB | 91606803 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; (37743)<br>|
| USD | 124148 | &nbsp;&nbsp; THB | 3900000 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (280)<br>|
| USD | 35251 | &nbsp;&nbsp; THB | 1110000 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (163)<br>|
| USD | 83670 | &nbsp;&nbsp; THB | 2630000 | 03/18/26 | UBS AG | &nbsp;&nbsp; (239)<br>|
| USD | 348376 | &nbsp;&nbsp; TRY | 15384492 | 02/02/26 | Barclays Bank PLC | &nbsp;&nbsp; (2104)<br>|
| USD | 1141716 | &nbsp;&nbsp; TRY | 52260000 | 03/18/26 | BNP Paribas S.A. | &nbsp;&nbsp; (10407)<br>|
| USD | 677000 | &nbsp;&nbsp; TRY | 30935593 | 02/25/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (15610)<br>|
| USD | 3350000 | &nbsp;&nbsp; TWD | 104523350 | 01/15/26 | Barclays Bank PLC | &nbsp;&nbsp; 20999 |
| USD | 2786395 | &nbsp;&nbsp; UGX | 10023834129 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; 46455 |
| USD | 64724 | &nbsp;&nbsp; UYU | 2565000 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (693)<br>|
| USD | 134074 | &nbsp;&nbsp; UZS | 1708504982 | 09/10/26 | Deutsche Bank AG | &nbsp;&nbsp; (750)<br>|
| USD | 68344 | &nbsp;&nbsp; UZS | 886421680 | 12/11/26 | Deutsche Bank AG | &nbsp;&nbsp; (287)<br>|
| USD | 68344 | &nbsp;&nbsp; UZS | 887446840 | 12/14/26 | Deutsche Bank AG | &nbsp;&nbsp; (324)<br>|
| USD | 84897 | &nbsp;&nbsp; UZS | 1107481365 | 12/18/26 | Deutsche Bank AG | &nbsp;&nbsp; (726)<br>|
| USD | 42448 | &nbsp;&nbsp; UZS | 572623520 | 06/18/27 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (167)<br>|
| USD | 214827 | &nbsp;&nbsp; ZAR | 3721255 | 01/26/26 | Barclays Bank PLC | &nbsp;&nbsp; (9426)<br>|
| USD | 6067 | &nbsp;&nbsp; ZAR | 101488 | 03/18/26 | Barclays Bank PLC | &nbsp;&nbsp; (26)<br>|
| USD | 676977 | &nbsp;&nbsp; ZAR | 11916423 | 12/21/26 | Barclays Bank PLC | &nbsp;&nbsp; (23372)<br>|
| USD | 253725 | &nbsp;&nbsp; ZAR | 4420930 | 01/26/26 | Deutsche Bank AG | &nbsp;&nbsp; (12692)<br>|
| USD | 1281267 | &nbsp;&nbsp; ZAR | 22572721 | 12/21/26 | Deutsche Bank AG | &nbsp;&nbsp; (45371)<br>|
| USD | 1597808 | &nbsp;&nbsp; ZAR | 26974252 | 03/18/26 | Goldman Sachs International | &nbsp;&nbsp; (21772)<br>|
| USD | 11309244 | &nbsp;&nbsp; ZAR | 193559021 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; (312367)<br>|
| USD | 3079959 | &nbsp;&nbsp; ZAR | 52856024 | 01/26/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; (105288)<br>|
| USD | 448321 | &nbsp;&nbsp; ZAR | 7537508 | 01/26/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (5910)<br>|
| USD | 813214 | &nbsp;&nbsp; ZAR | 13894000 | 01/26/26 | Natwest Markets PLC | &nbsp;&nbsp; (24076)<br>|
| USD | 7965 | &nbsp;&nbsp; ZAR | 134139 | 03/18/26 | Standard Chartered Bank | &nbsp;&nbsp; (89)<br>|
| ZAR | 7335000 | &nbsp;&nbsp; USD | 434028 | 01/26/26 | Barclays Bank PLC | &nbsp;&nbsp; 7998 |
| ZAR | 1560000 | &nbsp;&nbsp; USD | 92645 | 03/18/26 | Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 1020 |
| ZAR | 9931066 | &nbsp;&nbsp; USD | 582365 | 03/18/26 | Citibank N.A. | &nbsp;&nbsp; 13913 |
| ZAR | 16931066 | &nbsp;&nbsp; USD | 999066 | 03/18/26 | HSBC Bank PLC | &nbsp;&nbsp; 17505 |
| ZAR | 1865874 | &nbsp;&nbsp; USD | 111959 | 01/26/26 | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 484 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Forward Foreign Currency Contracts—continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Settlement<br> Date<br>| Counterparty | Unrealized<br> Appreciation<br> (Depreciation)<br>|
| ZAR | 33605432 | &nbsp;&nbsp; USD | 1953874 | 01/26/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; $71280 |
| ZAR | 2489234 | &nbsp;&nbsp; USD | 150105 | 01/26/26 | Morgan Stanley and Co. International PLC | &nbsp;&nbsp; (97)<br>|
| ZAR | 10630000 | &nbsp;&nbsp; USD | 621340 | 03/18/26 | Royal Bank of Canada | &nbsp;&nbsp; 16903 |
| ZAR | 720000 | &nbsp;&nbsp; USD | 42683 | 03/18/26 | State Street Bank and Trust | &nbsp;&nbsp; 547 |
|  |  |  |  |  |  | &nbsp;&nbsp; $(373887)<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 |  |  |  |  |
| 17 | 30 - Year Euro BUXL Bond | Mar 2026 | &nbsp;&nbsp; $2198618 | &nbsp;&nbsp; $(37292)<br>|
| 406 | 10-Year Australian Bond Futures | Mar 2026 | &nbsp;&nbsp; 29641827 | &nbsp;&nbsp; 125868 |
| 92 | Long Gilt Futures | Mar 2026 | &nbsp;&nbsp; 11306541 | &nbsp;&nbsp; 75761 |
| 10 | U.S. Long Bond | Mar 2026 | &nbsp;&nbsp; 1155938 | &nbsp;&nbsp; (21227)<br>|
| 428 | U.S. Treasury Note 10-Year | Mar 2026 | &nbsp;&nbsp; 48123250 | &nbsp;&nbsp; (211571)<br>|
| 64 | U.S. Treasury Note 2-Year | Mar 2026 | &nbsp;&nbsp; 13362500 | &nbsp;&nbsp; 11852 |
| 149 | U.S. Treasury Note 5-Year | Mar 2026 | &nbsp;&nbsp; 16286399 | &nbsp;&nbsp; 4323 |
| 185 | U.S. Treasury Note 5-Year | Mar 2026 | &nbsp;&nbsp; 20221367 | &nbsp;&nbsp; (40478)<br>|
| 665 | U.S. Ultra 10-Year | Mar 2026 | &nbsp;&nbsp; 76485391 | &nbsp;&nbsp; (285222)<br>|
| 160 | U.S. Ultra Bond | Mar 2026 | &nbsp;&nbsp; 18880000 | &nbsp;&nbsp; (279185)<br>|
|  |  |  |  | &nbsp;&nbsp; $(657171)<br>|
| Sales |  |  |  |  |
| 84 | Euro BOBL | Mar 2026 | &nbsp;&nbsp; $11459631 | &nbsp;&nbsp; $69965 |
| 163 | Euro BUND | Mar 2026 | &nbsp;&nbsp; 24421419 | &nbsp;&nbsp; 171977 |
| 31 | Euro OAT | Mar 2026 | &nbsp;&nbsp; 4390437 | &nbsp;&nbsp; 17065 |
| 4 | Euro SCHATZ | Mar 2026 | &nbsp;&nbsp; 501678 | &nbsp;&nbsp; 666 |
| 95 | Long Gilt Futures | Mar 2026 | &nbsp;&nbsp; 11675232 | &nbsp;&nbsp; (51706)<br>|
|  |  |  |  | &nbsp;&nbsp; $207967 |

---

**Reverse Repurchase Agreements \*** 

---

| | | |
|:---|:---|:---|
| **Face Value** | **Description** | **Value ($)** |
| (483470) | PARIBAS Reverse Repurchase Agreement, 2.75%, dated 12/11/25, (Collateral: Republic of Argentina Government Bonds, 4.125%, due <br> 07/09/46, valued at $545,236), to be repurchased on demand at face value plus accrued interest.\*\*<br>| (483470)<br>|

---

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

\*\* Average balance outstanding is $(405,061). Average interest rate (net) is (3.32)%. 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.

162See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**OTC — Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments <br>Received <br>by Fund<br>| Payment <br>Frequency<br>| Payments <br>Made by <br>Fund<br>| Payment <br>Frequency<br>| Maturity <br>Date<br>| Counterparty | Upfront <br>Premiums <br>Paid <br>(Received)<br>| Notional <br>Value | Notional <br>Value | Market <br>Value<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 13.43% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | Citibank N.A. | $— | BRL | (8839287) | $2522 | $2522 |

---

**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 | 3.78% | Annual | 03/18/36 | $— | USD | 1500000 | $4381 | $4381 |
| 12-Month SOFR | Annual | 3.75% | Annual | 12/17/35 | (40656)<br>| USD | 22500000 | 91427 | 132083 |
| 12-Month SOFR | Annual | 3.75% | Annual | 03/18/36 |  | USD | 12000000 | 64928 | 64928 |
| 12-Month SOFR | Annual | 3.74% | Annual | 08/15/35 |  | USD | 16600000 | 54960 | 54960 |
| 12-Month SOFR | Annual | 3.25% | Annual | 03/18/28 | 1228 | USD | 2003000 | 840 | (388)<br>|
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/30 | 196716 | USD | 28200000 | 213241 | 16525 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/35 | 834788 | USD | 22600000 | 938891 | 104103 |
| 12-Month SOFR | Annual | 3.25% | Annual | 06/18/55 | 439686 | USD | 3400000 | 534489 | 94803 |
| 3.28% | Annual | 12-Month SOFR | Annual | 03/18/29 | (908)<br>| USD | 681000 | (865)<br>| 43 |
| 3.34% | At Maturity | 12-Month SOFR | At Maturity | 03/18/27 | 199 | USD | 1994000 | 409 | 210 |
| 3.41% | At Maturity | 12-Month SOFR | At Maturity | 12/16/26 | 316 | USD | 1109000 | 405 | 89 |
| 3.71% | At Maturity | 12-Month SOFR | At Maturity | 03/18/26 | (58)<br>| USD | 7440000 | 545 | 603 |
| 1-Month TIIE | Monthly | 7.91% | Monthly | 12/14/32 |  | MXN | 5050000 | 380 | 380 |
| 7.16% | Monthly | 1-Month TIIE | Monthly | 12/21/27 |  | MXN | 7336000 | (266)<br>| (266)<br>|
| 7.84% | Monthly | 1-Month TIIE | Monthly | 03/12/31 |  | MXN | 12300000 | 1743 | 1743 |
| 7.87% | Monthly | 1-Month TIIE | Monthly | 03/12/31 |  | MXN | 45000000 | 9251 | 9251 |
| 8.16% | Monthly | 1-Month TIIE | Monthly | 12/11/35 |  | MXN | 1974000 | (174)<br>| (173)<br>|
| 8.20% | Monthly | 1-Month TIIE | Monthly | 12/05/35 |  | MXN | 6633000 | 332 | 332 |
| 1.70% | Quarterly | 3-Month Baht Interest Rate Fixing | Quarterly | 03/18/36 |  | THB | 8400000 | 2205 | 2205 |
| 1.74% | Quarterly | 3-Month Baht Interest Rate Fixing | Quarterly | 03/18/36 |  | THB | 14321000 | 5390 | 5390 |
| 1.76% | Quarterly | 3-Month Baht Interest Rate Fixing | Quarterly | 03/18/36 | (517)<br>| THB | 76000000 | 33331 | 33848 |
| 3-Month JIBAR | Quarterly | 7.74% | Quarterly | 03/18/36 | (155)<br>| ZAR | 33500000 | (41077)<br>| (40922)<br>|
| 3-Month JIBAR | Quarterly | 6.94% | Quarterly | 03/18/31 | (101)<br>| ZAR | 30697000 | (22704)<br>| (22603)<br>|
| 6.58% | Quarterly | 3-Month JIBAR | Quarterly | 03/18/27 | (9)<br>| ZAR | 68790000 | 7392 | 7401 |
| 6.62% | Quarterly | 3-Month JIBAR | Quarterly | 03/18/29 | 57 | ZAR | 27574000 | 11150 | 11093 |
| 7.32% | Quarterly | 3-Month JIBAR | Quarterly | 03/18/33 | (14)<br>| ZAR | 9954000 | 10378 | 10392 |
| 7.79% | Quarterly | 3-Month JIBAR | Quarterly | 03/18/36 | (50)<br>| ZAR | 18915000 | 28057 | 28107 |
| 3.64% | At Maturity | 3-Month PRIBOR | Quarterly | 03/18/27 | (112)<br>| CZK | 27184000 | 2498 | 2610 |
| 6 mo. EURIBOR | Semi-Annual | 3.00% | Annual | 03/18/56 | 147066 | EUR | 3800000 | 226276 | 79210 |
| 2.75% | Annual | 6 mo. EURIBOR | Semi-Annual | 03/18/36 | (92136)<br>| EUR | 6700000 | (144589)<br>| (52453)<br>|
| 5.65% | Semi-Annual | 6 mo. INR MIBOR | Semi-Annual | 03/18/28 | (3)<br>| INR | 980800000 | 11411 | 11414 |
| 5.99% | Semi-Annual | 6 mo. INR MIBOR | Semi-Annual | 03/18/31 | (192)<br>| INR | 498600000 | 11456 | 11648 |
| 4.00% | Semi-Annual | 6-Month BBSW | Semi-Annual | 06/18/30 | 93771 | AUD | 23550000 | (283433)<br>| (377204)<br>|
| 4.25% | Semi-Annual | 6-Month BBSW | Semi-Annual | 03/18/36 | 8975 | AUD | 3400000 | (99805)<br>| (108780)<br>|
| 6-Month BIBOR | Semi-Annual | 6.63% | Annual | 03/18/36 |  | HUF | 20878000 | (528)<br>| (528)<br>|
| 6.22% | Annual | 6-Month BUBOR | Semi-Annual | 03/18/31 |  | HUF | 81651000 | 1475 | 1475 |
| 6.29% | Annual | 6-Month BUBOR | Semi-Annual | 03/18/29 | 238 | HUF | 128521000 | 4231 | 3993 |
| 6.58% | Annual | 6-Month BUBOR | Semi-Annual | 03/18/33 | 124 | HUF | 32281000 | 1666 | 1542 |
| 6-Month CLICP | Semi-Annual | 5.27% | Semi-Annual | 03/18/36 |  | CLP | 996893000 | (5514)<br>| (5514)<br>|
| 6-Month CLICP | Semi-Annual | 4.88% | Semi-Annual | 03/18/31 |  | CLP | 614715000 | (2178)<br>| (2178)<br>|

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**Centrally Cleared Interest Rate Swaps—continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payments<br> Received<br> by Fund<br>| Payment<br> Frequency<br>| Payments<br> Made<br> by Fund<br>| 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>|
| 6-Month CLICP | Semi-Annual | 4.57% | Semi-Annual | 03/18/28 | $— | CLP | 2073850000 | $(5349)<br>| $(5349)<br>|
| 5.63% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/18/28 |  | INR | 144600000 | 1024 | 1024 |
| 5.96% | Semi-Annual | 6-Month MIBOR | Semi-Annual | 03/18/31 |  | INR | 62200000 | 526 | 526 |
| 6-Month PRIBOR | Semi-Annual | 4.11% | Annual | 03/18/31 | (497)<br>| CZK | 20517000 | (11971)<br>| (11474)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.87% | Annual | 12/17/30 | 2432 | CZK | 15979500 | (1672)<br>| (4104)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.87% | Annual | 12/17/30 | 3650 | CZK | 17490000 | (1830)<br>| (5480)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.87% | Annual | 12/17/30 | 1340 | CZK | 8877500 | (929)<br>| (2269)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.87% | Annual | 12/17/30 | 917 | CZK | 5326500 | (557)<br>| (1474)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.87% | Annual | 12/17/30 | 575 | CZK | 5326500 | (557)<br>| (1132)<br>|
| 6-Month PRIBOR | Semi-Annual | 3.82% | Annual | 03/18/29 |  | CZK | 5638000 | (1019)<br>| (1019)<br>|
| 3.70% | Annual | 6-Month PRIBOR | Semi-Annual | 03/18/28 |  | CZK | 16624000 | 1855 | 1855 |
| 3.79% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 |  | CZK | 152400000 | (11198)<br>| (11198)<br>|
| 3.84% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 |  | CZK | 58000000 | 2452 | 2452 |
| 3.87% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 | 135 | CZK | 75270000 | 7874 | 7739 |
| 3.97% | Annual | 6-Month PRIBOR | Semi-Annual | 12/17/30 |  | CZK | 42300000 | 14172 | 14172 |
| 4.35% | Annual | 6-Month PRIBOR | Semi-Annual | 03/18/36 | (167)<br>| CZK | 6753000 | 5799 | 5966 |
| 6-Month WIBOR | Semi-Annual | 3.97% | Annual | 03/18/31 | 140 | PLN | 8626000 | (23035)<br>| (23175)<br>|
| 6-Month WIBOR | Semi-Annual | 3.96% | Annual | 12/17/27 | (462)<br>| PLN | 16730000 | (34901)<br>| (34439)<br>|
| 3.75% | Annual | 6-Month WIBOR | Semi-Annual | 03/18/28 | 52 | PLN | 5522000 | 7033 | 6981 |
| 3.81% | Annual | 6-Month WIBOR | Semi-Annual | 03/18/29 | 13 | PLN | 2543000 | 4593 | 4580 |
| 3.95% | Annual | 6-Month WIBOR | Semi-Annual | 03/18/31 | 413 | PLN | 3800000 | 9042 | 8629 |
| 4.14% | Annual | 6-Month WIBOR | Semi-Annual | 03/18/33 | 22 | PLN | 706000 | 2321 | 2299 |
| 4.38% | Annual | 6-Month WIBOR | Semi-Annual | 03/18/36 | 113 | PLN | 2389000 | 9331 | 9218 |
| 1.60% | Quarterly | 7-Day CNRR | Quarterly | 03/18/31 |  | CNY | 7400000 | 370 | 370 |
| 1.63% | Quarterly | 7-Day CNRR | Quarterly | 03/18/31 | 56 | CNY | 103300000 | 25672 | 25616 |
| 12.87% | At Maturity | BRL-CDI | At Maturity | 01/02/31 |  | BRL | 12300000 | (23803)<br>| (23803)<br>|
| 12.91% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 1700000 | (1365)<br>| (1365)<br>|
| 13.15% | At Maturity | BRL-CDI | At Maturity | 01/03/28 | (4)<br>| BRL | 2982192 | (204)<br>| (200)<br>|
| 13.18% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 1845176 | 412 | 412 |
| 13.25% | At Maturity | BRL-CDI | At Maturity | 01/03/28 |  | BRL | 7741859 | 2665 | 2665 |
| 13.29% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 15000000 | (7717)<br>| (7717)<br>|
| 13.32% | At Maturity | BRL-CDI | At Maturity | 01/02/29 |  | BRL | 1600000 | 423 | 423 |
| 13.32% | At Maturity | BRL-CDI | At Maturity | 01/02/29 | 29160 | BRL | 30100000 | 17021 | (12139)<br>|
| 13.35% | At Maturity | BRL-CDI | At Maturity | 01/03/28 | 246 | BRL | 3149664 | 2356 | 2110 |
| 13.74% | At Maturity | BRL-CDI | At Maturity | 01/04/27 | (14)<br>| BRL | 16955223 | (2956)<br>| (2942)<br>|
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 |  | BRL | 2900000 | (1938)<br>| (1938)<br>|
| 13.93% | At Maturity | BRL-CDI | At Maturity | 01/04/27 |  | BRL | 22700000 | (14988)<br>| (14988)<br>|
| 4.48% | At Maturity | CAMARA | At Maturity | 03/18/27 |  | CLP | 7659819000 | 18062 | 18062 |
| 4.66% | Semi-Annual | CAMARA | Semi-Annual | 03/18/29 |  | CLP | 1958902000 | 3969 | 3969 |
| 4.84% | Semi-Annual | CAMARA | Semi-Annual | 03/18/31 |  | CLP | 327100000 | 521 | 521 |
| 4.86% | Semi-Annual | CAMARA | Semi-Annual | 03/18/31 |  | CLP | 3107800000 | 7267 | 7267 |
| COP-IBR | Quarterly | 10.26% | Quarterly | 03/18/31 |  | COP | 2613912000 | 16090 | 16090 |
| COP-IBR | Quarterly | 10.21% | Quarterly | 03/18/31 |  | COP | 962502000 | 6415 | 6415 |
| 10.41% | Quarterly | COP-IBR | Quarterly | 03/18/36 |  | COP | 1360416000 | (12267)<br>| (12267)<br>|
| 10.46% | Quarterly | COP-IBR | Quarterly | 03/18/36 |  | COP | 1655636000 | (13536)<br>| (13536)<br>|
|  |  |  |  |  |  |  |  |  | $41106 |

---

164See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**OTC— Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Counterparty | Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable <br>on Default<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid/ <br>(Received)<br>| Value |
| 500000 | EUR | 12/20/30 | Bank of America, N.A. | 5.00% | Quarterly | iTraxx Europe <br> Crossover S44, <br>| $1331 | $115539 | $116870 |
| 640000 | EUR | 12/20/30 | JPMorgan Chase Bank <br> N.A.<br>| 5.00% | Quarterly | iTraxx Europe <br> Crossover S44, <br>| 3627 | 145966 | 149593 |
| 5100000 | USD | 12/20/30 | Barclays Bank PLC | 1.00% | Quarterly | Republic of Turkiye, <br> 7.25%, 05/29/32 <br> (Moody's <br> rating: Ba3)<br>| 128720 | (360333)<br>| (231613)<br>|
| 1450000 | USD | 12/20/30 | Bank of America, N.A. | 1.00% | Quarterly | Republic of Turkiye, <br> 7.13%, 02/12/32 <br> (Moody's <br> rating: Ba3)<br>| 25475 | (91326)<br>| (65851)<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 | $159153 | $(190154)<br>| $(31001)<br>|

---

**Centrally Cleared Credit Default Swaps**

**Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Value |
| 11415000 | USD | 12/20/30 | (5.00%) | Quarterly | CDX.NA.HY.S45\*\*\* | $(13784)<br>| $(856068)<br>| $(869852)<br>|
| 975000 | EUR | 12/20/30 | (5.00%) | Quarterly | iTraxx Europe Crossover S44 | (3098)<br>| (123648)<br>| (126746)<br>|
| Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | Total Buy Protection | $(16882)<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>| Value |
| 500000 | USD | 12/20/30 | 5.00% | Quarterly | CCO Holdings LLC/CCO Holdings <br> Capital Corp.<br>| $(507)<br>| $49725 | $49218 |
| 900000 | USD | 06/20/30 | 1.00% | Quarterly | CDX.EM.S43\*\* | 13805 | (18450)<br>| (4645)<br>|
| 27700000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.EM.S44\*\* | 82223 | (380080)<br>| (297857)<br>|
| 1525000 | USD | 06/20/30 | 5.00% | Quarterly | CDX.NA.HY.S44\*\*\* | 9047 | 111973 | 121020 |
| 57600000 | USD | 12/20/30 | 5.00% | Quarterly | CDX.NA.HY.S45\*\*\* | 167926 | 4221338 | 4389264 |
| 16625000 | USD | 12/20/30 | 5.00% | Quarterly | CDX.NA.HY.S45\*\*\* | 14736 | 1252131 | 1266867 |
| 7700000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.NA.IG.S45\*\*\*\* | (17190)<br>| 191547 | 174357 |
| 20025000 | EUR | 12/20/30 | 5.00% | Quarterly | iTraxx Europe Crossover S44 | 132531 | 2470632 | 2603163 |
| Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | Total Sell Protection | $402571 |  |  |
| 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 | $385689 |  |  |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

**OTC — Total Return Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Pays | Fund Receives | Counterparty | Expiration <br>Date<br>| Payment <br>Frequency<br>| Premiums Paid <br>(Received)<br>| Notional <br>Value<br>| Value | Unrealized <br>Appreciation <br>(Depreciation)<br>|
| 12-Month SOFR | IBXXLLTR | Morgan Stanley <br> Capital <br> Services, Inc.<br>| 03/20/26 | Quarterly | $— | $(3200000)<br>| $11368 | $11368 |

---

&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 $470,707 received at the custodian bank as collateral for forward foreign currency contracts, OTC swaps and/or OTC options.

166See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Currency Abbreviations** | **Currency Abbreviations** | **Currency Abbreviations** |
| ARS |  | Argentina Peso |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CHF |  | Swiss Franc |
| CLP |  | Chilean Peso |
| CNH |  | Chinese Yuan Renminbi |
| CNY |  | Chinese Yuan |
| COP |  | Colombian Peso |
| CZK |  | Czech Koruna |
| DOP |  | Dominican Pesos |
| EGP |  | Egyptian Pound |
| EUR |  | Euro |
| GBP |  | United Kingdom Pound |
| GHS |  | New Ghanaian Cedi |
| HKD |  | Hong Kong Dollar |
| HUF |  | Hungarian Forint |
| IDR |  | Indonesian Rupiah |
| INR |  | Indian Rupee |
| JMD |  | Jamaica Dollar |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| KZT |  | Kazakhstani Tenge |
| MXN |  | Mexican Peso |
| MYR |  | Malaysian Ringgit |
| NGN |  | Nigeria Naira |
| NOK |  | Norwegian Krona |
| NZD |  | New Zealand Dollar |
| PEN |  | Peruvian Nuevo Sol |
| PHP |  | Philippines Peso |
| PLN |  | Polish Zloty |
| PYG |  | Paraguay Guarani |
| RON |  | Romanian New Leu |
| RSD |  | Serbia Dinar |
| 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 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Abbreviations** | **Abbreviations** | **Abbreviations** |
| BIBOR |  | Bangkok Interbank Offered Rate |
| BUBOR |  | Budapest Interbank Offered Rate |
| CDI |  | CREST Depository Interest |
| CLICP |  | Chilean Average Chamber Index |
| CLO |  | Collateralized Loan Obligation |
| CMS |  | Constant Maturity Swap |
| CMT |  | Constant Maturity Treasury Index |
| CNRR |  | China Fixing Repo Rates |
| ETF |  | Exchange-traded fund |
| EURIBOR |  | Euro Interbank Offered Rate |
| ICE |  | Intercontinental Exchange |
| JIBAR |  | Johannesburg Interbank Average Rate |
| LIBOR |  | London Interbank Offered Rate |
| MIBOR |  | Mumbai Interbank Offered Rate |
| MTN |  | Medium Term Note |
| PIK |  | Payment In Kind |
| PRIBOR |  | Prague Interbank Offered Rate |
| REIT |  | Real Estate Investment Trust |
| SOFR |  | Secured Overnight Financing Rate |
| STACR |  | Structured Agency Credit Risk |
| TBA |  | To Be Announced |
| TBD |  | To Be Determined |
| TIIE |  | Mexican Interbank Equilibrium Interest Rate |
| WIBOR |  | Warsaw Interbank Offer Rate |

---

168See accompanying Notes to the Schedule of Investments

------

**Mercer Opportunistic Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Corporate Debt | &nbsp;&nbsp; 36.0 |
| Bank Loans | &nbsp;&nbsp; 16.1 |
| Sovereign Debt Obligations | &nbsp;&nbsp; 16.0 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp; 8.6 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | &nbsp;&nbsp;&nbsp; 7.7 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp;&nbsp; 7.0 |
| Mortgage Backed Securities - Private Issuers | &nbsp;&nbsp;&nbsp; 3.8 |
| Convertible Debt | &nbsp;&nbsp;&nbsp; 2.0 |
| Common Stocks | &nbsp;&nbsp;&nbsp; 0.7 |
| Investment Companies | &nbsp;&nbsp;&nbsp; 0.5 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp; 0.3 |
| Municipal Obligation | &nbsp;&nbsp;&nbsp; 0.0\* |
| Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Centrally Cleared Interest Rate Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| OTC Total Return Swap | &nbsp;&nbsp;&nbsp; 0.0\* |
| OTC Interest Rate Swap | &nbsp;&nbsp;&nbsp; 0.0\* |
| OTC Credit Default Swaps | &nbsp;&nbsp;&nbsp; 0.0\* |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Reverse Repurchase Agreement | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; 6.1 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp; (4.8) |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> <br>| **Description** | **Value ($)** |
|  | **DEBT OBLIGATIONS — 97.7%** | **DEBT OBLIGATIONS — 97.7%** |
|  | **Asset Backed Securities — 22.0%** | **Asset Backed Securities — 22.0%** |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2023-4, Class A, 5.15%, due <br> 09/16/30<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258670 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2024-3, Class A, 4.65%, due <br> 07/15/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152134 |
| &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2025-2, Class A, 4.28%, due <br> 04/15/30<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136664 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2025-4, Class A, 4.30%, due <br> 07/15/30<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, Series 2025-1, Class A2A, 4.22%, due <br> 03/19/29 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50090 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, 5.09% (1 <br> mo. USD Term SOFR + 1.35%), due 01/20/43<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199740 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; AREIT Ltd., Series 2025-CRE10, Class A, 5.35% (1 mo. USD Term SOFR + 1.39%), <br> due 12/17/29<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99974 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2020-5A, Class ARR, 5.03% (3 mo. USD Term <br> SOFR + 1.15%), due 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250299 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd., Series 2024-1A, Class A1, 5.44% (3 mo. USD Term <br> SOFR + 1.55%), due 04/16/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250491 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2024-1A, Class A, 5.51% (3 mo. USD Term SOFR + 1.63%), <br> due 01/20/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250349 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Basswood Park CLO Ltd., Series 2021-1A, Class AR, 4.91% (3 mo. USD Term SOFR + <br> 1.03%), due 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250099 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R2, 5.16% (3 mo. <br> USD Term SOFR + 1.24%), due 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249432 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXIX Ltd., Series 2022-29A, Class AR, 5.04% (3 mo. USD <br> Term SOFR + 1.18%), due 01/25/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249755 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XXV Ltd., Series 2021-25A, Class A1R, 4.90% (3 mo. <br> USD Term SOFR + 1.00%), due 01/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250029 |
| &nbsp;&nbsp; 160000 | BMW Vehicle Lease Trust, Series 2025-2, Class A3, 3.97%, due 09/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | BMW Vehicle Owner Trust, Series 2024-A, Class A4, 5.04%, due 04/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61336 |
| &nbsp;&nbsp; 180000 | Capital One Multi-Asset Execution Trust, Series 2024-A1, Class A, 3.92%, due 09/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180617 |
| &nbsp;&nbsp; 100000 | Chase Issuance Trust, Series 2024-A2, Class A, 4.63%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102651 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2022-4A, Class AR, 4.98% (3 mo. USD Term SOFR + <br> 1.09%), due 07/16/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250090 |
| &nbsp;&nbsp; 100000 | CNH Equipment Trust, Series 2022-B, Class A4, 3.91%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46211 | CNH Equipment Trust, Series 2024-C, Class A2A, 4.30%, due 02/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46257 |
| &nbsp;&nbsp; 100000 | Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59%, due 08/22/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100785 |
| &nbsp;&nbsp; 160000 | DLLAA LLC, Series 2025-1A, Class A3, 4.95%, due 09/20/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163509 |
| &nbsp;&nbsp; 183843 | &nbsp;&nbsp;&nbsp; Dryden 53 CLO Ltd., Series 2017-53A, Class AR, 4.90% (3 mo. USD Term SOFR + <br> 1.00%), due 01/15/31<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183921 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., Series 2022-2A, Class A1R, 5.01% (3 mo. USD Term SOFR + <br> 1.15%), due 04/22/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250135 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Empower CLO Ltd., Series 2022-1A, Class A1R, 5.27% (3 mo. USD Term SOFR + <br> 1.39%), due 10/20/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30147 | Enterprise Fleet Financing LLC, Series 2022-4, Class A2, 5.76%, due 10/22/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30251 |
| &nbsp;&nbsp; 150000 | Enterprise Fleet Financing LLC, Series 2024-3, Class A3, 4.98%, due 08/21/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152190 |
| &nbsp;&nbsp; 200000 | Enterprise Fleet Financing LLC, Series 2025-4, Class A3, 4.11%, due 12/20/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 96446 | Exeter Automobile Receivables Trust, Series 2025-4A, Class A2, 4.53%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96594 |
| &nbsp;&nbsp; 100000 | Exeter Automobile Receivables Trust, Series 2025-4A, Class A3, 4.39%, due 09/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100476 |
| &nbsp;&nbsp; 100000 | Exeter Automobile Receivables Trust, Series 2025-5A, Class A2, 4.38%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100107 |
| &nbsp;&nbsp; 150000 | First Investors Auto Owner Trust, Series 2025-1A, Class A2, 4.31%, due 12/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150240 |

---

170See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64%, due 07/16/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Flagship Credit Auto Trust, Series 2024-1, Class A3, 5.48%, due 10/16/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40128 |
| &nbsp;&nbsp; 100000 | Ford Credit Auto Lease Trust, Series 2024-A, Class A4, 5.05%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100438 |
| &nbsp;&nbsp; 250000 | Ford Credit Auto Owner Trust, Series 2023-A, Class B, 5.07%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30655 | Ford Credit Auto Owner Trust, Series 2024-C, Class A2A, 4.32%, due 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3, 4.07%, due 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75265 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Fort Greene Park CLO LLC, Series 2025-2A, Class AR, 4.81% (3 mo. USD Term SOFR <br> + 0.95%), due 04/22/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249687 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series 2025-FL10, Class A, 5.12% (1 mo. USD Term SOFR + <br> 1.39%), due 08/19/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 68517 | GM Financial Automobile Leasing Trust, Series 2024-2, Class A3, 5.39%, due 07/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68810 |
| &nbsp;&nbsp; 100000 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3, 4.21%, due 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100173 |
| &nbsp;&nbsp; 115000 | GM Financial Automobile Leasing Trust, Series 2025-1, Class A3, 4.66%, due 02/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115981 |
| &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class C, 5.21%, <br> due 12/18/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278019 |
| &nbsp;&nbsp; 121399 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A3, 5.78%, <br> due 08/16/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122643 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class B, 5.16%, <br> due 08/16/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101821 |
| &nbsp;&nbsp; 109898 | &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-2, Class A3, 5.10%, <br> due 03/16/29<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110826 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2017-1A, Class A1R3, 4.85% (3 <br> mo. USD Term SOFR + 0.97%), due 04/20/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249929 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; GreatAmerica Leasing Receivables Funding LLC, Series 2025-2, Class A2, 4.22%, due <br> 05/15/28 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100396 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-3A, Class A1, 4.34%, due <br> 12/27/60 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55161 | Hilton Grand Vacations Trust, Series 2024-2A, Class A, 5.50%, due 03/25/38 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61101 | Hilton Grand Vacations Trust, Series 2024-3A, Class A, 4.98%, due 08/27/40 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61921 |
| &nbsp;&nbsp; 150000 | Honda Auto Receivables Owner Trust, Series 2025-4, Class A2A, 4.04%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91822 | &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3, 5.41%, due 05/17/27 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92301 |
| &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3, 4.62%, due 04/17/28 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Hyundai Auto Receivables Trust, Series 2024-C, Class A3, 4.41%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95788 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; Invesco U.S. CLO Ltd., Series 2023-1A, Class AR, 5.43% (3 mo. USD Term SOFR + <br> 1.57%), due 04/22/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300371 |
| &nbsp;&nbsp; 350000 | John Deere Owner Trust, Series 2023-C, Class A4, 5.39%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | John Deere Owner Trust, Series 2024-A, Class A3, 4.96%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45406 |
| &nbsp;&nbsp; 100000 | John Deere Owner Trust, Series 2024-B, Class A3, 5.20%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101471 |
| &nbsp;&nbsp; 105000 | John Deere Owner Trust, Series 2024-C, Class A3, 4.06%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105381 |
| &nbsp;&nbsp; 100000 | John Deere Owner Trust, Series 2025-A, Class A4, 4.42%, due 02/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8983 | Kubota Credit Owner Trust, Series 2022-2A, Class A3, 4.09%, due 12/15/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8984 |
| &nbsp;&nbsp; 265000 | Kubota Credit Owner Trust, Series 2025-2A, Class A3, 4.42%, due 09/17/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38601 | Lendbuzz Securitization Trust, Series 2025-1A, Class A2, 5.10%, due 10/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38615 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; LoanCore Issuer LLC, Series 2025-CRE8, Class A, 5.12% (1 mo. USD Term SOFR + <br> 1.39%), due 08/17/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100076 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; LoanCore Issuer LLC, Series 2025-CRE9, Class A, 5.18% (1 mo. USD Term SOFR + <br> 1.45%), due 08/18/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200184 |
| &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; Magnetite XXXI Ltd., Series 2021-31A, Class A1R (3 mo. USD Term SOFR + 1.00%), <br> due 07/15/34<sup>(b)(c)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Mercedes-Benz Auto Lease Trust, Series 2024-A, Class A3, 5.32%, due 01/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60596 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; MF1 LLC, Series 2025-FL17, Class A, 5.05% (1 mo. USD Term SOFR + 1.32%), due <br> 02/18/40<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80534 | MVW LLC, Series 2024-1A, Class A, 5.32%, due 02/20/43 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82268 |
| &nbsp;&nbsp; 174945 | MVW LLC, Series 2024-2A, Class A, 4.43%, due 03/20/42 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 39326 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2019-GA, Class A, 2.40%, due <br> 10/15/68 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38412 |
| &nbsp;&nbsp; 272958 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-DA, Class A, 1.69%, due <br> 05/15/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260956 |
| &nbsp;&nbsp; 169746 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-EA, Class A, 1.69%, due <br> 05/15/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160464 |
| &nbsp;&nbsp; 291450 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, due <br> 09/16/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71294 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, due <br> 01/15/69 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64050 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2023-A, Class A, 5.51%, due <br> 10/15/71 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63991 | &nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, Series 2024-A, Class A, 5.66%, due <br> 10/15/72 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65664 |
| &nbsp;&nbsp; 107888 | Navient Student Loan Trust, Series 2019-BA, Class A2A, 3.39%, due 12/15/59 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; Navistar Financial Dealer Note Master Owner Trust II, Series 2025-1, Class A, 4.18%, <br> due 09/25/30 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50243 |
| &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 41 Ltd., Series 2021-41A, Class AR, 4.95% (3 <br> mo. USD Term SOFR + 1.05%), due 04/15/34<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399754 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 42 Ltd., Series 2021-42A, Class AR, 4.84% (3 <br> mo. USD Term SOFR + 0.95%), due 07/16/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250102 |
| &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class BR, 5.33% (3 <br> mo. USD Term SOFR + 1.45%), due 07/17/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250207 |
| &nbsp;&nbsp; 100000 | Nissan Auto Lease Trust, Series 2024-A, Class A4, 4.97%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100504 |
| &nbsp;&nbsp; 195379 | &nbsp;&nbsp;&nbsp; OZLM XV Ltd., Series 2016-15A, Class A1R3, 4.93% (3 mo. USD Term SOFR + <br> 1.05%), due 04/20/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195476 |
| &nbsp;&nbsp; 184848 | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2024-2A, Class A1N, 4.90% (3 mo. USD <br> Term SOFR + 1.00%), due 01/15/33<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184940 |
| &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 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>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299927 |
| &nbsp;&nbsp; 220000 | PFS Financing Corp., Series 2023-C, Class A, 5.52%, due 10/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222580 |
| &nbsp;&nbsp; 106711 | &nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Series 2023-2A, Class A3, 5.79%, due <br> 01/22/29 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45534 | &nbsp;&nbsp;&nbsp; Research-Driven Pagaya Motor Asset Trust, Series 2025-1A, Class A, 5.04%, due <br> 06/27/33 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15858 | Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25%, due 04/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15869 |
| &nbsp;&nbsp; 100000 | Santander Drive Auto Receivables Trust, Series 2024-5, Class C, 4.78%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, due 01/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50118 |
| &nbsp;&nbsp; 100000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, due 03/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40255 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2, 4.71%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86388 | Santander Drive Auto Receivables Trust, Series 2025-3, Class A2, 4.63%, due 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Santander Drive Auto Receivables Trust, Series 2025-3, Class B, 4.49%, due 09/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Santander Drive Auto Receivables Trust, Series 2025-4, Class A2, 4.28%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50125 |
| &nbsp;&nbsp; 181428 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2022-B, Class A1A, 3.94%, due 02/16/55 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93104 | &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13%, due 04/15/54 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94660 |
| &nbsp;&nbsp; 100000 | SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, due 02/27/34 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101191 |
| &nbsp;&nbsp; 132794 | SoFi Consumer Loan Program Trust, Series 2025-4, Class A, 4.24%, due 08/25/35 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132973 |

---

172See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Asset Backed Securities — continued** | **Asset Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 44604 | &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2021-B, Class AFX, 1.14%, due 02/15/47 <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39146 |
| &nbsp;&nbsp; 215844 | &nbsp;&nbsp;&nbsp; Southwick Park CLO LLC, Series 2019-4A, Class A1RR, 4.88% (3 mo. USD Term <br> SOFR + 1.00%), due 07/20/32<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215903 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; STAR Trust, Series 2025-SFR6, Class A, 5.15% (1 mo. USD Term SOFR + 1.40%), due <br> 08/17/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100333 |
| &nbsp;&nbsp; 250000 | Synchrony Card Funding LLC, Series 2023-A2, Class A, 5.74%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253663 |
| &nbsp;&nbsp; 245000 | Synchrony Card Funding LLC, Series 2024-A2, Class A, 4.93%, due 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249098 |
| &nbsp;&nbsp; 230894 | Tesla Electric Vehicle Trust, Series 2023-1, Class A3, 5.38%, due 06/20/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83524 | Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, 4.83%, due 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41309 | Toyota Auto Receivables Owner Trust, Series 2025-B, Class A2A, 4.46%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41412 |
| &nbsp;&nbsp; 150000 | Toyota Lease Owner Trust, Series 2025-B, Class A3, 3.96%, due 11/20/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150490 |
| &nbsp;&nbsp; 170000 | Verizon Master Trust, Series 2023-4, Class B, 4.57%, due 06/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170354 |
| &nbsp;&nbsp; 190000 | Verizon Master Trust, Series 2024-4, Class A1A, 5.21%, due 06/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191164 |
| &nbsp;&nbsp; 130000 | Verizon Master Trust, Series 2024-7, Class B, 4.60%, due 08/20/32 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Verizon Master Trust, Series 2024-8, Class B, 4.82%, due 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75991 |
| &nbsp;&nbsp; 135000 | Verizon Master Trust, Series 2025-3, Class A1A, 4.51%, due 03/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136151 |
| &nbsp;&nbsp; 250000 | Volvo Financial Equipment LLC, Series 2024-1A, Class A3, 4.29%, due 10/16/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251174 |
| &nbsp;&nbsp; 100000 | Volvo Financial Equipment LLC, Series 2025-1A, Class A3, 4.46%, due 05/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100899 |
| &nbsp;&nbsp; 100000 | Volvo Financial Equipment LLC, Series 2025-2A, Class A3, 3.99%, due 12/17/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100248 |
| &nbsp;&nbsp; 155000 | WF Card Issuance Trust, Series 2025-A1, Class A, 4.34%, due 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157204 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A3, 4.42%, <br> due 04/17/28<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100855 |
| &nbsp;&nbsp; 100000 | World Omni Select Auto Trust, Series 2025-A, Class A3, 4.08%, due 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100212 |
|  |  | &nbsp;&nbsp; 17928918 |
|  | **Bank Loans — 2.0%** | **Bank Loans — 2.0%** |
| &nbsp;&nbsp; 199500 | &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2025 USD Term Loan B, 6.97% (1 mo. USD Term SOFR <br> + 3.25%), due 08/20/32<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; APi Group DE, Inc., 2025 Term Loan, 5.47% (1 mo. USD Term SOFR + 1.75%), due <br> 01/03/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99498 | &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 U.S. LLC, 2023 Term Loan B6, 5.48% (1 mo. USD Term <br> SOFR + 1.75%), due 06/24/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93360 | &nbsp;&nbsp;&nbsp; Chart Industries, Inc., 2024 Term Loan B, 6.48% (3 mo. USD Term SOFR + 2.50%), <br> due 03/15/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93904 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; CommScope, Inc., 2024 Term Loan, 8.47% (1 mo. USD Term SOFR + 4.75%), due <br> 12/17/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49870 | CoreLogic, Inc., Term Loan, 7.33% (1 mo. USD Term SOFR + 3.50%), due 06/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79703 | &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 2024 1st Lien Term Loan B, 6.47% (1 mo. USD Term SOFR + <br> 2.75%), due 10/09/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49853 | &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Term Loan B, 6.12% (3 mo. USD Term SOFR + 2.25%), <br> due 06/20/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99499 | &nbsp;&nbsp;&nbsp; IMA Financial Group, Inc., Term Loan, 6.72% (1 mo. USD Term SOFR + 3.00%), due <br> 11/01/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18966 | &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2025 Term Loan B, 5.47% (1 mo. USD Term SOFR + 1.75%), <br> due 10/23/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97704 | &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, 7.85% (3 mo. USD Term SOFR + 3.75%), due <br> 06/02/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49749 | &nbsp;&nbsp;&nbsp; Primo Brands Corp., 2025 Term Loan B, 5.92% (3 mo. USD Term SOFR + 2.25%), due <br> 03/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42999 | &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 2024 Term Loan, 7.88% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43066 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Bank Loans — continued** | **Bank Loans — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 55005 | &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 2024 Term Loan, 7.90% (3 mo. USD Term SOFR + <br> 4.00%), due 09/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98012 | &nbsp;&nbsp;&nbsp; Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, 6.42% <br> (Prime Rate + 2.75%), due 11/22/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99247 | &nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, 2025 Repriced Term Loan B, 5.47% (1 mo. USD Term SOFR <br> + 1.75%), due 08/31/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65310 | &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd., 2024 Term Loan B, 7.47% (3 mo. USD Term SOFR + 3.75%), <br> due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64981 | &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd., 2024 Term Loan B, 7.59% (3 mo. USD Term SOFR + 3.75%), <br> due 02/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97010 | &nbsp;&nbsp;&nbsp; TransDigm, Inc., 2023 Term Loan J, 6.22% (1 mo. USD Term SOFR + 2.50%), due <br> 02/28/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 97252 | &nbsp;&nbsp;&nbsp; UKG, Inc., 2024 Term Loan B, 6.34% (3 mo. USD Term SOFR + 2.50%), due <br> 02/10/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97460 |
|  |  | &nbsp;&nbsp;&nbsp; 1608091 |
|  | **Corporate Debt — 40.1%** | **Corporate Debt — 40.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | 3M Co., 4.80%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | AbbVie, Inc., 3.20%, due 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | AbbVie, Inc., 4.80%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | Advanced Micro Devices, Inc., 4.32%, due 03/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72797 |
| &nbsp;&nbsp; 150000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | AES Corp., 5.45%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | AGCO Corp., 5.45%, due 03/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Air Products & Chemicals, Inc., 4.30%, due 06/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Alabama Power Co., 3.75%, due 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86000 | Albemarle Corp., 4.65%, due 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Alphabet, Inc., 1.10%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Alphabet, Inc., 3.88%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40221 |
| &nbsp;&nbsp; 175000 | Amazon.com, Inc., 3.90%, due 11/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Amcor Flexibles North America, Inc., 4.80%, due 03/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Ameren Corp., 5.70%, due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74000 | Ameren Illinois Co., 3.80%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73879 |
| &nbsp;&nbsp; 114736 | American Airlines Pass-Through Trust, 3.00%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111062 |
| &nbsp;&nbsp; 116900 | American Airlines Pass-Through Trust, 3.20%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85974 | American Airlines Pass-Through Trust, 3.25%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | American Electric Power Co., Inc., 5.20%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | American Express Co., 4.35% (1 day USD SOFR + 0.81%), due 07/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | American Express Co., 4.73% (1 day USD SOFR + 1.26%), due 04/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | American Express Co., 5.10% (1 day USD SOFR + 1.00%), due 02/16/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | American Express Co., 5.28% (1 day USD SOFR Index + 1.28%), due 07/27/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47000 | American Express Co., 5.39% (1 day USD SOFR + 0.97%), due 07/28/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | American Express Co., 5.65% (1 day USD SOFR Index + 0.75%), due 04/23/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | American Homes 4 Rent LP, 4.25%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | American Honda Finance Corp., 1.30%, due 09/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | American Honda Finance Corp., 4.40%, due 10/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | American Honda Finance Corp., 4.45%, due 10/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29278 |
| &nbsp;&nbsp; 200000 | American Tower Corp., 2.75%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | American Tower Corp., 3.65%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | American Tower Corp., 5.25%, due 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5144 |

---

174See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | American Tower Corp., 5.50%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88000 | Amgen, Inc., 5.15%, due 03/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | Amphenol Corp., 3.90%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Amphenol Corp., 4.38%, due 06/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Analog Devices, Inc., 4.25%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Aon North America, Inc., 5.13%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | Arthur J Gallagher & Co., 4.85%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21513 |
| &nbsp;&nbsp; 100000 | Aspen Insurance Holdings Ltd., 5.75%, due 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Astrazeneca Finance LLC, 4.80%, due 02/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | AT&T, Inc., 1.70%, due 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37811 |
| &nbsp;&nbsp; 170000 | AT&T, Inc., 4.10%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170219 |
| &nbsp;&nbsp; 250000 | Atlas Warehouse Lending Co. LP, 6.05%, due 01/15/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258123 |
| &nbsp;&nbsp; 100000 | Aviation Capital Group LLC, 4.75%, due 04/14/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Avolon Holdings Funding Ltd., 2.53%, due 11/18/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Avolon Holdings Funding Ltd., 2.75%, due 02/21/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48480 |
| &nbsp;&nbsp; 200000 | BAE Systems PLC, 5.13%, due 03/26/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, due 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61931 |
| &nbsp;&nbsp; 136000 | Baltimore Gas & Electric Co., 2.40%, due 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | Bank of America Corp., 1.73% (1 day USD SOFR + 0.96%), due 07/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63196 |
| &nbsp;&nbsp; 241000 | Bank of America Corp., 2.09% (1 day USD SOFR + 1.06%), due 06/14/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Bank of America Corp., 2.55% (1 day USD SOFR + 1.05%), due 02/04/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Bank of America Corp., 3.19% (3 mo. USD Term SOFR + 1.44%), due 07/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Bank of America Corp., 3.42% (3 mo. USD Term SOFR + 1.30%), due 12/20/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54000 | Bank of America Corp., 3.71% (3 mo. USD Term SOFR + 1.77%), due 04/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45000 | Bank of America Corp., 3.97% (3 mo. USD Term SOFR + 1.33%), due 03/05/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | Bank of America Corp., 4.38% (1 day USD SOFR + 1.58%), due 04/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36157 |
| &nbsp;&nbsp; 250000 | Bank of America Corp., 4.98% (1 day USD SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254773 |
| &nbsp;&nbsp; 300000 | Bank of America Corp., 5.93% (1 day USD SOFR + 1.34%), due 09/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Bank of Montreal, 4.06% (1 day USD SOFR Index + 0.75%), due 09/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55089 |
| &nbsp;&nbsp; 250000 | Bank of New York Mellon, 4.73% (1 day USD SOFR + 1.14%), due 04/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Bank of New York Mellon Corp., 4.95% (1 day USD SOFR + 1.03%), due 04/26/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Bank of Nova Scotia, 4.04% (1 day USD SOFR + 0.76%), due 09/15/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15007 |
| &nbsp;&nbsp; 185000 | Bank of Nova Scotia, 4.40% (1 day USD SOFR + 1.00%), due 09/08/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186041 |
| &nbsp;&nbsp; 200000 | Barclays PLC, 4.48% (1 day USD SOFR + 1.08%), due 11/11/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | Becton Dickinson & Co., 4.69%, due 02/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | BHP Billiton Finance USA Ltd., 5.25%, due 09/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36339 |
| &nbsp;&nbsp; 145000 | BlackRock Funding, Inc., 4.60%, due 07/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | BMW U.S. Capital LLC, 1.25%, due 08/12/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | BMW U.S. Capital LLC, 4.50%, due 08/11/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14086 |
| &nbsp;&nbsp; 250000 | BNP Paribas SA, 4.79% (1 day USD SOFR + 1.45%), due 05/09/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Boeing Co., 6.26%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51328 |
| &nbsp;&nbsp; 200000 | Booz Allen Hamilton, Inc., 3.88%, due 09/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | BorgWarner, Inc., 4.95%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17415 |
| &nbsp;&nbsp; 150000 | Boston Properties LP, 2.75%, due 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43103 | British Airways Pass-Through Trust, 3.35%, due 12/15/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41966 |
| &nbsp;&nbsp; 100000 | Brixmor Operating Partnership LP, 4.13%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | Broadcom, Inc., 3.46%, due 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31920 |
| &nbsp;&nbsp; 111000 | Broadcom, Inc., 4.15%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Broadcom, Inc., 4.80%, due 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18343 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 200000 | Broadcom, Inc., 5.05%, due 07/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206116 |
| &nbsp;&nbsp; 200000 | Brooklyn Union Gas Co., 4.63%, due 08/05/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201375 |
| &nbsp;&nbsp; 193000 | Brown & Brown, Inc., 4.70%, due 06/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | Cadence Design Systems, Inc., 4.20%, due 09/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62397 |
| &nbsp;&nbsp; 200000 | CaixaBank SA, 4.63% (1 day USD SOFR + 1.14%), due 07/03/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 4.86% (1 day USD SOFR + 1.03%), due <br> 03/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13229 |
| &nbsp;&nbsp; 180000 | Canadian Imperial Bank of Commerce, 5.00%, due 04/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81000 | Capital One Financial Corp., 1.88% (1 day USD SOFR + 0.86%), due 11/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Capital One Financial Corp., 5.47% (1 day USD SOFR + 2.08%), due 02/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Capital One Financial Corp., 5.70% (1 day USD SOFR + 1.91%), due 02/01/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61000 | Cardinal Health, Inc., 4.70%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Cardinal Health, Inc., 5.00%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 41000 | Cardinal Health, Inc., 5.13%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Cargill, Inc., 3.63%, due 04/22/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Caterpillar Financial Services Corp., 4.40%, due 03/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Caterpillar Financial Services Corp., 4.80%, due 01/08/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | CenterPoint Energy Houston Electric LLC, 4.80%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Charles Schwab Corp., 5.88%, due 08/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Chevron USA, Inc., 4.05%, due 08/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Chevron USA, Inc., 4.30%, due 10/15/30<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Chevron USA, Inc., 4.69%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Cigna Group, 2.38%, due 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Cigna Group, 4.50%, due 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 | Cisco Systems, Inc., 4.55%, due 02/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 31000 | Cisco Systems, Inc., 4.75%, due 02/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Citigroup, Inc., 2.57% (1 day USD SOFR + 2.11%), due 06/03/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27836 |
| &nbsp;&nbsp; 250000 | Citigroup, Inc., 3.52% (3 mo. USD Term SOFR + 1.41%), due 10/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247904 |
| &nbsp;&nbsp; 150000 | Citigroup, Inc., 4.64% (1 day USD SOFR + 1.14%), due 05/07/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Citigroup, Inc., 4.79% (1 day USD SOFR + 0.87%), due 03/04/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | CME Group, Inc., 4.40%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | CNO Global Funding, 4.38%, due 09/08/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Comcast Corp., 3.40%, due 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19419 |
| &nbsp;&nbsp; 100000 | Concentrix Corp., 6.65%, due 08/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Connecticut Light & Power Co., 4.65%, due 01/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | Consumers Energy Co., 4.50%, due 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Consumers Energy Co., 4.90%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23626 |
| &nbsp;&nbsp; 250000 | Cooperatieve Rabobank UA, 4.66% (1 yr. CMT + 1.75%), due 08/22/28<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61000 | Corebridge Financial, Inc., 3.65%, due 04/05/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Corebridge Global Funding, 4.25%, due 08/21/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20070 |
| &nbsp;&nbsp; 250000 | Credit Agricole SA, 5.23% (1 day USD SOFR + 1.13%), due 01/09/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Crown Castle, Inc., 5.60%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | CSL Finance PLC, 3.85%, due 04/27/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3998 |
| &nbsp;&nbsp; 175000 | CVS Health Corp., 1.30%, due 08/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | CVS Health Corp., 5.40%, due 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36290 |
| &nbsp;&nbsp; 200000 | Danske Bank AS, 5.71% (1 yr. CMT + 1.40%), due 03/01/30<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208011 |
| &nbsp;&nbsp; 140000 | Dell International LLC/EMC Corp., 4.15%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Dell International LLC/EMC Corp., 4.50%, due 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | Dell International LLC/EMC Corp., 4.75%, due 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73058 |

---

176See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Dell International LLC/EMC Corp., 5.00%, due 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Diamondback Energy, Inc., 5.15%, due 01/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 72000 | Diamondback Energy, Inc., 5.20%, due 04/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73084 |
| &nbsp;&nbsp; 115000 | Dominion Energy, Inc., 4.60%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116504 |
| &nbsp;&nbsp; 185000 | DTE Energy Co., 4.88%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188446 |
| &nbsp;&nbsp; 118000 | DTE Energy Co., 5.10%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121051 |
| &nbsp;&nbsp; 125000 | Duke Energy Corp., 2.65%, due 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93826 | Duke Energy Florida Project Finance LLC, 2.54%, due 09/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Eastman Chemical Co., 5.00%, due 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | eBay, Inc., 4.25%, due 03/06/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50188 |
| &nbsp;&nbsp; 203000 | Ecolab, Inc., 4.30%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Element Fleet Management Corp., 5.64%, due 03/13/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Eli Lilly & Co., 4.00%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55397 |
| &nbsp;&nbsp; 169000 | Eli Lilly & Co., 4.55%, due 02/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172075 |
| &nbsp;&nbsp; 100000 | Enbridge, Inc., 4.20%, due 11/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | Enbridge, Inc., 4.60%, due 06/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67787 |
| &nbsp;&nbsp; 175000 | Energy Transfer LP, 5.55%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | Enterprise Products Operating LLC, 4.30%, due 06/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71642 |
| &nbsp;&nbsp; 145000 | Equinor ASA, 4.25%, due 06/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | ERAC USA Finance LLC, 5.00%, due 02/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20522 |
| &nbsp;&nbsp; 125000 | Essential Utilities, Inc., 4.80%, due 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126601 |
| &nbsp;&nbsp; 190000 | Essex Portfolio LP, 3.63%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | Eversource Energy, 2.90%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Exelon Corp., 5.15%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16468 |
| &nbsp;&nbsp; 200000 | Federation des Caisses Desjardins du Quebec, 4.57%, due 08/26/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 22000 | FedEx Corp., 3.25%, due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 62000 | Fiserv, Inc., 5.15%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Fiserv, Inc., 5.45%, due 03/02/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | GATX Corp., 5.40%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72049 |
| &nbsp;&nbsp; 250000 | General Mills, Inc., 4.70%, due 01/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | General Motors Financial Co., Inc., 4.35%, due 01/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | General Motors Financial Co., Inc., 5.05%, due 04/04/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | General Motors Financial Co., Inc., 5.25%, due 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19000 | General Motors Financial Co., Inc., 5.40%, due 04/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | General Motors Financial Co., Inc., 5.55%, due 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Georgia Power Co., 4.00%, due 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 19000 | Georgia Power Co., 5.00%, due 02/23/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Gilead Sciences, Inc., 4.80%, due 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | GlaxoSmithKline Capital, Inc., 4.50%, due 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13237 |
| &nbsp;&nbsp; 100000 | Global Payments, Inc., 4.50%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100242 |
| &nbsp;&nbsp; 100000 | GLP Capital LP/GLP Financing II, Inc., 5.75%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Goldman Sachs Group, Inc., 1.43% (1 day USD SOFR + 0.80%), due 03/09/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Goldman Sachs Group, Inc., 1.95% (1 day USD SOFR + 0.91%), due 10/21/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63920 |
| &nbsp;&nbsp; 255000 | Goldman Sachs Group, Inc., 2.64% (1 day USD SOFR + 1.11%), due 02/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251129 |
| &nbsp;&nbsp; 250000 | Goldman Sachs Group, Inc., 3.81% (3 mo. USD Term SOFR + 1.42%), due 04/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248701 |
| &nbsp;&nbsp; 250000 | Goldman Sachs Group, Inc., 4.15% (1 day USD SOFR + 0.90%), due 10/21/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Goldman Sachs Group, Inc., 5.05% (1 day USD SOFR + 1.21%), due 07/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | Hanover Insurance Group, Inc., 4.50%, due 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17004 |
| &nbsp;&nbsp; 115000 | HCA, Inc., 4.30%, due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114711 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | HCA, Inc., 5.88%, due 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35458 |
| &nbsp;&nbsp; 116000 | HEICO Corp., 5.25%, due 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Hershey Co., 4.75%, due 02/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Hewlett Packard Enterprise Co., 4.15%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 98000 | Hewlett Packard Enterprise Co., 4.55%, due 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Home Depot, Inc., 3.75%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | Home Depot, Inc., 4.88%, due 06/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 63000 | Honda Motor Co. Ltd., 2.53%, due 03/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Honda Motor Co. Ltd., 4.44%, due 07/08/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Host Hotels & Resorts LP, 4.25%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50087 |
| &nbsp;&nbsp; 200000 | HSBC Holdings PLC, 4.58% (3 mo. USD Term SOFR + 1.80%), due 06/19/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201979 |
| &nbsp;&nbsp; 200000 | HSBC Holdings PLC, 5.13% (1 day USD SOFR + 1.04%), due 11/19/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 47000 | Humana, Inc., 5.75%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48508 |
| &nbsp;&nbsp; 110000 | Hyatt Hotels Corp., 5.05%, due 03/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112092 |
| &nbsp;&nbsp; 100000 | Hyundai Capital America, 4.88%, due 11/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12000 | Hyundai Capital America, 5.95%, due 09/21/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Ingersoll Rand, Inc., 5.20%, due 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60993 |
| &nbsp;&nbsp; 100000 | Ingersoll Rand, Inc., 5.40%, due 08/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | Intercontinental Exchange, Inc., 3.95%, due 12/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80265 |
| &nbsp;&nbsp; 100000 | Jabil, Inc., 5.45%, due 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Jackson National Life Global Funding, 4.55%, due 09/09/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | JB Hunt Transport Services, Inc., 4.90%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Jersey Central Power & Light Co., 4.15%, due 01/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | John Deere Capital Corp., 4.25%, due 06/05/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59000 | Johnson & Johnson, 4.55%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60167 |
| &nbsp;&nbsp; 279000 | JPMorgan Chase & Co., 1.47% (1 day USD SOFR + 0.77%), due 09/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 38000 | JPMorgan Chase & Co., 1.58% (1 day USD SOFR + 0.89%), due 04/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | JPMorgan Chase & Co., 2.07% (1 day USD SOFR + 1.02%), due 06/01/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 74000 | JPMorgan Chase & Co., 2.95% (1 day USD SOFR + 1.17%), due 02/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | JPMorgan Chase & Co., 3.51% (3 mo. USD Term SOFR + 1.21%), due 01/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74349 |
| &nbsp;&nbsp; 150000 | JPMorgan Chase & Co., 4.32% (1 day USD SOFR + 1.56%), due 04/26/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | JPMorgan Chase & Co., 4.45% (3 mo. USD Term SOFR + 1.59%), due 12/05/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | JPMorgan Chase & Co., 4.51% (1 day USD SOFR + 0.86%), due 10/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73735 |
| &nbsp;&nbsp; 150000 | JPMorgan Chase & Co., 4.92% (1 day USD SOFR + 0.80%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152859 |
| &nbsp;&nbsp; 150000 | JPMorgan Chase & Co., 4.98% (1 day USD SOFR + 0.93%), due 07/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | JPMorgan Chase & Co., 5.01% (1 day USD SOFR + 1.31%), due 01/23/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61000 | JPMorgan Chase & Co., 5.04% (1 day USD SOFR + 1.19%), due 01/23/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 81000 | JPMorgan Chase & Co., 5.57% (1 day USD SOFR + 0.93%), due 04/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | JPMorgan Chase & Co., 5.58% (1 day USD SOFR + 1.16%), due 04/22/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16707 |
| &nbsp;&nbsp; 295000 | JPMorgan Chase & Co., 6.07% (1 day USD SOFR + 1.33%), due 10/22/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Keurig Dr. Pepper, Inc., 4.35%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49000 | Kinder Morgan, Inc., 1.75%, due 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48121 |
| &nbsp;&nbsp; 100000 | Kite Realty Group Trust, 4.75%, due 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49000 | L3Harris Technologies, Inc., 4.40%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Laboratory Corp. of America Holdings, 4.35%, due 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Las Vegas Sands Corp., 5.90%, due 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | Lennox International, Inc., 5.50%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Liberty Utilities Co., 5.58%, due 01/31/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14476 |
| &nbsp;&nbsp; 400000 | Lloyds Banking Group PLC, 3.57% (3 mo. USD LIBOR + 1.21%), due 11/07/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397063 |

---

178See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 200000 | Lloyds Banking Group PLC, 5.46% (1 yr. CMT + 1.38%), due 01/05/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | Lockheed Martin Corp., 4.15%, due 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Lockheed Martin Corp., 4.40%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | Lowe's Cos., Inc., 3.35%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Lowe's Cos., Inc., 4.00%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50136 |
| &nbsp;&nbsp; 150000 | LPL Holdings, Inc., 4.90%, due 04/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152293 |
| &nbsp;&nbsp; 100000 | LPL Holdings, Inc., 5.70%, due 05/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Marriott International, Inc., 4.20%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25110 |
| &nbsp;&nbsp; 110000 | Mars, Inc., 4.60%, due 03/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Mars, Inc., 4.80%, due 03/01/30 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | McDonald's Corp., 4.40%, due 02/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Merck & Co., Inc., 4.15%, due 03/15/31<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10983 |
| &nbsp;&nbsp; 110000 | Meta Platforms, Inc., 4.20%, due 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Meta Platforms, Inc., 4.30%, due 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25324 |
| &nbsp;&nbsp; 175000 | Microchip Technology, Inc., 4.90%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177507 |
| &nbsp;&nbsp; 255000 | Mitsubishi UFJ Financial Group, Inc., 2.34% (1 yr. CMT + 0.83%), due 01/19/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250659 |
| &nbsp;&nbsp; 200000 | Mitsubishi UFJ Financial Group, Inc., 5.42% (1 yr. CMT + 1.38%), due 02/22/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205875 |
| &nbsp;&nbsp; 125000 | Molex Electronic Technologies LLC, 4.75%, due 04/30/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126515 |
| &nbsp;&nbsp; 259000 | Morgan Stanley, 1.51% (1 day USD SOFR + 0.86%), due 07/20/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 42000 | Morgan Stanley, 1.59% (1 day USD SOFR + 0.88%), due 05/04/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 | Morgan Stanley, 2.48% (1 day USD SOFR + 1.00%), due 01/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | Morgan Stanley, 3.13%, due 07/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | Morgan Stanley, 3.77% (3 mo. USD Term SOFR + 1.40%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Morgan Stanley, 4.13% (1 day USD SOFR + 0.91%), due 10/18/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Morgan Stanley, 4.89% (1 day USD SOFR + 1.31%), due 10/22/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 43000 | Morgan Stanley, 4.99% (1 day USD SOFR + 1.38%), due 04/12/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Morgan Stanley, 5.04% (1 day USD SOFR + 1.22%), due 07/19/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Morgan Stanley, 5.16% (1 day USD SOFR + 1.59%), due 04/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 27000 | Morgan Stanley, 5.23% (1 day USD SOFR + 1.11%), due 01/15/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27879 |
| &nbsp;&nbsp; 200000 | Morgan Stanley, 5.66% (1 day USD SOFR + 1.26%), due 04/18/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | Morgan Stanley, 5.66% (1 day USD SOFR + 1.76%), due 04/17/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| &nbsp;&nbsp; 350000 | Morgan Stanley Bank NA, 5.02% (1 day USD SOFR + 0.91%), due 01/12/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356667 |
| &nbsp;&nbsp; 180000 | National Rural Utilities Cooperative Finance Corp., 3.95%, due 12/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61000 | National Rural Utilities Cooperative Finance Corp., 4.12%, due 09/16/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | National Rural Utilities Cooperative Finance Corp., 4.15%, due 08/25/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | National Rural Utilities Cooperative Finance Corp., 5.15%, due 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | National Rural Utilities Cooperative Finance Corp., 5.60%, due 11/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 64000 | NextEra Energy Capital Holdings, Inc., 1.88%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 52000 | NextEra Energy Capital Holdings, Inc., 1.90%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | NextEra Energy Capital Holdings, Inc., 4.63%, due 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | NextEra Energy Capital Holdings, Inc., 4.90%, due 02/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | NextEra Energy Capital Holdings, Inc., 5.05%, due 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38218 |
| &nbsp;&nbsp; 175000 | NiSource, Inc., 5.20%, due 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180638 |
| &nbsp;&nbsp; 155000 | Nordson Corp., 4.50%, due 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | Northrop Grumman Corp., 4.65%, due 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Novartis Capital Corp., 3.80%, due 09/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14944 |
| &nbsp;&nbsp; 250000 | NTT Finance Corp., 4.62%, due 07/16/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | Nucor Corp., 4.65%, due 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | Nutrien Ltd., 5.20%, due 06/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72220 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, due 08/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50211 |
| &nbsp;&nbsp; 200000 | OGE Energy Corp., 5.45%, due 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | ONE Gas, Inc., 5.10%, due 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Oracle Corp., 1.65%, due 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 32000 | Oracle Corp., 2.65%, due 07/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31745 |
| &nbsp;&nbsp; 100000 | Oracle Corp., 4.45%, due 09/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | Oracle Corp., 4.80%, due 08/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | Ovintiv, Inc., 5.38%, due 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | PACCAR Financial Corp., 4.00%, due 08/08/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | PACCAR Financial Corp., 4.00%, due 11/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26000 | PACCAR Financial Corp., 4.00%, due 09/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26103 |
| &nbsp;&nbsp; 150000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, due 07/01/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, due 08/01/28 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | PepsiCo, Inc., 4.10%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | PepsiCo, Inc., 4.30%, due 07/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Pfizer, Inc., 4.29% (1 day USD SOFR + 0.50%), due 11/15/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Philip Morris International, Inc., 3.88%, due 10/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Philip Morris International, Inc., 4.13%, due 04/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Philip Morris International, Inc., 4.88%, due 02/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95000 | Pinnacle West Capital Corp., 4.90%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Pinnacle West Capital Corp., 5.15%, due 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 33000 | Pioneer Natural Resources Co., 1.13%, due 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32965 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 5.30% (1 day USD SOFR + 1.34%), due <br> 01/21/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101335 |
| &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc., 6.62% (1 day USD SOFR Index + 1.73%), due <br> 10/20/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244868 |
| &nbsp;&nbsp; 221000 | Private Export Funding Corp., 4.50%, due 02/07/27 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | Prologis LP, 4.88%, due 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Prologis Targeted U.S. Logistics Fund LP, 4.25%, due 01/15/31 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | Public Service Electric & Gas Co., 3.65%, due 09/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | Public Service Enterprise Group, Inc., 5.85%, due 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68104 |
| &nbsp;&nbsp; 125000 | Public Service Enterprise Group, Inc., 5.88%, due 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | Quanta Services, Inc., 4.30%, due 08/09/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Quest Diagnostics, Inc., 4.60%, due 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86098 |
| &nbsp;&nbsp; 175000 | Regal Rexnord Corp., 6.05%, due 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | RELX Capital, Inc., 4.75%, due 03/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | Rio Tinto Finance USA PLC, 4.50%, due 03/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | Rogers Communications, Inc., 5.00%, due 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36717 |
| &nbsp;&nbsp; 171000 | Roper Technologies, Inc., 4.25%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | Royal Bank of Canada, 4.50% (1 day USD SOFR + 0.89%), due 08/06/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 44000 | Royal Bank of Canada, 4.52% (1 day USD SOFR Index + 0.86%), due 10/18/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Royal Bank of Canada, 4.72% (1 day USD SOFR Index + 0.81%), due 03/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Royal Bank of Canada, 4.95%, due 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35963 |
| &nbsp;&nbsp; 325000 | Royal Bank of Canada, 4.97% (1 day USD SOFR + 0.83%), due 01/24/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Royal Bank of Canada, 4.97% (1 day USD SOFR + 1.10%), due 08/02/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | RTX Corp., 3.50%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Ryder System, Inc., 4.95%, due 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 71000 | Ryder System, Inc., 5.25%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | S&P Global, Inc., 2.70%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20209 |

---

180See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp; 100000 | SCE Recovery Funding LLC, 4.45%, due 03/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000 | Sempra, 5.40%, due 08/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | Sherwin-Williams Co., 4.30%, due 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23000 | Sherwin-Williams Co., 4.50%, due 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83000 | Smith & Nephew PLC, 5.15%, due 03/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11000 | Solventum Corp., 5.40%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Southern California Edison Co., 3.65%, due 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84083 |
| &nbsp;&nbsp; 250000 | Southern California Gas Co., 2.95%, due 04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 29000 | Southern Co., 5.50%, due 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | Southern Co. Gas Capital Corp., 4.05%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Southern Power Co., 4.25%, due 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64920 |
| &nbsp;&nbsp; 200000 | Spectra Energy Partners LP, 3.38%, due 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 69000 | Sprint Capital Corp., 6.88%, due 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74091 |
| &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, <br> 5.15%, due 09/20/29 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 46000 | Stanley Black & Decker, Inc., 6.00%, due 03/06/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | Starbucks Corp., 4.50%, due 05/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 17000 | State Street Corp., 3.03% (1 day USD SOFR + 1.49%), due 11/01/34<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 67000 | State Street Corp., 4.53% (1 day USD SOFR + 1.02%), due 02/20/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | State Street Corp., 4.54%, due 02/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 55000 | Steel Dynamics, Inc., 4.00%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 61000 | Stryker Corp., 3.65%, due 03/07/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 76000 | Stryker Corp., 4.70%, due 02/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Synopsys, Inc., 4.65%, due 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Targa Resources Corp., 4.35%, due 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25074 |
| &nbsp;&nbsp; 125000 | Targa Resources Corp., 6.15%, due 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131701 |
| &nbsp;&nbsp; 100000 | TD SYNNEX Corp., 4.30%, due 01/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 82000 | T-Mobile USA, Inc., 2.05%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | T-Mobile USA, Inc., 3.38%, due 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 36000 | T-Mobile USA, Inc., 4.95%, due 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 73000 | Toll Brothers Finance Corp., 4.35%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Toronto-Dominion Bank, 4.98%, due 04/05/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 34000 | Toronto-Dominion Bank, 5.53%, due 07/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34286 |
| &nbsp;&nbsp; 234000 | Toyota Motor Credit Corp., 4.35%, due 10/08/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Toyota Motor Credit Corp., 5.00%, due 03/19/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Toyota Motor Credit Corp., 5.40%, due 11/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 18000 | Truist Financial Corp., 1.27% (1 day USD SOFR + 0.61%), due 03/02/27<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66000 | Truist Financial Corp., 1.89% (1 day USD SOFR + 0.86%), due 06/07/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 37000 | Truist Financial Corp., 5.44% (1 day USD SOFR + 1.62%), due 01/24/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 35000 | Truist Financial Corp., 7.16% (1 day USD SOFR + 2.45%), due 10/30/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37775 |
| &nbsp;&nbsp; 220000 | U.S. Bancorp, 2.22% (1 day USD SOFR + 0.73%), due 01/27/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13000 | U.S. Bancorp, 5.05% (1 day USD SOFR + 1.06%), due 02/12/31<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | Uber Technologies, Inc., 4.30%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15105 |
| &nbsp;&nbsp; 200000 | UBS Group AG, 1.49% (1 yr. CMT + 0.85%), due 08/10/27<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196857 |
| &nbsp;&nbsp; 200000 | UBS Group AG, 4.15% (1 day USD SOFR + 0.84%), due 12/23/29<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199914 |
| &nbsp;&nbsp; 245000 | UBS Group AG, 4.70% (1 yr. CMT + 2.05%), due 08/05/27<sup>(b)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86681 | United Airlines Pass-Through Trust, 3.10%, due 01/07/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84556 |
| &nbsp;&nbsp; 111329 | United Airlines Pass-Through Trust, 3.75%, due 03/03/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111233 |
| &nbsp;&nbsp; 128672 | United Airlines Pass-Through Trust, 4.00%, due 10/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128666 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Corporate Debt — continued** | **Corporate Debt — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720 | United Airlines Pass-Through Trust, 5.88%, due 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 75000 | UnitedHealth Group, Inc., 2.95%, due 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | UnitedHealth Group, Inc., 4.80%, due 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14362 |
| &nbsp;&nbsp; 150000 | USAA Capital Corp., 4.38%, due 06/01/28<sup>(d)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151924 |
| &nbsp;&nbsp; 100000 | Ventas Realty LP, 3.85%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99809 |
| &nbsp;&nbsp; 300000 | Venture Global Calcasieu Pass LLC, 3.88%, due 08/15/29 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 60000 | Veralto Corp., 5.50%, due 09/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60530 |
| &nbsp;&nbsp; 165000 | Verizon Communications, Inc., 4.33%, due 09/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166439 |
| &nbsp;&nbsp; 125000 | VICI Properties LP, 4.75%, due 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 50000 | VICI Properties LP, 4.75%, due 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50553 |
| &nbsp;&nbsp; 125000 | Vistra Operations Co. LLC, 5.05%, due 12/30/26 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 28000 | VMware LLC, 1.40%, due 08/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 70000 | VMware LLC, 3.90%, due 08/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | Warnermedia Holdings, Inc., 3.76%, due 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48000 | Waste Management, Inc., 4.95%, due 07/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 21000 | WEC Energy Group, Inc., 2.20%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14000 | WEC Energy Group, Inc., 4.75%, due 01/09/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14002 |
| &nbsp;&nbsp; 105000 | WEC Energy Group, Inc., 5.60%, due 09/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Wells Fargo & Co., 2.88% (3 mo. USD Term SOFR + 1.43%), due 10/30/30<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23802 |
| &nbsp;&nbsp; 299000 | Wells Fargo & Co., 3.53% (1 day USD SOFR + 1.51%), due 03/24/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 79000 | Wells Fargo & Co., 3.58% (3 mo. USD Term SOFR + 1.57%), due 05/22/28<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Wells Fargo & Co., 4.08% (1 day USD SOFR + 0.88%), due 09/15/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24990 |
| &nbsp;&nbsp; 200000 | Wells Fargo & Co., 4.97% (1 day USD SOFR + 1.37%), due 04/23/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 53000 | Wells Fargo & Co., 5.57% (1 day USD SOFR + 1.74%), due 07/25/29<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | Welltower OP LLC, 4.50%, due 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 54000 | Workday, Inc., 3.50%, due 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | Xcel Energy, Inc., 4.75%, due 03/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Zimmer Biomet Holdings, Inc., 5.05%, due 02/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 16000 | Zoetis, Inc., 4.15%, due 08/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16100 |
|  |  | &nbsp;&nbsp; 32711907 |
|  | **Mortgage Backed Securities - Private Issuers — 6.3%** | **Mortgage Backed Securities - Private Issuers — 6.3%** |
| &nbsp;&nbsp; 147293 | A&D Mortgage Trust, Series 2025-NQM4, Class A1, 5.23%, due 10/25/70<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94184 | Angel Oak Mortgage Trust, Series 2025-7, Class A1, 5.51%, due 06/25/70<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95186 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; BMP Trust, Series 2024-MF23, Class A, 5.12% (1 mo. USD Term SOFR + 1.37%), due <br> 06/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100261 |
| &nbsp;&nbsp; 123142 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.50%, due <br> 02/25/65<sup>(f)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 91931 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2025-NQM8, Class A1, 5.08%, due <br> 06/25/65<sup>(e)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92289 |
| &nbsp;&nbsp; 193140 | &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, Series 2025-NQM9, Class A1, 5.04%, due <br> 09/25/65<sup>(e)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193810 |
| &nbsp;&nbsp; 156032 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-ACNT, Class A, 4.71% (1 mo. USD Term <br> SOFR + 0.96%), due 11/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 49113 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-XL2, Class A, 4.55% (1 mo. USD Term <br> SOFR + 0.80%), due 10/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49110 |
| &nbsp;&nbsp; 167857 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2024-AIR2, Class A, 5.24% (1 mo. USD Term <br> SOFR + 1.49%), due 10/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 93620 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2024-AIRC, Class A, 5.44% (1 mo. USD Term <br> SOFR + 1.69%), due 08/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93920 |

---

182See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 73062 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2024-MDHS, Class A, 5.39% (1 mo. USD Term <br> SOFR + 1.64%), due 05/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 95828 | &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2025-BCAT, Class A, 5.13% (1 mo. USD Term <br> SOFR + 1.38%), due 08/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96080 |
| &nbsp;&nbsp; 169066 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-RISE, Class A, 4.61% (1 mo. USD Term SOFR + 0.86%), due <br> 11/15/36<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168980 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2022-LBA6, Class A, 4.75% (1 mo. USD Term SOFR + 1.00%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199977 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2022-VAMF, Class A, 4.60% (1 mo. USD Term SOFR + 0.85%), due <br> 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92027 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2024-FNX, Class A, 5.19% (1 mo. USD Term SOFR + 1.44%), due <br> 11/15/41<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86538 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2024-PALM, Class A, 5.29% (1 mo. USD Term SOFR + 1.54%), due <br> 06/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86697 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2025-DIME, Class A, 4.90% (1 mo. USD Term SOFR + 1.15%), due <br> 02/15/35<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99864 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; BX Trust, Series 2025-VOLT, Class A, 5.45% (1 mo. USD Term SOFR + 1.70%), due <br> 12/15/44<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200488 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; CIP Commercial Mortgage Trust, Series 2025-SBAY, Class A, 5.15% (1 mo. USD Term <br> SOFR + 1.40%), due 10/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200480 |
| &nbsp;&nbsp; 139377 | CSAIL Commercial Mortgage Trust, Series 2019-C15, Class A3, 3.78%, due 03/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137137 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; DBC Mortgage Trust, Series 2025-DBC, Class A, 5.10% (1 mo. USD Term SOFR + <br> 1.35%), due 11/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200440 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; DK Trust, Series 2025-LXP, Class A, 5.33% (1 mo. USD Term SOFR + 1.59%), due <br> 08/15/37<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125394 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; Extended Stay America Trust, Series 2025-ESH, Class A, 5.05% (1 mo. USD Term <br> SOFR + 1.30%), due 10/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200583 |
| &nbsp;&nbsp; 173189 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class A, <br> 4.92% (1 mo. USD Term SOFR + 1.16%), due 04/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 45720 | JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1, 5.57%, due 09/25/65<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46166 |
| &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2025-NQM5, Class A1A, 4.88%, due 05/25/65<sup>(e)</sup> <br> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150321 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; JW Trust, Series 2024-BERY, Class A, 5.34% (1 mo. USD Term SOFR + 1.59%), due <br> 11/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99172 | &nbsp;&nbsp;&nbsp; KIND Trust, Series 2021-KIND, Class A, 4.82% (1 mo. USD Term SOFR + 1.06%), <br> due 08/15/38<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98789 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; KSL Commercial Mortgage Trust, Series 2025-MH, Class A, 5.34% (1 mo. USD Term <br> SOFR + 1.59%), due 12/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200588 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; MHP Commercial Mortgage Trust, Series 2025-MHIL2, Class B, 5.55% (1 mo. USD <br> Term SOFR + 1.80%), due 09/15/40<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 86108 | OBX Trust, Series 2025-NQM10, Class A1, 5.45%, due 05/25/65<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94024 | OBX Trust, Series 2025-NQM15, Class A1, 5.14%, due 07/27/65<sup>(e)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94514 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; ORL Trust, Series 2024-GLKS, Class A, 5.24% (1 mo. USD Term SOFR + 1.49%), due <br> 12/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100284 |
| &nbsp;&nbsp; 125000 | PRM5 Trust, Series 2025-PRM5, Class A, 4.47%, due 03/10/33<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125040 |
| &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; SMRT Commercial Mortgage Trust, Series 2022-MINI, Class A, 4.75% (1 mo. USD <br> Term SOFR + 1.00%), due 01/15/39<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200050 |
| &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, 5.19% (1 mo. USD <br> Term SOFR + 1.44%), due 02/15/42<sup>(b)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 88366 | THPT Mortgage Trust, Series 2023-THL, Class A, 6.99%, due 12/10/34<sup>(f)</sup> 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89512 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - Private Issuers — continued** | **Mortgage Backed Securities - Private Issuers — continued** |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2025-VTT, Class A, 5.10%, due <br> 03/15/38<sup>(f)</sup> 144A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100553 |
|  |  | &nbsp;&nbsp;&nbsp; 5192997 |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — 9.3%** | **Mortgage Backed Securities - U.S. Government Agency Obligations — 9.3%** |
| &nbsp;&nbsp; 253957 | Federal Home Loan Mortgage Corp., Pool # G18575, 3.00%, due 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87350 | Federal Home Loan Mortgage Corp., Pool # RC2071, 2.00%, due 06/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 87088 | Federal Home Loan Mortgage Corp., Pool # SB0935, 3.00%, due 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85237 |
| &nbsp;&nbsp; 224952 | Federal Home Loan Mortgage Corp., Pool # WN2035, 2.05%, due 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221406 |
| &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, <br> Series KIR1, Class A2, 2.85%, due 03/25/26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 94081 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5583, Class FA, 5.12%, (30 day <br> USD SOFR Average + 1.25%), due 10/25/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94702 |
| &nbsp;&nbsp; 145450 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5483, Class FD, 5.17%, (30 day <br> USD SOFR Average + 1.30%), due 12/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146360 |
| &nbsp;&nbsp; 195259 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5502, Class FH, 5.27%, (30 day <br> USD SOFR Average + 1.40%), due 02/25/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196969 |
| &nbsp;&nbsp; 197990 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5507, Class FG, 5.27%, (30 day <br> USD SOFR Average + 1.40%), due 02/25/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199790 |
| &nbsp;&nbsp; 278723 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5410, Class DF, 5.32%, (30 day <br> USD SOFR Average + 1.45%), due 05/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281292 |
| &nbsp;&nbsp; 383674 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. REMICS, Series 5486, Class FA, 5.32%, (30 day <br> USD SOFR Average + 1.45%), due 12/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387230 |
| &nbsp;&nbsp; 127311 | Federal National Mortgage Association, Pool # AN0558, 2.94%, due 01/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126995 |
| &nbsp;&nbsp; 115000 | Federal National Mortgage Association, Pool # AN1371, 2.68%, due 06/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111952 |
| &nbsp;&nbsp; 220000 | Federal National Mortgage Association, Pool # AN2417, 2.12%, due 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217054 |
| &nbsp;&nbsp; 160000 | Federal National Mortgage Association, Pool # AN2855, 2.22%, due 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 92140 | Federal National Mortgage Association, Pool # AN3359, 2.65%, due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90957 |
| &nbsp;&nbsp; 111455 | Federal National Mortgage Association, Pool # AN4048, 3.01%, due 12/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110429 |
| &nbsp;&nbsp; 140858 | Federal National Mortgage Association, Pool # AN5377, 3.02%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139341 |
| &nbsp;&nbsp; 169248 | Federal National Mortgage Association, Pool # AN5688, 3.12%, due 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167215 |
| &nbsp;&nbsp; 190699 | Federal National Mortgage Association, Pool # AN7475, 3.06%, due 11/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188200 |
| &nbsp;&nbsp; 170000 | Federal National Mortgage Association, Pool # BL1942, 3.15%, due 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169356 |
| &nbsp;&nbsp; 165000 | Federal National Mortgage Association, Pool # BL2331, 2.91%, due 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164130 |
| &nbsp;&nbsp; 275000 | Federal National Mortgage Association, Pool # BL6406, 1.63%, due 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266992 |
| &nbsp;&nbsp; 284459 | Federal National Mortgage Association, Pool # BM3919, 3.00%, due 02/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278354 |
| &nbsp;&nbsp; 317457 | Federal National Mortgage Association, Pool # BM4163, 3.23%, due 03/01/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315329 |
| &nbsp;&nbsp; 230000 | Federal National Mortgage Association, Pool # BS3066, 1.39%, due 11/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215140 |
| &nbsp;&nbsp; 100000 | Federal National Mortgage Association, Pool # BS5008, 2.22%, due 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 80564 | Federal National Mortgage Association, Pool # MA3097, 3.50%, due 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80219 |
| &nbsp;&nbsp; 156079 | Federal National Mortgage Association, Pool # MA4053, 2.50%, due 06/01/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148495 |
| &nbsp;&nbsp; 255928 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2006-83, Class FG, 4.49%, (30 <br> day USD SOFR Average + 0.61%), due 09/25/36<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254823 |
| &nbsp;&nbsp; 241733 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2024-103, Class FH, 5.12%, (30 <br> day USD SOFR Average + 1.25%), due 01/25/55<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242923 |
| &nbsp;&nbsp; 316777 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2024-88, Class DF, 5.12%, (30 <br> day USD SOFR Average + 1.25%), due 12/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318327 |
| &nbsp;&nbsp; 212791 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS, Series 2024-15, Class FD, 5.22%, (30 <br> day USD SOFR Average + 1.35%), due 04/25/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214248 |
| &nbsp;&nbsp; 118251 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2016-M6, Class A2, 2.49%, due <br> 05/25/26<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117459 |

---

184See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** | **Mortgage Backed Securities - U.S. Government Agency Obligations — continued** |
| &nbsp;&nbsp; 137640 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2017-M1, Class A2, 2.42%, due <br> 10/25/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 66235 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2017-M13, Class A2, 2.94%, due <br> 09/25/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 83726 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2017-M15, Class ATS2, 3.16%, <br> due 11/25/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82852 |
| &nbsp;&nbsp; 249280 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2017-M2, Class A2, 2.86%, due <br> 02/25/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246650 |
| &nbsp;&nbsp; 190414 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2017-M8, Class A2, 3.06%, due <br> 05/25/27<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188609 |
| &nbsp;&nbsp; 226248 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association-ACES, Series 2025-M3, Class A2, 2.26%, due <br> 12/25/26<sup>(f)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223539 |
| &nbsp;&nbsp; 157639 | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2020-H13, Class FC, <br> 4.56%, (1 mo. USD Term SOFR + 0.56%), due 07/20/70<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157250 |
| &nbsp;&nbsp; 113530 | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2016-H16, Class FE, <br> 5.16%, (1 yr. USD Term SOFR + 1.10%), due 06/20/66<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114474 |
| &nbsp;&nbsp; 145771 | &nbsp;&nbsp;&nbsp; Government National Mortgage Association REMICS, Series 2024-64, Class UF, 5.17%, <br> (30 day USD SOFR Average + 1.25%), due 04/20/54<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146484 |
|  |  | &nbsp;&nbsp;&nbsp; 7598867 |
|  | **Sovereign Debt Obligation — 0.2%** | **Sovereign Debt Obligation — 0.2%** |
| &nbsp;&nbsp; 135000 | Asian Development Bank, 4.38%, due 12/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135357 |
|  | **U.S. Government and Agency Obligations — 17.8%** | **U.S. Government and Agency Obligations — 17.8%** |
| 2202500 | U.S. Treasury Notes, 3.38%, due 12/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2198585 |
| 1790000 | U.S. Treasury Notes, 3.38%, due 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1783427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | U.S. Treasury Notes, 3.50%, due 10/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| 1031200 | U.S. Treasury Notes, 3.50%, due 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1030435 |
| &nbsp;&nbsp; 625000 | U.S. Treasury Notes, 3.50%, due 11/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619385 |
| &nbsp;&nbsp; 250000 | U.S. Treasury Notes, 3.63%, due 08/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250151 |
| &nbsp;&nbsp; 168000 | U.S. Treasury Notes, 3.63%, due 12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167377 |
| &nbsp;&nbsp; 650000 | U.S. Treasury Notes, 3.88%, due 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | U.S. Treasury Notes, 3.88%, due 06/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| 1750000 | U.S. Treasury Notes, 3.88%, due 07/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1764697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 51400 | U.S. Treasury Notes, 3.88%, due 12/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51260 |
| &nbsp;&nbsp; 400000 | U.S. Treasury Notes, 4.00%, due 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401968 |
| &nbsp;&nbsp; 300000 | U.S. Treasury Notes, 4.00%, due 02/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304090 |
| 2350000 | U.S. Treasury Notes, 4.00%, due 03/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2382083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | U.S. Treasury Notes, 4.00%, due 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976 |
| &nbsp;&nbsp; 500000 | U.S. Treasury Notes, 4.13%, due 03/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508613 |
| 2380000 | U.S. Treasury Notes, 4.38%, due 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2445682 |
|  |  | &nbsp;&nbsp; 14571478 |
|  | TOTAL DEBT OBLIGATIONS (COST $79,024,669) | &nbsp;&nbsp; 79747615 |
|  | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
|  | **Mutual Fund - Securities Lending Collateral — 0.2%** | **Mutual Fund - Securities Lending Collateral — 0.2%** |
| &nbsp;&nbsp; 181573 | &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money Market Portfolio, <br> 3.83%<sup>(g)(h)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181573 |

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**(showing percentage of net assets)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Par Value**<sup>(a)</sup> | **Description** | **Value ($)** |
|  | **U.S. Government and Agency Obligation — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 65000 | U.S. Treasury Bills, 3.88%, due 07/09/26<sup>(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63854 |
|  | TOTAL SHORT-TERM INVESTMENTS (COST $245,297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245427 |
|  | **TOTAL INVESTMENTS — 98.0%** <br>(Cost $79,269,966)<br>| &nbsp;&nbsp; 79993042 |
|  | Other Assets and Liabilities (net) — 2.0% | &nbsp;&nbsp;&nbsp; 1613618 |
|  | **NET ASSETS — 100.0%** | **$81606660** |

---

&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 December 31, 2025. |
| (c) | When-issued security. |
| (d) | All or a portion of this security is out on loan. |
| (e) | 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>|
| (f) | 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>|
| (g) | The rate disclosed is the 7-day net yield as of December 31, 2025. |
| (h) | Represents an investment of securities lending cash collateral. |
| (i) | Interest rate presented is yield to maturity. |
| 144A | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities <br> may be resold in transactions exempt from registration, normally to qualified institutional buyers. <br> The total market value of the securities at period end is $21,978,469 which represents 26.9% 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 |  |  |  |  |
| 44 | U.S. Treasury Note 2-Year | Mar 2026 | &nbsp;&nbsp; $9186719 | &nbsp;&nbsp; $3958 |
| Sales |  |  |  |  |
| 1 | U.S. Treasury Note 5-Year | Mar 2026 | &nbsp;&nbsp; $109305 | &nbsp;&nbsp; $131 |

---

**Centrally Cleared Credit Default Swaps**

**Sell Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount\*<br>| Currency | Expiration <br>Date<br>| Receive <br>(Pay) <br>Fixed <br>Rate<br>| Payment <br>Frequency<br>| Deliverable on Default | Unrealized <br>Appreciation <br>(Depreciation)<br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Value |
| 750000 | USD | 12/20/30 | 1.00% | Quarterly | CDX.NA.IG.S45\*\* | $(307)<br>| $17290 | $16983 |

---

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

186See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

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

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

---

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

---

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

---

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

---

See accompanying Notes to the Schedule of Investments

------

**Mercer Short Duration Fixed Income Fund**

**Schedule of Investments (Continued)**

**December 31, 2025 (Unaudited)**

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

---

| | |
|:---|:---|
| **Asset Class Summary (Unaudited)** | **% of Net Assets** |
| Corporate Debt | &nbsp;&nbsp; 40.1 |
| Asset Backed Securities | &nbsp;&nbsp; 22.0 |
| U.S. Government and Agency Obligations | &nbsp;&nbsp; 17.8 |
| Mortgage Backed Securities - U.S. Government Agency Obligations | &nbsp;&nbsp;&nbsp; 9.3 |
| Mortgage Backed Securities - Private Issuers | &nbsp;&nbsp;&nbsp; 6.3 |
| Bank Loans | &nbsp;&nbsp;&nbsp; 2.0 |
| Sovereign Debt Obligation | &nbsp;&nbsp;&nbsp; 0.2 |
| Futures Contracts | &nbsp;&nbsp;&nbsp; 0.0\* |
| Centrally Cleared Credit Default Swap | &nbsp;&nbsp;&nbsp; 0.0\* |
| Short-Term Investments | &nbsp;&nbsp;&nbsp; 0.3 |
| Other Assets and Liabilities (net) | &nbsp;&nbsp;&nbsp; 2.0 |
|  | 100.0% |

---

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

\* *Amount rounds to zero.*

188See accompanying Notes to the Schedule of Investments

------

**Mercer Funds**

**Notes to Financial Statements**

**December 31, 2025 (Unaudited)**

------

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

**1.** **Organization**

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

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

Investment Objectives:

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

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

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

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

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

------

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

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

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

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

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

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

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

------

**Mercer Funds**

**Notes to Financial Statements (Continued)**

**December 31, 2025 (Unaudited)**

------

broad Levels listed below.

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

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

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

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

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

Core Fixed, Opportunistic Fixed and Short Duration Fixed may invest in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ''Lender'') that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. Each Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, each Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. Each Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, each Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. At December 31, 2025, Opportunistic Fixed had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Par | Cost | Value | Unrealized <br>Gain (Loss)<br>|
| GC Ferry Acquisition I, Inc. | &nbsp;&nbsp; $94792 | &nbsp;&nbsp; $94792 | &nbsp;&nbsp; $94756 | &nbsp;&nbsp; $(36)<br>|
| June Purchaser LLC | &nbsp;&nbsp; 214286 | &nbsp;&nbsp; 215263 | &nbsp;&nbsp; 216054 | &nbsp;&nbsp; 791 |
| Liquid Tech Solutions LLC | &nbsp;&nbsp; 126780 | &nbsp;&nbsp; 126472 | &nbsp;&nbsp; 127176 | &nbsp;&nbsp; 705 |
| MRI Software LLC | &nbsp;&nbsp; 106672 | &nbsp;&nbsp; 106299 | &nbsp;&nbsp; 103738 | &nbsp;&nbsp; (2560)<br>|
| MRI Software LLC | &nbsp;&nbsp; 628341 | &nbsp;&nbsp; 626927 | &nbsp;&nbsp; 628341 | &nbsp;&nbsp; 1413 |
| Pinnacle Buyer LLC | &nbsp;&nbsp; 181452 | &nbsp;&nbsp; 181452 | &nbsp;&nbsp; 182529 | &nbsp;&nbsp; 1077 |
| Pye-Barker Fire & Safety LLC | &nbsp;&nbsp; 31200 | &nbsp;&nbsp; 31044 | &nbsp;&nbsp; 31429 | &nbsp;&nbsp; 385 |
| Pye-Barker Fire & Safety LLC | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 91668 | &nbsp;&nbsp; 668 |
| Secretariat Advisors LLC | &nbsp;&nbsp; 162832 | &nbsp;&nbsp; 162434 | &nbsp;&nbsp; 163341 | &nbsp;&nbsp; 906 |
| Trio Bidco, Inc. | &nbsp;&nbsp; 82571 | &nbsp;&nbsp; 82571 | &nbsp;&nbsp; 82881 | &nbsp;&nbsp; 310 |
| USALCO LLC | &nbsp;&nbsp; 140216 | &nbsp;&nbsp; 140216 | &nbsp;&nbsp; 140961 | &nbsp;&nbsp; 745 |
| Van Pool Transportation LLC | &nbsp;&nbsp; 26313 | &nbsp;&nbsp; 26128 | &nbsp;&nbsp; 26489 | &nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp; $1886455 | &nbsp;&nbsp; $1884598 | &nbsp;&nbsp; $1889363 | &nbsp;&nbsp; $4765 |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2612543862.72

**Total Liabilities:** $454912059.36

**Net Assets:** $2157631803.36

**Delayed Delivery Securities:** $181874646.51

**Cash Not Reported:** $58290193.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1266.97000000 | **1-Year:** -25575.49000000 | **5-Year:** -85896.87000000 | **10-Year:** -121149.05000000 | **30-Year:** -55804.40000000

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

- **3-Month:** -4468.50000000 | **1-Year:** -102651.83000000 | **5-Year:** -348934.73000000 | **10-Year:** -128719.22000000 | **30-Year:** -33197.66000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000128966 | 0.78%                | 0.39%                | 0.57%                |
| Class ID C000128968 | 0.80%                | 0.41%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $895253.39               | $485331.98                                 |
| Month 2  | $2786920.14              | $-4730210.20                               |
| Month 3  | $3236408.61              | $-1026188.18                               |

**Designated Index Information**

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

- **Index Identifier:** 33.3%LF98TRUU,33.3%SPBDLL,33.3%JPEIDIVR

### Schedule of Portfolio Investments

| Name                                                    | Title                                                                                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAL Delaware Holdco Inc                                 | AAL Delaware Holdco Inc 2025 Term Loan                                                                                                     | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      134322 | PA      | $135161.11    | 0.01%             | 2031-07-30      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| ACCO BRANDS CORP                                        | ACCO Brands Corp                                                                                                                           | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |      240000 | PA      | $222811.43    | 0.01%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| Aimco                                                   | AIMCO CLO 24 Ltd                                                                                                                           | CUSIP: 00092QAA9<br>LEI: 254900THVAKUZYK59M09 | Long             | ABS-CBDO         | CORP              | KY        |     1575000 | PA      | $1613472.53   | 0.07%             | 2038-04-19      | Floating      | 10.23%                | No            |                  2 | On Loan: No      |
| Aimco                                                   | AIMCO CLO 24 Ltd                                                                                                                           | CUSIP: 00092QAE1<br>LEI: 254900THVAKUZYK59M09 | Long             | ABS-CBDO         | CORP              | KY        |     1620000 | PA      | $1286288.10   | 0.06%             | 2038-04-19      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 1 Ltd.                                          | AGL CLO 25 Ltd                                                                                                                             | CUSIP: 00120NAU8<br>LEI: 2549006GHWX66A91GS48 | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $300633.00    | 0.01%             | 2038-07-21      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub Inc                                  | AI Aqua Merger Sub Inc 2024 1st Lien Term Loan B                                                                                           | CUSIP: 00132UAP9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |     3215870 | PA      | $3226813.60   | 0.15%             | 2028-07-31      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                           | AIB Group PLC                                                                                                                              | CUSIP: 00135TAF1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      550000 | PA      | $568449.95    | 0.03%             | 2031-05-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| AIT Worldwide Logistics Inc                             | AIT Worldwide Logistics Inc 2025 Repriced Term Loan                                                                                        | CUSIP: 00145AAE3<br>LEI: 254900VTA1PQ24OMBP16 | Long             | LON              | CORP              | US        |     1737466 | PA      | $1751040.33   | 0.08%             | 2030-04-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AL GCX HOLDINGS LLC                                     | AL GCX HOLDINGS LLC 2025 TERM LOAN B                                                                                                       | CUSIP: 00162DAE5<br>LEI: 2549009G4C2J89LNWS21 | Long             | LON              | CORP              | US        |     1085000 | PA      | $1086356.25   | 0.05%             | 2032-12-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                                      | AMN Healthcare Inc                                                                                                                         | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |     1165000 | PA      | $1166126.56   | 0.05%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                              | AMSR 2025-SFR1 Trust                                                                                                                       | CUSIP: 00182MAQ4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      340000 | PA      | $302637.94    | 0.01%             | 2042-06-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                                        | APi Group DE Inc                                                                                                                           | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |      225000 | PA      | $219871.94    | 0.01%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| APLD COMPUTECO LLC                                      | APLD ComputeCo LLC                                                                                                                         | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1032655.37   | 0.05%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Trident TPI Holdings Inc                                | Trident TPI Holdings Inc 2024 Term Loan B7                                                                                                 | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |     2720476 | PA      | $2617486.62   | 0.12%             | 2028-09-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| AST SPACEMOBILE INC                                     | AST SpaceMobile Inc                                                                                                                        | CUSIP: 00217DAE0<br>LEI: 254900MBSC9P2UCI6623 | Long             | DBT              | CORP              | US        |      213000 | PA      | $213117.15    | 0.01%             | 2036-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ASP UNIFRAX HOLDINGS INC                                | ASP Unifrax Holdings Inc                                                                                                                   | CUSIP: 00218LAH4<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |     1927387 | PA      | $231286.44    | 0.01%             | 2029-09-30      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Arizona Biltmore Trust                                  | ARZ Trust 2024-BILT                                                                                                                        | CUSIP: 00218TAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900000 | PA      | $931067.73    | 0.04%             | 2039-06-11      | Fixed         | 8.27%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                                | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                                                            | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      925000 | PA      | $942460.30    | 0.04%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                                | Acadia Healthcare Co Inc                                                                                                                   | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     3030000 | PA      | $3064069.32   | 0.14%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Access CIG LLC                                          | Access CIG LLC 2025 Term Loan                                                                                                              | CUSIP: 00435CAV0<br>LEI: 5493002EU9Z6IQMPAN35 | Long             | LON              | CORP              | US        |      908114 | PA      | $877465.42    | 0.04%             | 2030-08-19      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Acrisure, LLC                                           | Acrisure LLC 2024 1st Lien Term Loan B6                                                                                                    | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |     1738092 | PA      | $1739178.39   | 0.08%             | 2030-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                            | Acrisure LLC 2025 Term Loan B                                                                                                              | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |      995000 | PA      | $998109.38    | 0.05%             | 2032-06-21      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                                                                                        | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      296000 | PA      | $307431.22    | 0.01%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                                                                                        | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $522542.50    | 0.02%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                                                                                        | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1052000 | PA      | $1101448.21   | 0.05%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                                  | Acrisure LLC / Acrisure Finance Inc                                                                                                        | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       38000 | PA      | $39404.82     | 0.00%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Acres PLC                                               | ACRES 2025-FL3 LLC                                                                                                                         | CUSIP: 00501DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3200000 | PA      | $3205817.70   | 0.15%             | 2040-08-18      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                                         | AdaptHealth LLC                                                                                                                            | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $147053.84    | 0.01%             | 2030-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| ADMI Corp                                               | ADMI Corp 2021 Incremental Term Loan B3                                                                                                    | CUSIP: 00709LAJ6<br>LEI: 5493008U1LYGMQWO7N12 | Long             | LON              | CORP              | US        |     1290541 | PA      | $1223593.87   | 0.06%             | 2027-12-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                                | Adtalem Global Education Inc                                                                                                               | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |      285000 | PA      | $286260.27    | 0.01%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                                      | Advance Auto Parts Inc                                                                                                                     | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     1075000 | PA      | $1084994.28   | 0.05%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| Aegis Asset Backed Securities Trust                     | Aegis Asset Backed Securities Trust 2005-5                                                                                                 | CUSIP: 00764MHE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      446810 | PA      | $424997.04    | 0.02%             | 2035-12-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL                                      | Aegea Finance Sarl                                                                                                                         | CUSIP: 00775CAE6<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |     2625000 | PA      | $2508525.81   | 0.12%             | 2036-01-20      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                                | Advanced Drainage Systems Inc                                                                                                              | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |       10000 | PA      | $10022.53     | 0.00%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                     | Affirm Master Trust                                                                                                                        | CUSIP: 00833BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1800000 | PA      | $1813244.94   | 0.08%             | 2033-07-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| AFRICELL HOLDING LTD                                    | Africell Holding Ltd                                                                                                                       | CUSIP: 00833NAA0<br>LEI: 984500JFB7AFK4B6C829 | Long             | DBT              | CORP              | JE        |     2405000 | PA      | $2389296.29   | 0.11%             | 2029-10-23      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2024-A                                                                                                   | CUSIP: 00834BAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1650000 | PA      | $1654702.83   | 0.08%             | 2029-02-15      | Fixed         | 9.17%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                                              | Affirm Asset Securitization Trust 2024-B                                                                                                   | CUSIP: 00835AAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1900000 | PA      | $1911866.26   | 0.09%             | 2029-09-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Agiliti Health Inc                                      | Agiliti Health Inc 2023 Term Loan                                                                                                          | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |      715457 | PA      | $702489.15    | 0.03%             | 2030-05-01      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| Aimco                                                   | Aimco CLO 15 Ltd                                                                                                                           | CUSIP: 00889CAE9<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249734.25    | 0.01%             | 2038-04-17      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                          | Air Lease Corp                                                                                                                             | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |      225000 | PA      | $220998.49    | 0.01%             | 2026-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD                                           | Aircastle Ltd                                                                                                                              | CUSIP: 00928QAW1<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |       59000 | PA      | $59119.43     | 0.00%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALA Trust                                               | ALA Trust 2025-OANA                                                                                                                        | CUSIP: 009920AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      315000 | PA      | $317247.02    | 0.01%             | 2040-06-15      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| ALARM.COM HLDGS INC                                     | Alarm.com Holdings Inc                                                                                                                     | CUSIP: 011642AD7<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |      930000 | PA      | $887685.00    | 0.04%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                                  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC                                                                      | CUSIP: 013092AG6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |      750000 | PA      | $721227.53    | 0.03%             | 2029-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                                 | Albion Financing 3 SARL 2025 EUR Term Loan                                                                                                 | CUSIP: 01330EAC2<br>LEI: 259400QTZA08U7DIP580 | Long             | LON              | CORP              | LU        |     1000000 | PA      | $1190599.23   | 0.06%             | 2031-05-21      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Alera Group Inc                                         | Alera Group Inc 2025 Term Loan                                                                                                             | CUSIP: 01451PAB2<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |      284288 | PA      | $286083.91    | 0.01%             | 2032-05-31      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                                                                                  | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |      119000 | PA      | $185104.50    | 0.01%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AlixPartners LLP                                        | AlixPartners LLP 2025 USD Term Loan                                                                                                        | CUSIP: 01642PBE5<br>LEI: 5493005G2MHUFTGARL57 | Long             | LON              | CORP              | US        |     1480724 | PA      | $1484888.11   | 0.07%             | 2032-08-12      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                                   | Bread Financial Holdings Inc                                                                                                               | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     3343000 | PA      | $3476666.68   | 0.16%             | 2035-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                                   | Bread Financial Holdings Inc                                                                                                               | CUSIP: 018581AR9<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |       50000 | PA      | $51830.05     | 0.00%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                                 | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp                                                                   | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      225000 | PA      | $238589.33    | 0.01%             | 2029-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate, LLC                      | Alliant Holdings Intermediate LLC 2025 Term Loan B                                                                                         | CUSIP: 01881UAN5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |      646746 | PA      | $649171.21    | 0.03%             | 2031-09-19      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                                                             | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $748613.63    | 0.03%             | 2027-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                                                             | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      525000 | PA      | $536919.60    | 0.02%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                                                             | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1193890.23   | 0.06%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                                                             | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1640000 | PA      | $1693193.43   | 0.08%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                                | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                                                             | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      331000 | PA      | $343607.13    | 0.02%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Allied Universal Holdco LLC                             | Allied Universal Holdco LLC 2025 USD Term Loan B                                                                                           | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     1655850 | PA      | $1665992.08   | 0.08%             | 2032-08-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                                | ALLISON TRANSMISSION INC 2025 INCREMENTAL TERM LOAN B                                                                                      | CUSIP: 01973KAJ5<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | LON              | CORP              | US        |      300000 | PA      | $301875.00    | 0.01%             | 2032-11-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F032633<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      150000 | PA      | $138524.93    | 0.01%             | 2056-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F042616<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    12450000 | PA      | $12170988.90  | 0.56%             | 2055-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F042624<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      400000 | PA      | $390660.79    | 0.02%             | 2056-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F050627<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    14375000 | PA      | $14339118.13  | 0.66%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F052615<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    19815000 | PA      | $20107510.02  | 0.93%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F060618<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    43050000 | PA      | $44219532.03  | 2.05%             | 2055-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F060626<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      900000 | PA      | $923922.80    | 0.04%             | 2056-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                               | Uniform Mortgage-Backed Security, TBA                                                                                                      | CUSIP: 01F062622<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    36860000 | PA      | $38319426.36  | 1.78%             | 2056-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                                      | Ally Financial Inc                                                                                                                         | CUSIP: 02005NBV1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      725000 | PA      | $753046.33    | 0.03%             | 2035-07-26      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes                      | Ally Bank Auto Credit-Linked Notes Series 2025-B                                                                                           | CUSIP: 02007G6S7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      232476 | PA      | $233249.72    | 0.01%             | 2033-09-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS                                 | Alnylam Pharmaceuticals Inc                                                                                                                | CUSIP: 02043QAC1<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |      385000 | PA      | $372487.50    | 0.02%             | 2028-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALPHA GENERATION LLC                                    | Alpha Generation LLC                                                                                                                       | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |      500000 | PA      | $517030.50    | 0.02%             | 2032-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                                         | Altar Bidco Inc 2021 2nd Lien Term Loan                                                                                                    | CUSIP: 02090CAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1590000 | PA      | $1512487.50   | 0.07%             | 2030-02-01      | Floating      | 9.28%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                                                                           | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      500000 | PA      | $516676.14    | 0.02%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                                                                           | CUSIP: 02090DAB4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     1222353 | PA      | $1186680.91   | 0.05%             | 2030-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                                                                           | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      380000 | PA      | $364529.02    | 0.02%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                                                                           | CUSIP: 02090DAE8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      231030 | PA      | $221696.24    | 0.01%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRAN LUX 3/HOLD 1                                | Altice France Lux 3 / Altice Holdings 1                                                                                                    | CUSIP: 020956AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      364000 | PA      | $334289.81    | 0.02%             | 2033-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ALTAGAS LTD                                             | AltaGas Ltd                                                                                                                                | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |      288000 | PA      | $298821.60    | 0.01%             | 2054-10-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                    | Amentum Holdings Inc                                                                                                                       | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |      385000 | PA      | $406030.24    | 0.02%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                                     | Amer Sports Co                                                                                                                             | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |      200000 | PA      | $209853.40    | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                 | American Airlines Inc 2025 Term Loan B                                                                                                     | CUSIP: 02376CBT1<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | KY        |      348250 | PA      | $350208.91    | 0.02%             | 2032-05-28      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| American Auto Auction Group, LLC                        | American Auto Auction Group LLC 2025 Term Loan                                                                                             | CUSIP: 02403MAR1<br>LEI: 5493002VI1KML1L8HW19 | Long             | LON              | CORP              | US        |     1198023 | PA      | $1179552.70   | 0.05%             | 2032-05-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE AND MANUFAC INC                           | AMERICAN AXLE AND MANUFAC INC 2025 INCREMENTAL TERM LOAN C                                                                                 | CUSIP: 02406MBB2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |      600000 | PA      | $601249.80    | 0.03%             | 2032-02-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                                       | American Builders & Contractors Supply Co Inc                                                                                              | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |     2800000 | PA      | $2782721.20   | 0.13%             | 2028-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co Inc           | American Builders & Contractors Supply Co Inc 2024 Term Loan B                                                                             | CUSIP: 02474RAJ2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | LON              | CORP              | US        |      198485 | PA      | $199589.02    | 0.01%             | 2031-01-31      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                                 | American National Group Inc                                                                                                                | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |      235000 | PA      | $236249.50    | 0.01%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                                | AmeriTex HoldCo Intermediate LLC                                                                                                           | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      950000 | PA      | $1003053.70   | 0.05%             | 2033-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                  | AmeriGas Partners LP / AmeriGas Finance Corp                                                                                               | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      205000 | PA      | $213247.47    | 0.01%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                                  | AmeriGas Partners LP / AmeriGas Finance Corp                                                                                               | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $53299.05     | 0.00%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                              | Amneal Pharmaceuticals LLC 2025 Term Loan B                                                                                                | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |     1719690 | PA      | $1736886.91   | 0.08%             | 2032-08-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                                | Amneal Pharmaceuticals LLC                                                                                                                 | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |      300000 | PA      | $316896.00    | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                                        | AmWINS Group Inc                                                                                                                           | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1476367.49   | 0.07%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                            | ams-OSRAM AG                                                                                                                               | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |      800000 | PA      | $853716.00    | 0.04%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: —       |
| AXIS Equipment Finance Receivables LLC                  | Amur Equipment Finance Receivables XV LLC                                                                                                  | CUSIP: 03237FAF2<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |      510000 | PA      | $519543.73    | 0.02%             | 2034-01-20      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 15 Ltd                                                                                                               | CUSIP: 03329GAJ1<br>LEI: 549300H5Q0HJ2EHSSX26 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251988.75    | 0.01%             | 2038-07-20      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital Clo 32 Ltd                                                                                                               | CUSIP: 03329HAA8<br>LEI: 63670045P01T5CDEDN27 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251483.25    | 0.01%             | 2037-07-15      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding Ltd.                           | Anchorage Credit Funding 18 Ltd                                                                                                            | CUSIP: 03331MAC9<br>LEI: 636700TZS0ICKG81QT91 | Long             | ABS-CBDO         | CORP              | KY        |      600000 | PA      | $601543.20    | 0.03%             | 2040-10-22      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                               | Anchorage Capital CLO 26 Ltd                                                                                                               | CUSIP: 03331UAL1<br>LEI: 5493004K3H2URWHGJT03 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252840.00    | 0.01%             | 2038-03-19      | Floating      | 10.13%                | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2022-2                                                                                                            | CUSIP: 03464PAD9<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |      265000 | PA      | $217101.81    | 0.01%             | 2067-01-25      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-8                                                                                                            | CUSIP: 03466UAA2<br>LEI: 254900WZRTR935QJJ709 | Long             | ABS-MBS          | CORP              | US        |     2635188 | PA      | $2657574.83   | 0.12%             | 2070-07-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                | Angel Oak Mortgage Trust 2025-R1                                                                                                           | CUSIP: 034951AA1<br>LEI: 2549003MM0537Y3QHI22 | Long             | ABS-MBS          | CORP              | US        |     1810370 | PA      | $1809687.94   | 0.08%             | 2062-07-25      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                                                                                      | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1200000 | PA      | $1171959.41   | 0.05%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                                                                                      | CUSIP: 035198AH3<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      532000 | PA      | $536236.80    | 0.02%             | 2031-01-15      | Fixed         | 9.24%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                                      | Angolan Government International Bond                                                                                                      | CUSIP: 035198AJ9<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      438000 | PA      | $434670.18    | 0.02%             | 2035-10-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                                | Antero Midstream Partners LP / Antero Midstream Finance Corp                                                                               | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $258917.29    | 0.01%             | 2032-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MidCap Financial Investment Corp                        | MidCap Financial Investment Corp                                                                                                           | CUSIP: 03761U502<br>LEI: 5493005P14I7WFB3FW47 | Long             | EC               | CORP              | US        |       42000 | NS      | $480480.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Apollo Commercial Real Estate Finance, Inc              | Apollo Commercial Real Estate Finance Inc 2025 Term Loan B                                                                                 | CUSIP: 03768DAE7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | LON              |  | US        |     1489268 | PA      | $1504160.18   | 0.07%             | 2030-06-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD                                | Apollo Debt Solutions BDC                                                                                                                  | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1050548.09   | 0.05%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                     | Applied Systems Inc 2024 1st Lien Term Loan                                                                                                | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |      509894 | PA      | $513434.56    | 0.02%             | 2031-02-24      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Apro LLC                                                | Apro LLC 2024 Term Loan B                                                                                                                  | CUSIP: 03834XAP8<br>LEI: 549300HALLMPVGYAKP14 | Long             | LON              | CORP              | US        |     1240578 | PA      | $1240577.90   | 0.06%             | 2031-07-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                | Aptiv Swiss Holdings Ltd                                                                                                                   | CUSIP: 03837AAD2<br>LEI: 254900HTTDFIJZ32GX53 | Long             | DBT              | CORP              | JE        |      300000 | PA      | $311632.20    | 0.01%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                      | Aqua Finance Issuer Trust 2025-B                                                                                                           | CUSIP: 03837GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      931064 | PA      | $938667.35    | 0.04%             | 2051-05-17      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Aramark Services Inc                                    | Aramark Services Inc 2025 Repriced Term Loan                                                                                               | CUSIP: 03852JBB6<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | LON              | CORP              | US        |     1000000 | PA      | $1005624.83   | 0.05%             | 2028-04-06      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Arches Buyer Inc                                        | Arches Buyer Inc 2021 Term Loan B                                                                                                          | CUSIP: 03952HAD6<br>LEI: 2549009ADY4208OH2Y47 | Long             | LON              | CORP              | US        |     1513055 | PA      | $1518019.17   | 0.07%             | 2027-12-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                                | Archrock Partners LP / Archrock Partners Finance Corp                                                                                      | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $515996.00    | 0.02%             | 2032-09-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                         | Ardagh Group SA                                                                                                                            | CUSIP: 03969UAA4<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      391543 | PA      | $359240.70    | 0.02%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORP                                    | Ares Management Corp                                                                                                                       | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |       27277 | NS      | $1374760.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ARDONAGH GROUP FINANCE                                  | Ardonagh Group Finance Ltd                                                                                                                 | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |      200000 | PA      | $208669.00    | 0.01%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                         | Ardagh Group SA                                                                                                                            | CUSIP: 039959AA9<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      324665 | PA      | $352441.02    | 0.02%             | 2030-12-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| Ares Capital Corp                                       | Ares Capital Corp                                                                                                                          | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | CORP              | US        |       87524 | NS      | $1770610.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                          | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |       62985 | PA      | $53852.00     | 0.00%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                          | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     4990214 | PA      | $3717709.43   | 0.17%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                          | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     5884737 | PA      | $4089892.22   | 0.19%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                          | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     4200000 | PA      | $3009300.00   | 0.14%             | 2046-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| Argentina Republic Government International Bonds       | Argentina Republic Government International Bonds                                                                                          | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |        4404 | PA      | $3932.77      | 0.00%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                            | ARES XLIV CLO Ltd                                                                                                                          | CUSIP: 04016NBH5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2002134.00   | 0.09%             | 2034-04-15      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU                                | Ares Strategic Income Fund                                                                                                                 | CUSIP: 04020EAL1<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |      600000 | PA      | $605684.37    | 0.03%             | 2028-09-09      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                  | Arsenal AIC Parent LLC                                                                                                                     | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1360000 | PA      | $1444878.70   | 0.07%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                          | Aruba Investments Holdings LLC 2020 USD Term Loan                                                                                          | CUSIP: 04317JAB4<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |      299041 | PA      | $277858.88    | 0.01%             | 2027-11-24      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                          | Aruba Investments Holdings LLC 2020 2nd Lien Term Loan                                                                                     | CUSIP: 04317JAF5<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |     3020000 | PA      | $2702900.00   | 0.13%             | 2028-11-24      | Floating      | 11.57%                | No            |                  2 | On Loan: No      |
| Aruba Investments Holdings LLC                          | Aruba Investments Holdings LLC 2022 USD Incremental Term Loan                                                                              | CUSIP: 04317JAG3<br>LEI: 254900GMIYFF4FZ0A357 | Long             | LON              | CORP              | US        |      265620 | PA      | $236401.88    | 0.01%             | 2027-11-24      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                                 | Asbury Automotive Group Inc                                                                                                                | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $984673.60    | 0.05%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Asset Backed Securities Corp Home Equity Ln Trst        | Asset Backed Securities Corp Home Equity Loan Trust Series OOMC 2006-HE5                                                                   | CUSIP: 04544PAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      810000 | PA      | $724097.48    | 0.03%             | 2036-07-25      | Floating      | 2.89%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                                  | Asurion LLC and Asurion Co-Issuer Inc                                                                                                      | CUSIP: 045941AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3386000 | PA      | $3514706.49   | 0.16%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC 2021 Second Lien Term Loan B4                                                                                                  | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     3430000 | PA      | $3376835.00   | 0.16%             | 2029-01-20      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC 2023 Term Loan B11                                                                                                             | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     1985963 | PA      | $1993410.22   | 0.09%             | 2028-08-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                             | Asurion LLC 2025 Term Loan B13                                                                                                             | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      432825 | PA      | $433276.00    | 0.02%             | 2030-09-19      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Athenahealth Group Inc                                  | Athenahealth Group Inc 2022 Term Loan B                                                                                                    | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |     2388750 | PA      | $2396812.04   | 0.11%             | 2029-02-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| ATKORE INC                                              | Atkore Inc                                                                                                                                 | CUSIP: 047649AA6<br>LEI: 52990002TI38AM4RPV48 | Long             | DBT              | CORP              | US        |      310000 | PA      | $297867.22    | 0.01%             | 2031-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                                | Atlanticus Holdings Corp                                                                                                                   | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $160508.16    | 0.01%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Auctioncom LLC                                          | Auctioncom LLC Term Loan                                                                                                                   | CUSIP: 05069PAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      166535 | PA      | $146342.90    | 0.01%             | 2028-05-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Avaya Inc                                               | Avaya Inc 2023 Exit Term Loan                                                                                                              | CUSIP: 05349UBN1<br>LEI: J6LB5QIFSP2MFEFG4U76 | Long             | LON              | CORP              | US        |      456507 | PA      | $410856.65    | 0.02%             | 2028-08-01      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| AVAYA HLDGS CORP                                        | AVAYA HLDGS CORP                                                                                                                           | CUSIP: 05351X507<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |       30000 | NS      | $440010.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                                     | Avantor Funding Inc                                                                                                                        | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |      675000 | PA      | $671858.90    | 0.03%             | 2028-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                                             | Avient Corp                                                                                                                                | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1028522.00   | 0.05%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVID AUTOMOBILE RECEIVABLES                             | AVID AUTOMOBILE RECEIVABLES                                                                                                                | CUSIP: 05368WAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1509531 | PA      | $1519299.52   | 0.07%             | 2032-07-15      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                                     | Avianca Midco 2 PLC                                                                                                                        | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      750000 | PA      | $756870.00    | 0.04%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AVILEASE CAPITAL LTD                                    | Avilease Capital Ltd                                                                                                                       | CUSIP: 05370HAA1<br>LEI: 635400SXOPVAVBWNE366 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $397439.87    | 0.02%             | 2030-11-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                 | Avis Budget Car Rental LLC / Avis Budget Finance Inc                                                                                       | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $176376.68    | 0.01%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                                 | Avis Budget Car Rental LLC / Avis Budget Finance Inc                                                                                       | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      746000 | PA      | $770816.70    | 0.04%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                | Avis Budget Rental Car Funding AESOP LLC                                                                                                   | CUSIP: 05377RJS4<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      855000 | PA      | $878851.59    | 0.04%             | 2029-06-20      | Fixed         | 7.31%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                | Avis Budget Rental Car Funding AESOP LLC                                                                                                   | CUSIP: 05377RJU9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |      905000 | PA      | $931175.32    | 0.04%             | 2029-12-20      | Fixed         | 7.37%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                | Avis Budget Rental Car Funding AESOP LLC                                                                                                   | CUSIP: 05377RJY1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     2160000 | PA      | $2231006.44   | 0.10%             | 2030-02-20      | Fixed         | 7.52%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                                                                                | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |      396000 | PA      | $384309.05    | 0.02%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                                | Avolon Holdings Funding Ltd                                                                                                                | CUSIP: 05401ABD2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     1225000 | PA      | $1218840.39   | 0.06%             | 2031-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                                                                                        | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |      660000 | PA      | $682967.34    | 0.03%             | 2030-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                     | Axon Enterprise Inc                                                                                                                        | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     1330000 | PA      | $1389174.57   | 0.06%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Securities LLC             | Barclays Commercial Mortgage Trust 2019-C5                                                                                                 | CUSIP: 05492JAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      280000 | PA      | $267709.99    | 0.01%             | 2052-11-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc            | BAMLL Commercial Mortgage Securities Trust 2019-BPR                                                                                        | CUSIP: 05492PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      450000 | PA      | $413306.10    | 0.02%             | 2032-11-05      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch Large Loan Inc            | BAMLL Commercial Mortgage Securities Trust 2019-BPR                                                                                        | CUSIP: 05492PAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      270000 | PA      | $240195.51    | 0.01%             | 2032-11-05      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| Bankers Healthcare Group Securitization Trust           | BHG Securitization Trust 2025-2CON                                                                                                         | CUSIP: 05494LAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1200000 | PA      | $1214019.00   | 0.06%             | 2036-09-17      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                | Azule Energy Finance Plc                                                                                                                   | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     1605000 | PA      | $1608539.03   | 0.07%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC                                           | B&G Foods Inc                                                                                                                              | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |      835000 | PA      | $822575.09    | 0.04%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BCPE Empire Holdings Inc                                | BCPE Empire Holdings Inc 2025 Term Loan B                                                                                                  | CUSIP: 05550HAQ8<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |     1091729 | PA      | $1082273.86   | 0.05%             | 2030-12-11      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                                     | LBM Acquisition LLC                                                                                                                        | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |      417000 | PA      | $375943.76    | 0.02%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| BEP Intermediate Holdco LLC                             | BEP Intermediate Holdco LLC 2025 Term Loan B                                                                                               | CUSIP: 05554YAE4<br>LEI: 254900510SAMOPG9CQ76 | Long             | LON              | CORP              | US        |      992500 | PA      | $997462.50    | 0.05%             | 2031-04-25      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| BGC GROUP INC                                           | BGC Group Inc                                                                                                                              | CUSIP: 05555LAD3<br>LEI: 2549001IGRCG4F0RLD36 | Long             | DBT              | CORP              | US        |      650000 | PA      | $674401.69    | 0.03%             | 2030-04-02      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BCC Middle Market CLO                                   | BCC Middle Market CLO 2025-1 LLC                                                                                                           | CUSIP: 05555YAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      300000 | PA      | $299539.50    | 0.01%             | 2037-07-17      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 05565A5R0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $212783.20    | 0.01%             | 2028-08-14      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                             | BNP Paribas SA                                                                                                                             | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      340000 | PA      | $360497.92    | 0.02%             | 2029-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                 | BPCE SA                                                                                                                                    | CUSIP: 05571AAS4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |      425000 | PA      | $474177.69    | 0.02%             | 2034-10-19      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                      | BMO 2024-5C5 Mortgage Trust                                                                                                                | CUSIP: 05593RAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1300000 | PA      | $1359465.64   | 0.06%             | 2057-02-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2025-DELC                                                                                                                         | CUSIP: 05594MAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1285000 | PA      | $1291605.41   | 0.06%             | 2042-12-15      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                                    | BWX Technologies Inc                                                                                                                       | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $975338.90    | 0.05%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                                    | BWX Technologies Inc                                                                                                                       | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |       97000 | PA      | $92683.50     | 0.00%             | 2030-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-21M                                                                                                      | CUSIP: 05609CAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      443301 | PA      | $443114.77    | 0.02%             | 2036-10-15      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2021-ACNT                                                                                                     | CUSIP: 05609QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      694344 | PA      | $694077.65    | 0.03%             | 2038-11-15      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Commercial Mortgage Trust 2022-AHP                                                                                                      | CUSIP: 05610FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1260000 | PA      | $1259567.95   | 0.06%             | 2039-01-17      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| BKV UPSTREAM MIDSTREAM L                                | BKV Upstream Midstream LLC                                                                                                                 | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |      550000 | PA      | $561298.10    | 0.03%             | 2030-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BCPE Pequod Buyer Inc                                   | BCPE Pequod Buyer Inc USD Term Loan B                                                                                                      | CUSIP: 05624AAB8<br>LEI: 254900HEEOS2IWC84V94 | Long             | LON              | CORP              | US        |      149625 | PA      | $150139.41    | 0.01%             | 2031-11-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| BAFFINLAND IRON CORP/LP                                 | Baffinland Iron Mines Corp / Baffinland Iron Mines LP                                                                                      | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     6340000 | PA      | $5600509.37   | 0.26%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                                                                                      | CUSIP: 056732AP5<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |     1219000 | PA      | $1363232.08   | 0.06%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limited                        | Bain Capital Credit CLO 2022-2 Ltd                                                                                                         | CUSIP: 05682GAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1500000 | PA      | $1499520.00   | 0.07%             | 2035-04-22      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| BAITEREK NATIONAL MANAGI                                | Baiterek National Managing Holding JSC                                                                                                     | CUSIP: 05709VAC8<br>LEI: 984500B4F78F04253804 | Long             | DBT              | NUSS              | KZ        |     3229000 | PA      | $3228014.67   | 0.15%             | 2030-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2023-1 Ltd                                                                                                         | CUSIP: 05765DAX3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $300375.30    | 0.01%             | 2036-04-20      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2025-1 Ltd                                                                                                         | CUSIP: 05765KAA7<br>LEI: 2549005WFJ6KJ4A4P984 | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $709165.80    | 0.03%             | 2038-07-20      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| Balboa Bay Loan Funding Ltd                             | Balboa Bay Loan Funding 2022-1 Ltd                                                                                                         | CUSIP: 05766FAE9<br>LEI: 549300USDGJ8GD3PWY07 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $502481.50    | 0.02%             | 2037-04-20      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| BALL CORP                                               | Ball Corp                                                                                                                                  | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     2900000 | PA      | $2683841.54   | 0.12%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                           | Ballyrock Clo 29 Ltd                                                                                                                       | CUSIP: 05876TAC0<br>LEI: 254900DD7OSYIC2KWA70 | Long             | ABS-CBDO         | CORP              | KY        |     1220000 | PA      | $977527.44    | 0.05%             | 2038-07-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                                                                                         | CUSIP: 05971KAR0<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      600000 | PA      | $601368.16    | 0.03%             | 2030-11-06      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                                                                                  | CUSIP: 05971PAB4<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |      740000 | PA      | $765443.42    | 0.04%             | 2029-06-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc                                | Boxer Parent Company Inc 2025 USD Term Loan B                                                                                              | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |     1191000 | PA      | $1189418.35   | 0.06%             | 2031-07-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                    | Bank of America Corp                                                                                                                       | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |         295 | NS      | $369340.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BofA Securities, Inc.                                   | REPO BANK AMERICA                                                                                                                          | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |     2900000 | PA      | $2900000.00   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2024-BNK48                                                                                                                            | CUSIP: 06541GAH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1020000 | PA      | $1040408.87   | 0.05%             | 2057-10-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2022-BNK42                                                                                                                            | CUSIP: 06541MBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1280000 | PA      | $1259442.05   | 0.06%             | 2055-06-15      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                            | Barclays Mortgage Trust 2022-RPL1                                                                                                          | CUSIP: 06745CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1544900 | PA      | $1549228.56   | 0.07%             | 2028-02-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Barings BDC Inc                                         | Barings BDC Inc                                                                                                                            | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |      151455 | NS      | $1390356.90   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Babson CLO Ltd                                          | Barings Clo Ltd 2023-I                                                                                                                     | CUSIP: 06763EAE3<br>LEI: 2549000XGGHFFMGI1592 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $253637.50    | 0.01%             | 2038-04-20      | Floating      | 10.58%                | No            |                  2 | On Loan: No      |
| Great Outdoors Group LLC                                | Great Outdoors Group LLC 2025 Term Loan B                                                                                                  | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |      347368 | PA      | $349865.31    | 0.02%             | 2032-01-23      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                                | Baxter International Inc                                                                                                                   | CUSIP: 071813DD8<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |      750000 | PA      | $756683.02    | 0.04%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX                                 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                               | CUSIP: 072912AA6<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     1240000 | PA      | $1305100.00   | 0.06%             | 2035-02-11      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC                             | Beach Acquisition Bidco LLC USD Term Loan B                                                                                                | CUSIP: 07337FAB1<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     1810000 | PA      | $1827345.23   | 0.08%             | 2032-09-12      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                                 | Beach Acquisition Bidco LLC                                                                                                                | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |     3620000 | PA      | $3998431.18   | 0.19%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Van Pool Transportation LLC                             | Van Pool Transportation LLC 2025 Term Loan                                                                                                 | CUSIP: 07363PAB6<br>LEI: 254900EBTYFG24UQEM31 | Long             | LON              | CORP              | US        |      492530 | PA      | $495813.82    | 0.02%             | 2030-08-06      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Van Pool Transportation LLC                             | Van Pool Transportation LLC 2025 Delayed Draw Term Loan                                                                                    | CUSIP: 07363PAC4<br>LEI: 254900EBTYFG24UQEM31 | Long             | LON              | CORP              | US        |       67470 | PA      | $67919.70     | 0.00%             | 2030-08-06      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP                                    | Beacon Mobility Corp                                                                                                                       | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |     1125000 | PA      | $1177291.18   | 0.05%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BEIGNET INVESTOR LLC                                    | Beignet Investor LLC                                                                                                                       | CUSIP: 076912AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1166502.48   | 0.05%             | 2049-05-30      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                                             | Bell Telephone Co of Canada or Bell Canada                                                                                                 | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |      145000 | PA      | $152456.92    | 0.01%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                                     | BellRing Brands Inc                                                                                                                        | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |      270000 | PA      | $279355.88    | 0.01%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BELLEMEADE RE LT                                        | Bellemeade Re 2025-1 Ltd                                                                                                                   | CUSIP: 07876NAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      150000 | PA      | $151095.03    | 0.01%             | 2035-10-25      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                 | Belron Finance 2019 LLC 2025 Repriced Term Loan B                                                                                          | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      521562 | PA      | $525311.48    | 0.02%             | 2031-10-16      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Bending Spoons US Inc                                   | Bending Spoons US Inc USD Term Loan B                                                                                                      | CUSIP: 08167PAB2<br>LEI: 9845008E9B4A982B2F23 | Long             | LON              | CORP              | US        |      845187 | PA      | $825113.55    | 0.04%             | 2031-03-07      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| BENDING SPOONS US INC                                   | BENDING SPOONS US INC TERM LOAN                                                                                                            | CUSIP: 08167PAD8<br>LEI: 9845008E9B4A982B2F23 | Long             | LON              | CORP              | US        |       75000 | PA      | $72937.50     | 0.00%             | 2031-03-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners Clo 41 Ltd                                                                                                         | CUSIP: 08183HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251324.25    | 0.01%             | 2038-07-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd                         | Benefit Street Partners CLO XL Ltd                                                                                                         | CUSIP: 08187CAA9<br>LEI: 2549004LEBIHR2BCXR45 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250930.50    | 0.01%             | 2038-07-25      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| Berlin Packaging LLC                                    | Berlin Packaging LLC 2025 Term Loan B7                                                                                                     | CUSIP: 08511LBD9<br>LEI: 549300L1HNHO6QOXHH42 | Long             | LON              | CORP              | US        |     1197995 | PA      | $1202404.76   | 0.06%             | 2031-06-07      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Bingo Holdings I LLC                                    | Bingo Holdings I LLC Term Loan B                                                                                                           | CUSIP: 09081AAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1124962 | PA      | $1105744.04   | 0.05%             | 2032-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Blackhawk Network Holdings, Inc                         | Blackhawk Network Holdings Inc 2025 Term Loan B                                                                                            | CUSIP: 09238FAM3<br>LEI: 549300LFU3K8UIR03132 | Long             | LON              | CORP              | US        |      496241 | PA      | $499297.94    | 0.02%             | 2029-03-12      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                                  | Blackstone Mortgage Trust Inc                                                                                                              | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |      800000 | PA      | $854174.40    | 0.04%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                         | Blackstone Secured Lending Fund                                                                                                            | CUSIP: 09261X102<br>LEI: 549300KM7KWQHVBNH962 | Long             | EC               | CORP              | US        |       30000 | NS      | $789900.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| BLOCK FINANCIAL LLC                                     | Block Financial LLC                                                                                                                        | CUSIP: 093662AK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $655424.00    | 0.03%             | 2032-09-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                                                                                         | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $157110.45    | 0.01%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                                | Blue Racer Midstream LLC / Blue Racer Finance Corp                                                                                         | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $159280.88    | 0.01%             | 2032-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BLUE OWL FINANCE LLC                                    | Blue Owl Finance LLC                                                                                                                       | CUSIP: 09581JAT3<br>LEI: 254900OF2NO2GYFV5T41 | Long             | DBT              | CORP              | US        |      900000 | PA      | $929965.49    | 0.04%             | 2034-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Blue Owl Technology Finance Corp                        | Blue Owl Technology Finance Corp                                                                                                           | CUSIP: 095924106<br>LEI: 254900G5EZJSOD3UKL16 | Long             | EC               | CORP              | US        |       49170 | NS      | $714931.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                                           | Boeing Co/The                                                                                                                              | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |       10916 | NS      | $753858.96    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON PROPERTIES LP                                    | Boston Properties LP                                                                                                                       | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              |  | US        |     1345000 | PA      | $1305322.50   | 0.06%             | 2030-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Brant Point CLO Ltd                                     | Brant Point CLO 2025-7 Ltd                                                                                                                 | CUSIP: 105488AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      450000 | PA      | $452704.05    | 0.02%             | 2038-07-25      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                                  | Brazilian Government International Bond                                                                                                    | CUSIP: 105756CN8<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2075000 | PA      | $2060993.75   | 0.10%             | 2056-01-12      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BRIDGEBIO PHARMA INC                                    | Bridgebio Pharma Inc                                                                                                                       | CUSIP: 10806XAH5<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |      325000 | PA      | $565906.25    | 0.03%             | 2031-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust           | Bridgecrest Lending Auto Securitization Trust 2025-2                                                                                       | CUSIP: 10807HAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1700000 | PA      | $1723120.00   | 0.08%             | 2031-03-17      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOT/BRIGHSTAR                                | Brightstar Lottery PLC/ Brightstar Global Solutions Corp                                                                                   | CUSIP: 108922AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      600000 | PA      | $596009.36    | 0.03%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRIGHTHOUSE FINANCIAL IN                                | Brighthouse Financial Inc                                                                                                                  | CUSIP: 10922N707<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EP               | CORP              | US        |        8485 | NS      | $105892.80    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINKER INTERNATIONAL IN                                | Brinker International Inc                                                                                                                  | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |      195000 | PA      | $206564.78    | 0.01%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                | Broadstreet Partners Inc 2024 Term Loan B4                                                                                                 | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |     1614976 | PA      | $1621592.35   | 0.08%             | 2031-06-13      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                | Brookfield Residential Properties Inc / Brookfield Residential US LLC                                                                      | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       75000 | PA      | $69937.79     | 0.00%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                                | Brookfield Residential Properties Inc / Brookfield Residential US LLC                                                                      | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      320000 | PA      | $311435.04    | 0.01%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC                                | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL                                                           | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |     1035000 | PA      | $1026306.72   | 0.05%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                                       | Brown & Brown Inc                                                                                                                          | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      800000 | PA      | $824049.78    | 0.04%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                 | Brown Group Holding LLC 2022 Incremental Term Loan B2                                                                                      | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |      456533 | PA      | $459157.72    | 0.02%             | 2031-07-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                                                                                   | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      900000 | PA      | $857755.23    | 0.04%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                                | Builders FirstSource Inc                                                                                                                   | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      550000 | PA      | $575720.42    | 0.03%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                                                                                         | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      800000 | PA      | $795688.00    | 0.04%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                                | Burford Capital Global Finance LLC                                                                                                         | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |      955000 | PA      | $984591.63    | 0.05%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                | BX Trust 2025-GW                                                                                                                           | CUSIP: 12433GAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1110000 | PA      | $1119849.47   | 0.05%             | 2042-07-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL                                | C&S Group Enterprises LLC                                                                                                                  | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      488000 | PA      | $454072.39    | 0.02%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $496349.80    | 0.02%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $706628.89    | 0.03%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4530000 | PA      | $4166288.11   | 0.19%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1940000 | PA      | $1700407.21   | 0.08%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $583818.50    | 0.03%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                                  | CCO Holdings LLC / CCO Holdings Capital Corp                                                                                               | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1550000 | PA      | $1319397.71   | 0.06%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                                     | CDW LLC / CDW Finance Corp                                                                                                                 | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $559819.81    | 0.03%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                         | CFCRE Commercial Mortgage Trust 2011-C2                                                                                                    | CUSIP: 12527DAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       77629 | PA      | $76641.85     | 0.00%             | 2047-12-15      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| CFC Bidco 2022 Ltd                                      | CFC Bidco 2022 Ltd Term Loan B                                                                                                             | CUSIP: 12531JAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      535000 | PA      | $522293.75    | 0.02%             | 2032-07-01      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     1759000 | PA      | $1567181.05   | 0.07%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      787000 | PA      | $701504.89    | 0.03%             | 2031-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $940919.40    | 0.04%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |      225000 | PA      | $245855.25    | 0.01%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                                | CHS/Community Health Systems Inc                                                                                                           | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     1235000 | PA      | $1298699.60   | 0.06%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2019-IV Ltd                                                                                                                   | CUSIP: 125493AG1<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251513.25    | 0.01%             | 2038-07-15      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| Charlotte Buyer Inc                                     | Charlotte Buyer Inc 2025 Repriced Term Loan B                                                                                              | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1836090 | PA      | $1805106.21   | 0.08%             | 2028-02-11      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2025-III Ltd                                                                                                                  | CUSIP: 12574PAC9<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |      300000 | PA      | $252651.30    | 0.01%             | 2038-07-21      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                                         | CMS Energy Corp                                                                                                                            | CUSIP: 125896BU3<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |      118000 | PA      | $116166.17    | 0.01%             | 2050-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                                      | CP Atlas Buyer Inc                                                                                                                         | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |      762000 | PA      | $789976.45    | 0.04%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                                      | CP Atlas Buyer Inc                                                                                                                         | CUSIP: 12597YAD1<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |      938635 | PA      | $890155.16    | 0.04%             | 2031-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| CPI Holdco B LLC                                        | CPI Holdco B LLC 2024 Term Loan                                                                                                            | CUSIP: 1261MAAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      278589 | PA      | $279590.67    | 0.01%             | 2031-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2012-CCRE3 Mortgage Trust                                                                                                             | CUSIP: 12624PAL9<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      288435 | PA      | $277903.89    | 0.01%             | 2045-10-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      750000 | PA      | $460598.40    | 0.02%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      240000 | PA      | $146961.60    | 0.01%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                        | CSC Holdings LLC                                                                                                                           | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      270000 | PA      | $200833.13    | 0.01%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | Consumer Portfolio Services Auto Trust 2025-B                                                                                              | CUSIP: 12630SAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $502600.90    | 0.02%             | 2029-11-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | Consumer Portfolio Services Auto Trust 2025-B                                                                                              | CUSIP: 12630SAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $504767.60    | 0.02%             | 2031-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2025-C                                                                                                          | CUSIP: 12634SAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $503280.60    | 0.02%             | 2029-12-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                                          | CPS Auto Receivables Trust 2025-C                                                                                                          | CUSIP: 12634SAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1200000 | PA      | $1209336.00   | 0.06%             | 2031-10-15      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                            | CSMC 2018-RPL9 Trust                                                                                                                       | CUSIP: 12654PAB4<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $938798.97    | 0.04%             | 2057-09-25      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                                     | CNT Holdings I Corp 2025 Term Loan                                                                                                         | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |     1000000 | PA      | $1003403.00   | 0.05%             | 2032-11-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                                | CQP Holdco LP / BIP-V Chinook Holdco LLC                                                                                                   | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      675000 | PA      | $668235.56    | 0.03%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer, Inc.                                    | CP Atlas Buyer Inc 2025 Term Loan                                                                                                          | CUSIP: 12658HAL6<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |     1517450 | PA      | $1471926.50   | 0.07%             | 2030-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                                                                            | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      110000 | PA      | $114940.77    | 0.01%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                         | CVS Health Corp                                                                                                                            | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1410198.87   | 0.07%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CPPIB OVM Member US LLC                                 | CPPIB OVM Member US LLC Term Loan B                                                                                                        | CUSIP: 12673CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1091713 | PA      | $1099900.52   | 0.05%             | 2031-08-20      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2024-CBM Mortgage Trust                                                                                                               | CUSIP: 12674GAN4<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |     2075000 | PA      | $2110538.94   | 0.10%             | 2041-12-10      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| CTM CLO Ltd                                             | CTM CLO 2025-1 Ltd                                                                                                                         | CUSIP: 12719QAA7<br>LEI: 254900KXN2P7HDYVVW84 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1014490.00   | 0.05%             | 2038-07-15      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                               | Caesars Entertainment Inc Term Loan B                                                                                                      | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |      646037 | PA      | $641325.68    | 0.03%             | 2030-02-06      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                                   | Caesars Entertainment Inc                                                                                                                  | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     2050000 | PA      | $1994845.37   | 0.09%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                                | California Resources Corp                                                                                                                  | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      215000 | PA      | $225021.31    | 0.01%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CAMELOT RETURN MERGER SU                                | Camelot Return Merger Sub Inc                                                                                                              | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1250000 | PA      | $969669.08    | 0.04%             | 2028-08-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                                | Capital One Financial Corp                                                                                                                 | CUSIP: 14040HDN2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |      675000 | PA      | $673257.05    | 0.03%             | 2036-09-11      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle US CLO 2020-2 Ltd                                                                                                                  | CUSIP: 14315GAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      400000 | PA      | $400393.60    | 0.02%             | 2035-01-25      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle US Clo 2017-2 Ltd                                                                                                                  | CUSIP: 14315KAG1<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2027448.00   | 0.09%             | 2037-07-20      | Floating      | 11.44%                | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2023-1 LTD                                                                                                                  | CUSIP: 14318RAU2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $703619.70    | 0.03%             | 2037-07-20      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | CARLYLE US CLO 2023-1 LTD                                                                                                                  | CUSIP: 14318YAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252202.00    | 0.01%             | 2037-07-20      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle US CLO 2025-2 Ltd                                                                                                                  | CUSIP: 14320DAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1023456.00   | 0.05%             | 2038-07-25      | Floating      | 11.05%                | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies                        | Carlyle US CLO 2025-3 Ltd                                                                                                                  | CUSIP: 14320FAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252820.25    | 0.01%             | 2038-07-25      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                                                                              | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      925000 | PA      | $956138.28    | 0.04%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                                                                              | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |      525000 | PA      | $539569.28    | 0.03%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                           | Carnival Corp                                                                                                                              | CUSIP: 143658CB6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1270000 | PA      | $1284718.60   | 0.06%             | 2029-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                    | Carpenter Technology Corp                                                                                                                  | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |      240000 | PA      | $243994.56    | 0.01%             | 2034-03-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                              | Carvana Co                                                                                                                                 | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     1706000 | PA      | $1926259.73   | 0.09%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Cast and Crew Payroll LLC                               | Cast and Crew Payroll LLC 2021 Incremental Term Loan                                                                                       | CUSIP: 14835JAQ3<br>LEI: 549300XE7OZGFGN5F466 | Long             | LON              | CORP              | US        |     2062388 | PA      | $1243877.94   | 0.06%             | 2028-12-29      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corporation                     | Six Flags Entertainment Corporation 2024 Term Loan B                                                                                       | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |      744332 | PA      | $736889.17    | 0.03%             | 2031-05-01      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                                                                                   | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     2667000 | PA      | $2655449.49   | 0.12%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                                | Celanese US Holdings LLC                                                                                                                   | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     2795000 | PA      | $2843791.67   | 0.13%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                         | Cemex SAB de CV                                                                                                                            | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     1980000 | PA      | $2067417.00   | 0.10%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: —       |
| Cengage Learning Inc                                    | Cengage Learning Inc 2024 1st Lien Term Loan B                                                                                             | CUSIP: 15131YAQ8<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |     1500000 | PA      | $1508229.00   | 0.07%             | 2031-03-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                            | Centene Corp                                                                                                                               | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1209455.16   | 0.06%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Central Parent Inc                                      | Central Parent Inc 2024 Term Loan B                                                                                                        | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1142713 | PA      | $972467.46    | 0.05%             | 2029-07-06      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO II/FIN                                 | Central Parent LLC / CDK Global II LLC / CDK Financing Co Inc                                                                              | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      700000 | PA      | $609390.81    | 0.03%             | 2029-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                                | Century Aluminum Co                                                                                                                        | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |     2470000 | PA      | $2551405.47   | 0.12%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                                  | Lumen Technologies Inc                                                                                                                     | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      220000 | PA      | $204717.70    | 0.01%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                                      | Cerdia Finanz GmbH                                                                                                                         | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |      775000 | PA      | $805031.25    | 0.04%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Champ Acquisition Corporation                           | Champ Acquisition Corporation 2024 Term Loan B                                                                                             | CUSIP: 15807EAH5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      148200 | PA      | $149311.50    | 0.01%             | 2031-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHAMP ACQUISITION CORP                                  | Champ Acquisition Corp                                                                                                                     | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1728000 | PA      | $1871014.46   | 0.09%             | 2031-12-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Chamberlain Group Inc                                   | Chamberlain Group Inc 2025 Term Loan B                                                                                                     | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |     1328325 | PA      | $1332995.39   | 0.06%             | 2032-09-08      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corporation                      | Chase Home Lending Mortgage Trust 2025-RPL1                                                                                                | CUSIP: 16160VAB9<br>LEI: 529900A7SLLSJMEDIN80 | Long             | ABS-MBS          | CORP              | US        |      961243 | PA      | $871897.78    | 0.04%             | 2065-04-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Chemours Company (The)                                  | Chemours Company (The) 2025 Term Loan B                                                                                                    | CUSIP: 16384YAM9<br>LEI: 549300M1BOLNXL8DOV14 | Long             | LON              | CORP              | US        |      984303 | PA      | $975279.87    | 0.05%             | 2032-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                | Cheplapharm Arzneimittel GmbH                                                                                                              | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |      265000 | PA      | $262294.22    | 0.01%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                       | CUSIP: 168863DY1<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     5898000 | PA      | $5263965.00   | 0.24%             | 2042-03-07      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Chile Government International Bonds                    | Chile Government International Bonds                                                                                                       | CUSIP: 168863EE4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     4934000 | PA      | $5225106.00   | 0.24%             | 2037-01-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                                  | Choice Hotels International Inc                                                                                                            | CUSIP: 169905AF3<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |      900000 | PA      | $876713.46    | 0.04%             | 2029-12-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                                     | Churchill Downs Inc                                                                                                                        | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      775000 | PA      | $804653.05    | 0.04%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2018-IV Ltd                                                                                                                   | CUSIP: 17182HAG1<br>LEI: 254900PA63PFHC11GD90 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249619.25    | 0.01%             | 2038-01-17      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2019-IV Ltd                                                                                                                   | CUSIP: 17182XBE0<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252270.50    | 0.01%             | 2038-07-15      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                            | Cimpress PLC                                                                                                                               | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |      300000 | PA      | $306376.15    | 0.01%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                        | Cinemark USA Inc 2025 Term Loan B                                                                                                          | CUSIP: 172442AV7<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |      595500 | PA      | $596839.79    | 0.03%             | 2030-05-24      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                                      | Cipher Compute LLC                                                                                                                         | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2687000 | PA      | $2740022.33   | 0.13%             | 2030-11-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CITADEL FINANCE LLC                                     | Citadel Finance LLC                                                                                                                        | CUSIP: 17287HAD2<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1022109.00   | 0.05%             | 2030-02-10      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA                                | Citadel Securities Global Holdings LLC                                                                                                     | CUSIP: 17289RAB2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |      265000 | PA      | $279617.00    | 0.01%             | 2035-06-18      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                                              | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      114000 | PA      | $120306.78    | 0.01%             | 2028-11-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                           | Citigroup Inc                                                                                                                              | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      110000 | PA      | $111694.70    | 0.01%             | 2031-02-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                     | Citigroup Commercial Mortgage Trust 2017-C4                                                                                                | CUSIP: 17326FAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      270000 | PA      | $266480.12    | 0.01%             | 2050-10-12      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP                                | Citizens Financial Group Inc                                                                                                               | CUSIP: 174610808<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EP               | CORP              | US        |       12100 | NS      | $307219.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                                                                                  | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      148000 | PA      | $153667.66    | 0.01%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                                                                                         | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      161000 | PA      | $161244.08    | 0.01%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: —       |
| CLEAR CHANNEL OUTDOOR HO                                | Clear Channel Outdoor Holdings Inc                                                                                                         | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |      730000 | PA      | $772780.41    | 0.04%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                                   | Clearwater Paper Corp                                                                                                                      | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |      225000 | PA      | $211560.75    | 0.01%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Clermont Park CLO, LTD.                                 | Clermont Park CLO Ltd                                                                                                                      | CUSIP: 185836AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1017229.00   | 0.05%             | 2038-04-24      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                                                                                       | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1680000 | PA      | $1724100.79   | 0.08%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                                    | Cleveland-Cliffs Inc                                                                                                                       | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1630000 | PA      | $1696671.40   | 0.08%             | 2033-05-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                                                                                   | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      348000 | PA      | $362575.40    | 0.02%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                                  | Cloud Software Group Inc                                                                                                                   | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     1325000 | PA      | $1385407.05   | 0.06%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC                                   | Clover Holdings 2 LLC Term Loan B                                                                                                          | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      378100 | PA      | $378631.61    | 0.02%             | 2031-12-09      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC                                   | Clover Holdings 2 LLC Fixed Term Loan B                                                                                                    | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1562150 | PA      | $1558244.63   | 0.07%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                                          | Cloudflare Inc                                                                                                                             | CUSIP: 18915MAC1<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |      165000 | PA      | $194106.00    | 0.01%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                                          | Cloudflare Inc                                                                                                                             | CUSIP: 18915MAE7<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |     1005000 | PA      | $1094947.50   | 0.05%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                                                                                        | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |      675000 | PA      | $689053.50    | 0.03%             | 2029-04-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                                                                                        | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1424166.80   | 0.07%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                  | Clydesdale Acquisition Holdings Inc                                                                                                        | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     1660000 | PA      | $1708047.75   | 0.08%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                     | Clydesdale Acquisition Holdings Inc Term Loan B                                                                                            | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |     2350000 | PA      | $2355341.55   | 0.11%             | 2029-04-13      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                                  | Cogent Communications Group LLC / Cogent Finance Inc                                                                                       | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |      875000 | PA      | $819400.30    | 0.04%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| COINBASE GLOBAL INC                                     | Coinbase Global Inc                                                                                                                        | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      368000 | PA      | $377844.00    | 0.02%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                                     | Coinbase Global Inc                                                                                                                        | CUSIP: 19260QAJ6<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      515000 | PA      | $461955.00    | 0.02%             | 2032-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                    | CUSIP: 195325BK0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1575000 | PA      | $1605712.50   | 0.07%             | 2037-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                    | CUSIP: 195325CU7<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2275000 | PA      | $1662456.25   | 0.08%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                    | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      459000 | PA      | $490212.00    | 0.02%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                    | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      650000 | PA      | $678697.50    | 0.03%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                    | CUSIP: 195325EQ4<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1683000 | PA      | $1789870.50   | 0.08%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Colombia Government International Bonds                 | Colombia Government International Bonds                                                                                                    | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1420000 | PA      | $1566970.00   | 0.07%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Colossus Acquireco LLC                                  | Colossus Acquireco LLC Term Loan B                                                                                                         | CUSIP: 19682LAB4<br>LEI: 2549009FT92RXWA46910 | Long             | LON              | CORP              | US        |      847875 | PA      | $848404.92    | 0.04%             | 2032-07-30      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA                                | Comision Ejecutiva Hidroelectrica del Rio Lempa                                                                                            | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |      250000 | PA      | $268500.00    | 0.01%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-LC19 Mortgage Trust                                                                                                              | CUSIP: 200474AE4<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |     1968000 | PA      | $1843420.09   | 0.09%             | 2048-02-10      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                     | COMM 2015-LC19 Mortgage Trust                                                                                                              | CUSIP: 200474AG9<br>LEI: 5493004GWEVMOU8S3L34 | Long             | ABS-MBS          | CORP              | US        |      798000 | PA      | $724142.95    | 0.03%             | 2048-02-10      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                                | Compass Minerals International Inc                                                                                                         | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     2840000 | PA      | $2974354.72   | 0.14%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP DIVERSIFIE                                | Compass Group Diversified Holdings LLC                                                                                                     | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |      205874 | PA      | $191130.77    | 0.01%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| COMSTOCK RESOURCES INC                                  | Comstock Resources Inc                                                                                                                     | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |      600000 | PA      | $601741.80    | 0.03%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                                | Concentra Health Services Inc                                                                                                              | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |      350000 | PA      | $366451.40    | 0.02%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES                                   | Conduent Business Services LLC / Conduent State & Local Solutions Inc                                                                      | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $198964.31    | 0.01%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20753XAJ3<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     1250000 | PA      | $1367611.50   | 0.06%             | 2042-03-25      | Floating      | 13.72%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20753YAL6<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     3420000 | PA      | $3729117.73   | 0.17%             | 2042-03-25      | Floating      | 13.37%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20754AAJ2<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     3105000 | PA      | $3212339.85   | 0.15%             | 2041-12-25      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20754BAJ0<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     1840000 | PA      | $1943799.92   | 0.09%             | 2042-01-25      | Floating      | 11.52%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20754DAJ6<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     2920000 | PA      | $3113367.95   | 0.14%             | 2042-04-25      | Floating      | 10.87%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20754LAJ8<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     3095000 | PA      | $3209432.67   | 0.15%             | 2041-12-25      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20754MAL1<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     2704714 | PA      | $3092527.79   | 0.14%             | 2042-06-25      | Floating      | 15.87%                | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Fannie Mae Connecticut Avenue Securities                                                                                                   | CUSIP: 20754RAJ5<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | USGSE             | US        |     2475000 | PA      | $2556687.62   | 0.12%             | 2041-10-25      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| ConnectWise LLC                                         | ConnectWise LLC 2021 Term Loan B                                                                                                           | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      501085 | PA      | $493151.59    | 0.02%             | 2028-09-29      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Conservice Midco, LLC                                   | Conservice Midco LLC 2025 Term Loan                                                                                                        | CUSIP: 20848PAM0<br>LEI: 254900F6TNZYKCEM6A28 | Long             | LON              | CORP              | US        |      539722 | PA      | $542083.08    | 0.03%             | 2030-05-13      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                          | Constellium SE                                                                                                                             | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |     1400000 | PA      | $1451800.00   | 0.07%             | 2032-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Coolsys Inc                                             | Coolsys Inc 2021 Term Loan                                                                                                                 | CUSIP: 21651CAF8<br>LEI: 254900H6AUTCJCAHGK17 | Long             | LON              | CORP              | US        |     1260514 | PA      | $1134462.76   | 0.05%             | 2028-08-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Corel Corporation                                       | Corel Corporation 2019 Term Loan                                                                                                           | CUSIP: 21871LAB1<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      491803 | PA      | $462295.08    | 0.02%             | 2026-07-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                                | Corebridge Financial Inc                                                                                                                   | CUSIP: 21871X208<br>LEI: 549300XY1661QCIA7J65 | Long             | EP               | CORP              | US        |        4725 | NS      | $109856.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COREWEAVE INC                                           | CoreWeave Inc                                                                                                                              | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     4280000 | PA      | $3928055.60   | 0.18%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                                        | CoStar Group Inc                                                                                                                           | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $918810.02    | 0.04%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1790000 | PA      | $1940036.80   | 0.09%             | 2033-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Cotiviti Corporation                                    | Cotiviti Corporation 2024 Term Loan                                                                                                        | CUSIP: 22164MAB3<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     1091709 | PA      | $1052816.42   | 0.05%             | 2031-05-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIARY LLC                                | Cougar JV Subsidiary LLC                                                                                                                   | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $536404.00    | 0.02%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Covetrus Inc                                            | Covetrus Inc Term Loan                                                                                                                     | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |     3909846 | PA      | $3530032.28   | 0.16%             | 2029-10-13      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| CREDICORP CAPITAL SOCIED                                | Credicorp Capital Sociedad Titulizadora SA                                                                                                 | CUSIP: 224939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     3212000 | PA      | $1038794.39   | 0.05%             | 2043-12-15      | Fixed         | 10.10%                | No            |                  2 | On Loan: No      |
| Creation Technologies Inc                               | Creation Technologies Inc 2021 Term Loan                                                                                                   | CUSIP: 22526YAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     1743553 | PA      | $1745732.81   | 0.08%             | 2028-10-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                                      | Credit Agricole SA                                                                                                                         | CUSIP: 225313AT2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |      275000 | PA      | $286531.30    | 0.01%             | 2035-09-23      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                                               | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      590000 | PA      | $605602.55    | 0.03%             | 2030-02-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Crescent Capital BDC Inc                                | Crescent Capital BDC Inc                                                                                                                   | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |       39542 | NS      | $555565.10    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Crisis Prevention Institute Inc                         | Crisis Prevention Institute Inc 2024 Term Loan B                                                                                           | CUSIP: 22663GAD8<br>LEI: 254900BRN1WN9IDRU529 | Long             | LON              | CORP              | US        |     2087466 | PA      | $2077028.18   | 0.10%             | 2031-04-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                               | Crocs Inc                                                                                                                                  | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |      320000 | PA      | $297207.36    | 0.01%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                                      | CrossCountry Intermediate HoldCo LLC                                                                                                       | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1908000 | PA      | $1948459.14   | 0.09%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                                      | CrossCountry Intermediate HoldCo LLC                                                                                                       | CUSIP: 22757VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3547000 | PA      | $3622380.84   | 0.17%             | 2032-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2025-H6 Mortgage Trust                                                                                                               | CUSIP: 22758TAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      663820 | PA      | $667149.58    | 0.03%             | 2070-07-25      | Variable      | 5.18%                 | No            |                  2 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC                                | Crowdstrike Holdings Inc                                                                                                                   | CUSIP: 22788CAA3<br>LEI: 549300YBY08K9KM4HX32 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1440698.69   | 0.07%             | 2029-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cross Mortgage Trust                                    | Cross 2025-H9 Mortgage Trust                                                                                                               | CUSIP: 227923AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1094393 | PA      | $1097980.28   | 0.05%             | 2070-11-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP V                                   | Crown Americas LLC / Crown Americas Capital Corp V                                                                                         | CUSIP: 22819KAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $996834.38    | 0.05%             | 2026-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CYBERARK SOFTWARE LTD                                   | CyberArk Software Ltd                                                                                                                      | CUSIP: 23248VAC9<br>LEI: 529900YEXNDM894PWS93 | Long             | DBT              | CORP              | IL        |      300000 | PA      | $321300.00    | 0.01%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CYTOKINETICS INC                                        | Cytokinetics Inc                                                                                                                           | CUSIP: 23282WAD2<br>LEI: 549300BE5DY1HW7IHA64 | Long             | DBT              | CORP              | US        |      744000 | PA      | $927842.40    | 0.04%             | 2031-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC                                          | Dcli Bidco LLC                                                                                                                             | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |      825000 | PA      | $848425.13    | 0.04%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                                           | DTE Energy Co                                                                                                                              | CUSIP: 233331792<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |        7300 | NS      | $181697.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield US Borrower LLC                     | Cushman & Wakefield US Borrower LLC 2025 Term Loan                                                                                         | CUSIP: 23340DAX0<br>LEI: 549300870CMN3WI5IF97 | Long             | LON              | CORP              | US        |      772732 | PA      | $777802.24    | 0.04%             | 2030-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WCG Intermediate Corp.                                  | WCG Intermediate Corp 2025 Term Loan B                                                                                                     | CUSIP: 23343FAE4<br>LEI: 254900CEZYHAWVXDTS47 | Long             | LON              | CORP              | US        |      696500 | PA      | $698987.20    | 0.03%             | 2032-02-25      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| DG Investment Intermediate Holdings 2, Inc.             | DG Investment Intermediate Holdings 2 Inc 2025 2nd Lien Term Loan                                                                          | CUSIP: 23344MAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      970000 | PA      | $973637.50    | 0.05%             | 2033-07-31      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| Drake Software LLC                                      | Drake Software LLC 2024 Term Loan B                                                                                                        | CUSIP: 23344UAF7<br>LEI: 25490030X7DBAF7KCR65 | Long             | LON              | CORP              | US        |     1826739 | PA      | $1799337.44   | 0.08%             | 2031-06-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                                        | DT Midstream Inc                                                                                                                           | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $588164.99    | 0.03%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DATADOG INC                                             | Datadog Inc                                                                                                                                | CUSIP: 23804LAD5<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |     1280000 | PA      | $1281600.00   | 0.06%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                              | DaVita Inc                                                                                                                                 | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      320000 | PA      | $296345.44    | 0.01%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DAYFORCE INC                                            | DAYFORCE INC 2025 TERM LOAN                                                                                                                | CUSIP: 23923YAB7<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |      980000 | PA      | $978040.00    | 0.05%             | 2032-08-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                                  | Delek Logistics Partners LP / Delek Logistics Finance Corp                                                                                 | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1531702.50   | 0.07%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                             | Deluxe Corp                                                                                                                                | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |       75000 | PA      | $76529.40     | 0.00%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                             | Deluxe Corp                                                                                                                                | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |      575000 | PA      | $606469.05    | 0.03%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                                     | DENTSPLY SIRONA Inc                                                                                                                        | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |      130000 | PA      | $121806.15    | 0.01%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                                    | Diameter Capital Clo 3 Ltd                                                                                                                 | CUSIP: 25255KAC8<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $200934.25    | 0.01%             | 2122-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIAMOND FIN                                | Diamond Foreign Asset Co / Diamond Finance LLC                                                                                             | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1200000 | PA      | $1276072.80   | 0.06%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                          | Diamond II Ltd                                                                                                                             | CUSIP: 25276VAA3<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |     1350000 | PA      | $1355072.80   | 0.06%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                                  | Diamondback Energy Inc                                                                                                                     | CUSIP: 25278XBC2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |      900000 | PA      | $927176.36    | 0.04%             | 2035-04-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DirecTV Financing LLC                                   | DirecTV Financing LLC 2025 Term Loan B                                                                                                     | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1651546 | PA      | $1653997.27   | 0.08%             | 2031-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                                   | Directv Financing LLC / Directv Financing Co-Obligor Inc                                                                                   | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      935000 | PA      | $956132.66    | 0.04%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Kohler Energy Co LLC                                    | Kohler Energy Co LLC USD Term Loan B                                                                                                       | CUSIP: 25472PAB6<br>LEI: 254900T31FAYMRQSAA12 | Long             | LON              | CORP              | US        |     1790000 | PA      | $1803425.00   | 0.08%             | 2031-05-01      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                | Diversified Healthcare Trust                                                                                                               | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              |  | US        |      225000 | PA      | $230341.05    | 0.01%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DOMAN BUILDING MATERIALS                                | Doman Building Materials Group Ltd                                                                                                         | CUSIP: 25703LAC4<br>LEI: 529900HEUBRUITK08D78 | Long             | DBT              | CORP              | CA        |      195000 | PA      | $145725.43    | 0.01%             | 2029-09-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PEP9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      350000 | PA      | $355127.50    | 0.02%             | 2029-02-22      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 25714PFA1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    75600000 | PA      | $1296800.75   | 0.06%             | 2036-06-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                                                                                        | CUSIP: 25746UDM8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      153000 | PA      | $151831.29    | 0.01%             | 2027-01-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                                                                                        | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      108000 | PA      | $112419.26    | 0.01%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                                     | Dominion Energy Inc                                                                                                                        | CUSIP: 25746UDU0<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      105000 | PA      | $114093.11    | 0.01%             | 2054-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DOORDASH INC                                            | DoorDash Inc                                                                                                                               | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |      846000 | PA      | $885762.00    | 0.04%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB                                 | Dornoch Debt Merger Sub Inc                                                                                                                | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3360000 | PA      | $2913062.51   | 0.14%             | 2029-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | NG        |           1 | NC      | $58798.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | NG        |           1 | NC      | $56762.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | NG        |           1 | NC      | $58524.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | NG        |           1 | NC      | $57649.43     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED GHS / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | GH        |           1 | NC      | $45031.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KZ        |           1 | NC      | $5976.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | KZ        |           1 | NC      | $95415.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | NG        |           1 | NC      | $20908.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | NG        |           1 | NC      | $20868.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KZ        |           1 | NC      | $5756.81      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KZ        |           1 | NC      | $666.45       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KZ        |           1 | NC      | $1180.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |           1 | NC      | $19427.20     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | EG        |           1 | NC      | $1462.10      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-1230.66     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1444.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | PL        |           1 | NC      | $1222.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | PL        |           1 | NC      | $1064.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | EG        |           1 | NC      | $7886.33      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | EG        |           1 | NC      | $1860.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $-6196.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | MX        |           1 | NC      | $63588.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $47093.55     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-52854.13    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | EG        |           1 | NC      | $1471.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | TR        |           1 | NC      | $9042.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $7783.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KR        |           1 | NC      | $2234.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | KR        |           1 | NC      | $2778.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | NG        |           1 | NC      | $36605.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | NG        |           1 | NC      | $99.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-60588.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED EUR / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |           1 | NC      | $-1043.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-214826.14   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Australia & New Zealand Banking Group Ltd.              | PURCHASED EUR / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: JHE42UYNWWTJB8YTTU19 | N/A              | DFE              |  | XX        |           1 | NC      | $-8682.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-12692.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Montreal                                        | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: NQQ6HPCNCCU6TUTQYE16 | N/A              | DFE              |  | XX        |           1 | NC      | $2952.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |           1 | NC      | $-7401.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $10212.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD TRY                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-15610.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $-5538.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-659.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-9425.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $31249.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD NOK                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-779.43      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $4810.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $433.44       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD SGD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-23015.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-152535.42   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-9993.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED JPY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | JP        |           1 | NC      | $-24235.89    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-377.70      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-38600.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-4319.53     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-6051.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-23371.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-45371.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ZA        |           1 | NC      | $71279.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | MX        |           1 | NC      | $12220.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-66686.53    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-3038.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | CL        |           1 | NC      | $19225.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-3713.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $21725.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $8210.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-12.89       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $19326.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-2595.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | ZA        |           1 | NC      | $13913.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-822.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |           1 | NC      | $1928.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |           1 | NC      | $-7878.74     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PL        |           1 | NC      | $41280.05     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-251089.35   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD UGX                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $46454.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-17913.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |           1 | NC      | $17988.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-14569.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-37743.27    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-16708.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-13114.67    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | ID        |           1 | NC      | $213.05       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-553.11      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | TR        |           1 | NC      | $2551.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |           1 | NC      | $-24076.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-7096.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-23223.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-17803.05    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD UZS                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-750.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | XX        |           1 | NC      | $2956.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-1076.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | KR        |           1 | NC      | $6362.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | IN        |           1 | NC      | $938.64       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-13408.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD CLP                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-12305.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-26091.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD SGD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-3273.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |           1 | NC      | $5547.53      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $1743.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | HU        |           1 | NC      | $1401.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $1815.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-516.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $14883.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED PEN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PE        |           1 | NC      | $1593.38      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $4889.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank                                   | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: PT3QB789TSUIDF371261 | N/A              | DFE              |  | US        |           1 | NC      | $-1462.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED RSD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | RS        |           1 | NC      | $554.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-3618.27     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | ZA        |           1 | NC      | $16903.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PL        |           1 | NC      | $15839.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |           1 | NC      | $2062.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD RON                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-7234.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CZ        |           1 | NC      | $3830.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-5033.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |           1 | NC      | $5357.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD UYU                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-693.30      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED ARS / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | AR        |           1 | NC      | $-6937.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | MY        |           1 | NC      | $4288.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | HU        |           1 | NC      | $19617.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PL        |           1 | NC      | $29247.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1633.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $2139.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-606.31      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-312347.47   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD UZS                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-287.01      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-1450.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | MY        |           1 | NC      | $14351.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-2944.48     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | MY        |           1 | NC      | $13287.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-802.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |           1 | NC      | $714.98       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-12931.61    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-5313.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD TWD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $20998.97     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | BR        |           1 | NC      | $-32360.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | IN        |           1 | NC      | $22650.68     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |           1 | NC      | $181.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | MY        |           1 | NC      | $670.33       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $46.02        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $8758.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |           1 | NC      | $681.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-1241.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KZ        |           1 | NC      | $18218.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KZT / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KZ        |           1 | NC      | $3296.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | EG        |           1 | NC      | $3671.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED EGP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | EG        |           1 | NC      | $3566.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NG        |           1 | NC      | $1156.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED NGN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | NG        |           1 | NC      | $507.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-6943.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-45170.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $1493.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-1232.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |           1 | NC      | $12022.41     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | IN        |           1 | NC      | $13177.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | TW        |           1 | NC      | $-770.09      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |           1 | NC      | $-169.68      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $171.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ZA        |           1 | NC      | $12595.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-7031.43     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-61.08       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $150.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD UZS                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-323.91      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-3010.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CN        |           1 | NC      | $712.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-23276.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $-39.19       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-618.56      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $392.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | CL        |           1 | NC      | $99829.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | PL        |           1 | NC      | $1074.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD CNH                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-3620.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-162.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-26.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-1014.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | PL        |           1 | NC      | $7050.04      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD SGD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2037.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ZA        |           1 | NC      | $6885.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-20523.59    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |           1 | NC      | $391.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CN        |           1 | NC      | $9027.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-691.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-238.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |           1 | NC      | $19718.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-7488.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-528.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $13705.45     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-21.20       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-85.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED SGD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | SG        |           1 | NC      | $388.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $256.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $857.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | MX        |           1 | NC      | $15333.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-386.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-1592.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $-201.03      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $1128.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-2555.35     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | TH        |           1 | NC      | $-18.32       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | IN        |           1 | NC      | $3510.98      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | CN        |           1 | NC      | $826.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                     | PURCHASED RON / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DFE              |  | RO        |           1 | NC      | $48.49        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |           1 | NC      | $258.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |           1 | NC      | $-206.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-1318.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TW        |           1 | NC      | $132.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |           1 | NC      | $-37.61       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED SGD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | SG        |           1 | NC      | $-61.49       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CN        |           1 | NC      | $1287.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $59.59        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $71.33        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |           1 | NC      | $22.60        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                      | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 2IGI19DL77OX0HC3ZE78 | N/A              | DFE              |  | ZA        |           1 | NC      | $1019.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-166.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | TR        |           1 | NC      | $7805.76      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD TRY                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $-10407.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $363.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                     | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DFE              |  | XX        |           1 | NC      | $-934.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $1245.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $745.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Bank NA                                     | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: KB1H1DSPRFMYMCUFXT09 | N/A              | DFE              |  | XX        |           1 | NC      | $-149.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TW        |           1 | NC      | $1937.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | BR        |           1 | NC      | $3602.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CL        |           1 | NC      | $10639.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | CZ        |           1 | NC      | $1188.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | ZA        |           1 | NC      | $4908.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | TR        |           1 | NC      | $1660.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | PL        |           1 | NC      | $-787.33      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED HUF / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | HU        |           1 | NC      | $3391.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | MX        |           1 | NC      | $2144.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | BR        |           1 | NC      | $959.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED CNH / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CN        |           1 | NC      | $17582.14     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | US        |           1 | NC      | $4393.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | BR        |           1 | NC      | $321.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CLP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CL        |           1 | NC      | $2448.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-2329.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED MXN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | MX        |           1 | NC      | $629.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD PEN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-1973.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD UZS                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-166.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD UZS                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-725.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $1364.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | ID        |           1 | NC      | $1179.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $788.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $763.21       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD PHP                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $1624.80      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-279.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | PL        |           1 | NC      | $57.45        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED USD / SOLD THB                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | US        |           1 | NC      | $-238.82      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED SGD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | SG        |           1 | NC      | $231.91       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-634.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | XX        |           1 | NC      | $-39.35       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CZ        |           1 | NC      | $5890.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-153.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-4766.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-649.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED USD / SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-2258.36     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |           1 | NC      | $-1262.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $314.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |           1 | NC      | $288.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $-8.84        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-10230.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $-21772.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-1786.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PL        |           1 | NC      | $-72.10       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-820.74      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                  | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DFE              |  | XX        |           1 | NC      | $131.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED GHS / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GH        |           1 | NC      | $16477.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | ZA        |           1 | NC      | $547.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-5952.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED KRW / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | KR        |           1 | NC      | $1113.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ZA        |           1 | NC      | $1112.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-5909.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $928.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Markets PLC                                     | PURCHASED USD / SOLD MXN                                                                                                                   | CUSIP: 000000000<br>LEI: RR3QWICWWIPCS8A4S074 | N/A              | DFE              |  | US        |           1 | NC      | $-1916.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD NGN                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-7394.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | IN        |           1 | NC      | $451.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD NGN                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-5092.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | XX        |           1 | NC      | $482.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2.12        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD TRY                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-2103.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | CZ        |           1 | NC      | $1181.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED COP / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CO        |           1 | NC      | $871.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DFE              |  | US        |           1 | NC      | $-5658.13     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-964.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED AUD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | AU        |           1 | NC      | $120.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $-1152.11     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED CAD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CA        |           1 | NC      | $109.93       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED NZD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | NZ        |           1 | NC      | $-417.89      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                           | PURCHASED USD / SOLD HKD                                                                                                                   | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |           1 | NC      | $143.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-7039.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $-589.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                    | PURCHASED USD / SOLD HUF                                                                                                                   | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DFE              |  | US        |           1 | NC      | $-1509.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED EUR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | XX        |           1 | NC      | $1.07         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $-2082.78     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED INR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | IN        |           1 | NC      | $299.60       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TRY / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $734.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $405.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $478.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | CZ        |           1 | NC      | $666.82       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $404.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED SGD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | SG        |           1 | NC      | $-234.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED CZK / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | CZ        |           1 | NC      | $-408.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED USD / SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-73956.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | BR        |           1 | NC      | $79069.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-26.04       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $0.34         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | TW        |           1 | NC      | $471.36       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $322.03       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $374.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $-67.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-8.21        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $-37.21       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $32.07        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |           1 | NC      | $-65.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $24.69        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $-6.23        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |           1 | NC      | $-13.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-0.70        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | PURCHASED MYR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | MY        |           1 | NC      | $-76.44       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED PLN / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | PL        |           1 | NC      | $-26.99       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | PURCHASED ZAR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $483.59       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                           | PURCHASED USD / SOLD ZAR                                                                                                                   | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DFE              |  | US        |           1 | NC      | $-20.44       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC                  | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DFE              |  | US        |           1 | NC      | $80.28        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $1313.73      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED IDR / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $282.34       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD KRW                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-318.29      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED THB / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $-256.07      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED TWD / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TW        |           1 | NC      | $-17.14       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED BRL / SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | BR        |           1 | NC      | $3541.51      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $150.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                 | PURCHASED USD / SOLD CAD                                                                                                                   | CUSIP: 000000000<br>LEI: RILFO74KP1CM8P6PCT96 | N/A              | DFE              |  | US        |           1 | NC      | $51.90        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | PURCHASED USD / SOLD NZD                                                                                                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $425.01       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                             | PURCHASED USD / SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DFE              |  | US        |           1 | NC      | $967.87       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                        | PURCHASED USD / SOLD AUD                                                                                                                   | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              |  | US        |           1 | NC      | $250.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                        | Duke Energy Corp                                                                                                                           | CUSIP: 26441CBY0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      655000 | PA      | $675468.75    | 0.03%             | 2026-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                       | Engineered Machinery Holdings Inc 2021 USD 2nd Lien Term Loan                                                                              | CUSIP: 26658NAQ2<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |     3310000 | PA      | $3326550.00   | 0.15%             | 2029-05-21      | Floating      | 9.93%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                                    | Dycom Industries Inc                                                                                                                       | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |      300000 | PA      | $296573.78    | 0.01%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                       | EMRLD Borrower LP 2024 Term Loan B                                                                                                         | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |      348248 | PA      | $349401.20    | 0.02%             | 2031-08-04      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| ENI SPA                                                 | Eni SpA                                                                                                                                    | CUSIP: 26874RAQ1<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |     1125000 | PA      | $1181944.08   | 0.05%             | 2035-05-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EP Purchaser LLC                                        | EP Purchaser LLC 2021 Term Loan B                                                                                                          | CUSIP: 26881KAC8<br>LEI: 549300GGODRVQG1GH476 | Long             | LON              | CORP              | US        |      694588 | PA      | $500681.69    | 0.02%             | 2028-11-06      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Company (The)                              | EW Scripps Company (The) 2025 Term Loan B2                                                                                                 | CUSIP: 26928BAQ2<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |       76452 | PA      | $77311.70     | 0.00%             | 2028-06-30      | Floating      | 9.60%                 | No            |                  2 | On Loan: No      |
| E.W. Scripps Company (The)                              | EW Scripps Company (The) 2025 Term Loan B3                                                                                                 | CUSIP: 26928BAR0<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |       99250 | PA      | $96107.05     | 0.00%             | 2029-11-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                                                                                                   | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |     2747000 | PA      | $2800868.67   | 0.13%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eagle Parent Corp                                       | Eagle Parent Corp 2022 Term Loan B                                                                                                         | CUSIP: 26972CAC6<br>LEI: 5493007MVERDD2NKNE42 | Long             | LON              | CORP              | US        |      529907 | PA      | $532142.99    | 0.02%             | 2029-04-02      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                                                                              | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |      211000 | PA      | $216426.62    | 0.01%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                                           | EchoStar Corp                                                                                                                              | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1659871.79   | 0.08%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                               | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      100000 | PA      | $106499.57    | 0.00%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                            | Ecopetrol SA                                                                                                                               | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     3815000 | PA      | $3928027.65   | 0.18%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Edelman Financial Center LLC                            | Edelman Financial Center LLC 2024 2nd Lien Term Loan                                                                                       | CUSIP: 27943TAC3<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |      515000 | PA      | $514034.38    | 0.02%             | 2028-10-06      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                    | Edison International                                                                                                                       | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     1923000 | PA      | $2007810.55   | 0.09%             | 2053-06-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                                    | Edison International                                                                                                                       | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      643000 | PA      | $675378.27    | 0.03%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                                 | El Salvador Government International Bond                                                                                                  | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      640000 | PA      | $698572.80    | 0.03%             | 2030-04-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                              | Elastic NV                                                                                                                                 | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |     1070000 | PA      | $1038687.20   | 0.05%             | 2029-07-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Eldridge CLO Ltd                                        | Eldridge CLO 2025-2 Ltd                                                                                                                    | CUSIP: 28473AAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      925000 | PA      | $925728.90    | 0.04%             | 2039-01-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC                                   | Ellucian Holdings Inc                                                                                                                      | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |     1330000 | PA      | $1359460.86   | 0.06%             | 2029-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings, Inc.                                 | Ellucian Holdings Inc 2024 1st Lien Term Loan B                                                                                            | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |      949801 | PA      | $956686.78    | 0.04%             | 2029-10-08      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XI Ltd                                      | Elmwood CLO XI Ltd                                                                                                                         | CUSIP: 29002MAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      266000 | PA      | $187713.81    | 0.01%             | 2034-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO XII Ltd.                                    | Elmwood CLO XII Ltd                                                                                                                        | CUSIP: 29002YAQ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1004409.00   | 0.05%             | 2037-10-15      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 15 Ltd                                      | Elmwood CLO 15 Ltd                                                                                                                         | CUSIP: 29003JAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      800000 | PA      | $800432.00    | 0.04%             | 2035-04-22      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 43 Ltd                                      | Elmwood CLO 43 Ltd                                                                                                                         | CUSIP: 29004TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      430000 | PA      | $432829.40    | 0.02%             | 2038-07-20      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 42 Ltd                                      | Elmwood CLO 42 Ltd                                                                                                                         | CUSIP: 29005DAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      755000 | PA      | $761552.65    | 0.04%             | 2038-03-31      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 42 Ltd                                      | Elmwood CLO 42 Ltd                                                                                                                         | CUSIP: 29005EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $258930.50    | 0.01%             | 2038-03-31      | Floating      | 10.78%                | No            |                  2 | On Loan: No      |
| Embecta Corp                                            | Embecta Corp Term Loan B                                                                                                                   | CUSIP: 29081LAC8<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | LON              | CORP              | US        |      201797 | PA      | $202375.54    | 0.01%             | 2029-03-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                            | Embecta Corp                                                                                                                               | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1626284.82   | 0.08%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EMERA INC                                               | Emera Inc                                                                                                                                  | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |      383000 | PA      | $386344.36    | 0.02%             | 2076-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Emerald X, Inc.                                         | Emerald X Inc 2025 Term Loan B1                                                                                                            | CUSIP: 29088UAH0<br>LEI: 549300YQCBSQUCZ74696 | Long             | LON              | CORP              | US        |      648332 | PA      | $653194.46    | 0.03%             | 2032-01-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EMERGENT BIOSOLUTIONS                                   | Emergent BioSolutions Inc                                                                                                                  | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |      130000 | PA      | $117208.40    | 0.01%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| EMERA US FINANCE LP                                     | Emera US Finance LP                                                                                                                        | CUSIP: 29103DAT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $679602.51    | 0.03%             | 2031-06-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                            | Enbridge Inc                                                                                                                               | CUSIP: 29250NBC8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      374000 | PA      | $378916.98    | 0.02%             | 2080-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                            | Enbridge Inc                                                                                                                               | CUSIP: 29250NBT1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |      102000 | PA      | $117017.29    | 0.01%             | 2084-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                                | Encore Capital Group Inc                                                                                                                   | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1719316.80   | 0.08%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: —       |
| ENCOMPASS HEALTH CORP                                   | Encompass Health Corp                                                                                                                      | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      145000 | PA      | $144618.33    | 0.01%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      105000 | PA      | $112166.25    | 0.01%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| ENERSYS                                                 | EnerSys                                                                                                                                    | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |      295000 | PA      | $307321.86    | 0.01%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| EnergySolutions LLC                                     | EnergySolutions LLC 2023 Term Loan B                                                                                                       | CUSIP: 29276MAP2<br>LEI: 549300X3SKIUYR2MFH75 | Long             | LON              | CORP              | US        |     1487198 | PA      | $1498661.73   | 0.07%             | 2030-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENERGUATE TRUST 2 0                                     | Energuate Trust 2 0                                                                                                                        | CUSIP: 29277RAB1<br>LEI: 2549000ZL9MU01FZK194 | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $1000539.80   | 0.05%             | 2035-09-15      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                      | Energy Transfer LP                                                                                                                         | CUSIP: 29279FAA7<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      960000 | PA      | $954454.26    | 0.04%             | 2049-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Endo Luxembourg Finance Company I S.a r.l.              | Endo Luxembourg Finance Company I Sa rl 2024 1st Lien Term Loan                                                                            | CUSIP: 29280UAD5<br>LEI: 222100B15VY0VVCTG251 | Long             | LON              | CORP              | US        |     1837434 | PA      | $1825950.06   | 0.08%             | 2031-04-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENFRAGEN ENERGIA SUR SAU                                | EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU                                                                           | CUSIP: 29281MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |      400000 | PA      | $415318.58    | 0.02%             | 2032-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                                            | Enerflex Inc                                                                                                                               | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |      120000 | PA      | $122774.91    | 0.01%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENPHASE ENERGY INC                                      | Enphase Energy Inc                                                                                                                         | CUSIP: 29355AAK3<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |      225000 | PA      | $196593.75    | 0.01%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENQUEST PLC                                             | EnQuest PLC                                                                                                                                | CUSIP: 29357JAC0<br>LEI: 2138008LJU6WFQWOXJ73 | Long             | DBT              | CORP              | GB        |      215000 | PA      | $216856.74    | 0.01%             | 2027-11-01      | Fixed         | 11.63%                | No            |                  2 | On Loan: —       |
| ENOVA INTERNATIONAL INC                                 | Enova International Inc                                                                                                                    | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |      255000 | PA      | $269877.26    | 0.01%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Ensemble RCM LLC                                        | Ensemble RCM LLC 2024 Term Loan B                                                                                                          | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |     1409242 | PA      | $1418050.22   | 0.07%             | 2029-08-01      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Ensono LP                                               | Ensono LP 2021 Term Loan                                                                                                                   | CUSIP: 29359DAB3<br>LEI: 5493003GTMBHX0VZAW67 | Long             | LON              | CORP              | US        |     2769407 | PA      | $2771138.32   | 0.13%             | 2028-05-26      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Enstar Group Ltd                                        | Enstar Group Ltd                                                                                                                           | CUSIP: 29359U109<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EP               | CORP              | BM        |        9525 | NS      | $225266.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ENSTAR GROUP LTD                                        | Enstar Group Ltd                                                                                                                           | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |      139000 | PA      | $146511.14    | 0.01%             | 2045-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                            | Entegris Inc                                                                                                                               | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      750000 | PA      | $753266.25    | 0.03%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                             | Epicor Software Corporation 2024 Term Loan F                                                                                               | CUSIP: 29426NAZ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |      758609 | PA      | $761690.16    | 0.04%             | 2031-05-30      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ESSENTIAL PROPER                                        | Essential Properties LP                                                                                                                    | CUSIP: 29670VAA7<br>LEI: 254900XX9FNFCDE1NX02 | Long             | DBT              |  | US        |     1200000 | PA      | $1098823.62   | 0.05%             | 2031-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                                       | EUSHI Finance Inc                                                                                                                          | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      218000 | PA      | $229326.09    | 0.01%             | 2054-12-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Evergreen Acqco 1 LP                                    | Evergreen Acqco 1 LP 2025 Term Loan B                                                                                                      | CUSIP: 30015FAJ5<br>LEI: 549300F6POVHG3ME8T95 | Long             | LON              | CORP              | US        |     2185453 | PA      | $2202526.21   | 0.10%             | 2032-09-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP                                    | Excelerate Energy LP                                                                                                                       | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |      125000 | PA      | $132549.50    | 0.01%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                     | Exeter Automobile Receivables Trust 2025-4                                                                                                 | CUSIP: 30167KAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1875000 | PA      | $1885185.00   | 0.09%             | 2033-04-15      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Exeter Select Automobile Receivables Trust              | Exeter Select Automobile Receivables Trust 2025-2                                                                                          | CUSIP: 30185EAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      595000 | PA      | $583148.14    | 0.03%             | 2033-02-15      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                             | Extended Stay America Trust 2025-ESH                                                                                                       | CUSIP: 30227TAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1730000 | PA      | $1751646.80   | 0.08%             | 2042-10-15      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                              | EZCORP Inc                                                                                                                                 | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |      514000 | PA      | $546613.81    | 0.03%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| EyeCare Partners LLC                                    | EyeCare Partners LLC 2024 Second Out Term Loan B                                                                                           | CUSIP: 30233PAT7<br>LEI: 254900ZAACWK09RJ8W93 | Long             | LON              | CORP              | US        |     2310000 | PA      | $1026025.77   | 0.05%             | 2028-11-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                                | Fortescue Treasury Pty Ltd                                                                                                                 | CUSIP: 30251GBC0<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |      742000 | PA      | $718099.60    | 0.03%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fluid-Flow Products, Inc.                               | Fluid-Flow Products Inc 2025 Term Loan B                                                                                                   | CUSIP: 30260UAK1<br>LEI: 254900BHD5AK9H7EKF91 | Long             | LON              | CORP              | US        |      853768 | PA      | $858303.42    | 0.04%             | 2028-03-31      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| FS KKR Capital Corp                                     | FS KKR Capital Corp                                                                                                                        | CUSIP: 302635206<br>LEI: 549300TYRSI1T21B1360 | Long             | EC               | CORP              | US        |       64380 | NS      | $953467.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR CAPITAL CORP                                     | FS KKR Capital Corp                                                                                                                        | CUSIP: 302635AK3<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |      400000 | PA      | $369375.93    | 0.02%             | 2028-10-12      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                                     | FS KKR Capital Corp                                                                                                                        | CUSIP: 302635AQ0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |      700000 | PA      | $684295.05    | 0.03%             | 2031-01-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                      | FS Luxembourg Sarl                                                                                                                         | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |      438000 | PA      | $458584.69    | 0.02%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                      | FS Luxembourg Sarl                                                                                                                         | CUSIP: 30315XAD6<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |      615000 | PA      | $634526.25    | 0.03%             | 2033-06-25      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                                 | Farm Credit Bank of Texas                                                                                                                  | CUSIP: 30767EAE9<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |      250000 | PA      | $263426.50    | 0.01%             | 2029-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                                 | Farm Credit Bank of Texas                                                                                                                  | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |      250000 | PA      | $257880.91    | 0.01%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL REALTY OP LP                                    | Federal Realty OP LP                                                                                                                       | CUSIP: 313747BD8<br>LEI: 549300LI6XZ51GOCJ427 | Long             | DBT              |  | US        |      800000 | PA      | $809600.00    | 0.04%             | 2029-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.        | Freddie Mac Multifamily Structured Pass Through Certificates                                                                               | CUSIP: 3137HLY30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      880178 | PA      | $856961.74    | 0.04%             | 2054-07-25      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc                                                                         | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1950000 | PA      | $1896098.10   | 0.09%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                                  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc                                                                         | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1790000 | PA      | $1702577.30   | 0.08%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| EF HOLD/EF KY/ELL KY/TRS                                | EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM                                                             | CUSIP: 31574BAA4<br>LEI: N/A                  | Long             | DBT              |  | XX        |      625000 | PA      | $630590.34    | 0.03%             | 2030-09-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                                    | Fiesta Purchaser Inc                                                                                                                       | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1360000 | PA      | $1425241.92   | 0.07%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                                    | Fiesta Purchaser Inc                                                                                                                       | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2840000 | PA      | $2983465.44   | 0.14%             | 2032-09-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout                          | Finance of America HECM Buyout 2025-HB1                                                                                                    | CUSIP: 31735EAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      935726 | PA      | $933090.77    | 0.04%             | 2028-11-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Finastra USA Inc                                        | Finastra USA Inc 2025 USD Term Loan                                                                                                        | CUSIP: 31772YAD8<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |      500000 | PA      | $490223.00    | 0.02%             | 2032-09-15      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Finastra USA Inc                                        | Finastra USA Inc 2025 EUR Term Loan                                                                                                        | CUSIP: 31772YAE6<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |      476000 | PA      | $552050.47    | 0.03%             | 2032-09-15      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                           | FirstCash Inc                                                                                                                              | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |      280000 | PA      | $282265.48    | 0.01%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GC Ferry Acquisition I Inc                              | GC Ferry Acquisition I Inc Term Loan                                                                                                       | CUSIP: 32009UAD9<br>LEI: 549300ZKYR56QRODD510 | Long             | LON              | CORP              | US        |      555208 | PA      | $555000.13    | 0.03%             | 2032-08-16      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| GC Ferry Acquisition I Inc                              | GC Ferry Acquisition I Inc Delayed Draw Term Loan                                                                                          | CUSIP: 32009UAE7<br>LEI: 549300ZKYR56QRODD510 | Long             | LON              | CORP              | US        |       94792 | PA      | $94756.12     | 0.00%             | 2032-08-16      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                                | First Quantum Minerals Ltd                                                                                                                 | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      600000 | PA      | $631265.87    | 0.03%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| First Student Bidco Inc                                 | First Student Bidco Inc 2025 Term Loan B                                                                                                   | CUSIP: 33718FAN0<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |     2183068 | PA      | $2192228.52   | 0.10%             | 2030-08-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| First Student Bidco Inc                                 | First Student Bidco Inc 2025 Term Loan C                                                                                                   | CUSIP: 33718FAP5<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |      578685 | PA      | $580855.06    | 0.03%             | 2030-08-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                                 | Five Point Operating Co LP                                                                                                                 | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $188337.78    | 0.01%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                                        | Flatiron CLO 23 LLC                                                                                                                        | CUSIP: 33883DAY0<br>LEI: 254900WPX2H2R5L2RO76 | Long             | ABS-CBDO         | CORP              | US        |      250000 | PA      | $250837.00    | 0.01%             | 2036-04-17      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                                | Flex Ltd                                                                                                                                   | CUSIP: 33938XAF2<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |      600000 | PA      | $612566.47    | 0.03%             | 2032-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLUOR CORP                                              | Fluor Corp                                                                                                                                 | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |      800000 | PA      | $913360.00    | 0.04%             | 2029-08-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                                    | Flutter Treasury DAC                                                                                                                       | CUSIP: 344045AA7<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     1750000 | PA      | $1812144.25   | 0.08%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Flynn Restaurant Group LP                               | Flynn Restaurant Group LP 2025 Incremental Term Loan                                                                                       | CUSIP: 34410JAG6<br>LEI: 5493008VE8TQONGO3817 | Long             | LON              | CORP              | US        |      696491 | PA      | $700300.33    | 0.03%             | 2032-01-28      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                                | Focus Financial Partners LLC                                                                                                               | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |     2060000 | PA      | $2122283.77   | 0.10%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1011792.61   | 0.05%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                                | Ford Motor Credit Co LLC                                                                                                                   | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      800000 | PA      | $788311.15    | 0.04%             | 2027-11-02      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| Formulations Parent Corporation                         | Formulations Parent Corporation 2025 Term Loan B                                                                                           | CUSIP: 34641NAF0<br>LEI: 254900TKSKQSTLBC7A74 | Long             | LON              | CORP              | US        |     1791885 | PA      | $1793004.93   | 0.08%             | 2032-04-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                                 | FTAI Aviation Investors LLC                                                                                                                | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     2300000 | PA      | $2307640.60   | 0.11%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS INC                                    | Fortrea Holdings Inc                                                                                                                       | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |      360000 | PA      | $368443.44    | 0.02%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| Fortress Intermediate 3, Inc                            | Fortress Intermediate 3 Inc 2025 Term Loan B                                                                                               | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |      845995 | PA      | $847852.25    | 0.04%             | 2031-06-27      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities CLO LP                    | Fortress Credit Opportunities XXIX CLO Ltd                                                                                                 | CUSIP: 34990EAJ9<br>LEI: 254900314MCCPONEEQ30 | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1252593.75   | 0.06%             | 2033-04-20      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Foundation Finance Trust                                | Foundation Finance Trust 2025-2                                                                                                            | CUSIP: 35042NAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      417400 | PA      | $420087.07    | 0.02%             | 2052-04-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                                   | Foundry JV Holdco LLC                                                                                                                      | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      200000 | PA      | $214058.61    | 0.01%             | 2038-01-25      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-3                                                                              | CUSIP: 35563P6W4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       96321 | PA      | $57757.95     | 0.00%             | 2061-03-25      | Variable      | 7.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2017-2                                                                              | CUSIP: 35563PBH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        1749 | PA      | $1744.31      | 0.00%             | 2056-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-2                                                                              | CUSIP: 35563PFX2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |       94035 | PA      | $35420.21     | 0.00%             | 2057-11-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3                                                                              | CUSIP: 35563PGR4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      388125 | PA      | $378113.96    | 0.02%             | 2057-08-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1                                                                              | CUSIP: 35563PJQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      213971 | PA      | $210493.33    | 0.01%             | 2058-07-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3                                                                              | CUSIP: 35563PLU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      570054 | PA      | $562758.44    | 0.03%             | 2058-10-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4                                                                              | CUSIP: 35563PMX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      547255 | PA      | $527191.35    | 0.02%             | 2059-02-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1                                                                              | CUSIP: 35563PPH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      363866 | PA      | $354362.27    | 0.02%             | 2059-08-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-2                                                                              | CUSIP: 35563PRE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      541324 | PA      | $525779.19    | 0.02%             | 2059-11-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-3                                                                              | CUSIP: 35563PTU3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      590000 | PA      | $575358.15    | 0.03%             | 2060-05-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                                      | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2021-1                                                                              | CUSIP: 35563PWQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      407508 | PA      | $394961.79    | 0.02%             | 2060-09-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2021-DNA7                                                                                                    | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | USGSE             | US        |     2900000 | PA      | $3049672.48   | 0.14%             | 2041-11-25      | Floating      | 11.67%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2022-DNA1                                                                                                    | CUSIP: 35564KQZ5<br>LEI: 5493000ISBDRXIMCHZ70 | Long             | ABS-MBS          | USGSE             | US        |     3140000 | PA      | $3307952.01   | 0.15%             | 2042-01-25      | Floating      | 10.97%                | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac STACR REMIC Trust 2020-HQA2                                                                                                    | CUSIP: 35565LBE5<br>LEI: 5493000ITBJ4KEFYWF83 | Long             | ABS-MBS          | USGSE             | US        |     1850000 | PA      | $2246153.27   | 0.10%             | 2050-03-25      | Floating      | 11.59%                | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                                   | Freedom Mortgage Corp                                                                                                                      | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1108036.80   | 0.05%             | 2027-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                                                                              | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1463854.46   | 0.07%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                                                                              | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      209000 | PA      | $224751.08    | 0.01%             | 2031-05-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                                                                              | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     2649000 | PA      | $2792337.97   | 0.13%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                                                                              | CUSIP: 35641AAD0<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |      330000 | PA      | $342677.28    | 0.02%             | 2033-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                                   | Freedom Mortgage Holdings LLC                                                                                                              | CUSIP: 35641AAE8<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |       90000 | PA      | $90126.76     | 0.00%             | 2031-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                                 | Frontier Communications Holdings LLC                                                                                                       | CUSIP: 35906ABG2<br>LEI: 549300ZCZ76HYCS0H445 | Long             | DBT              | CORP              | US        |      800000 | PA      | $806574.10    | 0.04%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                 | GLP Capital LP / GLP Financing II Inc                                                                                                      | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              |  | US        |      900000 | PA      | $926809.20    | 0.04%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                                 | GLP Capital LP / GLP Financing II Inc                                                                                                      | CUSIP: 361841AT6<br>LEI: N/A                  | Long             | DBT              |  | US        |      525000 | PA      | $533073.64    | 0.02%             | 2034-09-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| GSAA Home Equity Trust                                  | GSAA Home Equity Trust 2007-7                                                                                                              | CUSIP: 36249BAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       21339 | PA      | $20808.12     | 0.00%             | 2037-07-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2014-GC22                                                                                                     | CUSIP: 36253BAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      280000 | PA      | $38214.12     | 0.00%             | 2047-06-10      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                                   | GFL Environmental Inc 2025 Term Loan B                                                                                                     | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | US        |     1097250 | PA      | $1103193.80   | 0.05%             | 2032-03-03      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                                | Boost Newco Borrower LLC                                                                                                                   | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |      920000 | PA      | $978263.60    | 0.05%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GDZ ELEKTRIK DAGITIM AS                                 | GDZ Elektrik Dagitim AS                                                                                                                    | CUSIP: 36270TAA1<br>LEI: 984500B63B5766038A64 | Long             | DBT              | CORP              | TR        |     2485000 | PA      | $2417127.52   | 0.11%             | 2029-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2025-NQM2                                                                                              | CUSIP: 36272EAA2<br>LEI: 254900WJFO182DZH8M35 | Long             | ABS-MBS          | CORP              | US        |     2072990 | PA      | $2096048.11   | 0.10%             | 2065-06-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                     | GS Mortgage-Backed Securities Trust 2025-RPL3                                                                                              | CUSIP: 362963AA8<br>LEI: 25490038RWR4AJZ5B524 | Long             | ABS-MBS          | CORP              | US        |     1347646 | PA      | $1319698.56   | 0.06%             | 2065-07-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                             | Gap Inc/The                                                                                                                                | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     1045000 | PA      | $993048.03    | 0.05%             | 2029-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                                 | Garrett Motion Holdings Inc / Garrett LX I Sarl                                                                                            | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $159535.31    | 0.01%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                             | Gartner Inc                                                                                                                                | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |     1875000 | PA      | $1776921.47   | 0.08%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                             | Gartner Inc                                                                                                                                | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |      295000 | PA      | $284987.80    | 0.01%             | 2029-06-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                                    | Gates Corp/DE                                                                                                                              | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |      270000 | PA      | $280727.11    | 0.01%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GC TREASURY CENTRE CO                                   | GC Treasury Center Co Ltd                                                                                                                  | CUSIP: 36830AAB3<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |      755000 | PA      | $765183.31    | 0.04%             | 2030-09-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GC TREASURY CENTRE CO                                   | GC Treasury Center Co Ltd                                                                                                                  | CUSIP: 36830AAD9<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |      745000 | PA      | $759434.58    | 0.04%             | 2035-03-10      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                                  | General Motors Financial Co Inc                                                                                                            | CUSIP: 37045XDB9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |      235000 | PA      | $237102.41    | 0.01%             | 2030-09-30      | Fixed         | 5.70%                 | No            |                  2 | On Loan: —       |
| Kennedy Lewis CLO Ltd                                   | Kennedy Lewis CLO 17 Ltd                                                                                                                   | CUSIP: 37149UAA5<br>LEI: 21380057FWYXY89TJK26 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $247447.50    | 0.01%             | 2037-10-22      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| Generate CLO Ltd.                                       | Generate CLO 21 Ltd                                                                                                                        | CUSIP: 37150CAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      800000 | PA      | $805002.40    | 0.04%             | 2038-07-25      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                                   | Genesis Energy LP / Genesis Energy Finance Corp                                                                                            | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $623239.80    | 0.03%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                   | GENMAB A/S/GENMAB FINANCE LLC                                                                                                              | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |      459000 | PA      | $470609.22    | 0.02%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                                   | GENMAB A/S/GENMAB FINANCE LLC                                                                                                              | CUSIP: 37230JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |      400000 | PA      | $421812.02    | 0.02%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GENWORTH HOLDINGS INC                                   | Genworth Holdings Inc                                                                                                                      | CUSIP: 37247DAB2<br>LEI: PXDECZED7L8SRUP41R09 | Long             | DBT              | CORP              | US        |      195000 | PA      | $199137.90    | 0.01%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Inc                             | Global Medical Response Inc 2025 Term Loan B                                                                                               | CUSIP: 37956SAB0<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |     1585804 | PA      | $1597413.63   | 0.07%             | 2032-10-01      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                                                                                     | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |      173000 | PA      | $179599.60    | 0.01%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                                  | Global Atlantic Fin Co                                                                                                                     | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |      315000 | PA      | $317006.93    | 0.01%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                                 | Global Medical Response Inc                                                                                                                | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |     1835000 | PA      | $1910930.17   | 0.09%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                        | Gloves Buyer Inc 2025 Term Loan                                                                                                            | CUSIP: 37987UAG7<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |     1750000 | PA      | $1744531.25   | 0.08%             | 2032-05-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust                              | GLS Auto Receivables Issuer Trust 2025-3                                                                                                   | CUSIP: 37989YAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $2008888.40   | 0.09%             | 2030-01-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                                     | Go Daddy Operating Co LLC / GD Finance Co Inc                                                                                              | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1325000 | PA      | $1273028.86   | 0.06%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Barnes Group Inc                                        | Barnes Group Inc 2025 Term Loan B                                                                                                          | CUSIP: 38021CAC2<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | LON              | CORP              | US        |      453657 | PA      | $455415.33    | 0.02%             | 2032-01-27      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                         | Goat Holdco LLC                                                                                                                            | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1730000 | PA      | $1774591.84   | 0.08%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                              | goeasy Ltd                                                                                                                                 | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     1300000 | PA      | $1337654.50   | 0.06%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                              | goeasy Ltd                                                                                                                                 | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      200000 | PA      | $191061.30    | 0.01%             | 2030-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                              | goeasy Ltd                                                                                                                                 | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |      400000 | PA      | $385966.00    | 0.02%             | 2030-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                              | goeasy Ltd                                                                                                                                 | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     3190000 | PA      | $2986220.89   | 0.14%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                 | Goldman Sachs Group Inc/The                                                                                                                | CUSIP: 38141GZM9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      950000 | PA      | $876782.42    | 0.04%             | 2033-02-24      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs BDC Inc                                   | Goldman Sachs BDC Inc                                                                                                                      | CUSIP: 38147U107<br>LEI: 6D01AGSGBNZIJSN77043 | Long             | EC               | CORP              | US        |       82218 | NS      | $762983.04    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital BDC Inc                                   | Golub Capital BDC Inc                                                                                                                      | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | CORP              | US        |      102000 | NS      | $1384140.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 50B-R Ltd                                                                                                       | CUSIP: 38178DAN7<br>LEI: 254900N3E7Y6I5DRGW52 | Long             | ABS-CBDO         | CORP              | JE        |      700000 | PA      | $699630.40    | 0.03%             | 2035-04-20      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 50B-R Ltd                                                                                                       | CUSIP: 38178DAS6<br>LEI: 254900N3E7Y6I5DRGW52 | Long             | ABS-CBDO         | CORP              | JE        |      400000 | PA      | $400187.60    | 0.02%             | 2035-04-20      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LTD                         | Golub Capital Partners CLO 50B-R Ltd                                                                                                       | CUSIP: 38178DAU1<br>LEI: 254900N3E7Y6I5DRGW52 | Long             | ABS-CBDO         | CORP              | JE        |     1400000 | PA      | $1401355.20   | 0.06%             | 2035-04-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| GoodRx, Inc.                                            | GoodRx Inc 2024 USD Term Loan B                                                                                                            | CUSIP: 38245HAG2<br>LEI: 25490061CWK7F0OTY260 | Long             | LON              | CORP              | US        |     1488722 | PA      | $1492908.09   | 0.07%             | 2029-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                                                                                   | CUSIP: 38375URE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      592552 | PA      | $593651.62    | 0.03%             | 2064-11-20      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                | Government National Mortgage Association                                                                                                   | CUSIP: 38376RMP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       52146 | PA      | $52322.26     | 0.00%             | 2065-12-20      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| GRAHAM HOLDINGS CO                                      | Graham Holdings Co                                                                                                                         | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |      190000 | PA      | $192291.97    | 0.01%             | 2033-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Company Inc                            | Graham Packaging Company Inc 2024 Term Loan B                                                                                              | CUSIP: 38469EAE3<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |      500000 | PA      | $502630.00    | 0.02%             | 2027-08-04      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                                                                             | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      115000 | PA      | $86336.85     | 0.00%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                                                                             | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      983000 | PA      | $763282.93    | 0.04%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                                                                             | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |       45000 | PA      | $48468.87     | 0.00%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: —       |
| GRAY MEDIA INC                                          | Gray Media Inc                                                                                                                             | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      643000 | PA      | $669543.04    | 0.03%             | 2032-07-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: —       |
| GREAT CAN GAMING/RAPTOR                                 | Great Canadian Gaming Corp/Raptor LLC                                                                                                      | CUSIP: 389925AA6<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | XX        |      190000 | PA      | $192056.64    | 0.01%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2025-2                                                                                              | CUSIP: 39571VAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      375431 | PA      | $376910.62    | 0.02%             | 2060-06-25      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2025-2                                                                                              | CUSIP: 39571VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      500000 | PA      | $508127.70    | 0.02%             | 2060-06-25      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2025-2                                                                                              | CUSIP: 39571VAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      425258 | PA      | $428798.98    | 0.02%             | 2060-06-25      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Greensky Home Improvement Issuer Trust                  | GreenSky Home Improvement Issuer Trust 2025-3                                                                                              | CUSIP: 39571WAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      700000 | PA      | $701157.45    | 0.03%             | 2060-12-27      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Greystone Commercial Real Estate Notes                  | Greystone CRE Notes 2025-FL4 LLC                                                                                                           | CUSIP: 39810MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     6000000 | PA      | $6014787.72   | 0.28%             | 2043-01-15      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION                                     | Griffon Corp                                                                                                                               | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |      600000 | PA      | $601533.60    | 0.03%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                                                                                 | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |      374000 | PA      | $369617.02    | 0.02%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| Gryphon Acquire Newco, LLC                              | Gryphon Acquire Newco LLC Term Loan B                                                                                                      | CUSIP: 40054QAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1060000 | PA      | $1068612.51   | 0.05%             | 2032-09-13      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      696000 | PA      | $745590.00    | 0.03%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC                                  | Guidewire Software Inc                                                                                                                     | CUSIP: 40171VAC4<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |      765000 | PA      | $843030.00    | 0.04%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                                | HLF Financing Sarl LLC / Herbalife International Inc                                                                                       | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      270000 | PA      | $253940.08    | 0.01%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| HCA INC                                                 | HCA Inc                                                                                                                                    | CUSIP: 404119AJ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      550000 | PA      | $635090.25    | 0.03%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                                                 | HCA Inc                                                                                                                                    | CUSIP: 404119DF3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      600000 | PA      | $593152.27    | 0.03%             | 2035-11-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      400000 | PA      | $381741.04    | 0.02%             | 2030-12-17      | Fixed         | 4.60%                 | No            |                  2 | On Loan: —       |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280FA2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      450000 | PA      | $469108.80    | 0.02%             | 2030-06-05      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                                       | HSBC Holdings PLC                                                                                                                          | CUSIP: 404280FE4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $602505.17    | 0.03%             | 2031-11-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                           | HTL Commercial Mortgage Trust 2024-T53                                                                                                     | CUSIP: 404300AG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      710000 | PA      | $726682.66    | 0.03%             | 2039-05-10      | Variable      | 8.20%                 | No            |                  2 | On Loan: No      |
| HTL Commercial Mortgage Trust                           | HTL Commercial Mortgage Trust 2024-T53                                                                                                     | CUSIP: 404300AJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1600000 | PA      | $1652949.12   | 0.08%             | 2039-05-10      | Variable      | 10.26%                | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                           | HTA Group Ltd/Mauritius                                                                                                                    | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |      200000 | PA      | $206934.99    | 0.01%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PHRG Intermediate LLC                                   | PHRG Intermediate LLC 2025 Term Loan B                                                                                                     | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2666076 | PA      | $2659410.75   | 0.12%             | 2032-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                                | HAH Group Holding Co LLC                                                                                                                   | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |     1775000 | PA      | $1670503.90   | 0.08%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP                                  | HA Sustainable Infrastructure Capital Inc                                                                                                  | CUSIP: 41068XAG5<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |      253000 | PA      | $264844.45    | 0.01%             | 2056-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                          | HarborView Mortgage Loan Trust 2005-9                                                                                                      | CUSIP: 41161PSM6<br>LEI: 549300SZXFEQICAU3R39 | Long             | ABS-MBS          | CORP              | US        |      115868 | PA      | $109076.13    | 0.01%             | 2035-06-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP                                  | Harvest Midstream I LP                                                                                                                     | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     1880000 | PA      | $1909232.12   | 0.09%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                                       | Jordan Government International Bond                                                                                                       | CUSIP: 41809JAA3<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      820000 | PA      | $856723.49    | 0.04%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                  | HAT Holdings I LLC / HAT Holdings II LLC                                                                                                   | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1206218.91   | 0.06%             | 2030-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| HAT HOLDINGS I LLC/HAT                                  | HAT Holdings I LLC / HAT Holdings II LLC                                                                                                   | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      161000 | PA      | $160009.90    | 0.01%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                                  | HAT Holdings I LLC / HAT Holdings II LLC                                                                                                   | CUSIP: 418751AJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      880000 | PA      | $1120856.00   | 0.05%             | 2028-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HEALTHEQUITY INC                                        | HealthEquity Inc                                                                                                                           | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |       75000 | PA      | $73787.84     | 0.00%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC                                    | Heartland Dental LLC 2025 Term Loan                                                                                                        | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |     2649941 | PA      | $2664017.78   | 0.12%             | 2032-08-25      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                                  | Helix Energy Solutions Group Inc                                                                                                           | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |      205000 | PA      | $216811.90    | 0.01%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Herschend Entertainment Company, LLC                    | Herschend Entertainment Company LLC 2025 Term Loan B                                                                                       | CUSIP: 42778EAG6<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |       99500 | PA      | $100349.93    | 0.00%             | 2032-05-27      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                             | Hertz Vehicle Financing III LLC                                                                                                            | CUSIP: 42806MDE6<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |     1515000 | PA      | $1555046.60   | 0.07%             | 2029-12-26      | Fixed         | 8.55%                 | No            |                  2 | On Loan: No      |
| HighTower Holdings LLC                                  | HighTower Holdings LLC 2025 1st Lien Term Loan B                                                                                           | CUSIP: 43117LAP8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | LON              | CORP              | US        |      597000 | PA      | $599238.75    | 0.03%             | 2032-02-03      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                                                                           | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      800000 | PA      | $780100.88    | 0.04%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                                                                           | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     2200000 | PA      | $2107841.38   | 0.10%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                                | Hilton Domestic Operating Co Inc                                                                                                           | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |       70000 | PA      | $65034.45     | 0.00%             | 2032-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HOLOGIC INC                                             | Hologic Inc                                                                                                                                | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     1800000 | PA      | $1775485.82   | 0.08%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                                 | Howard Midstream Energy Partners LLC                                                                                                       | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      525000 | PA      | $539597.37    | 0.03%             | 2034-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                                | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC                                                              | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      850000 | PA      | $878212.35    | 0.04%             | 2032-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                                | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC                                                              | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      750000 | PA      | $772833.05    | 0.04%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HUB International Limited                               | HUB International Limited 2025 Term Loan B                                                                                                 | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |      848556 | PA      | $854035.66    | 0.04%             | 2030-06-20      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                                                                                      | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |      147000 | PA      | $147084.83    | 0.01%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                                   | HUB International Ltd                                                                                                                      | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     2422000 | PA      | $2543024.92   | 0.12%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                | Hudson Pacific Properties LP                                                                                                               | CUSIP: 44409MAA4<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |      120000 | PA      | $114645.05    | 0.01%             | 2027-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIE                                | Hudson Pacific Properties LP                                                                                                               | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |     2960000 | PA      | $2738888.00   | 0.13%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| HUDSON PACIFIC PROPERTIE                                | Hudson Pacific Properties LP                                                                                                               | CUSIP: 44409MAC0<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              |  | US        |      575000 | PA      | $486868.14    | 0.02%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: —       |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                     | CUSIP: 445545AF3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1700000 | PA      | $1998324.70   | 0.09%             | 2041-03-29      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                      | CUSIP: 445545AT3<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      440000 | PA      | $468116.81    | 0.02%             | 2052-09-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                      | CUSIP: 445545AV8<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      600000 | PA      | $617109.91    | 0.03%             | 2030-09-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| The Huntington National Bank                            | Huntington Bank Auto Credit-Linked Notes Series 2025-2                                                                                     | CUSIP: 44644NAR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      441484 | PA      | $443579.38    | 0.02%             | 2033-09-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                                | Huntsman International LLC                                                                                                                 | CUSIP: 44701QBF8<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |      375000 | PA      | $316395.81    | 0.01%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L                                | Huntsman International LLC                                                                                                                 | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |     1880000 | PA      | $1703951.65   | 0.08%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| IMC Financing LLC                                       | IMC Financing LLC Term Loan B                                                                                                              | CUSIP: 44967NAB4<br>LEI: 724500MHXKWDKAGMOW56 | Long             | LON              | CORP              | NL        |     1481555 | PA      | $1485258.89   | 0.07%             | 2032-06-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                                        | IRB Holding Corp 2025 Term Loan B                                                                                                          | CUSIP: 44988LAM9<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |     1488750 | PA      | $1493816.20   | 0.07%             | 2030-12-16      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                        | ITT Holdings LLC                                                                                                                           | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1296701.19   | 0.06%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Instructure Holdings Inc                                | Instructure Holdings Inc 2024 2nd Lien Term Loan                                                                                           | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      259981 | PA      | $261280.91    | 0.01%             | 2032-11-12      | Floating      | 8.84%                 | No            |                  2 | On Loan: No      |
| Coherent Corp                                           | Coherent Corp 2025 Term Loan B2                                                                                                            | CUSIP: 45173JAT1<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |      163077 | PA      | $163756.51    | 0.01%             | 2029-07-02      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                                                                                   | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       45000 | PA      | $43376.40     | 0.00%             | 2029-05-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: —       |
| IHEARTCOMMUNICATIONS INC                                | iHeartCommunications Inc                                                                                                                   | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |       35000 | PA      | $30276.02     | 0.00%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| IMMUNOCORE HOLDINGS                                     | Immunocore Holdings PLC                                                                                                                    | CUSIP: 45258DAB1<br>LEI: 213800IUE3DFS84BVN18 | Long             | DBT              | CORP              | GB        |      575000 | PA      | $522531.25    | 0.02%             | 2030-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM1                                                                                                     | CUSIP: 452766AE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1300000 | PA      | $1004769.87   | 0.05%             | 2067-02-25      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2021-NQM4                                                                                                     | CUSIP: 45276JAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      300000 | PA      | $225503.79    | 0.01%             | 2057-01-25      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                                       | Imperial Fund Mortgage Trust 2022-NQM3                                                                                                     | CUSIP: 45276KAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2785000 | PA      | $2083809.35   | 0.10%             | 2067-05-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                                 | Crescent Energy Finance LLC                                                                                                                | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |      560000 | PA      | $531782.62    | 0.02%             | 2033-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                            | MH Sub I LLC 2023 Term Loan                                                                                                                | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     1091603 | PA      | $1017919.85   | 0.05%             | 2028-05-03      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                            | MH Sub I LLC 2024 Term Loan B4                                                                                                             | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |      421805 | PA      | $363128.55    | 0.02%             | 2031-12-31      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                                      | Infinite Bidco LLC 1st Lien Term Loan                                                                                                      | CUSIP: 45674KAB1<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |     1816417 | PA      | $1800523.42   | 0.08%             | 2028-03-02      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| Infinite Bidco LLC                                      | Infinite Bidco LLC 2023 Incremental Term Loan                                                                                              | CUSIP: 45674KAH8<br>LEI: 549300GLV0VRADA9LI65 | Long             | LON              | CORP              | US        |     1034138 | PA      | $1036723.59   | 0.05%             | 2028-03-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INGEVITY CORP                                           | Ingevity Corp                                                                                                                              | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |      900000 | PA      | $879966.18    | 0.04%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                                     | Insulet Corp                                                                                                                               | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |      205000 | PA      | $214473.05    | 0.01%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INTEGER HOLDINGS CORP                                   | Integer Holdings Corp                                                                                                                      | CUSIP: 45826HAC3<br>LEI: 549300SUD2ED5XG6X569 | Long             | DBT              | CORP              | US        |      675000 | PA      | $626400.00    | 0.03%             | 2030-03-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      350000 | PA      | $350165.40    | 0.02%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      710000 | PA      | $678569.93    | 0.03%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HBV8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      475000 | PA      | $561889.13    | 0.03%             | 2033-11-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 46115HCF2<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      300000 | PA      | $367946.24    | 0.02%             | 2053-11-28      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Invesco Senior Loan ETF                                 | Invesco Senior Loan ETF                                                                                                                    | CUSIP: 46138G508<br>LEI: 549300SIHU6DQELRNG59 | Long             | EC               | RF                | US        |      100000 | NS      | $2100000.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CLO 2022-2, Ltd.                                | Invesco CLO 2022-2 Ltd                                                                                                                     | CUSIP: 46145XAL0<br>LEI: 54930008L2A8UYGN7A86 | Long             | ABS-CBDO         | CORP              | JE        |     2200000 | PA      | $2201661.00   | 0.10%             | 2035-07-20      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                    | ION Platform Finance US Inc / ION Platform Finance SARL                                                                                    | CUSIP: 46206AAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      700000 | PA      | $709874.38    | 0.03%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ION PLAT FIN US/SARL                                    | ION Platform Finance US Inc / ION Platform Finance SARL                                                                                    | CUSIP: 46206AAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1038413.67   | 0.05%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ION Platform Finance US Inc                             | ION Platform Finance US Inc USD Term Loan                                                                                                  | CUSIP: 46206RAC9<br>LEI: 213800FKHT3BRRKMCC89 | Long             | LON              | CORP              | US        |     1200000 | PA      | $1130100.00   | 0.05%             | 2032-10-07      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS IN                                | Ionis Pharmaceuticals Inc                                                                                                                  | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |      687000 | PA      | $1093738.35   | 0.05%             | 2028-06-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS IN                                | Ionis Pharmaceuticals Inc                                                                                                                  | CUSIP: 462222AG5<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |      260000 | PA      | $277550.00    | 0.01%             | 2030-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IREN LTD                                                | IREN Ltd                                                                                                                                   | CUSIP: 46270CAE9<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |       85000 | PA      | $63155.00     | 0.00%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IRIS Holdings Inc                                       | IRIS Holdings Inc Term Loan                                                                                                                | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |     1298351 | PA      | $1263050.97   | 0.06%             | 2028-06-28      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                                                                          | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      400000 | PA      | $402335.80    | 0.02%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                                                                          | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      290000 | PA      | $286304.86    | 0.01%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                                                                          | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      550000 | PA      | $524813.44    | 0.02%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                                     | Ithaca Energy North Sea PLC                                                                                                                | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |      280000 | PA      | $291342.52    | 0.01%             | 2029-10-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| ITTIHAD INT II LTD                                      | Ittihad International II Ltd                                                                                                               | CUSIP: 46576EAA4<br>LEI: 254900N6645P4DHIXJ30 | Long             | DBT              | CORP              | KY        |     1840000 | PA      | $1861453.65   | 0.09%             | 2030-11-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                       | Ivanhoe Mines Ltd                                                                                                                          | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |     1130000 | PA      | $1170216.70   | 0.05%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Zest Acquisition Corp                                   | Zest Acquisition Corp 2023 Term Loan                                                                                                       | CUSIP: 46589UAE5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1489763 | PA      | $1467416.81   | 0.07%             | 2028-02-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                          | Chase Auto Credit Linked Notes Series 2025-1                                                                                               | CUSIP: 46591HCV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      854504 | PA      | $859091.76    | 0.04%             | 2033-02-25      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes                          | Chase Auto Credit Linked Notes Series 2025-1                                                                                               | CUSIP: 46591HCW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      662761 | PA      | $666310.80    | 0.03%             | 2033-02-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                                | JH North America Holdings Inc                                                                                                              | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |       55000 | PA      | $56220.29     | 0.00%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| J&J Ventures Gaming, LLC                                | J&J Ventures Gaming LLC 2025 Repriced Term Loan B                                                                                          | CUSIP: 46604BAH1<br>LEI: 549300BYPH8FLKS5ZS70 | Long             | LON              | CORP              | US        |     1697487 | PA      | $1687674.27   | 0.08%             | 2030-04-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mortgage Sec Trust           | JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9                                                                              | CUSIP: 46639EAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1175000 | PA      | $1091236.60   | 0.05%             | 2047-12-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust              | JPMBB Commercial Mortgage Securities Trust 2014-C22                                                                                        | CUSIP: 46642NBJ4<br>LEI: 549300UOGMFS1M8XVM16 | Long             | ABS-MBS          | CORP              | US        |     1715000 | PA      | $1673253.98   | 0.08%             | 2047-09-15      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                                     | JPMorgan Chase & Co                                                                                                                        | CUSIP: 46647PDR4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |      975000 | PA      | $1014988.28   | 0.05%             | 2034-06-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| JP Morgan Seasoned Mortgage Trust                       | JP Morgan Seasoned Mortgage Trust Series 2025-1                                                                                            | CUSIP: 46659PAG6<br>LEI: 549300PO5OQO1J76ZY81 | Long             | ABS-MBS          | CORP              | US        |     1021161 | PA      | $963801.28    | 0.04%             | 2063-01-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC                                | Jacobs Entertainment Inc                                                                                                                   | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |      610000 | PA      | $599767.25    | 0.03%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Jamaica Government International Bonds                  | Jamaica Government International Bonds                                                                                                     | CUSIP: 470160AV4<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |      151000 | PA      | $182710.00    | 0.01%             | 2039-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT OF JAMAICA                                   | Jamaica Government International Bond                                                                                                      | CUSIP: 470160CF7<br>LEI: 529900Y93KNSXZI8KK56 | Long             | DBT              | NUSS              | JM        |   108000000 | PA      | $721257.32    | 0.03%             | 2030-11-03      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                   | Jane Street Group LLC 2024 Term Loan B1                                                                                                    | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |     2950000 | PA      | $2940321.05   | 0.14%             | 2031-12-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                                                                                        | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1730000 | PA      | $1818837.77   | 0.08%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                                 | Jane Street Group / JSG Finance Inc                                                                                                        | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      880000 | PA      | $896118.08    | 0.04%             | 2032-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD                                  | Jazz Investments I Ltd                                                                                                                     | CUSIP: 472145AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      575000 | PA      | $766762.50    | 0.04%             | 2030-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| JD.COM INC                                              | JD.com Inc                                                                                                                                 | CUSIP: 47215PAJ5<br>LEI: 549300HVTWB0GJZ16V92 | Long             | DBT              | CORP              | KY        |      400000 | PA      | $401800.00    | 0.02%             | 2029-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                                 | JetBlue Airways Corp / JetBlue Loyalty LP                                                                                                  | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1675000 | PA      | $1688963.15   | 0.08%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| JBT MAREL CORP                                          | JBT Marel Corp                                                                                                                             | CUSIP: 477839AD6<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |      575000 | PA      | $596850.00    | 0.03%             | 2030-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                                | Jones Deslauriers Insurance Management Inc                                                                                                 | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     1820000 | PA      | $1758791.40   | 0.08%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                                          | Ziff Davis Inc                                                                                                                             | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |      320000 | PA      | $305244.93    | 0.01%             | 2030-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Jump Financial LLC                                      | Jump Financial LLC 2025 1st Lien Term Loan B                                                                                               | CUSIP: 48138UAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1497484 | PA      | $1478765.85   | 0.07%             | 2032-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| June Purchaser LLC                                      | June Purchaser LLC Term Loan                                                                                                               | CUSIP: 48171UAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1276071 | PA      | $1286599.01   | 0.06%             | 2031-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| June Purchaser LLC                                      | June Purchaser LLC Delayed Draw Term Loan                                                                                                  | CUSIP: 48171UAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      214286 | PA      | $216053.57    | 0.01%             | 2031-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KBR INC                                                 | KBR Inc                                                                                                                                    | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |      145000 | PA      | $142872.13    | 0.01%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                                   | KKR Clo 16 Ltd                                                                                                                             | CUSIP: 48251BBE9<br>LEI: 254900VCKMCY079T6M57 | Long             | ABS-CBDO         | CORP              | KY        |     4400000 | PA      | $4403256.00   | 0.20%             | 2034-10-20      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                                            | KKR & Co Inc                                                                                                                               | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |       16196 | NS      | $839600.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KREF 2022-Fl3 Ltd                                       | KREF 2022-FL3 Ltd                                                                                                                          | CUSIP: 48275EAA4<br>LEI: 549300DG0FGL1EU1CT79 | Long             | ABS-CBDO         | CORP              | KY        |      417701 | PA      | $418309.46    | 0.02%             | 2039-02-17      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                              | Kaseya Inc 2025 1st Lien Term Loan B                                                                                                       | CUSIP: 48578AAB4<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |      847000 | PA      | $848654.19    | 0.04%             | 2032-03-20      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                              | Kaseya Inc 2025 2nd Lien Term Loan B                                                                                                       | CUSIP: 48578AAE8<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |     2150000 | PA      | $2107000.00   | 0.10%             | 2033-03-18      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                      | Kennedy-Wilson Inc                                                                                                                         | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |      150000 | PA      | $141583.50    | 0.01%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| KENNEDY-WILSON INC                                      | Kennedy-Wilson Inc                                                                                                                         | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |      150000 | PA      | $141760.50    | 0.01%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                                                                            | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     1380000 | PA      | $1510420.06   | 0.07%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                                       | Republic of Kenya Government International Bond                                                                                            | CUSIP: 491798AQ7<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |      400000 | PA      | $405199.01    | 0.02%             | 2038-10-09      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                                        | Kilroy Realty LP                                                                                                                           | CUSIP: 49427RAT9<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              |  | US        |      500000 | PA      | $503459.33    | 0.02%             | 2035-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kodiak Building Partners Inc                            | Kodiak Building Partners Inc 2024 Term Loan B                                                                                              | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |     1000000 | PA      | $977500.00    | 0.05%             | 2031-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                 | Kodiak Gas Services LLC                                                                                                                    | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1275287.48   | 0.06%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                 | Kodiak Gas Services LLC                                                                                                                    | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |      335000 | PA      | $342507.05    | 0.02%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                                 | Kodiak Gas Services LLC                                                                                                                    | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |      335000 | PA      | $344515.75    | 0.02%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| KORN/FERRY INTERNATIONAL                                | Korn Ferry                                                                                                                                 | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |      285000 | PA      | $285909.81    | 0.01%             | 2027-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER                                | Kraken Oil & Gas Partners LLC                                                                                                              | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |      625000 | PA      | $618917.38    | 0.03%             | 2029-08-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| LABL Inc                                                | LABL Inc 2021 USD 1st Lien Term Loan                                                                                                       | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |      816040 | PA      | $524888.53    | 0.02%             | 2028-10-30      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                                                                                   | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |      198000 | PA      | $125179.73    | 0.01%             | 2028-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LABL INC                                                | LABL Inc                                                                                                                                   | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |      512000 | PA      | $272797.21    | 0.01%             | 2031-10-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                                   | Bath & Body Works Inc                                                                                                                      | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     1002000 | PA      | $1014733.55   | 0.05%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                     | LBM Acquisition LLC 2024 Incremental Term Loan B                                                                                           | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |     1145330 | PA      | $1077087.66   | 0.05%             | 2031-06-06      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| LC AHAB US Bidco LLC                                    | LC AHAB US Bidco LLC Term Loan B                                                                                                           | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |     1190955 | PA      | $1195049.26   | 0.06%             | 2031-05-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                                | LCM Investments Holdings II LLC                                                                                                            | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |      750000 | PA      | $739674.83    | 0.03%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC                                 | LCPR Senior Secured Financing DAC                                                                                                          | CUSIP: 50201DAD5<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |      225000 | PA      | $140465.50    | 0.01%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC                                           | LFS Topco LLC                                                                                                                              | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2524000 | PA      | $2542495.85   | 0.12%             | 2030-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LFT CRE 2021-FL1, LLC                                   | LMNT CRE 2025-FL3 LLC                                                                                                                      | CUSIP: 50208TAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     3500000 | PA      | $3506083.81   | 0.16%             | 2043-07-21      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                     | LSF12 Crown US Commercial Bidco LLC 2025 Term Loan B                                                                                       | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |      704356 | PA      | $709638.89    | 0.03%             | 2031-12-02      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| LRECS 2025-CRE1 LLC                                     | LRECS 2025-CRE1 LLC                                                                                                                        | CUSIP: 50230AAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     3000000 | PA      | $3005671.53   | 0.14%             | 2043-08-19      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                                | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                                                                         | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              |  | US        |     1590000 | PA      | $1686873.93   | 0.08%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HLD                                         | Lamb Weston Holdings Inc                                                                                                                   | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |      500000 | PA      | $484114.26    | 0.02%             | 2030-01-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LANTHEUS HOLDINGS INC                                   | Lantheus Holdings Inc                                                                                                                      | CUSIP: 516544AB9<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |      660000 | PA      | $757845.00    | 0.04%             | 2027-12-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                                    | Las Vegas Sands Corp                                                                                                                       | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      680000 | PA      | $677242.06    | 0.03%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Learning Care Group (US) No 2 Inc                       | Learning Care Group (US) No 2 Inc 2024 Term Loan B                                                                                         | CUSIP: 52200MAL4<br>LEI: 5493000VMN44LK8QID23 | Long             | LON              | CORP              | US        |      980000 | PA      | $813400.00    | 0.04%             | 2028-08-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Darktrace PLC                                           | Darktrace PLC 2nd Lien Term Loan                                                                                                           | CUSIP: 52526CAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      460000 | PA      | $458083.18    | 0.02%             | 2032-10-09      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| LendingTree Inc                                         | LendingTree Inc 2025 Term Loan                                                                                                             | CUSIP: 52602KAE8<br>LEI: 549300ISY5YHUJZTON08 | Long             | LON              | CORP              | US        |      929670 | PA      | $929670.00    | 0.04%             | 2030-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                  | Lendmark Funding Trust 2025-1                                                                                                              | CUSIP: 52604QAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      775000 | PA      | $806137.80    | 0.04%             | 2034-09-20      | Fixed         | 8.91%                 | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                           | Lendbuzz Securitization Trust 2023-2                                                                                                       | CUSIP: 52608MAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      882171 | PA      | $893916.03    | 0.04%             | 2028-10-16      | Fixed         | 7.09%                 | No            |                  2 | On Loan: No      |
| Lereta LLC                                              | Lereta LLC Term Loan B                                                                                                                     | CUSIP: 52675EAJ3<br>LEI: 549300VK5GMZ4QV5U417 | Long             | LON              | CORP              | US        |      911323 | PA      | $840695.46    | 0.04%             | 2028-07-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                                                                                      | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      275000 | PA      | $251421.50    | 0.01%             | 2029-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                                                                                      | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      800000 | PA      | $781000.00    | 0.04%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                                                                                      | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      525000 | PA      | $537468.23    | 0.02%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                                                                                      | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      700000 | PA      | $721960.37    | 0.03%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | Level 3 Financing Inc                                                                                                                      | CUSIP: 527298CQ4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      275000 | PA      | $282286.01    | 0.01%             | 2036-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY INTERACTIVE LLC                                 | Liberty Interactive LLC                                                                                                                    | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |      105000 | PA      | $6037.50      | 0.00%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                                | Liberty Mutual Group Inc                                                                                                                   | CUSIP: 53079EBM5<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |       85000 | PA      | $83840.87     | 0.00%             | 2051-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                                 | Light & Wonder International Inc                                                                                                           | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |      905000 | PA      | $916357.75    | 0.04%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                                    | LifePoint Health Inc                                                                                                                       | CUSIP: 53219LAY5<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1846679.40   | 0.09%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                                     | Limak Yenilenebilir Enerji AS                                                                                                              | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |     1530000 | PA      | $1506566.08   | 0.07%             | 2030-08-12      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                                   | Bath & Body Works Inc                                                                                                                      | CUSIP: 532716AK3<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      235000 | PA      | $233597.08    | 0.01%             | 2033-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                                   | Lincoln National Corp                                                                                                                      | CUSIP: 534187BR9<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |      317000 | PA      | $340597.80    | 0.02%             | 2027-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: —       |
| LITHIA MOTORS INC                                       | Lithia Motors Inc                                                                                                                          | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |      300000 | PA      | $302266.88    | 0.01%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                                | Live Nation Entertainment Inc                                                                                                              | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1153042.90   | 0.05%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC                                | Lloyds Banking Group PLC                                                                                                                   | CUSIP: 53944YBB8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      250000 | PA      | $260044.78    | 0.01%             | 2031-09-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Long Beach Mortgage Loan Trust                          | Long Beach Mortgage Loan Trust 2005-1                                                                                                      | CUSIP: 542514KC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      104425 | PA      | $103523.25    | 0.00%             | 2035-02-25      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC                                   | Lumentum Holdings Inc                                                                                                                      | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |       34000 | PA      | $180693.00    | 0.01%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| M6 ETX Holdings II Midco LLC                            | M6 ETX Holdings II Midco LLC 2025 Term Loan B                                                                                              | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2032-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| M6 ETX Holdings II Midco LLC                            | M6 ETX Holdings II Midco LLC 2025 1st Lien Term Loan B                                                                                     | CUSIP: 55285DAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      654186 | PA      | $658929.05    | 0.03%             | 2032-04-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily Housing Mortgage Loan Trust             | MF1 2025-FL19 LLC                                                                                                                          | CUSIP: 55287KAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      435000 | PA      | $435802.89    | 0.02%             | 2042-05-18      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                            | MH Sub I LLC 2021 2nd Lien Term Loan                                                                                                       | CUSIP: 55303BAD5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     2180000 | PA      | $1832902.58   | 0.08%             | 2029-02-23      | Floating      | 10.09%                | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                           | M/I Homes Inc                                                                                                                              | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |      310000 | PA      | $299587.44    | 0.01%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MKS Instruments Inc                                     | MKS Instruments Inc 2025 USD Repriced Term Loan                                                                                            | CUSIP: 55314NAZ7<br>LEI: 549300KEQATBHAGVF505 | Long             | LON              | CORP              | US        |      477784 | PA      | $480869.77    | 0.02%             | 2029-08-17      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                                                                            | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              |  | US        |      500000 | PA      | $534339.22    | 0.02%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MSC Income Fund Inc                                     | MSC Income Fund Inc                                                                                                                        | CUSIP: 55374X208<br>LEI: 254900XHQK9DKZDIPC91 | Long             | EC               | CORP              | US        |       39115 | NS      | $513971.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| MSWF Commercial Mortgage Trust                          | MSWF Commercial Mortgage Trust 2023-1                                                                                                      | CUSIP: 55376CAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      490000 | PA      | $510482.39    | 0.02%             | 2056-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                                    | MAD Commercial Mortgage Trust 2025-11MD                                                                                                    | CUSIP: 55616AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      810000 | PA      | $822800.11    | 0.04%             | 2042-10-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                                 | Macy's Retail Holdings LLC                                                                                                                 | CUSIP: 55616XAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      199000 | PA      | $163448.41    | 0.01%             | 2042-01-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                         | Madison IAQ LLC Term Loan                                                                                                                  | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |     1137998 | PA      | $1144844.05   | 0.05%             | 2028-06-21      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                                         | Madison IAQ LLC                                                                                                                            | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2158615.31   | 0.10%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XVII Ltd                                                                                                              | CUSIP: 55819AAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    11453250 | PA      | $1292132.76   | 0.06%             | 2045-07-21      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXXI Ltd                                                                                                              | CUSIP: 55819EAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $247313.25    | 0.01%             | 2037-07-23      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXII Ltd                                                                                                              | CUSIP: 55819VAC0<br>LEI: 254900YXXBTCF4NGD347 | Long             | ABS-CBDO         | CORP              | KY        |     1690000 | PA      | $700846.38    | 0.03%             | 2033-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LXIII Ltd                                                                                                             | CUSIP: 55821JAG4<br>LEI: 549300XQII222AK58E79 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250636.25    | 0.01%             | 2038-07-21      | Floating      | 9.87%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XLVI Ltd                                                                                                              | CUSIP: 55821VAG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $242241.00    | 0.01%             | 2034-10-15      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LXXII Ltd                                                                                                             | CUSIP: 55823EAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2030000 | PA      | $1980433.49   | 0.09%             | 2038-07-23      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LXV Ltd                                                                                                               | CUSIP: 55823FAD7<br>LEI: 213800EBRIAZSOKC7K58 | Long             | ABS-CBDO         | CORP              | JE        |      500000 | PA      | $504092.00    | 0.02%             | 2038-07-16      | Floating      | 7.12%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding LXV Ltd                                                                                                               | CUSIP: 55823GAC7<br>LEI: 213800EBRIAZSOKC7K58 | Long             | ABS-CBDO         | CORP              | JE        |      250000 | PA      | $250998.75    | 0.01%             | 2038-07-16      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                                                                                   | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     1650000 | PA      | $1450465.50   | 0.07%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: —       |
| WARNERMEDIA HOLDINGS INC                                | Warnermedia Holdings Inc                                                                                                                   | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     2185000 | PA      | $1548072.50   | 0.07%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MAGNATE WORLDWIDE LLC                                   | MAGNATE WORLDWIDE LLC 2021 TERM LOAN                                                                                                       | CUSIP: 55936RAB9<br>LEI: 25490012RGB0D1L6Q924 | Long             | LON              | CORP              | US        |     1250000 | PA      | $1234375.00   | 0.06%             | 2028-12-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXVIII Ltd                                                                                                                       | CUSIP: 55955MAC4<br>LEI: 54930077HHZ1QV5CPQ30 | Long             | ABS-CBDO         | CORP              | KY        |      280500 | PA      | $203451.98    | 0.01%             | 2035-01-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite 50 Ltd                                                                                                                           | CUSIP: 55956NAA5<br>LEI: 529900LA8YF5OY74OD31 | Long             | ABS-CBDO         | CORP              | KY        |      540000 | PA      | $545641.92    | 0.03%             | 2038-07-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                                | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp                                                                         | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      210000 | PA      | $216925.80    | 0.01%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXVI Ltd                                                                                                                        | CUSIP: 559914AE6<br>LEI: 549300M0875JBMUL0W79 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252476.75    | 0.01%             | 2038-07-25      | Floating      | 8.86%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XLIII Ltd                                                                                                                        | CUSIP: 559918AN7<br>LEI: 529900MX1PNEO4Y6K172 | Long             | ABS-CBDO         | CORP              | KY        |      500000 | PA      | $502733.50    | 0.02%             | 2038-07-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XLIII Ltd                                                                                                                        | CUSIP: 559919AA3<br>LEI: 529900MX1PNEO4Y6K172 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $256944.25    | 0.01%             | 2038-07-15      | Floating      | 10.63%                | No            |                  2 | On Loan: No      |
| MajorDrive Holdings IV LLC                              | MajorDrive Holdings IV LLC Term Loan B                                                                                                     | CUSIP: 56085UAB9<br>LEI: 25490044R1FR5N8FIT62 | Long             | LON              | CORP              | US        |     3519853 | PA      | $3210985.74   | 0.15%             | 2028-06-01      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| MAKEMYTRIP LIMITED                                      | MakeMyTrip Ltd                                                                                                                             | CUSIP: 56087FAC8<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | DBT              | CORP              | MU        |       66000 | PA      | $64779.00     | 0.00%             | 2030-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MDVIP Inc                                               | MDVIP Inc 2025 Term Loan B                                                                                                                 | CUSIP: 56150KAH8<br>LEI: 549300EAB6F7TKRLOT57 | Long             | LON              | CORP              | US        |     1051238 | PA      | $1056055.98   | 0.05%             | 2031-10-14      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Maravai Intermediate Holdings LLC                       | Maravai Intermediate Holdings LLC 2022 Term Loan B                                                                                         | CUSIP: 56589PAJ4<br>LEI: 2549005DIMMJLV8LMZ14 | Long             | LON              | CORP              | US        |      515491 | PA      | $509047.80    | 0.02%             | 2027-10-19      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| MAREX GROUP PLC                                         | Marex Group PLC                                                                                                                            | CUSIP: 566539AB8<br>LEI: 549300DWX0SVICJAL507 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $610438.94    | 0.03%             | 2028-05-08      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority        | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                                                                                                 | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      810000 | PA      | $850064.22    | 0.04%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC                                  | Marvell Technology Inc                                                                                                                     | CUSIP: 573874AR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $507920.30    | 0.02%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                                    | Matador Resources Co                                                                                                                       | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      600000 | PA      | $602956.20    | 0.03%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                                                                                | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      750000 | PA      | $691680.60    | 0.03%             | 2031-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                                  | Match Group Holdings II LLC                                                                                                                | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |      260000 | PA      | $263307.23    | 0.01%             | 2033-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                                  | Mauser Packaging Solutions Holding Co                                                                                                      | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      600000 | PA      | $598761.00    | 0.03%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Company              | Mauser Packaging Solutions Holding Company 2025 Term Loan B                                                                                | CUSIP: 57763TAF0<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |      498721 | PA      | $490305.31    | 0.02%             | 2030-04-15      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                   | McGraw-Hill Education Inc                                                                                                                  | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     1420000 | PA      | $1436250.48   | 0.07%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                             | McAfee Corp                                                                                                                                | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |      601000 | PA      | $524758.68    | 0.02%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| McAfee, LLC                                             | McAfee LLC 2024 USD 1st Lien Term Loan B                                                                                                   | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |     3226814 | PA      | $2990181.94   | 0.14%             | 2029-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                                   | McGraw-Hill Education Inc                                                                                                                  | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |      750000 | PA      | $791578.50    | 0.04%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP                                 | Pediatrix Medical Group Inc                                                                                                                | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      260000 | PA      | $260236.98    | 0.01%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                     | Medline Borrower LP 2025 Term Loan B                                                                                                       | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |      138257 | PA      | $138809.79    | 0.01%             | 2028-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                     | Medline Borrower LP 2025 Incremental Term Loan B                                                                                           | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |      664975 | PA      | $668151.59    | 0.03%             | 2030-10-23      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO                                | Medline Borrower LP/Medline Co-Issuer Inc                                                                                                  | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1040000 | PA      | $1076411.74   | 0.05%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MERCADOLIBRE INC                                        | MercadoLibre Inc                                                                                                                           | CUSIP: 58733RAG7<br>LEI: 549300DKPDN9M5S8GB14 | Long             | DBT              | CORP              | US        |      600000 | PA      | $595560.00    | 0.03%             | 2033-01-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                                         | Mercer International Inc                                                                                                                   | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     1090000 | PA      | $846715.49    | 0.04%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: —       |
| MERIT MEDICAL SYSTEMS IN                                | Merit Medical Systems Inc                                                                                                                  | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |      655000 | PA      | $792222.50    | 0.04%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                                     | Meritage Homes Corp                                                                                                                        | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     1207000 | PA      | $1193114.45   | 0.06%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: —       |
| MERLIN ENTERTAINMENTS GR                                | Merlin Entertainments Group US Holdings Inc                                                                                                | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |      600000 | PA      | $535311.42    | 0.02%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Mermaid Bidco Inc                                       | Mermaid Bidco Inc 2024 EUR Term Loan B                                                                                                     | CUSIP: 59012CAM7<br>LEI: 254900765HT42I3EW691 | Long             | LON              | CORP              | US        |      315789 | PA      | $374432.69    | 0.02%             | 2031-07-03      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVI                                | Mavis Tire Express Services Topco Corp                                                                                                     | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |     1280000 | PA      | $1272385.41   | 0.06%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                                 | Stagwell Global LLC                                                                                                                        | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |      775000 | PA      | $756433.09    | 0.04%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                                | Midcap Financial Issuer Trust                                                                                                              | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1398762.68   | 0.06%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                                | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                                                                                  | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      900000 | PA      | $886126.23    | 0.04%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Midwest Physician Administrative Services LLC           | Midwest Physician Administrative Services LLC 2021 Term Loan                                                                               | CUSIP: 59835XAC8<br>LEI: 5493001F7B0DCPKBGK48 | Long             | LON              | CORP              | US        |     1562695 | PA      | $1422443.52   | 0.07%             | 2028-03-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                               | Gainwell Acquisition Corp Term Loan B                                                                                                      | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2846602 | PA      | $2802124.15   | 0.13%             | 2027-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mill City Solar Loan Ltd.                               | Mill City Solar Loan 2019-1 Ltd                                                                                                            | CUSIP: 59982WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      313355 | PA      | $296119.48    | 0.01%             | 2043-03-20      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                                   | Mineral Resources Ltd                                                                                                                      | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      300000 | PA      | $313151.03    | 0.01%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                                  | AthenaHealth Group Inc                                                                                                                     | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |     5110000 | PA      | $5098964.90   | 0.24%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Modena Buyer LLC                                        | Modena Buyer LLC Term Loan                                                                                                                 | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |     1793715 | PA      | $1786802.45   | 0.08%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                                                                                      | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      750000 | PA      | $738124.15    | 0.03%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                                                                                      | CUSIP: 60855RAK6<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      700000 | PA      | $650188.74    | 0.03%             | 2030-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                                                                                      | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      330000 | PA      | $300423.42    | 0.01%             | 2032-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                                                                                      | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      250000 | PA      | $255084.95    | 0.01%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                                   | Molina Healthcare Inc                                                                                                                      | CUSIP: 60855RAN0<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      180000 | PA      | $185090.39    | 0.01%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                                                                             | CUSIP: 61748UAN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      750000 | PA      | $745312.55    | 0.03%             | 2036-10-22      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                               | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9                                                                                 | CUSIP: 61762DAJ0<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |     1502448 | PA      | $1364936.45   | 0.06%             | 2046-05-15      | Variable      | 3.79%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | Morgan Stanley                                                                                                                             | CUSIP: 61762V838<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EP               | CORP              | US        |        8950 | NS      | $233863.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2                                                                                   | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1932076 | PA      | $1952477.69   | 0.09%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust          | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM10                                                                                  | CUSIP: 617955AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1003803.63   | 0.05%             | 2070-11-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                                | Moss Creek Resources Holdings Inc                                                                                                          | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |      987000 | PA      | $945830.72    | 0.04%             | 2031-09-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                                                                                        | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      160000 | PA      | $156320.65    | 0.01%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                     | Medline Borrower LP                                                                                                                        | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1106811.20   | 0.05%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                   | Muangthai Capital PCL                                                                                                                      | CUSIP: 624923AA6<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |     1255000 | PA      | $1294731.94   | 0.06%             | 2030-07-21      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                                     | Muthoot Finance Ltd                                                                                                                        | CUSIP: 62828L2E2<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |      660000 | PA      | $671107.08    | 0.03%             | 2030-03-02      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MUTHOOT FINANCE LTD                                     | Muthoot Finance Ltd                                                                                                                        | CUSIP: 62828M2D2<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |      685000 | PA      | $696115.95    | 0.03%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 LTD                                          | NBK Tier 1 Ltd                                                                                                                             | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     1341000 | PA      | $1374016.76   | 0.06%             | 2031-01-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                                          | NCR Voyix Corp                                                                                                                             | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      600000 | PA      | $597764.58    | 0.03%             | 2029-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                                                                               | CUSIP: 62886HBS9<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |      671000 | PA      | $750261.88    | 0.03%             | 2030-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                     | NCL Corp Ltd                                                                                                                               | CUSIP: 62886HBW0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     1034000 | PA      | $1002359.60   | 0.05%             | 2030-09-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| NCMF Trust                                              | NCMF Trust 2025-MFS                                                                                                                        | CUSIP: 62887TAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1470000 | PA      | $1493930.13   | 0.07%             | 2033-06-10      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| NEP Group Inc                                           | NEP Group Inc 2025 Term Loan B                                                                                                             | CUSIP: 62908HAR6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      749980 | PA      | $691481.20    | 0.03%             | 2031-10-17      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| NMEF Funding LLC                                        | NMEF Funding 2025-B LLC                                                                                                                    | CUSIP: 62919WAF6<br>LEI: 549300LKWL3P0UPHKL72 | Long             | ABS-O            | CORP              | US        |     1150000 | PA      | $1173667.69   | 0.05%             | 2033-01-18      | Fixed         | 7.66%                 | No            |                  2 | On Loan: No      |
| NGL Energy Partners LP                                  | NGL Energy Partners LP 2024 Term Loan B                                                                                                    | CUSIP: 62922KAF7<br>LEI: 5493008CQD36WWZJ3O79 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2031-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                                   | NGL Energy Operating LLC / NGL Energy Finance Corp                                                                                         | CUSIP: 62922LAD0<br>LEI: 5299005YSRP46BE8Z459 | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1917066.20   | 0.09%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                                                                             | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      500000 | PA      | $467526.29    | 0.02%             | 2031-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                                                                             | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      500000 | PA      | $513920.50    | 0.02%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                          | NRG Energy Inc                                                                                                                             | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      225000 | PA      | $228097.88    | 0.01%             | 2036-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OVG Business Services LLC                               | OVG Business Services LLC 2024 Term Loan B                                                                                                 | CUSIP: 62955EAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      800000 | PA      | $802500.00    | 0.04%             | 2031-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                   | Nabors Industries Inc                                                                                                                      | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |      382000 | PA      | $400813.50    | 0.02%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                                   | Nabors Industries Inc                                                                                                                      | CUSIP: 62957HAR6<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |      292000 | PA      | $287352.63    | 0.01%             | 2032-11-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| National Collegiate Student Loan Trust                  | National Collegiate Student Loan Trust 2007-2                                                                                              | CUSIP: 63543LAD7<br>LEI: 635400VQIBXGEB9ZUC59 | Long             | ABS-O            | CORP              | US        |      368100 | PA      | $364098.37    | 0.02%             | 2033-01-25      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| NATIONAL HEALTH INVESTOR                                | National Health Investors Inc                                                                                                              | CUSIP: 63633DAG9<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | DBT              |  | US        |      600000 | PA      | $600713.38    | 0.03%             | 2033-02-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NATIONAL MENTOR HOLDINGS                                | National Mentor Holdings Inc                                                                                                               | CUSIP: 63688RAF4<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |     2490000 | PA      | $2505508.27   | 0.12%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NATIONAL MENTOR HOLDINGS INC                            | NATIONAL MENTOR HOLDINGS INC 2025 1st LIEN TERM LOAN B                                                                                     | CUSIP: 63689EAX3<br>LEI: 5493004QULJVJP3CNZ62 | Long             | LON              | CORP              | US        |      626811 | PA      | $627594.88    | 0.03%             | 2030-12-12      | Floating      | 9.72%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                                          | NCR Atleos Corp                                                                                                                            | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |      625000 | PA      | $678697.50    | 0.03%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                            | Navient Corp                                                                                                                               | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      700000 | PA      | $701785.70    | 0.03%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waystar Technologies, Inc.                              | Waystar Technologies Inc 2025 Term Loan B                                                                                                  | CUSIP: 63939WAN3<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |      638603 | PA      | $643392.49    | 0.03%             | 2029-10-22      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Navient Student Loan Trust                              | Navient Private Education Refi Loan Trust 2018-C                                                                                           | CUSIP: 63940VAC6<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |      249893 | PA      | $248071.62    | 0.01%             | 2042-06-16      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Navesink CLO, Limited                                   | Navesink CLO 2 Ltd                                                                                                                         | CUSIP: 63942YAQ7<br>LEI: 254900HNRWNLGN0X1N35 | Long             | ABS-CBDO         | CORP              | KY        |      900000 | PA      | $900225.00    | 0.04%             | 2036-01-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust                            | Navient Education Loan Trust 2025-A                                                                                                        | CUSIP: 63943EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      803452 | PA      | $813490.84    | 0.04%             | 2055-07-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Navient Education Loan Trust                            | Navient Education Loan Trust 2025-A                                                                                                        | CUSIP: 63943EAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1200000 | PA      | $1214074.92   | 0.06%             | 2055-07-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2025-D                                                                                                           | CUSIP: 639931AA2<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     2000000 | PA      | $1996277.80   | 0.09%             | 2054-08-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2025-B                                                                                                           | CUSIP: 64032BAA1<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     1216424 | PA      | $1222601.29   | 0.06%             | 2055-05-17      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust                               | Nelnet Student Loan Trust 2025-B                                                                                                           | CUSIP: 64032BAB9<br>LEI: 5493000EBJ0T2MCM3713 | Long             | ABS-O            | CORP              | US        |     1122853 | PA      | $1132004.19   | 0.05%             | 2055-05-17      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                                    | Neptune Bidco US Inc                                                                                                                       | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |      475000 | PA      | $476099.03    | 0.02%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                                | Neuberger Berman Loan Advisers Clo 61 Ltd                                                                                                  | CUSIP: 640985AA5<br>LEI: 2549006I8TDEPS26X974 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251511.25    | 0.01%             | 2039-07-17      | Floating      | 8.99%                 | No            |                  2 | On Loan: No      |
| New Mountain Finance Corp                               | New Mountain Finance Corp                                                                                                                  | CUSIP: 647551100<br>LEI: 549300L1MPTT1H7SES77 | Long             | EC               | CORP              | US        |       36389 | NS      | $335142.69    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | New Residential Mortgage Loan Trust 2017-5                                                                                                 | CUSIP: 64828NAZ8<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |      248004 | PA      | $243840.03    | 0.01%             | 2057-06-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                      | Rithm Capital Corp                                                                                                                         | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |      305000 | PA      | $313364.91    | 0.01%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                     | NRZT 2025-NQM6                                                                                                                             | CUSIP: 64832KAC9<br>LEI: 2138001CG5SYL78G3648 | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $1004055.70   | 0.05%             | 2065-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC                                       | Newmark Group Inc                                                                                                                          | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $214740.73    | 0.01%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NEXUS Buyer LLC                                         | NEXUS Buyer LLC 2025 Term Loan B                                                                                                           | CUSIP: 65343UAH5<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |     2284625 | PA      | $2256067.19   | 0.10%             | 2031-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXUS Buyer LLC                                         | NEXUS Buyer LLC 2025 Incremental Term Loan                                                                                                 | CUSIP: 65343UAJ1<br>LEI: 254900PILSANV8WOOF24 | Long             | LON              | CORP              | US        |      341145 | PA      | $338870.59    | 0.02%             | 2031-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                      | CUSIP: 65412AFF4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      500000 | PA      | $538532.74    | 0.02%             | 2036-01-13      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                      | CUSIP: 65412AFG2<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      500000 | PA      | $539176.46    | 0.02%             | 2046-01-13      | Fixed         | 9.13%                 | No            |                  2 | On Loan: —       |
| NINE ENERGY SERVICE INC                                 | Nine Energy Service Inc                                                                                                                    | CUSIP: 65441VAE1<br>LEI: 549300KRLJCZBPZMKT65 | Long             | DBT              | CORP              | US        |       90000 | PA      | $27445.95     | 0.00%             | 2028-02-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                                 | Nissan Motor Acceptance Co LLC                                                                                                             | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     2875000 | PA      | $2885223.50   | 0.13%             | 2028-09-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                         | Nissan Motor Co Ltd                                                                                                                        | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      363000 | PA      | $386374.61    | 0.02%             | 2035-07-17      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                    | Noble Finance II LLC                                                                                                                       | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1220000 | PA      | $1268302.24   | 0.06%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                                  | Northern Oil & Gas Inc                                                                                                                     | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      330000 | PA      | $321512.86    | 0.01%             | 2033-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NORTHRIVER MIDSTREAM FIN                                | Northriver Midstream Finance LP                                                                                                            | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |      600000 | PA      | $612168.60    | 0.03%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                         | Gen Digital Inc                                                                                                                            | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      500000 | PA      | $517729.00    | 0.02%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                                  | Brundage-Bone Concrete Pumping Holdings Inc                                                                                                | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2325000 | PA      | $2375236.28   | 0.11%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                                                                               | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      500000 | PA      | $483347.71    | 0.02%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                                                                               | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1277300.36   | 0.06%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                            | Novelis Corp                                                                                                                               | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |      578000 | PA      | $586422.10    | 0.03%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| NUTANIX INC                                             | Nutanix Inc                                                                                                                                | CUSIP: 67059NAK4<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |     1265000 | PA      | $1223255.00   | 0.06%             | 2029-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2021-21 Ltd                                                                                                                        | CUSIP: 670897AC1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-CBDO         | CORP              | KY        |     3360000 | PA      | $1897355.04   | 0.09%             | 2038-01-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OID-OL Intermediate I LLC                               | OID-OL Intermediate I LLC Term Loan 1                                                                                                      | CUSIP: 67089SAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      400000 | PA      | $412000.00    | 0.02%             | 2029-02-01      | Floating      | 9.84%                 | No            |                  2 | On Loan: No      |
| OID-OL Intermediate I LLC                               | OID-OL Intermediate I LLC Term Loan 2                                                                                                      | CUSIP: 67089SAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      497500 | PA      | $417123.90    | 0.02%             | 2029-02-01      | Floating      | 8.24%                 | No            |                  2 | On Loan: No      |
| Nuveen Churchill Direct Lending Corp                    | Nuveen Churchill Direct Lending Corp                                                                                                       | CUSIP: 67090S108<br>LEI: 254900X3ULEP6XX7HG39 | Long             | EC               | CORP              | US        |       28999 | NS      | $386846.66    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Funding 7 Ltd                                                                                                                   | CUSIP: 67098WBJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      456000 | PA      | $458658.02    | 0.02%             | 2038-07-19      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Partners VII Ltd                                                                                                                | CUSIP: 67102UAB5<br>LEI: 549300LXLBAFTIMXZT54 | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $524159.00    | 0.02%             | 2038-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2024-35 Ltd                                                                                                                        | CUSIP: 671060AJ0<br>LEI: 2138008SMV573POQTV86 | Long             | ABS-CBDO         | CORP              | JE        |      450000 | PA      | $453440.25    | 0.02%             | 2037-10-25      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Funding 7 Ltd                                                                                                                   | CUSIP: 67111WAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      380000 | PA      | $381104.66    | 0.02%             | 2038-07-19      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2018-15 Ltd                                                                                                                        | CUSIP: 67112QAB2<br>LEI: 254900WK4JKXAXOKTL68 | Long             | ABS-CBDO         | CORP              | KY        |     1240625 | PA      | $483245.77    | 0.02%             | 2031-07-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2022-24 Ltd                                                                                                                        | CUSIP: 67119NAE6<br>LEI: 254900KJTZSIMELS6Y52 | Long             | ABS-CBDO         | CORP              | JE        |      250000 | PA      | $253869.75    | 0.01%             | 2037-10-20      | Floating      | 10.13%                | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2025-43 Ltd                                                                                                                        | CUSIP: 67121FAJ8<br>LEI: 213800EAPFZ3LQZW5U76 | Long             | ABS-CBDO         | CORP              | KY        |      665000 | PA      | $669508.04    | 0.03%             | 2038-07-20      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                             | OCP CLO 2025-43 Ltd                                                                                                                        | CUSIP: 67121GAA5<br>LEI: 213800EAPFZ3LQZW5U76 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $257640.25    | 0.01%             | 2038-07-20      | Floating      | 10.79%                | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Funding 22 Ltd                                                                                                                  | CUSIP: 67121JAA9<br>LEI: 2549003SYMVHPGWUV286 | Long             | ABS-CBDO         | CORP              | KY        |      725000 | PA      | $733329.53    | 0.03%             | 2038-07-20      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Funding 15-R Ltd                                                                                                                | CUSIP: 67121PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251739.75    | 0.01%             | 2038-07-20      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2025-R1 Trust                                                                                                                          | CUSIP: 67123GAC9<br>LEI: 254900UIO03AL696QM79 | Long             | ABS-MBS          | CORP              | US        |     1572018 | PA      | $1571322.44   | 0.07%             | 2062-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2023-1 Ltd                                                                                                                     | CUSIP: 67389EAE9<br>LEI: 254900WZ1Z6PQ6U3P013 | Long             | ABS-CBDO         | CORP              | JE        |      250000 | PA      | $255361.75    | 0.01%             | 2038-04-15      | Floating      | 11.40%                | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                         | Oaktree CLO 2025-32 Ltd                                                                                                                    | CUSIP: 67389GAA2<br>LEI: 254900U83NJDV6PRP726 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $248733.50    | 0.01%             | 2038-07-15      | Floating      | 9.46%                 | No            |                  2 | On Loan: No      |
| Oaktree Specialty Lending Corp                          | Oaktree Specialty Lending Corp                                                                                                             | CUSIP: 67401P405<br>LEI: 549300J6MGCEU5928620 | Long             | EC               | CORP              | US        |       53000 | NS      | $675220.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                                                                          | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     1565000 | PA      | $1619252.29   | 0.08%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                                       | Chord Energy Corp                                                                                                                          | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |      200000 | PA      | $203016.80    | 0.01%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                                | Occidental Petroleum Corp                                                                                                                  | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      650000 | PA      | $666450.20    | 0.03%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                                    | Oceaneering International Inc                                                                                                              | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |      220000 | PA      | $223569.06    | 0.01%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Octagon 67 Ltd                                          | Octagon 67 Ltd                                                                                                                             | CUSIP: 67577YAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      303306 | PA      | $303491.79    | 0.01%             | 2038-07-25      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Octagon 64 Ltd                                          | Octagon 64 Ltd                                                                                                                             | CUSIP: 67579AAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2800000 | PA      | $2802786.00   | 0.13%             | 2035-07-21      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Oceanview Mortgage Trust                                | Oceanview Mortgage Trust 2025-INV3                                                                                                         | CUSIP: 67648CAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1742474 | PA      | $1745070.35   | 0.08%             | 2055-05-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                                | OHA Credit Funding 8 Ltd                                                                                                                   | CUSIP: 67707HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      620000 | PA      | $473847.40    | 0.02%             | 2038-01-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                                                                              | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |      260000 | PA      | $267101.34    | 0.01%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                                                                              | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     1690000 | PA      | $1699889.14   | 0.08%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Olympus Water US Holding Corporation                    | Olympus Water US Holding Corporation 2025 USD Term Loan B                                                                                  | CUSIP: 68163YAK1<br>LEI: 549300YU2GGVCBN3MY89 | Long             | LON              | CORP              | US        |      945000 | PA      | $940143.65    | 0.04%             | 2032-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                                   | ON Semiconductor Corp                                                                                                                      | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1325810.58   | 0.06%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OMNIA Partners LLC                                      | OMNIA Partners LLC 2024 Term Loan B                                                                                                        | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |      425000 | PA      | $427257.50    | 0.02%             | 2032-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                                                                                       | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1475000 | PA      | $1455385.16   | 0.07%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                                | 1011778 BC ULC / New Red Finance Inc                                                                                                       | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1900000 | PA      | $1810811.91   | 0.08%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                               | ONEOK Inc                                                                                                                                  | CUSIP: 682680DA8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |      750000 | PA      | $694155.50    | 0.03%             | 2047-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                                                                                       | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      750000 | PA      | $743190.03    | 0.03%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: —       |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                                                                                       | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     3775000 | PA      | $3914123.85   | 0.18%             | 2029-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                    | OneMain Finance Corp                                                                                                                       | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |       77000 | PA      | $78194.34     | 0.00%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                          | 1261229 BC Ltd                                                                                                                             | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      780000 | PA      | $812021.42    | 0.04%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG CO-IS                                | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                                                                                    | CUSIP: 68306MAA7<br>LEI: 894500EC9KLZLOC3V025 | Long             | DBT              | CORP              | CA        |      703000 | PA      | $667110.89    | 0.03%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                                           | Open Text Holdings Inc                                                                                                                     | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1530378.14   | 0.07%             | 2030-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Option One Mortgage Loan Trust                          | Option One Mortgage Loan Trust 2005-3                                                                                                      | CUSIP: 68389FHV9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      850000 | PA      | $752603.01    | 0.03%             | 2035-08-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                             | Oracle Corp                                                                                                                                | CUSIP: 68389XCQ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      113000 | PA      | $94150.52     | 0.00%             | 2053-02-06      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC                                  | Option Care Health Inc                                                                                                                     | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1579989.94   | 0.07%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                                | Organon & Co / Organon Foreign Debt Co-Issuer BV                                                                                           | CUSIP: 68622TAB7<br>LEI: 549300SH15FO4Y2G3V63 | Long             | DBT              | CORP              | US        |     1530000 | PA      | $1268270.58   | 0.06%             | 2031-04-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Oryx Midstream Services Permian Basin LLC               | Oryx Midstream Services Permian Basin LLC 2025 Term Loan B                                                                                 | CUSIP: 68764JAJ0<br>LEI: 254900YYHRDANYFAHC43 | Long             | LON              | CORP              | US        |     1637595 | PA      | $1648239.67   | 0.08%             | 2028-10-05      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Advisor Group Inc                                       | Advisor Group Inc 2025 Term Loan                                                                                                           | CUSIP: 68773JAG5<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |      285000 | PA      | $286603.13    | 0.01%             | 2032-07-30      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIONCO LLC                                 | Oscar AcquisitionCo LLC / Oscar Finance Inc                                                                                                | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3720000 | PA      | $1684373.59   | 0.08%             | 2030-04-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Osmose Utilities Services Inc                           | Osmose Utilities Services Inc Term Loan                                                                                                    | CUSIP: 68835HAH3<br>LEI: 549300FSLVHLFZ3S0D82 | Long             | LON              | CORP              | US        |     1743506 | PA      | $1709454.07   | 0.08%             | 2028-06-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Outcomes Group Holdings Inc                             | Outcomes Group Holdings Inc 2025 Term Loan B                                                                                               | CUSIP: 69002CAE6<br>LEI: 5493005V7ZG5K84MO728 | Long             | LON              | CORP              | US        |      630238 | PA      | $635121.84    | 0.03%             | 2031-05-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                                             | Ovintiv Inc                                                                                                                                | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      625000 | PA      | $665289.24    | 0.03%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC                                       | Owens & Minor Inc                                                                                                                          | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |      165000 | PA      | $105392.81    | 0.00%             | 2030-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| Blue Owl Capital Corp                                   | Blue Owl Capital Corp                                                                                                                      | CUSIP: 69121K104<br>LEI: 2549000BD79OOCPF2L94 | Long             | EC               | CORP              | US        |      105767 | NS      | $1314683.81   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PK ALIFT LOAN FUNDING                                   | PK Alift Loan Funding 7 LP                                                                                                                 | CUSIP: 69291NAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1269821 | PA      | $1274767.54   | 0.06%             | 2043-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PK ALIFT LOAN FUNDING                                   | Pk Alift Loan Funding 6 LP                                                                                                                 | CUSIP: 69291YAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1501772 | PA      | $1515388.09   | 0.07%             | 2042-11-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                                                                                  | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |        2367 | NS      | $97047.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                                                                                  | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1184615.00   | 0.05%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                               | PG&E Corp                                                                                                                                  | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      290000 | PA      | $302207.84    | 0.01%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC                                 | PPL Capital Funding Inc                                                                                                                    | CUSIP: 69352PAU7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |      593000 | PA      | $595173.41    | 0.03%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PPM CLO 3 Ltd.                                          | PPM CLO 3 Ltd                                                                                                                              | CUSIP: 69355EAU9<br>LEI: 549300UEAJV6RALDS969 | Long             | ABS-CBDO         | CORP              | KY        |     1200000 | PA      | $1200682.80   | 0.06%             | 2034-07-17      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                           | PYE BARKER FIRE + SAFETY LLC 2025 TERM LOAN                                                                                                | CUSIP: 69380SAB9<br>LEI: 254900K8RDMGUBC44870 | Long             | LON              | CORP              | US        |      817800 | PA      | $823805.93    | 0.04%             | 2032-12-16      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC                           | PYE BARKER FIRE + SAFETY LLC 2025 DELAYED DRAW TERM LOAN                                                                                   | CUSIP: 69380SAC7<br>LEI: 254900K8RDMGUBC44870 | Long             | LON              | CORP              | US        |      122200 | PA      | $123097.43    | 0.01%             | 2032-12-16      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-4 LLC                                                                                                                            | CUSIP: 69382KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      925019 | PA      | $927467.22    | 0.04%             | 2030-06-25      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL3 Trust                                                                                                                       | CUSIP: 69382RAA1<br>LEI: 254900640HC5OZKI7J87 | Long             | ABS-MBS          | CORP              | US        |      947016 | PA      | $928444.57    | 0.04%             | 2065-04-25      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL3 Trust                                                                                                                       | CUSIP: 69382RAF0<br>LEI: 254900640HC5OZKI7J87 | Long             | ABS-MBS          | CORP              | US        |     2630000 | PA      | $2435135.15   | 0.11%             | 2065-04-25      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-RCF4 LLC                                                                                                                         | CUSIP: 69382WAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      448515 | PA      | $445602.62    | 0.02%             | 2055-08-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-7 LLC                                                                                                                            | CUSIP: 69382YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      959036 | PA      | $962284.75    | 0.04%             | 2030-08-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-7 LLC                                                                                                                            | CUSIP: 69382YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      245000 | PA      | $245655.08    | 0.01%             | 2030-08-25      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | Pret 2025-NPL11 LLC                                                                                                                        | CUSIP: 69383AAB5<br>LEI: 254900OU85YCZAPWVR73 | Long             | ABS-O            | CORP              | US        |      375000 | PA      | $375277.95    | 0.02%             | 2055-10-25      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-8 LLC                                                                                                                            | CUSIP: 69383BAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      951000 | PA      | $952509.71    | 0.04%             | 2030-10-25      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-RPL5 LLC                                                                                                                         | CUSIP: 69383PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2700000 | PA      | $2657983.14   | 0.12%             | 2065-06-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL8 LLC                                                                                                                         | CUSIP: 69392EAB6<br>LEI: 254900EZKI569P0YE486 | Long             | ABS-O            | CORP              | US        |      475000 | PA      | $476918.34    | 0.02%             | 2055-08-25      | Variable      | 7.99%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-RCF3 LLC                                                                                                                         | CUSIP: 69392PAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      851857 | PA      | $860011.59    | 0.04%             | 2055-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-5 LLC                                                                                                                            | CUSIP: 69392RAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      960476 | PA      | $961967.70    | 0.04%             | 2030-07-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-5 LLC                                                                                                                            | CUSIP: 69392RAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      130000 | PA      | $129978.99    | 0.01%             | 2030-07-25      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL10 LLC                                                                                                                        | CUSIP: 69392WAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      430000 | PA      | $444769.31    | 0.02%             | 2055-10-25      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL5 Trust                                                                                                                       | CUSIP: 69393AAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      383000 | PA      | $337636.98    | 0.02%             | 2070-01-25      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-RCF6 LLC                                                                                                                         | CUSIP: 69393BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1000000 | PA      | $999837.70    | 0.05%             | 2055-12-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL14 LLC                                                                                                                        | CUSIP: 69393CAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1000000 | PA      | $999999.30    | 0.05%             | 2055-12-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL14 LLC                                                                                                                        | CUSIP: 69393CAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1050000 | PA      | $1049997.48   | 0.05%             | 2055-12-25      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-6 LLC                                                                                                                            | CUSIP: 69395KAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      924197 | PA      | $926379.52    | 0.04%             | 2028-08-25      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                                                                                | CUSIP: 694308KU0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1236674.72   | 0.06%             | 2035-03-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                  | Pacific Gas and Electric Co                                                                                                                | CUSIP: 694308KX4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     2725000 | PA      | $2871893.14   | 0.13%             | 2035-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANC OF CALIFORNIA                                      | Banc of California                                                                                                                         | CUSIP: 69506YSC4<br>LEI: 549300A7DTSCJLJ33451 | Long             | SN               | CORP              | US        |      350000 | PA      | $328335.00    | 0.02%             | 2031-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                              | PacifiCorp                                                                                                                                 | CUSIP: 695114DD7<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |      650000 | PA      | $661050.10    | 0.03%             | 2034-02-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Grantor Trust 2025-R2                                                                                                       | CUSIP: 69544VAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      673066 | PA      | $675623.28    | 0.03%             | 2032-10-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Trust 2025-4                                                                                                                | CUSIP: 69547DAA4<br>LEI: 254900ULYEY0HX0PKA54 | Long             | ABS-O            | CORP              | US        |      261875 | PA      | $262013.15    | 0.01%             | 2026-06-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya AI Debt Grantor Trust 2025-5                                                                                                        | CUSIP: 69548WAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2499903 | PA      | $2512128.93   | 0.12%             | 2033-03-15      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                          | Pagaya Ai Debt Grantor Trust 2025-6                                                                                                        | CUSIP: 69549BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1700000 | PA      | $1695813.07   | 0.08%             | 2033-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2018-1 Ltd                                                                                                               | CUSIP: 69689GAE7<br>LEI: 549300A8L0VCZ9626397 | Long             | ABS-CBDO         | CORP              | KY        |      285000 | PA      | $282658.44    | 0.01%             | 2037-04-18      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| Panama Government International Bonds                   | Panama Government International Bonds                                                                                                      | CUSIP: 698299BW3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     3175000 | PA      | $3461464.38   | 0.16%             | 2036-01-31      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| Paradigm Parent LLC                                     | Paradigm Parent LLC 1st Lien Term Loan                                                                                                     | CUSIP: 69902BAB5<br>LEI: 254900EDT9YE5UFH3458 | Long             | LON              | CORP              | US        |      623438 | PA      | $549274.62    | 0.03%             | 2032-04-16      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 699149AP5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |   645000000 | PA      | $92910.71     | 0.00%             | 2031-02-09      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| PARSONS CORP                                            | Parsons Corp                                                                                                                               | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |      930000 | PA      | $958365.00    | 0.04%             | 2029-03-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                                | Pattern Energy Operations LP / Pattern Energy Operations Inc                                                                               | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $986848.80    | 0.05%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Peace Park CLO, Ltd.                                    | Peace Park CLO Ltd                                                                                                                         | CUSIP: 70470NAJ2<br>LEI: 549300XHXTUZ93V6SK42 | Long             | ABS-CBDO         | CORP              | KY        |      790000 | PA      | $771109.52    | 0.04%             | 2038-10-20      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1150000 | PA      | $1091997.44   | 0.05%             | 2035-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PENN Entertainment Inc                                  | PENN Entertainment Inc 2022 Term Loan B                                                                                                    | CUSIP: 70757DAZ2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      545758 | PA      | $549559.02    | 0.03%             | 2029-05-03      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                                                                            | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      525000 | PA      | $550085.55    | 0.03%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                                   | PennyMac Financial Services Inc                                                                                                            | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      600000 | PA      | $620662.80    | 0.03%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                            | Peraton Corp Term Loan B                                                                                                                   | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |     2195464 | PA      | $2042237.71   | 0.09%             | 2028-02-01      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD                                 | Perenti Finance Pty Ltd                                                                                                                    | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |      250000 | PA      | $260557.54    | 0.01%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                                                                                 | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |      700000 | PA      | $688632.77    | 0.03%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                                | Performance Food Group Inc                                                                                                                 | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |      876000 | PA      | $904186.18    | 0.04%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Performance Health & Wellness                           | Performance Health & Wellness 2025 Term Loan B                                                                                             | CUSIP: 71377KAD3<br>LEI: 254900ZAQ0N9AHY1Q982 | Long             | LON              | CORP              | US        |      776100 | PA      | $768339.00    | 0.04%             | 2032-03-19      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                                | Permian Resources Operating LLC                                                                                                            | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      525000 | PA      | $538851.60    | 0.02%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                        | CUSIP: 715638DS8<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3600000 | PA      | $2788560.00   | 0.13%             | 2041-03-11      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Peru Government International Bonds                     | Peru Government International Bonds                                                                                                        | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      440000 | PA      | $383614.00    | 0.02%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 715638DZ2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     9617000 | PA      | $3262864.58   | 0.15%             | 2033-08-12      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 715638FC1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3337000 | PA      | $3408244.95   | 0.16%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     3600000 | PA      | $2911222.15   | 0.13%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      630000 | PA      | $518407.30    | 0.02%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      935000 | PA      | $838663.05    | 0.04%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2860000 | PA      | $2769816.62   | 0.13%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     2140000 | PA      | $2481169.50   | 0.11%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PetSmart Inc                                            | PetSmart Inc 2025 USD Term Loan B                                                                                                          | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |     2096104 | PA      | $2092173.71   | 0.10%             | 2032-08-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                                          | Phillips 66 Co                                                                                                                             | CUSIP: 718547AZ5<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |      155000 | PA      | $153418.34    | 0.01%             | 2056-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Parexel International Corporation                       | PAREXEL INTERNATIONAL CORP 2025 REPRICED TERM LOAN B                                                                                       | CUSIP: 71911KAF1<br>LEI: 549300GCZVUYB6P2OA17 | Long             | LON              | CORP              | US        |      300000 | PA      | $301312.50    | 0.01%             | 2031-12-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                                    | Pilgrim's Pride Corp                                                                                                                       | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |      950000 | PA      | $879994.88    | 0.04%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pinnacle Buyer LLC                                      | Pinnacle Buyer LLC Term Loan                                                                                                               | CUSIP: 72349UAB8<br>LEI: 254900F51XXB8NHJPB58 | Long             | LON              | CORP              | US        |      943548 | PA      | $948384.08    | 0.04%             | 2032-10-01      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| PINNACLE BUYER LLC                                      | PINNACLE BUYER LLC DELAYED DRAW TERM LOAN                                                                                                  | CUSIP: 72349UAC6<br>LEI: 254900F51XXB8NHJPB58 | Long             | LON              | CORP              | US        |      181452 | PA      | $182529.07    | 0.01%             | 2032-10-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                         | Cornerstone Building Brands Inc 2024 Term Loan B                                                                                           | CUSIP: 72431HAE0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2031-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PLANET FINANCIAL GROUP                                  | Planet Financial Group LLC                                                                                                                 | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2323000 | PA      | $2445531.28   | 0.11%             | 2029-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Plano HoldCo Inc                                        | Plano HoldCo Inc Term Loan B                                                                                                               | CUSIP: 72712EAB3<br>LEI: 254900C53JLEP3CCOQ10 | Long             | LON              | CORP              | US        |      993122 | PA      | $965811.01    | 0.04%             | 2031-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                                   | Playtika Holding Corp                                                                                                                      | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |      160000 | PA      | $143620.40    | 0.01%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pluto Acquisition I Inc                                 | Pluto Acquisition I Inc 2024 First Out Superpriority Term Loan                                                                             | CUSIP: 72941DAH5<br>LEI: 254900MOXD90LKQ6AY47 | Long             | LON              | CORP              | US        |      450000 | PA      | $456750.00    | 0.02%             | 2028-06-20      | Floating      | 9.19%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust                              | Point Securitization Trust 2025-2                                                                                                          | CUSIP: 73071PAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      330000 | PA      | $330861.83    | 0.02%             | 2055-09-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Point Securitization Trust                              | Point Securitization Trust 2025-1                                                                                                          | CUSIP: 73072DAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      680000 | PA      | $685121.62    | 0.03%             | 2055-06-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                       | Polaris Newco LLC USD Term Loan B                                                                                                          | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     2533024 | PA      | $2447534.11   | 0.11%             | 2028-06-02      | Floating      | 7.85%                 | No            |                  2 | On Loan: No      |
| Post CLO LTD                                            | Post CLO 2021-1 LTD                                                                                                                        | CUSIP: 73742FAJ5<br>LEI: 5493007CUC7FI0ONIF25 | Long             | ABS-CBDO         | CORP              | KY        |     1150000 | PA      | $1148302.60   | 0.05%             | 2034-10-15      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                                                                          | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     2100000 | PA      | $1989976.59   | 0.09%             | 2031-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                       | Post Holdings Inc                                                                                                                          | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     2180000 | PA      | $2194149.73   | 0.10%             | 2034-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Artera Services LLC                                     | Artera Services LLC 2024 Term Loan                                                                                                         | CUSIP: 73937UAL2<br>LEI: 549300J2G34D0WX8Z443 | Long             | LON              | CORP              | US        |       45004 | PA      | $36565.48     | 0.00%             | 2031-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Prairie ECI Acquiror LP                                 | Prairie ECI Acquiror LP 2025 Repriced Term Loan B                                                                                          | CUSIP: 73955HAF1<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |      406925 | PA      | $410231.28    | 0.02%             | 2029-08-01      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Pre-Paid Legal Services Inc                             | Pre-Paid Legal Services Inc 2021 Term Loan                                                                                                 | CUSIP: 74006LAS1<br>LEI: 549300DKH5WJ2J8QU878 | Long             | LON              | CORP              | US        |     1338976 | PA      | $1295124.75   | 0.06%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                                 | Precision Drilling Corp                                                                                                                    | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |      295000 | PA      | $298522.30    | 0.01%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Pregis TopCo Corporation                                | Pregis TopCo Corporation 2025 Refinancing Term Loan                                                                                        | CUSIP: 74045BAG2<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |      450744 | PA      | $454923.02    | 0.02%             | 2029-02-01      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | Pret 2025-NPL7 LLC                                                                                                                         | CUSIP: 740934AA2<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-O            | CORP              | US        |     1149414 | PA      | $1153257.31   | 0.05%             | 2055-07-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | Pret 2025-NPL7 LLC                                                                                                                         | CUSIP: 740934AB0<br>LEI: 2549001J36X6SUZ41Q96 | Long             | ABS-O            | CORP              | US        |      725000 | PA      | $728326.30    | 0.03%             | 2055-07-25      | Variable      | 8.35%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL6 LLC                                                                                                                         | CUSIP: 740936AA7<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-O            | CORP              | US        |      924347 | PA      | $928624.40    | 0.04%             | 2055-06-25      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL6 LLC                                                                                                                         | CUSIP: 740936AB5<br>LEI: 2549004EWBYQ3J21FL07 | Long             | ABS-O            | CORP              | US        |      590000 | PA      | $594479.22    | 0.03%             | 2055-06-25      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL9 LLC                                                                                                                         | CUSIP: 740937AA5<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-O            | CORP              | US        |      948064 | PA      | $951301.99    | 0.04%             | 2055-08-25      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL9 LLC                                                                                                                         | CUSIP: 740937AB3<br>LEI: 254900IWII23Q41Y2V47 | Long             | ABS-O            | CORP              | US        |      755000 | PA      | $757362.32    | 0.04%             | 2055-08-25      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                                     | Prestige Brands Inc                                                                                                                        | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |      335000 | PA      | $314105.98    | 0.01%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL3 LLC                                                                                                                         | CUSIP: 74143HAB1<br>LEI: 254900UGRYVHG7BY6M45 | Long             | ABS-O            | CORP              | US        |     1305000 | PA      | $1317499.03   | 0.06%             | 2055-04-25      | Variable      | 8.84%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL5 LLC                                                                                                                         | CUSIP: 74143LAA4<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-O            | CORP              | US        |     1782376 | PA      | $1793556.85   | 0.08%             | 2055-05-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL5 LLC                                                                                                                         | CUSIP: 74143LAB2<br>LEI: 2549000L41AJEKAJNL30 | Long             | ABS-O            | CORP              | US        |     1335000 | PA      | $1343826.89   | 0.06%             | 2055-05-25      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL13 LLC                                                                                                                        | CUSIP: 74143UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1780338 | PA      | $1783519.65   | 0.08%             | 2055-12-25      | Variable      | 5.34%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-NPL13 LLC                                                                                                                        | CUSIP: 74143UAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      366000 | PA      | $366682.96    | 0.02%             | 2055-12-25      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL6 Trust                                                                                                                       | CUSIP: 74143YAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      730000 | PA      | $667990.88    | 0.03%             | 2069-09-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Pretium Mortgage Credit Partners LLC                    | PRET 2025-RPL6 Trust                                                                                                                       | CUSIP: 74143YAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1100000 | PA      | $951192.00    | 0.04%             | 2069-09-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE                                | Prime Healthcare Services Inc                                                                                                              | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1524831.66   | 0.07%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                                | Prime Security Services Borrower LLC / Prime Finance Inc                                                                                   | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1472422.05   | 0.07%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                | Primo Water Holdings Inc / Triton Water Holdings Inc                                                                                       | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1022783.07   | 0.05%             | 2029-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD                                | Primo Water Holdings Inc / Triton Water Holdings Inc                                                                                       | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1365000 | PA      | $1376682.91   | 0.06%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PRIO LUX HLD SARL                                       | PRIO Luxembourg Holding Sarl                                                                                                               | CUSIP: 74259PAA5<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |      600000 | PA      | $584400.00    | 0.03%             | 2030-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC                                       | PROG Holdings Inc                                                                                                                          | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |      290000 | PA      | $287384.20    | 0.01%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Project Boost Purchaser LLC                             | Project Boost Purchaser LLC 2025 Refinancing Term Loan                                                                                     | CUSIP: 74339NAG1<br>LEI: 254900SVSL94NTLSDY26 | Long             | LON              | CORP              | US        |      583538 | PA      | $585652.82    | 0.03%             | 2031-07-16      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp.                      | Project Ruby Ultimate Parent Corp 2025 Term Loan B                                                                                         | CUSIP: 74339UBA7<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |     1394238 | PA      | $1399640.95   | 0.06%             | 2028-03-10      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Project Castle Inc                                      | Project Castle Inc Term Loan B                                                                                                             | CUSIP: 74339YAB8<br>LEI: 254900DCEJ6U69AEM264 | Long             | LON              | CORP              | US        |      992308 | PA      | $647066.98    | 0.03%             | 2029-06-01      | Floating      | 9.36%                 | No            |                  2 | On Loan: No      |
| Proofpoint, Inc.                                        | Proofpoint Inc 2024 Term Loan                                                                                                              | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |      903106 | PA      | $908411.81    | 0.04%             | 2028-08-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                                          | Proofpoint Inc 2025 Repriced Term Loan                                                                                                     | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |     1161660 | PA      | $1169565.31   | 0.05%             | 2028-08-31      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE CORDOBA                                    | Provincia de Cordoba                                                                                                                       | CUSIP: 74408DAF1<br>LEI: 5299006CLM2Z97AATT29 | Long             | DBT              | NUSS              | AR        |      640000 | PA      | $674720.00    | 0.03%             | 2032-07-02      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-RPL4 LLC                                                                                                                         | CUSIP: 74448NAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      820000 | PA      | $737497.34    | 0.03%             | 2055-05-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgage Trust                   | PRPM 2025-3                                                                                                                                | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      900015 | PA      | $902392.97    | 0.04%             | 2030-05-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| PushPay USA Inc                                         | PushPay USA Inc 2025 Repriced Term Loan                                                                                                    | CUSIP: 74646HAE7<br>LEI: 9845001D6794B3C1FF33 | Long             | LON              | CORP              | US        |     1737487 | PA      | $1737487.46   | 0.08%             | 2031-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc Term Loan B                                                                                                          | CUSIP: 74737SAB9<br>LEI: 254900RSUG4J9TFFZX53 | Long             | LON              | CORP              | US        |     1020000 | PA      | $1025949.66   | 0.05%             | 2032-11-01      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc                                                                                                                      | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      160000 | PA      | $163791.68    | 0.01%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                                   | Qnity Electronics Inc                                                                                                                      | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      226000 | PA      | $234543.15    | 0.01%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                                   | QXO Building Products Inc                                                                                                                  | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      600000 | PA      | $627131.21    | 0.03%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                   | Quikrete Holdings Inc 2025 Term Loan B                                                                                                     | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |     1736875 | PA      | $1744256.72   | 0.08%             | 2032-02-10      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| QuidelOrtho Corp                                        | QuidelOrtho Corp Term Loan                                                                                                                 | CUSIP: 74840YAH7<br>LEI: 549300YU8CMO9HF53113 | Long             | LON              | CORP              | US        |      748125 | PA      | $747891.59    | 0.03%             | 2032-08-20      | Floating      | 7.72%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                                | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                                                                                        | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1625000 | PA      | $1544244.00   | 0.07%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                                                                                      | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     3210000 | PA      | $3343388.34   | 0.15%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                                   | Quikrete Holdings Inc                                                                                                                      | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     1490000 | PA      | $1557021.94   | 0.07%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                             | RCKT Mortgage Trust 2025-CES6                                                                                                              | CUSIP: 748949AA2<br>LEI: 2549002LEW4WNQBOMB89 | Long             | ABS-MBS          | CORP              | US        |     1955081 | PA      | $1975522.72   | 0.09%             | 2055-06-25      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| RCO Mortgage LLC                                        | RCO VIII Mortgage LLC 2025-3                                                                                                               | CUSIP: 74939GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      150000 | PA      | $150836.16    | 0.01%             | 2030-05-25      | Variable      | 8.84%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                    | RLJ Lodging Trust LP                                                                                                                       | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              |  | US        |     1042000 | PA      | $1039551.30   | 0.05%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                              | ROCK Trust 2024-CNTR                                                                                                                       | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     2155000 | PA      | $2300358.41   | 0.11%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 40 LTD                                                                                                                                  | CUSIP: 749758AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $555836.60    | 0.03%             | 2038-07-15      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| RFNA LP                                                 | Rfna LP                                                                                                                                    | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |      720000 | PA      | $735518.46    | 0.03%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RACKSPACE FINANCE LLC                                   | Rackspace Finance LLC                                                                                                                      | CUSIP: 75008WAA1<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |      160000 | PA      | $59200.00     | 0.00%             | 2028-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rad CLO 12 Ltd                                          | Rad CLO 12 Ltd                                                                                                                             | CUSIP: 75009QAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1875000 | PA      | $1884080.63   | 0.09%             | 2040-07-30      | Floating      | 10.49%                | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                                  | Radiology Partners Inc                                                                                                                     | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     1675000 | PA      | $1740018.42   | 0.08%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| RAILWORKS HOLDINGS LP/R                                 | Railworks Holdings LP / Railworks Rally Inc                                                                                                | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1514295.00   | 0.07%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                                       | Rakuten Group Inc                                                                                                                          | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      865000 | PA      | $967738.83    | 0.04%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| RAND PARENT LLC                                         | Rand Parent LLC                                                                                                                            | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1500000 | PA      | $1563837.03   | 0.07%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Residential Asset Securities Corporation                | RASC Series 2006-KS2 Trust                                                                                                                 | CUSIP: 75406BAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1160000 | PA      | $1148828.39   | 0.05%             | 2036-03-25      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                                | Raven Acquisition Holdings LLC                                                                                                             | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      963000 | PA      | $993230.50    | 0.05%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2025-2                                                                                                                     | CUSIP: 75525QAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      370452 | PA      | $372026.66    | 0.02%             | 2032-08-18      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Reach Financial LLC                                     | Reach ABS Trust 2025-2                                                                                                                     | CUSIP: 75525QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1600000 | PA      | $1616987.04   | 0.07%             | 2032-08-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REAL HERO MERGER SUB 2                                  | Real Hero Merger Sub 2 Inc                                                                                                                 | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3030000 | PA      | $1313323.65   | 0.06%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Regatta 33 Funding Ltd.                                 | Regatta 33 Funding Ltd                                                                                                                     | CUSIP: 75890CAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1023642.00   | 0.05%             | 2038-07-25      | Floating      | 10.95%                | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                    | LifePoint Health Inc 2024 Incremental Term Loan B1                                                                                         | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     1736842 | PA      | $1741974.47   | 0.08%             | 2031-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Renew Financial                                         | Renew 2024-2                                                                                                                               | CUSIP: 75975DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      714549 | PA      | $696300.29    | 0.03%             | 2060-11-20      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                       | Upbound Group Inc                                                                                                                          | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |      295000 | PA      | $292028.20    | 0.01%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2025-4                                                                                            | CUSIP: 76089MAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      374700 | PA      | $374974.42    | 0.02%             | 2026-07-27      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Research-Driven Pagaya Motor Asset Trust I              | Research-Driven Pagaya Motor Asset Trust 2025-4                                                                                            | CUSIP: 76089MAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      700000 | PA      | $702944.48    | 0.03%             | 2034-04-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                                                                                      | CUSIP: 760942BF8<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     8746000 | PA      | $251485.29    | 0.01%             | 2033-07-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                                                                                      | CUSIP: 760942BJ0<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    44563000 | PA      | $1175262.83   | 0.05%             | 2035-10-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware Inc                                | Restoration Hardware Inc 2022 Incremental Term Loan                                                                                        | CUSIP: 76133MAC5<br>LEI: 549300H9H1H3OC7C3H47 | Long             | LON              | CORP              | US        |      850000 | PA      | $845573.20    | 0.04%             | 2028-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALT                                | Rexford Industrial Realty LP                                                                                                               | CUSIP: 76169XAD6<br>LEI: 549300028US163ELJN70 | Long             | DBT              |  | US        |      500000 | PA      | $498500.00    | 0.02%             | 2027-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALT                                | Rexford Industrial Realty LP                                                                                                               | CUSIP: 76169XAE4<br>LEI: 549300028US163ELJN70 | Long             | DBT              |  | US        |      650000 | PA      | $649480.00    | 0.03%             | 2029-03-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                                         | Rivian Automotive Inc                                                                                                                      | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |      300000 | PA      | $377812.50    | 0.02%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                                         | Rivian Automotive Inc                                                                                                                      | CUSIP: 76954AAD5<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |      650000 | PA      | $730437.50    | 0.03%             | 2030-10-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                                | TGNR Intermediate Holdings LLC                                                                                                             | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |      900000 | PA      | $894361.23    | 0.04%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                          | Rocket Cos Inc                                                                                                                             | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      196000 | PA      | $204598.86    | 0.01%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                                     | Rocket Software Inc 2023 USD Term Loan B                                                                                                   | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |      645375 | PA      | $646144.92    | 0.03%             | 2028-11-28      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd                                  | Rockford Tower CLO 2022-1 Ltd                                                                                                              | CUSIP: 77340JAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1900000 | PA      | $1899794.80   | 0.09%             | 2035-07-20      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      900000 | PA      | $895057.01    | 0.04%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      720000 | PA      | $799718.95    | 0.04%             | 2037-02-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Romark Credit Funding I, Ltd.                           | Romark Credit Funding Ltd                                                                                                                  | CUSIP: 77588RAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2600000 | PA      | $2611294.40   | 0.12%             | 2043-07-29      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                                  | RR 23 Ltd                                                                                                                                  | CUSIP: 78111FAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |      260000 | PA      | $261434.94    | 0.01%             | 2037-07-15      | Floating      | 8.90%                 | No            |                  2 | On Loan: No      |
| Runway Growth Finance Corp                              | Runway Growth Finance Corp                                                                                                                 | CUSIP: 78163D100<br>LEI: 254900AXR3J2N1XT0V02 | Long             | EC               | CORP              | US        |       59450 | NS      | $530888.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| RYAN SPECIALTY                                          | Ryan Specialty LLC                                                                                                                         | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |      750000 | PA      | $766805.91    | 0.04%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                  | SCIH SALT HOLDINGS INC 2025 REPRICED TERM LOAN B                                                                                           | CUSIP: 78397GAM3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      644188 | PA      | $645999.34    | 0.03%             | 2029-01-31      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| SGH2 LLC                                                | SGH2 LLC 2025 USD Term Loan B                                                                                                              | CUSIP: 78424SAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2501358 | PA      | $2513864.29   | 0.12%             | 2032-08-18      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                  | SCIH Salt Holdings Inc                                                                                                                     | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $752832.75    | 0.03%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                  | SCIH Salt Holdings Inc                                                                                                                     | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4010000 | PA      | $4030631.45   | 0.19%             | 2029-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| SG Capital Partners                                     | SG Residential Mortgage Trust 2022-1                                                                                                       | CUSIP: 78433QAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      400000 | PA      | $289704.84    | 0.01%             | 2062-03-27      | Variable      | 3.96%                 | No            |                  2 | On Loan: No      |
| Stonepeak                                               | Stonepeak 2021-1 ABS                                                                                                                       | CUSIP: 78433XAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      288096 | PA      | $281071.23    | 0.01%             | 2033-02-28      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                                | SLM Corp                                                                                                                                   | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1761908.90   | 0.08%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2003-A                                                                                               | CUSIP: 78443CAJ3<br>LEI: 54930054KUX5HFXZUQ43 | Long             | ABS-O            | CORP              | US        |       50000 | PA      | $49259.11     | 0.00%             | 2032-06-15      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| SLM Student Loan Trust                                  | SLM Private Credit Student Loan Trust 2003-B                                                                                               | CUSIP: 78443CAN4<br>LEI: 549300BLEHJGFV7XSO25 | Long             | ABS-O            | CORP              | US        |       50000 | PA      | $49730.02     | 0.00%             | 2033-03-15      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2021-A                                                                                                    | CUSIP: 78448YAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      230359 | PA      | $210335.09    | 0.01%             | 2053-01-15      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2023-B                                                                                                    | CUSIP: 78449HAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1389149 | PA      | $1419778.40   | 0.07%             | 2056-10-16      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| SLAM LLC                                                | SLAM 2025-1 Ltd                                                                                                                            | CUSIP: 78450TAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2605537 | PA      | $2678798.32   | 0.12%             | 2050-05-15      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                   | SS&C Technologies Inc                                                                                                                      | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      280000 | PA      | $280429.52    | 0.01%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                                   | SS&C Technologies Inc                                                                                                                      | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1249480.67   | 0.06%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| State Street Blackstone Senior Loan ETF                 | State Street Blackstone Senior Loan ETF                                                                                                    | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |      224800 | NS      | $9277496.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Digital Room Holdings Inc                               | Digital Room Holdings Inc 2021 Term Loan                                                                                                   | CUSIP: 78473KAB5<br>LEI: 549300I680V3FDWE2N30 | Long             | LON              | CORP              | US        |     1566859 | PA      | $1544989.21   | 0.07%             | 2028-12-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                                 | Sammons Financial Group Inc                                                                                                                | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |      800000 | PA      | $879257.73    | 0.04%             | 2034-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sandisk Corp                                            | Sandisk Corp Term Loan B                                                                                                                   | CUSIP: 80004YAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       81250 | PA      | $81859.38     | 0.00%             | 2032-02-20      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| SANMINA CORP                                            | Sanmina Corp Term Loan B                                                                                                                   | CUSIP: 80105GAP5<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | LON              | CORP              | US        |      540000 | PA      | $541687.50    | 0.03%             | 2032-10-27      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Santander Mortgage Asset Receivable Trust               | Santander Mortgage Asset Receivable Trust 2025-NQM2                                                                                        | CUSIP: 802638AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      898148 | PA      | $908257.62    | 0.04%             | 2065-02-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                 | Santander Bank Auto Credit-Linked Notes Series 2024-A                                                                                      | CUSIP: 80290CCN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1557073 | PA      | $1606667.58   | 0.07%             | 2032-06-15      | Fixed         | 10.17%                | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                 | Santander Bank Auto Credit-Linked Notes Series 2025-A                                                                                      | CUSIP: 80290CCU6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      250000 | PA      | $250783.50    | 0.01%             | 2034-01-16      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes                 | Santander Bank Auto Credit-Linked Notes Series 2025-A                                                                                      | CUSIP: 80290CCV4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      860000 | PA      | $862756.99    | 0.04%             | 2034-01-16      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| Prometric Holdings Inc                                  | Prometric Holdings Inc 2025 Term Loan B                                                                                                    | CUSIP: 80358TAG1<br>LEI: 54930034OH1XQT27TX40 | Long             | LON              | CORP              | US        |     1457348 | PA      | $1470827.96   | 0.07%             | 2032-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                                | Science Applications International Corp                                                                                                    | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $998181.50    | 0.05%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                                | Scientific Games Holdings LP/Scientific Games US FinCo Inc                                                                                 | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4850000 | PA      | $4313932.60   | 0.20%             | 2030-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                                   | Scripps Escrow II Inc                                                                                                                      | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1052000 | PA      | $968932.82    | 0.04%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| SCRIPPS ESCROW II INC                                   | Scripps Escrow II Inc                                                                                                                      | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      245000 | PA      | $186361.26    | 0.01%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sculptor CLO Ltd                                        | Sculptor CLO XXX Ltd                                                                                                                       | CUSIP: 81124NAY6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      450000 | PA      | $452663.10    | 0.02%             | 2038-07-20      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| SEADRILL FINANCE LTD                                    | Seadrill Finance Ltd                                                                                                                       | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |      600000 | PA      | $624339.60    | 0.03%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                                       | Seagate Data Storage Technology Pte Ltd                                                                                                    | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     1600000 | PA      | $1643299.20   | 0.08%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | Seagate HDD Cayman                                                                                                                         | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      108000 | PA      | $363258.00    | 0.02%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                | Sealed Air Corp/Sealed Air Corp US                                                                                                         | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      500000 | PA      | $508557.00    | 0.02%             | 2028-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Secretariat Advisors LLC                                | Secretariat Advisors LLC 2025 Term Loan B                                                                                                  | CUSIP: 81368NAN5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1341368 | PA      | $1345559.84   | 0.06%             | 2032-02-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Secretariat Advisors LLC                                | Secretariat Advisors LLC 2025 Delayed Draw Term Loan                                                                                       | CUSIP: 81368NAP0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      162832 | PA      | $163340.62    | 0.01%             | 2032-02-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc                 | Sedgwick Claims Management Services Inc 2023 Term Loan B                                                                                   | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |      813982 | PA      | $817712.08    | 0.04%             | 2031-07-31      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                                     | Select Medical Corp                                                                                                                        | CUSIP: 816196AV1<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |     1105000 | PA      | $1081227.74   | 0.05%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| SEMTECH CORP                                            | Semtech Corp                                                                                                                               | CUSIP: 816850AF8<br>LEI: 549300J7WUY317SW6O61 | Long             | DBT              | CORP              | US        |       44000 | PA      | $89826.00     | 0.00%             | 2027-11-01      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| SEMTECH CORP                                            | Semtech Corp                                                                                                                               | CUSIP: 816850AJ0<br>LEI: 549300J7WUY317SW6O61 | Long             | DBT              | CORP              | US        |      706000 | PA      | $749772.00    | 0.03%             | 2030-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                                                  | Sempra                                                                                                                                     | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |        1625 | NS      | $35928.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                                  | Sempra                                                                                                                                     | CUSIP: 816851BW8<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |      190000 | PA      | $194360.33    | 0.01%             | 2056-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                       | Service Corp International/US                                                                                                              | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     1425000 | PA      | $1333612.61   | 0.06%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | Service Properties Trust                                                                                                                   | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      700000 | PA      | $633276.98    | 0.03%             | 2027-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sharp Services LLC                                      | Sharp Services LLC 2025 Term Loan B                                                                                                        | CUSIP: 81989LAG3<br>LEI: 549300ZXMVUWBVXDAR03 | Long             | LON              | CORP              | US        |     1007462 | PA      | $1013129.29   | 0.05%             | 2032-09-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                                                                                      | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      205000 | PA      | $211771.77    | 0.01%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SILK ROAD GROUP HOLDING                                 | Silk Road Group Holding LLC                                                                                                                | CUSIP: 82710NAA6<br>LEI: 254900J9KTY8FE4C8227 | Long             | DBT              | CORP              | GE        |     1070000 | PA      | $1073185.53   | 0.05%             | 2030-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| SIMMONS FOOD INC/SIMMONS                                | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed                                                             | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2700000 | PA      | $2604826.90   | 0.12%             | 2029-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                                                                                        | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     1011000 | PA      | $1005230.83   | 0.05%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                                     | Sirius XM Radio LLC                                                                                                                        | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     2375000 | PA      | $2187807.73   | 0.10%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| SIX FLAGS ENTERTAINME                                   | Six Flags Entertainment Corp                                                                                                               | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     1097000 | PA      | $1053435.26   | 0.05%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| SIX FLAGS ENT/SIX FLAG                                  | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co                                                            | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      510000 | PA      | $514592.00    | 0.02%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS                                | South Bow USA Infrastructure Holdings LLC                                                                                                  | CUSIP: 83007CAF9<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |      725000 | PA      | $734207.17    | 0.03%             | 2034-10-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Sixth Street Specialty Lending Inc                      | Sixth Street Specialty Lending Inc                                                                                                         | CUSIP: 83012A109<br>LEI: 549300TX61566GJWCN05 | Long             | EC               | CORP              | US        |       30000 | NS      | $651600.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                              | Sixth Street CLO XX Ltd                                                                                                                    | CUSIP: 83012RAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250250.00    | 0.01%             | 2038-07-17      | Floating      | 9.38%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                              | Sixth Street CLO 29 Ltd                                                                                                                    | CUSIP: 83013CAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      380000 | PA      | $383385.80    | 0.02%             | 2038-07-17      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                              | Sixth Street CLO 29 Ltd                                                                                                                    | CUSIP: 83013CAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      940000 | PA      | $824936.48    | 0.04%             | 2038-07-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-A                                                                                                    | CUSIP: 831943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1020211 | PA      | $1031214.42   | 0.05%             | 2056-03-15      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2024-D                                                                                                    | CUSIP: 83207QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1250000 | PA      | $1297486.63   | 0.06%             | 2053-07-15      | Fixed         | 7.51%                 | No            |                  2 | On Loan: No      |
| SMB Private Education Loan Trust                        | SMB Private Education Loan Trust 2025-B                                                                                                    | CUSIP: 83208BAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     2090921 | PA      | $2112047.31   | 0.10%             | 2053-03-17      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                                | Snap Inc                                                                                                                                   | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     1480000 | PA      | $1534812.12   | 0.07%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                                           | Snowflake Inc                                                                                                                              | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |      173000 | PA      | $267977.00    | 0.01%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $206447.91    | 0.01%             | 2031-05-22      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 83371GAA9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      250000 | PA      | $278091.00    | 0.01%             | 2028-11-14      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU                                | Solaris Energy Infrastructure Inc                                                                                                          | CUSIP: 83419XAB4<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |      272000 | PA      | $294950.00    | 0.01%             | 2031-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S                                               | Sotheby's                                                                                                                                  | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $994664.60    | 0.05%             | 2027-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                    | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1500000 | PA      | $1547266.44   | 0.07%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                    | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      650000 | PA      | $657886.47    | 0.03%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                                                                                     | CUSIP: 836205BJ2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     3225000 | PA      | $3202179.90   | 0.15%             | 2055-12-11      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD                                | South Bow Canadian Infrastructure Holdings Ltd                                                                                             | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |      111000 | PA      | $116120.10    | 0.01%             | 2055-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                                     | Southern California Edison Co                                                                                                              | CUSIP: 842400FC2<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1217155.70   | 0.06%             | 2036-02-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                                                                            | CUSIP: 842587867<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |       13225 | NS      | $335915.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                             | Southern Co/The                                                                                                                            | CUSIP: 842587EC7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |      958000 | PA      | $958479.00    | 0.04%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                                      | Expand Energy Corp                                                                                                                         | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1383523.33   | 0.06%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Southwick Park CLO, Ltd.                                | Southwick Park CLO LLC                                                                                                                     | CUSIP: 84604YAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1805000 | PA      | $1782840.02   | 0.08%             | 2032-07-20      | Floating      | 10.13%                | No            |                  2 | On Loan: No      |
| AHLSTROM HLDG 3 OY                                      | Ahlstrom Holding 3 Oy                                                                                                                      | CUSIP: 84612JAA0<br>LEI: 743700UEY0YM039XN974 | Long             | DBT              | CORP              | FI        |      600000 | PA      | $591232.30    | 0.03%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Specialty Building Products Holdings LLC                | Specialty Building Products Holdings LLC 2021 Term Loan B                                                                                  | CUSIP: 84748EAF7<br>LEI: 549300ICFD46O3KMJC06 | Long             | LON              | CORP              | US        |     1590844 | PA      | $1489206.44   | 0.07%             | 2028-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP                                | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                                                                           | CUSIP: 84859BAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2121222 | PA      | $212200.21    | 0.01%             | 2030-03-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Spirit Aviation Holdings Inc                            | Spirit Aviation Holdings Inc                                                                                                               | CUSIP: 84863V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       24811 | NS      | $6227.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY USA INC                                         | Spotify USA Inc                                                                                                                            | CUSIP: 84921RAB6<br>LEI: 2138008WM218QBKRII94 | Long             | DBT              | CORP              | US        |      114000 | PA      | $129675.00    | 0.01%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                                                                                  | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     2300000 | PA      | $2287451.89   | 0.11%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                               | Block Inc                                                                                                                                  | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      975000 | PA      | $1001520.00   | 0.05%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                                | Standard Building Solutions Inc                                                                                                            | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |      500000 | PA      | $515094.00    | 0.02%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRI INC/NY                                | Standard Industries Inc/NY                                                                                                                 | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1183336.28   | 0.05%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STAR LEASING CO LLC                                     | Star Leasing Co LLC                                                                                                                        | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |      750000 | PA      | $698372.87    | 0.03%             | 2030-02-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                             | Staples Inc                                                                                                                                | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |      500000 | PA      | $497720.36    | 0.02%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| STAR PARENT INC                                         | Star Parent Inc                                                                                                                            | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |      402000 | PA      | $429556.14    | 0.02%             | 2030-10-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                                                                                | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      620000 | PA      | $655558.86    | 0.03%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                                 | Starwood Property Trust Inc                                                                                                                | CUSIP: 85571BBG9<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |      500000 | PA      | $507046.50    | 0.02%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                     | Station Casinos LLC                                                                                                                        | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1233476.27   | 0.06%             | 2031-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                     | Station Casinos LLC                                                                                                                        | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |      500000 | PA      | $514094.50    | 0.02%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| STONEBRIAR ABF LLC                                      | Stonebriar ABF Issuer LLC                                                                                                                  | CUSIP: 86177CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1953000 | PA      | $2007742.59   | 0.09%             | 2030-12-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| Stonepeak Bayou Holdings LP                             | Stonepeak Bayou Holdings LP Term Loan B                                                                                                    | CUSIP: 86185AAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1000000 | PA      | $907500.00    | 0.04%             | 2032-10-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                                | Stonex Escrow Issuer LLC                                                                                                                   | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      220000 | PA      | $228167.94    | 0.01%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE PARENT                                   | Stonepeak Nile Parent LLC                                                                                                                  | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |      800000 | PA      | $847569.60    | 0.04%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc               | Structured Asset Mortgage Investments II Trust 2005-AR2                                                                                    | CUSIP: 86359LJB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      219162 | PA      | $167059.58    | 0.01%             | 2045-05-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Student Transportation of America Holdings, Inc         | Student Transportation of America Holdings Inc Term Loan B                                                                                 | CUSIP: 86388BAD8<br>LEI: 549300O4G48RRYGSD439 | Long             | LON              | CORP              | US        |       99750 | PA      | $100124.06    | 0.00%             | 2032-06-24      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| STUDENT TRANSPNOF AMRC HLD INC                          | STUDENT TRANSPNOF AMRC HLD INC 2025 TERM LOAN                                                                                              | CUSIP: 86388BAE6<br>LEI: 549300O4G48RRYGSD439 | Long             | LON              | CORP              | US        |      142526 | PA      | $143238.75    | 0.01%             | 2032-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STUDENT TRANSPNOF AMRC HLD INC                          | STUDENT TRANSPNOF AMRC HLD INC 2025 DELAYED DRAW TERM LOAN                                                                                 | CUSIP: 86388BAF3<br>LEI: 549300O4G48RRYGSD439 | Long             | LON              | CORP              | US        |      100000 | PA      | $100500.00    | 0.00%             | 2032-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                                | Suburban Propane Partners LP/Suburban Energy Finance Corp                                                                                  | CUSIP: 864486AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      240000 | PA      | $240235.42    | 0.01%             | 2035-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                                | Summit Midstream Holdings LLC                                                                                                              | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      280000 | PA      | $290502.80    | 0.01%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Sunbit Asset Securitization Trust                       | Sunbit Asset Securitization Trust 2025-1                                                                                                   | CUSIP: 86709SAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      800000 | PA      | $805873.20    | 0.04%             | 2030-07-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                                      | SunCoke Energy Inc                                                                                                                         | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |      300000 | PA      | $278839.60    | 0.01%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                               | Sunoco LP                                                                                                                                  | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |      597000 | PA      | $612080.22    | 0.03%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| SUNOCO LP                                               | Sunoco LP                                                                                                                                  | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1209465.60   | 0.06%             | 2031-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC                                | Super Micro Computer Inc                                                                                                                   | CUSIP: 86800UAB0<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |      104000 | PA      | $92814.80     | 0.00%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC                                | Super Micro Computer Inc                                                                                                                   | CUSIP: 86800UAE4<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |      553000 | PA      | $468944.00    | 0.02%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                                 | Surgery Center Holdings Inc                                                                                                                | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     2450000 | PA      | $2484123.53   | 0.12%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SURINAME INT                                | Suriname Government International Bond                                                                                                     | CUSIP: 86886PAE2<br>LEI: 254900SYU4G5JM13TN77 | Long             | DBT              | NUSS              | SR        |      411000 | PA      | $424871.25    | 0.02%             | 2030-11-06      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| SYNAPTICS INC                                           | Synaptics Inc                                                                                                                              | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $969125.70    | 0.04%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| SYNCHRONY FINANCIAL                                     | Synchrony Financial                                                                                                                        | CUSIP: 87165B400<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EP               | CORP              | US        |       11425 | NS      | $300363.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL                                     | Synchrony Financial                                                                                                                        | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      245000 | PA      | $263759.57    | 0.01%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                                         | Star Parent Inc Term Loan B                                                                                                                | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |     3078277 | PA      | $3085274.00   | 0.14%             | 2030-09-27      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                                        | Symphony CLO 36 Ltd                                                                                                                        | CUSIP: 87170MAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1400000 | PA      | $1400350.00   | 0.06%             | 2036-01-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TGS ASA                                                 | TGS ASA                                                                                                                                    | CUSIP: 87243KAA7<br>LEI: 549300NUPLAXPB0WYH90 | Long             | DBT              | CORP              | NO        |      600000 | PA      | $629062.95    | 0.03%             | 2030-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TKC Holdings Inc                                        | TKC Holdings Inc 2024 Term Loan                                                                                                            | CUSIP: 87256FAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1330899 | PA      | $1340880.41   | 0.06%             | 2028-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                                                                           | CUSIP: 87264A105<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |        3350 | NS      | $83917.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                                                                           | CUSIP: 87264A204<br>LEI: 549300V2JRLO5DIFGE82 | Long             | EP               | CORP              | US        |       12825 | NS      | $300746.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE USA INC                                        | T-Mobile USA Inc                                                                                                                           | CUSIP: 87264ADW2<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     2375000 | PA      | $2365980.13   | 0.11%             | 2033-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TPG CLO Ltd                                             | TPG CLO 2025-1 Ltd                                                                                                                         | CUSIP: 87268KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1009169.00   | 0.05%             | 2038-07-15      | Floating      | 10.30%                | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                                 | TALEN ENERGY SUPPLY LLC 2025 TERM LOAN B                                                                                                   | CUSIP: 87422LBA7<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |      200000 | PA      | $200604.20    | 0.01%             | 2032-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                                 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                                                               | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $1008661.88   | 0.05%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Team Health Holdings Inc                                | Team Health Holdings Inc 2025 Term Loan B                                                                                                  | CUSIP: 87817JAH1<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |     1692495 | PA      | $1700111.23   | 0.08%             | 2028-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEINE ENERGY LTD                                        | Teine Energy Ltd                                                                                                                           | CUSIP: 879068AB0<br>LEI: 894500JBC83AX7PYEU16 | Long             | DBT              | CORP              | CA        |     3030000 | PA      | $3040990.42   | 0.14%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                                    | Telecom Argentina SA                                                                                                                       | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     1108000 | PA      | $1159368.02   | 0.05%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                                  | Telecom Italia Capital SA                                                                                                                  | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      120000 | PA      | $133125.81    | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                              | TELUS Corp                                                                                                                                 | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |      286000 | PA      | $297836.40    | 0.01%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                                              | TELUS Corp                                                                                                                                 | CUSIP: 87971MCQ4<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |      150000 | PA      | $150381.54    | 0.01%             | 2056-06-09      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Tempo Acquisition LLC                                   | Tempo Acquisition LLC 2025 Repriced Term Loan B                                                                                            | CUSIP: 88023HAJ9<br>LEI: 549300VV0B2RPMHQGA61 | Long             | LON              | CORP              | US        |      270015 | PA      | $260564.40    | 0.01%             | 2028-08-31      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Somnigroup International Inc                            | Somnigroup International Inc Term Loan B                                                                                                   | CUSIP: 88025BAP6<br>LEI: 549300HFEKVR3US71V91 | Long             | LON              | CORP              | US        |      260785 | PA      | $263175.24    | 0.01%             | 2031-10-24      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                                   | Tenet Healthcare Corp                                                                                                                      | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     1057000 | PA      | $1062423.47   | 0.05%             | 2028-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                             | Tenneco Inc                                                                                                                                | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |      750000 | PA      | $752909.90    | 0.03%             | 2028-11-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TERAWULF INC                                            | Terawulf Inc                                                                                                                               | CUSIP: 88080TAE4<br>LEI: 254900CVMW1SX2T78A64 | Long             | DBT              | CORP              | US        |      225000 | PA      | $195187.50    | 0.01%             | 2032-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TERMOCANDELARIA POWER                                   | Termocandelaria Power SA                                                                                                                   | CUSIP: 88087AAA6<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | ES        |      635000 | PA      | $657418.68    | 0.03%             | 2031-09-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                                | TerraForm Power Operating LLC                                                                                                              | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $999555.90    | 0.05%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                                | Texas Capital Bancshares Inc                                                                                                               | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |      240000 | PA      | $237180.10    | 0.01%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                             | Texas Debt Capital CLO 2023-I Ltd                                                                                                          | CUSIP: 88238CAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251445.75    | 0.01%             | 2038-07-20      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| Texas Debt Capital CLO, Ltd                             | Texas Debt Capital CLO 2023-I Ltd                                                                                                          | CUSIP: 88238XAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252728.75    | 0.01%             | 2038-07-20      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Thayer Park CLO, Ltd.                                   | Thayer Park CLO Ltd                                                                                                                        | CUSIP: 883310AW4<br>LEI: 5493000PRLDBEVKBE571 | Long             | ABS-CBDO         | CORP              | KY        |     1200000 | PA      | $1200658.80   | 0.06%             | 2034-04-20      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Thermostat Purchaser III Inc                            | Thermostat Purchaser III Inc 2024 Term Loan B                                                                                              | CUSIP: 88366MAE4<br>LEI: 254900K7OD47ERJZN242 | Long             | LON              | CORP              | US        |     1588737 | PA      | $1585758.00   | 0.07%             | 2028-08-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                                         | Thor Industries Inc                                                                                                                        | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |      315000 | PA      | $303860.88    | 0.01%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                | Cloud Software Group Inc 2025 Term Loan B (2031)                                                                                           | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |      512425 | PA      | $513751.67    | 0.02%             | 2031-03-21      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                | Cloud Software Group Inc 2025 Term Loan B (2032)                                                                                           | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |     1546125 | PA      | $1549023.98   | 0.07%             | 2032-08-13      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                                           | Tidewater Inc                                                                                                                              | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |      125000 | PA      | $134261.93    | 0.01%             | 2030-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE LLC                                   | Time Warner Cable LLC                                                                                                                      | CUSIP: 88732JBC1<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |      690000 | PA      | $781250.73    | 0.04%             | 2042-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                                                                              | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |      100000 | PA      | $96942.23     | 0.00%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                                           | TopBuild Corp                                                                                                                              | CUSIP: 89055FAC7<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |      760000 | PA      | $722673.51    | 0.03%             | 2032-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US                                 | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC                                                                                  | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     2120000 | PA      | $2118785.45   | 0.10%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2019-4                                                                                                           | CUSIP: 89178BBA1<br>LEI: 25490010CSYSAQU59J50 | Long             | ABS-MBS          | CORP              | US        |      590000 | PA      | $460736.61    | 0.02%             | 2059-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                               | Towd Point Mortgage Trust 2025-CES3                                                                                                        | CUSIP: 891949BU2<br>LEI: 254900XDQGDYHMUKZJ77 | Long             | ABS-MBS          | CORP              | US        |     1506035 | PA      | $1513652.00   | 0.07%             | 2065-08-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| Townsquare Media Inc                                    | Townsquare Media Inc 2025 Term Loan                                                                                                        | CUSIP: 89223EAG8<br>LEI: 549300XBA8C68H0DR538 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2030-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                       | Transcanada Trust                                                                                                                          | CUSIP: 89356BAB4<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |      113000 | PA      | $113566.02    | 0.01%             | 2076-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUST                                       | Transcanada Trust                                                                                                                          | CUSIP: 89356BAG3<br>LEI: 549300Y0MFCAXLBWUV51 | Long             | DBT              | CORP              | CA        |      424000 | PA      | $420400.07    | 0.02%             | 2082-03-07      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                                                                              | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      910000 | PA      | $934367.98    | 0.04%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                           | TransDigm Inc                                                                                                                              | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     1410000 | PA      | $1469670.09   | 0.07%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                           | TransDigm Inc 2023 Term Loan J                                                                                                             | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |      645088 | PA      | $648192.97    | 0.03%             | 2031-02-28      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                           | TransDigm Inc 2025 Term Loan M                                                                                                             | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     1421438 | PA      | $1428939.85   | 0.07%             | 2032-08-19      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                           | TransDigm Inc 2025 Term Loan K                                                                                                             | CUSIP: 89364MCF9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     3635081 | PA      | $3649469.09   | 0.17%             | 2030-03-22      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                                 | TransMontaigne Partners LLC                                                                                                                | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      645000 | PA      | $651521.60    | 0.03%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                | Transocean International Ltd                                                                                                               | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |      725000 | PA      | $760623.61    | 0.04%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                                | Transocean International Ltd                                                                                                               | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     1067000 | PA      | $918080.05    | 0.04%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: —       |
| TRAVEL + LEISURE CO                                     | Travel + Leisure Co                                                                                                                        | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |      675000 | PA      | $661064.96    | 0.03%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                         | Traverse Midstream Partners LLC 2017 Term Loan                                                                                             | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |      715000 | PA      | $717681.25    | 0.03%             | 2028-02-16      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                                | Trident TPI Holdings Inc                                                                                                                   | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |      750000 | PA      | $769358.25    | 0.04%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: —       |
| SMX Group LLC                                           | SMX Group LLC Term Loan                                                                                                                    | CUSIP: 89617EAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1836624 | PA      | $1813665.94   | 0.08%             | 2032-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU 2019-1 Ltd                                | Trimaran Cavu 2025-1 Ltd                                                                                                                   | CUSIP: 89625AAA3<br>LEI: 254900F7449TAF4K0V04 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $249618.75    | 0.01%             | 2038-04-25      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                                   | Trivium Packaging Finance BV                                                                                                               | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |      967000 | PA      | $1037328.94   | 0.05%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                              | Tronox Inc                                                                                                                                 | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     4906000 | PA      | $3438696.25   | 0.16%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| RealTruck Group Inc                                     | RealTruck Group Inc 2021 Term Loan B                                                                                                       | CUSIP: 89778PAG2<br>LEI: 54930007KT5CX7XNSD31 | Long             | LON              | CORP              | US        |         105 | PA      | $81.11        | 0.00%             | 2028-01-31      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Trucordia Insurance Holdings LLC                        | Trucordia Insurance Holdings LLC Term Loan B                                                                                               | CUSIP: 89783WAB1<br>LEI: 254900KYYP47CV7DMK95 | Long             | LON              | CORP              | US        |       99750 | PA      | $99625.31     | 0.00%             | 2032-06-17      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC                                   | TrueNoord Capital DAC                                                                                                                      | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      480000 | PA      | $509439.36    | 0.02%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TruGreen Limited Partnership                            | TruGreen Limited Partnership 2020 Term Loan                                                                                                | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |     1639808 | PA      | $1610427.87   | 0.07%             | 2027-11-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Truist Insurance Holdings LLC                           | Truist Insurance Holdings LLC 2024 Term Loan B                                                                                             | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2360000 | PA      | $2368850.00   | 0.11%             | 2031-05-06      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| TRUST 2401                                              | Trust 2401                                                                                                                                 | CUSIP: 89834MAC0<br>LEI: N/A                  | Long             | DBT              |  | MX        |      575000 | PA      | $638474.25    | 0.03%             | 2034-02-13      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| TRUST 2401                                              | Trust 2401                                                                                                                                 | CUSIP: 89834MAE6<br>LEI: N/A                  | Long             | DBT              |  | MX        |      397000 | PA      | $382874.74    | 0.02%             | 2050-01-15      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                 | UKG Inc 2024 Term Loan B                                                                                                                   | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     1492481 | PA      | $1495667.56   | 0.07%             | 2031-02-10      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Turkiye Government International Bonds                  | Turkiye Government International Bonds                                                                                                     | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1037000 | PA      | $1100689.79   | 0.05%             | 2032-02-12      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                                     | Turkiye Government International Bond                                                                                                      | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     4565000 | PA      | $4863899.58   | 0.23%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                                | Turning Point Brands Inc                                                                                                                   | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |      135000 | PA      | $144019.62    | 0.01%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                       | Tutor Perini Corp                                                                                                                          | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |      260000 | PA      | $289834.90    | 0.01%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| TWILIO INC                                              | Twilio Inc                                                                                                                                 | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |      300000 | PA      | $290309.40    | 0.01%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                              | Twilio Inc                                                                                                                                 | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |      600000 | PA      | $573793.56    | 0.03%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| X Corp.                                                 | X Corp 2025 Fixed Term Loan                                                                                                                | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4575000 | PA      | $4567373.48   | 0.21%             | 2029-10-26      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                           | Coherent Corp                                                                                                                              | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |      500000 | PA      | $498701.05    | 0.02%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TYLER TECHNOLOGIES INC                                  | Tyler Technologies Inc                                                                                                                     | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |       55000 | PA      | $55742.50     | 0.00%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                                               | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      291000 | PA      | $341453.29    | 0.02%             | 2033-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                            | UBS Group AG                                                                                                                               | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      680000 | PA      | $748153.68    | 0.03%             | 2028-11-13      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TKO Worldwide Holdings LLC                              | TKO Worldwide Holdings LLC 2025 Term Loan                                                                                                  | CUSIP: 90266UAL7<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |     1046662 | PA      | $1052403.94   | 0.05%             | 2031-11-21      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                           | UBS Commercial Mortgage Trust 2017-C7                                                                                                      | CUSIP: 90276WAR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      187461 | PA      | $185512.04    | 0.01%             | 2050-12-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| UKG INC                                                 | UKG Inc                                                                                                                                    | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |      900000 | PA      | $926333.10    | 0.04%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                            | US Foods Inc                                                                                                                               | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     1890000 | PA      | $1866601.80   | 0.09%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| US Renal Care Inc                                       | US Renal Care Inc 2023 Superpriority Term Loan                                                                                             | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |     3028626 | PA      | $2854479.94   | 0.13%             | 2028-06-28      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| UPG HI Issuer Trust                                     | UPG HI 2025-2 Issuer Trust                                                                                                                 | CUSIP: 90321EAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1600000 | PA      | $1600742.08   | 0.07%             | 2047-09-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| USI Inc                                                 | USI Inc 2024 Term Loan C                                                                                                                   | CUSIP: 90351NAQ8<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |      800000 | PA      | $802700.00    | 0.04%             | 2030-09-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| USI Inc                                                 | USI Inc 2024 Term Loan D                                                                                                                   | CUSIP: 90351NAR6<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |      793970 | PA      | $796947.24    | 0.04%             | 2029-11-21      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                        | UWM Holdings LLC                                                                                                                           | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $499442.89    | 0.02%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                                   | Uber Technologies Inc                                                                                                                      | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      709000 | PA      | $921345.50    | 0.04%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| US RENAL CARE INC                                       | US Renal Care Inc                                                                                                                          | CUSIP: 90355YAA5<br>LEI: 54930058SS5MF69JGN89 | Long             | DBT              | CORP              | US        |      171500 | PA      | $147061.25    | 0.01%             | 2028-06-28      | Fixed         | 10.63%                | No            |                  2 | On Loan: No      |
| US ACUTE CARE SOLUTIONS                                 | US Acute Care Solutions LLC                                                                                                                | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1765163.45   | 0.08%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                           | UniCredit SpA                                                                                                                              | CUSIP: 904678AS8<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |      285000 | PA      | $290966.42    | 0.01%             | 2035-06-30      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2016-2 A PTT                                 | United Airlines 2016-2 Class A Pass Through Trust                                                                                          | CUSIP: 90932DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      105387 | PA      | $100872.68    | 0.00%             | 2028-10-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                      | CUSIP: 91087BAZ3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2900000 | PA      | $2945675.00   | 0.14%             | 2036-05-07      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mexico Government International Bonds                   | Mexico Government International Bonds                                                                                                      | CUSIP: 91087BBA7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1850000 | PA      | $1783400.00   | 0.08%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                                                                                       | CUSIP: 91087BBE9<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      400000 | PA      | $411464.00    | 0.02%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                                   | Mexico Government International Bond                                                                                                       | CUSIP: 91087BBK5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      500000 | PA      | $497250.00    | 0.02%             | 2033-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                                 | United Rentals North America Inc                                                                                                           | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1270385.37   | 0.06%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     1500000 | PA      | $1492889.75   | 0.07%             | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |      793000 | PA      | $792540.94    | 0.04%             | 2026-01-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |     2800000 | PA      | $2796421.35   | 0.13%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797SE8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    14475000 | PA      | $14469451.30  | 0.67%             | 2026-01-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    60032000 | PA      | $59925913.25  | 2.78%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797SQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |        2000 | PA      | $1992.35      | 0.00%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797ST5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |       63000 | PA      | $62628.38     | 0.00%             | 2026-03-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797TA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |      131000 | PA      | $129968.23    | 0.01%             | 2026-03-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bills                                                                                                                        | CUSIP: 912797TH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |       22000 | PA      | $21780.90     | 0.00%             | 2026-04-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810FM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    31575000 | PA      | $34845972.66  | 1.62%             | 2030-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                                                                                      | CUSIP: 912810QV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    12593116 | PA      | $9835107.67   | 0.46%             | 2042-02-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |       34000 | PA      | $26409.77     | 0.00%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Bonds                                                                                                      | CUSIP: 912810SM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     9067209 | PA      | $5240662.31   | 0.24%             | 2050-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6000000 | PA      | $5806406.28   | 0.27%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    18165000 | PA      | $18144422.51  | 0.84%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    13852100 | PA      | $13676784.36  | 0.63%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810UN6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     2439000 | PA      | $2472536.25   | 0.11%             | 2045-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Bonds                                                                                                                        | CUSIP: 912810UQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     3530000 | PA      | $3462709.38   | 0.16%             | 2045-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Inflation-Indexed Notes                                                                                                      | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     7371823 | PA      | $7343915.84   | 0.34%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                                        | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    16140000 | PA      | $16790958.96  | 0.78%             | 2035-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                                        | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     6865000 | PA      | $6912062.80   | 0.32%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                                        | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     5064000 | PA      | $5112266.25   | 0.24%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                  | U.S. Treasury Notes                                                                                                                        | CUSIP: 91282CPL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    21190000 | PA      | $21152752.01  | 0.98%             | 2027-11-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UNITED TALENT AGENCY LLC                                | UNITED TALENT AGENCY LLC 2025 REPRICED TERM LOAN B                                                                                         | CUSIP: 91301QAP2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1820000 | PA      | $1833650.00   | 0.08%             | 2032-06-10      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                 | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                                                                            | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              |  | US        |      850000 | PA      | $847100.14    | 0.04%             | 2028-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                                 | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                                                                            | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              |  | US        |      498000 | PA      | $490948.83    | 0.02%             | 2032-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: —       |
| UNITY SOFTWARE INC                                      | Unity Software Inc                                                                                                                         | CUSIP: 91332UAG6<br>LEI: 549300D1ESJMGNQNG432 | Long             | DBT              | CORP              | US        |      775000 | PA      | $1121812.50   | 0.05%             | 2030-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| Regions Bank                                            | REVERSE REPO PARIBAS                                                                                                                       | CUSIP: 000000000<br>LEI: EQTWLK1G7ODGC2MGLV11 | Short            | RA               | CORP              | US        |     -483470 | PA      | $-483469.73   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                                                                               | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     2300000 | PA      | $2211115.67   | 0.10%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                                | Univision Communications Inc                                                                                                               | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     1710000 | PA      | $1838472.30   | 0.09%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                            | Univision Communications Inc 2022 First Lien Term Loan B                                                                                   | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |      248072 | PA      | $248898.81    | 0.01%             | 2029-06-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                            | Univision Communications Inc 2024 Term Loan B                                                                                              | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |     1842440 | PA      | $1841288.62   | 0.09%             | 2029-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                                           | Urban One Inc                                                                                                                              | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |      150000 | PA      | $78765.00     | 0.00%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                                                                                      | CUSIP: 917288BP6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      427308 | PA      | $10956.27     | 0.00%             | 2045-05-16      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                              | USALCO LLC 2025 Term Loan                                                                                                                  | CUSIP: 91732NAN3<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |     1349594 | PA      | $1356762.80   | 0.06%             | 2031-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                              | USALCO LLC 2025 Delayed Draw Term Loan                                                                                                     | CUSIP: 91732NAP8<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |      140216 | PA      | $140961.21    | 0.01%             | 2031-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                                | USA Compression Partners LP / USA Compression Finance Corp                                                                                 | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      775000 | PA      | $802630.66    | 0.04%             | 2029-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| VF CORP                                                 | VF Corp                                                                                                                                    | CUSIP: 918204AR9<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      245000 | PA      | $242116.64    | 0.01%             | 2033-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                                   | VFH Parent LLC / Valor Co-Issuer Inc                                                                                                       | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1154885.60   | 0.05%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                                          | VOC Escrow Ltd                                                                                                                             | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      420000 | PA      | $420142.97    | 0.02%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| VT Topco Inc                                            | VT Topco Inc 2024 1st Lien Term Loan B                                                                                                     | CUSIP: 91838LAK6<br>LEI: 5493007T812R37X02Y38 | Long             | LON              | CORP              | US        |      998485 | PA      | $985754.17    | 0.05%             | 2030-08-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                            | VT Topco Inc                                                                                                                               | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |      500000 | PA      | $524407.00    | 0.02%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                                                                                                    | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |     2200000 | PA      | $2000404.12   | 0.09%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                                 | VZ Secured Financing BV                                                                                                                    | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |      500000 | PA      | $507459.42    | 0.02%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Highspring Holdings LLC                                 | Highspring Holdings LLC 2022 Term Loan                                                                                                     | CUSIP: 91865FAJ8<br>LEI: 54930076HTNXBP03T379 | Long             | LON              | CORP              | US        |      349091 | PA      | $285381.82    | 0.01%             | 2029-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                             | Valaris Ltd                                                                                                                                | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1800000 | PA      | $1873778.40   | 0.09%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                          | MORGAN STANLEY                                                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |     -260000 | NS      | $-260000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VALE OVERSEAS LIMITED                                   | Vale Overseas Ltd                                                                                                                          | CUSIP: 91911TAT0<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |      758000 | PA      | $758985.40    | 0.04%             | 2056-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL BANCORP                                 | Valley National Bancorp                                                                                                                    | CUSIP: 919794AE7<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |      305000 | PA      | $287476.01    | 0.01%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                                           | VALVOLINE INC TERM LOAN B                                                                                                                  | CUSIP: 92048DAF9<br>LEI: 549300CMHPBEY6VPOT75 | Long             | LON              | CORP              | US        |      325000 | PA      | $327234.38    | 0.02%             | 2032-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                                                                           | CUSIP: 92243XAL5<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      700000 | PA      | $724479.08    | 0.03%             | 2033-04-24      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                                                                           | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     1145000 | PA      | $1170955.55   | 0.05%             | 2030-07-24      | Fixed         | 9.48%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                                                                                         | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      750000 | PA      | $810792.00    | 0.04%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                                                                                         | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      330000 | PA      | $360821.85    | 0.02%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                                                                                         | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      200000 | PA      | $204950.01    | 0.01%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                                                                                         | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      600000 | PA      | $614856.20    | 0.03%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                                                                                         | CUSIP: 922966AE6<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |      750000 | PA      | $764439.36    | 0.04%             | 2030-12-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                                   | Venture Global Plaquemines LNG LLC                                                                                                         | CUSIP: 922966AF3<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1325000 | PA      | $1355305.68   | 0.06%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                                                                          | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     1060000 | PA      | $994340.63    | 0.05%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                                | Venture Global Calcasieu Pass LLC                                                                                                          | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |     2475000 | PA      | $2507856.99   | 0.12%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                                                                                     | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      349000 | PA      | $347371.83    | 0.02%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                                                                                     | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1763185.60   | 0.08%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                  | Venture Global LNG Inc                                                                                                                     | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     2310000 | PA      | $2387841.06   | 0.11%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| Verifone Systems Inc                                    | Verifone Systems Inc 2025 Term Loan                                                                                                        | CUSIP: 92346NAH2<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |      269444 | PA      | $256182.70    | 0.01%             | 2028-08-18      | Floating      | 9.35%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                                    | Vermilion Energy Inc                                                                                                                       | CUSIP: 923725AD7<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |      150000 | PA      | $148440.80    | 0.01%             | 2030-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FUTURES GOLDMAN COC                                     | FUTURES GOLDMAN COC                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     1919000 | NS      | $1919000.00   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                 | Versant Media Group Inc                                                                                                                    | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |       98000 | PA      | $101160.92    | 0.00%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                                | Vertiv Group Corp                                                                                                                          | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |      690000 | PA      | $681933.97    | 0.03%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| TK ELEVATOR US NEWCO INC                                | TK Elevator US Newco Inc                                                                                                                   | CUSIP: 92537RAA7<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |      700000 | PA      | $700597.10    | 0.03%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Verus Securitization Trust                              | Verus Securitization Trust 2025-R1                                                                                                         | CUSIP: 92541AAA8<br>LEI: 213800UBQ9UM61L7TB84 | Long             | ABS-MBS          | CORP              | US        |      922230 | PA      | $929473.73    | 0.04%             | 2065-05-25      | Variable      | 5.40%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                                        | Paramount Global                                                                                                                           | CUSIP: 92553PAP7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      130000 | PA      | $90749.49     | 0.00%             | 2043-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Viant Medical Holdings Inc                              | Viant Medical Holdings Inc 2024 Term Loan B                                                                                                | CUSIP: 92556MAB2<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |     1836842 | PA      | $1821631.22   | 0.08%             | 2031-10-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                  | VICI Properties LP / VICI Note Co Inc                                                                                                      | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              |  | US        |      750000 | PA      | $728476.57    | 0.03%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                                  | VICI Properties LP / VICI Note Co Inc                                                                                                      | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              |  | US        |     1825000 | PA      | $1792947.51   | 0.08%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VICTORIA'S SECRET & CO                                  | Victoria's Secret & Co                                                                                                                     | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |      834000 | PA      | $809574.40    | 0.04%             | 2029-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| Victory Buyer LLC                                       | Victory Buyer LLC Term Loan                                                                                                                | CUSIP: 92643PAB0<br>LEI: 549300G9TEUHGC81N056 | Long             | LON              | CORP              | US        |      744201 | PA      | $748697.49    | 0.03%             | 2028-11-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| VIKING BAKED GOODS ACQUI                                | Viking Baked Goods Acquisition Corp                                                                                                        | CUSIP: 92676AAA5<br>LEI: 254900DBFD2H1FJK0893 | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1759226.00   | 0.08%             | 2031-11-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                                                                                         | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     1100000 | PA      | $1178543.30   | 0.05%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                      | Viking Cruises Ltd                                                                                                                         | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |      270000 | PA      | $274260.33    | 0.01%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                                | Virgin Media Vendor Financing Notes IV DAC                                                                                                 | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |     1000000 | PA      | $981694.20    | 0.05%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCGSCHUS9 HSBC COC USD                                  | CCGSCHUS9 HSBC COC USD                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      825000 | NS      | $825000.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                                                                                  | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      886000 | PA      | $843834.10    | 0.04%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| VISTAJET MALTA/VM HOLDS                                 | VistaJet Malta Finance PLC / Vista Management Holding Inc                                                                                  | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      538000 | PA      | $558420.33    | 0.03%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: —       |
| Vista Management Holding Inc                            | Vista Management Holding Inc 2025 Term Loan B                                                                                              | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |      915750 | PA      | $925766.47    | 0.04%             | 2031-04-01      | Floating      | 7.74%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                                                                                 | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      900000 | PA      | $821663.64    | 0.04%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                        | Vmed O2 UK Financing I PLC                                                                                                                 | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     2900000 | PA      | $2679814.02   | 0.12%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                  | Vmed O2 UK Financing I PLC                                                                                                                 | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      235000 | PA      | $233336.88    | 0.01%             | 2033-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                                           | VoltaGrid LLC                                                                                                                              | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |      690000 | PA      | $684057.93    | 0.03%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2025-3 Ltd                                                                                                                        | CUSIP: 92891YAA2<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251217.25    | 0.01%             | 2038-07-20      | Floating      | 9.73%                 | No            |                  2 | On Loan: No      |
| Liquid Tech Solutions LLC                               | Liquid Tech Solutions LLC 2025 Delayed Draw Term Loan                                                                                      | CUSIP: 92917SAH0<br>LEI: 254900OC60TKLQ1KX067 | Long             | LON              | CORP              | US        |      126780 | PA      | $127176.38    | 0.01%             | 2032-10-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Liquid Tech Solutions LLC                               | Liquid Tech Solutions LLC 2025 Term Loan                                                                                                   | CUSIP: 92917SAJ6<br>LEI: 254900OC60TKLQ1KX067 | Long             | LON              | CORP              | US        |     1238220 | PA      | $1242089.25   | 0.06%             | 2032-10-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Voyager Parent LLC                                      | Voyager Parent LLC Term Loan B                                                                                                             | CUSIP: 92921HAC9<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |     1745625 | PA      | $1748655.41   | 0.08%             | 2032-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WAMU Mortgage Pass-Through Certificates                 | WaMu Mortgage Pass-Through Certificates Series 2006-AR16 Trust                                                                             | CUSIP: 92925GAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      240176 | PA      | $212985.50    | 0.01%             | 2036-12-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                    | WEC Energy Group Inc                                                                                                                       | CUSIP: 92939UAR7<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      761000 | PA      | $889609.00    | 0.04%             | 2029-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                                    | WEC Energy Group Inc                                                                                                                       | CUSIP: 92939UAS5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |      320000 | PA      | $324560.00    | 0.02%             | 2028-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WIX LTD                                                 | Wix.com Ltd                                                                                                                                | CUSIP: 92940WAE9<br>LEI: 5493008P6N29Q1AG9464 | Long             | DBT              | CORP              | IL        |      138000 | PA      | $122268.00    | 0.01%             | 2030-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                    | WR Grace Holdings LLC                                                                                                                      | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |      615000 | PA      | $587778.01    | 0.03%             | 2029-08-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Waikiki Beach Hotel Trust                               | WBHT Commercial Mortgage Trust 2025-WBM                                                                                                    | CUSIP: 92943QAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1155000 | PA      | $1150367.09   | 0.05%             | 2042-06-15      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                                                                            | CUSIP: 92943TAC7<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |      260000 | PA      | $261542.43    | 0.01%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WBI OPERATING LLC                                       | WBI Operating LLC                                                                                                                          | CUSIP: 92944BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $654361.50    | 0.03%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2025-1 Ltd                                                                                                                        | CUSIP: 92945LAA6<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $245808.50    | 0.01%             | 2038-04-20      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                                    | Wabash National Corp                                                                                                                       | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |      275000 | PA      | $257522.95    | 0.01%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WHARF Commercial Mortgage Trust                         | WHARF Commercial Mortgage Trust 2025-DC                                                                                                    | CUSIP: 92987LAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      475000 | PA      | $487340.88    | 0.02%             | 2040-07-15      | Variable      | 7.72%                 | No            |                  2 | On Loan: No      |
| LUXCO3 SHARES                                           | LUXCO3 SHARES                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |        9896 | NS      | $178112.72    | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LEBANESE REPUBLIC                                       | Lebanon Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      850000 | PA      | $201720.23    | 0.01%             | 2037-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CCMYIIUS1 SWBC MORGAN STANLEY                           | CCMYIIUS1 SWBC MORGAN STANLEY                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Short            | STIV             | CORP              | US        |      -30000 | NS      | $-30000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                                        | Wand NewCo 3 Inc 2025 Repriced Term Loan B                                                                                                 | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |      986607 | PA      | $989175.73    | 0.05%             | 2031-01-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                                        | Wand NewCo 3 Inc                                                                                                                           | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     1720000 | PA      | $1821304.56   | 0.08%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Armorica Lux Sarl                                       | Armorica Lux Sarl EUR Term Loan                                                                                                            | CUSIP: 000000000<br>LEI: 984500CDA495DT2DBE41 | Long             | LON              | CORP              | LU        |     1000000 | PA      | $1126885.29   | 0.05%             | 2028-07-28      | Floating      | 6.99%                 | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd                     | Arctic Canadian Diamond Company Ltd 2nd Lien PIK Term Loan                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1300697 | PA      | $601442.19    | 0.03%             | 2027-12-31      | Fixed         | 4.26%                 | Yes           |                  3 | On Loan: No      |
| MRI Software LLC                                        | MRI Software LLC 2020 Term Loan B                                                                                                          | CUSIP: 000000000<br>LEI: 549300LNQ2G4DKR9QR85 | Long             | LON              | CORP              | US        |      650911 | PA      | $649690.44    | 0.03%             | 2028-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MRI Software LLC                                        | MRI Software LLC 2020 Revolver                                                                                                             | CUSIP: 000000000<br>LEI: 549300LNQ2G4DKR9QR85 | Long             | LON              | CORP              | US        |      133340 | PA      | $129672.84    | 0.01%             | 2028-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wasserman Media Group LLC                               | Wasserman Media Group LLC Term Loan B                                                                                                      | CUSIP: 94105CAL4<br>LEI: 549300F1FIWM51N74V39 | Long             | LON              | CORP              | US        |      144638 | PA      | $144818.30    | 0.01%             | 2032-06-23      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| ARCTIC CANADIAN DIAMONDS                                | ARCTIC CANADIAN DIAMONDS                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |        1282 | NS      | $18781.53     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Laseraway Intermediate Holdings II LLC                  | Laseraway Intermediate Holdings II LLC Term Loan                                                                                           | CUSIP: 51807KAC7<br>LEI: 254900KPMJ49M2JTOZ92 | Long             | LON              | CORP              | US        |     1676001 | PA      | $1669716.45   | 0.08%             | 2027-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments LLLP                           | Freeport LNG Investments LLLP Term Loan A                                                                                                  | CUSIP: 000000000<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |      900455 | PA      | $904770.04    | 0.04%             | 2026-11-16      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                             | Wayfair LLC                                                                                                                                | CUSIP: 94419NAC1<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     1530000 | PA      | $1575052.38   | 0.07%             | 2032-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                                | Weatherford International Ltd                                                                                                              | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |      725000 | PA      | $742754.53    | 0.03%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WeddingWire Inc                                         | WeddingWire Inc 2024 Term Loan B                                                                                                           | CUSIP: 94847DAJ0<br>LEI: 5493008BZQSUX5N9Q439 | Long             | LON              | CORP              | US        |     1736809 | PA      | $1471945.68   | 0.07%             | 2028-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust            | Wells Fargo Mortgage Backed Securities 2006-AR5 Trust                                                                                      | CUSIP: 94983RAD6<br>LEI: 549300EZH20KSD9JD814 | Long             | ABS-MBS          | CORP              | US        |      124737 | PA      | $123775.67    | 0.01%             | 2036-04-25      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                   | Wells Fargo Commercial Mortgage Trust 2016-C37                                                                                             | CUSIP: 95000PAX2<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |     1950000 | PA      | $1777923.62   | 0.08%             | 2049-12-15      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                                        | Welltower OP LLC                                                                                                                           | CUSIP: 95041AAB4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |      280000 | PA      | $549080.00    | 0.03%             | 2028-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                                  | WESCO Distribution Inc                                                                                                                     | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |      750000 | PA      | $783531.77    | 0.04%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Nuuday AS                                               | Nuuday AS EUR Term Loan B                                                                                                                  | CUSIP: 000000000<br>LEI: 5493003B50SM3XIJDQ79 | Long             | LON              | CORP              | DK        |     1000000 | PA      | $1187663.10   | 0.06%             | 2028-02-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Albea Beauty Holdings SA                                | Albea Beauty Holdings SA 2023 EUR Term Loan B                                                                                              | CUSIP: 000000000<br>LEI: 2221000LVW3T1WSQUG17 | Long             | LON              | CORP              | LU        |     1000000 | PA      | $1159769.90   | 0.05%             | 2027-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENVIVA EQUITY                                           | ENVIVA EQUITY                                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       25000 | NS      | $395000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP                                | Western Alliance Bancorp                                                                                                                   | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |      305000 | PA      | $293925.45    | 0.01%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: —       |
| WEX INC                                                 | WEX Inc                                                                                                                                    | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |      820000 | PA      | $842763.20    | 0.04%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WEX Inc                                                 | WEX Inc 2024 Term Loan B2                                                                                                                  | CUSIP: 96208UAW1<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | LON              | CORP              | US        |      396985 | PA      | $398331.88    | 0.02%             | 2028-03-31      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Whatabrands LLC                                         | Whatabrands LLC 2024 1st Lien Term Loan B                                                                                                  | CUSIP: 96244UAJ6<br>LEI: 254900HMMX4HTWIP0085 | Long             | LON              | CORP              | US        |     1094486 | PA      | $1098564.29   | 0.05%             | 2028-08-03      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                     | White Cap Buyer LLC 2024 Term Loan B                                                                                                       | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     1392965 | PA      | $1400166.45   | 0.06%             | 2029-10-19      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| WideOpenWest Finance LLC                                | WideOpenWest Finance LLC 2024 Super Priority 1st Out New Money Term Loan                                                                   | CUSIP: 96758DBG7<br>LEI: 54930045JY28O5B5WE54 | Long             | LON              | CORP              | US        |      689761 | PA      | $703987.64    | 0.03%             | 2028-12-11      | Floating      | 11.17%                | No            |                  2 | On Loan: No      |
| Wilsonart LLC                                           | Wilsonart LLC 2024 Term Loan B                                                                                                             | CUSIP: 97246FAM8<br>LEI: 549300SAZRUMYKDJBY14 | Long             | LON              | CORP              | US        |      317588 | PA      | $308721.84    | 0.01%             | 2031-08-05      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                                           | Wilsonart LLC                                                                                                                              | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |      942000 | PA      | $842696.44    | 0.04%             | 2032-08-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: —       |
| WINDSTREAM SERVICES/ESCR                                | Windstream Services LLC / Windstream Escrow Finance Corp                                                                                   | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      775000 | PA      | $814299.92    | 0.04%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                                 | Windstream Services LLC                                                                                                                    | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1128553.68   | 0.05%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN CCP USD                                         | GOLDMAN CCP USD                                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     1160000 | NS      | $1160000.00   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                                    | Wolverine World Wide Inc                                                                                                                   | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |      610000 | PA      | $564797.36    | 0.03%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wonder Lake Park CLO, Ltd.                              | Wonder Lake Park CLO Ltd                                                                                                                   | CUSIP: 97816XAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $251324.25    | 0.01%             | 2038-07-24      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| WOODSIDE FINANCE LTD                                    | Woodside Finance Ltd                                                                                                                       | CUSIP: 980236AV5<br>LEI: 254900AIZKU6TGRRNZ98 | Long             | DBT              | CORP              | AU        |      525000 | PA      | $548032.29    | 0.03%             | 2035-05-19      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Worldwide Plaza Trust                                   | Worldwide Plaza Trust 2017-WWP                                                                                                             | CUSIP: 98162JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     1900000 | PA      | $1528094.95   | 0.07%             | 2036-11-10      | Fixed         | 3.53%                 | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC                                        | WULF Compute LLC                                                                                                                           | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3822000 | PA      | $3940514.22   | 0.18%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS & RESORTS                                | Wyndham Hotels & Resorts Inc                                                                                                               | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |      600000 | PA      | $595062.66    | 0.03%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS LLC/CORP                                 | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp                                                                                           | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $602572.20    | 0.03%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                                                                                       | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      700000 | PA      | $757892.08    | 0.04%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                          | Wynn Macau Ltd                                                                                                                             | CUSIP: 98313RAJ5<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |     1910000 | PA      | $1958963.00   | 0.09%             | 2029-03-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| xcal 2019-il-1 mortgage trust                           | X-Caliber Funding LLC                                                                                                                      | CUSIP: 98373XBZ2<br>LEI: 549300GGW5CBE4FDT866 | Long             | ABS-MBS          | CORP              | US        |     2450000 | PA      | $2460351.72   | 0.11%             | 2030-06-17      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                                     | Xerox Holdings Corp                                                                                                                        | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      155000 | PA      | $63161.38     | 0.00%             | 2029-11-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| XPLOR T1 LLC                                            | XPLOR T1 LLC 2025 TERM LOAN                                                                                                                | CUSIP: 98423DAF1<br>LEI: 254900GF3CVSREM2EJ05 | Long             | LON              | CORP              | US        |      650000 | PA      | $651625.00    | 0.03%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 984245AY6<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     1160000 | PA      | $1202111.48   | 0.06%             | 2031-09-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTI                                | Yinson Bergenia Production BV                                                                                                              | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |      850000 | PA      | $894043.33    | 0.04%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| YEOMAN CAP S A                                          | YEOMAN CAP S A                                                                                                                             | CUSIP: 985923101<br>LEI: 549300ORV6YW6ESSNQ21 | Long             | EC               | CORP              | LU        |       97973 | NS      | $858152.71    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| YUM! BRANDS INC                                         | Yum! Brands Inc                                                                                                                            | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     1270000 | PA      | $1202862.85   | 0.06%             | 2031-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                                                                               | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      500000 | PA      | $504675.00    | 0.02%             | 2030-04-14      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                                                                               | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     1050000 | PA      | $1027572.95   | 0.05%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                                           | ZF North America Capital Inc                                                                                                               | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |      905000 | PA      | $915272.66    | 0.04%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CCGSCZUS9 GOLDMAN SACH COC                              | CCGSCZUS9 GOLDMAN SACH COC                                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     6470000 | NS      | $6470000.00   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS INC                                 | Zayo Group Holdings Inc                                                                                                                    | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     1246062 | PA      | $1184942.66   | 0.05%             | 2030-03-09      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Zayo Issuer LLC                                         | Zayo Issuer LLC                                                                                                                            | CUSIP: 98919WAL7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     1384646 | PA      | $1469687.26   | 0.07%             | 2055-06-20      | Fixed         | 9.49%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                 | Zayo Group Holdings Inc 2025 USD Term Loan                                                                                                 | CUSIP: 98919XAH4<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |      360393 | PA      | $342984.89    | 0.02%             | 2030-03-11      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK                                   | Zorlu Enerji Elektrik Uretim AS                                                                                                            | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     1035000 | PA      | $897367.78    | 0.04%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| ZOETIS INC                                              | Zoetis Inc                                                                                                                                 | CUSIP: 98978VAY9<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |      655000 | PA      | $676287.50    | 0.03%             | 2029-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| ZSCALER INC.                                            | Zscaler Inc                                                                                                                                | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |      310000 | PA      | $290780.00    | 0.01%             | 2028-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ INVESTOR                                 | Mitsubishi UFJ Investor Services & Banking Luxembourg SA                                                                                   | CUSIP: 000000000<br>LEI: 2138002PVBMEHILJ1340 | Long             | DBT              | CORP              | LU        |      700000 | PA      | $530514.87    | 0.02%             | 2050-12-15      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 28 LTD                                        | AIMCO CLO 28 LTD                                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     2016000 | PA      | $2016000.00   | 0.09%             | 2027-06-27      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| MAGNETITE XLVIII CLO LTD                                | MAGNETITE XLVIII CLO LTD                                                                                                                   | CUSIP: 000000000<br>LEI: 529900GIGHYFX3L5AN76 | Long             | ABS-CBDO         | CORP              | US        |      367883 | PA      | $367883.00    | 0.02%             | 2026-11-06      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| RIVIERA LOAN FNDNG WH 75 LTD                            | RIVIERA LOAN FNDNG WH 75 LTD                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      993334 | PA      | $993333.67    | 0.05%             | 2027-09-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWU02G0Y6 IRS USD R V 12MSOFR SWUV2G0Y8 CCPOIS / Short: BWU02G0Y6 IRS USD P F  3.25000 SWU02G0Y6 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    22600000 | OU      | $938890.78    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWU02G125 IRS USD R V 12MSOFR SWUV2G127 CCPOIS / Short: BWU02G125 IRS USD P F  3.25000 SWU02G125 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     3400000 | OU      | $534489.42    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWPC0NF35 CDS USD R F  1.00000 1 CCPCDX / Short: SWPC0NF35 CDS USD P V 03MEVENT 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      900000 | OU      | $-4645.38     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWPC0NHL3 CDS USD R F  5.00000 1 CCPCDX / Short: SWPC0NHL3 CDS USD P V 03MEVENT 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     1525000 | OU      | $121019.53    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SWU02GFD6 IRS AUD R F  4.00000 SWU02GFD6 CCPVANILLA / Short: SWU02GFD6 IRS AUD P V 06MBBSW SWUV2GFD8 CCPVANILLA                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    23550000 | OU      | $-283433.17   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: BWU02G0W0 IRS USD R V 12MSOFR SWUV2G0W2 CCPOIS / Short: BWU02G0W0 IRS USD P F  3.25000 SWU02G0W0 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    28200000 | OU      | $213241.63    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02HXN2 IRS BRL R F 13.92710 SWU02HXN2 CCPNDFPREDISWAP / Short: SWU02HXN2 IRS BRL P V 00MBRCDI SWUV2HXN4 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    22700000 | OU      | $-14988.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02HXE2 IRS BRL R F 13.92550 SWU02HXE2 CCPNDFPREDISWAP / Short: SWU02HXE2 IRS BRL P V 00MBRCDI SWUV2HXE4 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     2900000 | OU      | $-1937.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02HXM4 IRS BRL R F 13.29140 SWU02HXM4 CCPNDFPREDISWAP / Short: SWU02HXM4 IRS BRL P V 00MBRCDI SWUV2HXM6 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    15000000 | OU      | $-7717.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02HWT0 IRS BRL R F 13.32000 SWU02HWT0 CCPNDFPREDISWAP / Short: SWU02HWT0 IRS BRL P V 00MBRCDI SWUV2HWT2 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     1600000 | OU      | $423.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank NA                                             | Long: OIS364663 IRS BRL R F 13.43000 OIS364663_FIX NDFPREDISWAP / Short: OIS364663 IRS BRL P V 00MBRCDI OIS364663_FLO NDFPREDISWAP         | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DIR              |  | GB        |     8839287 | OU      | $2522.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SWU02JZR7 IRS EUR R F  2.75000 SWU02JZR7 CCPVANILLA / Short: SWU02JZR7 IRS EUR P V 06MEURIB SWUV2JZR9 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     6700000 | OU      | $-144588.90   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BWU02JZS5 IRS EUR R V 06MEURIB SWUV2JZS7 CCPVANILLA / Short: BWU02JZS5 IRS EUR P F  3.00000 SWU02JZS5 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3800000 | OU      | $226275.80    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: SWU02K0G6 IRS AUD R F  4.25000 SWU02K0G6 CCPVANILLA / Short: SWU02K0G6 IRS AUD P V 06MBBSW SWUV2K0G8 CCPVANILLA                      | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3400000 | OU      | $-99804.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S71142939 IRS CZK R F  3.84300 471142941 CCPVANILLA / Short: S71142939 IRS CZK P V 06MPRIBR 471142940 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    58000000 | OU      | $2452.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S70276046 IRS CZK R F  3.87100 470276048 CCPVANILLA / Short: S70276046 IRS CZK P V 06MPRIBR 470276047 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    75270000 | OU      | $7874.41      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B71325754 IRS PLN R V 06MWIBOR 471325755 CCPVANILLA / Short: B71325754 IRS PLN P F  3.95800 471325756 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    16730000 | OU      | $-34900.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BWU02L1T5 IRS USD R V 12MSOFR SWUV2L1T7 CCPOIS / Short: BWU02L1T5 IRS USD P F  3.75000 SWU02L1T5 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    17700000 | OU      | $71922.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                                       | Long: SWPC0NVW3 CDS USD R F  1.00000 FIX SOVEREIGN / Short: SWPC0NVW3 CDS USD P V 03MEVENT FLO SOVEREIGN                                   | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DCR              |  | GB        |     5100000 | OU      | $-231612.78   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWPC0NUS3 CDS USD R F  1.00000 1 CCPCDX / Short: SWPC0NUS3 CDS USD P V 03MEVENT 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    27700000 | OU      | $-297856.71   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWPC0NUQ7 CDS USD R F  1.00000 1 CCPCDX / Short: SWPC0NUQ7 CDS USD P V 03MEVENT 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |     7700000 | OU      | $174356.72    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: S9D11RX18 CDS EUR R F  5.00000 1 CCPITRAXX / Short: S9D11RX18 CDS EUR P V 03MEVENT 2 CCPITRAXX                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    20025000 | OU      | $2603162.98   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: B9D11SV34 CDS USD R V 03MEVENT 2 CCPCDX / Short: B9D11SV34 CDS USD P F  5.00000 1 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    11415000 | OU      | $-869851.54   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWPC0NWZ5 CDS USD R F  5.00000 1 CCPCDX / Short: SWPC0NWZ5 CDS USD P V 03MEVENT 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    57600000 | OU      | $4389264.00   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: B9D11RX18 CDS EUR R V 03MEVENT 2 CCPITRAXX / Short: B9D11RX18 CDS EUR P F  5.00000 1 CCPITRAXX                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      975000 | OU      | $-126745.76   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                  | Long: SWPC44TD6 CDS EUR R F  5.00000 FIX ITRAXXTRANCHE / Short: SWPC44TD6 CDS EUR P V 03MEVENT FLO ITRAXXTRANCHE                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              |  | US        |      640000 | OU      | $149593.38    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02LJV1 IRS BRL R F 13.32000 SWU02LJV1 CCPNDFPREDISWAP / Short: SWU02LJV1 IRS BRL P V 00MBRCDI SWUV2LJV3 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    30100000 | OU      | $17021.12     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | Long: SWPC44SD7 CDS EUR R F  5.00000 FIX ITRAXXTRANCHE / Short: SWPC44SD7 CDS EUR P V 03MEVENT FLO ITRAXXTRANCHE                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | US        |      500000 | OU      | $116869.83    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: S9D11SV34 CDS USD R F  5.00000 1 CCPCDX / Short: S9D11SV34 CDS USD P V 03MEVENT 2 CCPCDX                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |    16625000 | OU      | $1266866.56   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S98137430 IRS CZK R F  3.79100 498137432 CCPVANILLA / Short: S98137430 IRS CZK P V 06MPRIBR 498137431 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   152400000 | OU      | $-11198.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                         | Long: SWPC0O203 CDS USD R F  5.00000 1 CCPCORPORATE / Short: SWPC0O203 CDS USD P V 03MEVENT 2 CCPCORPORATE                                 | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |      500000 | OU      | $49217.75     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America NA                                      | Long: SWPC0O237 CDS USD R F  1.00000 FIX SOVEREIGN / Short: SWPC0O237 CDS USD P V 03MEVENT FLO SOVEREIGN                                   | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCR              |  | US        |     1450000 | OU      | $-65850.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S41193468 IRS CZK R F  3.97450 541193470 CCPVANILLA / Short: S41193468 IRS CZK P V 06MPRIBR 541193469 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    42300000 | OU      | $14171.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B9D128UC8 IRS USD R V 12MSOFR 99D128UD6 CCPOIS / Short: B9D128UC8 IRS USD P F  3.25000 99D128UC8 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2003000 | OU      | $840.12       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D128V03 IRS USD R F  3.34000 99D128V03 CCPOIS / Short: S9D128V03 IRS USD P V 12MSOFR 99D128V11 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1994000 | OU      | $408.69       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D128VP8 IRS USD R F  3.28000 99D128VP8 CCPOIS / Short: S9D128VP8 IRS USD P V 12MSOFR 99D128VO1 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      681000 | OU      | $-865.08      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02MSQ0 IRS BRL R F 12.86690 SWU02MSQ0 CCPNDFPREDISWAP / Short: SWU02MSQ0 IRS BRL P V 00MBRCDI SWUV2MSQ2 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    12300000 | OU      | $-23803.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: SWU02MSS6 IRS BRL R F 12.90500 SWU02MSS6 CCPNDFPREDISWAP / Short: SWU02MSS6 IRS BRL P V 00MBRCDI SWUV2MSS8 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     1700000 | OU      | $-1365.21     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129948 IRS USD R F  3.41000 99D129948 CCPOIS / Short: S9D129948 IRS USD P V 12MSOFR 99D129930 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1109000 | OU      | $404.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B55884646 IRS USD R V 12MSOFR 555884647 CCPOIS / Short: B55884646 IRS USD P F  3.75100 555884648 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    12000000 | OU      | $64928.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S55715033 IRS CNY R F  1.63250 555715035 CCPNDF / Short: S55715033 IRS CNY P V 00MCNYRR 555715034 CCPNDF                             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   103300000 | OU      | $25672.19     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S49612374 IRS INR R F  5.64900 549612376 CCPNDFOIS / Short: S49612374 IRS INR P V 06MMIBOR 549612375 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   980800000 | OU      | $11411.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S49612332 IRS INR R F  5.98800 549612334 CCPNDFOIS / Short: S49612332 IRS INR P V 06MMIBOR 549612333 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   498600000 | OU      | $11455.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S50799803 IRS CLP R F  4.85580 550799805 CCPNDFCAMARAPROMEDIO / Short: S50799803 IRS CLP P V 12MCLICP 550799804 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  3107800000 | OU      | $7267.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12AF63 IRS BRL R F 13.15400 99D12AF63 CCPNDF / Short: S9D12AF63 IRS BRL P V 00MBRCDI 99D12AF48 CCPNDF                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     2982192 | OU      | $-204.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12AEV9 IRS BRL R F 13.74300 99D12AEV9 CCPNDF / Short: S9D12AEV9 IRS BRL P V 00MBRCDI 99D12AET4 CCPNDF                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    16955223 | OU      | $-2956.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129R30 IRS CZK R F  3.64000 99D129R30 CCPVANILLA / Short: S9D129R30 IRS CZK P V 03MPRIBO 99D129R14 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    27184000 | OU      | $2497.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129SS4 IRS HUF R F  6.58100 99D129SS4 CCPVANILLA / Short: S9D129SS4 IRS HUF P V 06MBUBOR 99D129SQ8 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    32281000 | OU      | $1665.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D12AJ10 IRS CZK R F  4.35000 99D12AJ10 CCPVANILLA / Short: S9D12AJ10 IRS CZK P V 06MPRIBO 99D12AJ02 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     6753000 | OU      | $5798.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129SG0 IRS HUF R F  6.28800 99D129SG0 CCPVANILLA / Short: S9D129SG0 IRS HUF P V 06MBUBOR 99D129SF2 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   128521000 | OU      | $4230.64      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B9D12AJC6 IRS CZK R V 06MPRIBO 99D12AJD4 CCPVANILLA / Short: B9D12AJC6 IRS CZK P F  4.11000 99D12AJC6 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    20517000 | OU      | $-11971.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129TG9 IRS PLN R F  3.74750 99D129TG9 CCPVANILLA / Short: S9D129TG9 IRS PLN P V 06MWIBOR 99D129TF1 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5522000 | OU      | $7033.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129VM3 IRS ZAR R F  6.61500 99D129VM3 CCPVANILLA / Short: S9D129VM3 IRS ZAR P V 03MJIBAR 99D129VL5 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    27574000 | OU      | $11149.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B9D129U44 IRS PLN R V 06MWIBOR 99D129U36 CCPVANILLA / Short: B9D129U44 IRS PLN P F  3.97000 99D129U44 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     8626000 | OU      | $-23034.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B9D129W00 IRS ZAR R V 03MJIBAR 99D129W18 CCPVANILLA / Short: B9D129W00 IRS ZAR P F  6.93500 99D129W00 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    30697000 | OU      | $-22703.62    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129US1 IRS PLN R F  4.13500 99D129US1 CCPVANILLA / Short: S9D129US1 IRS PLN P V 06MWIBOR 99D129UQ5 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |      706000 | OU      | $2320.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129VA9 IRS ZAR R F  6.58000 99D129VA9 CCPVANILLA / Short: S9D129VA9 IRS ZAR P V 03MJIBAR 99D129V92 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    68790000 | OU      | $7391.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D12AJA0 IRS PLN R F  4.37500 99D12AJA0 CCPVANILLA / Short: S9D12AJA0 IRS PLN P V 06MWIBOR 99D12AJ93 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2389000 | OU      | $9331.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129WM2 IRS ZAR R F  7.79000 99D129WM2 CCPVANILLA / Short: S9D129WM2 IRS ZAR P V 03MJIBAR 99D129WL4 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    18915000 | OU      | $28057.59     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129WA8 IRS ZAR R F  7.31750 99D129WA8 CCPVANILLA / Short: S9D129WA8 IRS ZAR P V 03MJIBAR 99D129W91 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     9954000 | OU      | $10378.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D129TS3 IRS PLN R F  3.81250 99D129TS3 CCPVANILLA / Short: S9D129TS3 IRS PLN P V 06MWIBOR 99D129TQ7 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     2543000 | OU      | $4593.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12AFJ5 IRS BRL R F 13.17500 99D12AFJ5 CCPNDFPREDISWAP / Short: S9D12AFJ5 IRS BRL P V 00MBRCDI 99D12AFI7 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     1845177 | OU      | $411.73       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D129NR1 IRS CLP R F  4.48000 99D129NR1 CCPNDFCAMARAPROMEDIO / Short: S9D129NR1 IRS CLP P V 12MCLICP 99D129NP5 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  7659819000 | OU      | $18062.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S57422709 IRS MXN R F  7.87000 557422711 CCPOIS / Short: S57422709 IRS MXN P V 01MTIEF 557422710 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    45000000 | OU      | $9251.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: B9D129PR9 IRS CLP R V 06MCLICP 99D129PS7 CCPNDFCAMARAPROMEDIO / Short: B9D129PR9 IRS CLP P F  4.88000 99D129PR9 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   614715000 | OU      | $-2178.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: B9D129PF5 IRS CLP R V 06MCLICP 99D129PG3 CCPNDFCAMARAPROMEDIO / Short: B9D129PF5 IRS CLP P F  4.57000 99D129PF5 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  2073850000 | OU      | $-5348.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: B9D12AK91 IRS CLP R V 06MCLICP 99D12AKA8 CCPNDFCAMARAPROMEDIO / Short: B9D12AK91 IRS CLP P F  5.26500 99D12AK91 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   996893000 | OU      | $-5514.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12AHS3 IRS COP R F 10.40500 99D12AHS3 CCPNDFOIS / Short: S9D12AHS3 IRS COP P V 03MCPIBR 99D12AHR5 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  1360416000 | OU      | $-12266.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D129OG4 IRS CLP R F  4.66000 99D129OG4 CCPNDFCAMARAPROMEDIO / Short: S9D129OG4 IRS CLP P V 06MCLICP 99D129OF6 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  1958902000 | OU      | $3968.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: B9D129QF4 IRS COP R V 03MCPIBR 99D129QG2 CCPNDFOIS / Short: B9D129QF4 IRS COP P F 10.21000 99D129QF4 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   962502000 | OU      | $6415.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B50799168 IRS ZAR R V 03MJIBAR 550799169 CCPVANILLA / Short: B50799168 IRS ZAR P F  7.73700 550799170 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    33500000 | OU      | $-41077.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D12AHI5 IRS THB R F  1.73900 99D12AHI5 CCPNDFOIS / Short: S9D12AHI5 IRS THB P V 03MTHOR 99D12AHG9 CCPNDFOIS                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    14321000 | OU      | $5390.34      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S57062686 IRS THB R F  1.76000 557062688 CCPNDFOIS / Short: S57062686 IRS THB P V 03MTHOR 557062687 CCPNDFOIS                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    76000000 | OU      | $33331.27     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S58857083 IRS PLN R F  3.94700 558857085 CCPVANILLA / Short: S58857083 IRS PLN P V 06MWIBOR 558857084 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     3800000 | OU      | $9041.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12C8M2 IRS MXN R F  8.19500 99D12C8M2 CCPOIS / Short: S9D12C8M2 IRS MXN P V 01MTIEF 99D12C8L4 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     6633000 | OU      | $331.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: BWU02MXQ4 IRS USD R V 12MSOFR SWUV2MXQ6 CCPOIS / Short: BWU02MXQ4 IRS USD P F  3.73569 SWU02MXQ4 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    16600000 | OU      | $54959.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D12CKQ9 IRS USD R F  3.70500 99D12CKQ9 CCPOIS / Short: S9D12CKQ9 IRS USD P V 12MSOFR 99D12CKP1 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     7440000 | OU      | $545.28       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12CHQ3 IRS COP R F 10.46000 99D12CHQ3 CCPNDFOIS / Short: S9D12CHQ3 IRS COP P V 03MCPIBR 99D12CHP5 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  1655636000 | OU      | $-13535.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: B9D12CHI1 IRS COP R V 03MCPIBR 99D12CHK6 CCPNDFOIS / Short: B9D12CHI1 IRS COP P F 10.26200 99D12CHI1 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |  2613912000 | OU      | $16089.80     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S62369661 IRS CNY R F  1.60330 562369663 CCPNDF / Short: S62369661 IRS CNY P V 00MCNYRR 562369662 CCPNDF                             | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     7400000 | OU      | $369.54       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S63577665 IRS THB R F  1.70120 563577667 CCPNDFOIS / Short: S63577665 IRS THB P V 03MTHOR 563577666 CCPNDFOIS                        | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     8400000 | OU      | $2205.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S62370068 IRS INR R F  5.95670 562370070 CCPNDFOIS / Short: S62370068 IRS INR P V 06MMIBOR 562370069 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    62200000 | OU      | $526.25       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S62369674 IRS INR R F  5.62670 562369676 CCPNDFOIS / Short: S62369674 IRS INR P V 06MMIBOR 562369675 CCPNDFOIS                       | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   144600000 | OU      | $1023.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B9D12COG7 IRS HUF R V 06MBUBOR 99D12COH5 CCPVANILLA / Short: B9D12COG7 IRS HUF P F  6.63000 99D12COG7 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    20878000 | OU      | $-528.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D12COT9 IRS HUF R F  6.22000 99D12COT9 CCPVANILLA / Short: S9D12COT9 IRS HUF P V 06MBUBOR 99D12COS1 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    81651000 | OU      | $1475.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S63354141 IRS MXN R F  7.84200 563354143 CCPOIS / Short: S63354141 IRS MXN P V 01MTIEF 563354142 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    12300000 | OU      | $1742.59      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B64659237 IRS USD R V 12MSOFR 564659238 CCPOIS / Short: B64659237 IRS USD P F  3.78100 564659239 CCPOIS                              | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     1500000 | OU      | $4380.99      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B65784313 IRS CZK R V 06MPRIBR 565784315 CCPVANILLA / Short: B65784313 IRS CZK P F  3.87100 565784314 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    17490000 | OU      | $-1829.73     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S63354137 IRS CLP R F  4.84080 563354139 CCPNDFCAMARAPROMEDIO / Short: S63354137 IRS CLP P V 12MCLICP 563354138 CCPNDFCAMARAPROMEDIO | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   327100000 | OU      | $520.61       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B66025319 IRS CZK R V 06MPRIBR 566025321 CCPVANILLA / Short: B66025319 IRS CZK P F  3.87100 566025320 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     8877500 | OU      | $-928.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: S9D12CUA3 IRS CZK R F  3.70000 99D12CUA3 CCPVANILLA / Short: S9D12CUA3 IRS CZK P V 06MPRIBO 99D12CU96 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    16624000 | OU      | $1854.94      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B9D12CUX3 IRS CZK R V 06MPRIBO 99D12CUY1 CCPVANILLA / Short: B9D12CUX3 IRS CZK P F  3.82250 99D12CUX3 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5638000 | OU      | $-1019.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B66984393 IRS CZK R V 06MPRIBR 566984395 CCPVANILLA / Short: B66984393 IRS CZK P F  3.87100 566984394 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5326500 | OU      | $-557.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12D048 IRS MXN R F  8.16000 99D12D048 CCPOIS / Short: S9D12D048 IRS MXN P V 01MTIEF 99D12D030 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     1974000 | OU      | $-173.46      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: B9D12CZF7 IRS MXN R V 01MTIEF 99D12CZG5 CCPOIS / Short: B9D12CZF7 IRS MXN P F  7.91000 99D12CZF7 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     5050000 | OU      | $379.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12CZS9 IRS MXN R F  7.16000 99D12CZS9 CCPOIS / Short: S9D12CZS9 IRS MXN P V 01MTIEF 99D12CZR1 CCPOIS                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     7336000 | OU      | $-265.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC                     | Long: SWU0FW9X0 TRS USD R E SWU0FW9X0 IBOXXTRS / Short: SWU0FW9X0 TRS USD P V 12MSOFR SWUVFW9X2 IBOXXTRS                                   | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DCR              |  | US        |     3200000 | OU      | $11368.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12CXP7 IRS BRL R F 13.25000 99D12CXP7 CCPNDFPREDISWAP / Short: S9D12CXP7 IRS BRL P V 00MBRCDI 99D12CXO0 CCPNDFPREDISWAP           | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     7741859 | OU      | $2664.56      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B67955974 IRS CZK R V 06MPRIBR 567955976 CCPVANILLA / Short: B67955974 IRS CZK P F  3.87100 567955975 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |     5326500 | OU      | $-557.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LCH Ltd.                                                | Long: B65031748 IRS CZK R V 06MPRIBR 565031749 CCPVANILLA / Short: B65031748 IRS CZK P F  3.87100 565031750 CCPVANILLA                     | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |    15979500 | OU      | $-1671.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                             | Long: S9D12D4O0 IRS BRL R F 13.35300 99D12D4O0 CCPNDF / Short: S9D12D4O0 IRS BRL P V 00MBRCDI 99D12D4N2 CCPNDF                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |     3149664 | OU      | $2355.62      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INNIO Group Holding GmbH                                | INNIO Group Holding GmbH 2025 Term Loan B2                                                                                                 | CUSIP: 000000000<br>LEI: 2549000WCDQX6ZM7AW92 | Long             | LON              | CORP              | AT        |      937350 | PA      | $942036.75    | 0.04%             | 2028-11-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    61025900 | PA      | $2904991.08   | 0.13%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond - CPI Linked                                                                                      | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1549894 | PA      | $75955.71     | 0.00%             | 2038-01-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    47685915 | PA      | $1494247.02   | 0.07%             | 2028-03-12      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   101781977 | PA      | $6092579.09   | 0.28%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond - CPI Linked                                                                                      | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     3010289 | PA      | $139689.30    | 0.01%             | 2046-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     6900000 | PA      | $425391.25    | 0.02%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    66800000 | PA      | $4128472.41   | 0.19%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   393400000 | PA      | $85633.77     | 0.00%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    66570000 | PA      | $4028376.68   | 0.19%             | 2040-01-31      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    50000000 | PA      | $2771237.69   | 0.13%             | 2026-03-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                       | Lebanon Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      850000 | PA      | $201484.00    | 0.01%             | 2032-03-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      786000 | PA      | $213623.68    | 0.01%             | 2037-04-07      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1920000 | PA      | $482165.68    | 0.02%             | 2027-11-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1893000 | PA      | $319829.38    | 0.01%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1795000 | PA      | $1670815.31   | 0.08%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| Nigeria Government International Bonds                  | Nigeria Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     2265000 | PA      | $2351320.37   | 0.11%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     2450000 | PA      | $1330327.51   | 0.06%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     2375000 | PA      | $1942611.78   | 0.09%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4090000 | PA      | $167270.04    | 0.01%             | 2033-10-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KazMunayGas National Co. JSC                            | KazMunayGas National Co. JSC                                                                                                               | CUSIP: 000000000<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     2110000 | PA      | $2133942.17   | 0.10%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     1497000 | PA      | $54866.73     | 0.00%             | 2038-06-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   431600000 | PA      | $81327.00     | 0.00%             | 2034-10-18      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      858000 | PA      | $212597.18    | 0.01%             | 2026-07-15      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1995000 | PA      | $504149.26    | 0.02%             | 2034-07-05      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                               | IQVIA Inc                                                                                                                                  | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      255000 | PA      | $294907.17    | 0.01%             | 2028-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    10402000 | PA      | $330754.54    | 0.02%             | 2035-06-17      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| MHP LUX SA                                              | MHP Lux SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 222100RHC7R1WZ1J3M44 | Long             | DBT              | CORP              | LU        |      980000 | PA      | $835116.80    | 0.04%             | 2029-09-19      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                                  | Republic of Uganda Government Bonds                                                                                                        | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |  5614500000 | PA      | $1399352.69   | 0.06%             | 2034-06-22      | Fixed         | 14.25%                | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1055000 | PA      | $1032475.56   | 0.05%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      390000 | PA      | $335796.95    | 0.02%             | 2049-11-26      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      175000 | PA      | $46224.97     | 0.00%             | 2040-08-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1185000 | PA      | $237891.41    | 0.01%             | 2034-10-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    17270000 | PA      | $2769596.65   | 0.13%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Saudi Government International Bonds                    | Saudi Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1800000 | PA      | $1278005.42   | 0.06%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |     3110000 | PA      | $2421766.80   | 0.11%             | 2031-02-06      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                                | VF Ukraine PAT via VFU Funding PLC                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |      295589 | PA      | $288319.09    | 0.01%             | 2027-02-11      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     4050000 | PA      | $129500.74    | 0.01%             | 2040-04-24      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      691000 | PA      | $703568.85    | 0.03%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VENDOR FIN                                 | Virgin Media Vendor Financing Notes III DAC                                                                                                | CUSIP: 000000000<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |      300000 | PA      | $394416.46    | 0.02%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHAMPION MTN LTD                                        | Champion MTN Ltd                                                                                                                           | CUSIP: 000000000<br>LEI: 25490094RKSYWL8Z4255 | Long             | DBT              |  | KY        |     1255000 | PA      | $1085441.54   | 0.05%             | 2030-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   953094480 | PA      | $223162.11    | 0.01%             | 2029-04-18      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                     | New Immo Holding SA                                                                                                                        | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $352542.26    | 0.02%             | 2027-07-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      250000 | PA      | $294079.05    | 0.01%             | 2028-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     3938000 | PA      | $3896690.38   | 0.18%             | 2030-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                                     | Ecuador Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     2325000 | PA      | $2056462.50   | 0.10%             | 2035-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     3963507 | PA      | $3505721.94   | 0.16%             | 2035-07-31      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Ecuador Government International Bonds                  | Ecuador Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     1625000 | PA      | $1276437.50   | 0.06%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LORCA TELECOM BONDCO                                    | Lorca Telecom Bondco SA                                                                                                                    | CUSIP: 000000000<br>LEI: 9598004HFBAS82YM7X35 | Long             | DBT              | CORP              | ES        |       79681 | PA      | $93644.53     | 0.00%             | 2027-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC                                         | Rolls-Royce PLC                                                                                                                            | CUSIP: 000000000<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |     1920000 | PA      | $2262845.47   | 0.10%             | 2026-02-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Morocco Government International Bonds                  | Morocco Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      700000 | PA      | $616909.48    | 0.03%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                                  | IMA Industria Macchine Automatiche SpA                                                                                                     | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |      100000 | PA      | $117738.72    | 0.01%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| IMA INDUSTRIA MACCHINE                                  | IMA Industria Macchine Automatiche SpA                                                                                                     | CUSIP: 000000000<br>LEI: 815600D86992FDA7B908 | Long             | DBT              | CORP              | IT        |      265000 | PA      | $312007.62    | 0.01%             | 2028-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                         | DAE Funding LLC                                                                                                                            | CUSIP: 000000000<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |      600000 | PA      | $584982.77    | 0.03%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |   858700000 | PA      | $141625.14    | 0.01%             | 2036-07-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VERISURE MIDHOLDING AB                                  | Verisure Midholding AB                                                                                                                     | CUSIP: 000000000<br>LEI: 549300496LYEZ55X1M49 | Long             | DBT              | CORP              | SE        |      500000 | PA      | $590272.46    | 0.03%             | 2029-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      962000 | PA      | $920039.84    | 0.04%             | 2033-01-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAB                                                     | CAB SELAS                                                                                                                                  | CUSIP: 000000000<br>LEI: 9695008EGX5O9K1MS743 | Long             | DBT              | CORP              | FR        |      600000 | PA      | $686803.76    | 0.03%             | 2028-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AHLI BANK                                               | Ahli Bank QSC                                                                                                                              | CUSIP: 000000000<br>LEI: 213800KXAR1MXC1DZ106 | Long             | DBT              | CORP              | QA        |      800000 | PA      | $795412.00    | 0.04%             | 2026-02-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                                      | Iceland Bondco PLC                                                                                                                         | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |      500000 | PA      | $657443.18    | 0.03%             | 2028-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 LTD                                          | NBK Tier 1 Ltd                                                                                                                             | CUSIP: 000000000<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     1750000 | PA      | $1721192.45   | 0.08%             | 2026-08-24      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MEXICAN UDIBONOS                                        | Mexican Udibonos                                                                                                                           | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    47172634 | PA      | $2376098.11   | 0.11%             | 2031-11-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |      600000 | PA      | $592676.25    | 0.03%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                                 | Energean Israel Finance Ltd                                                                                                                | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     2529000 | PA      | $2452419.73   | 0.11%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GLP CHINA HOLDINGS LTD                                  | GLP China Holdings Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 254900C6X2D3TGF2CO98 | Long             | DBT              | CORP              | HK        |     1550000 | PA      | $1528347.66   | 0.07%             | 2026-03-29      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CANARY WHARF GROUP                                      | Canary Wharf Group Investment Holdings PLC                                                                                                 | CUSIP: 000000000<br>LEI: 2138002C1D5FMEDILF18 | Long             | DBT              | CORP              | GB        |      657000 | PA      | $835287.71    | 0.04%             | 2028-04-23      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      735000 | PA      | $575282.09    | 0.03%             | 2041-04-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                                   | India Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    17290000 | PA      | $191849.49    | 0.01%             | 2035-06-16      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| DUA CAPITAL LTD                                         | Dua Capital Ltd                                                                                                                            | CUSIP: 000000000<br>LEI: 213800ILVLALFTITCB43 | Long             | DBT              | CORP              | MY        |     1675000 | PA      | $1548532.79   | 0.07%             | 2031-05-11      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                             | GLP Pte Ltd                                                                                                                                | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |     1570000 | PA      | $1063785.29   | 0.05%             | 2026-05-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INDOFOOD CBP SUKSES MAKM                                | Indofood CBP Sukses Makmur Tbk PT                                                                                                          | CUSIP: 000000000<br>LEI: 254900YKZW9GRKZZN285 | Long             | DBT              | CORP              | ID        |     1350000 | PA      | $1158324.66   | 0.05%             | 2051-06-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     1080000 | PA      | $695184.00    | 0.03%             | 2037-06-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                                | OCP SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |      708000 | PA      | $663659.02    | 0.03%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya Government International Bonds        | Republic of Kenya Government International Bonds                                                                                           | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     1100000 | PA      | $1009544.73   | 0.05%             | 2034-01-23      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                             | GLP Pte Ltd                                                                                                                                | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |      970000 | PA      | $620670.88    | 0.03%             | 2027-06-29      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                    | Fortune Star BVI Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |     1145000 | PA      | $1340962.26   | 0.06%             | 2026-10-02      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      593000 | PA      | $139092.23    | 0.01%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      475000 | PA      | $370326.84    | 0.02%             | 2042-04-13      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BULGARIAN ENERGY HLD                                    | Bulgarian Energy Holding EAD                                                                                                               | CUSIP: 000000000<br>LEI: 635400E1RWKJXPSBCV07 | Long             | DBT              | CORP              | BG        |     1040000 | PA      | $1179330.62   | 0.05%             | 2028-07-22      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PINGAN REAL ESTATE CAP                                  | Pingan Real Estate Capital Ltd                                                                                                             | CUSIP: 000000000<br>LEI: 655600MZ4W5VY0OEG119 | Long             | DBT              | CORP              | HK        |     2120000 | PA      | $2086880.43   | 0.10%             | 2026-07-29      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| JUST GROUP PLC                                          | Just Group PLC                                                                                                                             | CUSIP: 000000000<br>LEI: 5493006456YEZEELRR90 | Long             | DBT              | CORP              | GB        |      400000 | PA      | $489662.62    | 0.02%             | 2031-03-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| BANK NEGARA INDONESIA                                   | Bank Negara Indonesia Persero Tbk PT                                                                                                       | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | DBT              | CORP              | ID        |     1473000 | PA      | $1441611.99   | 0.07%             | 2027-03-24      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                                 | MPT Operating Partnership LP / MPT Finance Corp                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | US        |      400000 | PA      | $449070.68    | 0.02%             | 2026-10-15      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |      920000 | PA      | $1072742.67   | 0.05%             | 2028-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EOLO SPA                                                | Eolo SpA                                                                                                                                   | CUSIP: 000000000<br>LEI: 81560046D0F489B08569 | Long             | DBT              | CORP              | IT        |     1270000 | PA      | $1385469.40   | 0.06%             | 2028-10-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| BCP MODULAR SERVICES                                    | BCP V Modular Services Finance II PLC                                                                                                      | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |      700000 | PA      | $779147.59    | 0.04%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                                                                              | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |      320000 | PA      | $387136.00    | 0.02%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UNICAJA BANCO SA                                        | Unicaja Banco SA                                                                                                                           | CUSIP: 000000000<br>LEI: 5493007SJLLCTM6J6M37 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $474037.60    | 0.02%             | 2026-11-18      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bahrain Government International Bonds                  | Bahrain Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      972000 | PA      | $934667.45    | 0.04%             | 2034-05-18      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                         | IHS Holding Ltd                                                                                                                            | CUSIP: 000000000<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     1100000 | PA      | $1097059.93   | 0.05%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ODIDO HOLD BV                                           | Odido Holding BV                                                                                                                           | CUSIP: 000000000<br>LEI: 7245000O9YOLPPM9YB33 | Long             | DBT              | CORP              | NL        |      450000 | PA      | $529600.09    | 0.02%             | 2029-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ODIDO GROUP HOLDING BV                                  | Odido Group Holding BV                                                                                                                     | CUSIP: 000000000<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |      680000 | PA      | $804923.50    | 0.04%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    11147000 | PA      | $1714403.68   | 0.08%             | 2033-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     3749000 | PA      | $934710.46    | 0.04%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                                                                                            | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |      100000 | PA      | $117364.54    | 0.01%             | 2030-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  2385900000 | PA      | $471749.86    | 0.02%             | 2042-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| FOOD SERVICE PROJECT SL                                 | Food Service Project SA                                                                                                                    | CUSIP: 000000000<br>LEI: 95980020140005812514 | Long             | DBT              | CORP              | ES        |      245000 | PA      | $289134.56    | 0.01%             | 2027-01-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pakistan Global Sukuk Programme Co. Ltd.                | Pakistan Global Sukuk Programme Co. Ltd.                                                                                                   | CUSIP: 000000000<br>LEI: 213800X5OY6CVYNY1M70 | Long             | DBT              | NUSS              | PK        |     1100000 | PA      | $1127883.59   | 0.05%             | 2029-01-31      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1430000 | PA      | $1517590.30   | 0.07%             | 2034-02-07      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BOI FINANCE BV                                          | BOI Finance BV                                                                                                                             | CUSIP: 000000000<br>LEI: 724500ZH3H2YACBUNF38 | Long             | DBT              | CORP              | NL        |      450000 | PA      | $545016.52    | 0.03%             | 2027-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |     1304000 | PA      | $1273529.23   | 0.06%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      955000 | PA      | $259948.86    | 0.01%             | 2042-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                            | Barclays PLC                                                                                                                               | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      325000 | PA      | $459566.46    | 0.02%             | 2027-09-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    10190000 | PA      | $378177.14    | 0.02%             | 2043-06-17      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                   | Philippine Government Bond                                                                                                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    12200000 | PA      | $216977.13    | 0.01%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      495000 | PA      | $123060.82    | 0.01%             | 2032-09-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | Sasol Financing USA LLC                                                                                                                    | CUSIP: 000000000<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $1928279.58   | 0.09%             | 2027-11-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASIAN INFRASTRUCTURE INV                                | Asian Infrastructure Investment Bank/The                                                                                                   | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |    37500000 | PA      | $653723.69    | 0.03%             | 2038-02-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                                   | Republic of Ghana Government Bonds                                                                                                         | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     4368811 | PA      | $342254.13    | 0.02%             | 2030-02-12      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                                   | Republic of Ghana Government Bonds                                                                                                         | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     2036231 | PA      | $143267.47    | 0.01%             | 2033-02-08      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| GHANA GOVERNMENT BOND                                   | Republic of Ghana Government Bonds                                                                                                         | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      820740 | PA      | $53877.81     | 0.00%             | 2038-02-02      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                                                                              | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |      368000 | PA      | $487717.75    | 0.02%             | 2029-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     1313000 | PA      | $350514.69    | 0.02%             | 2053-03-31      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   140000000 | PA      | $164418.86    | 0.01%             | 2033-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANCA TRANSILVANIA                                      | Banca Transilvania SA                                                                                                                      | CUSIP: 000000000<br>LEI: 549300RG3H390KEL8896 | Long             | DBT              | CORP              | RO        |      580000 | PA      | $695972.08    | 0.03%             | 2027-04-27      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                                | Cheplapharm Arzneimittel GmbH                                                                                                              | CUSIP: 000000000<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |      500000 | PA      | $609734.42    | 0.03%             | 2030-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| KHAZANAH GLOBAL SUKUK                                   | Khazanah Global Sukuk Bhd                                                                                                                  | CUSIP: 000000000<br>LEI: 213800VIN16ILYRCKD86 | Long             | DBT              | CORP              | MY        |     1175000 | PA      | $1194338.23   | 0.06%             | 2028-06-01      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     9425000 | PA      | $3197722.64   | 0.15%             | 2033-08-12      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA ZRT                                      | MVM Energetika Zrt                                                                                                                         | CUSIP: 000000000<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |      625000 | PA      | $662618.69    | 0.03%             | 2028-06-09      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANK OF CYPRUS HOLDINGS                                 | Bank of Cyprus Holdings PLC                                                                                                                | CUSIP: 000000000<br>LEI: 635400L14KNHZXPUZM19 | Long             | DBT              | CORP              | IE        |      250000 | PA      | $341689.35    | 0.02%             | 2028-06-21      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| PLAYTECH PLC                                            | Playtech Plc                                                                                                                               | CUSIP: 000000000<br>LEI: 21380068TTB6Z9ZEU548 | Long             | DBT              | CORP              | IM        |      420000 | PA      | $494375.69    | 0.02%             | 2028-06-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: —       |
| ASIAN INFRASTRUCTURE INV                                | Asian Infrastructure Investment Bank/The                                                                                                   | CUSIP: 000000000<br>LEI: 25490065OSV2524LCR32 | Long             | DBT              | NUSS              | XX        |    23300000 | PA      | $257188.30    | 0.01%             | 2033-06-30      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                                   | India Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    63570000 | PA      | $709400.10    | 0.03%             | 2053-06-19      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                 | International Bank for Reconstruction & Development                                                                                        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    12600000 | PA      | $140751.30    | 0.01%             | 2029-07-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UGANDA GOVERNMENT BOND                                  | Republic of Uganda Government Bonds                                                                                                        | CUSIP: 000000000<br>LEI: 549300NF1DEFHG8XLQ11 | Long             | DBT              | NUSS              | UG        |  5614500000 | PA      | $1341018.13   | 0.06%             | 2043-06-18      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                   | Philippine Government Bond                                                                                                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   164860000 | PA      | $2866368.45   | 0.13%             | 2030-07-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     1500000 | PA      | $73630.03     | 0.00%             | 2032-11-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Suci Second Investment Co.                              | Suci Second Investment Co.                                                                                                                 | CUSIP: 000000000<br>LEI: 558600VUMCHBIHACQF76 | Long             | DBT              | CORP              | KY        |      525000 | PA      | $549774.73    | 0.03%             | 2028-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| METRO BANK HOLDINGS PLC                                 | Metro Bank Holdings PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 984500CDDEAD6C2EDQ64 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $923516.11    | 0.04%             | 2029-04-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ISTANBUL METROPOLITAN MU                                | Istanbul Metropolitan Municipality                                                                                                         | CUSIP: 000000000<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |     1320000 | PA      | $1451543.94   | 0.07%             | 2028-12-06      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Hungary Government International Bonds                  | Hungary Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     2350000 | PA      | $2355172.47   | 0.11%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                                | Brazil Notas do Tesouro Nacional Serie F                                                                                                   | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      229000 | PA      | $34265.72     | 0.00%             | 2035-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                | Yapi ve Kredi Bankasi AS                                                                                                                   | CUSIP: 000000000<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |      725000 | PA      | $775855.60    | 0.04%             | 2034-01-17      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NOVA LJUBLJANSKA BANK                                   | Nova Ljubljanska Banka dd                                                                                                                  | CUSIP: 000000000<br>LEI: 5493001BABFV7P27OW30 | Long             | DBT              | CORP              | SI        |      100000 | PA      | $127164.47    | 0.01%             | 2034-01-24      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                   | Philippine Government Bond                                                                                                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |   158450000 | PA      | $2736018.69   | 0.13%             | 2034-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     2200000 | PA      | $2384402.77   | 0.11%             | 2033-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Ivory Coast Government International Bonds              | Ivory Coast Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1956000 | PA      | $2135276.71   | 0.10%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      594000 | PA      | $613948.41    | 0.03%             | 2029-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Romania Government International Bonds                  | Romania Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      576000 | PA      | $601366.16    | 0.03%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                                                                                            | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |      700000 | PA      | $848290.79    | 0.04%             | 2031-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                                                                                        | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     1325000 | PA      | $1379317.14   | 0.06%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     3775000 | PA      | $4620394.25   | 0.21%             | 2031-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      290000 | PA      | $354944.19    | 0.02%             | 2031-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      170000 | PA      | $207418.10    | 0.01%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                                  | Vmed O2 UK Financing I PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |      300000 | PA      | $355406.17    | 0.02%             | 2032-04-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CD&R FIREFLY BIDCO LTD                                  | CD&R Firefly Bidco PLC                                                                                                                     | CUSIP: 000000000<br>LEI: 213800OAU5VX61DYZ558 | Long             | DBT              | CORP              | GB        |      520000 | PA      | $734497.17    | 0.03%             | 2029-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     2645000 | PA      | $733099.78    | 0.03%             | 2034-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILIAD SA                                                | iliad SA                                                                                                                                   | CUSIP: 000000000<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |      100000 | PA      | $126356.91    | 0.01%             | 2031-05-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TC ZIRAAT BANKASI AS                                    | TC Ziraat Bankasi AS                                                                                                                       | CUSIP: 000000000<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |      725000 | PA      | $773329.59    | 0.04%             | 2034-08-02      | Fixed         | 8.99%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                              | Grifols SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |      550000 | PA      | $680278.05    | 0.03%             | 2030-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                                  | Trident Energy Finance PLC                                                                                                                 | CUSIP: 000000000<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |      850000 | PA      | $865210.91    | 0.04%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                           | Veon Midco BV                                                                                                                              | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |     1623000 | PA      | $1543245.91   | 0.07%             | 2027-11-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   110000000 | PA      | $134069.27    | 0.01%             | 2040-10-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| BERTRAND FRANCHISE                                      | Bertrand Franchise Finance SAS                                                                                                             | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |      160000 | PA      | $187519.88    | 0.01%             | 2030-07-18      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| BERTRAND FRANCHISE                                      | Bertrand Franchise Finance SAS                                                                                                             | CUSIP: 000000000<br>LEI: 969500HGPPEHSTNJFW57 | Long             | DBT              | CORP              | FR        |      165000 | PA      | $195239.66    | 0.01%             | 2030-07-18      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     1500000 | PA      | $891234.06    | 0.04%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Serbia International Bonds                              | Serbia International Bonds                                                                                                                 | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |     1700000 | PA      | $1764996.41   | 0.08%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCF HOLDING SAS                                         | CCF Holding SAS                                                                                                                            | CUSIP: 000000000<br>LEI: 969500ULNMJWJWCKM704 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $257982.45    | 0.01%             | 2029-06-12      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| INTL PERSONAL FINANCE PL                                | International Personal Finance PLC                                                                                                         | CUSIP: 000000000<br>LEI: 213800II1O44IRKUZB59 | Long             | DBT              | CORP              | GB        |      220000 | PA      | $279593.72    | 0.01%             | 2029-12-14      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Zambia Government International Bonds                   | Zambia Government International Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     6142303 | PA      | $4338951.46   | 0.20%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                                      | Peru Government Bond                                                                                                                       | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1669000 | PA      | $542277.37    | 0.03%             | 2039-08-12      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| PICARD GROUPE SAS                                       | Picard Groupe SAS                                                                                                                          | CUSIP: 000000000<br>LEI: 969500C0PA29TV19CT55 | Long             | DBT              | CORP              | FR        |      450000 | PA      | $552738.45    | 0.03%             | 2029-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LION/POLARIS LUX 4 SA                                   | Lion/Polaris Lux 4 SA                                                                                                                      | CUSIP: 000000000<br>LEI: 984500BFD3F99A7UB874 | Long             | DBT              | CORP              | LU        |      150000 | PA      | $178743.73    | 0.01%             | 2029-07-01      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| RAY FINANCING LLC                                       | RAY Financing LLC                                                                                                                          | CUSIP: 000000000<br>LEI: 254900IA5MVMGDF40Z19 | Long             | DBT              | CORP              | US        |      750000 | PA      | $899342.94    | 0.04%             | 2031-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1276200000 | PA      | $303974.48    | 0.01%             | 2046-07-25      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                          | TeamSystem SpA                                                                                                                             | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |      350000 | PA      | $415105.35    | 0.02%             | 2031-07-31      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                                    | Republic of Cameroon International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |     1350000 | PA      | $1347563.91   | 0.06%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    58740000 | PA      | $2615212.92   | 0.12%             | 2036-06-03      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 55770000000 | PA      | $3518811.08   | 0.16%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 69527000000 | PA      | $4338734.97   | 0.20%             | 2030-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EGYPT GOVERNMENT BOND                                   | Egypt Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    57137000 | PA      | $1235292.85   | 0.06%             | 2027-08-13      | Fixed         | 25.32%                | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                 | Turkiye Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    20600000 | PA      | $483434.90    | 0.02%             | 2026-08-12      | Fixed         | 36.00%                | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      582130 | PA      | $436553.33    | 0.02%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     2180000 | PA      | $1040756.00   | 0.05%             | 2034-02-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     5490696 | PA      | $3309030.81   | 0.15%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Ukraine Government International Bonds                  | Ukraine Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     1291157 | PA      | $766617.75    | 0.04%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| QIAGEN NV                                               | QIAGEN NV                                                                                                                                  | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | DBT              | CORP              | NL        |      600000 | PA      | $624815.37    | 0.03%             | 2031-09-10      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BAWAG GROUP AG                                          | BAWAG Group AG                                                                                                                             | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | DBT              | CORP              | AT        |      400000 | PA      | $502307.80    | 0.02%             | 2029-09-18      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                 | Turkiye Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    36811694 | PA      | $834814.46    | 0.04%             | 2029-09-12      | Fixed         | 30.00%                | No            |                  2 | On Loan: No      |
| BANCA TRANSILVANIA                                      | Banca Transilvania SA                                                                                                                      | CUSIP: 000000000<br>LEI: 549300RG3H390KEL8896 | Long             | DBT              | CORP              | RO        |     1353000 | PA      | $1632684.69   | 0.08%             | 2030-09-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| DYNAMO NEWCO II GMBH                                    | Dynamo Newco II GmbH                                                                                                                       | CUSIP: 000000000<br>LEI: 391200FDSPYB8FKV7F97 | Long             | DBT              | CORP              | DE        |      500000 | PA      | $599618.29    | 0.03%             | 2031-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    10000000 | PA      | $697700.86    | 0.03%             | 2038-03-31      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     1375000 | PA      | $1261601.17   | 0.06%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ghana Government International Bonds                    | Ghana Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     1300000 | PA      | $1279909.71   | 0.06%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     3440000 | PA      | $793701.79    | 0.04%             | 2035-04-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GDZ ELEKTRIK DAGITIM AS                                 | GDZ Elektrik Dagitim AS                                                                                                                    | CUSIP: 000000000<br>LEI: 984500B63B5766038A64 | Long             | DBT              | CORP              | TR        |     1608000 | PA      | $1564080.91   | 0.07%             | 2029-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                                 | Turkiye Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    51603587 | PA      | $1225185.23   | 0.06%             | 2034-09-27      | Fixed         | 27.70%                | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                         | United Group BV                                                                                                                            | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |      500000 | PA      | $601755.16    | 0.03%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AFRICELL HOLDING LTD                                    | Africell Holding Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 984500JFB7AFK4B6C829 | Long             | DBT              | CORP              | JE        |     1598000 | PA      | $1587565.68   | 0.07%             | 2029-10-23      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NEINOR HOMES SLU                                        | Neinor Homes SA                                                                                                                            | CUSIP: 000000000<br>LEI: 959800FW4JL65YWSQ217 | Long             | DBT              | CORP              | ES        |      100000 | PA      | $122322.15    | 0.01%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    41134000 | PA      | $1455117.04   | 0.07%             | 2045-06-17      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds                                                                                    | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |      525000 | PA      | $564305.81    | 0.03%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| TRAD & DEV BANK MONGOLIA                                | Trade & Development Bank of Mongolia LLC                                                                                                   | CUSIP: 000000000<br>LEI: 549300O080RZNQXWR806 | Long             | DBT              | CORP              | MN        |     2373000 | PA      | $2375193.62   | 0.11%             | 2027-12-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      698148 | PA      | $601903.88    | 0.03%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     2889335 | PA      | $2642325.55   | 0.12%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| Sri Lanka Government International Bonds                | Sri Lanka Government International Bonds                                                                                                   | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     1050000 | PA      | $960235.43    | 0.04%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       37292 | PA      | $35542.04     | 0.00%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       34279 | PA      | $31269.79     | 0.00%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                                   | Sri Lanka Government International Bond                                                                                                    | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |       34849 | PA      | $33456.58     | 0.00%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBYG HOLD                                        | Samhallsbyggnadsbolaget I Norden Holding AB                                                                                                | CUSIP: 000000000<br>LEI: 636700JPED0N9T4ET363 | Long             | DBT              | CORP              | SE        |      880000 | PA      | $878298.27    | 0.04%             | 2028-11-14      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBYG HOLD                                        | Samhallsbyggnadsbolaget I Norden Holding AB                                                                                                | CUSIP: 000000000<br>LEI: 636700JPED0N9T4ET363 | Long             | DBT              | CORP              | SE        |     2065000 | PA      | $1999442.34   | 0.09%             | 2029-09-26      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| EUROPEAN BK RECON & DEV                                 | European Bank for Reconstruction & Development                                                                                             | CUSIP: 000000000<br>LEI: 549300HTGDOVDU6OGK19 | Long             | DBT              | NUSS              | XX        |    27200000 | PA      | $302438.10    | 0.01%             | 2032-01-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                                           | AIB Group PLC                                                                                                                              | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      325000 | PA      | $391388.27    | 0.02%             | 2031-07-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TURKIYE IS BANKASI A.S                                  | Turkiye Is Bankasi AS                                                                                                                      | CUSIP: 000000000<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |     1350000 | PA      | $1426559.81   | 0.07%             | 2030-01-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| KAPLA HOLDING SAS                                       | Kapla Holding SAS                                                                                                                          | CUSIP: 000000000<br>LEI: 894500PJ28XTH66K4X83 | Long             | DBT              | CORP              | FR        |      700000 | PA      | $835906.18    | 0.04%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AFRICA FINANCE CORP                                     | Africa Finance Corp                                                                                                                        | CUSIP: 000000000<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | NUSS              | XX        |     1195000 | PA      | $1204733.05   | 0.06%             | 2030-01-21      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                                | Azule Energy Finance Plc                                                                                                                   | CUSIP: 000000000<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     1874000 | PA      | $1878132.17   | 0.09%             | 2030-01-23      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                       | Ivanhoe Mines Ltd                                                                                                                          | CUSIP: 000000000<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |      751000 | PA      | $777728.09    | 0.04%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    11575000 | PA      | $240218.12    | 0.01%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EUROBANK SA                                             | Eurobank SA                                                                                                                                | CUSIP: 000000000<br>LEI: 213800KGF4EFNUQKAT69 | Long             | DBT              | CORP              | GR        |      500000 | PA      | $586259.28    | 0.03%             | 2036-02-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |      600000 | PA      | $521219.69    | 0.02%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                                 | Romania Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1550000 | PA      | $373313.40    | 0.02%             | 2031-07-27      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| ARBEJDERNES LANDSBANK                                   | Arbejdernes Landsbank AS                                                                                                                   | CUSIP: 000000000<br>LEI: 549300D6BJ7XOO03RR69 | Long             | DBT              | CORP              | DK        |      300000 | PA      | $356498.11    | 0.02%             | 2030-03-05      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    55800000 | PA      | $1120094.49   | 0.05%             | 2026-03-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |     1850000 | PA      | $36963.85     | 0.00%             | 2026-03-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| METRO BANK HOLDINGS PLC                                 | Metro Bank Holdings PLC                                                                                                                    | CUSIP: 000000000<br>LEI: 984500CDDEAD6C2EDQ64 | Long             | DBT              | CORP              | GB        |      825000 | PA      | $1300884.92   | 0.06%             | 2030-03-26      | Fixed         | 13.88%                | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1250000 | PA      | $1536245.02   | 0.07%             | 2039-07-11      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                          | Opal Bidco SAS                                                                                                                             | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |      500000 | PA      | $607447.09    | 0.03%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1125000000 | PA      | $299176.02    | 0.01%             | 2040-11-28      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| EIRCOM FINANCE DAC                                      | eircom Finance DAC                                                                                                                         | CUSIP: 000000000<br>LEI: 254900NA4DUH50UERM85 | Long             | DBT              | CORP              | IE        |      500000 | PA      | $598391.91    | 0.03%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                                | Nidda Healthcare Holding GmbH                                                                                                              | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |      500000 | PA      | $601075.63    | 0.03%             | 2030-10-23      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  5131000000 | PA      | $1283911.93   | 0.06%             | 2029-08-22      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| GLP PTE LTD                                             | GLP Pte Ltd                                                                                                                                | CUSIP: 000000000<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |     1160000 | PA      | $1189918.40   | 0.06%             | 2028-05-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| EASTERN EUROPEAN ELECT                                  | Eastern European Electric Co BV                                                                                                            | CUSIP: 000000000<br>LEI: 8945004UQXDLRHI1KJ27 | Long             | DBT              | CORP              | NL        |     2035000 | PA      | $2520020.60   | 0.12%             | 2030-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                                 | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      341000 | PA      | $410931.80    | 0.02%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JYSKE BANK A/S                                          | Jyske Bank A/S                                                                                                                             | CUSIP: 000000000<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | DBT              | CORP              | DK        |      500000 | PA      | $589019.94    | 0.03%             | 2031-11-19      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EQUINIX EU 2 FINANCING C                                | Equinix Europe 2 Financing Corp LLC                                                                                                        | CUSIP: 000000000<br>LEI: 254900FSZR46BPMCKI50 | Long             | DBT              |  | US        |      800000 | PA      | $941977.50    | 0.04%             | 2029-05-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ENERGO PRO AS                                           | Energo - Pro as                                                                                                                            | CUSIP: 000000000<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |     2527000 | PA      | $3133930.13   | 0.15%             | 2030-05-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ERSTE GROUP BANK AG                                     | Erste Group Bank AG                                                                                                                        | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | DBT              | CORP              | AT        |      400000 | PA      | $489825.15    | 0.02%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                                | Albion Financing 1 SARL / Aggreko Holdings Inc                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1450000 | PA      | $1759808.78   | 0.08%             | 2030-05-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     6490000 | PA      | $309547.06    | 0.01%             | 2034-10-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                                     | Intesa Sanpaolo SpA                                                                                                                        | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      250000 | PA      | $305991.34    | 0.01%             | 2033-05-26      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Q-PARK HOLDING I BV                                     | Q-Park Holding I BV                                                                                                                        | CUSIP: 000000000<br>LEI: 2549003839B7HE3NDP48 | Long             | DBT              | CORP              | NL        |      500000 | PA      | $596335.95    | 0.03%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY                                 | Nationwide Building Society                                                                                                                | CUSIP: 000000000<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $284523.05    | 0.01%             | 2031-12-20      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ZF EUROPE FINANCE BV                                    | ZF Europe Finance BV                                                                                                                       | CUSIP: 000000000<br>LEI: 549300RI533US2G6G542 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $496545.21    | 0.02%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                                | Clarios Global LP / Clarios US Finance Co                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      550000 | PA      | $656663.56    | 0.03%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CREDIABANK SA                                           | CrediaBank SA                                                                                                                              | CUSIP: 000000000<br>LEI: 213800FFWYE3BQ1CU978 | Long             | DBT              | CORP              | GR        |      325000 | PA      | $408995.20    | 0.02%             | 2031-01-31      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| MEHILAINEN YHTIOT OY                                    | Mehilainen Yhtiot Oy                                                                                                                       | CUSIP: 000000000<br>LEI: 2138006X78HGYRHS5865 | Long             | DBT              | CORP              | FI        |      700000 | PA      | $836777.55    | 0.04%             | 2032-06-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BULGARIAN ENERGY HLD                                    | Bulgarian Energy Holding EAD                                                                                                               | CUSIP: 000000000<br>LEI: 635400E1RWKJXPSBCV07 | Long             | DBT              | CORP              | BG        |      515000 | PA      | $605466.48    | 0.03%             | 2030-06-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                                 | Hungary Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      250000 | PA      | $257129.13    | 0.01%             | 2030-09-26      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BAUSCH & LOMB NL BV/INC                                 | Bausch + Lomb Netherlands BV and Bausch & Lomb Inc                                                                                         | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | XX        |      700000 | PA      | $836788.64    | 0.04%             | 2031-01-15      | Floating      | 5.87%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                                | Bellis Acquisition Co PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |      410000 | PA      | $467885.99    | 0.02%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |     5850000 | PA      | $110526.35    | 0.01%             | 2026-06-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BELLIS ACQUISITION CO PL                                | Bellis Acquisition Co PLC                                                                                                                  | CUSIP: 000000000<br>LEI: 259400CYE2267UB4A481 | Long             | DBT              | CORP              | GB        |      715000 | PA      | $815947.51    | 0.04%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CPI PROPERTY GROUP SA                                   | CPI Property Group SA                                                                                                                      | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |      375000 | PA      | $409087.86    | 0.02%             | 2031-03-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PIRAEUS BANK SA                                         | Piraeus Bank SA                                                                                                                            | CUSIP: 000000000<br>LEI: 213800OYHR1MPQ5VJL60 | Long             | DBT              | CORP              | GR        |      200000 | PA      | $243620.13    | 0.01%             | 2030-12-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                                      | Banco Santander SA                                                                                                                         | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |      200000 | PA      | $242827.51    | 0.01%             | 2031-01-02      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CMA CGM SA                                              | CMA CGM SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 969500BZJ49IICIBZZ08 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $352979.59    | 0.02%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    12467000 | PA      | $3065169.74   | 0.14%             | 2035-07-02      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| TECHEM VERWALTUNGSGESELL                                | Techem Verwaltungsgesellschaft 675 mbH                                                                                                     | CUSIP: 000000000<br>LEI: 529900N0M7FQHNAV1A41 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $714912.36    | 0.03%             | 2032-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| SIGMA HOLDCO BV                                         | Sigma Holdco BV                                                                                                                            | CUSIP: 000000000<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |      400000 | PA      | $405830.29    | 0.02%             | 2031-04-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SOGECAP SA                                              | Sogecap SA                                                                                                                                 | CUSIP: 000000000<br>LEI: 9695009HXSFK8D6V0T62 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $355738.72    | 0.02%             | 2035-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VEON MIDCO BV                                           | Veon Midco BV                                                                                                                              | CUSIP: 000000000<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |      690000 | PA      | $721167.13    | 0.03%             | 2029-07-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KANE BIDCO LTD                                          | Kane Bidco Ltd                                                                                                                             | CUSIP: 000000000<br>LEI: 213800IT8MD1MLYZWC24 | Long             | DBT              | CORP              | JE        |      750000 | PA      | $1032210.20   | 0.05%             | 2031-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PCL                                   | Muangthai Capital PCL                                                                                                                      | CUSIP: 000000000<br>LEI: 254900ZI1FO2W9132C98 | Long             | DBT              | CORP              | TH        |      304000 | PA      | $313624.31    | 0.01%             | 2030-07-21      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| CPI PROPERTY GROUP SA                                   | CPI Property Group SA                                                                                                                      | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |      540000 | PA      | $611452.75    | 0.03%             | 2030-07-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS & CO                                       | Levi Strauss & Co                                                                                                                          | CUSIP: 000000000<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |      100000 | PA      | $119415.62    | 0.01%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP FINCO LP                                    | Boots Group Finco LP                                                                                                                       | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |      715000 | PA      | $869171.21    | 0.04%             | 2032-08-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                                | Allwyn Entertainment Financing UK PLC                                                                                                      | CUSIP: 000000000<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |      400000 | PA      | $463527.11    | 0.02%             | 2031-02-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ALEXANDRITE LAKE LUX HOL                                | Alexandrite Lake Lux Holdings Sarl                                                                                                         | CUSIP: 000000000<br>LEI: 213800RY78YHYF5J8L55 | Long             | DBT              | CORP              | LU        |      885000 | PA      | $1058095.12   | 0.05%             | 2030-07-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 12040000000 | PA      | $2979113.94   | 0.14%             | 2035-01-24      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| PHILIPPINE GOVERNMENT                                   | Philippine Government Bond                                                                                                                 | CUSIP: 000000000<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    25865000 | PA      | $443178.14    | 0.02%             | 2030-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 54099000000 | PA      | $3299563.52   | 0.15%             | 2031-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                                   | China Government Bond                                                                                                                      | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    12240000 | PA      | $1706350.39   | 0.08%             | 2055-08-25      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| CULLINAN HOLDCO                                         | Cullinan Holdco Scsp                                                                                                                       | CUSIP: 000000000<br>LEI: 549300F81ZP47K818173 | Long             | DBT              | CORP              | LU        |      500000 | PA      | $515846.18    | 0.02%             | 2029-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| YAPI VE KREDI BANKASI AS                                | Yapi ve Kredi Bankasi AS                                                                                                                   | CUSIP: 000000000<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |      821000 | PA      | $835922.58    | 0.04%             | 2030-09-04      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CESKA SPORITELNA AS                                     | Ceska sporitelna AS                                                                                                                        | CUSIP: 000000000<br>LEI: 9KOGW2C2FCIOJQ7FF485 | Long             | DBT              | CORP              | CZ        |      500000 | PA      | $588164.80    | 0.03%             | 2032-09-09      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI LTD                                    | Fortune Star BVI Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |      640000 | PA      | $631043.06    | 0.03%             | 2029-09-09      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    12800000 | PA      | $231853.44    | 0.01%             | 2026-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FORVIA SE                                               | Forvia SE                                                                                                                                  | CUSIP: 000000000<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      220000 | PA      | $266144.09    | 0.01%             | 2031-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                                    | Colombian TES                                                                                                                              | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  3353701202 | PA      | $892739.77    | 0.04%             | 2031-01-22      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                       | Iron Mountain Inc                                                                                                                          | CUSIP: 000000000<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      500000 | PA      | $572478.28    | 0.03%             | 2034-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ABANCA CORP BANCARIA SA                                 | Abanca Corp Bancaria SA                                                                                                                    | CUSIP: 000000000<br>LEI: 54930056IRBXK0Q1FP96 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $475477.06    | 0.02%             | 2031-09-19      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MEXICO CETES                                            | Mexico Cetes                                                                                                                               | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     5658780 | PA      | $27726.34     | 0.00%             | 2027-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $238873.84    | 0.01%             | 2032-03-17      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| CHINA PACIFIC INSURANCE                                 | China Pacific Insurance Group Co Ltd                                                                                                       | CUSIP: 000000000<br>LEI: 529900BA5ILEL308WX03 | Long             | DBT              | CORP              | CN        |     2000000 | PA      | $275069.06    | 0.01%             | 2030-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |      100000 | PA      | $112655.55    | 0.01%             | 2032-09-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCHNEIDER ELECTRIC SE                                   | Schneider Electric SE                                                                                                                      | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | DBT              | CORP              | FR        |      100000 | PA      | $118952.01    | 0.01%             | 2033-09-23      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    27675000 | PA      | $497425.97    | 0.02%             | 2026-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                                 | International Bank for Reconstruction & Development                                                                                        | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |    20000000 | PA      | $218915.57    | 0.01%             | 2037-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                                | Olympus Water US Holding Corp                                                                                                              | CUSIP: 000000000<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1870377.30   | 0.09%             | 2033-02-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                                                                           | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      450000 | PA      | $498272.78    | 0.02%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                        | Altice France SA                                                                                                                           | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      616080 | PA      | $689077.16    | 0.03%             | 2031-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     5683000 | PA      | $367531.37    | 0.02%             | 2039-03-31      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ALTICE HOLDINGS 1                                       | ALTICE HOLDINGS 1                                                                                                                          | CUSIP: 000000000<br>LEI: 213800KN5HWZ17ATLB25 | Long             | DBT              | CORP              | LU        |        1522 | PA      | $252.48       | 0.00%             | 2099-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      336000 | PA      | $399722.13    | 0.02%             | 2033-06-07      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      800000 | PA      | $938146.32    | 0.04%             | 2045-10-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1927000 | PA      | $2292454.04   | 0.11%             | 2033-06-07      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAMMAAN CAPITAL LTD                                     | Sammaan Capital Ltd                                                                                                                        | CUSIP: 000000000<br>LEI: 335800A2A3G53ZQZTQ21 | Long             | DBT              | CORP              | IN        |     1115000 | PA      | $1097977.33   | 0.05%             | 2030-10-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                                     | Cirsa Finance International Sarl                                                                                                           | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      391000 | PA      | $472042.57    | 0.02%             | 2031-10-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AEGIS LUX                                               | Aegis Lux 1a Sarl                                                                                                                          | CUSIP: 000000000<br>LEI: 529900WB6L9XYCR8YT98 | Long             | DBT              | CORP              | LU        |      144000 | PA      | $171646.32    | 0.01%             | 2031-10-29      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     3259000 | PA      | $154060.25    | 0.01%             | 2055-04-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MEXICO CETES                                            | Mexico Cetes                                                                                                                               | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    41126900 | PA      | $1989336.03   | 0.09%             | 2027-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CORPORACIAN QUIPORT SA                                  | Corp Quiport SA                                                                                                                            | CUSIP: 000000000<br>LEI: 9845008C1QFC4A49E084 | Long             | DBT              | CORP              | EC        |      755000 | PA      | $809928.52    | 0.04%             | 2037-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                                     | Nigeria Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |      650000 | PA      | $700092.56    | 0.03%             | 2036-01-13      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    31000000 | PA      | $1920120.17   | 0.09%             | 2026-12-21      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                         | Ardagh Group SA                                                                                                                            | CUSIP: 000000000<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      500000 | PA      | $540013.51    | 0.03%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ARDAGH GROUP SA                                         | Ardagh Group SA                                                                                                                            | CUSIP: 000000000<br>LEI: 6354006L1NWUUOPYX274 | Long             | DBT              | CORP              | LU        |      400000 | PA      | $432010.80    | 0.02%             | 2030-12-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| KING US BIDCO INC                                       | King US Bidco Inc                                                                                                                          | CUSIP: 000000000<br>LEI: 254900FMEU5P81WHKR41 | Long             | DBT              | CORP              | US        |      212000 | PA      | $251526.86    | 0.01%             | 2032-12-01      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                                | Uruguay Government International Bond                                                                                                      | CUSIP: 760942BJ0<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     4406000 | PA      | $116547.67    | 0.01%             | 2035-10-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1125000 | PA      | $1282573.09   | 0.06%             | 2034-11-26      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                                    | Colombia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     2095000 | PA      | $2383657.87   | 0.11%             | 2038-11-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                                  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      309000 | PA      | $367237.75    | 0.02%             | 2031-01-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                                                                                   | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     1000000 | PA      | $1193036.21   | 0.06%             | 2030-11-21      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                                     | Egypt Treasury Bills                                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | STIV             | NUSS              | EG        |    49550000 | PA      | $894045.73    | 0.04%             | 2026-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CI FINANCIAL CORP                                       | CI Financial Corp                                                                                                                          | CUSIP: 000000000<br>LEI: 549300M9W7JJQSVCEM78 | Long             | DBT              | CORP              | CA        |      800000 | PA      | $946954.76    | 0.04%             | 2031-12-12      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ICBC STANDARD BANK PLC                                  | ICBC Standard Bank PLC                                                                                                                     | CUSIP: 000000000<br>LEI: F01VVKN4DRF2NWKGQ283 | Long             | SN               | CORP              | GB        |  8058000000 | PA      | $670372.30    | 0.03%             | 2029-12-13      | Fixed         | 20.00%                | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BOBL FUTURE MAR26                                                                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -84 | NC      | $69964.99     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | EURO-SCHATZ FUT MAR26                                                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          -4 | NC      | $666.05       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUND FUTURE MAR26                                                                                                                     | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -163 | NC      | $171976.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | EURO-BUXL 30Y BND MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |          17 | NC      | $-37291.44    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                       | EURO-OAT FUTURE MAR26                                                                                                                      | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         -31 | NC      | $17065.17     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US LONG BOND(CBT) MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          10 | NC      | $-21226.95    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR NOTE (CBT)MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         428 | NC      | $-211571.39   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US ULTRA BOND CBT MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         160 | NC      | $-279184.97   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 5YR NOTE (CBT) MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         340 | NC      | $-36023.23    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 2YR NOTE (CBT) MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |          64 | NC      | $11852.18     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                  | US 10YR ULTRA FUT MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |         598 | NC      | $-281323.27   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division        | LONG GILT FUTURE MAR26                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |          92 | NC      | $75760.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division        | LONG GILT FUTURE MAR26                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         -95 | NC      | $-51705.89    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                     | AUST 10Y BOND FUT MAR26                                                                                                                    | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         406 | NC      | $125867.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                 | Pakistan Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1515000 | PA      | $1489060.58   | 0.07%             | 2036-03-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                                       | Lebanon Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      850000 | PA      | $198130.75    | 0.01%             | 2021-04-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS                                          | Eskom Holdings                                                                                                                             | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |     6000000 | PA      | $338659.21    | 0.02%             | 2033-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     8570000 | PA      | $402139.43    | 0.02%             | 2036-12-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    11719000 | PA      | $3646332.21   | 0.17%             | 2037-08-12      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2020000 | PA      | $499972.92    | 0.02%             | 2026-04-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| HEATHROW FUNDING LTD                                    | Heathrow Funding Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 7TI96JO3DYEIQWZ7Z726 | Long             | DBT              | CORP              | JE        |      545000 | PA      | $749575.34    | 0.03%             | 2026-12-03      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                                | Thailand Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     3176000 | PA      | $115932.48    | 0.01%             | 2032-06-25      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Idemia Identity and Security France SAS                 | Idemia Identity and Security France SAS 2024 EUR Term Loan B                                                                               | CUSIP: 000000000<br>LEI: 969500UPJVNEV8CBCC98 | Long             | LON              | CORP              | FR        |           0 | PA      | $0.00         | 0.00%             | 2028-09-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TSM II LuxCo 21 Sarl                                    | TSM II LuxCo 21 Sarl EUR Term Loan B                                                                                                       | CUSIP: 000000000<br>LEI: 636700H3SPZYYIUIF304 | Long             | LON              | CORP              | LU        |     1000000 | PA      | $1189865.20   | 0.06%             | 2031-09-11      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Synlab Bondco Plc                                       | Synlab Bondco Plc 2024 EUR Term Loan                                                                                                       | CUSIP: 000000000<br>LEI: 213800E4EG6VFUFVEH64 | Long             | LON              | CORP              | LU        |           0 | PA      | $0.00         | 0.00%             | 2031-04-16      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Jefferies Finance LLC                                   | Jefferies Finance LLC 2024 Term Loan                                                                                                       | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |     1238731 | PA      | $1231763.41   | 0.06%             | 2031-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Enviva Partners LP/Fin C                                | Enviva Partners LP/Fin C 2024 Backstop Term Loan                                                                                           | CUSIP: 000000000<br>LEI: 549300WH5VXDEFM5KR81 | Long             | LON              | CORP              | US        |      636989 | PA      | $649200.33    | 0.03%             | 2029-12-06      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| Stepstone Group Midco 2 GmbH/ The                       | Stepstone Group Midco 2 GmbH/ The EUR Term Loan B                                                                                          | CUSIP: 000000000<br>LEI: 894500DB5T5ENCFFQU61 | Long             | LON              | CORP              | DE        |     1000000 | PA      | $1113525.91   | 0.05%             | 2032-04-26      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Spirit Airlines, Inc                                    | Spirit Airlines Inc Term Loan B                                                                                                            | CUSIP: 000000000<br>LEI: 549300DCAFIXFNFR3304 | Long             | LON              | CORP              | US        |       22260 | PA      | $18437.16     | 0.00%             | 2034-12-09      | Floating      | 11.75%                | No            |                  2 | On Loan: No      |
| Concorde Midco Ltd                                      | Concorde Midco Ltd 2025 EUR Term Loan B                                                                                                    | CUSIP: 000000000<br>LEI: 254900DAXSLQJEJR6438 | Long             | LON              | CORP              | LU        |     1000000 | PA      | $1131876.70   | 0.05%             | 2030-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LSCS Holdings Inc                                       | LSCS Holdings Inc 2025 Term Loan                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1812434 | PA      | $1780716.15   | 0.08%             | 2032-03-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mosel Bidco SE                                          | Mosel Bidco SE 2025 EUR Term Loan B                                                                                                        | CUSIP: 000000000<br>LEI: 984500Y5D569472B6455 | Long             | LON              | CORP              | DE        |     1000000 | PA      | $1188122.31   | 0.06%             | 2030-09-16      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Whitewater Matterhorn Holdings LLC                      | Whitewater Matterhorn Holdings LLC 2025 Term Loan B                                                                                        | CUSIP: 000000000<br>LEI: 2138009J7G187M6C4Q91 | Long             | LON              | CORP              | US        |      200000 | PA      | $201125.00    | 0.01%             | 2032-06-16      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments LLC                                     | Shift4 Payments LLC 2025 Term Loan                                                                                                         | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |      164588 | PA      | $165719.04    | 0.01%             | 2032-06-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Siaci Saint Honore                                      | Siaci Saint Honore 2025 EUR Unitranche Term Loan                                                                                           | CUSIP: 000000000<br>LEI: 969500NM0252PENX2L59 | Long             | LON              | CORP              | FR        |     1020000 | PA      | $1212913.79   | 0.06%             | 2032-07-26      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| SPA HOLDINGS 3 OY                                       | SPA HOLDINGS 3 OY 2025 EUR TERM LOAN                                                                                                       | CUSIP: 000000000<br>LEI: 743700UEY0YM039XN974 | Long             | LON              | CORP              | FI        |     1000000 | PA      | $1186561.47   | 0.05%             | 2030-05-27      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Thyme Holdco S A R L                                    | Thyme Holdco S A R L 2025 EUR Term Loan B                                                                                                  | CUSIP: 000000000<br>LEI: 5493000JH6PEHFW3QO15 | Long             | LON              | CORP              | LU        |      545455 | PA      | $647816.78    | 0.03%             | 2032-07-19      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Aspire Bakeries Holdings LLC                            | Aspire Bakeries Holdings LLC 2025 Term Loan B                                                                                              | CUSIP: 000000000<br>LEI: 549300MWN7R72KAKOD18 | Long             | LON              | CORP              | US        |      208711 | PA      | $210015.43    | 0.01%             | 2030-12-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Onex TSG Intermediate Corp                              | Onex TSG Intermediate Corp 2025 Term Loan B                                                                                                | CUSIP: 000000000<br>LEI: 5493006IJC5WXT1WJK88 | Long             | LON              | CORP              | US        |     1749000 | PA      | $1762930.79   | 0.08%             | 2032-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Astro Acquisition LLC                                   | Astro Acquisition LLC 2025 Term Loan B                                                                                                     | CUSIP: 000000000<br>LEI: 254900PB0M1U1S6VUM04 | Long             | LON              | CORP              | US        |     1042000 | PA      | $1051552.01   | 0.05%             | 2032-08-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Instructure Holdings Inc                                | Instructure Holdings Inc 2025 Repriced Term Loan                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      255082 | PA      | $255911.16    | 0.01%             | 2031-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ACP TARA HOLDINGS INC                                   | ACP TARA HOLDINGS INC 2025 TERM LOAN B                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      787000 | PA      | $792410.63    | 0.04%             | 2032-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Green Infrastructure Partners Inc                       | Green Infrastructure Partners Inc USD Term Loan B                                                                                          | CUSIP: 000000000<br>LEI: 549300W1V7LSCKWMX505 | Long             | LON              | CORP              | CA        |      700000 | PA      | $702625.00    | 0.03%             | 2032-09-24      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| LAVENDER DUTCH BORROWERCO BV                            | LAVENDER DUTCH BORROWERCO BV EUR TERM LOAN                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |           0 | PA      | $0.00         | 0.00%             | 2032-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPECTRIS PLC                                            | SPECTRIS PLC EUR TERM LOAN B                                                                                                               | CUSIP: 000000000<br>LEI: 254900MC2V3YQMK9JH74 | Long             | LON              | CORP              | US        |      541667 | PA      | $642721.19    | 0.03%             | 2032-09-30      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Owens-Illinois Inc                                      | Owens-Illinois Inc 2025 Term Loan B                                                                                                        | CUSIP: 000000000<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | LON              | CORP              | US        |      265000 | PA      | $267608.93    | 0.01%             | 2032-09-30      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| International Entertainment JJCo 3 Ltd                  | International Entertainment JJCo 3 Ltd USD 1st Lien Term Loan B                                                                            | CUSIP: 000000000<br>LEI: 254900C44ND8RC7Z9K20 | Long             | LON              | CORP              | US        |     2121859 | PA      | $2113901.65   | 0.10%             | 2032-04-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cyberswift US Finco, LLC                                | Cyberswift US Finco LLC Term Loan B                                                                                                        | CUSIP: 000000000<br>LEI: 9845008473F79E3H9069 | Long             | LON              | CORP              | NL        |     2681000 | PA      | $2679324.38   | 0.12%             | 2032-10-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MRI SOFTWARE LLC                                        | MRI Software LLC 2025 Delayed Draw Term Loan 7                                                                                             | CUSIP: 000000000<br>LEI: 549300LNQ2G4DKR9QR85 | Long             | LON              | CORP              | US        |      714024 | PA      | $714023.64    | 0.03%             | 2028-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                        | Altice France SA 2025 USD Term Loan B14                                                                                                    | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | US        |      675000 | PA      | $675562.28    | 0.03%             | 2031-05-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRIO BIDCO INC                                          | Trio Bidco Inc 2025 Term Loan B                                                                                                            | CUSIP: 000000000<br>LEI: 254900K9XN994FY4HJ57 | Long             | LON              | CORP              | US        |      784429 | PA      | $787370.18    | 0.04%             | 2032-10-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRIO BIDCO INC                                          | Trio Bidco Inc 2025 Delayed Draw Term Loan                                                                                                 | CUSIP: 000000000<br>LEI: 254900K9XN994FY4HJ57 | Long             | LON              | CORP              | US        |       82571 | PA      | $82881.07     | 0.00%             | 2032-10-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chrysaor Bidco Sarl                                     | Chrysaor Bidco Sarl 2025 EUR Term Loan B                                                                                                   | CUSIP: 000000000<br>LEI: 254900CXX37NCB7A8J31 | Long             | LON              | CORP              | LU        |      800000 | PA      | $952479.38    | 0.04%             | 2031-10-30      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Phoenix Aviation Capital LLC                            | Phoenix Aviation Capital LLC Term Loan B                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      500000 | PA      | $495625.00    | 0.02%             | 2030-10-28      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| CP Iris HoldCo I, Inc.                                  | CP Iris HoldCo I Inc 2025 2nd Lien Term Loan                                                                                               | CUSIP: 000000000<br>LEI: 25490024F0AS5UR7DB02 | Long             | LON              | CORP              | US        |      980000 | PA      | $977550.00    | 0.05%             | 2033-10-27      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| VERSANT MEDIA GROUP INC                                 | VERSANT MEDIA GROUP INC TERM LOAN B                                                                                                        | CUSIP: 000000000<br>LEI: 254900D2Q5F5F229PU30 | Long             | LON              | CORP              | US        |     2581000 | PA      | $2585039.27   | 0.12%             | 2030-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ryan, LLC                                               | Ryan LLC 2025 Term Loan                                                                                                                    | CUSIP: 000000000<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |      246318 | PA      | $243238.93    | 0.01%             | 2032-11-05      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES INC                                     | Spirit Airlines Inc 2025 DIP New Money Term Loan                                                                                           | CUSIP: 000000000<br>LEI: 549300DCAFIXFNFR3304 | Long             | LON              | CORP              | US        |      531703 | PA      | $530041.37    | 0.02%             | 2026-07-14      | Floating      | 11.75%                | No            |                  2 | On Loan: No      |
| GENMAB AS                                               | GENMAB AS TERM LOAN B                                                                                                                      | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |      795000 | PA      | $799471.88    | 0.04%             | 2032-12-13      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES INC                                     | Spirit Airlines Inc 2025 Second DIP New Money Term Loan                                                                                    | CUSIP: 000000000<br>LEI: 549300DCAFIXFNFR3304 | Long             | LON              | CORP              | US        |      137458 | PA      | $118901.22    | 0.01%             | 2026-07-14      | Floating      | 11.75%                | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING BV                                    | TRIVIUM PACKAGING BV EUR REPRICED TERM LOAN                                                                                                | CUSIP: 000000000<br>LEI: 724500GMZWW3PVYET548 | Long             | LON              | CORP              | NL        |     1000000 | PA      | $1181544.21   | 0.05%             | 2030-05-28      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING AG                             | NIDDA HEALTHCARE HOLDING AG 2025 EUR 1st LIEN TERM LOAN B                                                                                  | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | LON              | CORP              | DE        |      866667 | PA      | $1026763.38   | 0.05%             | 2032-12-09      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| BRADYPLUS HOLDINGS LLC                                  | BRADYPLUS HOLDINGS LLC 2025 TERM LOAN B                                                                                                    | CUSIP: 000000000<br>LEI: 254900LMURL5G873DV35 | Long             | LON              | CORP              | US        |      445000 | PA      | $440967.41    | 0.02%             | 2030-12-11      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| POTTERS INDUSTRIES LLC                                  | POTTERS INDUSTRIES LLC 2025 REPRICED TERM LOAN B                                                                                           | CUSIP: 000000000<br>LEI: 391200O5OFXXMCYPAR13 | Long             | LON              | CORP              | US        |      550000 | PA      | $553093.75    | 0.03%             | 2032-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DATABRICKS INC                                          | DATABRICKS INC USD DELAYED DRAW TERM LOAN                                                                                                  | CUSIP: 000000000<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |      665000 | PA      | $665000.00    | 0.03%             | 2032-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RXBENEFITS INC                                          | RXBENEFITS INC 2025 TERM LOAN                                                                                                              | CUSIP: 000000000<br>LEI: 25490096I1KYBKEVNJ51 | Long             | LON              | CORP              | US        |     1236000 | PA      | $1222101.18   | 0.06%             | 2030-12-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES INC                                     | SPIRIT AIRLINES INC SUPER PRIORITY CONTING Term Loan                                                                                       | CUSIP: 000000000<br>LEI: 549300DCAFIXFNFR3304 | Long             | LON              | CORP              | US        |       59097 | PA      | $50232.45     | 0.00%             | 2034-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPIRIT AIRLINES INC                                     | SPIRIT AIRLINES INC 2025 3rd DIP NEW MONEY Term Loan                                                                                       | CUSIP: 000000000<br>LEI: 549300DCAFIXFNFR3304 | Long             | LON              | CORP              | US        |      272178 | PA      | $271327.78    | 0.01%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      925000 | PA      | $911988.80    | 0.04%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      787500 | PA      | $37756.32     | 0.00%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                                     | Malaysia Government Bond                                                                                                                   | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6364000 | PA      | $1605197.53   | 0.07%             | 2029-08-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                                 | Hungary Government Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   107580000 | PA      | $218273.53    | 0.01%             | 2038-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                                  | Resorts World Las Vegas LLC / RWLV Capital Inc                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1248852.22   | 0.06%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VIVO ENERGY INVESTMENTS                                 | Vivo Energy Investments BV                                                                                                                 | CUSIP: 000000000<br>LEI: 724500P3OXMB2IERLM56 | Long             | DBT              | CORP              | NL        |     1285000 | PA      | $1282688.32   | 0.06%             | 2027-09-24      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TRUST FIBRAUNO                                          | Trust Fibra Uno                                                                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              |  | MX        |      203000 | PA      | $192413.08    | 0.01%             | 2050-01-15      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                                     | Senegal Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     1855000 | PA      | $1194042.89   | 0.06%             | 2037-06-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Angola Government International Bonds                   | Angola Government International Bonds                                                                                                      | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      851000 | PA      | $832831.00    | 0.04%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CSN ISLANDS XI CORP                                     | CSN Inova Ventures                                                                                                                         | CUSIP: 000000000<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |      900000 | PA      | $835084.98    | 0.04%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                                       | Gabon Government International Bond                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |      725000 | PA      | $564559.78    | 0.03%             | 2031-02-06      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEMAK SAB DE CV                                         | Nemak SAB de CV                                                                                                                            | CUSIP: 000000000<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |      800000 | PA      | $694281.73    | 0.03%             | 2031-06-28      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| GUARA NORTE SARL                                        | Guara Norte Sarl                                                                                                                           | CUSIP: 000000000<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |      828731 | PA      | $809576.10    | 0.04%             | 2034-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government International Bond                                                                                     | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     5535000 | PA      | $5709413.16   | 0.26%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     2300000 | PA      | $2115085.73   | 0.10%             | 2031-07-07      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ZURICH FINANCE IRELAND                                  | Zurich Finance Ireland Designated Activity Co                                                                                              | CUSIP: 000000000<br>LEI: 549300E0FVHYR37EGX65 | Long             | DBT              | CORP              | IE        |      350000 | PA      | $318477.50    | 0.01%             | 2051-04-19      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                    | Petronas Capital Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     1570000 | PA      | $1419075.62   | 0.07%             | 2060-04-21      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BULGARIA                                                | Bulgaria Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |       76000 | PA      | $50820.00     | 0.00%             | 2050-09-23      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                                    | Stillwater Mining Co                                                                                                                       | CUSIP: 000000000<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |      925000 | PA      | $876968.06    | 0.04%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     1850000 | PA      | $1973775.77   | 0.09%             | 2029-06-05      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                          | Czech Republic Government Bond                                                                                                             | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     6930000 | PA      | $311590.77    | 0.01%             | 2035-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                                     | Petroleos Mexicanos                                                                                                                        | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      203000 | PA      | $182084.06    | 0.01%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     4030000 | PA      | $3671330.00   | 0.17%             | 2030-08-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                                                                           | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     1370428 | PA      | $1020968.86   | 0.05%             | 2035-07-09      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                                   | Argentine Republic Government International Bond                                                                                           | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     2544536 | PA      | $2175578.28   | 0.10%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      532000 | PA      | $590903.44    | 0.03%             | 2037-02-10      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     2435000 | PA      | $2394139.60   | 0.11%             | 2033-09-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 715638DU3<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3515000 | PA      | $3064552.75   | 0.14%             | 2034-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     3510000 | PA      | $3557385.00   | 0.16%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                                                                           | CUSIP: 92243XAL5<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     1536000 | PA      | $1589714.09   | 0.07%             | 2033-04-24      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      716000 | PA      | $712067.58    | 0.03%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 984245AY6<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |      223000 | PA      | $231095.57    | 0.01%             | 2031-09-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1083000000 | PA      | $68910.44     | 0.00%             | 2042-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| NEW IMMO HOLDING SA                                     | New Immo Holding SA                                                                                                                        | CUSIP: 000000000<br>LEI: 5493007LOTJ0I8E94R81 | Long             | DBT              | CORP              | FR        |      500000 | PA      | $596484.27    | 0.03%             | 2028-12-08      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                                | Banco Mercantil del Norte SA/Grand Cayman                                                                                                  | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     2160000 | PA      | $2121906.28   | 0.10%             | 2032-01-24      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1867000000 | PA      | $118795.63    | 0.01%             | 2043-06-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      150000 | PA      | $153982.50    | 0.01%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IBERCAJA BANCO SA                                       | Ibercaja Banco SA                                                                                                                          | CUSIP: 000000000<br>LEI: 549300OLBL49CW8CT155 | Long             | DBT              | CORP              | ES        |      600000 | PA      | $771244.05    | 0.04%             | 2028-01-25      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    17424958 | PA      | $1006807.43   | 0.05%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      810000 | PA      | $862081.86    | 0.04%             | 2033-08-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                                 | Romanian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      690000 | PA      | $751019.47    | 0.03%             | 2033-01-17      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                                 | Mexican Bonos                                                                                                                              | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     2799800 | PA      | $132994.57    | 0.01%             | 2053-07-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  4385000000 | PA      | $282501.82    | 0.01%             | 2040-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1229000 | PA      | $93634.33     | 0.00%             | 2053-03-31      | Fixed         | 11.63%                | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                                                                           | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      425000 | PA      | $448679.49    | 0.02%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                                     | Benin Government International Bond                                                                                                        | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |      200000 | PA      | $208198.81    | 0.01%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      252000 | PA      | $271782.00    | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| BBVA MEX BANCA GRUPO TX                                 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX                                                               | CUSIP: 000000000<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |      750000 | PA      | $829982.00    | 0.04%             | 2038-06-29      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| DIAMOND II LTD                                          | Diamond II Ltd                                                                                                                             | CUSIP: 25276VAA3<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |      300000 | PA      | $301127.29    | 0.01%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                                    | Indonesia Treasury Bond                                                                                                                    | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  3405000000 | PA      | $219260.56    | 0.01%             | 2045-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TERMOCANDELARIA POWER                                   | Termocandelaria Power SA                                                                                                                   | CUSIP: 000000000<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | ES        |      267000 | PA      | $276426.44    | 0.01%             | 2031-09-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                                                                           | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $613601.16    | 0.03%             | 2030-07-24      | Fixed         | 9.48%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                                       | Vedanta Resources Finance II PLC                                                                                                           | CUSIP: 000000000<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $206994.02    | 0.01%             | 2033-04-24      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     1245000 | PA      | $1348579.92   | 0.06%             | 2036-04-01      | Fixed         | 8.08%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                    | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $162040.42    | 0.01%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                                  | Republic of Poland Government Bond                                                                                                         | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      668000 | PA      | $183860.23    | 0.01%             | 2035-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                             | Ivory Coast Government International Bond                                                                                                  | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |      330000 | PA      | $335505.94    | 0.02%             | 2028-03-03      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                                   | Costa Rica Government International Bond                                                                                                   | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |     1124000 | PA      | $1247078.00   | 0.06%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                                    | Teva Pharmaceutical Finance Netherlands II BV                                                                                              | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |      185000 | PA      | $214828.69    | 0.01%             | 2027-03-31      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                                | Republic of South Africa Government Bond                                                                                                   | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    78455000 | PA      | $4933456.45   | 0.23%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Senegal Government International Bonds                  | Senegal Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     2075000 | PA      | $1211851.44   | 0.06%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                                   | Bonos de la Tesoreria de la Republica en pesos                                                                                             | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   340000000 | PA      | $375348.80    | 0.02%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                               | Bausch & Lomb Corporation 2025 Term Loan B                                                                                                 | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |      723153 | PA      | $727446.77    | 0.03%             | 2031-01-15      | Floating      | 7.97%                 | No            |                  2 | On Loan: No      |
| 1011778 BC Unlimited Liability Company                  | 1011778 BC Unlimited Liability Company 2024 Term Loan B6                                                                                   | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |      237505 | PA      | $238098.74    | 0.01%             | 2030-09-20      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA                                | AL Candelaria -spain- SA                                                                                                                   | CUSIP: 000000000<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     1795000 | PA      | $1594220.28   | 0.07%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                          | Opal Bidco SAS USD Term Loan B4                                                                                                            | CUSIP: 000000000<br>LEI: 969500R96XT7XY2UJ564 | Long             | LON              | CORP              | US        |      523688 | PA      | $527615.16    | 0.02%             | 2032-04-28      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                                        | Societe Generale SA                                                                                                                        | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |      225000 | PA      | $215795.79    | 0.01%             | 2030-11-18      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| State Street Global Advisors                            | State Street Navigator Securities Lending Government Money Market Portfolio                                                                | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |    45915185 | NS      | $45915185.49  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING                                   | Alibaba Group Holding Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |      430000 | PA      | $443975.00    | 0.02%             | 2032-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                                | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |       77000 | PA      | $19955.32     | 0.00%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                         | Bermuda Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     1499000 | PA      | $1045552.50   | 0.05%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BIOCON BIOLOGICS GLOBAL                                 | Biocon Biologics Global PLC                                                                                                                | CUSIP: 000000000<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | GB        |     1333000 | PA      | $1345210.36   | 0.06%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| C&W SENIOR FINANCE LTD                                  | C&W Senior Finance Ltd                                                                                                                     | CUSIP: 000000000<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |     1108000 | PA      | $1143098.12   | 0.05%             | 2033-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                                  | Froneri Lux Finco Sarl 2025 EUR Term Loan                                                                                                  | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | LON              | CORP              | LU        |     1000000 | PA      | $1181331.64   | 0.05%             | 2032-09-30      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Froneri Lux Finco Sarl                                  | Froneri Lux Finco Sarl 2025 USD Term Loan B6                                                                                               | CUSIP: 000000000<br>LEI: 9845005YBZ75E5AA3B94 | Long             | LON              | CORP              | US        |     1435000 | PA      | $1436704.78   | 0.07%             | 2032-09-30      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corporation                             | JetBlue Airways Corporation 2024 Term Loan B                                                                                               | CUSIP: 000000000<br>LEI: 54930070J9H97ZO93T57 | Long             | LON              | CORP              | US        |      595477 | PA      | $576124.37    | 0.03%             | 2029-08-27      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XVII Ltd                                                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1190000 | PA      | $134253.42    | 0.01%             | 2030-07-21      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Coral-US Co-Borrower LLC                                | Coral-US Co-Borrower LLC 2021 Term Loan B6                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1500000 | PA      | $1487250.00   | 0.07%             | 2029-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Coral-US Co-Borrower, LLC                               | Coral-US Co-Borrower LLC 2025 Term Loan B7                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      200000 | PA      | $196343.80    | 0.01%             | 2032-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.                              | Sixth Street CLO XXVI Ltd                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $252013.75    | 0.01%             | 2037-10-18      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                                 | Studio City Finance Ltd                                                                                                                    | CUSIP: 000000000<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     1705000 | PA      | $1647952.03   | 0.08%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virgin Media Bristol LLC                                | Virgin Media Bristol LLC 2020 USD Term Loan Q                                                                                              | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |     1700000 | PA      | $1705312.50   | 0.08%             | 2029-01-31      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                                                                            | CUSIP: 000000000<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     1698000 | PA      | $1718188.93   | 0.08%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                                 | WE Soda Investments Holding PLC                                                                                                            | CUSIP: 000000000<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     1330000 | PA      | $1337890.14   | 0.06%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL                                      | Aegea Finance Sarl                                                                                                                         | CUSIP: 000000000<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $191125.78    | 0.01%             | 2036-01-20      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition LLC                              | Camelot US Acquisition LLC 2025 Incremental Term Loan B                                                                                    | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |     1778000 | PA      | $1782999.74   | 0.08%             | 2031-01-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                                        | CSN Resources SA                                                                                                                           | CUSIP: 000000000<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     2100000 | PA      | $1656322.50   | 0.08%             | 2032-04-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Delta 2 (LUX) S.a.r.l.                                  | Delta 2 (LUX) Sarl 2024 Term Loan B1                                                                                                       | CUSIP: 000000000<br>LEI: 549300BBG8Z3D6QSYP53 | Long             | LON              | CORP              | LU        |      610000 | PA      | $611525.00    | 0.03%             | 2031-09-30      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                                | Eagle Funding Luxco Sarl                                                                                                                   | CUSIP: 000000000<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |     3050000 | PA      | $3109810.50   | 0.14%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                      | FS Luxembourg Sarl                                                                                                                         | CUSIP: 000000000<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |      264000 | PA      | $276407.21    | 0.01%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                                      | FS Luxembourg Sarl                                                                                                                         | CUSIP: 000000000<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |      400000 | PA      | $412700.00    | 0.02%             | 2033-06-25      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                                  | Millicom International Cellular SA                                                                                                         | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |      875000 | PA      | $815653.05    | 0.04%             | 2031-04-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                    | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     1055000 | PA      | $854763.20    | 0.04%             | 2037-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: —       |
| RAIZEN FUELS FINANCE                                    | Raizen Fuels Finance SA                                                                                                                    | CUSIP: 000000000<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |      810000 | PA      | $681412.50    | 0.03%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     3670000 | PA      | $3618377.20   | 0.17%             | 2047-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Egypt Government International Bonds                    | Egypt Government International Bonds                                                                                                       | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     1200000 | PA      | $1235141.04   | 0.06%             | 2028-02-21      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| Oman Government International Bonds                     | Oman Government International Bonds                                                                                                        | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     1200000 | PA      | $1291867.67   | 0.06%             | 2047-03-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                                     | Braskem Netherlands Finance BV                                                                                                             | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     1000000 | PA      | $391610.00    | 0.02%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Flutter Financing BV                                    | Flutter Financing BV 2025 Term Loan B                                                                                                      | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |      432825 | PA      | $432825.00    | 0.02%             | 2032-06-04      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Fugue Finance BV                                        | Fugue Finance BV 2025 Repriced Term Loan                                                                                                   | CUSIP: 000000000<br>LEI: 254900Y4DWBRGAFENC88 | Long             | LON              | CORP              | US        |      459768 | PA      | $461492.62    | 0.02%             | 2032-01-09      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                                | Yinson Boronia Production BV                                                                                                               | CUSIP: 000000000<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |      264894 | PA      | $289184.24    | 0.01%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      800000 | PA      | $738624.00    | 0.03%             | 2050-01-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      151000 | PA      | $171141.89    | 0.01%             | 2052-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| El Salvador Government International Bonds              | El Salvador Government International Bonds                                                                                                 | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |      810000 | PA      | $930730.50    | 0.04%             | 2054-11-21      | Fixed         | 9.65%                 | No            |                  2 | On Loan: No      |
| AES PANAMA GENERATION HL                                | AES Panama Generation Holdings SRL                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |      466755 | PA      | $439542.75    | 0.02%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |      215000 | PA      | $241875.00    | 0.01%             | 2032-10-15      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF BAHAMAS                                 | Bahamas Government International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 549300W13SXC7EKNJC20 | Long             | DBT              | NUSS              | BS        |      250000 | PA      | $279580.00    | 0.01%             | 2036-06-24      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FIEMEX ENERGIA - BANC AC                                | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      792406 | PA      | $834229.09    | 0.04%             | 2041-01-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BRF SA                                                  | BRF SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 254900MTXR9LUVQFU480 | Long             | DBT              | CORP              | BR        |      735000 | PA      | $618096.05    | 0.03%             | 2050-09-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUFFALO ENERGY MX HLDGS                                 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      701412 | PA      | $770412.22    | 0.04%             | 2039-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA                                | Comision Ejecutiva Hidroelectrica del Rio Lempa                                                                                            | CUSIP: 000000000<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |      150000 | PA      | $161100.00    | 0.01%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| Corp. Nacional del Cobre de Chile                       | Corp. Nacional del Cobre de Chile                                                                                                          | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     1250000 | PA      | $1308296.81   | 0.06%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      884000 | PA      | $923028.60    | 0.04%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      270000 | PA      | $264357.00    | 0.01%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1804000 | PA      | $1613227.00   | 0.07%             | 2060-01-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     3125000 | PA      | $3014843.75   | 0.14%             | 2032-09-23      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    23500000 | PA      | $453021.93    | 0.02%             | 2033-02-03      | Fixed         | 13.63%                | No            |                  2 | On Loan: No      |
| Dominican Republic International Bonds                  | Dominican Republic International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      890000 | PA      | $956616.50    | 0.04%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                                      | Dominican Republic International Bond                                                                                                      | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1694000 | PA      | $1699166.70   | 0.08%             | 2035-10-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Costa Rica Government International Bonds               | Costa Rica Government International Bonds                                                                                                  | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      600000 | PA      | $665700.00    | 0.03%             | 2045-03-12      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      900000 | PA      | $781987.50    | 0.04%             | 2041-10-07      | Fixed         | 4.65%                 | No            |                  2 | On Loan: —       |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      420000 | PA      | $452970.00    | 0.02%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      676000 | PA      | $726700.00    | 0.03%             | 2037-02-06      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                                   | Guatemala Government Bond                                                                                                                  | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      540000 | PA      | $564030.00    | 0.03%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA                                 | Latam Airlines Group SA                                                                                                                    | CUSIP: 000000000<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |     1300000 | PA      | $1368926.00   | 0.06%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     1275000 | PA      | $1208737.01   | 0.06%             | 2033-06-28      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      420000 | PA      | $447005.41    | 0.02%             | 2033-08-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     2175000 | PA      | $2338651.27   | 0.11%             | 2036-02-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                                    | Paraguay Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |   628000000 | PA      | $91159.68     | 0.00%             | 2031-02-09      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2450000 | PA      | $767083.33    | 0.04%             | 2028-08-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL INDUSTRIAS                                   | SAN Miguel Industrias Pet SA / NG PET R&P Latin America SA                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     1380000 | PA      | $1328291.40   | 0.06%             | 2028-08-02      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                                        | Peruvian Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2900000 | PA      | $902326.43    | 0.04%             | 2037-08-12      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                                    | YPF SA                                                                                                                                     | CUSIP: 000000000<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     1125000 | PA      | $1134837.00   | 0.05%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Senegal Government International Bonds                  | Senegal Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     1850000 | PA      | $1080445.86   | 0.05%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Senegal Government International Bonds                  | Senegal Government International Bonds                                                                                                     | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |     1285000 | PA      | $697743.20    | 0.03%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GOLOMT BANK OF MONGOLIA                                 | Golomt Bank                                                                                                                                | CUSIP: 000000000<br>LEI: 549300QLH7BRA4EIZO16 | Long             | DBT              | CORP              | MN        |      605000 | PA      | $626907.35    | 0.03%             | 2027-05-20      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| JSW STEEL LTD                                           | JSW Steel Ltd                                                                                                                              | CUSIP: 000000000<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |      640000 | PA      | $631972.40    | 0.03%             | 2027-04-05      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |     2659000 | PA      | $2445223.02   | 0.11%             | 2031-07-07      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                                      | Mongolia Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      340000 | PA      | $362747.98    | 0.02%             | 2029-06-05      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Petronas Capital Ltd.                                   | Petronas Capital Ltd.                                                                                                                      | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      460000 | PA      | $415780.12    | 0.02%             | 2060-04-21      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                                    | Petronas Capital Ltd                                                                                                                       | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     3429000 | PA      | $2338722.60   | 0.11%             | 2061-04-28      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                                 | Pakistan Government International Bond                                                                                                     | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1838000 | PA      | $1806530.26   | 0.08%             | 2036-03-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Mercer Funds

**Signature:** Barry Vallan

**Name of Signer:** Barry Vallan

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