Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21732

Mercer Funds

(Exact name of registrant as specified in charter)

99 High Street

Boston, MA 02110

(Address of principal executive offices)(Zip Code)

Scott M. Zoltowski, Esq.

Mercer Investment Management, Inc.

99 High Street

Boston, MA 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 747-9500

Date of fiscal year end: March 31, 2013

Date of reporting period: December 31, 2012

Item 1. Schedule of Investments. – The schedule of investments for the period ended December 31, 2012, is filed herewith.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 98.2%

		Aerospace & Defense — 0.9%

	18,941	Boeing Co. (The)		1,427,394
	26,750	United Technologies Corp.		2,193,767

				3,621,161


		Agriculture — 2.8%

	110,266	Monsanto Co.		10,436,677
	18,150	Philip Morris International, Inc.		1,518,066

				11,954,743


		Apparel — 2.7%

	91,642	Coach, Inc.		5,087,047
	65,922	NIKE, Inc. Class B		3,401,575
	11,700	Ralph Lauren Corp.		1,754,064
	7,247	VF Corp.		1,094,080

				11,336,766


		Auto Parts & Equipment — 0.7%

	38,249	BorgWarner, Inc.*		2,739,393


		Banks — 0.7%

	91,099	Wells Fargo & Co.		3,113,764


		Beverages — 2.1%

	28,177	Anheuser-Busch InBev NV, ADR		2,462,952
	171,005	Coca-Cola Co. (The)		6,198,931

				8,661,883


		Biotechnology — 3.6%

	30,300	Alexion Pharmaceuticals, Inc.*		2,842,443
	25,487	Biogen Idec, Inc.*		3,738,178
	27,300	Celgene Corp.*		2,149,056
	37,944	Illumina, Inc.* ‡		2,109,307
	12,100	Regeneron Pharmaceuticals, Inc.*		2,069,947
	53,828	Vertex Pharmaceuticals, Inc.*		2,257,547

				15,166,478


		Chemicals — 1.7%

	46,041	Ecolab, Inc.		3,310,348
	22,600	Praxair, Inc.		2,473,570
	9,143	Sherwin-Williams Co. (The)		1,406,376

				7,190,294


		Commercial Services — 3.5%

	28,945	ADT Corp. (The)		1,345,653
	3,410	Mastercard, Inc. Class A		1,675,265


		See accompanying Notes to the Schedule of Investments.			1

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Commercial Services — continued

	76,000	Visa, Inc. Class A		11,520,080

				14,540,998


		Computers — 9.9%

	48,336	Apple, Inc.		25,764,538
	29,950	Cognizant Technology Solutions Corp. Class A*		2,217,798
	140,530	EMC Corp.*		3,555,409
	35,707	International Business Machines Corp.		6,839,676
	24,733	SanDisk Corp.*		1,077,369
	39,347	Teradata Corp.*		2,435,186

				41,889,976


		Cosmetics & Personal Care — 0.9%

	22,300	Estee Lauder Cos. (The), Inc. Class A		1,334,878
	38,238	Procter & Gamble Co. (The)		2,595,978

				3,930,856


		Distribution & Wholesale — 0.3%

	6,500	W.W. Grainger, Inc.		1,315,405


		Diversified Financial Services — 2.2%

	19,809	American Express Co.		1,138,621
	7,400	BlackRock, Inc.		1,529,654
	15,900	Franklin Resources, Inc.		1,998,630
	28,487	IntercontinentalExchange, Inc.*		3,526,975
	15,221	T. Rowe Price Group, Inc.		991,344

				9,185,224


		Electric — 0.4%

	22,939	NextEra Energy, Inc.		1,587,149


		Engineering & Construction — 0.4%

	29,700	Fluor Corp.		1,744,578


		Food — 1.1%

	35,195	Kraft Foods Group, Inc. Class A		1,600,317
	61,748	Mondelez International, Inc. Class A		1,572,721
	34,692	Unilever NV		1,328,704

				4,501,742


		Health Care - Products — 2.7%

	30,500	Covidien Plc		1,761,070
	39,255	Edwards Lifesciences Corp.*		3,539,623
	7,275	Intuitive Surgical, Inc.*		3,567,442
	23,247	Johnson & Johnson		1,629,615
	14,706	Varian Medical Systems, Inc.*		1,032,949

				11,530,699


2		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Health Care - Services — 1.1%

	33,300	HCA Holdings, Inc.		1,004,661
	68,821	UnitedHealth Group, Inc.		3,732,851

				4,737,512


		Home Builders — 0.3%

	29,900	Lennar Corp. Class A‡		1,156,233


		Insurance — 0.6%

	72,913	American International Group, Inc.*		2,573,829


		Internet — 12.1%

	62,862	Amazon.Com, Inc.*		15,787,163
	44,700	eBay, Inc.*		2,280,594
	23,900	F5 Networks, Inc.*		2,321,885
	199,759	Facebook, Inc. Class A*		5,319,582
	22,826	Google, Inc. Class A*		16,192,079
	14,061	LinkedIn Corp. Class A*		1,614,484
	11,799	priceline.com, Inc.*		7,329,539

				50,845,326


		Lodging — 0.8%

	75,100	Las Vegas Sands Corp.		3,466,616


		Machinery - Construction & Mining — 0.5%

	33,443	Joy Global, Inc.		2,132,995


		Media — 1.6%

	36,100	CBS Corp. Class B		1,373,605
	26,592	Comcast Corp. Class A		994,009
	23,278	Discovery Communications, Inc. Class A*		1,477,687
	25,000	McGraw-Hill Cos. (The), Inc.		1,366,750
	494,500	Sirius XM Radio, Inc.‡		1,429,105

				6,641,156


		Metal Fabricate & Hardware — 1.6%

	36,398	Precision Castparts Corp.		6,894,509


		Miscellaneous - Manufacturing — 3.0%

	128,170	Danaher Corp.		7,164,703
	188,803	General Electric Co.		3,962,975
	25,456	Honeywell International, Inc.		1,615,692

				12,743,370


		Oil & Gas — 2.4%

	22,000	Cabot Oil & Gas Corp.		1,094,280
	8,340	EOG Resources, Inc.		1,007,389
	8,949	Exxon Mobil Corp.		774,536
	65,669	Range Resources Corp.		4,125,983


		See accompanying Notes to the Schedule of Investments.			3

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Oil & Gas — continued

	41,700	Southwestern Energy Co.*		1,393,197
	50,555	Suncor Energy, Inc.		1,667,304

				10,062,689


		Oil & Gas Services — 4.0%

	52,255	Cameron International Corp.*		2,950,317
	65,700	FMC Technologies, Inc.*		2,813,931
	49,026	National Oilwell Varco, Inc.		3,350,927
	95,888	Schlumberger, Ltd.		6,644,080
	37,700	Williams Cos. (The), Inc.		1,234,298

				16,993,553


		Pharmaceuticals — 6.7%

	95,854	Allergan, Inc.		8,792,687
	28,400	BioMarin Pharmaceutical, Inc.*		1,398,700
	79,286	Bristol-Myers Squibb Co.		2,583,931
	81,549	Express Scripts Holding Co.*		4,403,646
	66,935	Gilead Sciences, Inc.*		4,916,376
	28,400	GlaxoSmithKline Plc, Sponsored ADR		1,234,548
	49,200	Mylan, Inc.*		1,352,016
	8,726	Perrigo Co.		907,766
	80,045	Pfizer, Inc.		2,007,529
	12,492	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		466,451

				28,063,650


		Pipelines — 0.4%

	51,003	Kinder Morgan, Inc.		1,801,936


		REITS — 0.5%

	25,600	American Tower Corp. REIT		1,978,112


		Retail — 8.6%

	10,231	Bed Bath & Beyond, Inc.*		572,015
	8,700	Chipotle Mexican Grill, Inc.*		2,587,902
	32,244	Costco Wholesale Corp.		3,184,740
	93,599	CVS Caremark Corp.		4,525,512
	35,800	Dollar General Corp.*		1,578,422
	36,775	Family Dollar Stores, Inc.		2,331,903
	29,600	Home Depot, Inc. (The)		1,830,760
	20,683	Kohl’s Corp.		888,955
	42,148	Lowe’s Cos., Inc.		1,497,097
	19,638	McDonald’s Corp.		1,732,268
	20,600	Michael Kors Holdings, Ltd.*		1,051,218
	20,057	O’Reilly Automotive, Inc.*		1,793,497
	23,200	Ross Stores, Inc.		1,256,280
	169,708	Starbucks Corp.		9,099,743
	12,300	Ulta Salon Cosmetics & Fragrance, Inc.		1,208,598


4		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Retail — continued

	15,100	Yum! Brands, Inc.		1,002,640

				36,141,550


		Semiconductors — 2.1%

	88,107	ASML Holding NV, ADR‡		5,674,972
	51,129	Broadcom Corp. Class A		1,697,994
	45,924	Texas Instruments, Inc.		1,420,889

				8,793,855


		Software — 6.6%

	12,300	athenahealth, Inc.* ‡		903,435
	79,177	Cerner Corp.*		6,147,302
	15,864	Informatica Corp.*		480,996
	41,878	Intuit, Inc.		2,491,741
	265,713	Microsoft Corp.		7,102,509
	54,800	Salesforce.com, Inc.*		9,211,880
	14,900	VMware, Inc. Class A*		1,402,686

				27,740,549


		Telecommunications — 5.6%

	44,402	Crown Castle International Corp.*		3,204,048
	53,167	Juniper Networks, Inc.*		1,045,795
	212,525	QUALCOMM, Inc.		13,180,801
	24,900	SBA Communications Corp. Class A*		1,768,398
	105,861	Verizon Communications, Inc.		4,580,605

				23,779,647


		Transportation — 3.1%

	16,524	CH Robinson Worldwide, Inc.		1,044,647
	30,110	Expeditors International of Washington, Inc.		1,190,851
	12,964	FedEx Corp.		1,189,058
	75,728	Union Pacific Corp.		9,520,524

				12,945,080


		TOTAL COMMON STOCKS (COST $340,806,575)		413,503,276


Par Value ($)		Description	Value ($)

		SHORT-TERM INVESTMENTS — 4.5%

		Bank Deposit — 2.0%

	8,635,264	State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		8,635,264


		See accompanying Notes to the Schedule of Investments.			5

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)			Description	Value ($)


			Securities Lending Collateral — 2.5%

	10,381,921		State Street Navigator Securities Lending Prime Portfolio***		10,381,921


			TOTAL SHORT-TERM INVESTMENTS (COST $19,017,185)		19,017,185


			TOTAL INVESTMENTS — 102.7% (Cost $359,823,760)		432,520,461

			Other Assets and Liabilities (net) — (2.7)%		(11,321,549	)


			NET ASSETS — 100.0%	$	421,198,912


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

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

		***	Represents an investment of securities lending cash collateral.


6		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Growth Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		98.2
Short-Term Investments		4.5
Other Assets and Liabilities (net)		(2.7	)

		100.0	%


		See accompanying Notes to the Schedule of Investments.			7

Mercer US Large Cap Value Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 97.8%

		Advertising — 0.6%

	48,124	Omnicom Group, Inc.		2,404,275


		Aerospace & Defense — 3.3%

	29,793	BAE Systems Plc, Sponsored ADR‡		663,788
	24,700	Boeing Co. (The)		1,861,392
	42,748	L-3 Communications Holdings, Inc.		3,275,352
	29,000	Lockheed Martin Corp.		2,676,410
	53,136	Northrop Grumman Corp.		3,590,931
	35,507	Raytheon Co.		2,043,783
	2,325	Rockwell Collins, Inc.		135,245

				14,246,901


		Airlines — 0.6%

	224,000	Delta Air Lines, Inc.*		2,658,880


		Auto Manufacturers — 0.5%

	79,670	General Motors Co.*		2,296,886


		Auto Parts & Equipment — 1.2%

	17,850	Delphi Automotive Plc*		682,762
	101,170	Johnson Controls, Inc.		3,105,919
	26,590	Lear Corp.		1,245,476

				5,034,157


		Banks — 8.0%

	590,000	Bank of America Corp.		6,844,000
	26,340	BB&T Corp.		766,757
	50,660	Capital One Financial Corp.		2,934,734
	31,600	Comerica, Inc.		958,744
	198,710	Fifth Third Bancorp		3,018,405
	15,760	PNC Financial Services Group, Inc.		918,966
	22,815	State Street Corp.		1,072,533
	53,750	SunTrust Banks, Inc.		1,523,813
	106,900	US Bancorp		3,414,386
	353,602	Wells Fargo & Co.		12,086,116
	38,500	Zions BanCorp		823,900

				34,362,354


		Beverages — 0.9%

	9,186	Anheuser-Busch InBev NV, Sponsored ADR		802,948
	46,572	Coca-Cola Enterprises, Inc.		1,477,729
	21,220	Constellation Brands, Inc. Class A*		750,976
	14,960	PepsiCo, Inc.		1,023,713

				4,055,366


8		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Biotechnology — 0.7%

	35,515	Amgen, Inc.		3,065,655


		Chemicals — 0.6%

	12,540	Celanese Corp. Series A		558,406
	8,910	Eastman Chemical Co.		606,326
	19,020	LyondellBasell Industries NV Class A		1,085,852
	8,310	Mosaic Co. (The)		470,595

				2,721,179


		Commercial Services — 1.7%

	65,260	Hertz Global Holdings, Inc.*		1,061,780
	35,585	McKesson Corp.		3,450,322
	31,890	Moody’s Corp.		1,604,705
	110,100	RR Donnelley & Sons Co.‡		990,900

				7,107,707


		Computers — 2.2%

	1,265	Apple, Inc.		674,283
	42,250	EMC Corp.*		1,068,925
	25,810	SanDisk Corp.*		1,124,283
	105,204	Seagate Technology Plc‡		3,206,618
	77,500	Western Digital Corp.		3,292,975

				9,367,084


		Diversified Financial Services — 8.2%

	80,652	Ameriprise Financial, Inc.		5,051,235
	1,809	BlackRock, Inc.		373,938
	209,065	Charles Schwab Corp. (The)		3,002,173
	163,238	Citigroup, Inc.		6,457,695
	35,490	Discover Financial Services		1,368,140
	5,400	Franklin Resources, Inc.		678,780
	24,440	Goldman Sachs Group, Inc.		3,117,567
	20,840	Invesco, Ltd.		543,716
	282,162	JPMorgan Chase & Co.		12,406,663
	78,530	SLM Corp.		1,345,219
	44,120	TD Ameritrade Holding Corp.		741,657

				35,086,783


		Electric — 0.8%

	22,875	American Electric Power Co., Inc.		976,305
	43,025	Edison International		1,944,300
	32,890	NRG Energy, Inc.		756,141

				3,676,746


		Electronics — 0.4%

	8,502	Avnet, Inc.*		260,246


		See accompanying Notes to the Schedule of Investments.			9

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Electronics — continued

	20,232	TE Connectivity, Ltd.		751,012
	9,320	Thermo Fisher Scientific, Inc.		594,430

				1,605,688


		Food — 2.7%

	80,156	ConAgra Foods, Inc.		2,364,602
	40,980	Dean Foods Co.*		676,580
	22,150	Kraft Foods Group, Inc. Class A		1,007,160
	228,108	Kroger Co. (The)		5,935,370
	20,430	Mondelez International, Inc. Class A		520,352
	49,018	Safeway, Inc.‡		886,736

				11,390,800


		Forest Products & Paper — 0.5%

	50,375	International Paper Co.		2,006,940


		Health Care - Products — 2.5%

	20,220	Baxter International, Inc.		1,347,865
	32,010	CareFusion Corp.*		914,846
	24,230	Covidien Plc		1,399,040
	101,579	Johnson & Johnson		7,120,688
	1,565	Zimmer Holdings, Inc.		104,323

				10,886,762


		Health Care - Services — 1.9%

	37,664	Aetna, Inc.		1,743,843
	43,495	Humana, Inc.		2,985,062
	45,405	UnitedHealth Group, Inc.		2,462,767
	18,173	WellPoint, Inc.		1,107,099

				8,298,771


		Home Builders — 0.1%

	8,260	Toll Brothers, Inc.*		267,046


		Housewares — 0.4%

	69,370	Newell Rubbermaid, Inc.		1,544,870


		Insurance — 8.7%

	23,455	ACE, Ltd.		1,871,709
	31,440	American International Group, Inc.*		1,109,832
	28,870	Aon Plc		1,605,172
	14,280	Axis Capital Holdings, Ltd.		494,659
	82,363	Berkshire Hathaway, Inc. Class B*		7,387,961
	39,590	Chubb Corp. (The)		2,981,919
	44,220	Cigna Corp.		2,364,001
	43,900	Hartford Financial Services Group (The), Inc.		985,116
	181,717	Lincoln National Corp.		4,706,470
	218,135	Metlife, Inc.		7,185,367


10		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Insurance — continued

	15,660	Prudential Financial, Inc.		835,148
	10,223	Reinsurance Group of America, Inc.		547,135
	50,558	Travelers Cos. (The), Inc.		3,631,076
	22,886	Unum Group		476,486
	26,690	Validus Holdings, Ltd.		922,940

				37,104,991


		Internet — 1.0%

	28,403	eBay, Inc.*		1,449,121
	40,700	Facebook, Inc. Class A*		1,083,841
	682	Google, Inc. Class A*		483,790
	14,240	IAC/InterActiveCorp		673,552
	36,990	Symantec Corp.*		695,782

				4,386,086


		Iron & Steel — 0.3%

	49,300	United States Steel Corp.‡		1,176,791


		Leisure Time — 0.4%

	45,800	Carnival Corp.		1,684,066


		Lodging — 1.1%

	6,713	Marriott International, Inc. Class A		250,193
	28,296	Wyndham Worldwide Corp.		1,505,630
	27,979	Wynn Resorts, Ltd.		3,147,358

				4,903,181


		Machinery - Construction & Mining — 0.3%

	15,200	Caterpillar, Inc.		1,361,616


		Machinery - Diversified — 0.9%

	25,410	Cummins, Inc.		2,753,173
	4,047	Flowserve Corp.		594,100
	19,335	Xylem, Inc.		523,979

				3,871,252


		Media — 7.5%

	43,535	CBS Corp. Class B		1,656,507
	117,191	Comcast Corp. Class A		4,380,599
	69,433	DIRECTV, Class A*		3,482,759
	40,910	Gannett Co., Inc.		736,789
	19,805	Liberty Media Corp. — Capital Series A*		2,297,578
	36,996	McGraw-Hill Cos. (The), Inc.		2,022,571
	52,840	News Corp. Class A		1,349,534
	4,520	Reed Elsevier NV, Sponsored ADR		133,702
	112,720	Sirius XM Radio, Inc.‡		325,761
	36,557	Time Warner Cable, Inc.		3,552,975
	111,622	Time Warner, Inc.		5,338,880


		See accompanying Notes to the Schedule of Investments.			11

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Media — continued

	95,631	Viacom, Inc. Class B		5,043,579
	32,990	Walt Disney Co. (The)		1,642,572

				31,963,806


		Mining — 0.4%

	33,800	Newmont Mining Corp.		1,569,672


		Miscellaneous - Manufacturing — 5.0%

	17,000	Dover Corp.		1,117,070
	59,080	Eaton Corp. Plc		3,202,136
	493,090	General Electric Co.		10,349,959
	44,790	Honeywell International, Inc.		2,842,821
	34,202	Ingersoll-Rand Plc		1,640,328
	16,750	Parker Hannifin Corp.		1,424,755
	5,372	Pentair, Ltd.		264,034
	22,393	Tyco International, Ltd.		654,995

				21,496,098


		Office & Business Equipment — 0.1%

	63,661	Xerox Corp.		434,168


		Oil & Gas — 10.5%

	10,100	Anadarko Petroleum Corp.		750,531
	29,200	Apache Corp.		2,292,200
	121,114	BP Plc, Sponsored ADR		5,043,187
	18,600	Chevron Corp.		2,011,404
	60,130	ConocoPhillips		3,486,939
	13,712	ENI Spa, Sponsored ADR		673,808
	31,239	EOG Resources, Inc.		3,773,359
	5,620	EQT Corp.		331,468
	55,880	Exxon Mobil Corp.		4,836,414
	19,410	Hess Corp.		1,027,953
	49,000	Marathon Oil Corp.		1,502,340
	8,520	Marathon Petroleum Corp.		536,760
	73,347	Occidental Petroleum Corp.		5,619,114
	37,790	Phillips 66		2,006,649
	64,836	Royal Dutch Shell Plc, ADR		4,470,442
	13,790	SM Energy Co.		719,976
	51,710	Transocean, Ltd.		2,308,851
	89,910	Valero Energy Corp.		3,067,729
	28,775	Weatherford International, Ltd.*		321,992

				44,781,116


		Oil & Gas Services — 1.4%

	45,821	Cameron International Corp.*		2,587,054
	67,715	Halliburton Co.		2,349,033
	13,005	Schlumberger, Ltd.		901,116

				5,837,203


12		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Packaging & Containers — 0.3%

	14,640	Packaging Corp. of America		563,201
	12,535	Rock-Tenn Co. Class A		876,322

				1,439,523


		Pharmaceuticals — 6.8%

	9,715	Abbott Laboratories		636,332
	20,270	AmerisourceBergen Corp.		875,259
	63,474	AstraZeneca Plc, Sponsored ADR		3,000,416
	17,390	Eli Lilly & Co.		857,675
	18,960	Express Scripts Holding Co.*		1,023,840
	36,100	GlaxoSmithKline Plc, Sponsored ADR		1,569,267
	103,330	Merck & Co., Inc.		4,230,330
	38,220	Mylan, Inc.*		1,050,286
	18,100	Novartis AG, ADR		1,145,730
	33,700	Omnicare, Inc.		1,216,570
	476,463	Pfizer, Inc.		11,949,692
	31,950	Sanofi, ADR		1,513,791

				29,069,188


		REITS — 0.4%

	163,900	Chimera Investment Corp. REIT		427,779
	51,800	Hatteras Financial Corp. REIT		1,285,158

				1,712,937


		Retail — 5.1%

	1,952	Advance Auto Parts, Inc.		141,227
	29,040	American Eagle Outfitters, Inc.		595,610
	2,911	AutoZone, Inc.*		1,031,746
	24,837	Best Buy Co., Inc.		294,319
	54,150	CVS Caremark Corp.		2,618,153
	105,126	Gap, Inc. (The)		3,263,111
	88,794	Kohl’s Corp.		3,816,366
	12,637	Limited Brands, Inc.		594,697
	84,971	Lowe’s Cos., Inc.		3,018,170
	25,760	Macy’s, Inc.		1,005,155
	4,589	O’Reilly Automotive, Inc.*		410,348
	5,540	PVH Corp.		614,996
	33,575	Staples, Inc.		382,755
	27,600	Target Corp.		1,633,092
	34,300	Wal-Mart Stores, Inc.		2,340,289

				21,760,034


		Semiconductors — 1.5%

	19,668	Applied Materials, Inc.		225,002
	128,613	Intel Corp.		2,653,286
	34,035	Marvell Technology Group, Ltd.		247,094
	52,965	NVIDIA Corp.		650,940


		See accompanying Notes to the Schedule of Investments.			13

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Semiconductors — continued

	96,085	ON Semiconductor Corp.*		677,399
	61,440	Texas Instruments, Inc.		1,900,954

				6,354,675


		Software — 2.5%

	65,931	CA, Inc.		1,449,163
	55,845	Electronic Arts, Inc.*		811,428
	46,800	Fidelity National Information Services, Inc.		1,629,108
	135,440	Microsoft Corp.		3,620,311
	101,937	Oracle Corp.		3,396,541

				10,906,551


		Telecommunications — 5.2%

	38,600	AT&T, Inc.		1,301,206
	278,535	Cisco Systems, Inc.		5,473,213
	41,810	Corning, Inc.		527,642
	157,637	France Telecom SA, Sponsored ADR		1,741,889
	19,927	Harris Corp.		975,626
	221,894	Koninklijke KPN NV, Sponsored ADR		1,105,032
	43,041	Motorola Solutions, Inc.		2,396,523
	33,344	Nippon Telegraph & Telephone Corp., ADR		701,224
	34,660	QUALCOMM, Inc.		2,149,613
	48,920	Telecom Italia Spa, Sponsored ADR		442,726
	11,503	Telefonica SA, Sponsored ADR‡		155,175
	79,358	Virgin Media, Inc.‡		2,916,407
	90,819	Vodafone Group Plc, Sponsored ADR		2,287,731

				22,174,007


		Transportation — 0.6%

	15,330	FedEx Corp.		1,406,068
	10,637	Norfolk Southern Corp.		657,792
	8,585	United Parcel Service, Inc. Class B		632,972

				2,696,832


		TOTAL COMMON STOCKS (COST $367,822,637)		418,768,643


		PREFERRED STOCK — 0.3%

		Auto Manufacturers — 0.3%

	30,650	General Motors Co., 4.75%‡		1,352,584


		TOTAL PREFERRED STOCK (COST $1,202,980)		1,352,584


Par Value ($)		Description	Value ($)


		SHORT-TERM INVESTMENTS — 4.3%

		Bank Deposit — 1.7%

	7,231,356	State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		7,231,356


14		See accompanying Notes to the Schedule of Investments.

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)			Description	Value ($)


			Securities Lending Collateral — 2.6%

	10,984,086		State Street Navigator Securities Lending Prime Portfolio***		10,984,086


			TOTAL SHORT-TERM INVESTMENTS (COST $18,215,442)		18,215,442


			TOTAL INVESTMENTS — 102.4% (Cost $387,241,059)		438,336,669


			Other Assets and Liabilities (net) — (2.4)%		(10,241,633	)


			NET ASSETS — 100.0%	$	428,095,036


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

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

		***	Represents an investment of securities lending cash collateral.


		See accompanying Notes to the Schedule of Investments.			15

Mercer US Large Cap Value Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		97.8
Preferred Stock		0.3
Short-Term Investments		4.3
Other Assets and Liabilities (net)		(2.4	)

		100.0	%


16		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 97.1%

		Aerospace & Defense — 1.6%

	27,026	Aerovironment, Inc.*		587,545
	31,020	BE Aerospace, Inc.*		1,532,388
	13,040	TransDigm Group, Inc.		1,778,135
	33,630	Triumph Group, Inc.		2,196,039

				6,094,107


		Apparel — 1.4%

	63,055	Ascena Retail Group, Inc.*		1,165,887
	26,624	Carter’s, Inc.*		1,481,626
	25,208	Deckers Outdoor Corp.* ‡		1,015,126
	17,369	Under Armour, Inc. Class A*		842,917
	18,195	Wolverine World Wide, Inc.‡		745,631

				5,251,187


		Auto Parts & Equipment — 0.2%

	53,233	Gentherm, Inc.*		707,999


		Banks — 1.9%

	54,810	Comerica, Inc.		1,662,935
	71,632	Eagle Bancorp, Inc.*		1,430,491
	70,943	First Republic Bank		2,325,512
	30,950	Hancock Holding Co.		982,353
	31,771	Popular, Inc.*		660,519

				7,061,810


		Biotechnology — 0.9%

	74,235	Amarin Corp. Plc, ADR* ‡		600,561
	70,497	Ariad Pharmaceuticals, Inc.*		1,352,133
	30,314	Incyte Corp.* ‡		503,516
	2,532	Prothena Corp. Plc* ‡		18,557
	49,593	Swedish Orphan Biovitrum AB, ADR* ¤		279,015
	14,410	Vertex Pharmaceuticals, Inc.*		604,355

				3,358,137


		Building Materials — 0.6%

	8,335	Martin Marietta Materials, Inc.		785,824
	35,910	Owens Corning, Inc.*		1,328,311

				2,114,135


		Chemicals — 3.3%

	14,648	Airgas, Inc.		1,337,216
	29,208	American Vanguard Corp.		907,492
	15,560	Ashland, Inc.		1,251,180
	22,610	Celanese Corp. Series A		1,006,823
	19,760	Cytec Industries, Inc.		1,360,081
	16,695	FMC Corp.		976,991


		See accompanying Notes to the Schedule of Investments.			17

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Chemicals — continued

	21,170	Georgia Gulf Corp.		873,898
	16,898	International Flavors & Fragrances, Inc.		1,124,393
	55,230	Intrepid Potash, Inc.		1,175,847
	47,515	Kraton Performance Polymers, Inc.*		1,141,785
	12,630	Westlake Chemical Corp.‡		1,001,559

				12,157,265


		Commercial Services — 10.0%

	53,105	Acacia Research Corp.* ‡		1,362,143
	19,560	Alliance Data Systems Corp.*		2,831,506
	57,955	Coinstar, Inc.* ‡		3,014,240
	72,472	ExamWorks Group, Inc.* ‡		1,013,883
	62,921	FleetCor Technologies, Inc.*		3,375,712
	110,921	Genpact, Ltd.		1,719,275
	78,485	Healthcare Services Group		1,823,207
	117,968	Heartland Payment Systems, Inc.		3,480,056
	166,610	Hertz Global Holdings, Inc.*		2,710,745
	57,757	HMS Holdings Corp.*		1,497,061
	28,825	Huron Consulting Group, Inc.*		971,114
	131,825	K12, Inc.* ‡		2,694,503
	29,903	PAREXEL International Corp.*		884,830
	35,610	Quanta Services, Inc.*		971,797
	201,114	Ritchie Bros Auctioneers, Inc.‡		4,201,271
	33,450	United Rentals, Inc.*		1,522,644
	62,265	Weight Watchers International, Inc.‡		3,260,195

				37,334,182


		Computers — 2.8%

	126,524	Fortinet, Inc.*		2,665,861
	16,000	IHS, Inc. Class A*		1,536,000
	124,115	j2 Global, Inc.‡		3,795,437
	29,367	MICROS Systems, Inc.*		1,246,335
	64,705	RealD, Inc.* ‡		725,343
	26,800	Riverbed Technology, Inc.*		528,496

				10,497,472


		Distribution & Wholesale — 0.8%

	33,610	Beacon Roofing Supply, Inc.*		1,118,541
	29,110	WESCO International, Inc.*		1,962,887

				3,081,428


		Diversified Financial Services — 4.4%

	47,745	Affiliated Managers Group, Inc.*		6,214,012
	64,891	Evercore Partners, Inc. Class A		1,959,059
	22,225	IntercontinentalExchange, Inc.*		2,751,677
	118,403	Lazard, Ltd. Class A		3,533,146


18		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Diversified Financial Services — continued

	43,300	Raymond James Financial, Inc.		1,668,349
	29,299	SLM Corp.		501,892

				16,628,135


		Electrical Components & Equipment — 0.5%

	23,280	Hubbell, Inc. Class B		1,970,186


		Electronics — 1.8%

	21,235	Amphenol Corp. Class A		1,373,905
	29,625	Coherent, Inc.		1,499,618
	124,875	Gentex Corp.		2,350,147
	30,170	Jabil Circuit, Inc.		581,979
	22,610	Woodward, Inc.		862,119

				6,667,768


		Entertainment — 1.3%

	23,295	Bally Technologies, Inc.*		1,041,519
	47,990	Cinemark Holdings, Inc.		1,246,780
	52,650	Manchester United Plc Class A* ‡		739,733
	19,675	Penn National Gaming, Inc.*		966,239
	112,555	Scientific Games Corp. Class A* ‡		975,852

				4,970,123


		Environmental Control — 1.5%

	23,970	Clean Harbors, Inc.*		1,318,590
	4,420	Stericycle, Inc.*		412,253
	111,525	Waste Connections, Inc.		3,768,430

				5,499,273


		Food — 1.6%

	39,910	Chefs’ Warehouse (The), Inc.*		630,977
	26,217	Hain Celestial Group (The), Inc.*		1,421,486
	33,960	Ralcorp Holdings, Inc.*		3,044,514
	14,082	TreeHouse Foods, Inc.*		734,094

				5,831,071


		Hand & Machine Tools — 0.5%

	42,743	Kennametal, Inc.‡		1,709,720


		Health Care - Products — 4.8%

	128,041	ABIOMED, Inc.* ‡		1,723,432
	3,130	ArthroCare Corp.*		108,267
	30,417	CareFusion Corp.*		869,318
	34,879	Cepheid, Inc.*		1,179,259
	29,530	Conceptus, Inc.*		620,425
	120,401	DexCom, Inc.*		1,638,658
	88,713	Endologix, Inc.*		1,263,273


		See accompanying Notes to the Schedule of Investments.			19

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Health Care - Products — continued

	8,346	Given Imaging, Ltd.*		145,805
	14,715	Henry Schein, Inc.*		1,183,969
	67,810	Hologic, Inc.*		1,358,234
	13,625	IDEXX Laboratories, Inc.*		1,264,400
	56,279	Techne Corp.		3,846,107
	40,455	Thoratec Corp.*		1,517,871
	33,703	Tornier BV*		565,873
	26,420	Volcano Corp.*		623,776

				17,908,667


		Health Care - Services — 3.3%

	79,419	Acadia Healthcare Co., Inc.*		1,852,845
	67,710	Coventry Health Care, Inc.		3,035,439
	137,470	Health Management Associates, Inc. Class A* ‡		1,281,221
	28,495	Magellan Health Services, Inc.*		1,396,255
	13,801	Mettler-Toledo International, Inc.*		2,667,733
	11,185	Pediatrix Medical Group, Inc.*		889,431
	22,450	WellCare Health Plans, Inc.*		1,093,091

				12,216,015


		Home Builders — 0.2%

	890	NVR, Inc.*		818,800


		Household Products & Wares — 0.5%

	18,100	Church & Dwight Co., Inc.		969,617
	8,725	Fossil, Inc.*		812,297

				1,781,914


		Insurance — 0.6%

	14,250	Everest Re Group, Ltd.		1,566,788
	83,020	Genworth Financial, Inc. Class A*		623,480

				2,190,268


		Internet — 3.8%

	29,370	BroadSoft, Inc.*		1,067,012
	7,770	Equinix, Inc.*		1,602,174
	78,903	ExactTarget, Inc.* ‡		1,578,060
	16,490	Internap Network Services Corp.*		114,441
	110,872	Pandora Media, Inc.* ‡		1,017,805
	26,278	Rackspace Hosting, Inc.*		1,951,667
	42,895	Sourcefire, Inc.*		2,025,502
	68,560	TIBCO Software, Inc.*		1,509,006
	84,175	VeriSign, Inc.*		3,267,673

				14,133,340


		Leisure Time — 0.5%

	91,490	Interval Leisure Group, Inc.		1,773,991


20		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Lodging — 0.3%

	22,490	Wyndham Worldwide Corp.		1,196,693


		Machinery - Diversified — 2.9%

	14,890	Gardner Denver, Inc.		1,019,965
	102,964	Graco, Inc.		5,301,616
	55,966	IDEX Corp.		2,604,098
	61,085	Manitowoc Co. (The), Inc.		957,813
	8,710	Roper Industries, Inc.		970,991

				10,854,483


		Media — 0.0%

	35,794	RLJ Entertainment, Inc.* ‡		178,970


		Metal Fabricate & Hardware — 0.4%

	33,490	Timken Co. (The)		1,601,827


		Mining — 0.4%

	83,105	US Silica Holdings, Inc.‡		1,390,347


		Miscellaneous - Manufacturing — 1.0%

	26,000	Crane Co.		1,203,280
	47,540	Hexcel Corp.*		1,281,678
	27,475	Polypore International, Inc.* ‡		1,277,588
	51,696	STR Holdings, Inc.* ‡		130,274

				3,892,820


		Oil & Gas — 4.8%

	30,681	Approach Resources, Inc.* ‡		767,332
	37,395	Berry Petroleum Co. Class A		1,254,602
	108,610	Denbury Resources, Inc.*		1,759,482
	53,200	Foster Wheeler AG*		1,293,824
	255,485	Magnum Hunter Resources Corp.* ‡		1,019,385
	30,920	Oasis Petroleum, Inc.*		983,256
	70,082	Rex Energy Corp.*		912,468
	42,372	Rosetta Resources, Inc.*		1,921,994
	86,020	Rowan Cos. Plc Class A*		2,689,845
	89,220	Tesoro Corp.		3,930,141
	29,307	Whiting Petroleum Corp.*		1,271,045

				17,803,374


		Oil & Gas Services — 2.1%

	44,852	Core Laboratories NV		4,902,772
	22,544	Dril-Quip, Inc.*		1,646,839
	125,755	ION Geophysical Corp.*		818,665
	7,874	Lufkin Industries, Inc.		457,716

				7,825,992


		See accompanying Notes to the Schedule of Investments.			21

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Packaging & Containers — 1.0%

	47,120	Crown Holdings, Inc.*		1,734,487
	30,100	Packaging Corp. of America		1,157,947
	11,960	Rock-Tenn Co. Class A		836,124

				3,728,558


		Pharmaceuticals — 4.4%

	47,073	Achillion Pharmaceuticals, Inc.*		377,525
	45,780	Alkermes Plc*		847,846
	22,319	BioMarin Pharmaceutical, Inc.*		1,099,211
	21,157	Catamaran Corp.*		996,706
	19,910	Cubist Pharmaceuticals, Inc.*		837,415
	60,000	DENTSPLY International, Inc.		2,376,600
	36,326	Durata Therapeutics, Inc.* ‡		277,531
	103,800	Elan Corp. Plc, Sponsored ADR*		1,059,798
	61,960	MAP Pharmaceuticals, Inc.*		973,391
	18,375	Medivation, Inc.*		940,065
	22,270	Onyx Pharmaceuticals, Inc.*		1,682,053
	19,525	Perrigo Co.		2,031,186
	58,949	Regulus Therapeutics, Inc.* ‡		371,379
	39,027	Sagent Pharmaceuticals, Inc.* ‡		627,944
	17,965	Sirona Dental Systems, Inc.*		1,158,024
	12,575	Synageva BioPharma Corp.*		582,097
	14,617	Synta Pharmaceuticals Corp.* ‡		131,845

				16,370,616


		Real Estate — 1.1%

	84,692	CBRE Group, Inc.*		1,685,371
	30,840	Jones Lang Lasalle, Inc.		2,588,709

				4,274,080


		Retail — 10.2%

	70,070	American Eagle Outfitters, Inc.		1,437,136
	36,530	Arcos Dorados Holdings, Inc.‡		436,899
	38,540	Asbury Automotive Group, Inc.*		1,234,436
	11,490	Buffalo Wild Wings, Inc.*		836,702
	19,472	Dick’s Sporting Goods, Inc.		885,781
	64,475	DineEquity, Inc.*		4,319,825
	23,803	Dunkin’ Brands Group, Inc.		789,784
	57,015	Express, Inc.*		860,356
	44,819	Fifth & Pacific Cos., Inc.*		557,997
	31,075	First Cash Financial Services, Inc.*		1,541,941
	94,992	Foot Locker, Inc.		3,051,143
	49,670	GNC Holdings, Inc. Class A		1,653,018
	7,725	Lululemon Athletica, Inc.* ‡		588,877
	22,615	Nu Skin Enterprises, Inc. Class A‡		837,886
	23,557	Petsmart, Inc.		1,609,885
	22,952	PVH Corp.		2,547,902
	36,430	Red Robin Gourmet Burgers, Inc.*		1,285,615


22		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Retail — continued

	40,043	Restoration Hardware Holdings, Inc.* ‡		1,350,650
	21,243	Rue21, Inc.*		603,089
	104,400	Sally Beauty Holdings, Inc.*		2,460,708
	34,380	Signet Jewelers, Ltd.		1,835,892
	42,354	Texas Roadhouse, Inc. Class A		711,547
	17,407	Tile Shop Holdings, Inc.* ‡		292,960
	9,890	Tractor Supply Co.		873,880
	97,434	Urban Outfitters, Inc.*		3,835,002
	39,190	Williams-Sonoma, Inc.		1,715,346

				38,154,257


		Semiconductors — 3.3%

	28,653	Cavium, Inc.* ‡		894,260
	65,698	Ceva, Inc.*		1,034,744
	95,860	Cypress Semiconductor Corp.		1,039,122
	21,259	Hittite Microwave Corp.*		1,320,184
	50,027	Intermolecular, Inc.*		445,240
	16,601	Linear Technology Corp.		569,414
	171,710	LSI Corp.*		1,215,707
	65,440	NXP Semiconductor NV*		1,725,653
	56,180	Skyworks Solutions, Inc.*		1,140,454
	61,295	Teradyne, Inc.*		1,035,273
	9,098	Ultratech, Inc.*		339,355
	47,932	Xilinx, Inc.		1,720,759

				12,480,165


		Software — 8.1%

	18,600	athenahealth, Inc.* ‡		1,366,170
	28,240	Autodesk, Inc.*		998,284
	108,467	Blackbaud, Inc.		2,476,302
	10,325	Commvault Systems, Inc.*		719,756
	10,320	Concur Technologies, Inc.* ‡		696,806
	30,350	Imperva, Inc.*		956,935
	43,775	Informatica Corp.*		1,327,258
	59,764	InterXion Holding NV*		1,419,993
	81,770	Jive Software, Inc.* ‡		1,188,118
	34,544	Medassets, Inc.* ‡		579,303
	185,370	MSCI, Inc. Class A* ‡		5,744,616
	22,473	NetSuite, Inc.*		1,512,433
	93,090	Nuance Communications, Inc.*		2,077,769
	117,775	QLIK Technologies, Inc.*		2,558,073
	46,510	SS&C Technologies Holdings, Inc.*		1,075,311
	50,828	Synchronoss Technologies, Inc.*		1,071,963
	153,050	VeriFone Systems, Inc.*		4,542,524

				30,311,614


		See accompanying Notes to the Schedule of Investments.			23

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares			Description	Value ($)


			Telecommunications — 5.7%

	48,317		Allot Communications, Ltd.*		861,009
	56,270		Aruba Networks, Inc.* ‡		1,167,603
	105,723		Calix, Inc.*		813,010
	16,749		IPG Photonics Corp.‡		1,116,321
	57,560		Ixia*		977,369
	67,250		JDS Uniphase Corp.*		910,565
	96,750		NeuStar, Inc. Class A*		4,056,727
	180,225		Polycom, Inc.*		1,885,153
	116,294		SBA Communications Corp. Class A*		8,259,200
	57,242		tw telecom, Inc. Class A*		1,457,954

					21,504,911


			Transportation — 2.6%

	90,575		Expeditors International of Washington, Inc.		3,582,241
	13,755		Genesee & Wyoming, Inc. Class A*		1,046,480
	38,605		HUB Group, Inc. Class A*		1,297,128
	64,620		Knight Transportation, Inc.		945,391
	33,780		Landstar System, Inc.		1,772,099
	62,753		Roadrunner Transportation Systems, Inc.*		1,138,339

					9,781,678


			TOTAL COMMON STOCKS (COST $327,255,021)		363,107,378


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 12.5%

			Bank Deposit — 3.2%

	12,151,791		State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		12,151,791


			Securities Lending Collateral — 9.3%

	34,645,053		State Street Navigator Securities Lending Prime Portfolio***		34,645,053


			TOTAL SHORT-TERM INVESTMENTS (COST $46,796,844)		46,796,844


			TOTAL INVESTMENTS — 109.6% (Cost $374,051,865)		409,904,222

			Other Assets and Liabilities (net) — (9.6)%		(35,865,446	)


			NET ASSETS — 100.0%	$	374,038,776

			Notes to Schedule of Investments:

			ADR — American Depository Receipt

		*	Non-income producing security

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

		¤	Illiquid security. The total market value of the securities at period end is $279,015 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $281,192.

		***	Represents an investment of securities lending cash collateral.


24		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Growth Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		97.1
Short-Term Investments		12.5
Other Assets and Liabilities (net)		(9.6	)

		100.0	%


		See accompanying Notes to the Schedule of Investments.			25

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 97.8%

		Aerospace & Defense — 1.6%

	10,600	Alliant Techsystems, Inc.		656,776
	10,550	Esterline Technologies Corp.*		671,086
	120,500	Orbital Sciences Corp.*		1,659,285
	43,825	Triumph Group, Inc.		2,861,772

				5,848,919


		Agriculture — 0.2%

	16,100	Andersons (The), Inc.		690,690
	2,100	Universal Corp.‡		104,811

				795,501


		Airlines — 0.5%

	3,800	Alaska Air Group, Inc.*		163,742
	90,700	Delta Air Lines, Inc.*		1,076,609
	24,500	Hawaiian Holdings, Inc.*		160,965
	91,700	Republic Airways Holdings, Inc.*		520,856

				1,922,172


		Apparel — 1.0%

	63,260	Ascena Retail Group, Inc.*		1,169,677
	42,700	Guess?, Inc.		1,047,858
	32,640	Iconix Brand Group, Inc.*		728,525
	9,900	Perry Ellis International, Inc.		197,010
	11,000	Skechers U.S.A., Inc. Class A*		203,500
	21,660	True Religion Apparel, Inc.		550,597

				3,897,167


		Auto Manufacturers — 0.1%

	11,100	Oshkosh Corp.*		329,115


		Auto Parts & Equipment — 0.8%

	113,550	Dana Holding Corp.		1,772,515
	10,100	Lear Corp.		473,084
	69,600	Meritor, Inc.*		329,208
	32,500	Modine Manufacturing Co.*		264,225
	7,600	Standard Motor Products, Inc.‡		168,872

				3,007,904


		Banks — 6.1%

	48,400	Associated Banc-Corp.		635,008
	9,300	Banco Latinoamericano de Comercio Exterior SA		200,508
	11,000	BOK Financial Corp.		599,060
	12,400	Chemical Financial Corp.		294,624
	3,300	Citizens Republic Bancorp, Inc.*		62,601
	16,700	City Holding Co.‡		581,995


26		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Banks — continued

	6,000	City National Corp.		297,120
	21,500	Columbia Banking System, Inc.		385,710
	61,550	Comerica, Inc.		1,867,427
	18,362	Commerce Bancshares, Inc.		643,761
	2,000	Cullen/Frost Bankers, Inc.		108,540
	6,300	East-West Bancorp, Inc.		135,387
	2,200	First Citizens BancShares, Inc. Class A		359,700
	78,300	First Commonwealth Financial Corp.		534,006
	45,000	Fulton Financial Corp.		432,450
	34,700	Huntington Bancshares, Inc.		221,733
	4,700	Independent Bank Corp.‡		136,065
	41,300	International Bancshares Corp.		745,465
	251,200	KeyCorp		2,115,104
	57,800	National Penn Bancshares, Inc.		538,696
	23,000	NBT Bancorp, Inc.		466,210
	63,900	Northwest Bancshares, Inc.		775,746
	10,300	Old National Bancorp		122,261
	5,100	Oriental Financial Group, Inc.		68,085
	9,500	PacWest Bancorp		235,410
	12,200	Pinnacle Financial Partners, Inc.*		229,848
	25,010	Popular, Inc.*		519,958
	35,800	PrivateBancorp, Inc.		548,456
	41,400	Prosperity Bancshares, Inc.‡		1,738,800
	519,000	Regions Financial Corp.		3,695,280
	1,000	S&T Bancorp, Inc.		18,070
	31,200	Texas Capital Bancshares, Inc.*		1,398,384
	1,400	UMB Financial Corp.‡		61,376
	29,400	Umpqua Holdings Corp.		346,626
	12,700	Webster Financial Corp.		260,985
	99,865	Western Alliance Bancorp*		1,051,579
	78,400	Wilshire Bancorp, Inc.*		460,208

				22,892,242


		Beverages — 0.4%

	26,100	Coca-Cola Enterprises, Inc.		828,153
	16,450	Constellation Brands, Inc. Class A*		582,166

				1,410,319


		Biotechnology — 1.2%

	34,700	Affymetrix, Inc.* ‡		109,999
	3,900	AMAG Pharmaceuticals, Inc.*		57,369
	32,075	Charles River Laboratories International, Inc.*		1,201,850
	63,800	Dynavax Technologies Corp.*		182,468
	52,900	NPS Pharmaceuticals, Inc.*		481,390
	212,100	PDL BioPharma, Inc.‡		1,495,305
	23,800	Vertex Pharmaceuticals, Inc.*		998,172

				4,526,553


		See accompanying Notes to the Schedule of Investments.			27

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Building Materials — 0.4%

	40,000	Apogee Enterprises, Inc.		958,800
	42,400	Gibraltar Industries, Inc.*		675,008

				1,633,808


		Chemicals — 1.6%

	53,150	A. Schulman, Inc.		1,537,630
	18,200	Ashland, Inc.		1,463,462
	5,600	Chemtura Corp.*		119,056
	60,400	Ferro Corp.*		252,472
	30,600	Huntsman Corp.		486,540
	21,400	Innospec, Inc.		738,086
	31,810	Kraton Performance Polymers, Inc.*		764,394
	18,150	Minerals Technologies, Inc.		724,548

				6,086,188


		Coal — 0.6%

	29,200	Alpha Natural Resources, Inc.*		284,408
	9,650	Cloud Peak Energy, Inc.*		186,534
	59,500	Peabody Energy Corp.		1,583,295

				2,054,237


		Commercial Services — 5.4%

	24,580	ABM Industries, Inc.		490,371
	5,200	AVEO Pharmaceuticals, Inc.* ‡		41,860
	166,700	Career Education Corp.*		586,784
	7,580	Chemed Corp.		519,912
	1,900	Consolidated Graphics, Inc.*		66,348
	85,780	Convergys Corp.		1,407,650
	25,000	CoreLogic, Inc.*		673,000
	300,500	Corinthian Colleges, Inc.* ‡		733,220
	5,605	Equifax, Inc.		303,343
	89,807	Geo Group (The), Inc.‡		2,532,557
	13,500	H&E Equipment Services, Inc.		203,445
	89,975	Hertz Global Holdings, Inc.*		1,463,893
	1,700	ICF International, Inc.*		39,848
	31,400	Insperity, Inc.		1,022,384
	14,887	Ituran Location and Control, Ltd.		202,017
	16,580	Kelly Services, Inc. Class A		260,969
	26,900	Kforce, Inc.		385,477
	28,580	Korn/Ferry International*		453,279
	41,410	Rent-A-Center, Inc.		1,422,848
	34,100	Resources Connection, Inc.		407,154
	13,150	SEI Investments Co.		306,921
	72,880	Service Corp. International		1,006,473
	17,470	Standard Parking Corp.* ‡		384,165
	49,500	Stewart Enterprises, Inc. Class A		378,180
	9,100	TeleTech Holdings, Inc.*		161,980
	39,370	Total System Services, Inc.		843,305


28		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Commercial Services — continued

	35,700	TrueBlue, Inc.*		562,275
	62,550	United Rentals, Inc.*		2,847,276
	4,200	Valassis Communications, Inc.‡		108,276
	11,500	Viad Corp.		312,340

				20,127,550


		Computers — 2.8%

	111,100	Brocade Communications Systems, Inc.*		592,163
	209,125	Cadence Design Systems, Inc.*		2,825,279
	34,830	DST Systems, Inc.		2,110,698
	8,950	j2 Global, Inc.		273,691
	8,150	Lexmark International, Inc. Class A‡		188,998
	13,750	Manhattan Associates, Inc.*		829,675
	311,000	Quantum Corp.* ‡		385,640
	93,625	Riverbed Technology, Inc.*		1,846,285
	60,500	STEC, Inc.*		298,265
	35,300	Sykes Enterprises, Inc.*		537,266
	24,100	Unisys Corp.*		416,930

				10,304,890


		Cosmetics & Personal Care — 1.1%

	60,280	Elizabeth Arden, Inc.*		2,713,203
	56,600	Inter Parfums, Inc.		1,101,436
	23,800	Skilled Healthcare Group, Inc. Class A*		151,606

				3,966,245


		Distribution & Wholesale — 0.9%

	3,600	Core-Mark Holding Co., Inc.		170,460
	19,210	Ingram Micro, Inc. Class A*		325,033
	38,600	Owens & Minor, Inc.‡		1,100,486
	5,100	Tech Data Corp.*		232,203
	27,100	United Stationers, Inc.		839,829
	8,311	WESCO International, Inc.*		560,411

				3,228,422


		Diversified Financial Services — 1.5%

	5,100	Hercules Technology Growth Capital, Inc.		56,763
	67,600	Investment Technology Group, Inc.*		608,400
	8,800	Nelnet, Inc. Class A		262,152
	29,400	Ocwen Financial Corp.*		1,016,946
	7,040	Oppenheimer Holdings, Inc. Class A		121,581
	15,900	Piper Jaffray Cos.*		510,867
	57,850	Raymond James Financial, Inc.		2,228,960
	50,175	SLM Corp.		859,498

				5,665,167


		See accompanying Notes to the Schedule of Investments.			29

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Electric — 2.6%

	21,930	Avista Corp.		528,732
	3,900	CH Energy Group, Inc.		254,358
	57,375	Cleco Corp.		2,295,574
	107,475	CMS Energy Corp.		2,620,240
	3,200	El Paso Electric Co.		102,112
	7,100	MGE Energy, Inc.		361,745
	900	OGE Energy Corp.		50,679
	23,000	Otter Tail Corp.		575,000
	14,700	Pinnacle West Capital Corp.		749,406
	66,725	PNM Resources, Inc.		1,368,530
	21,900	Portland General Electric Co.		599,184

				9,505,560


		Electrical Components & Equipment — 0.4%

	35,100	Advanced Energy Industries, Inc.*		484,731
	1,100	Energizer Holdings, Inc.		87,978
	6,700	EnerSys*		252,121
	8,400	General Cable Corp.*		255,444
	60,400	Power-One, Inc.* ‡		248,244

				1,328,518


		Electronics — 2.9%

	1,700	American Science & Engineering, Inc.		110,857
	29,162	Arrow Electronics, Inc.*		1,110,489
	36,494	Avnet, Inc.*		1,117,081
	5,100	AVX Corp.		54,978
	40,404	Coherent, Inc.		2,045,251
	8,560	Cubic Corp.		410,623
	31,640	Daktronics, Inc.		350,255
	43,100	FEI Co.		2,390,326
	83,900	PerkinElmer, Inc.		2,662,986
	37,500	Vishay Intertechnology, Inc.*		398,625

				10,651,471


		Energy-Alternate Sources — 0.0%

	4,600	Green Plains Renewable Energy, Inc.*		36,386


		Engineering & Construction — 1.8%

	28,500	AECOM Technology Corp.*		678,300
	19,900	Dycom Industries, Inc.*		394,020
	36,700	Emcor Group, Inc.		1,270,187
	3,500	Granite Construction, Inc.		117,670
	65,425	KBR, Inc.		1,957,516
	22,160	Layne Christensen Co.*		537,823
	26,100	Mistras Group, Inc.*		644,409
	14,500	MYR Group, Inc.*		322,625
	17,425	URS Corp.		684,106

				6,606,656


30		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Entertainment — 1.1%

	1,050	Ascent Media Corp.*		65,037
	28,400	Carmike Cinemas, Inc.*		426,000
	25,130	DreamWorks Animation SKG, Inc. Class A* ‡		416,404
	39,490	Madison Square Garden, Inc.*		1,751,381
	31,250	Marriott Vacations Worldwide Corp.*		1,302,188

				3,961,010


		Environmental Control — 0.1%

	18,300	Darling International, Inc.*		293,532


		Food — 3.8%

	73,100	Chiquita Brands International, Inc.*		603,075
	14,800	Dean Foods Co.*		244,348
	46,100	Fresh Del Monte Produce, Inc.		1,214,735
	11,075	Hain Celestial Group (The), Inc.*		600,487
	56,070	Harris Teeter Supermarkets, Inc.		2,162,059
	52,600	Hormel Foods Corp.		1,641,646
	14,614	Industrias Bachoco, S.A.B., Sponsored ADR		408,023
	12,500	Ingredion, Inc.		805,375
	8,220	J&J Snack Foods Corp.		525,587
	22,475	JM Smucker Co. (The)		1,938,244
	34,900	Nash Finch Co.		742,672
	2,700	Pilgrim’s Pride Corp.*		19,575
	4,500	Ralcorp Holdings, Inc.*		403,425
	2,100	Smithfield Foods, Inc.*		45,297
	26,525	TreeHouse Foods, Inc.*		1,382,748
	46,100	Tyson Foods, Inc. Class A		894,340
	20,333	Village Super Market, Inc. Class A		668,142

				14,299,778


		Forest Products & Paper — 1.8%

	226,925	Boise, Inc.		1,804,054
	48,800	Clearwater Paper Corp.*		1,911,008
	20,900	Deltic Timber Corp.		1,475,958
	7,600	Domtar Corp.		634,752
	9,400	Glatfelter		164,312
	38,525	Resolute Forest Products* ‡		510,071
	12,100	Wausau Paper Corp.		104,786

				6,604,941


		Gas — 2.2%

	8,200	Atmos Energy Corp.		287,984
	84,085	Energen Corp.		3,791,393
	21,700	Laclede Group (The), Inc.		837,837
	113,950	NiSource, Inc.		2,836,215
	10,290	UGI Corp.		336,586

				8,090,015


		See accompanying Notes to the Schedule of Investments.			31

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Hand & Machine Tools — 0.1%

	5,825	Snap-on, Inc.		460,117


		Health Care - Products — 1.9%

	24,900	CONMED Corp.		695,955
	6,500	Hanger, Inc.*		177,840
	47,230	Hill-Rom Holdings, Inc.		1,346,055
	35,100	ICU Medical, Inc.*		2,138,643
	32,500	Invacare Corp.		529,750
	89,080	Nordion, Inc.		574,566
	6,300	NuVasive, Inc.*		97,398
	6,400	Orthofix International NV*		251,712
	36,480	STERIS Corp.		1,266,950
	12,700	Symmetry Medical, Inc.*		133,604

				7,212,473


		Health Care - Services — 1.0%

	17,000	Amedisys, Inc.* ‡		191,590
	10,900	Community Health Systems, Inc.		335,066
	10,400	Coventry Health Care, Inc.		466,232
	33,120	Ensign Group (The), Inc.		900,533
	98,300	Gentiva Health Services, Inc.*		987,915
	9,600	Health Net, Inc.*		233,280
	7,700	LHC Group, Inc.*		164,010
	3,700	Magellan Health Services, Inc.*		181,300
	40,100	Select Medical Holdings Corp.		378,143

				3,838,069


		Home Builders — 1.1%

	27,500	Beazer Homes USA, Inc.* ‡		464,475
	22,925	MDC Holdings, Inc.		842,723
	100	NVR, Inc.*		92,000
	63,000	PulteGroup, Inc.*		1,144,080
	44,400	Thor Industries, Inc.		1,661,892

				4,205,170


		Home Furnishings — 0.6%

	32,200	Harman International Industries, Inc.		1,437,408
	51,300	La-Z-Boy, Inc.		725,895
	18,800	VOXX International Corp.*		126,524

				2,289,827


		Household Products & Wares — 0.2%

	30,000	Central Garden and Pet Co. Class A*		313,500
	8,600	Helen of Troy, Ltd.*		287,154
	400	Jarden Corp.		20,680

				621,334


32		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Housewares — 0.6%

	98,100	Newell Rubbermaid, Inc.		2,184,687


		Insurance — 10.3%

	3,963	Alleghany Corp.*		1,329,269
	23,150	Allied World Assurance Co. Holdings, Ltd.		1,824,220
	101,370	Alterra Capital Holdings, Ltd.		2,857,620
	17,200	American Financial Group, Inc.		679,744
	13,300	Arch Capital Group, Ltd.*		585,466
	8,300	Argo Group International Holdings, Ltd.		278,797
	21,100	Aspen Insurance Holdings, Ltd.		676,888
	11,800	Assurant, Inc.		409,460
	57,100	Axis Capital Holdings, Ltd.		1,977,944
	4,100	Endurance Specialty Holdings, Ltd.		162,729
	17,900	Everest Re Group, Ltd.		1,968,105
	2,000	FBL Financial Group, Inc. Class A		68,420
	106,675	Fidelity National Financial, Inc. Class A		2,512,196
	71,400	Genworth Financial, Inc. Class A*		536,214
	50,925	HCC Insurance Holdings, Inc.		1,894,919
	47,600	Horace Mann Educators Corp.		950,096
	15,600	Infinity Property & Casualty Corp.		908,544
	135,900	Lincoln National Corp.		3,519,810
	59,500	Meadowbrook Insurance Group, Inc.		343,910
	3,300	Montpelier Re Holdings, Ltd.		75,438
	9,045	Navigators Group, Inc.*		461,928
	25,720	PartnerRe, Ltd.		2,070,203
	8,500	Platinum Underwriters Holdings, Ltd.		391,000
	13,400	Primerica, Inc.		402,134
	8,000	ProAssurance Corp.		337,520
	5,900	Protective Life Corp.		168,622
	38,690	Reinsurance Group of America, Inc.		2,070,689
	7,800	RenaissanceRe Holdings, Ltd.		633,828
	3,600	Safety Insurance Group, Inc.		166,212
	46,600	Symetra Financial Corp.		604,868
	14,640	Tower Group, Inc.		260,153
	100,025	Validus Holdings, Ltd.		3,458,865
	3,984	White Mountains Insurance Group, Ltd.		2,051,760
	32,200	Willis Group Holdings Plc		1,079,666
	22,790	WR Berkley Corp.		860,095

				38,577,332


		Internet — 1.4%

	30,200	AOL, Inc.		894,222
	40,500	Blucora, Inc.* ‡		636,255
	23,300	Digital River, Inc.*		335,287
	17,800	EarthLink, Inc.		114,988
	16,225	Expedia, Inc.		997,026
	300	IAC/InterActiveCorp		14,190
	71,300	Limelight Networks, Inc.*		158,286


		See accompanying Notes to the Schedule of Investments.			33

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Internet — continued

	74,500	United Online, Inc.		416,455
	78,675	ValueClick, Inc.*		1,527,082

				5,093,791


		Investment Companies — 1.3%

	105,400	American Capital, Ltd.*		1,264,800
	11,000	Apollo Investment Corp.		91,960
	35,300	Ares Capital Corp.		617,750
	60,800	BlackRock Kelso Capital Corp.		611,648
	5,420	Capital Southwest Corp.		539,995
	178,000	MCG Capital Corp.		818,800
	69,000	Prospect Capital Corp.		750,030
	12,300	Solar Capital, Ltd.		294,093

				4,989,076


		Iron & Steel — 0.4%

	97,200	AK Steel Holding Corp.‡		447,120
	5,700	Reliance Steel & Aluminum Co.		353,970
	18,100	Schnitzer Steel Industries, Inc. Class A		548,973

				1,350,063


		Leisure Time — 0.1%

	29,110	WMS Industries, Inc.* ‡		509,425


		Lodging — 0.1%

	9,100	Ameristar Casinos, Inc.		238,784
	2,500	Orient-Express Hotels, Ltd. Class A*		29,225

				268,009


		Machinery - Construction & Mining — 0.1%

	5,500	Hyster-Yale Materials Handling, Inc.		268,400


		Machinery - Diversified — 1.0%

	19,325	AGCO Corp.*		949,244
	42,800	Albany International Corp. Class A		970,704
	18,800	Kadant, Inc.* ¤		498,388
	5,890	Middleby Corp.*		755,157
	8,700	NACCO Industries, Inc. Class A		528,003

				3,701,496


		Media — 0.4%

	4,800	Belo Corp. Class A		36,816
	7,300	EW Scripps Co. (The) Class A*		78,913
	33,100	Gannett Co., Inc.		596,131
	21,100	Scholastic Corp.		623,716

				1,335,576


34		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Metal Fabricate & Hardware — 0.3%

	4,300	CIRCOR International, Inc.		170,237
	400	Mueller Industries, Inc.		20,012
	15,700	Timken Co. (The)		750,931

				941,180


		Mining — 1.1%

	193,120	AuRico Gold, Inc.*		1,579,721
	218,600	Aurizon Mines, Ltd.*		760,728
	6,300	Coeur d’Alene Mines Corp.*		154,980
	3,000	Horsehead Holding Corp.*		30,630
	26,375	Kaiser Aluminum Corp.		1,627,074

				4,153,133


		Miscellaneous - Manufacturing — 2.5%

	4,600	Aptargroup, Inc.		219,512
	9,500	Barnes Group, Inc.		213,370
	23,930	Brink’s Co. (The)		682,723
	10,800	FreightCar America, Inc.		242,136
	183,169	Griffon Corp.		2,099,117
	900	Harsco Corp.		21,150
	31,780	John Bean Technologies Corp.		564,731
	134,700	Orkla ASA, Sponsored ADR‡		1,178,625
	6,100	Standex International Corp.		312,869
	35,100	STR Holdings, Inc.*		88,452
	70,440	Trimas Corp.*		1,969,502
	52,200	Trinity Industries, Inc.		1,869,804

				9,461,991


		Office & Business Equipment — 0.2%

	18,750	Avery Dennison Corp.		654,750


		Office Furnishings — 0.1%

	40,400	Steelcase, Inc. Class A		514,696


		Oil & Gas — 4.3%

	74,400	Callon Petroleum Co.*		349,680
	67,100	Carrizo Oil & Gas, Inc.* ‡		1,403,732
	1,400	Contango Oil & Gas Co.		59,304
	16,200	Delek US Holdings, Inc.		410,184
	86,414	Denbury Resources, Inc.*		1,399,907
	17,660	Endeavour International Corp.* ‡		91,479
	1,300	Energy XXI Bermuda, Ltd.		41,847
	30,200	EPL Oil & Gas, Inc.*		681,010
	25,900	Helmerich & Payne, Inc.		1,450,659
	71,125	HollyFrontier Corp.		3,310,869
	72,130	Miller Energy Resources, Inc.* ‡		285,635
	41,250	Noble Corp.		1,436,325
	155,900	Parker Drilling Co.*		717,140


		See accompanying Notes to the Schedule of Investments.			35

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Oil & Gas — continued

	22,550	Patterson-UTI Energy, Inc.‡		420,106
	118,400	Penn Virginia Corp.		522,144
	10,500	Plains Exploration & Production Co.*		492,870
	42,980	Resolute Energy Corp.* ‡		349,427
	20,850	Rex Energy Corp.*		271,467
	16,000	Stone Energy Corp.*		328,320
	12,100	Swift Energy Co.*		186,219
	7,700	Tesoro Corp.		339,185
	46,840	Vaalco Energy, Inc.*		405,166
	22,900	W&T Offshore, Inc.‡		367,087
	21,600	Western Refining, Inc.‡		608,904
	11,200	WPX Energy, Inc.*		166,656

				16,095,322


		Oil & Gas Services — 0.7%

	48,600	Helix Energy Solutions Group, Inc.*		1,003,104
	20,800	Mitcham Industries, Inc.*		283,504
	50,900	Tesco Corp.*		579,751
	49,920	TETRA Technologies, Inc.*		378,893
	91,400	Willbros Group, Inc.*		489,904

				2,735,156


		Packaging & Containers — 0.1%

	14,925	Bemis Co., Inc.		499,391


		Pharmaceuticals — 1.6%

	34,900	Allos Therapeutics, Inc.* ****		—
	18,600	BioScrip, Inc.*		200,322
	11,700	Hi-Tech Pharmacal Co., Inc.‡		409,266
	74,900	Idenix Pharmaceuticals, Inc.* ‡		363,265
	21,850	Jazz Pharmaceuticals Plc*		1,162,420
	23,000	Omnicare, Inc.		830,300
	24,900	PharMerica Corp.*		354,576
	40,050	Sirona Dental Systems, Inc.*		2,581,623

				5,901,772


		Real Estate — 0.9%

	11,920	FirstService Corp.*		336,859
	161,000	Forestar Group, Inc.*		2,790,130
	29,250	Hilltop Holdings, Inc.*		396,045

				3,523,034


		REITS — 6.7%

	4,200	Alexandria Real Estate Equities, Inc. REIT		291,144
	2,300	American Assets Trust, Inc. REIT		64,239
	10,000	Ashford Hospitality Trust, Inc. REIT		105,100
	29,500	Associated Estates Realty Corp. REIT		475,540


36		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		REITS — continued

	128,600	BioMed Realty Trust, Inc. REIT		2,485,838
	221,725	Brandywine Realty Trust REIT		2,702,828
	5,100	Camden Property Trust REIT		347,871
	13,300	Campus Crest Communities, Inc. REIT		163,058
	102,625	CBL & Associates Properties, Inc. REIT		2,176,676
	18,300	Chesapeake Lodging Trust REIT		382,104
	66,100	Chimera Investment Corp. REIT		172,521
	25,000	Coresite Realty Corp. REIT‡		691,500
	6,600	CubeSmart REIT		96,162
	2,900	Douglas Emmett, Inc. REIT		67,570
	60,050	DuPont Fabros Technology, Inc. REIT‡		1,450,808
	1,000	EastGroup Properties, Inc. REIT		53,810
	7,900	EPR Properties REIT		364,269
	2,200	Federal Realty Investment Trust REIT		228,844
	4,500	First Industrial Realty Trust, Inc. REIT*		63,360
	6,300	Getty Realty Corp. REIT‡		113,778
	15,700	Government Properties Income Trust REIT‡		376,329
	3,600	Hatteras Financial Corp. REIT		89,316
	14,100	Hersha Hospitality Trust REIT		70,500
	11,825	Home Properties, Inc. REIT		724,991
	6,600	Hospitality Properties Trust REIT		154,572
	77,600	Inland Real Estate Corp. REIT		650,288
	4,500	Investors Real Estate Trust REIT		39,285
	57,175	Kilroy Realty Corp. REIT		2,708,379
	12,500	Liberty Property Trust REIT		447,125
	17,700	LTC Properties, Inc. REIT		622,863
	9,000	Mack-Cali Realty Corp. REIT		234,990
	8,200	National Retail Properties, Inc. REIT		255,840
	15,000	Parkway Properties, Inc. REIT		209,850
	9,900	Pennsylvania Real Estate Investment Trust REIT		174,636
	23,400	Piedmont Office Realty Trust, Inc. REIT		422,370
	8,800	Post Properties, Inc. REIT		439,560
	13,200	Potlatch Corp. REIT		517,308
	3,200	PS Business Parks, Inc. REIT		207,936
	51,800	Ramco-Gershenson Properties Trust REIT		689,458
	14,100	Rayonier, Inc. REIT		730,803
	6,300	Realty Income Corp. REIT‡		253,323
	21,600	Retail Opportunity Investments Corp. REIT‡		277,776
	13,400	RLJ Lodging Trust REIT		259,558
	30,200	Sabra Healthcare, Inc. REIT		655,944
	15,900	Senior Housing Properties Trust REIT		375,876
	2,100	Sovran Self Storage, Inc. REIT		130,410
	26,800	Sunstone Hotel Investors, Inc. REIT*		287,028
	4,800	Taubman Centers, Inc. REIT		377,856
	3,800	Washington Real Estate Investment Trust REIT		99,370
	700	Weingarten Realty Investors REIT		18,739

				24,999,299


		See accompanying Notes to the Schedule of Investments.			37

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Retail — 6.6%

	13,100	Abercrombie & Fitch Co. Class A		628,407
	7,900	bebe stores, inc.		31,521
	57,950	Big Lots, Inc.*		1,649,257
	350	Biglari Holdings, Inc.*		136,507
	41,675	Bloomin’ Brands, Inc.*		651,797
	94,380	Bob Evans Farms, Inc.		3,794,076
	45,500	Brown Shoe Co., Inc.		835,835
	11,000	Chico’s FAS, Inc.		203,060
	7,800	Childrens Place Retail Stores (The), Inc.*		345,462
	75,700	Denny’s Corp.*		369,416
	11,375	Dillard’s, Inc. Class A		952,884
	106,000	Foot Locker, Inc.		3,404,720
	74,180	Fred’s, Inc. Class A		987,336
	9,500	GameStop Corp. Class A‡		238,355
	63,725	GNC Holdings, Inc. Class A		2,120,768
	38,500	hhgregg, Inc.* ‡		270,270
	51,900	Insight Enterprises, Inc.*		901,503
	19,800	Kirkland’s, Inc.*		209,682
	18,500	Movado Group, Inc.		567,580
	55,290	Pep Boys — Manny, Moe & Jack (The)‡		543,500
	25,884	Pier 1 Imports, Inc.		517,680
	24,900	PVH Corp.		2,764,149
	6,300	Red Robin Gourmet Burgers, Inc.*		222,327
	11,600	Regis Corp.		196,272
	309,600	Rite Aid Corp.*		421,056
	15,400	Signet Jewelers, Ltd.		822,360
	3,400	Stage Stores, Inc.		84,252
	333,800	Wet Seal (The), Inc. Class A*		921,288

				24,791,320


		Savings & Loans — 1.3%

	44,800	Capitol Federal Financial, Inc.		523,712
	128,925	EverBank Financial Corp.		1,922,272
	40,800	Hudson City Bancorp, Inc.		331,704
	34,500	Oritani Financial Corp.		528,540
	20,300	Provident Financial Services, Inc.		302,876
	19,100	ViewPoint Financial Group, Inc.		399,954
	49,300	Washington Federal, Inc.		831,691

				4,840,749


		Semiconductors — 2.5%

	23,600	Emulex Corp.*		172,280
	16,100	Entegris, Inc.*		147,798
	69,600	Formfactor, Inc.*		317,376
	19,900	LTX-Credence Corp.*		130,544
	46,700	MKS Instruments, Inc.		1,203,926
	67,050	NXP Semiconductor NV*		1,768,108
	46,400	Photronics, Inc.*		276,544


38		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Semiconductors — continued

	163,800	PMC-Sierra, Inc.*		853,398
	84,400	Rudolph Technologies, Inc.*		1,135,180
	82,975	Skyworks Solutions, Inc.*		1,684,393
	100,100	Teradyne, Inc.*		1,690,689

				9,380,236


		Software — 1.4%

	9,100	Acxiom Corp.*		158,886
	59,500	Allscripts Healthcare Solutions, Inc.*		560,490
	64,110	CSG Systems International, Inc.*		1,165,520
	51,275	Fidelity National Information Services, Inc.		1,784,883
	27,410	Quality Systems, Inc.		475,837
	77,500	Schawk, Inc. ¤		1,019,900
	2,300	SYNNEX Corp.*		79,074

				5,244,590


		Telecommunications — 1.2%

	14,900	Atlantic Tele-Network, Inc.		546,979
	3,300	Black Box Corp.		80,322
	42,500	Calix, Inc.*		326,825
	8,100	Comtech Telecommunications Corp.		205,578
	2,500	GeoEye, Inc.*		76,825
	42,100	Harmonic, Inc.*		213,447
	5,100	IDT Corp. Class B		48,654
	47,890	NeuStar, Inc. Class A*		2,008,028
	24,500	Oplink Communications, Inc.*		381,710
	6,200	Premiere Global Services, Inc.*		60,636
	33,700	Sycamore Networks, Inc.		75,488
	9,500	TeleNav, Inc.*		75,810
	12,160	Telephone & Data Systems, Inc.		269,222
	24,200	Vonage Holdings Corp.*		57,354

				4,426,878


		Textiles — 0.6%

	24,045	G&K Services, Inc. Class A		821,137
	21,345	UniFirst Corp.		1,565,015

				2,386,152


		Toys, Games & Hobbies — 0.0%

	10,615	JAKKS Pacific, Inc.‡		132,900


		Transportation — 1.2%

	6,700	Arkansas Best Corp.		63,985
	4,100	Bristow Group, Inc.		220,006
	43,240	Heartland Express, Inc.		565,147
	16,200	Knightsbridge Tankers, Ltd.‡		85,050
	55,050	Ryder System, Inc.		2,748,646


		See accompanying Notes to the Schedule of Investments.			39

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares			Description	Value ($)


			Transportation — continued

	28,900		Saia, Inc.*		668,168
	1,900		Ship Finance International, Ltd.‡		31,597

					4,382,599


			Trucking & Leasing — 0.4%

	110,320		Aircastle, Ltd.		1,383,413
	1,100		Amerco, Inc.		139,491

					1,522,904


			Water — 0.6%

	17,800		American States Water Co.		854,044
	24,400		American Water Works Co., Inc.		905,972
	7,200		California Water Service Group		132,120
	18,210		PICO Holdings, Inc.*		369,117

					2,261,253


			TOTAL COMMON STOCKS (COST $331,689,436)		364,828,416


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 5.3%

			Bank Deposit — 2.5%

	9,373,097		State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		9,373,097


			Securities Lending Collateral — 2.8%

	10,256,552		State Street Navigator Securities Lending Prime Portfolio***		10,256,552


			TOTAL SHORT-TERM INVESTMENTS (COST $19,629,649)		19,629,649


			TOTAL INVESTMENTS — 103.1% (Cost $351,319,085)		384,458,065

			Other Assets and Liabilities (net) — (3.1)%		(11,446,158	)


			NET ASSETS — 100.0%	$	373,011,907


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security

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

		¤	Illiquid security. The total market value of the securities at period end is $1,518,288 which represents 0.4% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $1,531,631.

		***	Represents an investment of securities lending cash collateral.

		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $0 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $0.


40		See accompanying Notes to the Schedule of Investments.

Mercer US Small/Mid Cap Value Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Asset Class Summary (Unaudited)	% of Net Assets
Common Stocks		97.8
Short-Term Investments		5.3
Other Assets and Liabilities (net)		(3.1	)

		100.0	%


		See accompanying Notes to the Schedule of Investments.			41

Mercer Non-US Core Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 96.7%

		Australia — 3.5%

	151,279	ALS Ltd.‡		1,719,184
	839,433	Atlas Iron, Ltd.		1,599,953
	294,129	BGP Holdings Plc* ¤ ****		—
	315,121	BHP Billiton, Ltd.		12,303,487
	4,224,842	Boart Longyear Group		8,472,975
	223,423	Brambles, Ltd.		1,777,601
	102,960	Caltex Australia, Ltd.		2,074,551
	348,811	carsales.com, Ltd.		2,678,599
	267,043	Computershare, Ltd.		2,513,995
	84,874	CSL, Ltd.		4,793,554
	868,579	Emeco Holdings, Ltd.		551,597
	142,868	Flight Centre, Ltd.‡		4,050,611
	1,490,716	Fortescue Metals Group, Ltd.‡		7,394,161
	98,334	iiNET, Ltd.		468,636
	59,047	Macquarie Group, Ltd.		2,195,457
	203,207	Mineral Resources, Ltd.		2,095,604
	72,490	Monadelphous Group, Ltd.‡		1,858,829
	63,385	National Australia Bank, Ltd.		1,657,295
	138,985	Origin Energy, Ltd.		1,700,445
	568,367	Sigma Pharmaceuticals, Ltd.		436,961
	443,644	Suncorp-Metway, Ltd.		4,715,665
	1,291,573	Telstra Corp., Ltd.		5,882,350
	5,811	TPG Telecom, Ltd.‡		15,688

		Total Australia		70,957,198


		Austria — 0.3%

	41,098	Erste Group Bank AG*		1,312,587
	77,818	OMV AG		2,822,409
	59,439	Voestalpine AG		2,183,100

		Total Austria		6,318,096


		Belgium — 0.5%

	29,295	Ageas		873,010
	66,960	Belgacom SA‡		1,971,429
	36,035	Colruyt SA		1,787,079
	43,871	Delhaize Group‡		1,755,198
	20,411	KBC Ancora*		351,158
	2,532	Solvay SA		364,056
	21,455	ThromboGenics NV*		1,184,173
	28,619	UCB SA		1,644,491

		Total Belgium		9,930,594


		Bermuda — 0.9%

	555,477	Catlin Group, Ltd.		4,492,085
	1,001,000	Digital China Holdings, Ltd.		1,716,800
	1,613,733	Esprit Holdings, Ltd.		2,260,499
	412,340	Hiscox, Ltd.		3,003,472


42		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, 2012 (Unaudited)


Shares		Description	Value ($)


		Bermuda — continued

	257,000	Hongkong Land Holdings, Ltd.		1,807,433
	30,400	Jardine Matheson Holdings, Ltd.		1,890,599
	222,000	SmarTone Telecommunications Holding, Ltd.		406,773
	550,500	Yue Yuen Industrial Holdings		1,858,435

		Total Bermuda		17,436,096


		Brazil — 0.9%

	79,155	Banco do Brasil SA		1,009,785
	443,465	BR Malls Participacoes SA		5,875,022
	33,600	Cielo SA		940,797
	80,200	Ez Tec Empreendimentos e Participacoes SA		1,007,245
	293,297	Itau Unibanco Holding SA, ADR		4,827,669
	71,000	Light SA		779,253
	200,120	Petroleo Brasileiro SA, Sponsored ADR		3,862,316

		Total Brazil		18,302,087


		Canada — 0.9%

	13,850	Bank of Montreal		846,551
	286,965	Cameco Corp.‡		5,645,922
	168,096	Gildan Activewear, Inc.		6,133,301
	165,203	Potash Corp. of Saskatchewan (Toronto Exchange)		6,716,297

		Total Canada		19,342,071


		Cayman Islands — 0.8%

	2,225,000	Dongyue Group		1,487,096
	1,667,678	Sands China, Ltd.		7,481,128
	205,350	Tencent Holdings, Ltd.		6,666,993

		Total Cayman Islands		15,635,217


		China — 0.2%

	1,029,000	China Communications Construction Co., Ltd. Class H		1,009,095
	948,000	China Petroleum & Chemical Corp. Class H		1,088,411
	720,000	PetroChina Co., Ltd. Class H		1,030,366

		Total China		3,127,872


		Denmark — 3.0%

	351	AP Moeller — Maersk AS Class B		2,683,481
	55,520	Carlsberg AS Class B		5,451,867
	84,305	Christian Hansen Holding AS		2,745,293
	46,640	Coloplast AS Class B		2,283,098
	165,157	Danske Bank AS*		2,804,377
	46,036	FLSmidth & Co. AS‡		2,686,111
	253,151	GN Store Nord AS		3,708,869
	25,372	Jyske Bank AS*		707,120
	52,644	NKT Holding AS‡		1,901,745
	125,222	Novo Nordisk AS Class B		20,426,662
	35,631	Novo Nordisk AS, Sponsored ADR		5,815,335


		See accompanying Notes to the Schedule of Investments.			43

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Denmark — continued

	75,434	Pandora AS‡		1,660,178
	41,345	Sydbank AS*		733,027
	732,130	TDC AS		5,182,159
	6,787	Topdanmark AS*		1,454,357
	212,246	Vestas Wind Systems AS* ‡		1,201,920

		Total Denmark		61,445,599


		Finland — 1.2%

	498,400	Fortum OYJ		9,361,662
	43,598	Metso OYJ		1,897,020
	500,935	Nokia OYJ, Sponsored ADR		1,978,693
	1,358,379	Nokia OYJ‡		5,335,684
	82,854	Orion OYJ Class B‡		2,432,355
	128,277	Tieto OYJ		2,537,812
	149,908	UPM-Kymmene OYJ		1,779,350

		Total Finland		25,322,576


		France — 8.5%

	914,528	Alcatel-Lucent*		1,219,842
	12,325	AtoS		877,192
	588,843	AXA SA		10,638,455
	252,512	BNP Paribas		14,216,663
	92,636	Bouygues SA		2,728,306
	49,169	Cap Gemini SA		2,140,261
	73,890	Casino Guichard Perrachon SA		7,099,438
	6,298	Christian Dior SA		1,087,554
	251,993	Cie Generale de Geophysique-Veritas*		7,585,799
	29,244	Cie Generale des Etablissements Michelin		2,769,161
	230,830	CNP Assurances		3,511,950
	505,569	Credit Agricole SA*		4,099,940
	193,493	Danone SA		12,768,993
	75,104	Dassault Systemes SA		8,397,660
	128,355	Etablissements Maurel et Prom		2,199,090
	22,981	Euler Hermes SA		1,999,390
	12,717	Eurazeo		616,212
	435,856	Faurecia‡		6,908,113
	209,326	France Telecom SA		2,341,405
	5,505	Gecina SA REIT		613,693
	40,394	Iliad SA		6,945,050
	20,987	Ingenico		1,195,511
	134,132	Legrand SA		5,654,633
	49,026	LVMH Moet Hennessy Louis Vuitton SA		9,125,125
	138,658	Metropole Television SA		2,164,862
	709,248	Natixis		2,450,863
	65,385	Neopost SA‡		3,453,299
	69,000	Pernod-Ricard SA		8,103,957
	21,567	Renault SA		1,188,495
	52,190	Sanofi-Aventis		4,943,636


44		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, 2012 (Unaudited)


Shares		Description	Value ($)


		France — continued

	33,487	Schneider Electric SA		2,494,645
	322,835	SCOR SE		8,694,822
	190,799	Societe Generale*		7,168,327
	12,003	Sodexo		1,004,617
	58,768	Thales SA		2,026,384
	44,105	Total SA		2,280,085
	153,331	UBISOFT Entertainment*		1,638,140
	14,676	Unibail-Rodamco REIT		3,588,559
	64,023	Valeo SA		3,242,561
	105,159	Vivendi SA		2,365,364

		Total France		173,548,052


		Germany — 7.8%

	14,157	Allianz AG		1,958,960
	36,005	Aurubis AG		2,557,753
	22,599	BASF SE		2,121,615
	233,640	Bayer AG		22,160,981
	35,300	Bayerische Motoren Werke AG		3,400,403
	22,179	Brenntag AG		2,910,404
	150,526	Continental AG		17,396,154
	111,688	DaimlerChrysler AG		6,095,994
	734,085	Deutsche Post AG		16,077,617
	541,932	Deutsche Telekom AG		6,149,783
	262,682	Deutsche Wohnen AG		4,845,256
	121,531	Deutz AG*		566,937
	24,898	Duerr AG		2,220,390
	76,309	E.ON AG		1,419,401
	80,019	Fresenius SE		9,198,811
	267,892	GEA Group AG		8,642,419
	96,230	GSW Immobilien AG		4,062,679
	27,943	Hannover Rueckversicherung AG		2,172,379
	36,379	HeidelbergCement AG		2,201,351
	22,885	Kabel Deutschland Holding AG		1,709,292
	28,090	Kloeckner & Co. SE*		332,172
	66,357	Leoni AG		2,502,053
	60,112	Linde AG		10,470,584
	45,634	Muenchener Rueckver AG		8,183,670
	61,389	Premiere AG*		334,624
	79,073	Rheinmetall AG		3,799,772
	17,510	SAP AG		1,401,018
	27,887	SAP AG, Sponsored ADR		2,241,557
	7,115	Siemens AG		772,418
	51,498	Suedzucker AG		2,104,751
	90,858	Symrise AG		3,249,133
	238,270	TAG Immobilien AG		2,990,857
	103,145	TUI AG*		1,068,646
	10,991	Volkswagen AG		2,358,450

		Total Germany		159,678,284


		See accompanying Notes to the Schedule of Investments.			45

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Greece — 0.1%

	263,541	Hellenic Telecommunications Organization SA*		1,787,963
	72,007	OPAP SA		515,192
	73,658	Public Power Corp. SA*		576,239

		Total Greece		2,879,394


		Hong Kong — 1.7%

	424,400	AIA Group, Ltd.		1,691,420
	1,224,000	Champion REIT		588,483
	1,979,010	China Overseas Land & Investment, Ltd.		5,994,749
	2,605,300	China Resources Power Holdings Co., Ltd.		6,666,442
	811,830	China Unicom Hong Kong, Ltd.		1,314,274
	504,000	Hutchison Whampoa, Ltd.		5,346,584
	5,312,061	Lenovo Group, Ltd.		4,856,229
	265,500	MTR Corp., Ltd.		1,050,976
	1,241,000	New World Development, Ltd.		1,950,858
	4,327,000	PCCW, Ltd.		1,911,486
	232,500	Swire Pacific, Ltd. Class A		2,889,256
	49,000	Television Broadcasts, Ltd.		367,805

		Total Hong Kong		34,628,562


		India — 0.3%

	3,101,324	Power Grid Corp. of India, Ltd.		6,521,461


		Indonesia — 0.5%

	6,826,250	Bank Rakyat Indonesia Persero Tbk PT		4,971,367
	254,000	Indo Tambangraya Megah Tbk PT		1,096,677
	4,779,000	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,159,344
	644,000	Tambang Batubara Bukit Asam Persero Tbk PT		1,013,778
	547,000	United Tractors Tbk PT		1,124,301
	4,228,500	Vale Indonesia Tbk PT		1,037,452

		Total Indonesia		10,402,919


		Ireland — 0.6%

	380,189	CRH Plc		7,952,471
	4,376,010	Governor & Co. of the Bank of Ireland (The)*		653,458
	32,673	Paddy Power Plc		2,725,248

		Total Ireland		11,331,177


		Israel — 0.4%

	196,234	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		7,327,378


		Italy — 3.1%

	284,600	Assicurazioni Generali Spa		5,185,209
	109,963	Azimut Holding Spa		1,584,780
	91,988	Banca Popolare dell’Emilia Romagna Scarl		639,336
	675,596	Beni Stabili Spa REIT		398,714
	90,030	Buzzi Unicem Spa		1,265,877
	11,966	Danieli & C. Officine Meccaniche Spa		343,876


46		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, 2012 (Unaudited)


Shares		Description	Value ($)


		Italy — continued

	23,241	Danieli & C. Officine Meccaniche Spa-RSP		391,078
	662,813	Enel Spa		2,754,317
	465,115	ENI Spa		11,460,695
	32,677	Exor Spa		822,373
	185,012	Fiat Spa (MIL Exchange)*		933,424
	338,349	Gemina Spa*		485,159
	3,453,526	Intesa Sanpaolo Spa		5,967,591
	383,751	Intesa Sanpaolo Spa-RSP		543,736
	31,975	Lottomatica Spa		726,792
	120,240	Mediolanum Spa‡		611,417
	968,187	Milano Assicurazioni Spa*		406,642
	83,820	Pirelli & C. Spa		960,534
	75,138	Salvatore Ferragamo Italia Spa		1,651,119
	4,943,231	Telecom Italia Spa		4,463,040
	6,456,099	Telecom Italia Spa-RNC		5,102,727
	3,174,758	UniCredit Spa*		15,658,830
	135,768	Unione di Banche Italiane SCPA		632,526

		Total Italy		62,989,792


		Japan — 21.9%

	5,100	3-D Matrix, Ltd.*		242,673
	97,700	Advantest Corp.		1,544,938
	62,400	Aeon Credit Service Co., Ltd.		1,262,343
	38,700	Aica Kogyo Co., Ltd.		626,128
	556,150	Aiful Corp.*		3,810,345
	60,100	Aisin Seiki Co., Ltd.		1,878,044
	168,000	Ajinomoto Co., Inc.		2,227,196
	92,300	Alpine Electronics, Inc.		853,927
	265,000	Amada Co., Ltd.		1,727,696
	242,000	Asahi Glass Co., Ltd.		1,761,672
	133,400	Astellas Pharma, Inc.		6,004,281
	148,400	Bridgestone Corp.		3,854,255
	16,200	Calbee, Inc.		1,142,543
	279,000	Calsonic Kansei Corp.		1,153,860
	6,200	Canon Marketing Japan, Inc.		88,600
	103,400	Canon, Inc.		4,063,546
	222,000	Central Glass Co., Ltd.		746,546
	16,000	Central Japan Railway Co.		1,300,723
	259,294	Chiba Bank, Ltd. (The)		1,520,022
	98,000	Chiyoda Corp.		1,406,012
	138,500	Citizen Holdings Co., Ltd.		733,574
	53,700	Coca-Cola Central Japan Co., Ltd.		663,468
	115,700	COMSYS Holdings Corp.		1,491,499
	22,900	Cosmos Pharmaceutical Corp.		2,273,931
	47,600	Credit Saison Co., Ltd.		1,192,658
	420	Cyber Agent, Inc.		862,227
	2,643	Dai-ichi Life Insurance Co., Ltd. (The)		3,726,131
	199,000	Daicel Corp.		1,319,310


		See accompanying Notes to the Schedule of Investments.			47

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Japan — continued

	65,500	Daifuku Co., Ltd.		422,631
	151,000	Daihatsu Motor Co., Ltd.		2,992,595
	122,900	Daiichi Sanyko Co., Ltd.		1,888,931
	236,060	Daikin Industries, Ltd.		8,127,078
	629,130	Daiwa House Industry Co., Ltd.		10,846,563
	1,011,246	Daiwa Securities Group, Inc.		5,643,396
	170,950	Dena Co., Ltd.		5,632,034
	142,600	Denso Corp.		4,971,512
	193,000	Dowa Holdings Co., Ltd.		1,252,777
	2,245	eAccess, Ltd.* ****		1,653,607
	36,000	East Japan Railway Co.		2,332,204
	16,900	FamilyMart Co., Ltd.		697,042
	296,000	Fuji Heavy Industries, Ltd.		3,734,343
	3,278	Fuji Media Holdings, Inc.		4,964,965
	221,000	FUJIFILM Holdings Corp.		4,460,043
	80,000	Fujikura, Ltd.		248,330
	199,000	Fujitsu General, Ltd.		1,885,061
	577,000	Fujitsu, Ltd.		2,427,397
	517,000	Fukuoka Financial Group, Inc.		2,073,342
	29,400	Funai Electric Co., Ltd.		384,035
	28,800	Fuyo General Lease Co., Ltd.		933,861
	75,997	Glory, Ltd.		1,763,875
	254,294	Hachijuni Bank, Ltd. (The)		1,279,022
	427,000	Hino Motors, Ltd.		3,836,561
	26,800	Hirose Electric Co., Ltd.		3,214,909
	21,059	Hisamitsu Pharmaceutical Co., Inc.		1,046,220
	31,900	Hitachi Capital Corp.		658,173
	34,300	Hitachi High-Technologies Corp.		711,020
	184,000	Hitachi, Ltd.		1,084,992
	69,900	Honda Motor Co., Ltd.		2,581,469
	297,000	IHI Corp.		764,907
	1,484	Inpex Holdings, Inc.		7,935,460
	451,000	Isuzu Motors, Ltd.		2,691,821
	53,600	Ito En, Ltd.		986,194
	127,600	Itochu Corp.		1,349,578
	44,000	Japan Airlines Co., Ltd.*		1,886,993
	63,000	Japan Aviation Electronics Industry, Ltd.		467,738
	83,000	Japan Securities Finance Co., Ltd.		534,392
	560,900	Japan Tobacco, Inc.		15,843,804
	33,000	JGC Corp.		1,030,045
	365,714	Joyo Bank, Ltd. (The)		1,731,625
	79,800	JTEKT Corp.		762,519
	528,600	JX Holdings, Inc.		2,983,051
	259,000	Kaneka Corp.		1,305,174
	472,008	Kao Corp.		12,322,073
	142,000	Kawasaki Heavy Industries, Ltd.		386,654
	343,490	KDDI Corp.		24,310,120
	210,000	Kirin Holdings Co., Ltd.		2,472,438
	65,200	Kobayashi Pharmaceutical Co., Ltd.		3,102,220


48		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, 2012 (Unaudited)


Shares		Description	Value ($)


		Japan — continued

	224,850	Komatsu, Ltd.		5,765,104
	413,500	Konica Minolta Holdings, Inc.		2,984,904
	71,786	Kose Corp.		1,503,181
	80,373	Lawson, Inc.		5,473,964
	18,600	Ministop Co., Ltd.		312,607
	397,000	Mitsubishi Chemical Holdings Corp.		1,984,205
	66,000	Mitsubishi Estate Co., Ltd.		1,580,919
	306,000	Mitsubishi Heavy Industries, Ltd.		1,482,666
	221,000	Mitsubishi Materials Corp.		754,770
	297,200	Mitsubishi UFJ Financial Group, Inc.		1,602,419
	14,650	Mitsubishi UFJ Lease & Finance Co., Ltd.		631,321
	598,000	Mitsui Chemicals, Inc.		1,565,051
	90,000	Mitsui Sugar Co., Ltd.		259,319
	221,000	Morinaga Milk Industry Co., Ltd.		708,424
	194,500	MS&AD Insurance Group Holdings		3,893,455
	63,500	Namco Bandai Holdings, Inc.		825,153
	486,000	NEC Corp.*		1,025,365
	100,900	Nexon Co., Ltd.*		1,020,401
	31,000	NGK Insulators, Ltd.		365,289
	67,830	Nidec Corp.		3,974,147
	131,400	Nihon Kohden Corp.		3,991,972
	53,200	Nikon Corp.		1,573,740
	20,200	Nintendo Co., Ltd.		2,159,582
	81,000	Nippon Flour Mills Co., Ltd.		328,126
	83,000	Nippon Sharyo, Ltd.		317,193
	72,000	Nippon Shokubai Co., Ltd.		735,504
	241,000	Nippon Telegraph & Telephone Corp.		10,143,404
	230,000	Nippon Television Network Corp.		3,064,772
	400,000	Nishimatsu Construction Co., Ltd.		832,833
	114,800	Nissan Chemical Industries, Ltd.		1,362,080
	107,800	Nissan Motor Company, Ltd.		1,025,190
	74,600	Nisshin Steel Holdings Co., Ltd.*		687,561
	71,000	Nisshinbo Holdings, Inc.		601,984
	25,500	Nitto Denko Corp.		1,257,080
	130,900	NKSJ Holdings, Inc.		2,793,235
	643,100	Nomura Holdings, Inc.		3,804,504
	51,200	Nomura Real Estate Holdings, Inc.		978,672
	191,041	Nomura Research Institute, Ltd.		3,962,362
	383,241	North Pacific Bank, Ltd.*		1,076,716
	4,819	NTT DoCoMo, Inc.		6,934,407
	14,120	Obic Co., Ltd.		2,815,747
	771,000	Oki Electric Industry Co., Ltd.*		939,688
	21,800	Ono Pharmaceutical Co., Ltd.		1,114,655
	29,100	Oracle Corp. Japan		1,215,200
	408,000	Orient Corp.*		1,561,063
	118,460	Orix Corp.		13,393,173
	53,900	OSG Corp.		749,768
	121,300	Otsuka Holdings Co., Ltd.		3,412,178
	139,000	Pacific Metals Co., Ltd.		660,546


		See accompanying Notes to the Schedule of Investments.			49

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Japan — continued

	314,300	Pioneer Corp.*		786,772
	26,400	Pola Orbis Holdings, Inc.		758,614
	210,000	Press Kogyo Co., Ltd.		959,437
	805,190	Rakuten, Inc.*		6,291,783
	626,200	Resona Holdings, Inc.		2,844,657
	133,000	Ricoh Company, Ltd.		1,415,764
	18,000	Rohm Co., Ltd.		585,902
	29,034	Sankyo Co., Ltd.		1,151,136
	80,633	Santen Pharmaceutical Co., Ltd.		3,093,233
	64,200	Seven & I Holdings Co., Ltd.		1,810,459
	156,880	Shin-Etsu Chemical Co., Ltd.		9,600,987
	62,700	Shinko Electric Industries Co., Ltd.		496,235
	42,500	Shionogi & Co., Ltd.		709,346
	114,800	Showa Corp.		1,134,349
	1,368	SKY Perfect JSAT Holdings, Inc.		569,437
	87,500	Sodick Co., Ltd.		409,697
	24,800	Softbank Corp.		909,259
	67,229	Sony Corp., Sponsored ADR		752,965
	54,200	Sony Corp.		607,661
	123,600	Sony Financial Holdings, Inc.		2,227,702
	916,000	Sumitomo Chemical Co., Ltd.		2,895,695
	98,300	Sumitomo Corp.		1,262,465
	221,900	Sumitomo Electric Industries, Ltd.		2,572,922
	37,600	Sumitomo Forestry Co., Ltd.		356,123
	284,241	Sumitomo Mitsui Financial Group		10,346,500
	9,300	Sumitomo Rubber Industries, Ltd.		112,586
	56,700	Suzuki Motor Corp.		1,485,151
	73,800	Tachi-S Co., Ltd.		1,268,130
	55,000	Takeda Pharmaceutical Co., Ltd.		2,462,761
	42,200	TDK Corp.		1,537,580
	20,700	THK Co., Ltd.		372,703
	370,000	Toagosei Co., Ltd.		1,451,427
	272,580	Tokio Marine Holdings, Inc.		7,615,017
	27,100	Tokyo Electron, Ltd.		1,249,409
	152,000	Tokyo Tatemono Co., Ltd.		782,084
	101,000	Tokyu Land Corp.		739,780
	226,000	Toppan Printing Co., Ltd.		1,395,183
	799,480	TOTO, Ltd.		6,017,187
	46,600	Toyota Industries Corp.		1,490,424
	333,320	Toyota Motor Corp.		15,588,823
	8,212	Toyota Motor Corp., Sponsored ADR		765,769
	41,700	Toyota Tsusho Corp.		1,031,600
	80,000	Tsugami Corp.		521,824
	21,800	Unipres Corp.		480,646
	28,777	USS Co., Ltd.		2,988,731
	33,400	West Japan Railway Co.		1,317,957
	380,862	Yamato Holdings Co., Ltd.		5,802,590
	620,620	Yokogawa Electric Corp.		6,764,653


50		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, 2012 (Unaudited)


Shares		Description	Value ($)


		Japan — continued

	184,000	Yokohama Rubber Co., Ltd. (The)		1,334,400

		Total Japan		446,424,056


		Luxembourg — 0.4%

	30,101	Aperam		455,680
	379,414	Tenaris SA‡		7,899,979

		Total Luxembourg		8,355,659


		Malaysia — 0.1%

	528,400	Boustead Holdings Bhd		901,070
	814,000	Genting Malaysia Bhd		948,701
	289,300	Sime Darby Bhd		901,572

		Total Malaysia		2,751,343


		Malta — 0.0%

	31,613	Unibet Group Plc, SDR		1,008,677


		Mauritius — 0.1%

	3,170,000	Golden Agri-Resources, Ltd.‡		1,706,597


		Mexico — 0.4%

	505,000	Alfa SAB de CV Class A		1,068,643
	225,669	America Movil SA de CV Series L, ADR		5,221,981
	293,900	Grupo Mexico SAB de CV Series B		1,055,333

		Total Mexico		7,345,957


		Netherlands — 2.6%

	370,970	Aegon NV		2,361,344
	212,131	Aegon NV, ADR		1,366,124
	15,609	Akzo Nobel NV		1,028,781
	93,237	ASM International NV		3,409,038
	33,613	Corio NV REIT		1,527,366
	163,095	Delta Lloyd NV		2,711,105
	62,886	Eurocommercial Properties NV REIT		2,506,379
	38,028	Heineken Holding NV		2,080,602
	180,194	Heineken NV		12,005,347
	1,238,441	ING Groep NV, GDR*		11,828,919
	92,542	ING Groep NV, Sponsored ADR*		878,224
	132,562	Koninklijke Ahold NV		1,758,714
	36,110	Koninklijke DSM NV		2,172,506
	34,125	Koninklijke Philips Electronics NV		914,440
	158,627	Royal KPN NV		783,522
	626,865	STMicroelectronics NV		4,565,110
	22,387	Wereldhave NV		1,441,328

		Total Netherlands		53,338,849


		See accompanying Notes to the Schedule of Investments.			51

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		New Zealand — 0.2%

	192,134	Ryman Healthcare, Ltd.		723,025
	182,075	Sky City Entertainment Group, Ltd.		570,735
	1,031,832	Telecom Corp. of New Zealand, Ltd.		1,948,029

		Total New Zealand		3,241,789


		Norway — 1.5%

	893,777	DnB NOR ASA		11,377,555
	42,752	Fred Olsen Energy ASA		1,867,096
	675,866	Marine Harvest ASA*		625,542
	311,976	Petroleum Geo-Services ASA		5,390,545
	64,211	Schibsted ASA		2,734,577
	73,768	Statoil ASA		1,848,645
	352,190	Storebrand ASA*		1,725,571
	125,274	TGS Nopec Geophysical Co. ASA		4,099,733
	39,092	Yara International ASA		1,937,765

		Total Norway		31,607,029


		Portugal — 0.1%

	846,533	EDP — Energias de Portugal SA		2,541,593
	411,974	Sonae		376,801

		Total Portugal		2,918,394


		Singapore — 1.0%

	751,843	DBS Group Holdings, Ltd.		9,203,932
	999,000	First Resources, Ltd.		1,664,270
	344,000	Frasers Commercial Trust REIT		373,135
	1,445,000	Indofood Agri Resources, Ltd.		1,592,446
	192,000	Keppel Corp., Ltd.		1,744,676
	390,000	M1, Ltd.		866,403
	174,000	Parkway Life Real Estate Investment Trust REIT		306,891
	1,200,000	STX OSV Holdings, Ltd.‡		1,293,186
	239,230	Venture Corp., Ltd.		1,582,888
	1,997,000	Yangzijiang Shipbuilding Holdings, Ltd.‡		1,582,190

		Total Singapore		20,210,017


		South Africa — 0.4%

	13,873	Kumba Iron Ore, Ltd.		947,264
	128,493	Sasol, Ltd.		5,573,956
	298,702	Steinhoff International Holdings, Ltd.*		975,451

		Total South Africa		7,496,671


		South Korea — 1.1%

	344,836	Celltrion, Inc.		8,420,362
	28,160	Hana Financial Group, Inc.		920,594
	4,258	Hyundai Heavy Industries Co., Ltd.		971,558
	3,371	Hyundai Mobis		914,305
	29,269	Hyundai Motor Co.		6,024,311


52		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, 2012 (Unaudited)


Shares		Description	Value ($)


		South Korea — continued

	15,346	Kia Motors Corp.		816,579
	3,258	Lotte Shopping Co., Ltd.		1,150,523
	1,699	Samsung Electronics Co., Ltd.		2,431,652

		Total South Korea		21,649,884


		Spain — 1.8%

	259,595	Amadeus IT Holding SA‡		6,506,695
	669,097	Banco Bilbao Vizcaya Argentaria SA		6,135,325
	461,314	Banco Santander SA		3,715,244
	8,965	Corp. Financiera Alba SA		425,354
	54,891	Duro Felguera SA		351,036
	121,848	Endesa SA‡		2,717,768
	19,162	Ferrovial SA		282,195
	24,670	Fomento de Construcciones y Contratas SA		305,131
	69,953	Grifols SA*		2,458,290
	62,370	Inditex SA		8,727,639
	886,823	Mapfre SA‡		2,733,936
	31,235	Tecnicas Reunidas SA		1,450,793

		Total Spain		35,809,406


		Sweden — 3.7%

	38,578	Betsson AB		1,196,465
	105,584	Boliden AB		2,006,137
	64,109	Fabege AB		648,677
	12,436	Getinge AB		421,134
	53,494	Hennes & Mauritz AB Class B		1,858,224
	62,961	Holmen AB		1,872,344
	38,259	Industrivarden AB		636,048
	119,489	Investment AB Kinnevik Class B		2,495,870
	67,570	Investment AB Oresund* ¤		1,062,039
	239,503	Investor AB Class B		6,279,525
	101,072	JM AB‡		1,809,551
	93,048	Meda AB		958,635
	1,621,463	Nordea Bank AB		15,523,581
	98,800	Saab AB		2,060,237
	485,183	Skandinaviska Enskilda Banken AB		4,135,974
	85,733	SSAB AB		755,734
	321,892	Svenska Cellulosa AB Class B		7,043,937
	201,117	Svenska Handelsbanken AB Series A		7,203,470
	276,751	Swedbank AB		5,444,090
	21,672	Swedish Match AB		729,672
	942,151	Telefonaktiebolaget LM Ericsson		9,473,053
	82,110	Telefonaktiebolaget LM Ericsson Class B, Sponsored ADR		829,311
	280,303	TeliaSonera AB		1,908,611

		Total Sweden		76,352,319


		See accompanying Notes to the Schedule of Investments.			53

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Switzerland — 7.1%

	91,829	ABB, Ltd.		1,905,271
	151,587	Aryzta AG		7,771,699
	3,856	Baloise-Holding AG		336,252
	9,667	Bucher Industries AG		1,911,089
	29,421	Cie Financiere Richemont SA		2,350,806
	36,485	Credit Suisse Group		914,757
	13,178	Dufry AG*		1,742,421
	14,102	Geberit AG		3,119,487
	4,849	Georg Fischer AG		1,952,800
	4,685	Givaudan SA		4,963,131
	1,811	Helvetia Holding AG		687,418
	106,397	Julius Baer Group, Ltd.		3,825,092
	347,967	Nestle SA		22,661,097
	5,346	PSP Swiss Property AG		506,968
	116,832	Roche Holding AG		23,783,386
	14,353	Schindler Holding AG		2,071,579
	4,758	SGS SA		10,561,554
	32,452	Swiss Life Holding		4,327,856
	199,220	Swiss Re, Ltd.		14,528,805
	27,130	Syngenta AG		10,935,413
	28,375	Transocean, Ltd.		1,266,868
	37,387	Transocean, Ltd.		1,669,330
	451,736	UBS AG		7,098,646
	52,844	Zurich Insurance Group AG		14,119,239

		Total Switzerland		145,010,964


		Taiwan — 0.4%

	181,280	Asustek Computer, Inc.		2,046,968
	365,287	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		6,268,325

		Total Taiwan		8,315,293


		Thailand — 0.5%

	1,129,470	Advanced Info Service PCL (Registered Shares)		7,769,451
	2,150,250	Krung Thai Bank PCL		1,405,852
	87,100	PTT PCL		949,739

		Total Thailand		10,125,042


		United Kingdom — 18.2%

	2,369,762	Aberdeen Asset Management Plc		14,061,474
	713,408	Alent Plc*		3,580,985
	52,048	Amec Plc		852,101
	229,945	Amlin Plc		1,397,773
	29,285	Anglo American Plc		916,543
	30,016	ARM Holdings Plc, Sponsored ADR		1,135,505
	346,727	Ashtead Group Plc		2,461,972
	65,519	AstraZeneca Plc, Sponsored ADR		3,097,083
	42,382	AstraZeneca Plc		2,004,921
	744,842	Aviva Plc		4,499,369


54		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, 2012 (Unaudited)


Shares		Description	Value ($)


		United Kingdom — continued

	126,034	Babcock International Group Plc		1,957,154
	59,454	BAE Systems Plc		326,850
	451,275	Balfour Beatty Plc		2,017,981
	2,906,626	Barclays Plc		12,560,043
	135,783	Barclays Plc, Sponsored ADR		2,351,762
	938,647	Barratt Developments Plc*		3,176,887
	51,705	Berendsen Plc		492,832
	23,146	BHP Billiton Plc, ADR		1,628,784
	80,668	Bodycote Plc		598,670
	1,667,123	BP Plc		11,558,570
	324,753	British American Tobacco Plc		16,465,890
	70,914	British American Tobacco Plc, Sponsored ADR		7,180,042
	1,001,516	BT Group Plc		3,777,652
	340,750	Bunzl Plc		5,567,289
	76,514	Burberry Group Plc		1,567,603
	623,461	Cairn Energy Plc		2,733,081
	154,628	Capita Group Plc		1,915,936
	252,117	Capital & Counties Properties Plc		994,247
	365,170	Chemring Group Plc		1,369,600
	1,772,208	Cobham Plc		6,449,276
	638,000	Compass Group Plc		7,550,355
	1,284,320	DSG International Plc*		596,020
	179,146	easyJet Plc		2,253,647
	28,562	Experian Plc		461,782
	309,203	Fenner Plc		1,974,981
	393,276	GlaxoSmithKline Plc, Sponsored ADR		17,095,708
	465,262	GlaxoSmithKline Plc		10,108,110
	12,858	Go-Ahead Group Plc		266,801
	427,456	Halma Plc		3,223,554
	84,222	Hargreaves Lansdown Plc		936,496
	614,666	Hays Plc		826,185
	136,227	HSBC Holdings Plc, Sponsored ADR		7,229,567
	185,600	HSBC Holdings Plc		1,970,278
	2,403,955	HSBC Holdings Plc (Ordinary Shares)		25,442,671
	388,258	ICAP Plc		1,987,615
	144,312	IG Group Holdings Plc		1,057,286
	125,195	IMI Plc		2,228,132
	52,484	Imperial Tobacco Group Plc		2,027,973
	51,929	Inchcape Plc		365,533
	75,948	Informa Plc		562,223
	24,904	InterContinental Hotels Group Plc, ADR		692,829
	1,159,814	ITV Plc		1,990,982
	153,670	Jardine Lloyd Thompson Group Plc		2,017,192
	425,681	Kingfisher Plc		1,967,445
	87,098	Land Securities Group Plc REIT		1,178,310
	921,174	Legal & General Group Plc		2,225,351
	6,373,555	Lloyds TSB Group Plc*		5,110,292
	110,698	London Stock Exchange Group Plc		1,934,850
	174,943	Lonmin Plc		819,786


		See accompanying Notes to the Schedule of Investments.			55

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		United Kingdom — continued

	313,880	Meggitt Plc		1,957,935
	213,391	Mitchells & Butlers Plc*		1,150,826
	199,471	Mondi Plc		2,152,875
	62,900	Next Plc		3,884,745
	1,114,968	Old Mutual Plc		3,313,930
	240,480	Pearson Plc		4,704,268
	145,304	Persimmon Plc		1,920,156
	76,683	Petrofac, Ltd.		2,078,904
	38,875	Provident Financial Plc		870,635
	1,119,758	Prudential Plc		15,634,406
	792,906	QinetiQ Group Plc		2,330,187
	183,360	Reckitt Benckiser Group Plc		11,493,785
	185,047	Reed Elsevier Plc		1,944,231
	645,096	Resolution, Ltd.		2,576,819
	19,072	Rightmove Plc		439,603
	223,332	Rolls-Royce Holdings Plc		3,219,907
	733,894	Royal Bank of Scotland Group Plc*		3,955,219
	55,110	Royal Dutch Shell Plc Class A (Amsterdam Exchange)		1,892,574
	349,018	Royal Dutch Shell Plc Class A (London Exchange)		12,340,365
	176,002	SABMiller Plc		8,289,436
	148,428	Shire Plc		4,561,617
	108,047	Smiths Group Plc		2,128,085
	173,118	Spectris Plc		5,802,565
	368,515	Stagecoach Group Plc		1,822,274
	408,828	Standard Chartered Plc		10,369,949
	601,107	Standard Life Plc		3,212,788
	3,341,626	Taylor Wimpey Plc		3,643,939
	37,145	Telecity Group Plc		487,263
	392,318	Thomas Cook Group Plc*		310,802
	239,170	TUI Travel Plc		1,113,748
	74,901	Ultra Electronics Holdings Plc		2,006,184
	131,938	United Business Media, Ltd.		1,525,151
	132,865	Vectura Group Plc*		184,896
	713,408	Vesuvius Plc		4,037,486
	3,153,879	Vodafone Group Plc		7,936,715
	193,123	WH Smith Plc		2,158,057
	886,838	William Hill Plc		5,040,170
	131,931	WPP Plc		1,919,157
	49,792	Xstrata Plc		886,177

		Total United Kingdom		370,097,658


		TOTAL COMMON STOCKS (COST $1,774,102,921)		1,970,890,029


		INVESTMENT COMPANY — 0.7%

		United States — 0.7%

	244,524	iShares MSCI EAFE Index Fund		13,893,854


		TOTAL INVESTMENT COMPANY (COST $13,321,224)		13,893,854


56		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, 2012 (Unaudited)


Shares		Description	Value ($)


		PREFERRED STOCKS — 1.0%

		Brazil — 0.1%

	63,100	Bradespar SA, 5.79%		1,034,656
	152,100	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, 24.86%		1,261,774

		Total Brazil		2,296,430


		Germany — 0.9%

	111,345	Henkel AG & Co. KGaA, 1.32%		9,133,265
	44,113	Volkswagen AG, 1.78%		10,024,176

		Total Germany		19,157,441


		TOTAL PREFERRED STOCKS (COST $17,349,350)		21,453,871


Notional		Description	Value ($)

		OPTIONS PURCHASED — 0.0%

		Call Options — 0.0%
	12,756,064	OTC Euro versus Japanese Yen with Barclay’s Capital, Inc., Strike Price $121.25, Expires 03/26/13		83,415


		TOTAL CALL OPTIONS PURCHASED (COST $321,082)		83,415


		Put Options — 0.0%
	353,205,535	OTC Japanese Yen versus U.S. Dollar with Deutsche Bank Securities, Strike Price $85.70, Expires 07/23/13		134,812
	512,881,300	OTC Japanese Yen versus U.S. Dollar with Deutsche Bank Securities, Strike Price $90.70, Expires 03/26/13		28,472
	555,203,500	OTC Japanese Yen versus U.S. Dollar with JP Morgan Securities, Inc., Strike Price $84.00, Expires 01/21/13		202,490


		TOTAL PUT OPTIONS PURCHASED (COST $235,329)		365,774


		TOTAL OPTIONS PURCHASED (COST $556,411)		449,189


Par Value ($)		Description	Value ($)


		SHORT-TERM INVESTMENTS — 3.8%

		Bank Deposit — 1.7%

	34,057,379	State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		34,057,379


		Securities Lending Collateral — 2.1%

	42,305,615	State Street Navigator Securities Lending Prime Portfolio***		42,305,615


		TOTAL SHORT-TERM INVESTMENTS (COST $76,362,994)		76,362,994


		TOTAL INVESTMENTS — 102.2% (Cost $1,881,692,900)		2,083,049,937

		Other Assets and Liabilities (net) — (2.2)%		(45,202,090	)


		NET ASSETS — 100.0%	$	2,037,847,847


		See accompanying Notes to the Schedule of Investments.			57

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


				Notes to Schedule of Investments:


				ADR — American Depository Receipt

				GDR — Global Depository Receipt

				REIT — Real Estate Investment Trust

				SDR — Swedish Depository Receipt

		*		Non-income producing security

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

		¤		Illiquid security. The total market value of the securities at period end is $1,062,039 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $1,000,291.

		***		Represents an investment of securities lending cash collateral.

		****		Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $1,653,607 which represents 0.1% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $1,243,541.


58		See accompanying Notes to the Schedule of Investments.

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Industry Sector Summary (Unaudited)	% of Net Assets
Banks		11.3
Insurance		8.0
Pharmaceuticals		6.5
Telecommunications		6.5
Chemicals		4.7
Oil & Gas		4.0
Diversified Financial Services		3.7
Auto Manufacturers		3.3
Food		3.2
Auto Parts & Equipment		2.8
Agriculture		2.5
Retail		2.1
Beverages		2.0
Electronics		1.7
Transportation		1.7
Building Materials		1.6
Electric		1.6
Holding Companies — Diversified		1.6
Commercial Services		1.5
Mining		1.5
Real Estate		1.5
Internet		1.4
Media		1.4
Miscellaneous — Manufacturing		1.4
Software		1.4
Engineering & Construction		1.3
Oil & Gas Services		1.1
Aerospace & Defense		1.0
Home Builders		1.0
Household Products & Wares		1.0
Machinery — Diversified		1.0
Semiconductors		1.0
Computers		0.9
Health Care — Products		0.9
Apparel		0.7
Biotechnology		0.7
Cosmetics & Personal Care		0.7
Unaffiliated Fund		0.7
Electrical Components & Equipment		0.6
Entertainment		0.6
Forest Products & Paper		0.6
Investment Companies		0.6
Iron & Steel		0.6
REITS		0.6
Lodging		0.5
Metal Fabricate & Hardware		0.5
Distribution & Wholesale		0.4
Food Service		0.4
Machinery — Construction & Mining		0.4
Leisure Time		0.3


		See accompanying Notes to the Schedule of Investments.			59

Mercer Non-US Core Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Industry Sector Summary (Unaudited)	% of Net Assets
Office & Business Equipment		0.3
Shipbuilding		0.3
Airlines		0.2
Coal		0.1
Energy-Alternate Sources		0.1
Hand & Machine Tools		0.1
Health Care — Services		0.1
Home Furnishings		0.1
Toys, Games & Hobbies		0.1
Textiles		0.0
Short-Term Investments and Other Assets and Liabilities (net)		1.6

		100.0	%


60		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		DEBT OBLIGATIONS — 94.7%

		Asset Backed Securities — 3.3%

	44,317	ACE Securities Corp., Series 2005-SD3, Class A, 0.61%, due 08/25/45†		43,266
	33,768	American Airlines Pass Through Trust, Series 2001-1, Class A, 6.98%, due 11/23/22		33,430
	344,652	Ameriquest Mortgage Securities, Inc., Series 2004-R2, Class A1A, 0.55%, due 04/25/34†		331,166
	292,552	Asset Backed Securities Corp. Home Equity, Series 2003-HE7, Class M1, 1.18%, due 12/15/33†		270,741
	210,000	Avis Budget Rental Car Funding AESOP LLC, Series 2010-5A, Class A, 3.15%, due 03/20/17 144A		222,262
	250,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-2A, Class A, 2.80%, due 05/20/18 144A		263,913
	200,000	Avis Budget Rental Car Funding AESOP LLC, Series 2012-3A, Class A, 2.10%, due 03/20/19 144A		204,283
	32,618	Bayview Financial Acquisition Trust, Series 2004-A, Class A, 0.88%, due 02/28/44†		31,818
	58,865	Bayview Financial Acquisition Trust, Series 2004-C, Class A1, 0.84%, due 05/28/44†		58,029
	172,935	Bear Stearns Asset Backed Securities Trust, Series 2004-SD3, Class A3, 0.78%, due 09/25/34†		168,253
	282,154	Bear Stearns Asset Backed Securities, Inc., Series 2005-AQ2, Class A3, 0.57%, due 09/25/35†		266,611
	44,332	Bear Stearns Asset Backed Securities, Inc., Series 2005-SD4, Class 2A1, 0.61%, due 12/25/42†		42,354
	53,463	Bear Stearns Asset Backed Securities, Inc., Series 2006-HE10, Class 1A1, 0.32%, due 12/25/36†		53,326
	1,465,976	BNSF Railway Co. 2007-1 Pass Through Trust, 6.00%, due 04/01/24		1,756,679
	843,685	Burlington Northern and Santa Fe Railway Co. 2006-1 Pass Through Trust, 5.72%, due 01/15/24		989,779
	2,700,000	Chase Issuance Trust, Series 2012-A8, Class A8, 0.54%, due 10/16/17		2,699,027
	317,640	Citigroup Mortgage Loan Trust, Inc., Series 2006-SHL1, Class A, 0.41%, due 11/25/45† 144A		296,320
	76,073	Citigroup Mortgage Loan Trust, Inc., Series 2007-AHL2, Class A3A, 0.28%, due 05/25/37†		55,840
	118,024	Continental Airlines Pass Through Trust, Series 1998-1, Class A, 6.65%, due 03/15/19		126,427
	32,023	Continental Airlines Pass Through Trust, Series 2003-ERJ1, Class A, 7.88%, due 01/02/20		32,983
	215,985	Continental Airlines Pass Through Trust, Series 2004-ERJ1, Class A, 9.56%, due 03/01/21		227,864
	307,508	Continental Airlines Pass Through Trust, Series 2005-ERJ1, 9.80%, due 10/01/22		335,184
	42,871	Countrywide Home Equity Loan Trust, Series 2005-G, Class 2A, 0.44%, due 12/15/35†		23,751
	97,297	CVS Pass-Through Trust, 5.88%, due 01/10/28		112,325
	227,134	CVS Pass-Through Trust, 6.04%, due 12/10/28		266,292
	53,231	CVS Pass-Through Trust, 6.94%, due 01/10/30		67,186
	212,908	Delta Air Lines Pass Through Trust, Series 2007-1, Class A, 6.82%, due 02/10/24		237,648
	425,000	Greenpoint Manufactured Housing, Series 1999-2, Class A2, 2.98%, due 03/18/29†		352,954
	250,000	Greenpoint Manufactured Housing, Series 1999-3, Class 2A2, 3.60%, due 06/19/29†		224,979
	250,000	Greenpoint Manufactured Housing, Series 1999-4, Class A2, 3.71%, due 02/20/30†		212,174
	375,000	Greenpoint Manufactured Housing, Series 2001-2, Class IA2, 3.71%, due 02/20/32†		320,043
	500,000	Greenpoint Manufactured Housing, Series 2001-2, Class IIA2, 3.71%, due 03/13/32†		419,973


		See accompanying Notes to the Schedule of Investments.			61

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Asset Backed Securities — continued

	28,663	Greenpoint Mortgage Funding Trust, Series 2005-HE4, Class 2A1, 0.65%, due 07/25/30†		28,363
	222,106	GSAA Trust, Series 2006-14, Class A1, 0.26%, due 09/25/36†		103,231
	377,112	GSAMP Trust, Series 2004-SEA2, Class A2B, 0.76%, due 03/25/34†		372,520
	157,425	GSAMP Trust, Series 2006-S4, Class A1, 0.30%, due 05/25/36†		24,672
	410,000	Hertz Vehicle Financing LLC, Series 2009-2A, Class A2, 5.29%, due 03/25/16 144A		446,157
	480,453	Home Equity Asset Trust, Series 2003-8, Class M1, 1.29%, due 04/25/34†		426,521
	807,405	Keycorp Student Loan Trust, Series 2003-A, Class 1A2, 0.58%, due 10/25/32†		746,570
	163,894	Merrill Lynch Mortgage Investors, Inc., Series 2007-MLN1, Class A2A, 0.32%, due 03/25/37†		108,978
	442,393	Morgan Stanley ABS Capital I, Series 2003-NC10, Class M1, 1.23%, due 10/25/33†		397,391
	401,656	Morgan Stanley ABS Capital I, Series 2003-NC6, Class M1, 1.41%, due 06/25/33†		374,893
	304,617	Morgan Stanley ABS Capital I, Series 2003-NC7, Class M1, 1.26%, due 06/25/33†		287,341
	122,561	Morgan Stanley ABS Capital I, Series 2007-NC2, Class A2FP, 0.36%, due 02/25/37†		64,932
	1,100,000	Nelnet Student Loan Trust, Series 2005-4, Class A4R2, 4.09%, due 03/22/32†		952,530
	253,022	Novastar Home Equity Loan, Series 2003-3, Class A3, 1.11%, due 12/25/33†		224,664
	260,714	NovaStar Mortgage Funding Trust, Series 2003-3, Class A2C, 1.27%, due 12/25/33†		228,943
	1,700,000	Origen Manufactured Housing, Series 2006-A, Class A2, 2.58%, due 10/15/37†		1,118,969
	1,506,682	Origen Manufactured Housing, Series 2007-A, Class A2, 2.31%, due 04/15/37†		980,375
	3,600,000	RASC Trust, Series 2005-EMX4, Class M1, 0.64%, due 11/25/35†		3,503,896
	155,509	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF1, 5.89%, due 06/25/37††		81,713
	10,307	SACO I, Inc., Series 2005-7, Class A, 0.77%, due 09/25/35†		10,133
	330,743	SACO I, Inc., Series 2006-5, Class 1A, 0.51%, due 04/25/36†		139,363
	123,702	SACO I, Inc., Series 2006-6, Class A, 0.47%, due 06/25/36†		68,976
	607,660	Saxon Asset Securities Trust, Series 2005-1, Class M1, 0.90%, due 05/25/35†		559,572
	1,100,000	SLM Student Loan Trust, Series 2002-5, Class B, 0.74%, due 09/16/24†		1,009,856
	500,000	SLM Student Loan Trust, Series 2003-11, Class A6, 0.60%, due 12/15/25† 144A		479,624
	530,000	SLM Student Loan Trust, Series 2008-5, Class A3, 1.62%, due 01/25/18†		540,299
	1,533,040	SLM Student Loan Trust, Series 2008-9, Class A, 1.82%, due 04/25/23†		1,599,429
	606,710	SLM Student Loan Trust, Series 2009-CT, Class 1A, 2.35%, due 04/15/39¤ † 144A		610,666
	2,177,439	SLM Student Loan Trust, Series 2009-D, Class A, 3.50%, due 08/17/43¤ † 144A		2,107,081
	805,183	SLM Student Loan Trust, Series 2010-1, Class A, 0.61%, due 03/25/25†		807,191
	3,293,197	SLM Student Loan Trust, Series 2010-A, Class 2A, 3.46%, due 05/16/44† 144A		3,473,840
	2,000,000	SLM Student Loan Trust, Series 2012-B, Class A2, 3.48%, due 10/15/30 144A		2,135,814
	447,856	Small Business Administration Participation Certificates, Series 2008-20L, Class 1, 6.22%, due 12/01/28		527,413
	81,927	Soundview Home Equity Loan Trust, Series 2006-EQ2, Class A2, 0.32%, due 01/25/37†		48,989
	64,555	Soundview Home Equity Loan Trust, Series 2007-OPT1, Class 2A1, 0.29%, due 06/25/37†		60,559
	36,688	Structured Asset Securities Corp., Series 2002-AL1, Class A3, 3.45%, due 02/25/32		36,410
	619,301	Structured Asset Securities Corp., Series 2006-ARS1, Class A1, 0.43%, due 02/25/36† 144A		38,057
	38,146	UAL Pass Through Trust, Series 2009-1, 10.40%, due 05/01/18		43,913
	95,680	UAL Pass Through Trust, Series 2009-2A, 9.75%, due 07/15/18		110,749
	1,539,172	Washington Mutual Alternative Mortgage Pass Through Certificates, Series 2006-AR3, Class A1A, 1.14%, due 05/25/46†		963,496


62		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Asset Backed Securities — continued

	47,861	Washington Mutual, Inc., Series 2005-AR8, Class 2A1A, 0.50%, due 07/25/45†		45,463

				36,636,432


		Bank Loans — 1.0%

	497,500	Bausch & Lomb, Inc., 7 Year Term Loan, 5.25%, due 05/17/19¤		502,653
	510,000	Brickman Group Holdings, Inc., Term Loan B, 5.50%, due 10/14/16¤		518,925
	450,650	Capsugel Holdings U.S., Inc., Term Loan, 4.75%, due 08/01/18¤		456,283
	534,856	Charter Communications, Term Loan C, 3.47%, due 09/06/16¤		538,364
	30,724	CHS Community Health Systems, Inc., Term Loan, 3.81%, due 01/25/17¤		30,952
	750,000	Del Monte Foods Company, Term Loan B, 4.50%, due 03/08/18¤		752,657
	600,000	Delos Aircraft, Inc., Term Loan B, 4.75%, due 04/12/16		607,500
	495,960	Dunkin’ Finance Corp., Term Loan B, 4.00%, due 11/23/17¤		500,195
	405,986	Emergency Medical Services Corp., Term Loan, 5.25%, due 05/25/18¤		409,538
	462,950	Exopack, LLC, Term Loan, 6.50%, due 05/31/17¤		462,950
	438,172	Fairmount Minerals, Ltd., Term Loan B, 5.25%, due 03/15/17¤		437,468
	997,500	Fotesque Metal Group, Ltd., Term Loan, 5.25%, due 10/18/17¤		1,007,553
	389,248	Frac Tech International, LLC, Term Loan B, 8.50%, due 05/06/16¤		324,779
	471,321	Gymboree Corp., New Term Loan, 5.00%, due 02/23/18¤		435,737
	491,290	Hanger Orthopedic Group, Inc., Term Loan C, 4.00%, due 12/01/16¤		493,746
	450,000	Harrahs Operating Company, Inc., Term Loan B, 5.46%, due 01/28/18¤		403,088
	352,343	Las Vegas Sands, LLC, Extended Delayed Draw Term Loan, 2.76%, due 11/23/16¤		353,565
	70,816	Las Vegas Sands, LLC, Extended Term Loan B, 2.76%, due 11/23/16¤		71,061
	1,000,000	Schaffler AG, Term Loan C2, 6.00%, due 01/27/17¤		1,012,500
	356,996	Sunguard Data Systems, Inc., Tranch B Term Loan, 3.86%, due 02/28/16¤		359,446
	399,727	Univision Communications, Inc., Extended Term Loan, 4.46%, due 03/31/17¤		393,950
	403,785	Walter Energy, Inc., Term Loan B, 5.75%, due 04/02/18¤		407,570
	538,650	Wendy’s International, Inc., Term Loan B, 4.75%, due 05/15/19¤		544,806

				11,025,286


		Convertible Debt — 0.0%

	245,000	Icahn Enterprises, LP, 4.00%, due 08/15/13†		246,837


		Corporate Debt — 33.2%

	690,000	AbbVie, Inc., 1.75%, due 11/06/17 144A		698,313
	420,000	AbbVie, Inc., 2.90%, due 11/06/22 144A		428,633
	290,000	Access Midstream Partners LP/ACMP Finance Corp., 4.88%, due 05/15/23		294,713
	230,000	Access Midstream Partners LP/ACMP Finance Corp., 5.88%, due 04/15/21		245,525
	680,000	AES Corp. (The), Senior Note, 8.00%, due 06/01/20		785,400
	350,000	AK Steel Corp., 7.63%, due 05/15/20‡		306,250
	300,000	Alcatel-Lucent USA, Inc., 6.45%, due 03/15/29		229,500
	105,000	Alere, Inc., 7.25%, due 07/01/18 144A		105,788
	280,000	Alere, Inc., 8.63%, due 10/01/18		282,800
	5,000	Alere, Inc., 9.00%, due 05/15/16		5,300
	275,000	Aleris International, Inc., 7.63%, due 02/15/18		281,188
	200,000	Aleris International, Inc., 7.88%, due 11/01/20 144A		200,750
	170,000	Aleris International, Inc., Senior Note, (PIK), 9.00%, due 12/15/14**** †††		—
	425,000	Alliant Techsystems, Inc., 6.88%, due 09/15/20		469,094
	3,875,000	Ally Financial, Inc., 4.50%, due 02/11/14		3,996,094


		See accompanying Notes to the Schedule of Investments.			63

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	580,000	Ally Financial, Inc., 7.50%, due 09/15/20		702,525
	225,000	Ally Financial, Inc., 8.00%, due 11/01/31		286,031
	50,000	Ally Financial, Inc., Senior Note, 8.00%, due 11/01/31‡		63,294
	265,000	Alpha Natural Resources, Inc., 6.00%, due 06/01/19‡		245,125
	35,000	Alpha Natural Resources, Inc., 6.25%, due 06/01/21‡		32,200
	440,000	Altria Group, Inc., 2.85%, due 08/09/22		436,301
	390,000	Altria Group, Inc., 4.75%, due 05/05/21		442,749
	270,000	Altria Group, Inc., 8.50%, due 11/10/13		287,735
	490,000	Altria Group, Inc., 9.25%, due 08/06/19		682,558
	620,000	America Movil SAB de CV, 5.00%, due 03/30/20		724,453
	150,000	America Movil SAB de CV, Guaranteed Senior Note, 5.63%, due 11/15/17		181,087
	276,000	American Express Co., 2.65%, due 12/02/22 144A		275,497
	580,000	American Express Co., Subordinated Note, 6.80%, due 09/01/66†		624,950
	1,900,000	American Express Credit Corp., 5.88%, due 05/02/13		1,934,468
	230,000	American General Finance Corp., (MTN), 5.40%, due 12/01/15		218,500
	540,000	American Honda Finance Corp., 1.00%, due 08/11/15 144A		543,393
	300,000	American International Group, Inc., 3.75%, due 11/30/13 144A		307,815
	525,000	American International Group, Inc., 4.25%, due 09/15/14		553,491
	900,000	American International Group, Inc., 5.85%, due 01/16/18		1,066,346
	260,000	American International Group, Inc., 6.40%, due 12/15/20		323,128
	4,425,000	American International Group, Inc., 8.25%, due 08/15/18		5,827,636
	460,000	American International Group, Inc., Junior Subordinated Note, Series A, 6.25%, due 03/15/87		493,350
	210,000	American Railcar Industries, Inc., Senior Note, 7.50%, due 03/01/14		212,625
	200,000	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, due 05/20/22		223,500
	301,000	AmeriGas Partners LP/AmeriGas Finance Corp., 6.50%, due 05/20/21		328,090
	310,000	Amsted Industries, Inc., 8.13%, due 03/15/18 144A		333,250
	430,000	Anadarko Finance Co., Senior Note, 7.50%, due 05/01/31		570,494
	180,000	Anadarko Petroleum Corp., 6.38%, due 09/15/17		215,232
	740,000	Anglo American Capital Plc, 4.45%, due 09/27/20 144A		785,122
	290,000	Anheuser-Busch InBev Worldwide, Inc., 2.50%, due 07/15/22		292,432
	570,000	Anheuser-Busch InBev Worldwide, Inc., 5.00%, due 04/15/20		683,167
	340,000	Anheuser-Busch InBev Worldwide, Inc., 5.38%, due 01/15/20		414,413
	250,000	ANZ National Int’l Ltd/London, 1.85%, due 10/15/15 144A		254,903
	570,000	Apache Corp., 3.25%, due 04/15/22		605,275
	590,000	Apache Corp., 5.25%, due 04/15/13		597,756
	150,000	APERAM, 7.38%, due 04/01/16 144A		140,625
	265,000	ARAMARK Corp., Senior Note, 8.50%, due 02/01/15		266,659
	110,000	ARAMARK Holdings Corp., 8.63%, due 05/01/16 144A		112,889
	160,000	ArcelorMittal, 5.00%, due 02/25/17		161,653
	300,000	ArcelorMittal, 6.75%, due 02/25/22		315,392
	125,000	ArcelorMittal, 7.25%, due 03/01/41		116,269
	255,000	ArcelorMittal, 7.50%, due 10/15/39		240,364
	785,000	Arch Coal, Inc., 7.00%, due 06/15/19‡		733,975
	65,000	Arch Coal, Inc., 7.25%, due 10/01/20‡		60,613
	60,000	Arch Coal, Inc., 7.25%, due 06/15/21‡		55,650
	250,000	Ardagh Packaging Finance Plc, 9.13%, due 10/15/20‡ 144A		273,750
	135,000	Ashtead Capital, Inc. Co., 6.50%, due 07/15/22†††† 144A		147,150
	305,000	Associated Materials LLC, 9.13%, due 11/01/17		311,100


64		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	300,000	AT&T, Inc., 2.63%, due 12/01/22		301,147
	120,000	AT&T, Inc., 3.88%, due 08/15/21		133,989
	201,000	AT&T, Inc., 4.35%, due 06/15/45 144A		202,781
	140,000	AT&T, Inc., 5.55%, due 08/15/41		168,671
	30,000	AT&T, Inc., 5.60%, due 05/15/18		36,231
	660,000	AT&T, Inc., Global Note, 5.50%, due 02/01/18		787,142
	780,000	AT&T, Inc., Global Note, 6.30%, due 01/15/38		1,003,645
	1,250,000	AT&T, Inc., Global Note, 6.55%, due 02/15/39		1,648,472
	250,000	Atlas Pipeline Partners, LP/Atlas Pipeline Finance Corp., 6.63%, due 10/01/20 144A		260,000
	275,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, due 01/15/19		305,250
	165,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 9.63%, due 03/15/18		184,800
	1,125,000	BAC Capital Trust XI, 6.63%, due 05/23/36		1,272,198
	410,000	Baker Hughes, Inc., Senior Note, 7.50%, due 11/15/18		543,823
	610,000	Ball Corp., 5.75%, due 05/15/21		663,375
	270,000	Ball Corp., 7.38%, due 09/01/19		301,725
	140,000	Bank of America Corp., 3.88%, due 03/22/17		151,981
	400,000	Bank of America Corp., 4.50%, due 04/01/15		426,599
	910,000	Bank of America Corp., 5.00%, due 05/13/21		1,040,707
	5,230,000	Bank of America Corp., 7.63%, due 06/01/19		6,700,995
	70,000	Bank of America Corp., 8.00%, due 12/31/49†		77,507
	500,000	Bank of America Corp., (MTN), Series L, 5.65%, due 05/01/18		582,402
	410,000	Bank of America Corp., Senior Note, 5.75%, due 12/01/17		478,414
	180,000	Bank of Tokyo-Mitsubishi UFJ, Ltd., 3.85%, due 01/22/15 144A		190,298
	100,000	Bank One Capital III, 8.75%, due 09/01/30		137,964
	200,000	Barclays Bank Plc, 7.70%, due 12/31/49¤ † 144A		206,929
	400,000	Barclays Bank Plc, 10.18%, due 06/12/21¤ 144A		546,758
	120,000	Barclays Bank Plc, Subordinated Note, 6.05%, due 12/04/17 144A		133,337
	310,000	Barrick Gold Corp., 3.85%, due 04/01/22		328,783
	480,000	Barrick Gold Corp., 6.95%, due 04/01/19		598,010
	120,000	Barrick North America Finance LLC, 4.40%, due 05/30/21		131,830
	420,000	Basic Energy Services, Inc., 7.75%, due 10/15/22 144A		411,600
	530,000	BBVA US Senior SAU, 3.25%, due 05/16/14		530,650
	820,000	BBVA US Senior SAU, 4.66%, due 10/09/15		841,304
	315,000	Beazer Homes USA, Inc., 8.13%, due 06/15/16		337,050
	40,000	Berkshire Hathaway, Inc., 3.20%, due 02/11/15		42,133
	370,000	Berry Petroleum Co., 6.38%, due 09/15/22		386,650
	30,000	BHP Billiton Finance USA, Ltd., 3.25%, due 11/21/21		32,350
	900,000	BHP Billiton Finance USA, Ltd., 6.50%, due 04/01/19		1,149,297
	390,000	BNP Paribas SA, 2.38%, due 09/14/17		396,034
	210,000	Boart Longyear Management Pty, Ltd., 7.00%, due 04/01/21 144A		214,200
	260,000	Boeing Capital Corp., 4.70%, due 10/27/19		307,227
	160,000	Boeing Co. (The), 4.88%, due 02/15/20		193,067
	95,000	Boise Paper Holdings LLC/Boise Finance Co., 9.00%, due 11/01/17		104,263
	90,000	Bombardier, Inc., 7.50%, due 03/15/18 144A		100,688
	315,000	Bombardier, Inc., 7.75%, due 03/15/20 144A		359,100
	1,950,000	Boston Properties, LP REIT, 4.13%, due 05/15/21		2,126,883
	250,000	Boston Properties, LP REIT, 5.63%, due 11/15/20		296,230
	250,000	Boston Properties, LP REIT, 5.88%, due 10/15/19		298,529


		See accompanying Notes to the Schedule of Investments.			65

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**			Description	Value ($)


			Corporate Debt — continued

	1,625,000		Boston Scientific Corp., 6.00%, due 01/15/20		1,898,258
	425,000		Boston Scientific Corp., 6.40%, due 06/15/16		488,909
	30,000		Boyd Gaming Corp., 9.00%, due 07/01/20 144A		29,700
	270,000		BP Capital Markets Plc, 3.13%, due 10/01/15		286,808
	240,000		BP Capital Markets Plc, 3.25%, due 05/06/22		253,352
	50,000		BP Capital Markets Plc, 3.56%, due 11/01/21		54,132
	390,000		BP Capital Markets Plc, 5.25%, due 11/07/13		405,922
	160,000		BP Capital Markets Plc, Guaranteed Note, 3.88%, due 03/10/15		170,546
	1,100,000		Burlington Northern Santa Fe LLC, 3.05%, due 09/01/22		1,139,126
	690,000		Caesars Entertainment Operating Co., Inc., 10.00%, due 12/15/18		460,575
	85,000		Caesars Entertainment Operating Co., Inc., 12.75%, due 04/15/18		63,113
	180,000		Caesars Entertainment Operating Co., Inc., Guaranteed Note, 10.00%, due 12/15/18		117,900
	195,000		Calpine Construction Finance Co., LP/CCFC Finance Corp., 8.00%, due 06/01/16 144A		208,163
	126,000		Calpine Corp., 7.25%, due 10/15/17 144A		134,820
	221,000		Calpine Corp., 7.88%, due 07/31/20 144A		249,178
	180,000		Calpine Corp., 7.88%, due 01/15/23 144A		204,300
	200,000	GBP	Canada Square Operations, Ltd., 7.50%, due 12/31/49†		326,920
	775,000		Capital One Financial Corp., 4.75%, due 07/15/21		895,296
	1,500,000		Capital One Financial Corp., 6.75%, due 09/15/17		1,833,814
	310,000		Case New Holland, Inc., 7.88%, due 12/01/17		368,125
	885,000		CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, due 01/15/19		959,119
	700,000		Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, due 11/15/18		964,168
	470,000		Celulosa Arauco y Constitucion SA, Reg S, 4.75%, due 01/11/22‡‡‡		495,336
	219,300		Century Aluminum Co., 8.00%, due 05/15/14		222,590
	465,000		CHC Helicopter SA, 9.25%, due 10/15/20		491,737
	95,000		Chesapeake Energy Corp., 6.50%, due 08/15/17‡		103,550
	490,000		Chesapeake Energy Corp., 6.63%, due 08/15/20‡		527,975
	190,000		Chesapeake Energy Corp., 6.78%, due 03/15/19‡		190,475
	190,000		Chesapeake Energy Corp., 6.88%, due 08/15/18		201,400
	150,000		Chesapeake Energy Corp., Senior Note, 7.25%, due 12/15/18‡		164,250
	425,000		Chrysler Group LLC/CG Co-Issuer, Inc., 8.25%, due 06/15/21‡		469,625
	435,000		CHS/Community Health Systems, Inc., 5.13%, due 08/15/18		454,575
	4,000,000		Cie de Financement Foncier SA, 2.13%, due 04/22/13¤ 144A		4,018,300
	630,000		Cie Generale de Geophysique — Veritas, 6.50%, due 06/01/21		677,250
	120,000		Cie Generale de Geophysique — Veritas SA, Senior Note, 7.75%, due 05/15/17		125,400
	525,000		Cigna Corp., 4.00%, due 02/15/22		574,985
	385,000		Cigna Corp., 5.38%, due 03/15/17		436,401
	475,000		Cigna Corp., 5.38%, due 02/15/42		555,186
	1,100,000		Cigna Corp., 6.15%, due 11/15/36		1,345,569
	375,000		Cigna Corp., 8.50%, due 05/01/19		493,777
	500,000		CIT Group, Inc., 4.25%, due 08/15/17		517,214
	100,000		CIT Group, Inc., 5.00%, due 05/15/17		106,500
	100,000	EUR	Citigroup, Inc., 0.35%, due 06/28/13†		131,776
	560,000		Citigroup, Inc., 3.95%, due 06/15/16		603,250
	20,000		Citigroup, Inc., 5.38%, due 08/09/20		23,607
	160,000		Citigroup, Inc., 5.90%, due 12/31/49†		162,254
	290,000		Citigroup, Inc., 5.95%, due 12/31/49†		293,988


66		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	830,000	Citigroup, Inc., 6.00%, due 12/13/13		869,928
	1,110,000	Citigroup, Inc., 6.01%, due 01/15/15		1,213,501
	4,620,000	Citigroup, Inc., Global Senior Note, 6.13%, due 11/21/17		5,504,453
	540,000	Citigroup, Inc., Global Senior Note, 6.50%, due 08/19/13		558,769
	340,000	Citigroup, Inc., Senior Note, 6.88%, due 03/05/38		449,119
	140,000	CityCenter Holdings LLC/CityCenter Finance Corp., 7.63%, due 01/15/16		150,500
	80,000	Clear Channel Communications, Inc., 5.50%, due 12/15/16		48,000
	130,000	Clear Channel Communications, Inc., 6.88%, due 06/15/18		77,350
	65,000	Clear Channel Communications, Inc., 7.25%, due 10/15/27		32,825
	145,000	Clear Channel Communications, Inc., 9.00%, due 03/01/21		130,138
	21,000	Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		21,053
	289,000	Clear Channel Worldwide Holdings, Inc., 7.63%, due 03/15/20		292,613
	400,000	Cliffs Natural Resources, Inc., 3.95%, due 01/15/18		403,050
	140,000	Cliffs Natural Resources, Inc., 4.80%, due 10/01/20‡		139,355
	70,000	Cliffs Natural Resources, Inc., 4.88%, due 04/01/21‡		69,638
	195,000	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.25%, due 12/15/17		209,625
	65,000	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.50%, due 12/15/19		71,663
	25,000	CNH Americah LLC, 7.25%, due 01/15/16		28,250
	320,000	Comcast Corp., 5.65%, due 06/15/35		376,732
	350,000	Comcast Corp., 5.70%, due 05/15/18		421,290
	1,775,000	Comcast Corp., 5.88%, due 02/15/18		2,141,385
	100,000	Comcast Corp., 6.30%, due 11/15/17		122,809
	640,000	Comcast Corp., 6.50%, due 01/15/15		713,483
	130,000	Comcast Corp., 6.50%, due 01/15/17		156,928
	40,000	Comcast Corp., 6.95%, due 08/15/37		54,427
	70,000	Comcast Corp., Guaranteed Note, 6.45%, due 03/15/37		90,130
	225,000	Commercial Vehicle Group, Inc., 7.88%, due 04/15/19		223,875
	640,000	Commonwealth Bank of Australia, 1.25%, due 09/18/15		647,423
	310,000	Commonwealth Bank of Australia, 3.75%, due 10/15/14 144A		326,045
	130,000	Commonwealth Bank of Australia, 5.00%, due 10/15/19 144A		151,294
	365,000	CommScope, Inc., 8.25%, due 01/15/19 144A		401,500
	105,000	Concho Resources, Inc., 5.50%, due 10/01/22		111,300
	553,000	Concho Resources, Inc., 6.50%, due 01/15/22		611,065
	490,000	ConocoPhillips Holding Co., 6.95%, due 04/15/29		684,996
	20,000	ConocoPhillips, Guaranteed Note, 5.90%, due 05/15/38		26,409
	90,000	Consol Energy, Inc., 6.38%, due 03/01/21		92,700
	220,000	CONSOL Energy, Inc., 8.25%, due 04/01/20		239,250
	160,000	Constellation Brands, Inc., Senior Note, 7.25%, due 05/15/17		189,200
	152,135	Continental Airlines 2000-2 Class A-1 Pass Through Trust, 7.71%, due 10/02/22		171,913
	390,000	Continental Airlines, Inc., 6.75%, due 09/15/15 144A		411,450
	30,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.88%, due 02/08/22		32,346
	210,000	Countrywide Financial Corp., Subordinated Note, 6.25%, due 05/15/16		230,695
	77,000	COX Communications, Inc., 5.45%, due 12/15/14		84,014
	2,150,000	COX Communications, Inc., 5.88%, due 12/01/16 144A		2,512,135
	875,000	COX Communications, Inc., 9.38%, due 01/15/19 144A		1,204,564


		See accompanying Notes to the Schedule of Investments.			67

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	900,000	Credit Agricole SA, 8.38%, due 12/31/49‡ † 144A		958,500
	240,000	Crown Americas LLC/Crown Americas Capital Corp. II, 7.63%, due 05/15/17		254,700
	300,000	Crown Castle International Corp., 7.13%, due 11/01/19		333,000
	550,000	CSX Corp., 7.38%, due 02/01/19		700,264
	1,160,000	CVS Caremark Corp., 2.75%, due 12/01/22		1,166,776
	250,000	Daimler Finance North America LLC, 1.30%, due 07/31/15 144A		251,610
	550,000	Daimler Finance North America LLC, 2.63%, due 09/15/16 144A		571,961
	700,000	Daimler Finance North America LLC, Senior Note, 6.50%, due 11/15/13		734,973
	430,000	DaVita, Inc., 5.75%, due 08/15/22		455,262
	235,000	Delta Air Lines 2010-1 Class B Pass Through Trust, 6.38%, due 07/02/17		244,400
	255,000	Denbury Resources, Inc., 6.38%, due 08/15/21		281,775
	95,000	Denbury Resources, Inc., 8.25%, due 02/15/20		107,350
	500,000	Deutsche Bank AG/London, 4.88%, due 05/20/13		508,726
	310,000	Deutsche Telekom International Finance BV, 5.75%, due 03/23/16		353,482
	650,000	Devon Energy Corp., 7.95%, due 04/15/32		964,430
	730,000	Diageo Capital Plc, 4.83%, due 07/15/20		860,786
	200,000	Diageo Investment Corp., 2.88%, due 05/11/22		206,878
	190,000	DISH DBS Corp., 6.75%, due 06/01/21		217,550
	115,000	DISH DBS Corp., 7.88%, due 09/01/19		136,850
	500,000	Dominion Resources, Inc., 5.20%, due 08/15/19		595,240
	215,000	Domtar Corp., 10.75%, due 06/01/17		278,792
	1,250,000	Dow Chemical Co. (The), 5.70%, due 05/15/18		1,488,347
	1,185,000	Dow Chemical Co. (The), 8.55%, due 05/15/19		1,601,916
	575,000	Dow Chemical Co. (The), 9.40%, due 05/15/39		949,773
	200,000	Dr Pepper Snapple Group, Inc., 2.90%, due 01/15/16		210,888
	10,000	Echostar DBS Corp., Senior Note, 6.63%, due 10/01/14		10,775
	745,000	Echostar DBS Corp., Senior Note, 7.13%, due 02/01/16		838,125
	110,000	Echostar DBS Corp., Senior Note, 7.75%, due 05/31/15		123,613
	150,000	Ecolab, Inc., 4.35%, due 12/08/21		167,741
	78,000	El Paso Corp., 7.75%, due 01/15/32		92,039
	480,000	El Paso Corp., Senior Note, 7.00%, due 06/15/17		550,722
	190,000	El Paso Natural Gas Co. LLC, 8.38%, due 06/15/32		270,893
	725,000	Enel Finance International SA, 6.00%, due 10/07/39 144A		704,344
	1,433,000	Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.00%, due 12/01/20		1,622,872
	345,000	Energy Transfer Equity, LP, 7.50%, due 10/15/20		400,200
	70,000	EnergySolutions, Inc./EnergySolutions LLC, 10.75%, due 08/15/18		66,500
	620,000	Enterprise Products Operating LLC, 5.25%, due 01/31/20		737,846
	240,000	Enterprise Products Operating LLC, 5.70%, due 02/15/42		282,153
	60,000	Enterprise Products Operating LLC, 5.95%, due 02/01/41		72,706
	190,000	Enterprise Products Operating LLC, 6.13%, due 10/15/39		230,361
	330,000	EP Energy LLC / EP Energy Finance, Inc., 9.38%, due 05/01/20		373,725
	2,045,000	Escrow GCB General Motors, 8.38%, due 07/15/49****		—
	2,800,000	Export-Import Bank of Korea, 1.46%, due 09/21/13¤ † 144A		2,799,171
	1,450,000	Export-Import Bank of Korea, 4.00%, due 01/11/17		1,579,544
	1,200,000	Express Scripts Holding Co., 3.50%, due 11/15/16 144A		1,284,163
	175,000	Ferrellgas, LP/Ferrellgas Finance Corp., 6.50%, due 05/01/21		174,125
	250,000	Fifth Third Capital Trust IV, 6.50%, due 04/15/67†		250,938


68		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	580,000	First Data Corp., 7.38%, due 06/15/19 144A		603,200
	1,025,000	FirstEnergy Corp., Series C, 7.38%, due 11/15/31		1,327,596
	70,000	FMG Resources August 2006 Pty, Ltd., 6.38%, due 02/01/16‡ 144A		72,800
	570,000	FMG Resources August 2006 Pty, Ltd., 7.00%, due 11/01/15‡ 144A		601,350
	205,000	Ford Holdings LLC, 9.30%, due 03/01/30		282,644
	750,000	Ford Motor Co., 6.63%, due 10/01/28		869,895
	110,000	Ford Motor Co., 7.13%, due 11/15/25		127,600
	350,000	Ford Motor Credit Co., 8.00%, due 12/15/16		423,489
	830,000	Ford Motor Credit Co. LLC, 4.25%, due 09/20/22		879,381
	1,500,000	Ford Motor Credit Co. LLC, 5.63%, due 09/15/15		1,646,301
	2,600,000	Ford Motor Credit Co. LLC, 5.75%, due 02/01/21		2,999,948
	100,000	Ford Motor Credit Co. LLC, 8.13%, due 01/15/20		128,513
	440,000	Ford Motor Credit Co. LLC, 12.00%, due 05/15/15		543,400
	670,000	Freeport-McMoRan Copper & Gold, Inc., 3.55%, due 03/01/22		665,779
	575,000	Freescale Semiconductor, Inc., Series 1, 9.25%, due 04/15/18 144A		631,062
	130,000	Fresenius Medical Care US Finance, Inc., 6.88%, due 07/15/17		148,850
	90,000	Frontier Communications Corp., 7.00%, due 11/01/25		87,300
	3,000,000	Gazprom Via Gaz Capital SA, 6.51%, due 03/07/22 144A		3,592,500
	2,600,000	General Electric Capital Corp., 0.61%, due 06/20/14†		2,588,331
	3,800,000	General Electric Capital Corp., 0.91%, due 12/11/15†		3,807,174
	210,000	General Electric Capital Corp., 1.63%, due 07/02/15		213,615
	2,205,000	General Electric Capital Corp., 4.38%, due 09/16/20		2,464,950
	1,165,000	General Electric Capital Corp., 4.63%, due 01/07/21		1,323,697
	200,000	General Electric Capital Corp., 4.65%, due 10/17/21		228,625
	1,850,000	General Electric Capital Corp., 5.50%, due 01/08/20		2,193,119
	310,000	General Electric Capital Corp., 5.88%, due 01/14/38		375,263
	380,000	General Electric Capital Corp., 6.00%, due 08/07/19		462,940
	860,000	General Electric Capital Corp., 6.38%, due 11/15/67†		909,450
	120,000	General Electric Capital Corp., 6.88%, due 01/10/39		163,688
	270,000	General Electric Co., 0.85%, due 10/09/15		271,137
	170,000	GenOn Americas Generation LLC, 9.13%, due 05/01/31		187,850
	450,000	GlaxoSmithKline Capital Plc, 2.85%, due 05/08/22		468,352
	490,000	GlaxoSmithKline Capital, Inc., Guaranteed Note, 5.65%, due 05/15/18		597,550
	225,000	Glencore Funding LLC, Guaranteed Note, 6.00%, due 04/15/14 144A		237,709
	320,000	Glitnir Banki HF, Subordinated Note, 6.69%, due 06/15/16††† 144A		5,600
	30,000	Goldman Sachs Capital II, Guaranteed Note, 4.00%, due 06/01/43†		23,470
	30,000	Goldman Sachs Group (The), Inc., 4.75%, due 07/15/13		30,633
	140,000	Goldman Sachs Group (The), Inc., 5.25%, due 07/27/21		159,877
	1,380,000	Goldman Sachs Group (The), Inc., 5.95%, due 01/18/18		1,607,675
	100,000	Goldman Sachs Group (The), Inc., 6.00%, due 05/01/14		106,459
	400,000	Goldman Sachs Group (The), Inc., 6.15%, due 04/01/18		470,444
	1,660,000	Goldman Sachs Group (The), Inc., 6.25%, due 02/01/41		2,044,127
	480,000	Goldman Sachs Group (The), Inc., 7.50%, due 02/15/19		604,730
	130,000	Goldman Sachs Group (The), Inc., Global Note, 5.25%, due 10/15/13		134,578
	2,600,000	Goldman Sachs Group (The), Inc., Senior Note, 6.25%, due 09/01/17		3,070,168
	160,000	Goodyear Tire & Rubber Co. (The), 7.00%, due 05/15/22‡		172,400
	230,000	Goodyear Tire & Rubber Co. (The), 8.25%, due 08/15/20‡		253,575
	230,000	Hapag-Lloyd AG, 9.75%, due 10/15/17‡ 144A		233,450
	165,000	Hartford Financial Services Group, Inc., 6.00%, due 01/15/19		192,418


		See accompanying Notes to the Schedule of Investments.			69

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	20,000	HCA, Inc., 5.75%, due 03/15/14		21,000
	250,000	HCA, Inc., 5.88%, due 05/01/23		259,375
	9,000	HCA, Inc., 6.25%, due 02/15/13		9,068
	1,525,000	HCA, Inc., 6.50%, due 02/15/16		1,666,062
	3,700,000	HCA, Inc., 6.75%, due 07/15/13		3,811,000
	230,000	HCA, Inc., 7.25%, due 09/15/20		255,875
	200,000	HCA, Inc., 8.00%, due 10/01/18		232,000
	120,000	HDTFS, Inc., 5.88%, due 10/15/20 144A		126,000
	600,000	Health Net, Inc., 6.38%, due 06/01/17		639,750
	190,000	Heineken NV, 1.40%, due 10/01/17 144A		189,643
	124,000	Helix Energy Solutions Group, Inc., Senior Note, 9.50%, due 01/15/16 144A		127,410
	280,000	Hertz Corp. (The), 6.75%, due 04/15/19		306,950
	190,000	Hertz Corp. (The), 7.50%, due 10/15/18		210,900
	40,000	Hess Corp., 7.88%, due 10/01/29		55,762
	570,000	Hess Corp., 8.13%, due 02/15/19		751,129
	1,250,000	Hewlett-Packard Co., 3.30%, due 12/09/16		1,273,530
	285,000	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC, 8.88%, due 02/01/18		294,263
	325,000	Hilcorp Energy I LP/Hilcorp Finance Co., 7.63%, due 04/15/21 144A		355,875
	190,000	Hornbeck Offshore Services, Inc., 5.88%, due 04/01/20		199,500
	220,000	Hornbeck Offshore Services, Inc., 8.00%, due 09/01/17		236,500
	300,000	HSBC Finance Capital Trust IX, 5.91%, due 11/30/35†		300,750
	1,460,000	HSBC Finance Corp., 6.68%, due 01/15/21		1,734,867
	350,000	HSBC Holdings Plc, 5.10%, due 04/05/21		414,020
	575,000	HSBC Holdings Plc, Subordinated Note, 6.50%, due 05/02/36		720,763
	2,075,000	HSBC Holdings Plc, Subordinated Note, 6.50%, due 09/15/37		2,598,780
	365,000	Hughes Satellite Systems Corp., 7.63%, due 06/15/21		417,012
	150,000	Humana, Inc., 3.15%, due 12/01/22		149,480
	395,000	Huntsman International LLC, 8.63%, due 03/15/20		449,312
	100,000	Huntsman International LLC, 8.63%, due 03/15/21		114,750
	150,000	Hyundai Capital America, 2.13%, due 10/02/17 144A		151,244
	75,000	Icahn Enterprises, LP/Icahn Enterprises Finance Corp., 7.75%, due 01/15/16		78,094
	365,000	Icahn Enterprises, LP/Icahn Enterprises Finance Corp., 8.00%, due 01/15/18		393,744
	1,700,000	Industrial Bank of Korea, 2.38%, due 07/17/17 144A		1,730,588
	350,000	Intelsat Jackson Holdings SA, 7.25%, due 10/15/20		381,937
	595,000	Intelsat Luxembourg SA, 11.50%, due 02/04/17		634,419
	285,000	Interface, Inc., 7.63%, due 12/01/18		307,444
	220,000	International Lease Finance Corp., 6.50%, due 09/01/14 144A		235,950
	250,000	Intesa Sanpaolo Spa, 3.63%, due 08/12/15 144A		250,302
	345,000	Iron Mountain, Inc., 8.38%, due 08/15/21		384,675
	425,000	Isle of Capri Casinos, Inc., 8.88%, due 06/15/20		464,312
	310,000	Jarden Corp., 7.50%, due 01/15/20		341,775
	285,000	JBS USA LLC/JBS USA Finance, Inc., 8.25%, due 02/01/20 144A		303,525
	320,000	John Deere Capital Corp., 2.25%, due 04/17/19		329,833
	990,000	JPMorgan Chase & Co., 1.10%, due 10/15/15		990,646
	300,000	JPMorgan Chase & Co., 3.25%, due 09/23/22		309,577
	2,100,000	JPMorgan Chase & Co., 4.25%, due 10/15/20		2,339,375
	765,000	JPMorgan Chase & Co., 4.35%, due 08/15/21		857,007
	860,000	JPMorgan Chase & Co., 4.40%, due 07/22/20		972,385
	425,000	JPMorgan Chase & Co., 4.50%, due 01/24/22		481,683


70		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**			Description	Value ($)


			Corporate Debt — continued

	1,325,000		JPMorgan Chase & Co., 4.95%, due 03/25/20		1,539,246
	1,030,000		JPMorgan Chase & Co., Global Subordinated Note, 5.15%, due 10/01/15		1,132,853
	1,250,000		JPMorgan Chase & Co., Subordinated Note, 6.13%, due 06/27/17		1,461,804
	300,000		JPMorgan Chase Bank NA, 0.64%, due 06/13/16†		291,896
	235,000		K Hovnanian Enterprises, Inc., 7.25%, due 10/15/20 144A		253,800
	115,000		K Hovnanian Enterprises, Inc., Guaranteed Senior Note, 6.50%, due 01/15/14		116,150
	310,000		Kansas City Southern de Mexico SA de CV, 6.13%, due 06/15/21		351,850
	100,000		Kaupthing Bank HF, 7.13%, due 05/19/16††† 144A		1,750
	310,000		KB Home, 7.50%, due 09/15/22‡		339,450
	640,000		Kerr-McGee Corp., 7.88%, due 09/15/31		852,459
	270,000		Key Energy Services, Inc., 6.75%, due 03/01/21		271,350
	60,000		Kinder Morgan Energy Partners, LP, Senior Note, 5.00%, due 12/15/13		62,283
	770,000		Kinder Morgan Energy Partners, LP, Senior Note, 6.00%, due 02/01/17		900,195
	2,300,000		Kinder Morgan Finance Co. ULC, Guaranteed Note, 5.70%, due 01/05/16		2,525,701
	285,000		Kinetic Concepts, Inc./KCI USA, Inc., 10.50%, due 11/01/18 144A		300,319
	600,000		Koninklijke Philips Electronics NV, 5.75%, due 03/11/18		723,728
	440,000		Kraft Foods Group, Inc., 3.50%, due 06/06/22 144A		470,588
	539,000		Kraft Foods Group, Inc., 5.38%, due 02/10/20 144A		648,161
	691,000		Kraft Foods, Inc., 5.38%, due 02/10/20		835,480
	400,000		Kroger Co. (The), Senior Note, 6.15%, due 01/15/20		488,116
	775,000		Lafarge SA, 6.20%, due 07/09/15 144A		840,875
	2,350,000		Lafarge SA, 6.50%, due 07/15/16		2,637,875
	225,000		Lamar Media Corp., 5.88%, due 02/01/22		245,250
	600,000		LBG Capital No.1 Plc, 7.88%, due 11/01/20 ¤ 144A		651,478
	1,325,000		Legg Mason, Inc., 6.00%, due 05/21/19 144A		1,430,356
	470,000		Lehman Brothers Holdings Capital Trust VII, (MTN), 5.86%, due 12/31/49†††		165
	270,000		Lehman Brothers Holdings, Inc., (MTN), Series I, 6.75%, due 12/28/17†††		95
	890,000		Lehman Brothers Holdings, Inc., Subordinated Note, 6.50%, due 07/19/17†††		312
	375,000		Liberty Mutual Group, Inc., Junior Subordinated Note, Series A, 7.80%, due 03/07/87 144A		419,062
	180,000		Linn Energy LLC/Linn Energy Finance Corp., 6.25%, due 11/01/19 144A		181,800
	410,000		Linn Energy LLC/Linn Energy Finance Corp., 8.63%, due 04/15/20		448,950
	300,000		Lloyds TSB Bank Plc, 6.50%, due 09/14/20 144A		331,998
	540,000		M&T Bank Corp., 6.88%, due 12/31/49 144A		564,463
	1,700,000		Macquarie Bank, Ltd., 4.10%, due 12/17/13‡ ¤ 144A		1,760,443
	2,765,000		Macy’s Retail Holdings, Inc., 6.65%, due 07/15/24		3,436,342
	600,000		Macy’s Retail Holdings, Inc., 7.00%, due 02/15/28		720,565
	150,000		MarkWest Energy Partners, LP/MarkWest Energy Finance Corp., 5.50%, due 02/15/23		163,500
	120,000		MarkWest Energy Partners, LP/MarkWest Energy Finance Corp., 6.25%, due 06/15/22		131,400
	365,000		MarkWest Energy Partners, LP/MarkWest Energy Finance Corp., 6.50%, due 08/15/21		400,587
	230,000		Mcron Finance Sub LLC/Mcron Finance Corp., 8.38%, due 05/15/19 144A		236,900
	375,000		Mead Products LLC/ACCO Brands Corp., 6.75%, due 04/30/20‡ 144A		395,625
	70,000		Medtronic, Inc., 3.13%, due 03/15/22		74,466
	240,000		Medtronic, Inc., 4.45%, due 03/15/20		279,223
	700,000	EUR	Merrill Lynch & Co., Inc., 0.49%, due 05/30/14†		913,848


		See accompanying Notes to the Schedule of Investments.			71

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	7,720,000	Merrill Lynch & Co., Inc., 6.88%, due 04/25/18		9,316,712
	840,000	Merrill Lynch & Co., Inc., Subordinated Note, 5.70%, due 05/02/17		922,790
	250,000	MetLife, Inc., 4.75%, due 02/08/21		290,777
	420,000	MetLife, Inc., Subordinated Note, 6.40%, due 12/15/66		451,175
	160,000	MetroPCS Wireless, Inc., 6.63%, due 11/15/20		170,600
	135,000	MetroPCS Wireless, Inc., 7.88%, due 09/01/18‡		146,813
	459,000	MGM Resorts International, 6.75%, due 10/01/20 144A		469,901
	325,000	MGM Resorts International, 8.63%, due 02/01/19 144A		364,000
	80,000	MGM Resorts International, 11.38%, due 03/01/18		97,200
	80,000	MidAmerican Energy Holdings Co., Senior Note, 6.50%, due 09/15/37		106,627
	210,000	Mizuho Capital Investment USD 2, Ltd., 14.95%, due 12/31/49† 144A		248,216
	265,000	Mohegan Tribal Gaming Authority, 10.50%, due 12/15/16 144A		262,350
	40,000	Mohegan Tribal Gaming Authority, 11.50%, due 11/01/17 144A		43,100
	50,000	Molson Coors Brewing Co., 3.50%, due 05/01/22		52,892
	190,000	Momentive Performance Materials, Inc., 9.00%, due 01/15/21‡		139,650
	175,000	Momentive Performance Materials, Inc., 10.00%, due 10/15/20‡ 144A		173,250
	75,000	Moog, Inc., 7.25%, due 06/15/18		79,219
	70,000	Morgan Stanley, 4.75%, due 03/22/17		76,441
	5,000,000	Morgan Stanley, 7.30%, due 05/13/19		6,084,060
	130,000	Morgan Stanley, (MTN), Series F, 0.77%, due 10/18/16†		123,698
	1,000,000	Morgan Stanley, (MTN), Series F, 6.63%, due 04/01/18		1,179,907
	135,000	Mueller Water Products, Inc., 8.75%, due 09/01/20		154,575
	260,000	Mueller Water Products, Inc., Senior Subordinated Note, 7.38%, due 06/01/17		269,750
	600,000	Murray Street Investment Trust I, 4.65%, due 03/09/17††		649,607
	50,000	National Semiconductor Corp., Senior Note, 6.60%, due 06/15/17		61,810
	389,000	Navistar International Corp., 8.25%, due 11/01/21‡		377,330
	375,000	NCR Corp., 5.00%, due 07/15/22 144A		382,969
	110,000	News America, Inc., 4.50%, due 02/15/21		125,886
	525,000	News America, Inc., 5.65%, due 08/15/20		638,179
	475,000	News America, Inc., 6.20%, due 12/15/34		577,152
	30,000	News America, Inc., Senior Note, 6.65%, due 11/15/37		38,898
	780,000	Noble Energy, Inc., 4.15%, due 12/15/21		862,660
	330,000	Nordea Bank AB, 3.70%, due 11/13/14 144A		346,574
	1,000,000	Nordstrom, Inc., 6.25%, due 01/15/18		1,213,696
	250,000	Norske Skogindustrier ASA, 7.13%, due 10/15/33 144A		146,250
	225,000	Novelis, Inc., 8.38%, due 12/15/17		249,188
	175,000	Novelis, Inc., 8.75%, due 12/15/20		196,000
	125,000	NRG Energy, Inc., 7.63%, due 05/15/19		134,375
	335,000	NRG Energy, Inc., 8.25%, due 09/01/20		376,875
	470,000	Occidental Petroleum Corp., 2.70%, due 02/15/23		480,612
	370,000	Occidental Petroleum Corp., 3.13%, due 02/15/22		394,328
	265,000	OGX Austria GmbH, Series 1, 8.50%, due 06/01/18‡ 144A		239,825
	650,000	Oracle Corp., 1.20%, due 10/15/17		652,686
	340,000	Owens-Illinois, Inc., 7.80%, due 05/15/18		393,550
	920,000	Pacific Gas & Electric Co., 6.05%, due 03/01/34		1,189,208
	10,000	Pacific Gas & Electric Co., 8.25%, due 10/15/18		13,632
	10,000	Pacific Gas & Electric Co., Senior Note, 5.63%, due 11/30/17		12,087
	205,000	Packaging Dynamics Corp., 8.75%, due 02/01/16 144A		215,250
	175,000	Peabody Energy Corp., 6.00%, due 11/15/18		186,813


72		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	220,000	Peabody Energy Corp., 6.50%, due 09/15/20‡		237,050
	606,000	Pemex Project Funding Master Trust, 6.63%, due 06/15/35		772,650
	580,000	PepsiCo, Inc., 0.70%, due 08/13/15		581,115
	171,000	PepsiCo, Inc., Senior Note, 7.90%, due 11/01/18		231,040
	240,000	Pernod-Ricard SA, 2.95%, due 01/15/17 144A		252,654
	510,000	Pernod-Ricard SA, 4.45%, due 01/15/22 144A		565,108
	400,000	Petrobras International Finance Co., 3.88%, due 01/27/16		424,001
	2,620,000	Petrobras International Finance Co., 5.38%, due 01/27/21		2,962,748
	196,000	Petrobras International Finance Co., 5.75%, due 01/20/20		224,098
	160,000	Petrobras International Finance Co., 6.13%, due 10/06/16		181,622
	430,000	Petroleos Mexicanos, 5.50%, due 01/21/21		504,605
	205,000	PHI, Inc., 8.63%, due 10/15/18		220,375
	240,000	Philip Morris International, Inc., 2.50%, due 08/22/22		241,617
	480,000	Philip Morris International, Inc., 2.90%, due 11/15/21		500,190
	250,000	Philip Morris International, Inc., 4.50%, due 03/20/42		272,823
	460,000	Pinnacle Entertainment, Inc., 7.75%, due 04/01/22‡		492,200
	465,000	Plains Exploration & Production Co., 6.13%, due 06/15/19		509,175
	50,000	Plains Exploration & Production Co., 6.50%, due 11/15/20		55,625
	200,000	Polypore International, Inc., 7.50%, due 11/15/17‡		219,000
	325,000	Post Holdings, Inc., 7.38%, due 02/15/22 144A		357,703
	90,000	Potash Corp. of Saskatchewan, Inc., 4.88%, due 03/30/20		103,618
	265,000	Precision Drilling Corp., 6.50%, due 12/15/21		283,550
	60,000	Precision Drilling Corp., 6.63%, due 11/15/20		64,800
	120,000	QEP Resources, Inc., 5.25%, due 05/01/23		129,000
	70,000	QEP Resources, Inc., 6.88%, due 03/01/21		81,025
	200,000	QVC, Inc., 7.38%, due 10/15/20 144A		222,668
	100,000	Qwest Corp., 6.88%, due 09/15/33		101,000
	45,000	Qwest Corp., 7.50%, due 10/01/14		49,272
	215,000	Rabobank Nederland NV, 11.00%, due 12/29/49† 144A		292,562
	500,000	Range Resources Corp., 6.75%, due 08/01/20		545,000
	487,000	Range Resources Corp., 8.00%, due 05/15/19		541,787
	73,098	RathGibson, Inc., Senior Note, 11.25%, due 02/15/14**** †††		—
	220,000	Raytheon Co., 3.13%, due 10/15/20		234,463
	1,450,000	Reed Elsevier Capital, Inc., Guaranteed Note, 8.63%, due 01/15/19		1,871,920
	385,000	Regency Energy Partners, LP/Regency Energy Finance Corp., 5.50%, due 04/15/23		412,912
	329,000	Regency Energy Partners, LP/Regency Energy Finance Corp., 6.50%, due 07/15/21		361,900
	225,000	Rexel SA, 6.13%, due 12/15/19 144A		237,375
	190,000	Reynolds American, Inc., 3.25%, due 11/01/22		191,253
	755,000	Reynolds American, Inc., Senior Note, 6.75%, due 06/15/17		912,649
	410,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 7.13%, due 04/15/19		442,800
	310,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 8.50%, due 05/15/18		319,300
	325,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 9.00%, due 04/15/19		339,625
	220,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer, 9.88%, due 08/15/19		236,500
	920,000	Rio Tinto Finance USA, Ltd., 9.00%, due 05/01/19		1,265,265


		See accompanying Notes to the Schedule of Investments.			73

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	380,000	Roche Holdings, Inc., Guaranteed Note, 6.00%, due 03/01/19 144A		473,649
	170,000	Rock-Tenn Co., 3.50%, due 03/01/20 144A		174,763
	90,000	Rock-Tenn Co., 4.00%, due 03/01/23 144A		91,616
	310,000	Rockwood Specialties Group, Inc., 4.63%, due 10/15/20		322,012
	40,000	Rogers Cable, Inc., 6.25%, due 06/15/13		41,035
	20,000	Rogers Communications, Inc., Senior Note, 6.80%, due 08/15/18		25,330
	330,000	Royal Bank of Scotland Group Plc, 2.55%, due 09/18/15		337,946
	250,000	Royal Bank of Scotland Group Plc, 5.00%, due 10/01/14		256,984
	1,225,000	Royal Bank of Scotland Group Plc, 6.13%, due 12/15/22		1,297,804
	200,000	Royal Bank of Scotland Group Plc, 6.99%, due 12/31/49¤ † 144A		191,000
	70,000	Royal Bank of Scotland Group Plc, 7.65%, due 12/31/49†		71,400
	775,000	Royal Bank of Scotland Plc (The), 4.38%, due 03/16/16		839,189
	1,275,000	Royal Bank of Scotland Plc (The), 5.63%, due 08/24/20		1,482,585
	325,000	Royal Bank of Scotland Plc (The), 6.13%, due 01/11/21		393,298
	70,000	Safeway, Inc., 3.95%, due 08/15/20		70,130
	350,000	Samson Investment Co., 9.75%, due 02/15/20 144A		371,875
	300,000	Santander US Debt SA Unipersonal, Series 1, 3.72%, due 01/20/15 144A		301,509
	400,000	Santander US Debt SA Unipersonal, 3.78%, due 10/07/15 144A		402,538
	385,000	SBA Communications Corp., 5.63%, due 10/01/19 144A		405,694
	200,000	Sealed Air Corp., Series 1, 8.13%, due 09/15/19 144A		226,000
	110,000	Service Corp. International, Senior Note, 7.50%, due 04/01/27		118,800
	10,000	Service Corp. International, Senior Note, 7.63%, due 10/01/18		11,950
	110,000	SESI LLC, 7.13%, due 12/15/21		122,925
	335,000	Shea Homes, LP/Shea Homes Funding Corp., 8.63%, due 05/15/19		371,850
	580,000	Shell International Finance BV, 4.38%, due 03/25/20		673,831
	260,000	Sinopec Group Overseas Development 2012, Ltd., 2.75%, due 05/17/17‡ 144A		270,254
	280,000	SLM Corp., 3.88%, due 09/10/15		288,013
	10,000	SLM Corp., 5.00%, due 04/15/15		10,591
	2,675,000	SLM Corp., 6.00%, due 01/25/17		2,909,062
	55,000	SLM Corp., 7.25%, due 01/25/22		60,913
	950,000	SLM Corp., 8.00%, due 03/25/20		1,090,125
	325,000	Smithfield Foods, Inc., 6.63%, due 08/15/22		359,937
	880,000	Southern Copper Corp., 5.25%, due 11/08/42		885,129
	255,000	Springleaf Finance Corp., 6.90%, due 12/15/17		229,500
	660,000	Sprint Capital Corp., 8.75%, due 03/15/32		810,150
	1,895,000	Sprint Capital Corp., Guaranteed Note, 6.90%, due 05/01/19		2,075,025
	100,000	Sprint Nextel Corp., 6.00%, due 12/01/16		109,250
	200,000	Sprint Nextel Corp., 6.00%, due 11/15/22		206,500
	740,000	Sprint Nextel Corp., 7.00%, due 08/15/20		812,150
	75,000	Sprint Nextel Corp., 8.38%, due 08/15/17		87,563
	100,000	Sprint Nextel Corp., 9.13%, due 03/01/17		118,250
	225,000	SPX Corp., 6.88%, due 09/01/17		252,000
	395,000	Standard Pacific Corp., 8.38%, due 05/15/18		460,175
	780,000	State Street Corp., 4.96%, due 03/15/18		884,524
	190,000	Steel Dynamics, Inc., 7.63%, due 03/15/20‡		210,900
	100,000	Steel Dynamics, Inc., Senior Note, 6.75%, due 04/01/15		101,750
	105,000	Stora Enso Oyj, 7.25%, due 04/15/36 144A		98,175
	75,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.38%, due 08/01/21		81,938
	50,000	Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, due 10/01/18		54,125


74		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	100,000	SunGard Data Systems, Inc., 7.38%, due 11/15/18		107,625
	330,000	SunGard Data Systems, Inc., 7.63%, due 11/15/20		362,175
	99,000	SunTrust Preferred Capital I, 4.00%, due 12/31/49†		83,442
	100,000	Swift Energy Co., 7.88%, due 03/01/22 144A		105,000
	325,000	Swift Energy Co., 8.88%, due 01/15/20		355,062
	175,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 5.25%, due 05/01/23 144A		182,000
	1,381,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 6.88%, due 02/01/21		1,519,100
	95,000	Targa Resources Partners, LP/Targa Resources Partners Finance Corp., 7.88%, due 10/15/18		104,500
	380,000	Teachers Insurance & Annuity Association of America, 6.85%, due 12/16/39 144A		517,224
	35,000	Teekay Corp., 8.50%, due 01/15/20		37,100
	550,000	Telecom Italia Capital SA, 4.95%, due 09/30/14		575,575
	1,025,000	Telecom Italia Capital SA, 6.18%, due 06/18/14		1,082,912
	650,000	Telecom Italia Capital SA, 7.00%, due 06/04/18		746,200
	950,000	Telecom Italia Capital SA, 7.18%, due 06/18/19		1,107,225
	280,000	Telefonica Emisiones SAU, 5.13%, due 04/27/20		295,050
	10,000	Telefonica Emisiones SAU, 5.46%, due 02/16/21		10,688
	30,000	Telefonica Emisiones SAU, 5.88%, due 07/15/19		32,850
	50,000	Telefonica Emisiones SAU, 6.22%, due 07/03/17		55,750
	360,000	Temasek Financial I, Ltd., 2.38%, due 01/23/23 144A		356,366
	115,000	Tenet Healthcare Corp., 10.00%, due 05/01/18		131,388
	355,000	Terex Corp., 6.00%, due 05/15/21		375,412
	120,000	Teva Pharmaceutical Finance Co. BV, 3.65%, due 11/10/21		128,672
	610,000	Teva Pharmaceutical Finance IV BV, 3.65%, due 11/10/21		654,082
	130,000	Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Series 1, 11.50%, due 10/01/20 144A		102,375
	295,000	Texas Industries, Inc., 9.25%, due 08/15/20‡		317,862
	220,000	Thermo Fisher Scientific, Inc., 3.60%, due 08/15/21		234,412
	100,000	Time Warner Cable, Inc., 4.13%, due 02/15/21		109,703
	740,000	Time Warner Cable, Inc., 5.85%, due 05/01/17		875,029
	440,000	Time Warner Cable, Inc., 5.88%, due 11/15/40		514,572
	10,000	Time Warner Cable, Inc., 6.75%, due 07/01/18		12,507
	160,000	Time Warner Cable, Inc., 7.30%, due 07/01/38		213,297
	1,230,000	Time Warner Cable, Inc., 8.25%, due 04/01/19		1,638,907
	2,150,000	Time Warner Cable, Inc., 8.75%, due 02/14/19		2,904,321
	260,000	Time Warner, Inc., 4.70%, due 01/15/21		296,500
	200,000	Time Warner, Inc., 4.75%, due 03/29/21		230,241
	50,000	Time Warner, Inc., 6.25%, due 03/29/41		61,962
	200,000	Time Warner, Inc., 7.63%, due 04/15/31		276,104
	2,700,000	Time Warner, Inc., 7.70%, due 05/01/32		3,785,940
	1,100,000	TNK-BP Finance SA, 7.50%, due 07/18/16 144A		1,278,750
	3,200,000	TNK-BP Finance SA, Reg S, 7.88%, due 03/13/18‡‡‡		3,900,480
	54,000	Tomkins LLC/Tomkins, Inc., 9.00%, due 10/01/18		60,750
	670,000	Toyota Motor Credit Corp., 1.25%, due 10/05/17		675,544
	325,000	TransDigm, Inc., 7.75%, due 12/15/18		361,156
	330,000	Transocean, Inc., Senior Note, 5.25%, due 03/15/13		332,915
	1,025,000	Travelers Cos. (The), Inc., 5.80%, due 05/15/18		1,243,116


		See accompanying Notes to the Schedule of Investments.			75

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	240,000	Triumph Group, Inc., 8.63%, due 07/15/18		267,600
	490,000	Turlock Corp., 1.50%, due 11/02/17 144A		491,571
	1,360,000	Turlock Corp., 2.75%, due 11/02/22 144A		1,358,708
	250,000	Turlock Corp., 4.15%, due 11/02/42 144A		253,910
	370,000	UBS AG/Stamford Branch, 2.25%, due 01/28/14		375,442
	500,000	UBS AG/Stamford Branch, 5.75%, due 04/25/18		594,265
	1,837,000	Union Pacific Corp., 4.16%, due 07/15/22		2,082,059
	300,000	United Business Media, Ltd., 5.75%, due 11/03/20 144A		316,980
	210,000	United Parcel Service, Inc., Senior Note, 4.50%, due 01/15/13		210,303
	500,000	United Rentals North America, Inc., 8.38%, due 09/15/20‡		556,250
	150,000	United States Steel Corp., 7.38%, due 04/01/20		160,875
	50,000	United States Steel Corp., 7.50%, due 03/15/22		52,875
	95,000	United States Steel Corp., Senior Note, 7.00%, due 02/01/18‡		101,888
	30,000	United Technologies Corp., 3.10%, due 06/01/22		31,835
	320,000	United Technologies Corp., 4.50%, due 06/01/42		357,082
	90,000	UnitedHealth Group, Inc., 3.38%, due 11/15/21		96,063
	520,000	UnitedHealth Group, Inc., Senior Note, 6.00%, due 02/15/18		633,651
	45,000	UR Financing Escrow Corp., 7.38%, due 05/15/20 144A		49,613
	45,000	UR Financing Escrow Corp., 7.63%, due 04/15/22 144A		50,513
	500,000	US Airways 2012-1 Class B Pass Through Trust, 8.00%, due 04/01/21		533,750
	245,000	USG Corp., 6.30%, due 11/15/16		254,800
	105,000	USG Corp., 8.38%, due 10/15/18 144A		117,075
	1,532,000	Vale Overseas, Ltd., 4.38%, due 01/11/22		1,643,081
	390,000	Vale Overseas, Ltd., Guaranteed Note, 6.88%, due 11/21/36		485,386
	320,000	Vedanta Resources Plc, 8.25%, due 06/07/21 144A		356,000
	220,000	Vedanta Resources Plc, Senior Global Note, 8.75%, due 01/15/14‡ 144A		232,100
	800,000	Verizon Communications, Inc., 2.45%, due 11/01/22		802,007
	110,000	Verizon Communications, Inc., 6.10%, due 04/15/18		135,412
	130,000	Verizon Communications, Inc., 8.75%, due 11/01/18		180,720
	190,000	Vesey Street Investment Trust I, 4.40%, due 09/01/16††		205,198
	225,000	ViaSat, Inc., 6.88%, due 06/15/20		236,250
	225,000	Vulcan Materials Co., 6.50%, due 12/01/16		249,188
	1,400,000	Vulcan Materials Co., 7.50%, due 06/15/21		1,603,000
	970,000	Wachovia Capital Trust III, Secured Note, 5.57%, due 12/31/49†		968,787
	1,175,000	Wachovia Corp., 5.75%, due 02/01/18		1,409,284
	570,000	Wachovia Corp., Senior Note, 5.63%, due 10/15/16		654,087
	640,000	Wachovia Corp., Subordinated Note, 5.25%, due 08/01/14		682,719
	460,000	Wal-Mart Stores, Inc., 5.63%, due 04/15/41		604,806
	190,000	Waste Management, Inc., 7.38%, due 05/15/29		251,488
	180,000	Watson Pharmaceuticals, Inc., 1.88%, due 10/01/17		182,573
	130,000	WellPoint, Inc., 1.25%, due 09/10/15		131,114
	30,000	WellPoint, Inc., 3.70%, due 08/15/21		31,610
	730,000	WellPoint, Inc., 5.88%, due 06/15/17		867,291
	1,750,000	WellPoint, Inc., 7.00%, due 02/15/19		2,180,425
	190,000	Wells Fargo & Co., 1.50%, due 01/16/18		190,542
	150,000	Wells Fargo & Co., 2.10%, due 05/08/17		155,242
	420,000	Wells Fargo & Co., 3.68%, due 06/15/16††		454,434
	90,000	Wells Fargo & Co., 4.60%, due 04/01/21		103,702
	350,000	Wells Fargo Capital X, 5.95%, due 12/01/86		360,500


76		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Corporate Debt — continued

	270,000	Williams Cos. (The), Inc., Series A, 7.50%, due 01/15/31		338,469
	124,000	Williams Cos. (The), Inc., 7.88%, due 09/01/21		160,020
	80,000	Williams Cos. (The), Inc., 8.75%, due 03/15/32		111,189
	290,000	Williams Partners, LP/Williams Partners Finance Corp., Senior Note, 7.25%, due 02/01/17		352,620
	275,000	Windstream Corp., 7.75%, due 10/15/20		298,375
	75,000	Windstream Corp., 8.13%, due 09/01/18		82,313
	120,000	WPP Finance UK, 8.00%, due 09/15/14		132,754
	30,000	WPX Energy, Inc., 6.00%, due 01/15/22		32,475
	510,000	Wyeth LLC, 5.95%, due 04/01/37		682,773
	110,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 7.88%, due 05/01/20‡		125,125
	430,000	Wynn Las Vegas, LLC, 7.75%, due 08/15/20		492,350
	1,275,000	Xerox Corp., 4.50%, due 05/15/21‡		1,352,389
	300,000	Xerox Corp., 5.63%, due 12/15/19		335,665
	2,500,000	Xerox Corp., 6.35%, due 05/15/18		2,886,585
	480,000	Xstrata Finance Canada, Ltd., 1.80%, due 10/23/15 144A		482,936
	420,000	Xstrata Finance Canada, Ltd., 2.45%, due 10/25/17 144A		424,551

				369,212,775


		Mortgage Backed Securities - Private Issuers — 2.3%

	400,000	Americold LLC Trust, Series 2010-ARTA, Class A2FX, 4.95%, due 01/14/29 144A		465,325
	550,000	Banc of America Commercial Mortgage Trust, Series 2008-1, Class A4, 6.21%, due 02/10/51†		669,310
	150,000	Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.73%, due 05/10/45†		172,238
	160,502	Banc of America Funding Corp., Series 2005-E, Class 8A1, 2.47%, due 06/20/35†		96,915
	136,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-1, Class AM, 5.42%, due 09/10/45†		148,910
	300,000	Bear Stearns Commercial Mortgage Securities, Series 2006-PW12, Class A4, 5.71%, due 09/11/38†		344,187
	40,000	Bear Stearns Commercial Mortgage Securities, Series 2007-PW17, Class A4, 5.69%, due 06/11/50†		47,411
	80,000	CD Commercial Mortgage Trust, Series 2006-CD2, Class AM, 5.35%, due 01/15/46†		87,626
	40,000	Citigroup Commercial Mortgage Trust, Series 2007-C6, Class AM, 5.70%, due 12/10/49†		45,540
	446,931	Citigroup Mortgage Loan Trust, Inc., Series 2010-3, Class 4A1, 2.43%, due 02/25/36† 144A		445,696
	71,515	Countrywide Alternative Loan Trust, Series 2005-61, Class 1A1, 0.47%, due 12/25/35†		58,003
	72,259	Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-R3, Class AF, 0.61%, due 09/25/35† 144A		60,935
	314,291	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR30, Class 2A1, 2.90%, due 01/25/34†		313,403
	260,000	Credit Suisse Mortgage Capital Certificates, Series 2007-C4, Class A3, 5.76%, due 09/15/39†		270,708
	460,273	Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR1, Class A2A, 1.03%, due 09/19/44†		395,791
	264,121	First Horizon Alternative Mortgage Securities, Series 2006-FA1, Class 1A6, 0.96%, due 04/25/36†		261,805


		See accompanying Notes to the Schedule of Investments.			77

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - Private Issuers — continued

	1,484,037	FNMA REMIC Trust 2007-W1, Series 2007-W10, Class 2A, 6.24%, due 08/25/47†		1,737,433
	290,000	Fremont Home Loan Trust, Series 2004-B, Class M1, 1.08%, due 05/25/34†		246,421
	740,000	GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A4, 5.54%, due 12/10/49		849,203
	125,302	Granite Mortgages Plc, Series 2004-3, Class 2A1, 0.59%, due 09/20/44†		124,275
	192,235	Granite Mortgages Plc, Reg S, Series 2003-2, Class 1A3, 0.82%, due 07/20/43† ‡‡‡		190,658
	560,000	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.87%, due 07/10/38†		644,570
	194,000	Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class AM, 5.87%, due 07/10/38†		218,974
	263,482	GSMPS Mortgage Loan Trust, Series 2005-RP2, Class 1AF, 0.56%, due 03/25/35† 144A		221,810
	158,000	GSMS 2012-ALOHA, 3.55%, due 04/10/34 144A		171,753
	117,279	GSR Mortgage Loan Trust, Series 2004-7, Class 4A1, 4.91%, due 06/25/34†		119,915
	76,834	Harborview Mortgage Loan Trust, Series 2005-9, Class 2A1A, 0.55%, due 06/20/35†		70,575
	1,054,340	Harborview Mortgage Loan Trust, Series 2007-4, Class 2A1, 0.43%, due 07/19/47†		810,499
	185,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP8, Class AM, 5.44%, due 05/15/45		208,707
	600,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3, 5.34%, due 05/15/47		688,930
	30,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2007-CB20, Class AM, 5.88%, due 02/12/51†		34,961
	101,235	Lehman XS Trust, Series 2005-7N, Class 1A1B, 0.51%, due 12/25/35†		36,219
	127,409	MASTR Adjustable Rate Mortgages Trust, Series 2006-2, Class 3A1, 2.99%, due 01/25/36†		119,853
	78,603	Merrill Lynch Mortgage Investors, Inc., Series 2005-A3, Class A1, 0.48%, due 04/25/35†		70,955
	80,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-4, Class AM, 5.20%, due 12/12/49†		88,778
	410,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class A4, 5.70%, due 09/12/49		482,978
	216,784	MLCC Mortgage Investors, Inc., Series 2007-1, Class 4A3, 5.65%, due 01/25/37†		222,452
	290,000	Morgan Stanley Capital I, Inc., Series 2007-IQ15, Class A4, 5.88%, due 06/11/49†		343,135
	195,696	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 2A, 2.98%, due 07/25/34†		193,878
	340,435	Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A6, 2.77%, due 09/25/34†		344,549
	444,229	Nomura Asset Acceptance Corp., Series 2004-R3, Class A1, 6.50%, due 02/25/35 144A		463,698
	390,672	Novastar Mortgage-Backed Notes, Series 2006-MTA1, Class 2A1A, 0.40%, due 09/25/46†		280,220
	1,037,670	Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, due 05/25/35 144A		1,028,298
	291,561	Prime Mortgage Trust, Series 2006-DR1, Class 1A1, 5.50%, due 05/25/35 144A		291,435
	127,540	Prime Mortgage Trust, Series 2006-DR1, Class 1A2, 6.00%, due 05/25/35 144A		128,869
	1,278,363	Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, due 05/25/35 144A		1,225,803
	452,661	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 2.86%, due 05/25/35†		459,503
	225,726	RBSSP Resecuritization Trust, Series 2010-3, Class 4A1, 3.46%, due 12/26/35† 144A		228,922


78		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - Private Issuers — continued

	132,675	Residential Asset Securitization Trust, Series 2003-A8, Class A2, 0.56%, due 10/25/18†		128,472
	164,028	Structured Asset Securities Corp., Series 2002-9, Class A2, 0.51%, due 10/25/27†		162,465
	210,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class AS, 3.32%, due 12/10/45 144A		213,776
	142,000	Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.31%, due 11/15/48		163,735
	280,000	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A5, 5.34%, due 12/15/43		322,376
	215,911	WaMu Mortgage Pass Through Certificates, Series 2002-AR19, Class A6, 2.46%, due 02/25/33†		217,027
	616,415	WaMu Mortgage Pass Through Certificates, Series 2003-AR10, Class A7, 2.51%, due 10/25/33†		636,741
	869,365	WaMu Mortgage Pass Through Certificates, Series 2003-AR11, Class A6, 2.47%, due 10/25/33†		893,238
	74,465	WaMu Mortgage Pass Through Certificates, Series 2003-AR9, Class 1A7, 2.43%, due 09/25/33†		76,202
	310,265	WaMu Mortgage Pass Through Certificates, Series 2004-AR13, Class A1A, 0.61%, due 11/25/34†		308,992
	782,116	WaMu Mortgage Pass Through Certificates, Series 2004-AR14, Class A1, 2.45%, due 01/25/35†		789,658
	451,319	WaMu Mortgage Pass Through Certificates, Series 2004-CB2, Class 4A, 6.50%, due 08/25/34		488,376
	881,877	WaMu Mortgage Pass Through Certificates, Series 2005-AR11, Class A1A, 0.53%, due 08/25/45†		831,101
	522,994	WaMu Mortgage Pass Through Certificates, Series 2005-AR3, Class A2, 2.47%, due 03/25/35†		521,989
	332,258	WaMu Mortgage Pass Through Certificates, Series 2005-AR6, Class 2A1A, 0.44%, due 04/25/45†		312,561
	70,820	WaMu Mortgage Pass Through Certificates, Series 2006-AR14, Class 1A1, 2.42%, due 11/25/36†		57,119
	121,426	Washington Mutual, Inc., Series 2005-AR13, Class A1A1, 0.50%, due 10/25/45†		115,996
	114,617	Washington Mutual, Inc., Series 2005-AR15, Class A1A1, 0.47%, due 11/25/45†		106,918
	169,744	Washington Mutual, Inc., Series 2005-AR19, Class A1A1, 0.48%, due 12/25/45†		157,943
	212,180	Washington Mutual, Inc., Series 2005-AR19, Class A1A2, 0.50%, due 12/25/45†		196,071
	281,930	Washington Mutual, Inc., Series 2006-AR14, Class 1A4, 2.42%, due 11/25/36†		227,388
	691,237	Washington Mutual, Inc., Series 2006-AR16, Class 1A1, 2.43%, due 12/25/36†		546,795
	288,391	Wells Fargo Mortgage Backed Securities Trust, Series 2004-Y, Class 1A2, 2.68%, due 11/25/34†		291,698
	279,471	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR8, Class 2A1, 2.74%, due 06/25/35†		286,505
	697,349	Wells Fargo Mortgage Loan Trust, Series 2010-RR4, Class 2A1, 3.15%, due 08/27/35 144A		705,974

				24,991,148


		See accompanying Notes to the Schedule of Investments.			79

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - U.S. Government Agency Obligations — 25.9%

	28,167	FHLMC, Pool # 1N1589, 2.20%, due 05/01/37†		29,844
	50,554	FHLMC, Pool # 1Q0136, 2.73%, due 09/01/36†		53,939
	399,263	FHLMC, Pool # U61703, 3.50%, due 10/01/42		434,698
	99,865	FHLMC, Pool # U61745, 3.50%, due 11/01/42		108,729
	599,141	FHLMC, Pool # U61729, 3.50%, due 11/01/42		652,316
	8,442,747	FHLMC, Pool # J13193, 4.00%, due 10/01/25		8,928,381
	1,670,476	FHLMC, Pool # G14492, 4.00%, due 10/01/25		1,767,086
	8,725,540	FHLMC, Pool # A96413, 4.00%, due 01/01/41		9,325,917
	385,743	FHLMC, Pool # A90675, 4.50%, due 01/01/40		414,058
	607,158	FHLMC, Pool # A92736, 4.50%, due 06/01/40		654,003
	1,149,501	FHLMC, Pool # A93559, 4.50%, due 08/01/40		1,238,190
	3,829,768	FHLMC, Pool # A93338, 4.50%, due 08/01/40		4,125,251
	56,295	FHLMC, Pool # Q00012, 4.50%, due 04/01/41		60,761
	1,472,339	FHLMC, Pool # A74793, 5.00%, due 03/01/38		1,584,556
	2,221,695	FHLMC, Pool # 1Q0481, 5.12%, due 02/01/38†		2,397,515
	959,591	FHLMC, Pool # G01749, 5.50%, due 01/01/35		1,043,074
	190,148	FHLMC, Pool # A39306, 5.50%, due 11/01/35		206,453
	232,066	FHLMC, Pool # G02427, 5.50%, due 12/01/36		251,167
	428,148	FHLMC, Pool # G03695, 5.50%, due 11/01/37		463,389
	239,037	FHLMC, Pool # G04222, 5.50%, due 04/01/38		258,264
	1,604,469	FHLMC, Pool # G04587, 5.50%, due 08/01/38		1,732,523
	977,651	FHLMC, Pool # G06875, 5.50%, due 12/01/38		1,062,704
	1,667,463	FHLMC, Pool # G06172, 5.50%, due 12/01/38		1,801,586
	701,086	FHLMC, Pool # G06020, 5.50%, due 12/01/39		757,478
	489,941	FHLMC, Pool # G06945, 5.50%, due 02/01/40		529,349
	3,137,446	FHLMC, Pool # 782735, 5.77%, due 09/01/36†		3,400,271
	920,065	FHLMC, Pool # G07117, 6.00%, due 10/01/36		1,023,254
	62,234	FHLMC, Pool # H09061, 6.00%, due 06/01/37		67,317
	2,061,311	FHLMC, Pool # G03265, 6.00%, due 08/01/37		2,246,760
	892,041	FHLMC, Pool # G03362, 6.00%, due 09/01/37		970,901
	1,105,986	FHLMC, Pool # G08271, 6.00%, due 05/01/38		1,203,760
	2,600,342	FHLMC, Pool # G06409, 6.00%, due 11/01/39		2,839,332
	706,305	FHLMC, Pool # G06832, 6.00%, due 03/01/40		769,849
	188,647	FHLMC, Pool # G06669, 6.50%, due 09/01/39		214,442
	130,370	FHLMC, Series 2808, Class FT, 0.56%, due 04/15/33†		130,549
	1,661,437	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K006, Class AX1, 1.05%, due 01/25/20†		99,178
	3,204,784	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K007, Class X1, 1.23%, due 04/25/20†		215,616
	3,917,773	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K008, Class X1, 1.67%, due 06/25/20†		369,530
	1,777,152	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K009, Class X1, 1.51%, due 08/25/20†		147,173
	1,737,197	FHLMC Multifamily Structured Pass Through Certificates, (IO), Series K702, Class X1, 1.56%, due 02/25/18†		118,691
	444,877	FHLMC Reference REMIC, Series R007, Class ZA, 6.00%, due 05/15/36		514,504
	402,477	FHLMC Structured Pass Through Securities, Series T-61, Class 1A1, 1.53%, due 07/25/44†		412,774


80		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	3,300,000	FHLMC TBA, 2.50%, due 02/01/27		3,444,891
	10,500,000	FHLMC TBA, 3.00%, due 08/01/42		10,980,704
	994,889	FNMA, Pool # AP9633, 2.50%, due 10/01/42		1,015,922
	431,033	FNMA, Pool # AE2641, 3.50%, due 10/01/25		457,645
	2,110,019	FNMA, Pool # AH2430, 3.50%, due 01/01/26		2,240,291
	1,648,952	FNMA, Pool # AE2148, 3.50%, due 02/01/26		1,750,758
	1,301,145	FNMA, Pool # AE3507, 3.50%, due 02/01/26		1,381,478
	860,886	FNMA, Pool # AH4523, 3.50%, due 02/01/26		914,037
	1,228,491	FNMA, Pool # AH4692, 3.50%, due 03/01/26		1,304,337
	220,838	FNMA, Pool # AL0554, 3.50%, due 08/01/26		234,473
	599,288	FNMA, Pool # AQ5369, 3.50%, due 12/01/42		651,423
	600,000	FNMA, Pool # AQ7083, 3.50%, due 12/01/42		652,197
	499,105	FNMA, Pool # AB7130, 3.50%, due 12/01/42		542,525
	2,491,546	FNMA, Pool # 935983, 4.00%, due 05/01/25		2,669,510
	198,822	FNMA, Pool # AD7480, 4.00%, due 09/01/25		213,024
	9,783	FNMA, Pool # AE2434, 4.00%, due 09/01/25		10,482
	203,914	FNMA, Pool # AE0551, 4.00%, due 11/01/25		218,479
	32,148	FNMA, Pool # AE7182, 4.00%, due 11/01/25		34,444
	107,482	FNMA, Pool # AE8069, 4.00%, due 12/01/25		115,159
	39,582	FNMA, Pool # AH3622, 4.00%, due 01/01/26		42,421
	545,163	FNMA, Pool # AL0243, 4.00%, due 01/01/26		584,103
	1,441,730	FNMA, Pool # AH8167, 4.00%, due 04/01/26		1,545,159
	437,921	FNMA, Pool # 890306, 4.00%, due 04/01/26		469,338
	2,349,271	FNMA, Pool # AI3000, 4.00%, due 06/01/26		2,517,806
	1,273,064	FNMA, Pool # AL0605, 4.00%, due 08/01/26		1,363,995
	83,730	FNMA, Pool # 776565, 4.00%, due 04/01/34		90,318
	572,106	FNMA, Pool # AH1338, 4.00%, due 12/01/40		629,475
	156,809	FNMA, Pool # AH6392, 4.00%, due 02/01/41		172,382
	665,000	FNMA, Pool # AB3745, 4.00%, due 10/01/41		713,999
	1,358,256	FNMA, Pool # AJ5304, 4.00%, due 11/01/41		1,458,338
	2,182,319	FNMA, Pool # AJ7689, 4.00%, due 12/01/41		2,343,121
	36,160	FNMA, Pool # 254802, 4.50%, due 07/01/18		39,008
	297,139	FNMA, Pool # MA0706, 4.50%, due 04/01/31		323,121
	959,658	FNMA, Pool # MA0734, 4.50%, due 05/01/31		1,043,570
	293,503	FNMA, Pool # MA0776, 4.50%, due 06/01/31		319,167
	271,277	FNMA, Pool # MA0913, 4.50%, due 11/01/31		296,354
	84,919	FNMA, Pool # MA0968, 4.50%, due 12/01/31		92,769
	276,874	FNMA, Pool # MA0939, 4.50%, due 12/01/31		302,469
	3,157,338	FNMA, Pool # AL0215, 4.50%, due 04/01/41		3,467,948
	518,425	FNMA, Pool # AB3517, 4.50%, due 09/01/41		568,518
	6,396,566	FNMA, Pool # AL2439, 5.00%, due 06/01/26		6,934,411
	154,630	FNMA, Pool # 254793, 5.00%, due 07/01/33		168,493
	178,615	FNMA, Pool # 555743, 5.00%, due 09/01/33		194,629
	543,214	FNMA, Pool # 889117, 5.00%, due 10/01/35		591,916
	631,223	FNMA, Pool # AL0476, 5.00%, due 11/01/40		700,834
	81,457	FNMA, Pool # AI0511, 5.00%, due 04/01/41		90,440
	162,297	FNMA, Pool # AI1863, 5.00%, due 05/01/41		180,195
	725,124	FNMA, Pool # AI1892, 5.00%, due 05/01/41		805,090
	173,376	FNMA, Pool # AI2433, 5.00%, due 05/01/41		192,496


		See accompanying Notes to the Schedule of Investments.			81

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	89,167	FNMA, Pool # AI2462, 5.00%, due 05/01/41		99,000
	88,977	FNMA, Pool # AI2443, 5.00%, due 05/01/41		98,789
	91,831	FNMA, Pool # AI4261, 5.00%, due 06/01/41		101,958
	599,273	FNMA, Pool # AE0011, 5.50%, due 09/01/23		649,334
	2,680,816	FNMA, Pool # 995253, 5.50%, due 12/01/23		2,904,761
	3,653,991	FNMA, Pool # AL0278, 5.50%, due 01/01/25		3,952,381
	22,854	FNMA, Pool # 254548, 5.50%, due 12/01/32		25,120
	2,652,187	FNMA, Pool # 704235, 5.50%, due 05/01/33		2,915,245
	244,142	FNMA, Pool # 555591, 5.50%, due 07/01/33		268,357
	3,036,502	FNMA, Pool # 725221, 5.50%, due 01/01/34		3,337,679
	146,124	FNMA, Pool # 735224, 5.50%, due 02/01/35		160,617
	336,289	FNMA, Pool # 990906, 5.50%, due 10/01/35		367,963
	1,787,907	FNMA, Pool # 849077, 5.50%, due 01/01/36		1,954,067
	54,115	FNMA, Pool # 852523, 5.50%, due 02/01/36		58,874
	203,564	FNMA, Pool # 878059, 5.50%, due 03/01/36		221,465
	57,925	FNMA, Pool # 256219, 5.50%, due 04/01/36		62,195
	188,545	FNMA, Pool # 868658, 5.50%, due 04/01/36		205,125
	207,715	FNMA, Pool # 190375, 5.50%, due 11/01/36		225,980
	456,435	FNMA, Pool # 995072, 5.50%, due 08/01/38		504,988
	1,316,161	FNMA, Pool # 745506, 5.66%, due 02/01/16		1,477,309
	3,443,368	FNMA, Pool # AL0144, 5.84%, due 11/01/37†		3,737,050
	24,224	FNMA, Pool # 840483, 6.00%, due 11/01/21		26,666
	441,097	FNMA, Pool # 256517, 6.00%, due 12/01/26		483,056
	445,701	FNMA, Pool # 256962, 6.00%, due 11/01/27		487,819
	179,924	FNMA, Pool # 985626, 6.00%, due 04/01/33		201,003
	4,410,977	FNMA, Pool # 725162, 6.00%, due 02/01/34		4,927,742
	19,409	FNMA, Pool # 745000, 6.00%, due 10/01/35		21,504
	397,693	FNMA, Pool # 888560, 6.00%, due 11/01/35		444,284
	122,990	FNMA, Pool # 882524, 6.00%, due 05/01/36		134,670
	34,624	FNMA, Pool # 887324, 6.00%, due 08/01/36		37,912
	82,333	FNMA, Pool # 893282, 6.00%, due 08/01/36		90,152
	149,265	FNMA, Pool # 878210, 6.00%, due 09/01/36		163,441
	5,548	FNMA, Pool # 882321, 6.00%, due 09/01/36		6,075
	23,647	FNMA, Pool # 900746, 6.00%, due 09/01/36		26,121
	133,625	FNMA, Pool # 898198, 6.00%, due 11/01/36		146,315
	559,198	FNMA, Pool # 948690, 6.00%, due 08/01/37		624,535
	840,170	FNMA, Pool # 890248, 6.00%, due 08/01/37		940,745
	39,782	FNMA, Pool # AD0217, 6.00%, due 08/01/37		44,546
	179,062	FNMA, Pool # 888736, 6.00%, due 10/01/37		193,856
	306,798	FNMA, Pool # 955166, 6.00%, due 11/01/37		332,147
	4,484,314	FNMA, Pool # 967691, 6.00%, due 01/01/38		4,910,175
	615,526	FNMA, Pool # AL0852, 6.00%, due 06/01/38		666,383
	1,904,634	FNMA, Pool # AL0406, 6.00%, due 06/01/38		2,062,001
	1,290,184	FNMA, Pool # AL0901, 6.00%, due 07/01/38		1,396,783
	501,283	FNMA, Pool # AE0028, 6.00%, due 10/01/39		548,888
	2,450,091	FNMA, Pool # AE0469, 6.00%, due 12/01/39		2,682,768
	445,195	FNMA, Pool # AE0616, 6.00%, due 03/01/40		487,474
	1,142,266	FNMA, Pool # AL2688, 6.00%, due 10/01/40		1,250,744
	9,884	FNMA, Pool # 869972, 6.50%, due 04/01/36		11,082


82		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	2,259,811	FNMA, Pool # 256421, 6.50%, due 09/01/36		2,504,078
	104,100	FNMA, Pool # 955797, 6.50%, due 10/01/37		116,638
	1,576,940	FNMA, Pool # AL0778, 6.50%, due 01/01/49		1,738,031
	3,454,548	FNMA, Pool # 888369, 7.00%, due 03/01/37		3,983,181
	56,635	FNMA, Pool # 924874, 7.00%, due 10/01/37		67,426
	11,193	FNMA, Pool # 949563, 7.00%, due 11/01/37		13,326
	17,050	FNMA, Pool # 955183, 7.00%, due 11/01/37		20,299
	27,291	FNMA, Pool # 928938, 7.00%, due 12/01/37		32,491
	20,558	FNMA, Pool # 968252, 7.00%, due 02/01/38		24,500
	16,145	FNMA, Pool # 974156, 7.00%, due 02/01/38		19,241
	55,722	FNMA, Pool # 985867, 7.00%, due 08/01/38		66,406
	8,702	FNMA, Pool # 987891, 7.00%, due 09/01/38		10,370
	242,663	FNMA, Pool # 934648, 7.00%, due 11/01/38		289,192
	15,966	FNMA, Pool # 934202, 7.00%, due 11/01/38		19,028
	34,335	FNMA, Pool # 991549, 7.00%, due 11/01/38		40,918
	28,435	FNMA, Pool # 992249, 7.00%, due 11/01/38		33,887
	1,398,690	FNMA, Pool # AE0758, 7.00%, due 02/01/39		1,665,201
	1,085,794	FNMA, Series 2011-59, Class NZ, 5.50%, due 07/25/41		1,308,918
	1,600,000	FNMA, Series 2012-25, Class B, 6.50%, due 03/25/42		1,878,125
	300,000	FNMA, Series 2012-28, Class B, 6.50%, due 06/25/39		334,621
	1,700,000	FNMA, Series 2012-35, Class MB, 5.50%, due 04/25/42		1,900,303
	900,000	FNMA, Series 2012-46, Class BA, 6.00%, due 05/25/42		1,009,701
	880,000	FNMA, Series 2012-76, Class AC, 6.50%, due 07/25/42		992,979
	109,546	FNMA Grantor Trust, Series 2004-T1, Class 1A2, 6.50%, due 01/25/44		131,972
	23,727	FNMA REMIC Trust, Series 2003-W1, Class 1A1, 6.18%, due 12/25/42†		28,996
	4,200,000	FNMA TBA, 2.50%, due 07/01/27		4,392,937
	1,400,000	FNMA TBA, 2.50%, due 10/01/42		1,427,016
	20,100,000	FNMA TBA, 3.00%, due 09/01/42		21,067,312
	2,000,000	FNMA TBA, 3.00%, due 09/01/42		2,091,875
	3,200,000	FNMA TBA, 3.50%, due 01/01/42		3,412,625
	3,000,000	FNMA TBA, Pool # 007737, 4.00%, due 05/01/24		3,213,281
	5,100,000	FNMA TBA, Pool # 009174, 4.00%, due 09/01/40		5,468,156
	500,000	FNMA TBA, 4.50%, due 04/01/21		537,969
	153,388	FNMA Trust, Series 2004-W9, Class 2A1, 6.50%, due 02/25/44		176,206
	800,908	FNMA, (IO), Series 2011-63, Class SW, 6.47%, due 07/25/41†		124,095
	480,675	GNMA, Pool # 004617, 4.50%, due 01/20/40		530,115
	407,872	GNMA, Pool # 734712, 4.50%, due 03/15/40		450,333
	645,756	GNMA, Pool # 004696, 4.50%, due 05/20/40		712,175
	632,307	GNMA, Pool # 004746, 4.50%, due 07/20/40		699,360
	150,967	GNMA, Pool # 004854, 4.50%, due 11/20/40		166,669
	306,366	GNMA, Pool # 004883, 4.50%, due 12/20/40		338,231
	74,545	GNMA, Pool # 004923, 4.50%, due 01/20/41		82,259
	4,491,920	GNMA, Pool # 004978, 4.50%, due 03/20/41		4,943,719
	246,415	GNMA, Pool # 641779, 5.00%, due 09/15/35		270,104
	830,068	GNMA, Pool # 004559, 5.00%, due 10/20/39		920,089
	149,048	GNMA, Pool # 733600, 5.00%, due 04/15/40		163,596
	453,264	GNMA, Pool # 733627, 5.00%, due 05/15/40		497,507
	64,053	GNMA, Pool # 004747, 5.00%, due 07/20/40		71,000
	64,182	GNMA, Pool # 783050, 5.00%, due 07/20/40		71,147


		See accompanying Notes to the Schedule of Investments.			83

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	1,045,872	GNMA, Pool # 004772, 5.00%, due 08/20/40		1,157,686
	250,784	GNMA, Pool # 004802, 5.00%, due 09/20/40		278,398
	342,125	GNMA, Pool # 510835, 5.50%, due 02/15/35		377,208
	400,000	GNMA, Pool # 783704, 5.50%, due 06/15/36****		445,000
	12,490	GNMA, Pool # 002657, 6.00%, due 10/20/28		14,017
	14,302	GNMA, Pool # 003489, 6.00%, due 12/20/33		16,109
	80,026	GNMA, Pool # 003879, 6.00%, due 07/20/36		89,536
	10,767	GNMA, Pool # 003920, 6.00%, due 11/20/36		12,046
	621,770	GNMA, Pool # 004145, 6.00%, due 05/20/38		694,108
	268,731	GNMA, Pool # 004195, 6.00%, due 07/20/38		299,996
	10,185	GNMA, Pool # 004245, 6.00%, due 09/20/38		11,370
	119,527	GNMA, Pool # 004580, 6.00%, due 11/20/39		133,852
	160,711	GNMA, Pool # 004602, 6.00%, due 12/20/39		179,408
	98,013	GNMA, Pool # 004620, 6.00%, due 01/20/40		109,417
	177,748	GNMA, Pool # 004639, 6.00%, due 02/20/40		198,428
	320,051	GNMA, Pool # 004774, 6.00%, due 08/20/40		358,087
	63,534	GNMA, Pool # 004804, 6.00%, due 09/20/40		71,283
	619,854	GNMA, Pool # 004837, 6.00%, due 10/20/40		695,455
	393,208	GNMA, Pool # 004871, 6.00%, due 11/20/40		441,167
	405,355	GNMA, Pool # 004928, 6.00%, due 01/20/41		454,796
	341,619	GNMA, Pool # 004991, 6.00%, due 03/20/41		383,285
	891,799	GNMA, Pool # 005063, 6.00%, due 05/20/41		997,783
	353,688	GNMA, Pool # 004040, 6.50%, due 10/20/37		401,662
	12,300,000	GNMA TBA, 3.00%, due 08/01/42		13,078,360
	28,000,000	GNMA TBA, 3.00%, due 08/01/42		29,710,626
	5,200,000	GNMA TBA, 3.00%, due 09/01/42		5,529,876
	1,300,000	GNMA TBA, 3.50%, due 12/01/41		1,412,633
	500,000	GNMA TBA, 3.50%, due 04/01/42		543,398
	1,000,000	GNMA TBA, 4.00%, due 09/01/40		1,097,031
	323,669	GNMA, (IO), Series 2010-31, Class GS, 6.29%, due 03/20/39†		50,857
	108,077	GNMA, (IO), Series 2011-32, Class S, 5.79%, due 03/16/41†		13,027

	683,303	GNMA, (IO), Series 2011-70, Class BS, 6.49%, due 12/16/36†		97,642

				287,787,089


		Municipal Obligations — 4.8%

	2,250,000	American Municipal Power-Ohio, Inc., 8.08%, due 02/15/50		3,307,117
	2,700,000	California East Bay Municipal Utility District, 5.87%, due 06/01/40		3,572,883
	600,000	Chicago Transit Authority, Series A, 6.90%, due 12/01/40		728,796
	600,000	Chicago Transit Authority, Series B, 6.90%, due 12/01/40		728,796
	3,600,000	Irvine Ranch Water District Joint Powers Agency, 2.39%, due 03/15/14		3,609,072
	155,000	Los Angeles Unified School District, 5.75%, due 07/01/34		185,991
	1,235,000	Los Angeles Unified School District, 6.76%, due 07/01/34		1,649,701
	1,250,000	New Jersey State Turnpike Authority, 7.10%, due 01/01/41		1,802,912
	1,800,000	New York City Transitional Finance Authority, 4.73%, due 11/01/23		2,112,390
	1,300,000	New York City Transitional Finance Authority, 4.91%, due 11/01/24		1,549,249
	1,300,000	New York City Transitional Finance Authority, 5.08%, due 11/01/25		1,569,945
	3,000,000	New York State Urban Development Corp., 5.00%, due 03/15/23		3,677,250
	500,000	Northstar Education Finance, Inc., 1.71%, due 01/29/46		418,003


84		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**			Description	Value ($)


			Municipal Obligations — continued

	3,100,000		Ohio Tobacco Settlement Financing Authority, 6.50%, due 06/01/47		3,024,918
	1,100,000		Port Authority of New York and New Jersey, 4.46%, due 10/01/62		1,086,844
	900,000		Southwest Student Services Corp., 0.09%, due 12/01/18		826,868
	350,000		Southwest Student Services Corp., 0.51%, due 12/01/36		285,810
	5,575,000		State of California General Obligation, 7.30%, due 10/01/39		7,730,852
	1,360,000		State of California General Obligation, 7.50%, due 04/01/34		1,892,780
	1,950,000		State of California General Obligation, 7.55%, due 04/01/39		2,813,460
	925,000		State of Illinois General Obligation, 4.96%, due 03/01/16		1,016,159
	1,600,000		State of Illinois General Obligation, 5.37%, due 03/01/17		1,795,392
	2,025,000		State of Illinois General Obligation, 5.67%, due 03/01/18		2,309,087
	1,000,000		State of Kentucky Property & Building Commission, 4.30%, due 11/01/19		1,124,480
	1,200,000		State of Kentucky Property & Building Commission, 4.40%, due 11/01/20		1,363,176
	2,400,000		State of Kentucky Property & Building Commission, 5.37%, due 11/01/25		2,802,096

					52,984,027


			Sovereign Debt Obligations — 1.4%

	3,800,000	EUR	Bundesschatzanweisungen, 0.75%, due 09/13/13		5,035,447
	400,000	EUR	Bundesschatzanweisungen, 1.75%, due 06/14/13		531,494
	2,500,000		Korea Housing Finance Corp., Reg S, 4.13%, due 12/15/15‡‡‡		2,708,613
	22,490,000	MXN	Mexican Bonos, 6.50%, due 06/09/22		1,882,440
	19,860,000	MXN	Mexican Bonos, 8.00%, due 06/11/20		1,802,332
	140,000		Mexico Government International Bond, 4.75%, due 03/08/44		158,550
	2,600,000		Province of Ontario Canada, 2.70%, due 06/16/15		2,738,892
	303,879	GBP	United Kingdom Gilt Inflation Linked, 0.13%, due 03/22/24‡‡‡‡		538,155

					15,395,923


			U.S. Government and Agency Obligations — 22.8%

	349,175		FHLMC, 2.24%, due 02/01/37†		367,024
	350,000		Financing Corp. FICO STRIPS, (IO), Series 1, 1.11%, due 05/11/18‡‡		329,910
	280,000		Financing Corp. FICO STRIPS, (PO), Series B, 1.10%, due 04/06/18‡‡		264,566
	90,000		Financing Corp. FICO STRIPS, (PO), Series 11, 1.17%, due 02/08/18‡‡		84,935
	330,000		Financing Corp. FICO STRIPS, (PO), Series E, 1.25%, due 11/02/18‡‡		307,516
	270,000		Financing Corp. FICO STRIPS, (PO), Series 7, 1.25%, due 08/03/18‡‡		252,293
	150,000		Financing Corp. FICO STRIPS, (PO), Series 7, 1.25%, due 08/03/18‡‡		140,163
	330,000		Financing Corp. FICO STRIPS, (PO), Series D, 1.25%, due 08/03/18‡‡		308,358
	140,000		Financing Corp. FICO STRIPS, (PO), Series 8, 1.30%, due 08/03/18‡‡		130,819
	150,000		Financing Corp. FICO STRIPS, (PO), Series 15, 1.36%, due 03/07/19‡‡		138,325
	50,000		Financing Corp. FICO STRIPS, (PO), Series 19, 1.40%, due 06/06/19‡‡		45,848
	20,000		Financing Corp. FICO STRIPS, (PO), Series D, 1.55%, due 09/26/19‡‡		18,097
	830,000		FNMA, 0.00%, due 10/09/19‡‡		728,347
	244,740		FNMA, Series 2004-38, Class FK, 0.56%, due 05/25/34†		245,660
	273,432		FNMA, 1.70%, due 08/01/37†		292,274
	107,616		FNMA, 2.90%, due 09/01/35†		115,103
	1,235,000		FNMA, 6.63%, due 11/15/30		1,886,559
	1,118,643		GNMA, 0.59%, due 12/20/60†		1,124,753
	1,968,867		GNMA, 0.66%, due 02/20/61†		1,986,459
	1,911,932		GNMA, 0.71%, due 01/20/61†		1,932,832
	472,646		GNMA, 0.71%, due 03/20/61†		478,023
	1,255,550		GNMA, (IO), 6.34%, due 11/20/38†		173,553


		See accompanying Notes to the Schedule of Investments.			85

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**		Description	Value ($)


		U.S. Government and Agency Obligations — continued

	835,462	GNMA, (IO), 6.44%, due 01/20/40†		145,147
	4,000,000	Overseas Private Investment Corp., (1.64)%, due 11/18/13‡‡		4,058,436
	190,000	Tennessee Valley Authority, 5.25%, due 09/15/39		250,986
	2,364,000	U.S. Treasury Bond, 2.75%, due 08/15/42		2,283,106
	6,640,000	U.S. Treasury Bond, 2.75%, due 11/15/42		6,398,264
	490,000	U.S. Treasury Bond, 3.13%, due 02/15/42		512,433
	2,600,000	U.S. Treasury Bond, 3.88%, due 08/15/40		3,125,281
	200,000	U.S. Treasury Bond, 4.25%, due 11/15/40		255,406
	200,000	U.S. Treasury Bond, 4.38%, due 02/15/38		259,531
	4,000,000	U.S. Treasury Bond, 4.50%, due 02/15/36		5,265,000
	400,000	U.S. Treasury Bond, 6.25%, due 08/15/23		573,562
	800,000	U.S. Treasury Bond, 7.50%, due 11/15/24		1,274,125
	4,888,512	U.S. Treasury Inflation Indexed Bond, 0.13%, due 04/15/17		5,237,962
	3,781,511	U.S. Treasury Inflation Indexed Bond, 0.13%, due 01/15/22		4,110,030
	2,514,750	U.S. Treasury Inflation Indexed Bond, 0.13%, due 07/15/22		2,731,059
	8,459,600	U.S. Treasury Inflation Indexed Bond, 1.13%, due 01/15/21 ^(a)		9,943,998
	530,345	U.S. Treasury Inflation Indexed Bond, 1.25%, due 07/15/20		629,619
	2,539,591	U.S. Treasury Inflation Indexed Bond, 1.75%, due 01/15/28		3,292,938
	107,023	U.S. Treasury Inflation Indexed Bond, 2.13%, due 02/15/40		157,374
	2,218,230	U.S. Treasury Inflation Indexed Bond, 2.13%, due 02/15/41		3,282,461
	8,750,000	U.S. Treasury Note, 0.25%, due 01/31/14		8,756,834
	7,000,000	U.S. Treasury Note, 0.25%, due 08/31/14		7,003,010
	11,900,000	U.S. Treasury Note, 0.25%, due 02/15/15		11,896,287
	7,000,000	U.S. Treasury Note, 0.25%, due 09/15/15		6,985,783
	3,000,000	U.S. Treasury Note, 0.50%, due 05/31/13		3,005,274
	1,200,000	U.S. Treasury Note, 0.63%, due 08/31/17		1,199,063
	11,380,000	U.S. Treasury Note, 1.00%, due 09/30/19		11,303,538
	15,540,000	U.S. Treasury Note, 1.13%, due 12/31/19		15,498,726
	7,500,000	U.S. Treasury Note, 1.25%, due 03/15/14		7,594,335
	3,250,000	U.S. Treasury Note, 1.25%, due 04/15/14		3,293,420
	16,420,000	U.S. Treasury Note, 1.25%, due 10/31/19		16,558,552
	2,000,000	U.S. Treasury Note, 1.38%, due 11/30/18		2,053,438
	9,000,000	U.S. Treasury Note, 1.50%, due 07/31/16		9,333,279
	7,240,000	U.S. Treasury Note, 1.63%, due 08/15/22		7,193,621
	4,530,000	U.S. Treasury Note, 1.63%, due 11/15/22‡		4,481,162
	300,000	U.S. Treasury Note, 1.75%, due 05/15/22		302,648
	100,000	U.S. Treasury Note, 1.88%, due 08/31/17		105,633
	32,200,000	U.S. Treasury Note, 2.00%, due 11/15/21 ^(c)		33,425,113
	11,700,000	U.S. Treasury Note, 2.00%, due 02/15/22		12,101,275
	5,200,000	U.S. Treasury Note, 2.13%, due 08/15/21		5,467,311
	12,000,000	U.S. Treasury Note, 2.63%, due 11/15/20		13,171,872
	6,400,000	U.S. Treasury Note, 2.75%, due 02/15/19		7,087,501

				252,955,810


		TOTAL DEBT OBLIGATIONS (COST $1,003,209,471)		1,051,235,327


86		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 0.0%

		Auto Manufacturers — 0.0%

	8,312	General Motors Co.*		239,635
	2,087	Motors Liquidation Co. GUC Trust*		44,244

				283,879


		Building Materials — 0.0%

	10,371	US Concrete, Inc.* ¤		93,857


		Diversified Financial Services — 0.0%

	1,754	CIT Group, Inc.*		67,775


		TOTAL COMMON STOCKS (COST $478,595)		445,511


		PREFERRED STOCKS — 0.3%

		Banks — 0.1%

	600	Wells Fargo & Co., 7.50% Class A		735,000


		Diversified Financial Services — 0.2%

	74,625	Citigroup Capital XIII, 7.88%†		2,082,038
	14,902	GMAC Capital Trust I, 8.125%†		397,138

				2,479,176


		TOTAL PREFERRED STOCKS (COST $2,718,226)		3,214,176


		WARRANTS — 0.0%

		Auto Manufacturers — 0.0%

	7,557	General Motors Co., Strike Price $10.00, Expires 7/10/16*		147,362
	7,557	General Motors Co., Strike Price $18.33, Expires 7/10/19*		94,387

				241,749


		Media — 0.0%

	307	Charter Communications, Inc., Strike Price $46.68, Expires 11/30/14*		9,382


		Oil & Gas Services — 0.0%

	190	SemGroup Corp., Strike Price $25.00, Expires 11/30/14* ¤		2,808


		TOTAL WARRANTS (COST $307,300)		253,939


Notional		Description	Value ($)


		OPTIONS PURCHASED — 0.0%

		Call Options — 0.0%

	43,000	U.S. Treasury Bond 30-Year Futures Option with Barclays Capital, Inc., Strike Price $152.00, Expires 01/25/13		7,391
	67,000	U.S Treasury Note 10-Year Futures Option with Barclays Capital, Inc., Strike Price $133.50, Expires 01/25/13		19,890


		TOTAL CALL OPTIONS PURCHASED (COST $66,435)		27,281


		See accompanying Notes to the Schedule of Investments.			87

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Notional		Description	Value ($)


		Put Options — 0.0%

	2,300,000	OTC 30-Year Interest Rate Swaption with Royal Bank of Scotland Plc, Strike Price $3.45, Expires 09/21/15		178,772


		TOTAL OPTIONS PURCHASED (COST $249,764)		206,053


Par Value**		Description	Value ($)


		SHORT-TERM INVESTMENTS — 15.5%

		Bank Deposit — 6.1%

	68,192,328	State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		68,192,328


		TOTAL BANK DEPOSITS (COST $68,192,328)		68,192,328


		Certificates of Deposit — 1.5%

	3,600,000	Banco do Brasil SA, 2.00%, due 06/28/13		3,592,642
	3,000,000	Daimler Finance North America LLC, 1.07%, due 10/11/13		2,981,398
	400,000	Daimler Finance North America LLC, 1.07%, due 10/15/13		397,478
	2,300,000	Ford Motor Credit Co., 0.96%, due 03/05/13		2,296,024
	3,700,000	Ford Motor Credit Co., 1.40%, due 01/18/13		3,697,554
	200,000	Ford Motor Credit Co., 1.24%, due 01/23/13		199,848
	3,800,000	Straight A Funding LLC, 0.18%, due 02/19/13		3,799,069


		TOTAL CERTIFICATES OF DEPOSIT (COST $16,929,582)		16,964,013


		Repurchase Agreements — 6.6%

	42,400,000	Bank of America N.A. (Dated 12/31/2012. Collateralized by a U.S. Treasury Note, with a rate of 0.125% with a maturity of 12/31/2014, valued at $43,257,279. Repurchase proceeds are $42,400,542), 0.23%, due 01/02/13		42,400,000

	13,500,000	Citigroup Global Markets, Inc. (Dated 12/31/2012. Collateralized by a Federal National Mortgage Association Security, with a rate of 4.000% with a maturity of 01/01/2042, valued at $14,006,340. Repurchase proceeds are $13,500,143), 0.19%, due 01/10/13		13,500,000

	6,100,000	JPMorgan Securities LLC (Dated 12/31/2012. Collateralized by a U.S. Treasury Bond, with a rate of 3.875% with a maturity of 08/15/2040, valued at $6,270,880. Repurchase proceeds are $6,100,061), 0.18%, due 01/04/13		6,100,000

	11,100,000	Morgan Stanley & Co. LLC (Dated 12/31/2012. Collateralized by a U.S. Treasury Bond, with a rate of 3.125% with a maturity of 11/15/2041 valued at $11,321,483. Repurchase proceeds are $11,100,155), 0.25%, due 01/02/13		11,100,000


		TOTAL REPURCHASE AGREEMENTS (COST $73,100,000)		73,100,000


		Securities Lending Collateral — 1.2%

	13,073,243	State Street Navigator Securities Lending Prime Portfolio***		13,073,243


		TOTAL SECURITIES LENDING COLLATERAL (COST $13,073,243)		13,073,243


88		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value**			Description	Value ($)


			U.S. Government and Agency Obligations — 0.1%

	100,000		FHLB Discount Note, 0.04%, due 03/26/13‡‡		99,991
	75,000		FHLB Discount Note, 0.08%, due 02/19/13‡‡		74,991
	231,000		United States Treasury Bill, 0.14%, due 02/21/13 ^(b) ‡‡		230,954
	263,000		United States Treasury Bill, 0.15%, due 04/11/13 ^(b)		262,955
	76,000		United States Treasury Bill, 0.18%, due 07/25/13 ^(b)		75,947


			TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS (COST $744,745)		744,838


			TOTAL SHORT-TERM INVESTMENTS (COST $172,039,898)		172,074,422


			TOTAL INVESTMENTS BEFORE TBA COMMITMENTS — 110.5% (Cost $1,179,003,254)		1,227,429,428

			TBA Sale Commitments — (2.5)%

	(2,000,000	)	FHLMC TBA, 4.00%, due 07/01/40		(2,135,625	)
	(6,000,000	)	FHLMC TBA, 4.50%, due 06/01/39		(6,439,688	)
	(7,000,000	)	FNMA TBA, 3.50%, due 01/01/26		(7,427,656	)
	(11,000,000	)	FNMA TBA, 4.00%, due 05/01/24		(11,782,030	)

					(27,784,999	)


			TOTAL TBA SALE COMMITMENTS (PROCEEDS $27,744,531)		(27,784,999	)


			TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 108.0% (Cost $1,151,258,723)		1,199,644,429

			Other Assets and Liabilities (net) — (8.0)%		(89,170,256	)


			NET ASSETS — 100.0%	$	1,110,474,173


				Notes to Schedule of Investments:

				FICO — Financing Corporation

				FHLB — Federal Home Loan Bank

				FHLMC — Federal Home Loan Mortgage Corporation

				FNMA — Federal National Mortgage Association

				GNMA — Government National Mortgage Association

				IO — Interest Only

				MTN — Medium Term Note

				PIK — Payment In Kind

				PO — Principal Only

				REIT — Real Estate Investment Trust

				REMIC — Real Estate Mortgage Investment Conduit

				TBA — To Be Announced

		*		Non-income producing security

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

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


		See accompanying Notes to the Schedule of Investments.			89

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)



		(b)		All or a portion of this security is held for open swaps collateral.

		(c)		All or a portion of this security is held for open futures and swaps collateral.

		¤		Illiquid security. The total market value of the securities at period end is $23,406,277 which represents 2.1% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $22,815,131.

		**		Unless otherwise indicated, all par values are denominated in United States dollars ($).

		***		Represents an investment of securities lending cash collateral.

		****		Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $445,000 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $665,161.

		†		Floating rate note. Rate shown is as of December 31, 2012.

		††		Debt obligation initially issued in zero coupon form which converts to coupon form at a specific rate and date. The rate shown is the rate at period end.

		†††		Security is currently in default.

		††††		When-issued security

		‡‡		Interest rate presented is yield to maturity.

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

		‡‡‡‡		Indexed security in which price and/or coupon is linked to the prices of a specific financial instrument or financial statistic.

				144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $72,023,404 which represents 6.5% of net assets.


90		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

A summary of outstanding financial instruments at December 31, 2012 is as follows:

Forward Foreign Currency Contracts


Settlement Date		Deliver/Receive	Counterparty	Units of Currency		Value		Net Unrealized Appreciation (Depreciation)
	Buys
	2/01/13	CNY	JPMorgan Chase Bank		5,986,164	$	958,968	$	19,446
	8/05/13	CNY	UBS AG		8,424,725		1,334,922		840
	2/01/13	CNY	UBS AG		46,266,100		7,411,707		71,959
	9/13/13	EUR	HSBC Bank USA		4,936,000		6,523,806		74,064
	10/11/13	EUR	JPMorgan Chase Bank		216,000		285,575		4,451

								$	170,760

	Sales
	1/31/13	AUD	Bank of America N.A.		3,901,000	$	4,041,583	$	27,160
	1/31/13	AUD	JPMorgan Chase Bank		198,000		205,135		3,534
	2/01/13	CNY	HSBC Bank USA		36,915,418		5,913,753		(109,645	)
	2/01/13	CNY	JPMorgan Chase Bank		13,464,784		2,157,023		(50,023	)
	2/01/13	CNY	UBS AG		9,875,848		1,582,085		(36,085	)
	1/15/13	EUR	Bank of America N.A.		3,835,000		5,056,583		(70,189	)
	1/15/13	EUR	Citibank N.A.		22,000		29,008		(227	)
	9/13/13	EUR	HSBC Bank USA		8,600,000		11,366,437		(571,287	)
	9/13/13	EUR	JPMorgan Chase Bank		100,000		132,168		(8,943	)
	10/11/13	EUR	JPMorgan Chase Bank		216,000		285,575		(19,128	)
	6/14/13	EUR	JPMorgan Chase Bank		400,000		528,154		(11,073	)
	1/15/13	EUR	UBS AG		52,000		68,564		(1,756	)
	3/12/13	GBP	Bank of America N.A.		1,715,000		2,787,137		(25,485	)
	2/28/13	GBP	JPMorgan Chase Bank		211,000		342,922		(3,292	)

								$	(876,439	)

Currency Abbreviations

AUD	Australian Dollar

CNY	Chinese Yuan

EUR

Euro

GBP	British Pound Sterling

MXN	Mexican Peso


		See accompanying Notes to the Schedule of Investments.			91

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Futures Contracts


Number of Contracts		Type	Expiration Date	Contract Value		Net Unrealized Appreciation (Depreciation)
	Buys
	82	Eurodollar 90 Day	June 2014	$	20,407,750	$	4,746
	93	U.S Ultra Long	March 2013		15,121,219		(333,052	)

						$	(328,306	)

	Sales
	11	Euro-OAT	March 2013	$	1,974,647	$	(12,339	)
	82	Eurodollar 90 Day	June 2015		20,358,550		(179	)
	13	U.S. Treasury Bond 30 Yr.	March 2013		1,917,500		34,802
	484	U.S. Treasury Note 10 Yr.	March 2013		642		280,100
	20	U.S. Treasury Note 2 Yr.	March 2013		4,409,375		279
	124	U.S. Treasury Note 5 Yr.	March 2013		15,427,344		24,076
	166	U.S. Treasury Note 5 Yr.	March 2013		20,652,734		(14,063	)

						$	312,676

Written Options


Type of Contract	Counterparty		Number of Contracts		Premiums Received			Value at December 31, 2012
CALL — OTC 5-Year Interest Rate Swaption Strike @ $ 1.40 Expires 03/18/2013		Bank of America Securities LLC		1,200,000		$	8,280		$	(29,911	)
PUT — OTC 5-Year Interest Rate Swaption Strike @ $ 1.40 Expires 03/18/2013		Bank of America Securities LLC		1,200,000			28,560			(374	)
PUT — OTC 5-Year Interest Rate Swaption Strike @ $ 2.50 Expires 09/21/2015		Royal Bank of Scotland Plc		9,700,000			184,300			(150,360	)
TOTAL						$	221,140		$	(180,645	)


92		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Interest Rate Swaps


Description	Notional Amount			Unrealized Appreciation (Depreciation)			Value
Agreement with Bank of America N.A. dated 07/06/12 receiving a fixed rate of 8.44% paying the notional amount multiplied by the BRL-CDI rate. Expiring 01/02/15.		$	40,800,000		$	343,102		$	377,317
Agreement with Bank of America N.A. dated 10/15/12 receiving a fixed rate of 7.42% paying the notional amount multiplied by the BRL-CDI rate. Expiring 01/02/2014.			14,700,000			25,560			25,560
Agreement with Goldman Sachs dated 06/05/12 receiving a fixed rate of 4.00% paying the notional amount multiplied by the 6-Month AUD-BBR-BBSW rate. Expiring 03/15/23.			200,000			2,367			2,367
Agreement with HSBC Bank USA dated 02/24/12 receiving a fixed rate of 10.135% paying the notional amount multiplied by the BRL-CDI rate. Expiring 01/02/2015.			9,800,000			302,563			319,682
Agreement with HSBC Bank USA dated 10/15/12 receiving a fixed rate of 8.075% paying the notional amount multiplied by the BRL-CDI rate. Expiring 01/02/2015.			4,200,000			11,057			19,129
Agreement with Morgan Stanley Capital Services LLC dated 02/27/12 receiving a fixed rate of 10.605% paying the notional amount multiplied by the BRL-CDI rate. Expiring 01/02/2015.			10,300,000			350,850			414,511

								$	1,158,566

Centrally Cleared Interest Rate Swaps


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date		Counterparty	Notional Amount		Unrealized Appreciation (Depreciation)
Receive	3-Month USD-LIBOR	0.31%		12/19/22	Citigroup Global Markets	$	5,700,000	$	(63,802	)
Receive	3-Month USD-LIBOR	0.31%		12/19/42	Morgan Stanley Capital Services LLC		2,800,000		172,364
Receive	3-Month USD-LIBOR	1.00%		01/4/18	Citigroup Global Markets		3,100,000		(10,641	)
Pay	6-Month AUD-BBR-BBSW	3.75%		03/15/18	Deutsche Bank AG		4,300,000		67,190
Pay	6-Month AUD-BBR-BBSW	3.75%		03/15/23	Citigroup Global Markets		1,100,000		(3,476	)
Pay	6-Month AUD-BBR-BBSW	4.00%		03/15/23	Citigroup Global Markets and Deutsche Bank AG		10,200,000		57,825
Pay	6-Month AUD-BBR-BBSW	4.25%		03/15/23	Citigroup Global Markets		2,500,000		69,929
Receive	6-Month EUR-LIBOR	1.00%		03/20/23	Morgan Stanley Capital Services LLC		1,000,000		(41,258	)

								$	248,131


		See accompanying Notes to the Schedule of Investments.			93

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Credit Default Swaps (See Note 2(a))


Notional Amount		Expiration Date		Counterparty	Value
	1,800,000		12/20/17	JPMorgan Chase Bank	$	(8,495	)
	4,400,000		03/20/21	Goldman Sachs International		50,666
	900,000		03/20/16	Deutsche Bank AG		7,947
	1,400,000		03/20/16	Morgan Stanley Capital Services LLC		12,360
	400,000		12/20/15	Deutsche Bank AG		(4,257	)

					$	58,221


94		See accompanying Notes to the Schedule of Investments.

Mercer Core Opportunistic Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		94.7
Preferred Stocks		0.3
Swaps		0.2
Common Stocks		0.0
Warrants		0.0
Options Purchased		0.0
Futures Contracts		0.0
Written Options		0.0
Forward Foreign Currency Contracts		(0.1	)
TBA Sale Commitments		(2.5	)
Short-Term Investments		15.5
Other Assets and Liabilities (net)		(8.1	)

		100.0	%


		See accompanying Notes to the Schedule of Investments.			95

Mercer Emerging Markets Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 92.7%

		Bermuda — 0.7%

	536,000	COSCO Pacific, Ltd.		777,757
	3,000	Credicorp, Ltd.		439,680
	86,650	Dairy Farm International Holdings, Ltd.		945,867
	9,106,000	GOME Electrical Appliances Holding, Ltd.*		1,102,766

		Total Bermuda		3,266,070


		Brazil — 7.4%

	20,100	Amil Participacoes SA		302,965
	70,600	Arteris SA		654,636
	51,100	Banco Bradesco SA, ADR‡		887,607
	70,800	Banco do Brasil SA		903,200
	390,188	BM&FBovespa SA		2,723,643
	22,500	BR Malls Participacoes SA		298,080
	41,200	BR Properties SA		512,990
	30,500	CCR SA		289,230
	24,300	Cia Brasileira de Distribuicao Grupo, ADR‡		1,078,677
	169,410	Cia de Bebidas das Americas, ADR		7,113,526
	7,400	Cia de Saneamento Basico do Estado, ADR		618,418
	233,610	Cia Siderurgica Nacional SA		1,391,589
	58,144	Cielo SA		1,628,027
	90,825	Companhia Energetica de Minas Gerais, Sponsored ADR		986,359
	1,300	Embraer SA, ADR		37,063
	26,600	Fibria Celulose SA, Sponsored ADR* ‡		302,442
	14,600	Itau Unibanco Holding SA, ADR		240,316
	404,000	JBS SA*		1,199,768
	30,500	Lojas Renner SA		1,193,352
	114,900	MRV Engenharia e Participacoes SA		689,994
	8,300	Multiplan Empreendimentos Imobiliarios SA		244,966
	30,200	Natura Cosmeticos SA		866,555
	71,000	Petroleo Brasileiro SA, Sponsored ADR		1,370,300
	110,300	Porto Seguro SA		1,268,574
	233,225	Souza Cruz SA		3,531,840
	119,500	Tim Participacoes SA		476,382
	36,505	Totvs SA		718,891
	11,300	Ultrapar Participacoes SA		253,557
	137,200	Vale SA, ADR		2,785,160

		Total Brazil		34,568,107


		Cayman Islands — 3.5%

	1,243,000	Anta Sports Products, Ltd.		1,111,217
	29,728	Baidu, Inc., Sponsored ADR*		2,981,421
	399,000	China Mengniu Dairy Co., Ltd.		1,135,245
	86,000	China Resources Land, Ltd.		237,030
	567,000	China Shanshui Cement Group, Ltd.		424,485
	255,000	Country Garden Holdings Co., Ltd.*		136,462
	58,000	ENN Energy Holdings, Ltd.		253,588
	86,000	Evergrande Real Estate Group, Ltd.		48,790


96		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Cayman Islands — continued

	78,500	Longfor Properties Co., Ltd.		155,661
	157,000	MStar Semiconductor, Inc.		1,182,354
	441,500	Parkson Retail Group, Ltd.		360,544
	701,395	Sands China, Ltd.		3,146,426
	77,000	Shimao Property Holdings, Ltd.		148,670
	552,000	Soho China, Ltd.		445,904
	41,800	Tencent Holdings, Ltd.		1,357,099
	364,718	Tingyi Cayman Islands Holding Corp.		1,015,588
	748,495	Wynn Macau, Ltd.*		2,062,800

		Total Cayman Islands		16,203,284


		Chile — 1.8%

	1,991,400	Banco de Chile		308,214
	60,484,680	Banco Santander Chile		4,311,439
	44,424	Banco Santander Chile, ADR‡		1,265,640
	18,229	Empresas COPEC SA		258,975
	35,300	Enersis SA, Sponsored ADR		643,166
	30,979	ENTEL Chile SA		640,244
	32,662	SACI Falabella		337,082
	11,400	Sociedad Quimica y Minera de Chile SA, Sponsored ADR		657,096

		Total Chile		8,421,856


		China — 9.0%

	12,159,000	Bank of China, Ltd. Class H		5,536,197
	659,000	Bank of Communications Co., Ltd. Class H		502,687
	1,402,000	China BlueChemical, Ltd. Class H		941,580
	682,000	China Citic Bank Corp., Ltd. Class H		411,019
	240,000	China Coal Energy Co., Ltd. Class H		268,337
	8,622,000	China Construction Bank Corp. Class H		7,026,967
	144,000	China Merchants Bank Co., Ltd. Class H		322,552
	663,500	China Minsheng Banking Corp., Ltd. Class H		783,570
	332,000	China Oilfield Services, Ltd. Class H		686,613
	1,828,000	China Petroleum & Chemical Corp. Class H		2,098,751
	12,100	China Petroleum & Chemical Corp., ADR		1,390,532
	87,500	China Railway Construction Corp. Class H		100,631
	1,257,000	China Railway Group, Ltd. Class H		739,759
	1,322,000	China Telecom Corp., Ltd. Class H		740,658
	641,000	Chongqing Rural Commercial Bank Class H		357,632
	342,000	Dongfeng Motor Group Co., Ltd. Class H		538,554
	213,500	Great Wall Motor Co., Ltd. Class H		677,263
	609,200	Guangzhou R&F Properties Co., Ltd. Class H		1,028,866
	7,849,000	Industrial & Commercial Bank of China Class H		5,660,449
	1,552,000	Jiangsu Expressway Co., Ltd. Class H		1,599,448
	862,000	Jiangxi Copper Co., Ltd. Class H		2,311,534
	8,300	PetroChina Co., Ltd., ADR		1,193,374
	2,058,000	PetroChina Co., Ltd. Class H		2,945,128
	84,000	Sinopharm Group Co., Ltd. Class H		266,806
	272,469	Tsingtao Brewery Co., Ltd. Class H		1,622,715


		See accompanying Notes to the Schedule of Investments.			97

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		China — continued

	148,000	Yanzhou Coal Mining Co., Ltd. Class H		249,947
	367,500	Zhaojin Mining Industry Co., Ltd. Class H		582,214
	1,652,000	Zhejiang Expressway Co., Ltd. Class H		1,316,927

		Total China		41,900,710


		Colombia — 1.4%

	2,132,012	Ecopetrol SA		6,611,459


		Czech Republic — 0.4%

	32,234	CEZ AS		1,157,754
	3,408	Komercni Banka AS		720,086

		Total Czech Republic		1,877,840


		Hong Kong — 4.5%

	405,000	China Agri-Industries Holdings, Ltd.		227,758
	534,001	China Mobile, Ltd.		6,255,209
	58,500	China Mobile, Ltd., Sponsored ADR‡		3,435,120
	170,000	China Overseas Land & Investment, Ltd.		514,958
	118,000	China Resources Power Holdings Co., Ltd.		301,939
	927,000	CNOOC, Ltd.		2,035,466
	10,100	CNOOC, Ltd., ADR		2,222,000
	790,000	Guangdong Investment, Ltd.		619,907
	603,634	Hongkong Electric Holdings		5,181,017
	140,000	Shougang Fushan Resources Group, Ltd.		52,112
	40,500	Sino-Ocean Land Holdings, Ltd.		31,077

		Total Hong Kong		20,876,563


		Hungary — 0.1%

	3,142	MOL Hungarian Oil and Gas Plc		254,777
	4,404	OTP Bank Nyrt		83,650

		Total Hungary		338,427


		India — 11.9%

	21,400	Asian Paints, Ltd.		1,742,579
	70,529	Bajaj Auto, Ltd.		2,742,084
	77,330	Bharat Heavy Electricals, Ltd.		327,087
	259,700	Cipla, Ltd.		1,971,009
	31,164	Colgate-Palmolive India, Ltd.		892,208
	42,800	Dr. Reddy’s Laboratories, Ltd., ADR		1,424,812
	49,407	HDFC Bank, Ltd.		613,280
	205,800	HDFC Bank, Ltd., ADR		8,380,176
	642,557	Hindustan Unilever, Ltd.		6,169,374
	492,896	Housing Development Finance Corp.		7,510,799
	12,279	ICICI Bank, Ltd.		258,586
	21,800	ICICI Bank, Ltd., Sponsored ADR		950,698
	26,806	Infosys, Ltd.		1,142,377
	30,300	Infosys, Ltd., Sponsored ADR‡		1,281,690
	1,495,000	ITC, Ltd.		7,820,882


98		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		India — continued

	165,100	Kotak Mahindra Bank, Ltd.		1,967,635
	27,700	Nestle India, Ltd.		2,519,978
	118,084	Power Finance Corp., Ltd.		442,112
	25,147	Reliance Industries, Ltd., GDR 144A		767,486
	54,261	Rural Electrification Corp., Ltd.		242,022
	4,147	State Bank of India, GDR		371,779
	164,500	Sun Pharmaceutical Industries, Ltd.		2,214,989
	115,034	Tata Consultancy Services, Ltd.		2,639,526
	38,300	Tata Motors, Ltd., Sponsored ADR		1,099,976
	41,000	Wipro, Ltd., ADR‡		359,160

		Total India		55,852,304


		Indonesia — 2.5%

	53,000	Astra Agro Lestari Tbk PT		108,725
	1,899,500	Astra International Tbk PT		1,502,857
	371,000	Bank Rakyat Indonesia Persero Tbk PT		270,189
	10,218,000	Bumi Resources Tbk PT		628,173
	157,183	Gudang Garam Tbk PT		921,001
	24,500	Indo Tambangraya Megah Tbk PT		105,782
	114,000	Indocement Tunggal Prakarsa Tbk PT		266,333
	1,930,500	Indofood Sukses Makmur Tbk PT		1,173,493
	2,693,500	Perusahaan Gas Negara Persero Tbk PT		1,289,023
	946,501	Semen Gresik Persero Tbk PT		1,559,216
	142,500	Tambang Batubara Bukit Asam Persero Tbk PT		224,322
	14,400	Telekomunikasi Indonesia Persero Tbk PT, Sponsored ADR		532,080
	526,500	Telekomunikasi Indonesia Tbk PT		495,385
	906,599	Unilever Indonesia Tbk PT		1,966,240
	327,000	United Tractors Tbk PT		672,114

		Total Indonesia		11,714,933


		Malaysia — 4.5%

	813,100	Alliance Financial Group Bhd		1,170,866
	812,300	AMMB Holdings Bhd		1,804,260
	45,400	British American Tobacco Malaysia Bhd		921,587
	74,300	CIMB Group Holdings Bhd		185,588
	411,400	DiGi.Com Bhd		712,233
	416,200	Genting Bhd		1,256,765
	1,684,100	Genting Malaysia Bhd		1,962,786
	82,400	Kuala Lumpur Kepong Bhd		648,264
	1,143,217	Malayan Banking Bhd		3,439,890
	232,900	Parkson Holdings Bhd		397,619
	157,700	Petronas Chemicals Group Bhd		329,795
	90,600	Petronas Gas Bhd		579,042
	509,200	Public Bank Bhd		2,712,291
	106,200	Public Bank Bhd (Foreign Market)		566,941
	9,900	Sime Darby Bhd		30,852
	563,000	Tenaga Nasional Bhd		1,277,378


		See accompanying Notes to the Schedule of Investments.			99

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Malaysia — continued

	788,500	UMW Holdings Bhd		3,082,326

		Total Malaysia		21,078,483


		Mexico — 8.0%

	502,200	Alfa SAB de CV Class A		1,062,718
	67,500	America Movil SA de CV Series L, ADR		1,561,950
	57,600	Arca Continental SAB de CV		426,833
	14,975	Coca-Cola Femsa SAB de CV, Sponsored ADR‡		2,231,874
	456,055	Compartamos SAB de CV		648,647
	58,271	Fomento Economico Mexicano SA de CV, Sponsored ADR		5,867,890
	154,000	Grupo Bimbo SAB de CV Series A		396,918
	112,034	Grupo Carso SAB de CV Series A-1		548,092
	123,700	Grupo Financiero Banorte SAB de CV Series O		795,105
	508,400	Grupo Financiero Inbursa SAB de CV Series O		1,533,891
	208,447	Grupo Financiero Santander Mexico SAB de CV Class B, ADR*		3,372,673
	881,169	Grupo Mexico SAB de CV Series B		3,164,093
	164,500	Grupo Modelo SAB de CV Series C		1,468,795
	104,451	Grupo Televisa SAB, Sponsored ADR		2,776,308
	65,410	Industrias Penoles SAB de CV		3,284,150
	560,300	Kimberly-Clark de Mexico SAB de CV		1,432,463
	2,059,121	Wal-Mart de Mexico SAB de CV		6,688,258

		Total Mexico		37,260,658


		Peru — 0.5%

	69,215	Cia de Minas Buenaventura SA, ADR		2,488,279


		Philippines — 0.9%

	1,409,100	Aboitiz Equity Ventures, Inc.		1,816,442
	390,650	Bank of the Philippine Islands		905,872
	61,550	SM Investments Corp.		1,322,965

		Total Philippines		4,045,279


		Poland — 1.3%

	24,302	Asseco Poland SA		355,114
	10,848	Grupa Lotos SA*		145,339
	805	KGHM Polska Miedz SA		50,053
	159,017	PGE SA		937,641
	141,345	Powszechna Kasa Oszczednosci Bank Polski SA		1,705,133
	18,132	Powszechny Zaklad Ubezpieczen SA		2,574,930
	157,683	Tauron Polska Energia SA		242,323

		Total Poland		6,010,533


		Russia — 3.0%

	211,466	Gazprom OAO, Sponsored ADR		2,027,721
	367,245	Gazprom OAO (OTC Exchange), Sponsored ADR		3,573,294
	60,833	LUKOIL OAO, Sponsored ADR		4,106,228
	34,983	MMC Norilsk Nickel OJSC, ADR		653,763


100		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Russia — continued

	37,456	Rosneft Oil Co., Reg S, GDR* ‡‡‡		333,733
	16,328	Rostelecom OJSC, Sponsored ADR‡		399,873
	19,870	Sberbank of Russia, Sponsored ADR		249,567
	71,054	Severstal OAO, Reg S, GDR‡‡‡		864,727
	7,244	Sistema JSFC, Reg S, Sponsored GDR‡‡‡		146,774
	57,365	Surgutneftegas OJSC, Sponsored ADR		517,432
	20,188	Tatneft, Sponsored ADR		892,103
	11,393	TMK OAO, Reg S, GDR* ‡‡‡		177,089

		Total Russia		13,942,304


		South Africa — 5.4%

	87,760	ABSA Group, Ltd.		1,709,700
	246,921	African Bank Investments, Ltd.		948,674
	149,302	Aveng, Ltd.		539,762
	1,348	Bidvest Group, Ltd.		34,458
	13,300	Gold Fields, Ltd., Sponsored ADR‡		166,117
	13,489	Growthpoint Properties, Ltd.		38,959
	38,200	Harmony Gold Mining Co., Ltd., Sponsored ADR		342,272
	12,552	Imperial Holdings, Ltd.		297,550
	8,411	Investec, Ltd.		58,708
	53,589	Kumba Iron Ore, Ltd.		3,659,119
	49,079	Liberty Holdings, Ltd.		643,889
	124,627	MMI Holdings, Ltd.		326,606
	76,778	MTN Group, Ltd.		1,612,447
	20,055	Naspers, Ltd.		1,287,543
	41,132	Netcare, Ltd.		95,253
	197,021	Redefine Properties, Ltd.		218,179
	121,204	Remgro, Ltd.		2,278,068
	127,517	Reunert, Ltd.		1,169,039
	112,746	RMB Holdings, Ltd.		546,752
	65,383	Salam, Ltd.		349,488
	16,903	Sasol, Ltd.		733,243
	79,721	Shoprite Holdings, Ltd.		1,935,999
	112,393	Spar Group, Ltd. (The)		1,748,179
	84,978	Standard Bank Group, Ltd.		1,201,447
	35,395	Tiger Brands, Ltd.		1,361,796
	56,161	Truworths International, Ltd.		727,442
	145,517	Woolworths Holdings, Ltd.		1,221,231

		Total South Africa		25,251,920


		South Korea — 7.7%

	9,019	Daelim Industrial Co., Ltd.		740,924
	14,610	DGB Financial Group, Inc.		199,344
	44,365	Dongbu Insurance Co., Ltd.		1,909,858
	7,440	Hanwha Corp.		239,328
	37,610	Hanwha Life Insurance Co., Ltd.		273,380
	2,317	Hyundai Heavy Industries Co., Ltd.		528,676
	48,730	Hyundai Marine & Fire Insurance Co., Ltd.		1,521,247


		See accompanying Notes to the Schedule of Investments.			101

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		South Korea — continued

	1,687	Hyundai Mobis		457,559
	1,805	Hyundai Wia Corp.		294,178
	95,920	Industrial Bank of Korea		1,068,410
	101,680	Kangwon Land, Inc.		2,791,818
	1,497	KCC Corp.		417,047
	10,721	Kia Motors Corp.		570,477
	9,040	Korea Exchange Bank*		64,680
	2,229	Korea Zinc Co., Ltd.		849,614
	7,600	KP Chemical Corp.****		89,874
	32,060	KT Corp.		1,065,870
	59,000	KT Corp., Sponsored ADR*		987,660
	48,391	KT&G Corp.		3,669,818
	1,023	LG Chem, Ltd.		318,048
	6,314	LG Corp.		386,998
	57,600	LG Display Co., Ltd., ADR* ‡		834,048
	4,015	LG Household & Health Care, Ltd.		2,470,463
	3,080	Mirae Asset Securities Co., Ltd.		103,068
	1,131	Orion Corp. Republic of South Korea		1,163,112
	13,104	S1 Corp. Korea		857,459
	20,050	Samsung Card Co., Ltd.		684,135
	6,903	Samsung Electronics Co., Ltd., Reg S, GDR‡‡‡		4,866,615
	1,928	Samsung Engineering Co., Ltd.		300,467
	4,112	Samsung Fire & Marine Insurance Co., Ltd.		838,318
	53,140	Samsung Heavy Industries Co., Ltd.		1,933,812
	4,346	SK Holdings Co., Ltd.		728,378
	7,790	SK Networks Co., Ltd.		61,811
	15,600	SK Telecom Co., Ltd., ADR		246,948
	13,695	SK Telecom Co., Ltd.		1,952,112
	33,790	Woori Finance Holdings Co., Ltd.		375,255

		Total South Korea		35,860,809


		Taiwan — 8.7%

	634,000	AU Optronics Corp.*		286,821
	282,000	Cheng Shin Rubber Industry Co., Ltd.		734,115
	874,140	Chicony Electronics Co., Ltd.		2,030,584
	1,130,000	Chimei Innolux Corp.*		612,181
	19,000	China Motor Corp.		18,042
	508,225	China Petrochemical Development Corp.		316,873
	820,000	Chinatrust Financial Holding		486,161
	1,634,000	Compal Electronics, Inc.		1,105,639
	68,000	Delta Electronics, Inc.		250,906
	596,000	Eva Airways Corp.*		349,307
	496,000	Evergreen Marine Corp. Taiwan, Ltd.*		297,296
	412,000	Far EasTone Telecommunications Co., Ltd.		1,052,680
	827,000	Farglory Land Development Co., Ltd.		1,496,611
	63,000	Feng Hsin Iron & Steel Co.		112,468
	112,850	Foxconn Technology Co., Ltd.		355,362
	731,997	Fubon Financial Holding Co., Ltd.		888,506


102		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Taiwan — continued

	41,000	Giant Manufacturing Co., Ltd.		235,843
	209,000	Highwealth Construction Corp.		393,897
	579,700	Hon Hai Precision Industry Co., Ltd.		1,787,037
	166,000	HTC Corp.		1,722,787
	874,575	Lite-On Technology Corp.		1,164,205
	58,374	MediaTek, Inc.		652,983
	283,000	Mega Financial Holding Co., Ltd.		221,217
	333,000	Novatek Microelectronics Corp., Ltd.		1,367,348
	242,000	Pou Chen Corp.		254,903
	243,000	President Chain Store Corp.		1,303,367
	233,000	Quanta Computer, Inc.		550,821
	222,220	Realtek Semiconductor Corp.		469,918
	150,000	Richtek Technology Corp.		879,548
	1,546,000	Shin Kong Financial Holding Co., Ltd.*		438,006
	702,762	SinoPac Financial Holdings Co., Ltd.		303,001
	440	Taiwan Business Bank*		133
	353,000	Taiwan Cement Corp.		473,730
	115,700	Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR		1,985,412
	2,554,000	Taiwan Semiconductor Manufacturing Co., Ltd.		8,548,015
	1,252,000	Teco Electric and Machinery Co., Ltd.		961,922
	2,015,800	TSRC Corp.		4,101,082
	1,151,210	Uni-President Enterprises Corp.		2,117,633
	445,000	Walsin Lihwa Corp.*		152,595

		Total Taiwan		40,478,955


		Thailand — 2.4%

	140,900	Advanced Info Service PCL, NVDR		969,229
	294,400	Bangkok Bank PCL		2,017,159
	72,500	Bangkok Bank PCL, NVDR		465,408
	388,500	Bank of Ayudhya PCL, NVDR		414,962
	28,000	Banpu PCL		367,963
	729,300	CP All PCL Class F		1,094,077
	288,600	Kasikornbank PCL		1,832,367
	85,100	Kasikornbank PCL Class N, NVDR		540,471
	770,000	Krung Thai Bank PCL, NVDR		496,006
	54,100	PTT PCL		589,907
	297,300	Siam Commercial Bank PCL		1,759,114
	59,600	Siam Commercial Bank PCL, NVDR		354,738
	135,100	Thai Oil PCL Class N, NVDR		300,681

		Total Thailand		11,202,082


		Turkey — 1.5%

	80,909	Arcelik AS		532,354
	5,486	BIM Birlesik Magazalar AS		268,620
	168,144	Eregli Demir ve Celik Fabrikalari TAS		231,524
	71,827	Haci Omer Sabanci Holding AS		396,853
	65,468	TAV Havalimanlari Holding AS*		335,126
	44,921	Tupras Turkiye Petrol Rafinerileri AS		1,299,041


		See accompanying Notes to the Schedule of Investments.			103

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Turkey — continued

	357,540	Turk Hava Yollari AS*		1,257,586
	385,841	Turk Telekomunikasyon AS		1,498,360
	49,147	Turkiye Halk Bankasi AS		483,586
	83,476	Turkiye Is Bankasi		290,020
	14,063	Turkiye Sise ve Cam Fabrikalari AS		23,317
	256,119	Turkiye Vakiflar Bankasi Tao Series D		663,829

		Total Turkey		7,280,216


		United Kingdom — 5.1%

	177,833	British American Tobacco Plc		8,965,940
	627,809	HSBC Holdings Plc		6,664,647
	175,293	SABMiller Plc		8,049,887

		Total United Kingdom		23,680,474


		United States — 0.5%

	66,986	Southern Copper Corp.		2,536,090


		TOTAL COMMON STOCKS (COST $403,847,404)		432,747,635


		PREFERRED STOCKS — 2.5%

		Brazil — 2.5%

	115,738	Aes Tiete SA, 13.75%		1,337,907
	79,000	Banco do Estado do Rio Grande do Sul, 5.43%		607,510
	120,100	Bradespar SA, 5.79%		1,969,290
	17,194	Cia Brasileira de Distribuicao Grupo Pao de Acucar, 0.81%		756,610
	63,900	Cia de Bebidas das Americas, 2.96%		2,690,893
	199,800	Cia Energetica de Minas Gerais, 25.74%		2,169,993
	45,500	Cia Energetica de Sao Paulo, 8.11%		435,807
	42,800	Lojas Americanas SA, 0.51%		385,769
	36,300	Metalurgica Gerdau SA, 1.75%		416,136
	177,900	Usinas Siderurgicas de Minas Gerais SA, 0.72% Series A		1,159,756

		Total Brazil		11,929,671


		TOTAL PREFERRED STOCKS (COST $11,418,356)		11,929,671


		RIGHTS — 0.0%

		Chile — 0.0%

	89,110	Banco de Chile, Strike price $0.00, Expires 01/03/13*		1,126


		TOTAL RIGHTS (COST $—)		1,126


104		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)			Description	Value ($)


			SHORT-TERM INVESTMENTS — 5.6%

			Bank Deposit — 3.6%

	16,603,446		State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		16,603,446


			Securities Lending Collateral — 2.0%

	9,178,351		State Street Navigator Securities Lending Prime Portfolio***		9,178,351


			TOTAL SHORT-TERM INVESTMENTS (COST $25,781,797)		25,781,797


			TOTAL INVESTMENTS — 100.8% (Cost $441,047,557)		470,460,229

			Other Assets and Liabilities (net) — (0.8)%		(3,609,539	)


			NET ASSETS — 100.0%	$	466,850,690


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			GDR — Global Depository Receipt

			NVDR — Non-Voting Depository Receipt

		*	Non-income producing security

		***	Represents an investment of securities lending cash collateral.

		****	Securities fair valued by the Valuation Committee as approved by the Board of Trustees. The total market value of the securities at period end is $89,874 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $100,054.

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

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

			144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $767,486 which represents 0.2% of net assets.


		See accompanying Notes to the Schedule of Investments.			105

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

A summary of outstanding financial instruments at December 31, 2012 is as follows:

Forward Foreign Currency Contracts


Settlement Date		Deliver/Receive	Counterparty	Units of Currency		Value		Net Unrealized Appreciation (Depreciation)
	Buys
	3/20/13	BRL	Royal Bank of Scotland Plc		88,000	$	42,564	$	777
	3/20/13	CLP	Royal Bank of Scotland Plc		840,000,000		1,736,608		(12,099	)
	3/20/13	HKD	Royal Bank of Scotland Plc		44,850,000		5,787,936		(129	)
	3/20/13	HUF	Royal Bank of Scotland Plc		1,906,450,000		8,559,009		(73,136	)
	3/20/13	IDR	Royal Bank of Scotland Plc		300,000,000		30,846		(18	)
	3/20/13	ILS	Royal Bank of Scotland Plc		1,480,000		395,739		8,515
	3/20/13	INR	Royal Bank of Scotland Plc		493,000,000		8,869,938		(72,716	)
	3/20/13	KRW	Royal Bank of Scotland Plc		24,963,229,000		23,213,367		248,084
	3/20/13	MXN	Royal Bank of Scotland Plc		172,890,000		13,219,103		(34,411	)
	3/20/13	MYR	Royal Bank of Scotland Plc		29,949,000		9,741,941		(39,250	)
	3/20/13	PEN	Royal Bank of Scotland Plc		320,000		124,917		1,189
	3/20/13	PLN	Royal Bank of Scotland Plc		35,949,000		11,527,325		261,254
	3/20/13	RUB	Royal Bank of Scotland Plc		14,049,000		454,174		5,086
	3/20/13	SGD	Royal Bank of Scotland Plc		2,750,000		2,251,193		(2,144	)
	3/20/13	THB	Royal Bank of Scotland Plc		26,700,000		869,063		2,064
	3/20/13	TRY	Royal Bank of Scotland Plc		23,920,000		13,268,714		48,307
	3/20/13	TWD	Royal Bank of Scotland Plc		26,285,000		905,464		(5,144	)
	3/20/13	ZAR	Royal Bank of Scotland Plc		4,054,000		472,864		17,829

								$	354,058

	Sales
	3/20/13	BRL	Royal Bank of Scotland Plc		44,739,000	$	21,639,387	$	(623,407	)
	3/20/13	CLP	Royal Bank of Scotland Plc		435,265,000		899,863		(5,913	)
	3/20/13	COP	Royal Bank of Scotland Plc		4,193,000,000		2,356,545		(65,045	)
	3/20/13	CZK	Royal Bank of Scotland Plc		38,590,000		2,028,820		(39,369	)
	3/20/13	HKD	Royal Bank of Scotland Plc		47,840,000		6,173,798		(79	)
	3/20/13	IDR	Royal Bank of Scotland Plc		35,850,612,445		3,686,198		19,061
	3/20/13	ILS	Royal Bank of Scotland Plc		8,960,000		2,395,824		(53,313	)
	3/20/13	INR	Royal Bank of Scotland Plc		708,995,000		12,756,068		(37,459	)
	3/20/13	KRW	Royal Bank of Scotland Plc		2,691,895,000		2,503,200		(29,181	)
	3/20/13	MXN	Royal Bank of Scotland Plc		8,567,000		655,030		2,509
	3/20/13	MYR	Royal Bank of Scotland Plc		2,393,000		778,405		10,582
	3/20/13	PEN	Royal Bank of Scotland Plc		321,000		125,308		(1,161	)
	3/20/13	PHP	Royal Bank of Scotland Plc		72,100,000		1,756,440		10,344
	3/20/13	PLN	Royal Bank of Scotland Plc		841,000		269,673		(5,133	)
	3/20/13	RUB	Royal Bank of Scotland Plc		7,245,000		234,216		(3,336	)
	3/20/13	SGD	Royal Bank of Scotland Plc		23,596,000		19,316,052		21,427
	3/20/13	THB	Royal Bank of Scotland Plc		26,379,000		858,615		(3,792	)
	3/20/13	TRY	Royal Bank of Scotland Plc		10,340,000		5,735,723		(216	)
	3/20/13	TWD	Royal Bank of Scotland Plc		48,797,000		1,680,957		5,963
	3/20/13	ZAR	Royal Bank of Scotland Plc		8,079,000		942,346		(33,347	)

								$	(830,865	)


106		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Currency Abbreviations

BRL	Brazilian Real

CLP	Chilean Peso

COP	Colombian Peso

CZK	Czech Koruna

HKD	Hong Kong Dollar

HUF	Hungarian Forint

IDR	Indonesian Rupiah

ILS	Israeli Shekel

INR	Indian Rupee

KRW	South Korean Won

MXN	Mexican Peso

MYR	Malaysian Ringgit

PEN	Peruvian Nouveau Sol

PHP	Philippines Peso

PLN	Polish Zloty

RUB	Russian Ruble

SGD	Singapore Dollar

THB

Thai Baht

TRY	New Turkish Lira

TWD	Taiwan Dollar

ZAR	South African Rand

Futures Contracts


Number of Contracts		Type	Expiration Date	Contract Value		Net Unrealized Appreciation (Depreciation)
	Buys
	95	FTSE/JSE Top 40 Index	March 2013	$	3,929,370	$	48,047
	39	HSCEI Index	January 2013		2,880,903		20,885
	6	KLSE Composite Index	January 2013		165,255		1,348
	32	KOSPI 200 Index	March 2013		3,976,928		105,229
	2	MSCI Singapore Index	January 2013		117,921		26
	8	SET50 Index	March 2013		248,290		2,958
	870	TurkDEX-ISE 30 Index	February 2013		4,800,429		3,515

						$	182,008

	Sales
	14	Mexico Bolsa Index	March 2013	$	474,745	$	(3,559	)
	504	SGX CNX Nifty Index	January 2013		6,000,624		27,676

						$	24,117


		See accompanying Notes to the Schedule of Investments.			107

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Synthetic Futures


Number of Contracts		Reference Entity	Expiration Date	Counterparty	Notional Value	Value
	2	Brazil Bovespa Stock Index	02/13/2013	Goldman Sachs	$57,295	$	(79	)
	5	Russian Trading System Index	03/15/2013	Goldman Sachs	796,559		11,176
	6,170	Warsaw WIG 20 Index	03/15/2013	Goldman Sachs	5,131,328		99,517

						$	110,614


108		See accompanying Notes to the Schedule of Investments.

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Industry Sector Summary (Unaudited)	% of Net Assets
Banks		18.0
Oil & Gas		7.9
Beverages		6.3
Agriculture		5.7
Telecommunications		5.2
Semiconductors		4.2
Food		4.0
Mining		4.0
Diversified Financial Services		3.9
Retail		3.9
Electric		3.2
Computers		2.4
Insurance		2.2
Chemicals		2.1
Lodging		1.8
Household Products & Wares		1.7
Iron & Steel		1.6
Holding Companies — Diversified		1.5
Commercial Services		1.3
Pharmaceuticals		1.3
Auto Manufacturers		1.2
Real Estate		1.1
Cosmetics & Personal Care		0.9
Internet		0.9
Media		0.9
Engineering & Construction		0.8
Electronics		0.7
Leisure Time		0.7
Building Materials		0.6
Entertainment		0.6
Gas		0.5
Shipbuilding		0.5
Auto Parts & Equipment		0.4
Coal		0.4
Forest Products & Paper		0.4
Software		0.4
Airlines		0.3
Electrical Components & Equipment		0.2
Home Furnishings		0.2
Machinery — Diversified		0.2
Office & Business Equipment		0.2
Water		0.2
Apparel		0.1
Distribution & Wholesale		0.1
Health Care — Services		0.1
Home Builders		0.1
Machinery — Construction & Mining		0.1
Oil & Gas Services		0.1
Transportation		0.1


		See accompanying Notes to the Schedule of Investments.			109

Mercer Emerging Markets Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Industry Sector Summary (Unaudited)	% of Net Assets
Aerospace & Defense		0.0
Housewares		0.0
Metal Fabricate & Hardware		0.0
Short-Term Investments and Other Assets and Liabilities (net)		4.8

		100.0	%


110		See accompanying Notes to the Schedule of Investments.

Mercer Global Low Volatility Equity Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		COMMON STOCKS — 90.3%

		Australia — 0.8%

	11,983	Brickworks, Ltd.		143,606
	12,632	CSL, Ltd.		713,436
	4,624	Energy Developments, Ltd.*		15,890
	35,200	Newcrest Mining, Ltd.		821,615
	58,546	Tabcorp Holdings, Ltd.		187,059

		Total Australia		1,881,606


		Austria — 0.2%

	182	Agrana Beteiligungs AG		23,518
	6,786	EVN AG		105,647
	11,500	OMV AG		417,098

		Total Austria		546,263


		Belgium — 0.7%

	13,182	Belgacom SA		388,103
	16,300	Groupe Bruxelles Lambert SA		1,283,489

		Total Belgium		1,671,592


		Bermuda — 0.4%

	9,000	Guoco Group, Ltd.		108,557
	95,000	GuocoLeisure, Ltd.		51,277
	6,000	Jardine Matheson Holdings, Ltd.		373,145
	634,000	Newocean Energy Holdings, Ltd.		374,165
	10,000	Wing On Co. International, Ltd.		27,470

		Total Bermuda		934,614


		Canada — 4.0%

	3,900	Agnico-Eagle Mines, Ltd.		204,185
	9,700	Bank of Montreal		592,892
	4,100	Brookfield Office Properties, Inc.		69,836
	11,400	Canadian Natural Resources, Ltd.		327,906
	4,700	Capital Power Corp.		107,292
	12,400	Cenovus Energy, Inc.		415,896
	37,247	CML HealthCare, Inc.		248,388
	4,300	Constellation Software, Inc.		518,185
	19,900	Fortis, Inc.		683,919
	15,700	Genworth MI Canada, Inc.		356,195
	8,900	George Weston, Ltd.		631,769
	12,900	Goldcorp, Inc.		473,430
	10,500	Jean Coutu Group PJC, Inc. (The) Class A		153,224
	11,800	Killam Properties, Inc.		148,019
	13,100	Manitoba Telecom Services, Inc.		427,062
	10,500	Metro, Inc.		667,837
	400	Morguard Corp.		46,038
	11,219	Parkland Fuel Corp.		213,293
	36,187	Penn West Petroleum, Ltd.		392,991


		See accompanying Notes to the Schedule of Investments.			111

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Canada — continued

	11,277	Potash Corp. of Saskatchewan, Inc.		458,861
	13,600	Rogers Communications, Inc. Class B		616,828
	14,439	Rogers Sugar, Inc.		86,863
	11,400	Saputo, Inc.		576,011
	26,400	Shaw Communications, Inc. Class B		605,580
	300	Stella-Jones, Inc.		23,088
	3,900	TELUS Corp.		253,341

		Total Canada		9,298,929


		Cayman Islands — 0.2%

	26,214	Home Loan Servicing Solutions, Ltd.		495,445


		Denmark — 1.2%

	14,545	Coloplast AS Class B		712,000
	32,095	GN Store Nord AS		470,218
	4,442	Novo Nordisk AS Class B		724,595
	1,504	Royal UNIBREW AS		130,882
	1,587	Schouw & Co.		41,789
	227	SimCorp AS		50,753
	92,437	TDC AS		654,287

		Total Denmark		2,784,524


		France — 3.4%

	436	Boiron SA		15,023
	1,305	Bongrain SA		78,866
	22,573	Bouygues SA		664,818
	22,500	Carrefour SA		581,963
	58,638	Danone SA		3,869,640
	2,700	Legrand SA		113,825
	4,400	Neopost SA		232,385
	10,600	Sanofi-Aventis		1,004,072
	7,500	Sodexo		627,728
	10,900	Total SA		563,494
	2,100	Wendel SA		217,152

		Total France		7,968,966


		Germany — 1.2%

	9,700	DaimlerChrysler AG		529,432
	1,700	Fraport AG Frankfurt Airport Services Worldwide		98,880
	31,199	Freenet AG		575,639
	19,900	HeidelbergCement AG		1,204,181
	3,016	Merck KGaA		397,457

		Total Germany		2,805,589


		Hong Kong — 0.5%

	6,500	Aeon Stores Hong Kong Co., Ltd.		17,648
	86,000	CLP Holdings, Ltd.		723,836
	58,000	Hongkong Electric Holdings		497,816


112		See accompanying Notes to the Schedule of Investments.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Hong Kong — continued

	33,000	Miramar Hotel & Investment Co., Ltd.		42,735

		Total Hong Kong		1,282,035


		Ireland — 0.4%

	22,522	CRH Plc		471,096
	11,900	Willis Group Holdings Plc		399,007

		Total Ireland		870,103


		Israel — 0.4%

	23,300	Israel Chemicals, Ltd.		281,205
	4,552	Osem Investments, Ltd.		78,466
	18,508	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		691,088

		Total Israel		1,050,759


		Italy — 0.1%

	28,600	Italcementi Spa		160,838


		Japan — 9.7%

	26,500	Aeon Co., Ltd.		303,505
	24,000	Ajinomoto Co., Inc.		318,171
	21,500	Astellas Pharma, Inc.		967,706
	8,500	Canon, Inc.		334,044
	6,600	Doutor Nichires Holdings Co., Ltd.		86,206
	42,700	Fancl Corp.		446,197
	6,500	Fanuc, Ltd.		1,211,141
	14,300	Fuji Oil Co., Ltd.		207,168
	4,900	Hirose Electric Co., Ltd.		587,800
	26,800	House Foods Corp.		404,823
	41,000	Hoya Corp.		808,834
	1,600	Inageya Co., Ltd.		18,335
	27,700	Ito En, Ltd.		509,656
	5,000	Itoham Foods, Inc.		21,875
	17,100	Kagome Co., Ltd.		327,073
	7,000	Kaken Pharmaceutical Co., Ltd.		103,090
	23,800	Kao Corp.		621,314
	11,100	KDDI Corp.		785,590
	32,600	Kewpie Corp.		450,824
	4,400	Keyence Corp.		1,216,748
	3,600	Kissei Pharmaceutical Co., Ltd.		66,441
	26,800	Kose Corp.		561,185
	9,400	KYORIN Holdings, Inc.		182,639
	54,000	Lion Corp.		274,371
	27,900	Matsumotokiyoshi Holdings Co., Ltd.		660,014
	22,500	Medipal Holdings Corp.		248,399
	15,300	Megmilk Snow Brand Co., Ltd.		240,452
	15,900	MISUMI Group, Inc.		432,345
	34,000	Mitsubishi Estate Co., Ltd.		814,413
	16,000	Morinaga Milk Industry Co., Ltd.		51,289


		See accompanying Notes to the Schedule of Investments.			113

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Japan — continued

	36,400	MS&AD Insurance Group Holdings		728,647
	39,000	Nichirei Corp.		204,129
	16,500	Nippon Telegraph & Telephone Corp.		694,465
	17,000	Nisshin Oillio Group, Ltd. (The)		62,949
	10,500	Nissin Foods Holdings Co., Ltd.		398,921
	36,100	NKSJ Holdings, Inc.		770,327
	2,100	Noevir Holdings Co., Ltd.		31,298
	16,500	Nomura Research Institute, Ltd.		342,225
	374	NTT DoCoMo, Inc.		538,176
	9,200	Ono Pharmaceutical Co., Ltd.		470,405
	24,700	Otsuka Holdings Co., Ltd.		694,813
	900	Pigeon Corp.		43,042
	700	San-A Co., Ltd.		26,164
	30,300	Secom Co., Ltd.		1,530,104
	15,400	Shimachu Co., Ltd.		322,769
	14,100	Shimano, Inc.		900,818
	7,000	Shin-Etsu Chemical Co., Ltd.		428,397
	5,000	Showa Sangyo Co., Ltd.		16,264
	6,700	SMC Corp.		1,217,860
	3,300	Torii Pharmaceutical Co., Ltd.		73,286

		Total Japan		22,756,707


		Malaysia — 0.1%

	241,500	Genting Malaysia Bhd		281,464


		Mexico — 0.6%

	37,100	Grupo Televisa SAB, Sponsored ADR		986,118
	9,200	Industrias Penoles SAB de CV		461,920

		Total Mexico		1,448,038


		Netherlands — 0.7%

	40,741	Unilever NV		1,535,505


		New Zealand — 0.2%

	171,304	Air New Zealand, Ltd.		183,389
	32,817	Chorus, Ltd.		79,918
	154,268	Infratil, Ltd.		288,478
	7,270	Sky Network Television, Ltd.		29,507

		Total New Zealand		581,292


		Norway — 0.3%

	32,559	Telenor ASA		660,600


		Portugal — 0.1%

	40,119	Portucel SA		119,043
	87,499	Sonaecom SGPS SA		171,907

		Total Portugal		290,950


114		See accompanying Notes to the Schedule of Investments.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		Singapore — 0.8%

	29,000	Bukit Sembawang Estates, Ltd.		160,586
	73,000	ComfortDelGro Corp., Ltd.		106,996
	5,000	Great Eastern Holdings, Ltd.		64,291
	15,000	Hong Leong Finance, Ltd.		31,093
	57,000	SATS, Ltd.		135,626
	102,000	Singapore Press Holdings, Ltd.		337,482
	193,000	Singapore Telecommunications, Ltd.		524,896
	197,000	StarHub, Ltd.		615,174

		Total Singapore		1,976,144


		South Africa — 0.3%

	50,700	Gold Fields, Ltd., Sponsored ADR		633,243
	17,600	Harmony Gold Mining Co., Ltd., Sponsored ADR		157,696

		Total South Africa		790,939


		South Korea — 0.3%

	8,300	KT&G Corp.		629,445
	118	Lotte Confectionery Co., Ltd.		180,265

		Total South Korea		809,710


		Spain — 0.2%

	8,900	Red Electrica Corp. SA		439,211


		Sweden — 0.5%

	20,600	Investor AB Class B		540,111
	25,602	Svenska Cellulosa AB Class B		560,246

		Total Sweden		1,100,357


		Switzerland — 5.9%

	3,883	Allreal Holding AG		599,829
	5,753	Basler Kantonalbank		624,493
	227	Emmi AG		57,196
	358	Intershop Holdings		127,284
	1,100	Kuehne + Nagel International AG		133,768
	2,299	Mobimo Holding AG		550,386
	73,368	Nestle SA		4,778,038
	90,687	Novartis AG		5,737,140
	3,266	Roche Holding AG		664,857
	1,554	Swisscom AG		669,715

		Total Switzerland		13,942,706


		Thailand — 0.2%

	58,100	Bangkok Bank PCL, NVDR		372,968


		United Kingdom — 6.1%

	7,700	Anglo American Plc		245,955
	28,184	Associated British Foods Plc		717,858
	14,916	AstraZeneca Plc		705,616


		See accompanying Notes to the Schedule of Investments.			115

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		United Kingdom — continued

	23,517	Cranswick Plc		325,452
	27,786	Dairy Crest Group Plc		172,972
	12,800	Fresnillo Plc		397,426
	35,591	GlaxoSmithKline Plc		773,237
	14,689	Imperial Tobacco Group Plc		567,580
	119,056	J Sainsbury Plc		670,294
	4,103	N Brown Group Plc		24,479
	4,295	Next Plc		265,262
	9,483	Reckitt Benckiser Group Plc		594,435
	55,555	Smith & Nephew Plc		615,204
	16,548	SSE Plc		382,690
	47,968	Tate & Lyle Plc		595,203
	916,988	Tesco Plc		5,040,565
	21,100	The Berkeley Group Holdings Unit Plc*		616,950
	203,988	Vodafone Group Plc		513,334
	249,732	WM Morrison Supermarkets Plc		1,068,832

		Total United Kingdom		14,293,344


		United States — 50.8%

	10,300	3M Co.		956,355
	10,825	Abbott Laboratories		709,038
	374	Alleghany Corp*		125,447
	7,600	Alliant Techsystems, Inc.		470,896
	21,898	Altria Group, Inc.		688,035
	12,092	Amdocs, Ltd.		411,007
	15,802	Ameren Corp.		485,437
	16,056	American Electric Power Co., Inc.		685,270
	70,837	American Express Co.		4,071,711
	5,811	Amgen, Inc.		501,606
	3,300	Apache Corp.		259,050
	13,214	AT&T, Inc.		445,444
	12,429	Automatic Data Processing, Inc.		708,577
	151,642	Bank of New York Mellon Corp. (The)		3,897,199
	21,700	BB&T Corp.		631,687
	7	Berkshire Hathaway, Inc. Class A*		938,420
	1,742	Cal-Maine Foods, Inc.		70,063
	16,076	Campbell Soup Co.		560,892
	56,183	Capitol Federal Financial, Inc.		656,779
	14,565	CenturyLink, Inc.		569,783
	11,239	Church & Dwight Co., Inc.		602,073
	14,900	Cincinnati Financial Corp.		583,484
	22,800	Cintas Corp.		932,520
	75,969	Cisco Systems, Inc.		1,492,791
	8,274	Clorox Co. (The)		605,822
	29,182	Coca-Cola Co. (The)		1,057,848
	21,246	Colgate-Palmolive Co.		2,221,057
	38,300	Comcast Corp. Class A		1,376,885
	20,587	ConAgra Foods, Inc.		607,317
	14,300	ConocoPhillips		829,257


116		See accompanying Notes to the Schedule of Investments.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		United States — continued

	11,670	Consolidated Edison, Inc.		648,152
	5,135	Costco Wholesale Corp.		507,184
	1,478	CVS Caremark Corp.		71,461
	8,731	Devon Energy Corp.		454,361
	8,348	DTE Energy Co.		501,297
	71,810	eBay, Inc.*		3,663,746
	4,179	El Paso Electric Co.		133,352
	6,419	Eli Lilly & Co.		316,585
	28,894	Empire District Electric Co. (The)		588,860
	19,845	Entergy Corp.		1,265,119
	23,700	FirstEnergy Corp.		989,712
	102,710	General Mills, Inc.		4,150,511
	8,343	Google, Inc. Class A*		5,918,274
	23,067	Great Plains Energy, Inc.		468,491
	12,800	H&R Block, Inc.		237,696
	11,713	H.J. Heinz Co.		675,606
	1,600	Helmerich & Payne, Inc.		89,616
	16,869	Hormel Foods Corp.		526,481
	1,165	IAC/InterActiveCorp		55,105
	41,432	Intel Corp.		854,742
	2,374	j2 Global, Inc.		72,597
	12,920	Jack Henry & Associates, Inc.		507,239
	6,751	JM Smucker Co. (The)		582,206
	57,594	Johnson & Johnson		4,037,339
	9,334	Kellogg Co.		521,304
	26,164	Kroger Co. (The)		680,787
	19,900	Linear Technology Corp.		682,570
	7,000	Lockheed Martin Corp.		646,030
	4,514	Lorillard, Inc.		526,648
	127,887	Lowe’s Cos., Inc.		4,542,546
	1,615	Magellan Health Services, Inc.*		79,135
	4,100	Martin Marietta Materials, Inc.		386,548
	6,395	Mastercard, Inc. Class A		3,141,736
	41,340	McDonald’s Corp.		3,646,601
	2,933	McKesson Corp.		284,384
	8,687	Merck & Co., Inc.		355,646
	44,200	Microsoft Corp.		1,181,466
	125,481	Mondelez International, Inc. Class A		3,196,001
	3,671	NetApp, Inc.*		123,162
	5,800	Newmont Mining Corp.		269,352
	9,500	Northrop Grumman Corp.		642,010
	37,653	NV Energy, Inc.		683,025
	14,400	Omnicom Group, Inc.		719,424
	29,300	Oracle Corp.		976,276
	1,317	Otter Tail Corp.		32,925
	9,819	PepsiCo, Inc.		671,914
	7,817	Philip Morris International, Inc.		653,814
	2,463	Phillips 66		130,785
	13,585	Pinnacle West Capital Corp.		692,563


		See accompanying Notes to the Schedule of Investments.			117

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares		Description	Value ($)


		United States — continued

	14,500	Plum Creek Timber Co., Inc.		643,365
	23,321	PNM Resources, Inc.		478,314
	25,478	Portland General Electric Co.		697,078
	24,233	PPL Corp.		693,791
	10,200	Procter & Gamble Co. (The)		692,478
	6,300	Rayonier, Inc. REIT		326,529
	1,718	Reynolds American, Inc.		71,177
	13,900	Scotts Miracle-Gro Co. (The) Class A		612,295
	16,264	Southern Co. (The)		696,262
	50,589	State Street Corp.		2,378,189
	42,300	Sysco Corp.		1,339,218
	51,235	Target Corp.		3,031,575
	21,200	Texas Instruments, Inc.		655,928
	8,705	United Therapeutics Corp.*		465,021
	15,428	UNS Energy Corp.		654,456
	110,639	US Bancorp		3,533,810
	30,288	Vector Group, Ltd.		450,383
	17,142	Vectren Corp.		503,975
	16,268	Verizon Communications, Inc.		703,916
	25,438	Visa, Inc. Class A		3,855,892
	10,900	Vulcan Materials Co.		567,345
	62,426	Wal-Mart Stores, Inc.		4,259,326
	10,500	WellPoint, Inc.		639,660
	98,774	Wells Fargo & Co.		3,376,095
	10,492	Westar Energy, Inc.		300,281
	31,900	Weyerhaeuser Co. REIT		887,458
	13,523	Wisconsin Energy Corp.		498,323
	11,500	WR Berkley Corp.		434,010
	25,375	Xcel Energy, Inc.		677,766
	64,616	Yum! Brands, Inc.		4,290,502

		Total United States		119,348,552


		TOTAL COMMON STOCKS (COST $207,533,111)		212,379,750


		INVESTMENT COMPANY — 1.8%

		United States — 1.8%

	26,800	SPDR Gold Shares*		4,341,868


		TOTAL INVESTMENT COMPANY (COST $4,454,614)		4,341,868


		PREFERRED STOCK — 0.2%

		Germany — 0.2%

	6,012	Henkel AG & Co. KGaA, 1.32%		493,145


		TOTAL PREFERRED STOCK (COST $476,694)		493,145


118		See accompanying Notes to the Schedule of Investments.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Shares			Description	Value ($)


			WARRANTS — 0.1%

			United States — 0.1%

	10,600		JPMorgan Chase & Co., Strike Price $0.00, Expires 10/28/18*		125,716


			TOTAL WARRANTS (COST $117,859)		125,716


Par Value ($)			Description	Value ($)

			SHORT-TERM INVESTMENTS — 7.3%

			Bank Deposit — 7.3%

	17,080,912		State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		17,080,912


			TOTAL SHORT-TERM INVESTMENTS (COST $17,080,912)		17,080,912


			TOTAL INVESTMENTS — 99.7% (Cost $229,663,190)		234,421,391

			Other Assets and Liabilities (net) — 0.3%		661,971


			NET ASSETS — 100.0%	$	235,083,362


			Notes to Schedule of Investments:

			ADR — American Depository Receipt

			NVDR — Non-Voting Depository Receipt

			REIT — Real Estate Investment Trust

		*	Non-income producing security


		See accompanying Notes to the Schedule of Investments.			119

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

A summary of outstanding financial instruments at December 31, 2012 is as follows:

Forward Foreign Currency Contracts


Settlement Date		Deliver/ Receive	Counterparty	Units of Currency		Value		Net Unrealized Appreciation (Depreciation)
	Sales
	3/21/13	EUR	Goldman Sachs International		397,000	$	523,762	$	(13,722	)
	6/19/13	EUR	HSBC Bank USA		433,000		571,755		(9,502	)
	1/16/13	EUR	JPMorgan Chase Bank		277,000		365,237		(13,597	)
	2/20/13	EUR	Mellon Bank, N.A.		277,000		365,349		(13,470	)
	5/15/13	EUR	Mellon Bank, N.A.		365,000		481,800		(14,493	)
	4/17/13	EUR	UBS AG		397,000		523,897		(13,699	)
	3/21/13	JPY	Goldman Sachs International		90,785,000		1,050,582		77,802
	6/19/13	JPY	HSBC Bank USA		123,962,000		1,435,594		53,063
	1/16/13	JPY	JPMorgan Chase Bank		66,985,000		774,764		68,499
	2/20/13	JPY	JPMorgan Chase Bank		66,985,000		774,983		68,556
	5/15/13	JPY	Mellon Bank, N.A.		103,049,000		1,193,051		90,863
	4/17/13	JPY	UBS AG		90,785,000		1,050,817		77,668

								$	357,968

Currency Abbreviations

EUR

Euro

JPY	Japanese Yen


120		See accompanying Notes to the Schedule of Investments.

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Industry Sector Summary (Unaudited)	% of Net Assets
Food		15.7
Retail		9.5
Banks		6.7
Electric		6.4
Pharmaceuticals		6.3
Telecommunications		5.3
Commercial Services		4.1
Internet		4.1
Health Care — Products		2.3
Cosmetics & Personal Care		2.0
Commodity Fund		1.8
Diversified Financial Services		1.8
Insurance		1.8
Oil & Gas		1.8
Electronics		1.7
Mining		1.7
Software		1.6
Agriculture		1.4
Media		1.4
Household Products & Wares		1.3
Beverages		1.1
Building Materials		1.1
Real Estate		1.1
Semiconductors		1.0
Aerospace & Defense		0.8
Holding Companies — Diversified		0.8
Biotechnology		0.7
Forest Products & Paper		0.6
Chemicals		0.5
Hand & Machine Tools		0.5
REITS		0.5
Engineering & Construction		0.4
Health Care — Services		0.4
Investment Companies		0.4
Leisure Time		0.4
Miscellaneous — Manufacturing		0.4
Textiles		0.4
Advertising		0.3
Computers		0.3
Home Builders		0.3
Savings & Loans		0.3
Auto Manufacturers		0.2
Gas		0.2
Machinery — Diversified		0.2
Metal Fabricate & Hardware		0.2
Airlines		0.1
Electrical Components & Equipment		0.1
Entertainment		0.1
Lodging		0.1


		See accompanying Notes to the Schedule of Investments.			121

Mercer Global Low Volatility Equity Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Industry Sector Summary (Unaudited)	% of Net Assets
Office & Business Equipment		0.1
Transportation		0.1
Energy-Alternate Sources		0.0
Short-Term Investments and Other Assets and Liabilities (net)		7.6

		100.0	%


122		See accompanying Notes to the Schedule of Investments.

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		DEBT OBLIGATIONS — 99.4%

		Asset Backed Securities — 9.4%

	10,294	Ally Auto Receivables Trust, Series 2010-1, Class A3, 1.45%, due 05/15/14		10,303
	200,000	Ally Auto Receivables Trust, Series 2010-2, Class A4, 2.09%, due 05/15/15		202,427
	65,000	Ally Auto Receivables Trust, Series 2010-3, Class A4, 1.55%, due 08/17/15		65,762
	200,000	Ally Auto Receivables Trust, Series 2011-1, Class A4, 2.23%, due 03/15/16		204,552
	16,527	Bank of America Auto Trust, Series 2010-2, Class A3, 1.31%, due 07/15/14		16,541
	100,000	Capital One Multi-Asset Execution Trust, Series 2007-A7, Class A7, 5.75%, due 07/15/20		121,718
	200,000	Capital One Multi-Asset Execution Trust, Series 2008-A3, Class A3, 5.05%, due 02/15/16		202,772
	150,000	CarMax Auto Owner Trust, Series 2012-2, Class A4, 1.16%, due 12/15/17		152,101
	51,417	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-2, Class 1A6, 4.36%, due 08/25/14		51,447
	169,762	CNH Equipment Trust, Series 2010-A, Class A4, 2.49%, due 01/15/16		171,517
	90,096	CNH Equipment Trust, Series 2011-A, Class A3, 1.20%, due 05/16/16		90,565
	22,000	CNH Equipment Trust, Series 2012-B, Class A3, 0.86%, due 09/15/17		22,141
	108,637	Ford Credit Auto Owner Trust, Series 2009-E, Class A4, 2.42%, due 11/15/14		109,615
	105,291	Ford Credit Auto Owner Trust, Series 2011-A, Class A3, 0.97%, due 01/15/15		105,533
	100,000	Ford Credit Auto Owner Trust, Series 2012-A, Class A3, 0.84%, due 08/15/16		100,540
	150,000	Ford Credit Auto Owner Trust, Series 2012-A, Class A4, 1.15%, due 06/15/17		152,200
	100,000	Ford Credit Auto Owner Trust, Series 2012-B, Class A3, 0.72%, due 12/15/16		100,410
	400,000	GE Capital Credit Card Master Note Trust, Series 2009-4, Class A, 3.80%, due 11/15/17		424,587
	119,000	GE Equipment Transportation LLC, Series 2012-2, Class A3, 0.62%, due 07/25/16		119,188
	20,162	Honda Auto Receivables Owner Trust, Series 2010-2, Class A3, 1.34%, due 03/18/14		20,211
	34,000	Honda Auto Receivables Owner Trust, Series 2012-2, Class A3, 0.70%, due 02/16/16		34,190
	100,000	Huntington Auto Trust, Series 2012-1, Class A3, 0.81%, due 09/15/16		100,500
	108,000	Huntington Auto Trust, Series 2012-2, Class A3, 0.51%, due 04/17/17		108,003
	30,000	Hyundai Auto Receivables Trust, Series 2010-A, Class A4, 2.45%, due 12/15/16		30,725
	11,748	Hyundai Auto Receivables Trust, Series 2010-B, Class A3, 0.97%, due 04/15/15		11,783
	65,000	Hyundai Auto Receivables Trust, Series 2010-B, Class A4, 1.63%, due 03/15/17		66,263
	22,440	John Deere Owner Trust, Series 2011-A, Class A3, 1.29%, due 01/15/16		22,558
	83,000	John Deere Owner Trust, Series 2012-B, Class A3, 0.53%, due 07/15/16		83,090
	40,501	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.42%, due 08/15/14		40,630
	104,000	Mercedes-Benz Auto Receivables Trust, Series 2012-1, Class A3, 0.47%, due 10/17/16		103,995
	100,000	Nissan Auto Receivables Owner Trust, Series 2012-A, Class A3, 0.73%, due 05/16/16		100,521
	1,910	Santander Drive Auto Receivables Trust, Series 2010-3, Class A3, 1.20%, due 06/16/14		1,911
	208,668	Santander Drive Auto Receivables Trust, Series 2010-A, Class A3, 1.83%, due 11/17/14 144A		210,026
	7,000	Santander Drive Auto Receivables Trust, Series 2012-3, Class A3, 1.08%, due 04/15/16		7,049
	150,000	Santander Drive Auto Receivables Trust 2012-5, Series 2012-5, Class A3, 0.83%, due 12/15/16		150,837
	78,746	Securitized Asset Backed NIM Trust, Series 2005-FR4, Class NIM, 6.00%, due 01/25/36¤ 144A		1
	117,736	USAA Auto Owner Trust, Series 2009-2, Class A4, 2.53%, due 07/15/15		118,365
	53,000	USAA Auto Owner Trust, Series 2012-1, Class A3, 0.43%, due 08/15/16		52,978
	109,000	Volkswagen Auto Loan Enhanced Trust, Series 2012-2, Class A3, 0.46%, due 01/20/17		108,995
	210,247	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.21%, due 05/15/15		212,210


		See accompanying Notes to the Schedule of Investments.			123

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Asset Backed Securities — continued

	150,000	World Omni Auto Receivables Trust, Series 2012-A, Class A4, 0.85%, due 08/15/18		150,872

				4,159,632


		Corporate Debt — 22.2%

	15,000	ACE INA Holdings, Inc., 2.60%, due 11/23/15		15,758
	20,000	ACE INA Holdings, Inc., 5.88%, due 06/15/14		21,486
	20,000	ADT Corp. (The), 2.25%, due 07/15/17 144A		19,862
	20,000	Aflac, Inc., 2.65%, due 02/15/17		21,045
	15,000	Aflac, Inc., 3.45%, due 08/15/15‡		16,017
	45,000	Alabama Power Co., Series 2, 5.80%, due 11/15/13		47,042
	80,000	Allstate Life Global Funding Trusts, 5.38%, due 04/30/13		81,331
	35,000	American Express Co., 7.25%, due 05/20/14		38,100
	25,000	American Express Credit Corp., 5.13%, due 08/25/14		26,794
	105,000	American Express Credit Corp., 7.30%, due 08/20/13		109,528
	150,000	American Honda Finance Corp., 2.38%, due 03/18/13 144A		150,604
	60,000	AON Corp., 3.50%, due 09/30/15		63,234
	20,000	Apache Corp., 5.63%, due 01/15/17		23,447
	10,000	Arrow Electronics, Inc., 3.38%, due 11/01/15		10,383
	50,000	Arrow Electronics, Inc., 6.88%, due 07/01/13		51,413
	55,000	Atmos Energy Corp., 4.95%, due 10/15/14		58,966
	15,000	BAE Systems Holdings, Inc., 4.95%, due 06/01/14 144A		15,762
	10,000	BAE Systems Holdings, Inc., 5.20%, due 08/15/15 144A		10,958
	20,000	Bank of America Corp., 3.63%, due 03/17/16		21,208
	20,000	Bank of America Corp., 4.75%, due 08/01/15		21,597
	25,000	Bank of New York Mellon Corp. (The), 4.30%, due 05/15/14		26,283
	80,000	Bank of New York Mellon Corp. (The), 5.13%, due 08/27/13		82,489
	25,000	Bank of Nova Scotia, 0.75%, due 10/09/15		24,880
	65,000	Bank of Nova Scotia, 2.25%, due 01/22/13		65,072
	40,000	BB&T Corp., 3.20%, due 03/15/16		42,606
	100,000	BB&T Corp., 5.70%, due 04/30/14		106,615
	15,000	Beam, Inc., 1.88%, due 05/15/17		15,339
	5,000	Beam, Inc., 5.38%, due 01/15/16		5,590
	170,000	BellSouth Corp., 5.20%, due 09/15/14		182,675
	10,000	BHP Billiton Finance USA, Ltd., 1.63%, due 02/24/17		10,236
	30,000	BHP Billiton Finance USA, Ltd., 4.80%, due 04/15/13		30,378
	35,000	BlackRock, Inc., 3.50%, due 12/10/14		36,981
	6,000	BP Capital Markets Plc, 0.70%, due 11/06/15		5,996
	21,000	BP Capital Markets Plc, 1.85%, due 05/05/17		21,490
	80,000	BP Capital Markets Plc, 3.63%, due 05/08/14		83,301
	30,000	Burlington Northern Santa Fe LLC, 7.00%, due 02/01/14		32,034
	15,000	Canadian Imperial Bank of Commerce, 2.35%, due 12/11/15		15,752
	15,000	Canadian National Railway Co., 4.40%, due 03/15/13		15,119
	25,000	Canadian Natural Resources, Ltd., 4.90%, due 12/01/14		26,927
	20,000	Capital One Financial Corp., 2.15%, due 03/23/15		20,426
	15,000	Capital One Financial Corp., 3.15%, due 07/15/16		15,939
	35,000	Capital One Financial Corp., 7.38%, due 05/23/14		38,087
	25,000	Cargill, Inc., 4.38%, due 06/01/13 144A		25,380
	75,000	Caterpillar Financial Services Corp., 6.13%, due 02/17/14		79,983
	25,000	Caterpillar, Inc., 7.00%, due 12/15/13		26,541


124		See accompanying Notes to the Schedule of Investments.

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Corporate Debt — continued

	5,000	CBS Corp., 1.95%, due 07/01/17		5,099
	10,000	Celgene Corp., 1.90%, due 08/15/17		10,191
	195,000	Cellco Partnership/Verizon Wireless Capital LLC, 5.55%, due 02/01/14		204,754
	25,000	CenterPoint Energy Resources Corp., 5.95%, due 01/15/14		26,249
	20,000	Cisco Systems, Inc., 5.50%, due 02/22/16		22,878
	315,000	Citigroup, Inc., Global Senior Note, 6.50%, due 08/19/13		325,949
	100,000	CME Group, Inc., 5.75%, due 02/15/14		105,634
	35,000	CNA Financial Corp., 5.85%, due 12/15/14		38,017
	20,000	CNA Financial Corp., 6.50%, due 08/15/16		23,093
	40,000	Coca-Cola Co. (The), 1.50%, due 11/15/15		40,992
	30,000	Comcast Corp., 5.85%, due 11/15/15		34,169
	40,000	CommonWealth REIT, 6.40%, due 02/15/15		42,955
	11,000	ConocoPhillips, 4.75%, due 02/01/14		11,501
	70,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Utrecht, 3.38%, due 01/19/17		75,271
	16,000	COX Communications, Inc., 5.45%, due 12/15/14		17,458
	150,000	Credit Suisse, 5.50%, due 05/01/14		159,651
	80,000	Credit Suisse USA, Inc., 5.13%, due 08/15/15		88,840
	30,000	Crown Castle Towers LLC, 3.21%, due 08/15/35 144A		31,298
	30,000	Daimler Finance North America LLC, Senior Note, 6.50%, due 11/15/13		31,499
	15,000	Dell, Inc., 2.30%, due 09/10/15		15,424
	20,000	Dell, Inc., 4.70%, due 04/15/13		20,236
	60,000	Delmarva Power & Light Co., Series I, 6.40%, due 12/01/13		63,036
	25,000	Deutsche Bank AG, 3.88%, due 08/18/14		26,253
	65,000	Deutsche Bank Financial LLC, 5.38%, due 03/02/15		68,945
	75,000	Deutsche Telekom International Finance BV, 4.88%, due 07/08/14		79,384
	20,000	Devon Energy Corp., 1.88%, due 05/15/17		20,409
	60,000	Diageo Finance BV, 5.50%, due 04/01/13		60,755
	30,000	Dow Chemical Co. (The), 5.90%, due 02/15/15		33,114
	4,000	Dow Chemical Co. (The), 7.60%, due 05/15/14		4,369
	20,000	Duke Energy Carolinas LLC, 5.75%, due 11/15/13		20,899
	15,000	Duke Energy Corp., 3.35%, due 04/01/15		15,857
	35,000	Duke Energy Corp., 5.65%, due 06/15/13		35,804
	20,000	Duke Realty, LP REIT, 5.50%, due 03/01/16		22,068
	25,000	eBay, Inc., 1.63%, due 10/15/15		25,688
	10,000	EI Du Pont de Nemours & Co., 5.88%, due 01/15/14		10,557
	35,000	Emerson Electric Co., 5.00%, due 12/15/14		37,969
	25,000	ERAC USA Finance LLC, 2.75%, due 07/01/13 144A		25,269
	15,000	Fifth Third Bancorp, 3.63%, due 01/25/16		16,038
	25,000	France Telecom SA, 2.13%, due 09/16/15		25,730
	20,000	Freeport-McMoRan Copper & Gold, Inc., 1.40%, due 02/13/15		19,968
	12,000	Freeport-McMoRan Copper & Gold, Inc., 2.15%, due 03/01/17		12,076
	55,000	General Electric Capital Corp., 4.75%, due 09/15/14		58,742
	485,000	General Electric Capital Corp., 4.88%, due 03/04/15		525,489
	30,000	General Electric Capital Corp., 5.50%, due 06/04/14		32,036
	15,000	Gilead Sciences, Inc., 2.40%, due 12/01/14		15,476
	85,000	Goldman Sachs Group (The), Inc., 3.63%, due 02/07/16		90,040
	222,000	Goldman Sachs Group (The), Inc., 3.70%, due 08/01/15		234,441
	50,000	Goldman Sachs Group (The), Inc., 5.15%, due 01/15/14		52,159
	120,000	Hewlett-Packard Co., 6.13%, due 03/01/14		126,182


		See accompanying Notes to the Schedule of Investments.			125

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Corporate Debt — continued

	15,000	HJ Heinz Co., 1.50%, due 03/01/17		15,224
	45,000	Honeywell International, Inc., 3.88%, due 02/15/14		46,727
	20,000	Hospira, Inc., 6.05%, due 03/30/17		23,241
	100,000	HSBC Bank Plc, 1.63%, due 08/12/13 144A		100,715
	20,000	Intel Corp., 1.95%, due 10/01/16		20,681
	50,000	International Business Machines Corp., 7.50%, due 06/15/13		51,674
	30,000	Intuit, Inc., 5.75%, due 03/15/17		34,639
	50,000	Jackson National Life Global Funding, 5.38%, due 05/08/13 144A		50,865
	61,000	Jefferies Group, Inc., 3.88%, due 11/09/15		63,287
	60,000	John Deere Capital Corp., 4.50%, due 04/03/13		60,636
	20,000	John Deere Capital Corp., 4.90%, due 09/09/13		20,617
	35,000	Johnson Controls, Inc., 4.88%, due 09/15/13		36,029
	15,000	Kellogg Co., 4.45%, due 05/30/16		16,607
	60,000	KeyCorp, 6.50%, due 05/14/13		61,293
	8,000	Kroger Co. (The), 2.20%, due 01/15/17		8,275
	30,000	Kroger Co. (The), 7.50%, due 01/15/14		32,098
	20,000	Macquarie Group, Ltd., 5.00%, due 02/22/17 144A		21,895
	15,000	Macquarie Group, Ltd., 7.30%, due 08/01/14 144A		16,187
	45,000	Merck & Co., Inc., 4.75%, due 03/01/15		49,079
	50,000	Merrill Lynch & Co., Inc., 5.45%, due 02/05/13		50,218
	160,000	Merrill Lynch & Co., Inc., 6.15%, due 04/25/13		162,581
	200,000	Metropolitan Life Global Funding I, 5.13%, due 04/10/13 144A		202,518
	100,000	Morgan Stanley, 4.10%, due 01/26/15		104,274
	100,000	Morgan Stanley, 6.00%, due 05/13/14		105,932
	25,000	NASDAQ OMX Group (The), Inc., 4.00%, due 01/15/15		26,182
	50,000	National City Corp., 4.90%, due 01/15/15		53,940
	10,000	National Oilwell Varco, Inc., 1.35%, due 12/01/17		10,076
	50,000	National Semiconductor Corp., 3.95%, due 04/15/15		53,880
	20,000	New York Life Global Funding, 1.65%, due 05/15/17 144A		20,389
	65,000	New York Life Global Funding, 3.00%, due 05/04/15 144A		68,340
	15,000	News America, Inc., 7.60%, due 10/11/15		17,620
	50,000	Nisource Finance Corp., 6.15%, due 03/01/13		50,417
	20,000	Nissan Motor Acceptance Corp., 4.50%, due 01/30/15 144A		21,402
	20,000	Nomura Holdings, Inc., 4.13%, due 01/19/16		20,890
	40,000	Nomura Holdings, Inc., 5.00%, due 03/04/15		42,432
	10,000	Norfolk Southern Corp., 7.70%, due 05/15/17		12,635
	25,000	Northern Trust Corp., 4.63%, due 05/01/14		26,354
	60,000	Northern Trust Corp., 5.50%, due 08/15/13		61,858
	20,000	Northrop Grumman Systems Corp., 7.75%, due 03/01/16		23,680
	20,000	NSTAR Electric Co., 4.88%, due 04/15/14		21,058
	10,000	Nucor Corp., 5.75%, due 12/01/17		12,010
	60,000	Ohio Power Co., Series L, 5.75%, due 09/01/13		62,083
	20,000	Oncor Electric Delivery Co. LLC, 6.38%, due 01/15/15		22,083
	45,000	Oracle Corp., 5.25%, due 01/15/16		50,959
	35,000	Pacific Life Global Funding, 5.15%, due 04/15/13 144A		35,468
	160,000	PacifiCorp, 5.45%, due 09/15/13		165,419
	35,000	PC Financial Partnership, 5.00%, due 11/15/14		37,666
	5,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.50%, due 07/11/14 144A		5,054
	18,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.13%, due 05/11/15 144A		18,377


126		See accompanying Notes to the Schedule of Investments.

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Corporate Debt — continued

	80,000	PepsiCo, Inc., 3.75%, due 03/01/14		83,057
	25,000	PG&E Corp., 5.75%, due 04/01/14		26,504
	15,000	Pitney Bowes, Inc., 3.88%, due 06/15/13		15,135
	10,000	Pitney Bowes, Inc., 4.88%, due 08/15/14		10,576
	10,000	PNC Funding Corp., 4.25%, due 09/21/15		10,907
	50,000	Potash Corp. of Saskatchewan, Inc., 3.75%, due 09/30/15		53,813
	80,000	Praxair, Inc., 2.13%, due 06/14/13		80,650
	60,000	Pricoa Global Funding I, 5.45%, due 06/11/14 144A		64,104
	65,000	Procter & Gamble Co. (The), 4.95%, due 08/15/14		69,842
	10,000	PSEG Power LLC, 5.50%, due 12/01/15		11,173
	15,000	Public Service Electric & Gas Co., 2.70%, due 05/01/15		15,664
	9,000	Rio Tinto Finance USA Plc, 1.63%, due 08/21/17		9,123
	10,000	Rio Tinto Finance USA, Ltd., 1.88%, due 11/02/15		10,270
	30,000	Rio Tinto Finance USA, Ltd., 8.95%, due 05/01/14		33,182
	20,000	Royal Bank of Canada, 1.45%, due 10/30/14		20,354
	40,000	Royal Bank of Canada, 2.63%, due 12/15/15		42,249
	15,000	Ryder System, Inc., 2.50%, due 03/01/17		15,268
	25,000	Ryder System, Inc., 6.00%, due 03/01/13		25,191
	60,000	SABMiller Plc, 5.50%, due 08/15/13 144A		61,699
	50,000	Sempra Energy, 2.00%, due 03/15/14		50,772
	40,000	Shell International Finance BV, 1.88%, due 03/25/13		40,145
	45,000	Shell International Finance BV, 4.00%, due 03/21/14		46,994
	60,000	Sierra Pacific Power Co., 6.00%, due 05/15/16		69,493
	30,000	Southern California Edison Co., 4.15%, due 09/15/14		31,732
	15,000	Spectra Energy Capital LLC, 5.67%, due 08/15/14		16,101
	15,000	State Street Corp., 2.88%, due 03/07/16		15,925
	55,000	State Street Corp., 4.30%, due 05/30/14		57,988
	60,000	SunTrust Banks, Inc., 3.60%, due 04/15/16		64,139
	35,000	TCI Communications, Inc., Senior Note, 8.75%, due 08/01/15		41,790
	15,000	Telecom Italia Capital SA, 6.18%, due 06/18/14		15,847
	25,000	Teva Pharmaceutical Finance IV LLC, 1.70%, due 11/10/14		25,587
	10,000	Textron, Inc., 6.20%, due 03/15/15		10,966
	55,000	Time Warner Cable, Inc., 5.85%, due 05/01/17		65,036
	50,000	Time Warner Cable, Inc., 8.25%, due 02/14/14		54,177
	35,000	Toronto-Dominion Bank (The), 2.38%, due 10/19/16		36,813
	22,000	Total Capital SA, 3.00%, due 06/24/15		23,251
	10,000	Toyota Motor Credit Corp., 1.25%, due 11/17/14		10,146
	11,000	Toyota Motor Credit Corp., 1.25%, due 10/05/17		11,091
	20,000	Toyota Motor Credit Corp., 2.05%, due 01/12/17		20,705
	36,000	Toyota Motor Credit Corp., 3.20%, due 06/17/15		38,197
	10,000	TransCanada PipeLines, Ltd., 4.00%, due 06/15/13		10,162
	10,000	Transocean, Inc., 4.95%, due 11/15/15		10,957
	30,000	Travelers Property Casualty Corp., 5.00%, due 03/15/13		30,294
	20,000	Tyson Foods, Inc., 6.60%, due 04/01/16		23,019
	60,000	United Technologies Corp., 4.88%, due 05/01/15		65,926
	15,000	UnitedHealth Group, Inc., 5.00%, due 08/15/14		15,966
	70,000	US Bancorp, 1.38%, due 09/13/13		70,421
	75,000	US Bancorp, 3.15%, due 03/04/15		79,077
	10,000	Valero Energy Corp., 6.13%, due 06/15/17		11,926


		See accompanying Notes to the Schedule of Investments.			127

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Corporate Debt — continued

	35,000	Verizon Communications, Inc., 5.55%, due 02/15/16		39,885
	15,000	Virginia Electric and Power Co., 5.95%, due 09/15/17		18,346
	65,000	Vodafone Group Plc, 4.15%, due 06/10/14		68,222
	60,000	Wachovia Corp., 4.88%, due 02/15/14		62,561
	70,000	Wachovia Corp., 5.50%, due 05/01/13		71,170
	50,000	Wal-Mart Stores, Inc., 4.55%, due 05/01/13		50,693
	40,000	Wal-Mart Stores, Inc., 7.25%, due 06/01/13		41,101
	15,000	Waste Management, Inc., 2.60%, due 09/01/16		15,727
	50,000	WEA Finance LLC/WT Finance Aust Pty Ltd., 7.50%, due 06/02/14 144A		54,420
	30,000	WellPoint, Inc., 5.00%, due 12/15/14		32,417
	100,000	Wells Fargo & Co., 2.10%, due 05/08/17		103,495
	20,000	Westpac Banking Corp., 3.00%, due 08/04/15		21,137
	55,000	Westpac Banking Corp., 4.20%, due 02/27/15		59,032
	15,000	Wisconsin Electric Power Co., 6.00%, due 04/01/14		16,017
	65,000	Wyeth LLC, 5.50%, due 02/01/14		68,542
	20,000	Xerox Corp., 2.95%, due 03/15/17		20,541
	45,000	Xerox Corp., 4.25%, due 02/15/15		47,350

				9,760,189


		Mortgage Backed Securities - Private Issuers — 3.9%

	60,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2006-3, Class A4, 5.89%, due 07/10/44†		68,801
	215,000	Banc of America Mortgage Securities, Inc., Series 2004-3, Class 1A26, 5.50%, due 04/25/34		219,432
	4,085	Bear Stearns Commercial Mortgage Securities, Series 2005-T18, Class AAB, 4.82%, due 02/13/42		4,083
	64,814	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A4, 5.25%, due 09/25/33		68,690
	76,516	Commercial Mortgage Acceptance Corp., 5.44%, due 09/15/30 144A		77,653
	250,000	Commercial Mortgage Asset Trust, Series 1999-C1, Class C, 7.35%, due 01/17/32†		259,114
	773	Countrywide Alternative Loan Trust, Series 2002-11, Class A4, 6.25%, due 10/25/32		795
	27,148	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-17, Class 2A6, 3.50%, due 07/25/18		27,306
	68,999	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.25%, due 11/25/33		71,818
	90,000	Credit Suisse Mortgage Capital Certificates, Series 2006-C2, Class A3, 5.68%, due 03/15/39†		101,809
	90,000	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, 5.40%, due 08/10/38†		95,194
	60,098	MASTR Alternative Loans Trust, Series 2004-8, Class 7A1, 5.00%, due 09/25/19		62,116
	59,994	MASTR Asset Securitization Trust, Series 2003-8, Class 2A1, 4.50%, due 09/25/18		62,418
	100,000	Morgan Stanley Re-REMIC Trust, Series 2010-HQ4B, Class A7A, 4.97%, due 04/16/40 144A		105,088
	99,845	NCUA Guaranteed Notes, Series 2010-C1, Class A1, 1.60%, due 10/29/20		101,646
	48,181	NCUA Guaranteed Notes, Series 2010-R3, Class 3A, 2.40%, due 12/08/20		50,025
	46,597	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.75%, due 02/25/19		48,050
	91,184	Springleaf Mortgage Loan Trust, Series 2012-2A, Class A, 2.22%, due 10/25/57† 144A		93,929
	111,352	WaMu Mortgage Pass-Through Certificates, Series 2003-S1, Class A5, 5.50%, due 04/25/33		117,556


128		See accompanying Notes to the Schedule of Investments.

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Mortgage Backed Securities - Private Issuers — continued

	72,815	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2003-MS2, Class 3A1, 5.00%, due 03/25/18		74,425

				1,709,948


		Mortgage Backed Securities - U.S. Government Agency Obligations — 9.8%

	15,532	FHLMC, Pool # B14248, 4.00%, due 05/01/14		16,520
	30,657	FHLMC, Pool # C91030, 5.50%, due 05/01/27		33,204
	109,125	FHLMC, Pool # G11977, 6.00%, due 05/01/21		118,117
	14,160	FHLMC, Series 2394, Class KD, 6.00%, due 12/15/16		14,992
	62,040	FHLMC, Series 2405, Class PE, 6.00%, due 01/15/17		66,226
	35,213	FHLMC, Series 2513, Class DM, 5.50%, due 10/15/17		37,781
	12,810	FHLMC, Series 2566, Class LH, 5.00%, due 04/15/32		12,909
	143,938	FHLMC, Series 2590, Class AQ, 4.25%, due 03/15/18		150,393
	27,291	FHLMC, Series 2594, Class YA, 4.00%, due 04/15/23		29,121
	1,351	FHLMC, Series 2610, Class DJ, 4.00%, due 03/15/33		1,360
	3,760	FHLMC, Series 2614, Class NA, 3.75%, due 04/15/33		3,809
	28,096	FHLMC, Series 2644, Class ED, 4.00%, due 02/15/18		28,574
	79,434	FHLMC, Series 2668, Class OG, 5.00%, due 03/15/32		81,688
	38,151	FHLMC, Series 2675, Class CK, 4.00%, due 09/15/18		40,192
	131,903	FHLMC, Series 2682, Class LC, 4.50%, due 07/15/32		136,652
	169,642	FHLMC, Series 2695, Class BG, 4.50%, due 04/15/32		175,109
	147,194	FHLMC, Series 2709, Class PE, 5.00%, due 12/15/22		153,992
	49,767	FHLMC, Series 2714, Class BQ, 4.50%, due 12/15/18		52,745
	44,976	FHLMC, Series 2758, Class VG, 5.50%, due 02/15/15		45,034
	69,277	FHLMC, Series 2760, Class LB, 4.50%, due 01/15/33		73,414
	45,136	FHLMC, Series 2827, Class QE, 5.50%, due 03/15/33		46,358
	24,869	FHLMC, Series 2864, Class NA, 5.50%, due 01/15/31		25,277
	61,921	FHLMC, Series 2866, Class W, 4.50%, due 08/15/34		67,659
	77,180	FHLMC, Series 2881, Class AE, 5.00%, due 08/15/34		84,049
	94,768	FHLMC, Series 2899, Class KB, 4.50%, due 03/15/19		96,796
	33,330	FHLMC, Series 2931, Class AM, 4.50%, due 07/15/19		34,344
	101,612	FHLMC, Series 2931, Class DC, 4.00%, due 06/15/18		102,564
	136,171	FHLMC, Series 2931, Class QC, 4.50%, due 01/15/19		138,064
	41,862	FHLMC, Series 2962, Class YE, 4.50%, due 09/15/18		42,416
	17,898	FHLMC, Series 3001, Class BN, 4.50%, due 06/15/33		18,323
	117,610	FHLMC, Series 3035, Class PA, 5.50%, due 09/15/35		130,944
	29,036	FNMA, Pool # 255598, 5.00%, due 12/01/14		31,492
	62,661	FNMA, Pool # 254762, 5.00%, due 05/01/23		68,033
	32,404	FNMA, Pool # 254831, 5.00%, due 08/01/23		35,135
	98,112	FNMA, Pool # 254420, 6.00%, due 07/01/22		107,199
	132,156	FNMA, Pool # 254471, 6.00%, due 09/01/22		144,397
	48,851	FNMA, Pool # AE0081, 6.00%, due 07/01/24		53,928
	3,607	FNMA, Pool # 251812, 6.50%, due 07/01/13		3,664
	31,276	FNMA, Series 2001-51, Class GH, 5.50%, due 10/25/31		34,775
	17,304	FNMA, Series 2002-19, Class PE, 6.00%, due 04/25/17		18,349
	57,211	FNMA, Series 2002-63, Class NB, 5.50%, due 10/25/32		63,920
	75,964	FNMA, Series 2003-14, Class AQ, 3.50%, due 03/25/33		82,438
	87,656	FNMA, Series 2003-21, Class OA, 4.00%, due 03/25/33		94,348
	62,520	FNMA, Series 2003-35, Class UN, 4.25%, due 05/25/33		68,396


		See accompanying Notes to the Schedule of Investments.			129

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		Mortgage Backed Securities - U.S. Government Agency Obligations — continued

	39,312	FNMA, Series 2003-39, Class LD, 4.50%, due 10/25/22		40,108
	16,815	FNMA, Series 2003-42, Class EP, 4.00%, due 11/25/22		17,108
	13,125	FNMA, Series 2003-45, Class AB, 3.75%, due 05/25/33		13,432
	57,239	FNMA, Series 2003-64, Class TH, 5.00%, due 07/25/23		63,522
	30,000	FNMA, Series 2003-9, Class EB, 5.00%, due 02/25/18		33,106
	41,205	FNMA, Series 2004-81, Class KD, 4.50%, due 07/25/18		41,732
	74,410	FNMA, Series 2005-62, Class CQ, 4.75%, due 07/25/35		80,023
	62,573	FNMA, Series 2007-59, Class AQ, 5.75%, due 07/25/35		65,867
	62,463	FNMA REMIC, Series 1998-37, Class VZ, 6.00%, due 06/17/28		70,299
	116,993	FNMA REMIC, Series 2004-90, Class GA, 4.35%, due 03/25/34		120,145
	103,830	FNMA REMIC, Series 2005-31, Class PA, 5.50%, due 10/25/34		113,273
	29,967	FNMA REMIC, Series 2005-58, Class MA, 5.50%, due 07/25/35		33,780
	75,333	GNMA, Series 2003-105, Class VH, 4.50%, due 01/16/28		76,751
	88,449	GNMA, Series 2003-15, Class PE, 5.50%, due 02/20/33		102,297
	54,943	GNMA, Series 2003-18, Class OA, 5.00%, due 10/20/31		62,615
	113,707	GNMA, Series 2005-77, Class BA, 5.00%, due 11/20/32		117,374
	48,970	GNMA, Series 2008-49, Class PG, 5.25%, due 11/20/37		52,386
	86,652	GNMA, Series 2008-51, Class PG, 5.00%, due 06/20/38		96,570
	50,979	GNMA REMIC, Series 2001-52, 6.00%, due 10/20/31		58,806
	100,509	GNMA REMIC, Series 2004-047, 5.00%, due 08/16/33		104,668
	73,863	GNMA REMIC, Series 2008-050, 5.50%, due 03/16/37		79,774

				4,308,336


		U.S. Government and Agency Obligations — 54.1%

	150,000	Federal Farm Credit Bank, 3.70%, due 05/15/13		151,997
	117,000	Federal Farm Credit Bank, 5.45%, due 12/11/13		122,827
	235,000	Federal Home Loan Bank, 2.38%, due 03/14/14		241,172
	80,000	Federal Home Loan Bank, 2.88%, due 09/11/15		85,263
	125,000	Federal Home Loan Bank, 3.13%, due 03/11/16		135,678
	910,000	Federal Home Loan Bank, 4.25%, due 06/14/13		926,954
	195,000	Federal Home Loan Bank, 5.13%, due 05/24/13		198,871
	300,000	Federal Home Loan Bank, 6.05%, due 05/12/14		323,583
	150,000	FHLMC, 0.50%, due 10/15/13		150,406
	500,000	FHLMC, 1.00%, due 08/20/14		506,039
	100,000	FHLMC, 1.00%, due 03/08/17		101,378
	100,000	FHLMC, 1.25%, due 05/12/17		102,425
	490,000	FHLMC, 2.00%, due 08/25/16		516,149
	235,000	FHLMC, 2.50%, due 05/27/16		250,940
	280,000	FHLMC, 4.00%, due 06/12/13		284,844
	175,000	FHLMC, 5.00%, due 01/30/14		184,105
	250,000	FHLMC, 5.25%, due 04/18/16		289,389
	1,000,000	FNMA, 0.50%, due 08/09/13		1,002,078
	50,000	FNMA, 1.13%, due 10/08/13		50,372
	700,000	FNMA, 1.25%, due 01/30/17		718,330
	150,000	FNMA, 1.38%, due 11/15/16		154,674
	100,000	FNMA, 2.25%, due 03/15/16		105,718
	560,000	FNMA, 4.63%, due 10/15/13		579,703
	445,000	FNMA, 4.75%, due 02/21/13		447,793
	150,000	FNMA, 4.88%, due 12/15/16		174,930


130		See accompanying Notes to the Schedule of Investments.

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)		Description	Value ($)


		U.S. Government and Agency Obligations — continued

	100,000	U.S. Treasury Note, 0.25%, due 11/30/13		100,074
	100,000	U.S. Treasury Note, 0.38%, due 07/31/13		100,156
	250,000	U.S. Treasury Note, 0.50%, due 08/15/14		251,133
	150,000	U.S. Treasury Note, 0.50%, due 10/15/14		150,703
	440,000	U.S. Treasury Note, 0.50%, due 07/31/17		437,422
	70,000	U.S. Treasury Note, 0.63%, due 01/31/13		70,038
	150,000	U.S. Treasury Note, 0.63%, due 05/31/17		150,258
	220,000	U.S. Treasury Note, 0.63%, due 08/31/17		219,828
	205,000	U.S. Treasury Note, 0.63%, due 11/30/17		204,343
	1,000,000	U.S. Treasury Note, 0.75%, due 08/15/13		1,003,906
	300,000	U.S. Treasury Note, 0.75%, due 06/15/14		302,379
	650,000	U.S. Treasury Note, 0.88%, due 11/30/16		659,293
	350,000	U.S. Treasury Note, 0.88%, due 12/31/16		354,867
	755,000	U.S. Treasury Note, 0.88%, due 01/31/17		765,146
	420,000	U.S. Treasury Note, 0.88%, due 04/30/17		425,217
	1,300,000	U.S. Treasury Note, 1.00%, due 07/15/13		1,306,196
	125,000	U.S. Treasury Note, 1.00%, due 05/15/14		126,358
	385,000	U.S. Treasury Note, 1.00%, due 08/31/16		392,399
	150,000	U.S. Treasury Note, 1.00%, due 09/30/16		152,883
	375,000	U.S. Treasury Note, 1.00%, due 10/31/16		382,207
	300,000	U.S. Treasury Note, 1.00%, due 03/31/17		305,414
	300,000	U.S. Treasury Note, 1.25%, due 04/15/14		304,008
	200,000	U.S. Treasury Note, 1.25%, due 08/31/15		204,891
	150,000	U.S. Treasury Note, 1.38%, due 01/15/13		150,088
	1,950,000	U.S. Treasury Note, 1.38%, due 03/15/13		1,955,257
	450,000	U.S. Treasury Note, 1.38%, due 11/30/15		463,289
	320,000	U.S. Treasury Note, 1.50%, due 06/30/16		331,750
	665,000	U.S. Treasury Note, 1.50%, due 07/31/16		689,626
	260,000	U.S. Treasury Note, 1.75%, due 04/15/13		261,260
	150,000	U.S. Treasury Note, 1.75%, due 07/31/15		155,508
	100,000	U.S. Treasury Note, 1.75%, due 05/31/16		104,477
	100,000	U.S. Treasury Note, 1.88%, due 02/28/14		101,941
	250,000	U.S. Treasury Note, 1.88%, due 06/30/15		259,727
	225,000	U.S. Treasury Note, 1.88%, due 10/31/17		237,709
	100,000	U.S. Treasury Note, 2.00%, due 01/31/16		104,961
	125,000	U.S. Treasury Note, 2.00%, due 04/30/16		131,533
	350,000	U.S. Treasury Note, 2.13%, due 11/30/14		362,469
	200,000	U.S. Treasury Note, 2.13%, due 12/31/15		210,484
	135,000	U.S. Treasury Note, 2.13%, due 02/29/16		142,372
	200,000	U.S. Treasury Note, 2.25%, due 01/31/15		208,219
	160,000	U.S. Treasury Note, 2.38%, due 08/31/14		165,688
	190,000	U.S. Treasury Note, 2.38%, due 03/31/16		202,023
	70,000	U.S. Treasury Note, 2.50%, due 04/30/15		73,577
	150,000	U.S. Treasury Note, 2.50%, due 06/30/17		162,527
	150,000	U.S. Treasury Note, 2.63%, due 07/31/14		155,666
	200,000	U.S. Treasury Note, 2.63%, due 04/30/16		214,531
	100,000	U.S. Treasury Note, 2.75%, due 05/31/17		109,344
	180,000	U.S. Treasury Note, 3.13%, due 10/31/16		197,874
	160,000	U.S. Treasury Note, 3.25%, due 12/31/16		177,225


		See accompanying Notes to the Schedule of Investments.			131

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

(showing percentage of net assets)

December 31, 2012 (Unaudited)


Par Value ($)			Description	Value ($)


			U.S. Government and Agency Obligations — continued

	130,000		U.S. Treasury Note, 4.25%, due 08/15/14		138,440
	150,000		U.S. Treasury Note, 4.25%, due 08/15/15		165,293

					23,807,595


			TOTAL DEBT OBLIGATIONS (COST $43,390,936)		43,745,700


			SHORT-TERM INVESTMENTS — 0.4%

			Bank Deposit — 0.4%

	198,226		State Street Bank & Trust Euro Time Deposit, 0.01%, due 01/02/13		198,226


			Securities Lending Collateral — 0.0%

	15,435		State Street Navigator Securities Lending Prime Portfolio***		15,435


			TOTAL SHORT-TERM INVESTMENTS (COST $213,661)		213,661


			TOTAL INVESTMENTS — 99.8% (Cost $43,604,597)		43,959,361

			Other Assets and Liabilities (net) — 0.2%		79,750


			NET ASSETS — 100.0%	$	44,039,111


			Notes to Schedule of Investments:
			FHLMC — Federal Home Loan Mortgage Corporation
			FNMA — Federal National Mortgage Association
			GNMA — Government National Mortgage Association
			REIT — Real Estate Investment Trust
			REMIC — Real Estate Mortgage Investment Conduit
		‡	All or a portion of this security is out on loan.
		***	Represents an investment of securities lending cash collateral.
		¤	Illiquid security. The total market value of the securities at period end is $1 which represents 0.0% of net assets. The aggregate tax cost of these securities held at December 31, 2012 was $77,673.
		†	Floating rate note. Rate shown is as of December 31, 2012.

			144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total market value of the securities at period end is $1,507,263 which represents 3.4% of net assets.


132		See accompanying Notes to the Schedule of Investments.

Mercer US Short Maturity Fixed Income Fund

Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Asset Class Summary (Unaudited)	% of Net Assets
Debt Obligations		99.3
Short-Term Investments		0.5
Other Assets and Liabilities (net)		0.2

		100.0	%


		See accompanying Notes to the Schedule of Investments.			133

Mercer Funds

Notes to Schedule of Investments

December 31, 2012 (Unaudited)

1.	Organization

Mercer Funds (the “Trust”) consists of the following nine series: Mercer US Large Cap Growth Equity Fund (“Large Cap Growth”), Mercer US Large Cap Value Equity Fund (“Large Cap Value”), Mercer US Small/Mid Cap Growth Equity Fund (“Small/Mid Cap Growth”), Mercer US Small/Mid Cap Value Equity Fund (“Small/Mid Cap Value”), Mercer Non-US Core Equity Fund (“Non-US Core Equity”), Mercer Core Opportunistic Fixed Income Fund (“Core Opportunistic”), Mercer Emerging Markets Equity Fund (“Emerging Markets”), which commenced operations on May 1, 2012, Mercer Global Low Volatility Equity Fund (“Global Low Volatility”), which commenced operations on November 6, 2012 and Mercer US Short Maturity Fixed Income Fund (“Short Maturity”), (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 (the “1940 Act”). The Funds’ investment advisor is Mercer Investment Management, Inc. (the “Advisor”). The Advisor manages each Fund using a “manager of managers” approach by selecting one or more subadvisors (each a “Subadvisor,” and collectively referred to as the “Subadvisors”) to manage each Fund.

Each Fund is classified as “diversified” for purposes of the 1940 Act.

The investment objectives of the Funds are:


Fund		Investment Objective
Large Cap Growth		Long-term total return, which includes capital appreciation and income
Large Cap Value		Long-term total return, which includes capital appreciation and income
Small/Mid Cap Growth		Long-term total return, comprised primarily of capital appreciation
Small/Mid Cap Value		Long-term total return, comprised primarily of capital appreciation
Non-US Core Equity		Long-term total return, which includes capital appreciation and income
Core Opportunistic		Total return, consisting of both current income and capital appreciation
Emerging Markets		Long-term total return, which includes capital appreciation and income
Global LowVolatility		Long-term total return, which includes capital appreciation and income
Short Maturity		Safety of principal and a moderate level of income

Each Fund is authorized to offer interests in four classes of shares: Class S, Class Y-1, Class Y-2 and Class Y-3. The principal difference between the classes of shares is the level of shareholder service, marketing and administrative fees borne by the classes. As of December 31, 2012, only the Class Y-3 shares of each Fund had commenced operations.

2.	Significant Accounting Policies

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

134

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

(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 listed on an exchange normally are valued at the last sale or official closing price on the day on which the securities are valued or, lacking any sales on such day, at the last available bid price using prices as of the close of trading. In cases where securities are traded on more than one exchange, the securities are generally valued on the exchange considered by the Advisor or the applicable Subadvisor as the primary market for such securities. Securities traded in the over-the-counter market and listed on the NASDAQ Stock Market (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price; other over-the-counter securities are valued at the last bid price available prior to valuation (other than short-term investments, which are valued as described below). The Funds may invest in securities that are traded in foreign markets. Foreign securities will be converted into U.S. dollar equivalents based on the rate in effect at a uniform time on each business day. Investments in open-end investment companies are valued at their net asset value (“NAV”) per share.

The Board of Trustees of the Trust (the “Board”) has delegated its responsibility for valuing portfolio securities to the Advisor, subject to continuing Board oversight. The Advisor 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 Advisor or the applicable Subadvisor) do not otherwise accurately reflect the fair values of the securities, the Valuation Committee will value such securities at fair value based upon procedures approved by the Board. In that regard, at December 31, 2012, substantially all foreign equity securities held by the Non-US Core Equity, Emerging Markets and Global Low Volatility were fair valued using valuations provided by an independent valuation service consistent with the valuation procedures approved by the Board. Certain fixed-income securities may be valued based upon appraisals received from a pricing service using a computerized matrix system or based upon appraisals derived from information concerning the securities or similar securities received from a recognized dealer or dealers in those securities. It should be recognized that judgment often plays a greater role in valuing thinly traded securities, as well as bonds and other securities with few dealer quotations, than is the case with respect to securities for which a broader range of dealer quotations and last-sale information is available. Each Fund generally values short-term investments, which mature in 60 days or less, at amortized cost, which approximates fair value unless the Board determines that this approach does not represent fair value.

Derivative financial instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Over the counter derivative financial instruments, such as foreign currency contracts, options contracts, 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 pricing service providers or broker dealer quotations. Depending on the product and the terms of the derivative, the value of the financial derivative contracts is assigned by 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.

Senior secured floating rate loans and senior secured floating rate debt securities 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 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 a 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. A Fund’s value for a particular security may be different from the last quoted market price.

135

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

The Funds follow Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements” (“ASC 820”). Under GAAP for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

•

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

•

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

•

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

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

At December 31, 2012, Large Cap Growth, Large Cap Value, Small/Mid Cap Growth and Small/Mid Cap Value each held long-term investments determined using Level 1 inputs, with corresponding major categories as shown in the schedules of investments, and short-term investment positions in a Euro Time Deposit and in State Street Navigator Securities Lending Prime Portfolio, as shown in the schedules of investments, which are determined using Level 2 inputs. Small/Mid Cap Value also held one long-term Level 2 security which had a $0 value.

At December 31, 2012, Short Maturity held all long-term investments and short-term investment positions in a Euro Time Deposit and in State Street Navigator Securities Lending Prime Portfolio, all determined using Level 2 inputs, with corresponding major categories, as shown in the schedule of investments.

The following is a summary of the inputs used as of December 31, 2012 in valuing the assets and liabilities of Non-US Core Equity, Core Opportunistic, Emerging Markets and Global Low Volatility for which fair valuation was used:

Non-US Core Equity

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	—	$	70,957,198	#	$	—	$	70,957,198
Austria		—		6,318,096			—		6,318,096
Belgium		—		9,930,594			—		9,930,594
Bermuda		—		17,436,096			—		17,436,096
Brazil		8,689,985		9,612,102			—		18,302,087
Canada		19,342,071		—			—		19,342,071
Cayman Islands		—		15,635,217			—		15,635,217
China		—		3,127,872			—		3,127,872
Denmark		5,815,335		55,630,264			—		61,445,599
Finland		1,978,693		23,343,883			—		25,322,576
France		—		173,548,052			—		173,548,052
Germany		2,241,557		157,436,727			—		159,678,284
Greece		—		2,879,394			—		2,879,394
Hong Kong		—		34,628,562			—		34,628,562
India		—		6,521,461			—		6,521,461

136

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Indonesia	$	—	$	10,402,919	$	—	$	10,402,919
Ireland		—		11,331,177		—		11,331,177
Israel		7,327,378		—		—		7,327,378
Italy		—		62,989,792		—		62,989,792
Japan		1,518,734		444,905,322		—		446,424,056
Luxembourg		—		8,355,659		—		8,355,659
Malaysia		—		2,751,343		—		2,751,343
Malta		—		1,008,677		—		1,008,677
Mauritius		—		1,706,597		—		1,706,597
Mexico		7,345,957		—		—		7,345,957
Netherlands		2,244,348		51,094,501		—		53,338,849
New Zealand		—		3,241,789		—		3,241,789
Norway		—		31,607,029		—		31,607,029
Portugal		—		2,918,394		—		2,918,394
Singapore		—		20,210,017		—		20,210,017
South Africa		—		7,496,671		—		7,496,671
South Korea		—		21,649,884		—		21,649,884
Spain		—		35,809,406		—		35,809,406
Sweden		829,311		75,523,008		—		76,352,319
Switzerland		1,669,330		143,341,634		—		145,010,964
Taiwan		6,268,325		2,046,968		—		8,315,293
Thailand		1,405,852		8,719,190		—		10,125,042
United Kingdom		43,992,265		326,105,393		—		370,097,658

Total Common Stocks		110,669,141		1,860,220,888		—		1,970,890,029

Investment Company
United States		13,893,854		—		—		13,893,854

Total Investment Company		13,893,854		—		—		13,893,854

Preferred Stocks
Brazil		—		2,296,430		—		2,296,430
Germany		—		19,157,441		—		19,157,441

Total Preferred Stocks		—		21,453,871		—		21,453,871

Options Purchased
Call Options		—		83,415		—		83,415
Put Options		—		365,774		—		365,774

Total Options Purchased		—		449,189		—		449,189

Short-Term Investments
Bank Deposit		—		34,057,379		—		34,057,379
Securities Lending Collateral		—		42,305,615		—		42,305,615

Total Short-Term Investments		—		76,362,994		—		76,362,994

Total	$	124,562,995	$	1,958,486,942	$	—	$	2,083,049,937

# Includes one security at $0 value as of December 31, 2012.

137

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Core Opportunistic

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Debt Obligations
Asset Backed Securities	$	—	$	36,636,432	$	—		$	36,636,432
Bank Loans		—		11,025,286		—			11,025,286
Convertible Debt		—		246,837		—			246,837
Corporate Debt		—		369,212,775		0	*		369,212,775
Mortgage Backed Securities - Private Issuers		—		24,991,148		—			24,991,148
Mortgage Backed Securities - U.S. Government Agency Obligations		—		287,787,089		—			287,787,089
Municipal Obligations		—		52,984,027		—			52,984,027
Sovereign Debt Obligations		—		15,395,923		—			15,395,923
U.S. Government and Agency Obligations		—		252,955,810		—			252,955,810

Total Debt Obligations		—		1,051,235,327		0			1,051,235,327

Common Stocks
Auto Manufacturers		283,879		—		—			283,879
Building Materials		93,857		—		—			93,857
Diversified Financial Services		67,775		—		—			67,775

Total Common Stocks		445,511		—		—			445,511

Preferred Stocks
Banks		735,000		—		—			735,000
Diversified Financial Services		2,479,176		—		—			2,479,176

Total Preferred Stocks		3,214,176		—		—			3,214,176

Warrants
Auto Manufacturers		241,749		—		—			241,749
Media		9,382		—		—			9,382
Oil & Gas Services		2,808		—		—			2,808

Total Warrants		253,939		—		—			253,939

Options Purchased
Call Options		27,281		—		—			27,281
Put Options		—		178,772		—			178,772

Total Options Purchased		27,281		178,772		—			206,053

138

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-Term Investments
Bank Deposit	$	—	$	68,192,328	$	—	$	68,192,328
Certificates of Deposit		—		16,964,013		—		16,964,013
Repurchase Agreements		—		73,100,000		—		73,100,000
Securities Lending Collateral		—		13,073,243		—		13,073,243
U.S. Government and Agency Obligations		—		744,838		—		744,838

Total Short-Term Investments		—		172,074,422		—		172,074,422

Forward Foreign Currency Contracts
Buys		—		170,760		—		170,760
Sales		—		30,694		—		30,694

Total Forward Currency Contracts		—		201,454		—		201,454

Futures Contracts
Buys		4,746		—		—		4,746
Sales		339,257		—		—		339,257

Total Futures Contracts		344,003		—		—		344,003

Interest Rate Swaps		—		1,158,566		—		1,158,566
Centrally Cleared Interest Rate Swaps**		—		367,308		—		367,308
Credit Default Swaps		—		70,973		—		70,973

Total Swaps		—		1,596,847		—		1,596,847

Total	$	4,284,910	$	1,225,286,822	$	0	$	1,229,571,732

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Total TBA Sale Commitments	$	—		$	(27,784,999	)	$	—	$	(27,784,999	)

Forward Foreign Currency Contracts
Sales		—			(907,133	)		—		(907,133	)

Total Forward Currency Contracts		—			(907,133	)		—		(907,133	)

Futures Contracts
Buys		(333,052	)		—			—		(333,052	)
Sales		(26,581	)		—			—		(26,581	)

Total Futures Contracts		(359,633	)		—			—		(359,633	)

139

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Written Options	$	—		$	(180,645	)	$	—	$	(180,645	)
Centrally Cleared Interest Rate Swaps**		—			(119,177	)		—		(119,177	)
Credit Default Swaps		—			(12,752	)		—		(12,752	)

Total Swaps		—			(131,929	)		—		(131,929	)

Total	$	(359,633	)	$	(29,004,706	)	$	—	$	(29,364,339	)

Includes three securities at $0 value as of December 31, 2012.

Centrally cleared swaps are valued at unrealized appreciation/depreciation.

Emerging Markets

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Bermuda	$	439,680	$	2,826,390	$	—	$	3,266,070
Brazil		15,419,868		19,148,239		—		34,568,107
Cayman Islands		2,981,421		13,221,863		—		16,203,284
Chile		2,565,902		5,855,954		—		8,421,856
China		2,583,906		39,316,804		—		41,900,710
Colombia		—		6,611,459		—		6,611,459
Czech Republic		—		1,877,840		—		1,877,840
Hong Kong		5,657,120		15,219,443		—		20,876,563
Hungary		—		338,427		—		338,427
India		14,635,777		41,216,527		—		55,852,304
Indonesia		532,080		11,182,853		—		11,714,933
Malaysia		—		21,078,483		—		21,078,483
Mexico		37,260,658		—		—		37,260,658
Peru		2,488,279		—		—		2,488,279
Philippines		—		4,045,279		—		4,045,279
Poland		—		6,010,533		—		6,010,533
Russia		10,044,854		3,897,450		—		13,942,304
South Africa		508,389		24,743,531		—		25,251,920
South Korea		6,935,271		28,925,538		—		35,860,809
Taiwan		1,985,412		38,493,543		—		40,478,955
Thailand		2,127,077		9,075,005		—		11,202,082
Turkey		—		7,280,216		—		7,280,216
United Kingdom		—		23,680,474		—		23,680,474
United States		2,536,090		—		—		2,536,090

Total Common Stocks		108,701,784		324,045,851		—		432,747,635

140

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Preferred Stocks
Brazil	$	—	$	11,929,671	$	—	$	11,929,671

Total Preferred Stocks		—		11,929,671		—		11,929,671

Rights
Chile		1,126		—		—		1,126

Total Rights		1,126		—		—		1,126

Short-Term Investments
Bank Deposit		—		16,603,446		—		16,603,446
Securities Lending Collateral		—		9,178,351		—		9,178,351

Total Short-Term Investments		—		25,781,797		—		25,781,797

Forward Foreign Currency Contracts
Buys		—		593,105		—		593,105
Sales		—		69,886		—		69,886

Total Forward Currency Contracts		—		662,991		—		662,991

Futures Contracts
Buys		182,008		—		—		182,008
Sales		27,676		—		—		27,676

Total Futures Contracts		209,684		—		—		209,684

Synthetic Futures		—		110,693		—		110,693

Total	$	108,912,594	$	362,531,003	$	—	$	471,443,597

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts
Buys	$	—		$	(239,047	)	$	—	$	(239,047	)
Sales		—			(900,751	)		—		(900,751	)

Total Forward Currency Contracts		—			(1,139,798	)		—		(1,139,798	)

Futures Contracts
Sales		(3,559	)		—			—		(3,559	)

Total Futures Contracts		(3,559	)		—			—		(3,559	)

Synthetic Futures		—			(79	)		—		(79	)

Total	$	(3,559	)	$	(1,139,877	)	$	—	$	(1,143,436	)

141

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Global Low Volatility

ASSETS VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Common Stocks
Australia	$	—	$	1,881,606	$	—	$	1,881,606
Austria		—		546,263		—		546,263
Belgium		—		1,671,592		—		1,671,592
Bermuda		—		934,614		—		934,614
Canada		9,298,929		—		—		9,298,929
Cayman Islands		495,445		—		—		495,445
Denmark		—		2,784,524		—		2,784,524
France		—		7,968,966		—		7,968,966
Germany		—		2,805,589		—		2,805,589
Hong Kong		—		1,282,035		—		1,282,035
Ireland		399,007		471,096		—		870,103
Israel		691,088		359,671		—		1,050,759
Italy		—		160,838		—		160,838
Japan		—		22,756,707		—		22,756,707
Malaysia		—		281,464		—		281,464
Mexico		1,448,038		—		—		1,448,038
Netherlands		—		1,535,505		—		1,535,505
New Zealand		—		581,292		—		581,292
Norway		—		660,600		—		660,600
Portugal		—		290,950		—		290,950
Singapore		—		1,976,144		—		1,976,144
South Africa		790,939		—		—		790,939
South Korea		—		809,710		—		809,710
Spain		—		439,211		—		439,211
Sweden		—		1,100,357		—		1,100,357
Switzerland		—		13,942,706		—		13,942,706
Thailand		—		372,968		—		372,968
United Kingdom		—		14,293,344		—		14,293,344
United States		119,348,552		—		—		119,348,552

Total Common Stocks		132,471,998		79,907,752		—		212,379,750

Investment Company
United States		4,341,868		—		—		4,341,868

Total Investment Company		4,341,868		—		—		4,341,868

Preferred Stock
Germany		—		493,145		—		493,145

Total Preferred Stock		—		493,145		—		493,145

Warrants
United States		125,716		—		—		125,716

Total Warrants		125,716		—		—		125,716

142

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short-Term Investments
Bank Deposit	$	—	$	17,080,912	$	—	$	17,080,912

Total Short-Term Investments		—		17,080,912		—		17,080,912

Forward Foreign Currency Contracts
Sales		—		436,451		—		436,451

Total Forward Currency Contracts		—		436,451		—		436,451

Total	$	136,939,582	$	97,918,260	$	—	$	234,857,842

LIABILITIES VALUATION INPUT


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Forward Foreign Currency Contracts
Sales	$	—	$	(78,483	)	$	—	$	(78,483	)

Total Forward Currency Contracts		—		(78,483	)		—		(78,483	)

Total	$	—	$	(78,483	)	$	—	$	(78,483	)

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:


	Transfers In					Transfers Out
	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs			Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs
Non-US Core Equity	$	—	$	1,512,816,158	*	$	(1,512,816,158	)*	$	—

Transfers occurred between Level 1 and Level 2 as a result of applying a pricing factor, consistent with the Funds’ valuation and liquidity procedures, to certain foreign equity securities to reflect significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

143

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

The following table includes a rollforward of the amounts for the period ended December 31, 2012 for financial instruments classified as Level 3:

Core Opportunistic


Investments in Securities	Balance as of March 31, 2012				Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)				Net Transfers In (Out) of Level 3				Net Purchases & Sales				Balance as of December 31, 2012				Change in Unrealized Appreciation (Depreciation) from Investments Held at December 31, 2012
DEBT OBLIGATIONS
Corporate Debt		$	24,949	^		$	—		$	(23,104	)		$	(1,750	) ⁽¹⁾		$	(95	)		$	0	^^		$	(23,104	)

Total		$	24,949	^		$	—		$	(23,104	)		$	(1,750	) ⁽¹⁾		$	(95	)		$	0	^^		$	(23,104	)

The Funds recognizes transfers between Levels as of the end of the reporting period.

Incudes three securities at $0 value as of March 31, 2012.

Includes three securities at $0 value at December 31, 2012.

⁽¹⁾

A corporate debt classified as Level 3 at March 31, 2012 is now classified as Level 2. The change in level designation is reflective of the utilization during the current period of valuations, provided by a nationally recognized pricing service, that are based on market observable information (i.e. yield curves).

Disclosures about Derivative Instruments and Hedging Activities

The Funds follow FASB ASC 815 “Disclosures about Derivative Instruments and Hedging Activities” (“ASC 815”), which requires enhanced disclosures about the Funds’ use of, and accounting for, derivative instruments and the effect on the results of each Fund’s operations and financial position.

Non-US Core Equity and Emerging Markets held rights during the period as a result of corporate actions. Non-US Core Equity, Core Opportunistic and Global Low Volatility held warrants during the period as a result of corporate actions.

At December 31, 2012 and during the period then ended, the Funds had the following derivatives and transactions in derivatives, grouped into appropriate risk categories:

Small/Mid Cap Value

NUMBER OF CONTRACTS ⁽⁶⁾


	Equity Risk		Total
Futures Contracts		26		26

Non-US Core Equity

ASSET DERIVATIVES


	Foreign Exchange Risk		Equity Risk		Total
Options Purchased ⁽¹⁾	$	449,189	$	—	$	449,189

Total Value	$	449,189	$	—	$	449,889

144

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS ⁽⁶⁾


	Foreign Exchange Risk		Equity Risk		Total
Rights		—		534,592		534,592
Warrants		—		233,641		233,641
Options Purchased		1,529,016,998		—		1,529,016,998

Core Opportunistic

ASSET DERIVATIVES


	Interest Rate Risk			Foreign Exchange Risk		Credit Risk		Equity Risk		Total
Warrants ⁽¹⁾	$	—		$	—	$	—	$	253,939	$	253,939
Options Purchased ⁽¹⁾		—			—		—		206,053		206,053
Forward Foreign Currency Contracts ⁽²⁾		—			201,454		—		—		201,454
Futures Contracts ⁽³⁾		344,003			—		—		—		344,003
Swap Contracts ⁽⁴⁾		1,525,874	*		—		70,973		—		1,596,847

Total Value	$	1,896,877		$	201,454	$	70,973	$	459,992	$	2,602,296

LIABILITY DERIVATIVES


	Interest Rate Risk			Foreign Exchange Risk			Credit Risk			Equity Risk		Total
Forward Foreign Currency Contracts ⁽²⁾	$	—		$	(907,133	)	$	—		$	—	$	(907,133	)
Futures Contracts ⁽³⁾		(359,633	)		—			—			—		(359,633	)
Options Written ⁽⁵⁾		(180,645	)		—			—			—		(180,645	)
Swap Contracts ⁽⁴⁾		(119,177	)*		—			(12,752	)		—		(131,929	)

Total Value	$	(659,455	)	$	(907,133	)	$	(12,752	)	$	—	$	(1,579,340	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS ⁽⁶⁾


	Interest Rate Risk			Foreign Exchange Risk			Credit Risk			Equity Risk		Total
Warrants		—			—			—			15,611		15,611
Options Purchased		5,641,056			—			9,566,280			—		15,207,336
Forward Foreign Currency Contracts		—			(24,029,096	)		—			—		(24,029,096	)
Futures Contracts		892			—			—			—		892
Options Written		(13,447,056	)		—			(24,140,560	)		—		(37,587,616	)
Swap Contracts		8,873,111			—			81,332,889			—		90,206,000

145

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

Emerging Markets

ASSET DERIVATIVES


	Interest Rate Risk		Foreign Exchange Risk		Equity Risk		Total
Rights ⁽¹⁾	$	—	$	—	$	1,160	$	1,160
Forward Foreign Currency Contracts ⁽²⁾		—		662,991		—		662,991
Futures Contracts ⁽³⁾		202,566		—		—		202,566
Swap Contracts ⁽⁴⁾		—		—		110,693		110,693

Total Value	$	202,566	$	662,991	$	111,853	$	977,410

LIABILITY DERIVATIVES


	Interest Rate Risk		Foreign Exchange Risk			Equity Risk			Total
Forward Foreign Currency Contracts ⁽²⁾	$	—	$	(1,139,798	)	$	—		$	(1,139,798	)
Futures Contracts ⁽³⁾		—		—			(3,599	)		(3,599	)
Swap Contracts ⁽⁴⁾		—		—			(79	)		(79	)

Total Value	$	—	$	(1,139,798	)	$	(3,678	)	$	(1,143,476	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS ⁽⁶⁾


	Interest Rate Risk		Foreign Exchange Risk		Equity Risk		Total
Rights		—		—		141,478		141,478
Warrants		—		—		811,668		811,668
Forward Foreign Currency Contracts		—		8,596,657		—		8,596,657
Futures Contracts		817		—		—		817
Swap Contracts		—		—		2,184		2,184

Global Low Volatility

ASSET DERIVATIVES


	Interest Rate Risk		Foreign Exchange Risk		Equity Risk		Total
Warrants ⁽¹⁾	$	—	$	—	$	125,716	$	125,716
Forward Foreign Currency Contracts ⁽²⁾		—		436,451		—		436,451

Total Value	$	—	$	436,451	$	125,716	$	562,167

146

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

LIABILITY DERIVATIVES


	Interest Rate Risk		Foreign Exchange Risk			Equity Risk		Total
Forward Foreign Currency Contracts ⁽²⁾	$	—	$	(78,483	)	$	—	$	(78,483	)

Total Value	$	—	$	(78,483	)	$	—	$	(78,483	)

NUMBER OF CONTRACTS, NOTIONAL AMOUNTS OR SHARES/UNITS ⁽⁶⁾


	Interest Rate Risk		Foreign Exchange Risk			Equity Risk		Total
Warrants		—		—			9,800		9,800
Forward Foreign Currency Contracts		—		(8,596,733	)		—		(8,596,733	)

Centrally Cleared Swaps are valued at unrealized appreciation/depreciation in the Schedule of Investments.

⁽¹⁾

As shown within the Schedule of Investments.

⁽²⁾

As shown in the Forward Foreign Currency Contracts table within the Schedule of Investments.

⁽³⁾

As shown in the Futures Contracts table within the Schedule of Investments.

⁽⁴⁾

As shown in the Interest Rate Swaps, Credit Default Swaps, Centrally Cleared Interest Rate Swaps and Synthetic Futures tables within the Schedule of Investments.

⁽⁵⁾

As shown in the Written Options table within the Schedule of Investments.

⁽⁶⁾

Amounts disclosed represent average number of contracts, notional amounts, or shares/units outstanding for the months that the Fund held such derivatives during the period ended December 31, 2012.

The Funds follow FASB ASC 815-10-50 “Disclosures about Credit Derivatives and Certain Guarantees”. This applies to written credit derivatives, hybrid instruments with embedded credit derivatives (for example, credit-linked notes), and certain guarantees. See Note 2 for a description of credit derivative instruments.

The following is a summary of open credit default swaps positions held in Core Opportunistic at December 31, 2012:


Notional Amount		Currency		Expiration Date		Counterparty	Buy/Sell Protection		Maximum Potential Amount of Future Payments by the Fund Under the Contract		Receive (Pay) Fixed Rate			Deliverable on Default	Unrealized Appreciation (Depreciation)			Value
	1,800,000		USD		12/20/2017	JPMorgan Chase Bank		Buy	$	1,800,000		(5.00	%)	CDX.NA.HY.19	$	(620	)	$	(8,495	)
	4,400,000		USD		03/20/2021	Goldman Sachs International		Sell		4,400,000		1.60	%	State of Connecticut (Moody’s Rating: Aa2; S&P Rating: AA)		50,666			50,666
	900,000		USD		03/20/2016	Deutsche Bank AG		Buy		900,000		(1.00	%)	Kinder Morgan, Inc., 6.50%, 09/01/12		(34,247	)		7,947
	1,400,000		USD		03/20/2016	Morgan Stanley Capital Services, Inc.		Buy		1,400,000		(1.00	%)	Kinder Morgan, Inc., 6.50%, 09/01/12		(54,734	)		12,360
	400,000		USD		12/20/2015	Deutsche Bank AG		Buy		400,000		(1.00	%)	Starwood Hotels and Resorts, 6.75%, 05/15/18		(33,061	)		(4,257	)

									$	8,900,000					$	(71,996	)	$	58,221

147

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

(b) Security transactions and related investment income

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

(c) Cash and short term investments

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

A Fund may invest a portion of its assets in shares issued by money market mutual funds. A Fund also may invest in collective investment vehicles that are managed by an unaffiliated investment manager, pending investment of the Fund’s assets in portfolio securities. When unusual market conditions warrant, a Fund may make substantial temporary defensive investments in cash equivalents, up to a maximum of 100% of the Fund’s net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Fund’s ability to achieve its investment objective.

(d) Securities lending

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

The Funds participate in a securities lending program under which the Funds’ custodian, State Street Bank and Trust Company (the “Custodian”), is authorized to lend Fund portfolio securities to qualified broker-dealers and financial institutions that post appropriate collateral. Currently, the cash collateral is invested in the State Street Navigator Securities Lending Prime Portfolio. The Custodian receives a portion of the interest earned on any reinvested collateral. The market value of securities on loan to borrowers and the value of collateral held by the Funds with respect to such loans at December 31, 2012 were as follows:


	Market Value of Loaned Securities		Value of Collateral
Large Cap Growth	$	10,307,983	$	10,381,921
Large Cap Value		11,319,891		10,984,086
Small/Mid Cap Growth		34,757,004		34,645,053
Small/Mid Cap Value		10,080,136		10,256,552
Non-US Core		40,624,075		42,305,615
Core Opportunistic		12,794,975		13,073,243
Emerging Markets		9,044,683		9,178,351
Short Maturity		15,122		15,435

148

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

(e) Repurchase agreements

A Fund may enter into a repurchase agreement where the Fund purchases securities from a bank or broker-dealer who simultaneously agrees to repurchase the securities at a mutually agreed upon time and price, thereby determining the yield during the term of the agreement. As a result, a repurchase agreement provides a fixed rate of return insulated from market fluctuations during the term of the agreement. The term of a repurchase agreement generally is short, possibly overnight or for a few days, although it may extend over a number of months (up to one year) from the date of delivery. Repurchase agreements are considered under the 1940 Act to be collateralized loans by a Fund to a seller secured by the securities transferred to the Fund. Repurchase agreements will be fully collateralized and the collateral will be marked-to-market daily. A Fund may not enter into a repurchase agreement having more than seven days remaining to maturity if, as a result, such agreement, together with any other illiquid securities held by the Fund, would exceed 15% of the value of the net assets of the Fund. See the Core Opportunistic Schedule of Investments for open repurchase agreements held as of December 31, 2012.

(f) Swaps

A Fund may engage in swaps, including, but not limited to, interest rate, currency, credit default, and index swaps, and the purchase or sale of related caps, floors, collars, and other derivative instruments. A Fund expects to enter into these transactions to preserve a return or spread on a particular investment or portion of the portfolio, to modify the portfolio’s duration, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date, or to gain exposure to certain markets in the most economical way possible.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal. Currency swaps involve the exchange of cash flows on a notional amount based on changes in the values of referenced currencies.

The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling the cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of an interest rate floor entitles the purchaser to receive payments on a notional principal amount from the party selling the floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return with a predetermined range of interest rates or values.

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

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

If there is a default by the counterparty to a swap contract, a Fund will be limited to contractual remedies pursuant to the agreements related to the transaction. There is no assurance that a swap contract counterparty will be able to meet its obligations pursuant to a swap contract or that, in the event of a default, a Fund will succeed in pursuing contractual remedies. A Fund thus assumes the risk that it may be delayed in, or prevented from, obtaining payments owed to it pursuant to a swap contract. However, the amount at risk is only the net unrealized gain, if any, on the swap at the time of default, and not the entire notional amount of the swap contract. The Subadvisor that enters into the swap agreement will closely monitor, subject to the oversight of the Board, the creditworthiness of swap counterparties in order to minimize the risk of counterparty default on swaps.

Because swaps are two party contracts that may be subject to contractual restrictions on transferability and termination, and they may have terms of greater than seven days, swap agreements may be considered to be illiquid and subject to a Fund’s limitation on investments in illiquid securities. However, the Trust has adopted procedures

149

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

pursuant to which the Advisor may determine that swaps (including swap options) are liquid under certain circumstances. To the extent that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Certain restrictions imposed on the Funds by the Code may limit the Funds’ ability to use swap agreements. The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect a Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

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

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

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid by the Advisor and/or the Subadvisor in accordance with procedures established by the Board of Trustees, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid by the Advisor and/or Subadvisor in accordance with procedures established by the Board of Trustees, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that a Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss.

Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse,

150

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

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

The swaps in which the Fund may engage may include instruments under which one party pays a single or periodic fixed amount(s) (or premium), and the other party pays periodic amounts based on the movement of a specified index. Swaps do not involve the delivery of securities, other underlying assets, or principal. The Fund’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life to the extent that such amount is positive, plus the cost of entering into a similar transaction with another counterparty, if possible.

The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Advisor or Subadvisor is incorrect in its forecasts of market values, interest rates, and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if this investment technique were not used.

Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund’s interest. A Fund bears the risk that Subadvisor will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If a Subadvisor attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

During the period ended December 31, 2012, Core Opportunistic used swap agreements to adjust interest rate and yield curve exposure or to manage credit exposure. Emerging Markets used swap agreements to create passive index exposure to certain domestic emerging market country indices in the Fund. See the Core Opportunistic and Emerging Markets Schedule of Investments for a listing of open swap agreements as of December 31, 2012.

(g) Futures

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

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

151

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

When a Fund enters into a futures contract, it must deliver to the futures commission merchant selected by the Fund an amount referred to as “initial margin.” This amount is maintained by the futures commission merchant in a segregated account at the custodian bank. Futures contracts are marked-to-market daily, depending upon changes in the price of the underlying securities subject to the futures contracts, and the change in value is recorded by the Fund as a variation margin payable or receivable. The Fund recognizes gains and losses on futures contracts in addition to the variation margin, which gains and losses are considered realized at the time the contracts expire or close.

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

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

During the period ended December 31, 2012, Small/Mid Cap Value used futures to equitize cash. Core Opportunistic used futures to adjust interest rate exposure and replicate government bond positions. Emerging Markets used futures to create passive index exposure to certain domestic emerging market country indices in the Fund. See the Small/Mid Cap Value, Core Opportunistic and Emerging Markets Schedules of Investments for a listing of open futures contracts as of December 31, 2012.

(h) Options

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

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

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

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

152

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

of the premium originally received will reduce the cost of the security which a Fund purchases upon exercise of the option. Realized gains (losses) on purchased options are included in net realized gain (loss) from investments.

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

During the period ended December 31, 2012, Non-US Core Equity used options to adjust exposure to foreign currency and to efficiently maintain liquidity. Core Opportunistic used options to manage interest rate and volatility exposure.

See the Non-US Core Equity and Core Opportunistic Schedules of Investments for a listing of options contracts as of December 31, 2012.

Transactions in written option contracts for Core Opportunistic for the period ended December 31, 2012, is as follows:


	Number of Contracts			Premiums Received
Options outstanding at March 31, 2012		20,591,058		$	402,233
Options written		82,261,780			737,868
Options terminated in closing purchase transactions		(51,617,413	)		(666,482	)
Options expired		(39,135,425	)		(252,479	)

Options outstanding at December 31, 2012		12,100,000		$	221,140

(i) Forward foreign currency contracts

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

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

The Funds will only enter into forward contracts to sell, for a fixed amount of U.S. dollars or other appropriate currency, an amount of foreign currency, to the extent that the value of the short forward contract is covered by the underlying value of securities denominated in the currency being sold. Alternatively, when a Fund enters into a forward contract to sell an amount of foreign currency, the Custodian or the Fund’s sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Fund’s total assets committed to the consummation of such forward contract. If the additional segregated assets placed in the segregated account decline, additional cash or securities will be placed in the account on a daily basis so that the value of the account will equal the amount of the Fund’s commitments with respect to such contract.

During the period ended December 31, 2012, Core Opportunistic used forward foreign currency contracts to hedge, cross-hedge or to actively manage non-US Dollar exposures in the Fund. Emerging Markets and Global Low Volatility used forward foreign currency contracts to hedge, cross hedge or actively manage the currency exposures in the Funds. See the Core Opportunistic, Emerging Markets and Global Low Volatility Schedules of Investments for a listing of open forward foreign currency contracts as of December 31, 2012.

153

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

(j) Foreign currency translation

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

(k) When-issued securities/TBA securities

Purchasing securities on a “when-issued” basis is a commitment by a Fund to buy a security before the security is actually issued. A Fund may purchase securities offered on a “when-issued” or “forward delivery” basis such as “to-be-announced” (“TBA”) securities. When so offered, the price, which is generally expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment for the when-issued or forward delivery securities take place at a later date. During the period between purchase and settlement, no payment is made by the purchaser to the issuer and no interest on the when-issued or forward delivery security accrues to the purchaser. While when-issued or forward delivery securities may be sold prior to the settlement date, it is intended that a Fund will purchase such securities with the purpose of actually acquiring the securities unless a sale appears desirable for investment reasons. At the time a Fund makes the commitment to purchase a security on a when-issued or forward delivery basis, the Fund will record the transaction and reflect the value of the security in determining the Fund’s NAV. The market value of when-issued or forward delivery securities may be more or less than the purchase price. Certain risks may arise upon entering into when-issued or forward delivery securities transactions, including the potential inability of counterparties to meet the terms of their contracts, and the issuer’s failure to issue the securities due to political, economic, or other factors. Additionally, losses may arise due to declines in the value of the securities prior to settlement date. See the Core Opportunistic Schedule of Investments for TBA sale commitments held as of December 31, 2012.

(l) Real estate investment trusts

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

A shareholder in a Fund, by investing in REITs through the Fund, will bear not only the shareholder’s proportionate share of the expenses of the Fund, but also, indirectly, the management expenses of the underlying REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income, or the REIT’s failure to maintain exemption from registration under the 1940 Act. Dividends representing a return of capital are reflected as a reduction of cost and/or as a realized gain when the amount of the return of capital is conclusively determined. See each Fund’s Schedule of Investments for REIT securities held as of December 31, 2012.

(m) Mortgage-related and other asset-backed securities

The Funds may invest in mortgage-backed and asset-backed securities. Mortgage-backed securities represent an interest in a pool of mortgages. Asset-backed securities are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle

154

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. The value of some mortgage or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

One type of stripped mortgage-backed security has one class receiving all of the interest from the mortgage assets (the interest-only, or “IO” class), while the other class will receive all of the principal (the principal-only, or “PO” class). Payments received for the IOs are included in interest income on the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the cost basis of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities. See the Schedules of Investments for mortgage-backed and asset-backed securities held by Core Opportunistic and Short Maturity as of December 31, 2012.

(n) Bank loans

Core Opportunistic invests in bank loans, which include institutionally-traded floating rate securities generally acquired as an assignment from another holder of, or participation interest in, loans originated by a bank or financial institution (the ‘‘Lender’’) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the loan agreement and only upon receipt by the Lender of payments from the borrower. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender that is selling the loan agreement. See the Core Opportunistic Schedule of Investments for open bank loans held as of December 31, 2012.

(o) Indexed securities

The Funds may invest in indexed securities where the redemption values and/or coupons are linked to the prices of other securities, securities indices, or other financial indicators. The Funds use indexed securities to increase or decrease their exposure to different underlying instruments and to gain exposure to markets in which it may be difficult to invest through conventional securities. Indexed securities may be more volatile than their underlying instruments, but any loss is limited to the amount of the original investment. See the Core Opportunistic Schedule of Investments for indexed securities held as of December 31, 2012.

(p) Taxes and distributions

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

(q) Allocation of expenses and income

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

155

Mercer Funds

Notes to Schedule of Investments (Continued)

December 31, 2012 (Unaudited)

3.	Federal income taxes

As of December 31, 2012, the cost for U.S. federal income tax purposes and gross unrealized appreciation and depreciation in value of investments were as follows:


	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Large Cap Growth	$	366,066,508	$	71,107,760	$	(4,653,807	)	$	66,453,953
Large Cap Value		392,304,378		53,402,906		(7,370,615	)		46,032,291
Small/Mid Cap Growth		377,300,937		45,804,844		(13,201,559	)		32,603,285
Small/Mid Cap Value		353,535,649		39,778,271		(8,855,855	)		30,922,416
Non-US Core Equity		1,924,865,463		212,173,787		(53,989,313	)		158,184,474
Core Opportunistic		1,179,494,301		54,519,143		(6,584,016	)		47,935,127
Emerging Markets		444,059,058		29,965,680		(3,564,509	)		26,401,171
Global Low Volatility		229,708,210		7,179,631		(2,466,450	)		4,713,181
Short Maturity		43,625,865		519,246		(185,750	)		333,496

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are primarily due to wash sale loss deferrals, investments in passive foreign investment companies and other basis adjustments.

4.	Subsequent events

Management has determined that no material events or transactions occurred subsequent to December 31, 2012 through the date the schedules of investments were filed with the Securities and Exchange Commission that would require additional disclosure.

156

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (17CFR 270.30a-3(c))), are effective based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-3(d))) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Mercer Funds

By:		/s/ Richard Nuzum
		Richard Nuzum President and Chief Executive Officer (Principal Executive Officer)

Date:		February 22, 2013

Pursuant to the requirement of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report had been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Richard Nuzum
		Richard Nuzum President and Chief Executive Officer (Principal Executive Officer)

Date:		February 22, 2013

By:		/s/ Richard S. Joseph
		Richard S. Joseph Vice President, Treasurer and Principal Accounting Officer (Principal Financial Officer)

Date:		February 22, 2013