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Mercer FundsTM Semi-Annual Report Mercer US Large Cap Equity Fund Mercer US Small/Mid Cap Equity Fund Mercer Non-US Core Equity Fund Mercer Core Fixed Income Fund Mercer Opportunistic Fixed Income Fund Mercer Emerging Markets Equity Fund Mercer Global Low Volatility Equity Fund This report has been prepared for Mercer Funds shareholders. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Mercer Funds prospectus. The prospectus contains more complete information about the Funds’ investment objectives, risks, and expenses. Investors are reminded to read the prospectus carefully before investing. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary, such as a broker-dealer or bank if you hold your shares through such an institution. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund or your financial intermediary electronically by calling 1-888-887-0619 if you hold your shares directly with the Mercer Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. You may elect to receive all future reports in paper copies free of charge. You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling 1-888-887-0619 if you hold your shares directly with the Mercer Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your election to receive reports in paper copies will apply to all Funds held with the Mercer Funds or through your financial intermediary, as applicable. September 30, 2020 MERCER FUNDS TABLE OF CONTENTS Page Schedules of Investments 1 Statements of Assets and Liabilities 178 Statements of Operations 182 Statements of Changes in Net Assets 184 Financial Highlights 188 Notes to the Financial Statements 195 Understanding Your Fund’s Expenses 248 Trustees and Officers 251 Mercer US Large Cap Equity Fund Schedule of Investments (showing percentage of net assets) September 30, 2020 (Unaudited) Shares Description Value ($) COMMON STOCKS — 97.2% Basic Materials — 3.0% 67,800 Alcoa Corp.* 788,514 68,486 Celanese Corp. Class A 7,358,821 58,310 CF Industries Holdings, Inc. 1,790,700 18,494 DOW, Inc. 870,143 210,423 DuPont de Nemours, Inc. 11,674,268 28,700 Eastman Chemical Co. 2,242,044 125,600 Freeport-McMoRan, Inc. 1,964,384 112,700 Huntsman Corp. 2,503,067 19,700 International Paper Co. 798,638 39,948 LyondellBasell Industries NV Class A 2,815,934 76,700 Newmont Corp. 4,866,615 37,673,128 Communications — 18.5% 14,583 Alibaba Group Holding, Ltd., ADR* 4,287,110 8,768 Alphabet, Inc. Class A* 12,850,381 17,315 Alphabet, Inc. Class C* 25,446,124 41,891 Altice USA, Inc. Class A* 1,089,166 7,913 Amazon.com, Inc.* 24,915,901 20,000 Arista Networks, Inc.* 4,138,600 490,136 AT&T, Inc. 13,973,777 499 Booking Holdings, Inc.* 853,629 208,722 CenturyLink, Inc. 2,106,005 403 Charter Communications, Inc. Class A* 251,609 229,766 Cisco Systems, Inc. 9,050,483 192,994 Comcast Corp. Class A 8,927,902 95,486 eBay, Inc. 4,974,821 154,577 Facebook, Inc. Class A* 40,483,716 137,556 Liberty Global Plc Class C* 2,824,712 53,492 Match Group, Inc.* 5,918,890 41,754 Motorola Solutions, Inc. 6,547,445 25,671 Netflix, Inc.* 12,836,270 50,600 Omnicom Group, Inc. 2,504,700 8,816 Shopify, Inc. Class A* 9,018,504 15,784 Spotify Technology SA* 3,828,725 54,406 Tencent Holdings, Ltd., ADR(a) 3,680,566 5,977 Trade Desk, Inc. (The) Class A* 3,100,748 163,334 Uber Technologies, Inc.* (a) 5,958,424 213,230 Verizon Communications, Inc. 12,685,053 65,541 Walt Disney Co. (The) 8,132,327 230,385,588 Consumer, Cyclical — 10.2% 2,937 Chipotle Mexican Grill, Inc. Class A* 3,652,776 11,899 Costco Wholesale Corp. 4,224,145 19,743 Cummins, Inc. 4,168,932 16,400 Darden Restaurants, Inc. 1,652,136 See accompanying Notes to the Financial Statements. 1 Mercer US Large Cap Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) September 30, 2020 (Unaudited) Shares Description Value ($) Consumer, Cyclical — continued 35,564 Delta Air Lines, Inc. 1,087,547 46,270 Dollar General Corp. 9,699,117 89,800 Dollar Tree, Inc.* 8,202,332 17,800 DR Horton, Inc. 1,346,214 178,003 General Motors Co. 5,267,109 17,798 Home Depot, Inc. (The) 4,942,683 69,595 Kering SA, ADR 4,630,851 51,800 Lowe’s Cos., Inc. 8,591,548 20,009 Lululemon Athletica, Inc.* 6,590,364 28,405 LVMH Moet Hennessy Louis Vuitton SE, ADR 2,676,603 20,130 Magna International, Inc. 920,948 98,025 NIKE, Inc. Class B 12,306,058 19,509 Peloton Interactive, Inc. Class A* 1,936,073 72,200 PulteGroup, Inc. 3,342,138 164,353 Starbucks Corp. 14,121,210 53,820 Tesla, Inc.* 23,089,318 10,660 Ulta Beauty, Inc.* 2,387,627 76,455 Walgreens Boots Alliance, Inc. 2,746,264 127,581,993 Consumer, Non-cyclical — 22.1% 163,759 Abbott Laboratories 17,821,892 16,500 AbbVie, Inc. 1,445,235 194,913 Adyen NV, ADR* (a) 7,221,527 19,200 Alexion Pharmaceuticals, Inc.* 2,197,056 18,644 Align Technology, Inc.* 6,103,300 92,316 Altria Group, Inc. 3,567,090 14,990 Amgen, Inc. 3,809,858 193,200 Archer-Daniels-Midland Co. 8,981,868 103,144 AstraZeneca Plc, ADR 5,652,291 16,422 Biogen, Inc.* 4,658,593 61,063 Boston Scientific Corp.* 2,333,217 41,100 Bristol-Myers Squibb Co. 2,477,919 176,300 Cardinal Health, Inc. 8,277,285 48,800 Cigna Corp. 8,267,208 231,764 Conagra Brands, Inc. 8,276,293 102,273 CORTEVA, Inc. 2,946,485 206,600 CVS Health Corp. 12,065,440 22,448 DaVita, Inc.* 1,922,671 7,912 DexCom, Inc.* 3,261,564 50,471 Eli Lilly & Co. 7,470,717 19,358 Estee Lauder Cos., Inc. (The) Class A 4,224,884 49,190 Gartner, Inc.* 6,146,291 11,474 Guardant Health, Inc.* 1,282,564 13,800 HCA Healthcare, Inc. 1,720,584 8,708 Humana, Inc. 3,604,154 616 Illumina, Inc.* 190,393 43,100 Ingredion, Inc. 3,261,808 11,515 Intuitive Surgical, Inc.* 8,170,353 2 See accompanying Notes to the Financial Statements. Mercer US Large Cap Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) September 30, 2020 (Unaudited) Shares Description Value ($) Consumer, Non-cyclical — continued 18,600 Jazz Pharmaceuticals Plc* 2,652,174 84,400 Johnson & Johnson 12,565,472 115,400 Kroger Co. (The) 3,913,214 38,915 McKesson Corp. 5,795,611 14,500 Medtronic Plc 1,506,840 101,400 Merck & Co., Inc. 8,411,130 63,800 Molson Coors Beverage Co. Class B 2,141,128 148,000 Mondelez International, Inc. Class A 8,502,600 96,080 Mylan NV* 1,424,866 94,415 PayPal Holdings, Inc.* 18,602,588 389,370 Pfizer, Inc. 14,289,879 15,930 Regeneron Pharmaceuticals, Inc.* 8,917,295 8,768 S&P Global, Inc. 3,161,741 16,584 Teladoc Health, Inc.* (a) 3,635,876 43,000 TreeHouse Foods, Inc.* 1,742,790 63,220 Tyson Foods, Inc. Class A 3,760,326 27,706 UnitedHealth Group, Inc. 8,637,900 9,786 Vertex Pharmaceuticals, Inc.* 2,662,966 12,800 Zimmer Biomet Holdings, Inc. 1,742,592 87,917 Zoetis, Inc. 14,538,834 275,964,362 Energy — 1.2% 113,428 BP Plc, ADR 1,980,453 118,100 Canadian Natural Resources, Ltd. 1,890,781 25,700 Chevron Corp. 1,850,400 267,517 ConocoPhillips 8,785,258 14,506,892 Financial — 15.3% 93,000 Allstate Corp. (The) 8,755,020 71,443 Ally Financial, Inc. 1,791,076 296,800 American International Group, Inc. 8,170,904 7,341 American Tower Corp. REIT 1,774,540 49,331 Ameriprise Financial, Inc. 7,602,400 688,865 Annaly Capital Management, Inc. REIT 4,904,719 654,900 Banco Santander SA, ADR(a) 1,211,565 328,398 Bank of America Corp. 7,911,108 244,972 Bank of New York Mellon Corp. (The) 8,412,338 17,200 Berkshire Hathaway, Inc. Class B* 3,662,568 2,300 BlackRock, Inc. 1,296,165 36,622 Boston Properties, Inc. REIT 2,940,747 23,500 Charles Schwab Corp. (The) 851,405 292,960 Citigroup, Inc. 12,629,506 97,500 Citizens Financial Group, Inc. 2,464,800 56,600 Comerica, Inc. 2,164,950 108,841 Equitable Holdings, Inc. 1,985,260 153,200 Equity Residential REIT 7,863,756 42,530 Essent Group, Ltd. 1,574,035 See accompanying Notes to the Financial Statements.
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    Q U A R T E RL Y DIALOGUE THIRD Q UA R T ER 2010 BusinessBusiness ServicesServices QUARTERLY INDUSTRYQUARTERLY UPDATE INDUSTRY | FOURTH UPDATE | FOURTH QUARTER QUARTER 201 201 44 After underperforming for much of 2014, the SCA Business Services Index outperformed the broader markets in Q4 2014, increasing by over 11.2 % compared to an increase of 5.8% for the S&P 500. Virtually all subsectors of the SCA Business Services Index outperformed the broader market as a result of consensus predictions of enhanced economic growth in the U.S. during 2015. In particular, the SCA Marketing Services sector (+29.6%), the SCA IT Consulting sector (+16.9%), and the SCA Professional Staffing sector (+11.6%) recorded significant growth. While the stock market was thriving, M&A activity slowed in the Business Services sector during Q4 2014 posting the fewest closed transactions of any quarter this year. However, the beginning of 2015 has already seen a number of high profile Business Services transactions announced, and we expect M&A activity in the sector to continue to accelerate throughout the year among both strategic and financial acquirers. Notable merger and acquisition transactions during the quarter include: AMN Healthcare Services Inc. (NYSE: AHS), the largest U.S. healthcare staffing firm, agreed to acquire Onward Healthcare, a leading provider pf Contents physician and nurse staffing, from Welsh Carson Anderson & Stowe for Market Overview 2 $82.5 million. Stock Performance 3 PT&C Forensic Consulting Services, P.A. acquired LWG Consulting, Inc. LWG Consulting, Inc. provides forensic engineering and recovery Industry Developments 4 solutions for the insurance, legal, and risk management industries in the Selected M&A Transactions 5 U.S.