Mercer Emerging Markets Equity Fund Schedule of Investments (Showing Percentage of Net Assets) September 30, 2015 (Unaudited)

Mercer Emerging Markets Equity Fund Schedule of Investments (showing percentage of net assets) September 30, 2015 (Unaudited)

______Shares Description Value ($)

COMMON STOCKS — 89.2%

Bermuda — 0.5% 160,719 Cosan, Ltd. Class A 464,478 5,700 Credicorp, Ltd. 606,252 18,167,000 GOME Electrical Appliances Holding, Ltd. ‡ 2,841,982 1,229,000 Nine Dragons Paper Holdings, Ltd. ______644,954 Total Bermuda ______4,557,666

Brazil — 4.7% 2,265,757 AMBEV SA, ADR 11,102,209 721,500 AMBEV SA 3,518,761 756,901 Banco Bradesco SA, ADR ‡ 4,056,989 405,900 Banco do Brasil SA 1,549,412 280,927 BB Seguridade Participacoes SA 1,750,348 241,386 BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros 671,670 45,600 BR Malls Participacoes SA 119,784 135,200 BRF SA 2,396,757 58,100 Centrais Eletricas Brasileiras SA * 76,602 43,837 CETIP SA - Mercados Organizados 362,194 314,911 Cielo SA 2,899,242 207,592 Companhia Energetica de Minas Gerais, Sponsored ADR ‡ 369,514 112,500 Cosan SA Industria e Comercio 568,723 363,900 Cyrela Brazil Realty SA Empreendimentos e Participacoes 755,774 39,000 EDP - Energias do Brasil SA 112,437 210,900 Estacio Participacoes SA 746,792 734,490 Itau Unibanco Holding SA, ADR 4,862,324 864,300 JBS SA 3,646,515 228,700 Lojas Americanas SA 677,149 223,500 Lojas Renner SA 1,032,760 87,000 Porto Seguro SA 657,643 106,800 Raia Drogasil SA 1,048,702 235,386 Souza Cruz SA 1,584,235 110,372 Ultrapar Participacoes SA ______1,851,568 Total Brazil ______46,418,104

Cayman Islands — 6.0% 12,858 Alibaba Group Holding, Ltd., Sponsored ADR * 758,236 1,199,000 ANTA Sports Products, Ltd. 3,129,705 9,202 Autohome, Inc., ADR * ‡ 299,341 5,389 Baidu, Inc., Sponsored ADR * 740,502 2,812,000 Belle International Holdings, Ltd. 2,455,809 8,949 Bitauto Holdings, Ltd., ADR * 266,412 3,580,000 China Resources Cement Holdings, Ltd. 1,625,389 426,000 China Resources Land, Ltd. 1,007,364 255,000 Country Garden Holdings Co., Ltd. ‡ 92,472 444,000 ENN Energy Holdings, Ltd. ‡ 2,145,199 4,147,000 Evergrande Real Estate Group, Ltd. ‡ 2,369,912 1,790,000 Geely Automobile Holdings, Ltd. 858,442 137,000 Kingsoft Corp., Ltd. 270,002 5,621,000 Lee & Man Paper Manufacturing, Ltd. 2,861,652 38,829 NetEase, Inc., ADR 4,664,139 523,448 Sands China, Ltd. 1,588,647 154,500 Shimao Property Holdings, Ltd. 234,453 64,350 Silicon Motion Technology Corp., ADR 1,757,399 1,728,000 Sino Biopharmaceutical, Ltd. 2,146,820

Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities. Mercer Emerging Markets Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) September 30, 2015 (Unaudited)

______Shares Description Value ($)

Cayman Islands — continued 185,500 SOHO China, Ltd. ‡ 72,270 1,555,000 Sunac China Holdings, Ltd. 829,250 1,022,900 Tencent Holdings, Ltd. 17,230,290 39,698 Vipshop Holdings, Ltd., ADR * ‡ 666,926 1,141,000 Want Want China Holdings, Ltd. ‡ 937,569 5,396,500 WH Group, Ltd. * 144A 2,681,281 69,149 WuXi PharmaTech Cayman, Inc., ADR * 2,987,928 6,366,000 Xinyi Solar Holdings, Ltd. ‡ 2,200,243 597,000 Zhen Ding Technology Holding, Ltd. ______1,718,746 Total Cayman Islands ______58,596,398

Chile — 0.9% 28,705,135 Banco de Chile 2,986,252 61,700 Banco Santander Chile, ADR 1,124,174 34,591,387 Banco Santander Chile 1,566,273 44,155 Cencosud SA 85,757 9,357,373 Corpbanca SA 82,352 69,019 Empresas COPEC SA 624,235 1,534,699 Enersis SA 384,956 145,300 Enersis SA, Sponsored ADR 1,836,592 96,487 Latam Airlines Group SA, Sponsored ADR * ‡ ______470,857 Total Chile ______9,161,448

China — 11.4% 5,947,000 Agricultural Bank of China, Ltd. Class H 2,252,552 2,474,000 Air China, Ltd. Class H ¤ 1,990,587 34,953,000 Bank of China, Ltd. Class H 15,129,027 2,207,000 Bank of Communications Co., Ltd. Class H 1,536,037 1,769,000 China Cinda Asset Management Co., Ltd. Class H 616,980 1,336,000 China CITIC Bank Corp., Ltd. Class H * 780,254 1,652,000 China Communications Construction Co., Ltd. Class H 2,046,998 3,144,000 China Communications Services Corp., Ltd. Class H 1,217,301 17,719,000 China Construction Bank Corp. Class H 11,869,022 2,376,000 China Everbright Bank Co., Ltd. Class H 1,034,054 1,286,000 China Life Insurance Co., Ltd. Class H 4,488,902 199,000 China Longyuan Power Group Corp., Ltd. Class H 215,092 1,134,600 China Minsheng Banking Corp., Ltd. Class H 1,050,310 2,486,000 China Petroleum & Chemical Corp. Class H 1,535,414 1,232,000 China Railway Group, Ltd. Class H 1,133,260 1,585,500 China Shenhua Energy Co., Ltd. Class H 2,443,137 1,836,000 China Southern Airlines Co., Ltd. Class H 1,354,382 1,454,000 China Telecom Corp., Ltd. Class H 700,740 623,600 China Vanke Co., Ltd. Class H ‡ 1,333,914 95,100 Dalian Wanda Commercial Properties Co., Ltd. Class H 144A 546,573 3,334,000 Dongfeng Motor Group Co., Ltd. Class H 4,182,077 1,476,000 Great Wall Motor Co., Ltd. Class H ¤ 1,670,504 6,410,000 Huaneng Power International, Inc. Class H 6,971,891 28,889,000 Industrial & Commercial Bank of China Class H 16,748,653 2,088,000 Jiangsu Expressway Co., Ltd. Class H 2,685,185 1,406,000 Jiangxi Copper Co., Ltd. Class H 1,724,389 138,800 New China Life Insurance Co., Ltd. Class H 599,395 3,746,000 People's Insurance Co. Group of China, Ltd. (The) Class H 1,840,443 2,820,760 PICC Property & Casualty Co., Ltd. Class H 5,545,794 1,129,000 Ping An Insurance Group Co. Class H 5,634,953 208,000 Shandong Weigao Group Medical Polymer Co., Ltd. Class H 132,289

______Shares Description Value ($)

China — continued 3,582,500 Sinopec Engineering Group Co., Ltd. Class H 3,132,311 3,670,000 Sinopec Shanghai Petrochemical Co., Ltd. Class H * 1,431,930 526,000 Sinopharm Group Co., Ltd. Class H 1,853,617 817,000 Sinotrans, Ltd. Class H 389,284 75,172 Tsingtao Brewery Co., Ltd. Class H ‡ 331,545 943,000 Weichai Power Co., Ltd. Class H 883,083 528,000 Zhejiang Expressway Co., Ltd. Class H 581,585 298,000 Zhuzhou CSR Times Electric Co., Ltd. Class H ______2,223,911 Total China ______111,837,375

Colombia — 0.1% 204,776 Cementos Argos SA ______626,177

Czech Republic — 0.2% 9,559 Komercni Banka AS ______2,072,662

Denmark — 0.1% 18,092 Carlsberg AS Class B ______1,391,092

Hong Kong — 5.6% 939,800 AIA Group, Ltd. 4,893,110 1,247,000 China Agri-Industries Holdings, Ltd. * ‡ 433,595 206,000 China Everbright International, Ltd. 291,995 360,000 China Everbright, Ltd. 828,795 100,000 China Merchants Holdings International Co., Ltd. 296,023 133,762 China Mobile, Ltd., Sponsored ADR 7,958,839 908,500 China Mobile, Ltd. 10,807,600 1,660,000 China Overseas Land & Investment, Ltd. 5,076,786 248,137 China Resources Enterprise, Ltd. ‡ 462,183 1,874,000 China Resources Power Holdings Co., Ltd. 4,276,394 334,000 CITIC, Ltd. 611,284 191,146 CLP Holdings, Ltd. 1,631,360 7,185,000 CNOOC, Ltd. ‡ 7,437,332 11,736 CNOOC, Ltd., Sponsored ADR ‡ 1,209,747 2,066,000 Far East Horizon, Ltd. 1,610,446 307,998 Link REIT 1,693,746 402,709 Power Assets Holdings, Ltd. 3,821,661 672,000 Shanghai Industrial Holdings, Ltd. 1,493,077 184,000 Sino-Ocean Land Holdings, Ltd. ______100,002 Total Hong Kong ______54,933,975

Hungary — 0.5% 3,142 MOL Hungarian Oil & Gas Plc 137,078 125,815 OTP Bank Nyrt 2,427,150 122,892 Richter Gedeon Nyrt ______1,953,975 Total Hungary ______4,518,203

India — 11.1% 664,372 Aurobindo Pharma, Ltd. 7,820,788 54,248 Bajaj Auto, Ltd. 1,919,908 22,998 Bharat Petroleum Corp., Ltd. 298,142 84,324 Bharti Airtel, Ltd. 435,040

______Shares Description Value ($)

India — continued 299,448 Cipla, Ltd. 2,912,090 176,961 Coal India, Ltd. 878,123 40,264 Colgate-Palmolive India, Ltd. 592,716 86,171 Divi's Laboratories, Ltd. * **** 1,471,890 86,171 Divi's Laboratories, Ltd. 1,471,890 2,770 Dr Reddy's Laboratories, Ltd. 175,660 59,699 Dr. Reddy's Laboratories, Ltd., ADR 3,815,363 1,348 Eicher Motors, Ltd. 366,384 25,827 Godrej Consumer Products, Ltd. 480,277 547,689 HCL Technologies, Ltd. Class T 8,236,754 30,015 HDFC Bank, Ltd. 490,208 85,554 HDFC Bank, Ltd., ADR 5,226,494 5,198 Hero MotoCorp Ltd. 190,004 313,311 Hindustan Unilever, Ltd. 3,902,824 356,697 Housing Development Finance Corp., Ltd. 6,604,324 833,685 ICICI Bank, Ltd. 3,438,786 605,612 Idea Cellular, Ltd. 1,372,160 286,236 Indiabulls Housing Finance, Ltd. 3,498,982 388,209 Infosys, Ltd. 6,890,056 333,861 Infosys, Ltd., Sponsored ADR ‡ 6,373,407 1,176,338 ITC, Ltd. 5,926,851 1,203,749 JSW Energy, Ltd. 1,735,213 129,068 Kotak Mahindra Bank, Ltd. 1,277,233 42,631 Marico, Ltd. 262,994 284,610 Motherson Sumi Systems, Ltd. 1,010,285 8,711 Nestle India, Ltd. 846,076 320,179 Oil & Natural Gas Corp., Ltd. 1,124,477 944,098 Power Finance Corp., Ltd. 3,313,133 25,956 Reliance Industries, Ltd. (London Exchange), GDR 144A 676,387 507,223 Rural Electrification Corp., Ltd. 2,124,123 19,585 State Bank of India, Ltd., Reg S, GDR ‡‡‡ 714,210 342,114 Sun Pharmaceutical Industries, Ltd. 4,551,737 153,751 Tata Consultancy Services, Ltd. 6,061,850 466,489 Tata Motors, Ltd. * 2,124,841 89,300 Tata Motors, Ltd., Sponsored ADR * 2,009,250 62,510 Tata Steel, Ltd. 204,549 43,686 Westlife Development, Ltd. * ¤ 173,446 388,383 Wipro, Ltd. 3,544,409 98,693 Wipro, Ltd., ADR ‡ 1,212,937 49,794 Zee Entertainment Enterprises, Ltd. ______297,900 Total India ______108,054,171

Indonesia — 2.3% 185,300 Astra Agro Lestari Tbk PT 230,538 2,628,100 Astra International Tbk PT 941,249 2,950,461 Bank Central Asia Tbk PT 2,477,355 185,000 Bank Mandiri Persero Tbk PT 100,375 4,170,700 Bank Negara Indonesia Persero Tbk PT 1,181,471 1,568,700 Bank Rakyat Indonesia Persero Tbk PT 931,788 1,687,700 Indofood Sukses Makmur Tbk PT 639,225 13,627,300 Kalbe Farma Tbk PT 1,283,913 785,636 Matahari Department Store Tbk PT 865,565 7,449,300 Perusahaan Gas Negara Persero Tbk PT 1,294,511 2,667,800 Tambang Batubara Bukit Asam Persero Tbk PT 1,027,773 44,800 Telekomunikasi Indonesia Persero Tbk PT, Sponsored ADR 1,597,120 40,723,440 Telekomunikasi Indonesia Persero Tbk PT 7,317,158

______Shares Description Value ($)

Indonesia — continued 697,096 Unilever Indonesia Tbk PT 1,809,342 661,310 United Tractors Tbk PT ______792,810 Total Indonesia ______22,490,193

Luxembourg — 0.1% 109,450 Ternium SA, Sponsored ADR ______1,345,140

Malaysia — 1.5% 2,141,000 AirAsia Bhd 625,646 1,538,500 AMMB Holdings Bhd 1,599,717 564,800 Axiata Group Bhd 745,415 34,705 British American Tobacco Malaysia Bhd 476,966 185,000 Genting Bhd 306,359 1,881,400 Genting Malaysia Bhd 1,778,324 275,000 IJM Corp. Bhd 201,736 347,900 IOI Corp. Bhd 323,478 1,923,725 Malayan Banking Bhd 3,755,166 69,700 MISC Bhd 139,560 547,500 Petronas Chemicals Group Bhd 765,828 290,400 Public Bank Bhd 1,158,834 814,200 Tenaga Nasional Bhd 2,230,534 203,900 UMW Holdings Bhd ______349,137 Total Malaysia ______14,456,700

Malta — 0.1% 69,819 Brait SE * ______710,473

Mexico — 4.2% 513,200 Alfa SAB de CV Class A 995,708 3,224,700 America Movil SAB de CV Series L ‡ 2,673,494 266,806 America Movil SAB de CV Series L, Sponsored ADR ‡ 4,415,639 126,000 Arca Continental SAB de CV 707,817 78,416 Cemex SAB de CV, Sponsored ADR * 548,128 19,300 El Puerto de Liverpool SAB de CV 249,934 370,000 Fibra Uno Administracion SA de CV REIT 762,193 231,100 Fomento Economico Mexicano SAB de CV 2,061,071 102,867 Fomento Economico Mexicano SAB de CV, Sponsored ADR 9,180,880 65,700 Genomma Lab Internacional SAB de CV Class B * 53,966 1,315,200 Gentera SAB de CV ‡ 2,143,527 186,200 Gruma SAB de CV Class B 2,554,561 1,294,626 Grupo GICSA SA de CV * ‡ 1,091,667 1,559,740 Grupo Mexico SAB de CV Series B ‡ 3,763,422 90,800 Grupo Televisa SAB 471,715 93,445 Grupo Televisa SAB, Sponsored ADR 2,431,439 76,876 Industrias Penoles SAB de CV 1,048,844 573,300 OHL Mexico SAB de CV * 737,483 2,302,887 Wal-Mart de Mexico SAB de CV ‡ ______5,667,955 Total Mexico ______41,559,443

Netherlands — 0.1% 29,218 Unilever NV ______1,174,647

______Shares Description Value ($)

Pakistan — 0.1% 379,185 Habib Bank, Ltd. ______715,867

Panama — 0.1% 149,394 Avianca Holdings SA, Sponsored ADR * ______708,128

Peru — 0.0% 12,700 Cia de Minas Buenaventura SA, ADR ______75,692

Philippines — 0.4% 818,490 Aboitiz Equity Ventures, Inc. 1,006,458 1,574,369 Metropolitan Bank & Trust Co. ______2,750,990 Total Philippines ______3,757,448

Poland — 0.8% 2,891 CCC SA 124,841 166,597 Energa SA 740,024 24,080 Eurocash SA 283,397 22,866 KGHM Polska Miedz SA 494,168 218,065 Orange Polska SA 417,454 474,731 PGE Polska Grupa Energetyczna SA 1,686,690 50,170 Polski Koncern Naftowy Orlen SA 874,933 810,321 Polskie Gornictwo Naftowe i Gazownictwo SA 1,391,320 15,562 Powszechny Zaklad Ubezpieczen SA ______1,597,260 Total Poland ______7,610,087

Qatar — 0.7% 42,141 Commercial Bank QSC (The) 653,228 63,055 Doha Bank QSC 869,918 30,592 Industries Qatar QSC 1,033,673 79,780 Qatar National Bank SAQ ______4,113,078 Total Qatar ______6,669,897

Russia — 2.0% 487,555 Gazprom PAO, Sponsored ADR 1,967,956 717,979 Gazprom PAO (OTC Exchange), Sponsored ADR 2,914,995 26,850 LUKOIL PJSC (DTC Shares), Sponsored ADR 914,511 50,065 LUKOIL PJSC (Euroclear Shares), Sponsored ADR 1,703,873 7,226 MegaFon PJSC, Reg S, GDR ‡‡‡ 87,796 227,055 MMC Norilsk Nickel PJSC, ADR 3,262,780 8,429 MMC Norilsk Nickel PJSC, ADR 121,127 189,063 Mobile Telesystems PJSC, Sponsored ADR 1,365,035 7,128 NOVATEK OAO, Reg S, GDR ‡‡‡ 661,133 157,228 Rosneft Oil Co., Reg S, GDR ‡‡‡ 580,171 92,659 Rosneft Oil Co., Reg S, (London Exchange), GDR ‡‡‡ 342,905 61,800 Rostelecom PJSC, Sponsored ADR 484,512 23,052 Severstal PAO, Reg S, GDR ‡‡‡ 244,638 27,072 Sistema JSFC (OTC Exchange), Reg S, GDR ‡‡‡ 186,255 191,091 Sistema JSFC, Reg S, GDR ‡‡‡ 1,317,977 137,124 Surgutneftegas OAO, Sponsored ADR 701,067 74,538 Tatneft PAO, Sponsored ADR 2,083,337

______Shares Description Value ($)

Russia — continued 13,629 Tatneft PAO (London Exchange), Sponsored ADR ______382,146 Total Russia ______19,322,214

South Africa — 4.9% 200,233 Barclays Africa Group, Ltd. 2,469,835 12,264 Capitec Bank Holdings, Ltd. 444,816 778,728 FirstRand, Ltd. 2,774,497 268,606 Foschini Group, Ltd. (The) 2,728,267 437,594 Gold Fields, Ltd. 1,154,798 353,595 Growthpoint Properties, Ltd. 656,647 36,256 Hyprop Investments, Ltd. REIT 316,845 14,135 Imperial Holdings, Ltd. 173,569 178,101 Investec, Ltd. 1,365,464 94,220 Liberty Holdings, Ltd. 861,504 62,126 Life Healthcare Group Holdings, Ltd. 160,252 11,199 Mediclinic International, Ltd. 89,601 773,140 MMI Holdings, Ltd. 1,332,801 59,692 Mondi, Ltd. 1,255,673 29,069 Mr Price Group, Ltd. 406,648 363,395 MTN Group, Ltd. 4,689,067 58,359 Naspers, Ltd. Class N 7,339,179 555,432 Netcare, Ltd. 1,461,705 56,247 Pick n Pay Stores, Ltd. ‡ 269,967 43,025 Rand Merchant Insurance Holdings, Ltd. 129,130 2,859,690 Redefine Properties, Ltd. 2,423,807 149,363 Remgro, Ltd. 2,729,199 29,715 Resilient Property Income Fund, Ltd. REIT 249,809 259,450 RMB Holdings, Ltd. 1,239,359 75,752 Sasol, Ltd. ‡ 2,131,556 54,131 Shoprite Holdings, Ltd. 616,218 157,017 Spar Group, Ltd. (The) 2,103,466 152,513 Standard Bank Group, Ltd. 1,492,708 340,272 Telkom SA SOC, Ltd. 1,639,330 273,252 Truworths International, Ltd. ‡ 1,683,793 722,116 Tsogo Sun Holdings, Ltd. ______1,267,140 Total South Africa ______47,656,650

South Korea — 11.3% 8,842 Amorepacific Corp. 2,885,905 2,447 AMOREPACIFIC Group 338,511 17,600 BNK Financial Group, Inc. 204,233 20,559 Celltrion, Inc. * ‡ 1,187,050 468 CJ CheilJedang Corp. 150,898 1,362 CJ Corp. 302,512 32,041 Coway Co., Ltd. 2,270,627 100,900 Daewoo International Corp. 1,775,815 115,827 Daewoo Securities Co., Ltd. 1,148,804 72,247 Daewoo Shipbuilding & Marine Engineering Co., Ltd. 383,755 89,681 DGB Financial Group, Inc. 797,484 46,115 Dongbu Insurance Co., Ltd. 2,385,596 1,079 E-Mart Co., Ltd. 210,109 29,530 Hana Financial Group, Inc. 659,741 39,306 Hanon Systems Corp. 1,292,225 75,479 Hanwha Corp. 2,488,532 429,880 Hanwha Life Insurance Co., Ltd. 2,958,904

______Shares Description Value ($)

South Korea — continued 2,403 Hyosung Corp. 229,772 16,228 Hyundai Development Co-Engineering & Construction 751,204 96,568 Hyundai Marine & Fire Insurance Co., Ltd. 2,469,990 6,821 Hyundai Mobis Co., Ltd. 1,325,122 22,672 Hyundai Motor Co. 3,153,381 3,194 Hyundai Wia Corp. 350,798 141,371 Kangwon Land, Inc. 5,014,915 138,943 KB Financial Group, Inc. 4,124,449 30,320 Kia Motors Corp. 1,375,318 104,629 Korea Electric Power Corp. 4,307,399 9,467 Korea Zinc Co., Ltd. 3,703,909 72,151 Korean Air Lines Co., Ltd. * 1,896,416 178,947 Korean Reinsurance Co. 2,160,415 35,276 KT&G Corp. 3,325,875 5,617 LG Chem, Ltd. 1,364,855 37,478 LG Corp. 1,918,856 142,383 LG Display Co., Ltd., ADR 1,352,639 2,037 LG Household & Health Care, Ltd. 1,471,480 9,902 Lotte Chemical Corp. 2,274,462 26,980 LS Industrial Systems Co., Ltd. 1,029,769 44,701 Mirae Asset Securities Co., Ltd. ‡ 1,061,040 21,401 NCSoft Corp. 3,431,587 10,832 NH Investment & Securities Co., Ltd. 91,765 1,750 Orion Corp. Republic of South Korea 1,396,784 7,594 POSCO 1,072,072 23,029 S-1 Corp. 1,806,613 1,725 S-Oil Corp. 91,975 10,409 Samsung C&T Corp. * 1,294,559 21,989 Samsung Card Co., Ltd. 669,377 20,767 Samsung Electronics Co., Ltd., GDR * 9,812,407 11,955 Samsung Electronics Co., Ltd. 11,497,084 5,532 Samsung Fire & Marine Insurance Co., Ltd. 1,298,147 13,135 Samsung Life Insurance Co., Ltd. 1,097,297 3,859 Samsung Securities Co., Ltd. 149,215 13,534 Shinhan Financial Group Co., Ltd. 472,748 9,056 Shinsegae Co., Ltd. 1,811,764 85,210 SK Hynix, Inc. 2,435,077 2,914 SK Innovation Co., Ltd. * 243,011 22,458 SK Telecom Co., Ltd. 4,974,382 94,256 Woori Bank ______745,559 Total South Korea ______110,494,188

Taiwan — 12.3% 333,000 Asustek Computer, Inc. 2,861,095 1,535,000 AU Optronics Corp. 451,390 281,000 Catcher Technology Co., Ltd. 3,002,678 534,000 Cheng Shin Rubber Industry Co., Ltd. 872,968 667,915 Chicony Electronics Co., Ltd. 1,544,796 3,169,000 China Airlines, Ltd. * 1,085,191 1,522,000 China Development Financial Holding Corp. 410,120 2,004,820 China Life Insurance Co., Ltd. 1,527,024 1,863,000 China Motor Corp. 1,310,062 2,801,000 Compal Electronics, Inc. 1,592,830 11,430,109 CTBC Financial Holding Co., Ltd. 5,895,943 1,124,000 CTCI Corp. 1,347,232 5,887,741 E.Sun Financial Holding Co., Ltd. 3,465,692

______Shares Description Value ($)

Taiwan — continued 47,000 Eclat Textile Co., Ltd. 743,371 1,304,000 Eva Airways Corp. * 730,287 283,810 Evergreen Marine Corp. Taiwan, Ltd. 119,647 422,000 Far EasTone Telecommunications Co., Ltd. 910,850 109,000 Feng TAY Enterprise Co., Ltd. 679,877 710,030 Foxconn Technology Co., Ltd. 2,050,294 5,609,997 Fubon Financial Holding Co., Ltd. 8,763,009 6,757,005 Hon Hai Precision Industry Co., Ltd. 17,674,375 47,000 HTC Corp. 91,675 4,688,000 Innolux Corp. 1,470,970 2,260,000 Inotera Memories, Inc. * 1,421,461 294,000 Kinsus Interconnect Technology Corp. 564,319 71,000 Largan Precision Co., Ltd. 5,573,937 1,024,174 Lite-On Technology Corp. 935,881 2,058,000 Pegatron Corp. 5,068,401 408,000 Pou Chen Corp. 616,140 1,610,000 Powertech Technology, Inc. 2,921,353 417,291 President Chain Store Corp. 2,601,945 1,186,000 Quanta Computer, Inc. 2,048,779 1,145,060 Radiant Opto-Electronics Corp. 3,571,759 547,000 Realtek Semiconductor Corp. 932,755 633,490 SinoPac Financial Holdings Co., Ltd. 199,049 2,704,000 Taiwan Cement Corp. 2,744,310 4,741,034 Taiwan Semiconductor Manufacturing Co., Ltd. 18,919,122 361,026 Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR 7,491,290 108,000 Teco Electric and Machinery Co., Ltd. 85,356 357,000 Transcend Information, Inc. 901,716 67,015 Uni-President Enterprises Corp. 116,392 791,000 Vanguard International Semiconductor Corp. 903,205 731,000 Wan Hai Lines, Ltd. 460,680 2,016,000 WPG Holdings, Ltd. 1,933,412 5,395,169 Yuanta Financial Holding Co., Ltd. ______2,003,851 Total Taiwan ______120,616,489

Thailand — 2.5% 13,200 Advanced Info Service PCL, NVDR 82,308 261,700 Advanced Info Service PCL (Registered Shares) 1,631,816 17,155 Airports of Thailand PCL Class F 132,920 202,328 Bangkok Bank PCL 888,121 151,500 Bangkok Bank PCL, NVDR 669,288 969,600 Bangkok Dusit Medical Services PCL Class F 495,395 11,000 BEC World PCL, NVDR 9,724 91,900 Bumrungrad Hospital PCL, NVDR 548,326 1,266,900 CP All PCL Class F 1,670,609 291,200 Delta Electronics Thailand PCL, NVDR 707,130 766,400 Indorama Ventures PCL, NVDR 487,627 337,373 Kasikornbank PCL 1,586,033 424,700 Kasikornbank PCL, NVDR 2,005,569 1,999,000 Krung Thai Bank PCL, NVDR 942,870 1,722,000 PTT Global Chemical PCL 2,558,749 1,551,800 PTT Global Chemical PCL, NVDR 2,305,905 185,900 PTT PCL 1,234,031 25,650 Siam Cement PCL (The) 330,040 209,300 Siam Cement PCL (The), NVDR 2,680,987 209,100 Siam Commercial Bank PCL 774,662 50,900 Siam Commercial Bank PCL, NVDR 188,571

______Shares Description Value ($)

Thailand — continued 2,722,000 Thai Beverage PCL Class C ‡ 1,315,705 2,118,500 Thai Union Group PCL, NVDR ______1,076,787 Total Thailand ______24,323,173

Turkey — 1.5% 167,431 Akbank TAS 375,285 2,195,835 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 1,820,813 1,022,199 Eregli Demir ve Celik Fabrikalari TAS 1,260,054 406,734 TAV Havalimanlari Holding AS 3,192,785 244,532 Tofas Turk Otomobil Fabrikasi AS 1,452,666 16,610 Tupras Turkiye Petrol Rafinerileri AS * 406,533 320,154 Turk Hava Yollari AO * 843,373 444,459 Turk Telekomunikasyon AS 875,728 468,406 Turkcell Iletisim Hizmetleri AS 1,633,214 155,825 Turkiye Garanti Bankasi AS 361,983 435,406 Turkiye Halk Bankasi AS 1,453,080 143,960 Turkiye Is Bankasi 224,036 436,873 Turkiye Sise ve Cam Fabrikalari AS ______414,495 Total Turkey ______14,314,045

United Arab Emirates — 0.8% 388,307 Abu Dhabi Commercial Bank PJSC 809,246 4,229,709 Aldar Properties PJSC 2,777,642 1,946,520 Emaar Properties PJSC 3,428,208 299,038 First Gulf Bank PJSC ______1,136,914 Total United Arab Emirates ______8,152,010

United Kingdom — 2.4% 141,227 British American Tobacco Plc 7,784,791 141,466 Mondi Plc 2,972,926 1,289,754 Old Mutual Plc ‡ 3,702,763 13,067 Randgold Resources, Ltd. 770,163 15,571 Randgold Resources, Ltd., ADR ‡ 920,090 82,153 SABMiller Plc 4,642,070 82,166 Wizz Air Holdings Plc * 144A ______2,550,869 Total United Kingdom ______23,343,672

United States — 0.0% 13,900 Southern Copper Corp. ‡ ______371,408 TOTAL COMMON STOCKS (COST $987,317,588) ______872,034,835

PREFERRED STOCKS — 1.0%

Brazil — 0.9% 424,900 Banco Bradesco SA, 4.65% 2,285,653 548,400 Banco do Estado do Rio Grande do Sul, 13.87% 1,129,316 189,600 Bradespar SA, 17.07% 724,222 233,700 Braskem SA, 3.41% 978,360 7,700 Cia Brasileira de Distribuicao Grupo Pao de Acucar, 2.21% 97,286 359,600 Cia Energetica de Sao Paulo, 30.98% 503,916 88,900 Cia Paranaense de Energia, 7.27% 728,712 212,960 Itausa - Investimentos Itau SA, 5.51% 381,857

______Shares Description Value ($)

Brazil — continued 234,100 Oi SA 0.0% 164,025 564,100 Petroleo Brasileiro SA 0.0% 1,025,649 286,600 Vale SA, 10.84% ______958,704 Total Brazil ______8,977,700

Colombia — 0.1% 72,612 Banco Davivienda SA, 3.33% ______564,032 TOTAL PREFERRED STOCKS (COST $18,844,033) ______9,541,732

RIGHTS — 0.0%

South Korea — 0.0% 38,943 Mirae Asset Securities Co., Ltd. * **** ______173,629 TOTAL RIGHTS (COST $210,534) ______173,629 ______Par Value ($) Description Value ($)

SHORT-TERM INVESTMENTS — 12.6%

Bank Deposit — 8.3% 81,215,503 State Street Bank & Trust Euro Time Deposit, 0.01%, due 10/01/15 ______81,215,503

Investment Fund — 0.4% 4,070,000 State Street Institutional Treasury Plus Money Market Fund, Premier Class ***** ______4,070,000

Securities Lending Collateral — 3.9% 37,939,957 State Street Institutional U.S. Government Money Market Fund, Premier Class *** ______37,939,957 TOTAL SHORT-TERM INVESTMENTS (COST $123,225,460) ______123,225,460

TOTAL INVESTMENTS — 102.8% (COST $1,129,597,615) 1,004,975,656 Other Assets and Liabilities (net) — (2.8)% ______(27,164,421)

NET ASSETS — 100.0% $ 977,811,235 ______

Notes to Schedule of Investments:

ADR – American Depository Receipt GDR – Global Depository Receipt NVDR – Non-Voting Depository Receipt REIT – Real Estate Investment Trust * Non-income producing security *** Represents an investment of securities lending cash collateral. ¤ Illiquid security. The total market value of the securities at period end is $3,834,537 which represents 0.4% of net assets. The aggregate tax cost of these securities held at September 30, 2015 was $5,279,880. **** 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 $1,645,519 which represents 0.2% of net assets. The aggregate tax cost of these securities held at September 30, 2015 was $1,440,101.

***** Security has been segregated to cover collateral requirements on open synthetic futures contracts. ‡ 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 $6,455,110 which represents 0.7% of net assets.

A summary of outstanding financial instruments at September 30, 2015 is as follows:

Forward Foreign Currency Contracts

Unrealized Settlement Appreciation ______Date ______Currency ______Counterparty ______Units of Currency ______Value ______(Depreciation)

Buys 12/16/15 BRL Citibank N.A. London 41,519,000 $ 10,158,909 $ (240,084) 12/16/15 CLP Citibank N.A. London 7,259,964,000 10,335,342 (78,396) 12/16/15 COP Citibank N.A. London 32,600,000,000 10,465,100 (75,716) 12/16/15 CZK Citibank N.A. London 230,310,000 9,483,579 (117,952) 12/16/15 HKD Citibank N.A. London 92,575,000 11,944,502 (140) 12/16/15 HUF Citibank N.A. London 4,139,450,000 14,749,506 (51,286) 12/16/15 ILS Citibank N.A. London 46,920,000 11,966,369 61,771 12/16/15 INR Citibank N.A. London 1,161,681,000 17,471,129 262,040 12/16/15 KRW Citibank N.A. London 23,840,000,000 20,065,600 (23,966) 12/16/15 MXN Citibank N.A. London 52,667,000 3,089,423 31,605 12/16/15 MYR Citibank N.A. London 30,629,000 6,934,963 (381,841) 12/16/15 PEN Citibank N.A. London 1,100,000 334,381 5,403 12/16/15 PLN Citibank N.A. London 49,438,000 12,973,213 (48,645) 12/16/15 SGD Citibank N.A. London 13,400,000 9,401,042 (56,647) 12/16/15 THB Citibank N.A. London 84,569,000 2,323,742 2,748 12/16/15 TRY Citibank N.A. London 93,334,000 30,119,090 (250,487) 12/16/15 TWD Citibank N.A. London 45,000,000 1,367,227 (14,633) 12/17/15 ZAR Citibank N.A. London 166,633,000 11,892,414 ______(155,548) $ (1,131,774)______

Sales 12/16/15 BRL Citibank N.A. London 111,952,000 $ 27,392,524 $ 1,336,840 12/16/15 CLP Citibank N.A. London 69,711,000 99,241 775 12/16/15 COP Citibank N.A. London 32,513,000,000 10,437,172 95,864 12/16/15 HKD Citibank N.A. London 42,300,000 5,457,763 (1,522) 12/16/15 HUF Citibank N.A. London 83,814,000 298,642 4,305 12/16/15 IDR Citibank N.A. London 43,853,574,775 2,900,311 69,164 12/16/15 ILS Citibank N.A. London 18,000,000 4,590,679 (6,903) 12/16/15 INR Citibank N.A. London 413,563,000 6,219,791 (90,422) 12/16/15 KRW Citibank N.A. London 23,695,707,000 19,944,152 (60,753) 12/16/15 MXN Citibank N.A. London 739,614,000 43,385,432 263,061 12/16/15 MYR Citibank N.A. London 3,400,000 769,822 17,514 12/16/15 PEN Citibank N.A. London 500,000 151,991 (2,781) 12/16/15 PHP Citibank N.A. London 352,100,000 7,498,141 (43,012) 12/16/15 PLN Citibank N.A. London 17,978,000 4,717,675 45,757 12/16/15 SGD Citibank N.A. London 3,246,000 2,277,297 20,115 12/16/15 THB Citibank N.A. London 124,304,000 3,415,559 35

12/16/15 TRY Citibank N.A. London 14,593,000 4,709,193 13,281 12/16/15 TWD Citibank N.A. London 48,879,000 1,485,082 15,299 12/17/15 ZAR Citibank N.A. London 117,400,000 8,378,709 ______159,267 $ 1,835,884______

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 SGD – Singapore Dollar THB – Thai Baht TRY – New Turkish Lira TWD – Taiwan Dollar ZAR – South African Rand

Futures Contracts

Unrealized Number of Appreciation ______Contracts ______Type ______Expiration Date ______Contract Value ______(Depreciation)

Buys 194 BIST 30 Index October 2015 $ 589,481 $ 10,828 220 FTSE Bursa Malaysia KLCI Index October 2015 4,010,123 24,568 173 H-shares Index October 2015 10,465,874 (232,175) 91 KOSPI 200 Index December 2015 9,074,665 279,119 1,166 MSCI Emerging Markets E-mini Index December 2015 46,121,130 (540,255) 105 MSCI Singapore Index October 2015 4,615,303 (35,784) 494 SET50 Index December 2015 2,325,523 ______(46,069) $ ______(539,768)

Sales 257 FTSE/JSE Top 40 Index December 2015 $ 8,418,901 $ (231,432) 76 Mexico Bolsa Index December 2015 1,912,204 13,657 789 SGX CNX Nifty Index October 2015 12,586,128 ______35,441 $ ______(182,334)

Synthetic Futures

Number of Contracts Long Expiration ______(Short) ______Reference Entity ______Date ______Counterparty ______Notional Value ______Value 13,600 Goldman Sachs & Tel Aviv 25 Index 10/30/2015 Co. $ 5,560,186 $ (328,145) 16,700 Goldman Sachs & MSCI Taiwan Index 10/29/2015 Co. 5,030,947 4,104 9,000,000 Goldman Sachs & KOSPI 200 Index 12/10/2015 Co. 1,802,600 (3,971) (780) Goldman Sachs & Warsaw WIG 20 Index 12/18/2015 Co. (451,161) (495) (284) Goldman Sachs & SGX CNX NIFTY Index 10/29/2015 Co. (2,223,491) (41,693) 1,416 MSCI Daily Total Return Net Turkey Goldman Sachs & Index 12/15/2015 Co. 408,330 5,958 9,150 Goldman Sachs & Hang Seng China Enterprises Index 10/29/2015 Co. 11,178,893 (108,432) 367 Goldman Sachs & Brazil Bovespa Stock Index 10/14/2015 Co. 5,288,374 (449,193) 14,000 Goldman Sachs & BIST 30 Index 10/30/2015 Co. 445,769 ______(4,143) $ (926,010) ______

Industry Sector Summary (Unaudited) % of Net Assets Banks 13.0 Diversified Financial Services 6.4 Semiconductors 6.1 Telecommunications 6.1 Insurance 4.7 Electronics 3.7 Beverages 3.3 Electric 3.3 Oil & Gas 3.2 Retail 3.2 Pharmaceuticals 3.1 Internet 3.0 Computers 2.8 Real Estate 2.7 Food 2.3 Agriculture 2.0 Auto Manufacturers 1.9 Mining 1.9 Software 1.5 Commercial Services 1.4 Chemicals 1.3 Airlines 1.2 Media 1.0 Holding Companies - Diversified 0.9 Building Materials 0.7 Engineering & Construction 0.7 Household Products & Wares 0.7 Cosmetics & Personal Care 0.6 Miscellaneous - Manufacturing 0.6 Auto Parts & Equipment 0.5 Distribution & Wholesale 0.5 Entertainment 0.5 Forest Products & Paper 0.5 Lodging 0.5 Coal 0.4 Health Care - Services 0.4 Apparel 0.3 Electrical Components & Equipment 0.3 Gas 0.3 Iron & Steel 0.3 Metal Fabricate & Hardware 0.3 Oil & Gas Services 0.3 Packaging & Containers 0.3 REITS 0.3 Energy-Alternate Sources 0.2 Environmental Control 0.2 Home Furnishings 0.2 Leisure Time 0.2

Biotechnology 0.1 Home Builders 0.1 Housewares 0.1 Machinery - Construction & Mining 0.1 Health Care - Products 0.0 Investment Companies 0.0 Machinery - Diversified 0.0 Shipbuilding 0.0 Transportation 0.0 Short-Term Investments and Other Assets and Liabilities (net) ______9.8 100.0% ______

Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities.