Mercer US Large Cap Growth Equity Fund Schedule of Investments (Showing Percentage of Net Assets) March 31, 2014
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Mercer US Large Cap Growth Equity Fund Schedule of Investments (showing percentage of net assets) March 31, 2014 _____________________________________________________________________________Shares Description Value ($) COMMON STOCKS — 98.1% Aerospace & Defense — 0.6% 8,452 Boeing Co. (The) 1,060,641 9,950 United Technologies Corp. ____________1,162,558 ____________2,223,199 Agriculture — 3.8% 96,914 Monsanto Co. 11,025,906 29,910 Philip Morris International, Inc. ____________2,448,731 ____________13,474,637 Airlines — 0.5% 53,798 Delta Air Lines, Inc. ____________1,864,101 Apparel — 2.1% 66,901 NIKE, Inc. Class B 4,941,308 16,601 Ralph Lauren Corp. ____________2,671,599 ____________7,612,907 Auto Manufacturers — 0.5% 48,973 General Motors Co. ____________1,685,651 Auto Parts & Equipment — 0.3% 19,400 BorgWarner, Inc. ____________1,192,518 Banks — 1.1% 34,959 Comerica, Inc. 1,810,876 45,856 Wells Fargo & Co. ____________2,280,878 ____________4,091,754 Beverages — 0.9% 60,475 Coca-Cola Co. (The) 2,337,963 9,740 PepsiCo, Inc. ____________813,290 ____________3,151,253 Biotechnology — 4.9% 24,000 Alexion Pharmaceuticals, Inc. * 3,651,120 12,500 Amgen, Inc. 1,541,750 18,145 Biogen Idec, Inc. * 5,550,011 23,346 Celgene Corp. * 3,259,102 12,900 Incyte Corp. * 690,408 9,300 Regeneron Pharmaceuticals, Inc. * ____________2,792,604 ____________17,484,995 Chemicals — 1.9% 19,420 Ecolab, Inc. 2,097,166 10,192 LyondellBasell Industries NV Class A 906,476 7,157 PPG Industries, Inc. 1,384,593 5,268 Praxair, Inc. 689,950 Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities. Mercer US Large Cap Growth Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) March 31, 2014 _____________________________________________________________________________Shares Description Value ($) Chemicals — continued 8,373 Sherwin-Williams Co. (The) ____________1,650,570 ____________6,728,755 Commercial Services — 4.6% 8,460 Alliance Data Systems Corp. * 2,304,927 20,250 Mastercard, Inc. Class A 1,512,675 4,900 McKesson Corp. 865,193 54,149 Visa, Inc. Class A ____________11,688,603 ____________16,371,398 Computers — 3.2% 19,385 Apple, Inc. 10,404,705 22,800 Cognizant Technology Solutions Corp. Class A * ____________1,153,908 ____________11,558,613 Cosmetics & Personal Care — 0.5% 8,100 Estee Lauder Cos. (The), Inc. Class A 541,728 15,412 Procter & Gamble Co. (The) ____________1,242,207 ____________1,783,935 Distribution & Wholesale — 0.5% 35,365 Fastenal Co. ____________1,744,202 Diversified Financial Services — 4.1% 27,808 American Express Co. 2,503,554 5,520 BlackRock, Inc. 1,735,930 120,400 Charles Schwab Corp. (The) 3,290,532 25,618 CIT Group, Inc. 1,255,794 9,424 IntercontinentalExchange Group, Inc. 1,864,350 16,300 JPMorgan Chase & Co. 989,573 36,900 Morgan Stanley 1,150,173 17,345 Raymond James Financial, Inc. 970,106 13,465 T. Rowe Price Group, Inc. ____________1,108,843 ____________14,868,855 Electric — 0.9% 26,431 Dominion Resources, Inc. 1,876,337 13,573 NextEra Energy, Inc. ____________1,297,850 ____________3,174,187 Food — 1.1% 18,269 Kraft Foods Group, Inc. Class A 1,024,891 26,585 Unilever NV 1,093,175 34,501 Whole Foods Market, Inc. ____________1,749,546 ____________3,867,612 Health Care - Products — 1.2% 5,100 Intuitive Surgical, Inc. * 2,233,749 Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities. Mercer US Large Cap Growth Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) March 31, 2014 _____________________________________________________________________________Shares Description Value ($) Health Care - Products — continued 21,412 Johnson & Johnson ____________2,103,301 ____________4,337,050 Health Care - Services — 0.9% 14,118 DaVita HealthCare Partners, Inc. * 972,025 26,873 UnitedHealth Group, Inc. ____________2,203,317 ____________3,175,342 Insurance — 0.3% 10,427 Aon Plc ____________878,787 Internet — 15.5% 31,401 Amazon.Com, Inc. * 10,567,065 29,935 Baidu, Inc., Sponsored ADR * 4,561,495 17,010 Check Point Software Technologies, Ltd. * 1,150,386 41,379 eBay, Inc. * 2,285,776 82,500 Facebook, Inc. Class A * 4,969,800 15,793 Google, Inc. Class A * 17,601,457 18,760 LinkedIn Corp. Class A * 3,469,474 740 Netflix, Inc. * 260,502 6,928 priceline.com, Inc. * 8,257,414 31,600 Splunk, Inc. * 2,259,084 3,300 TripAdvisor, Inc. * ____________298,947 ____________55,681,400 Lodging — 1.3% 38,800 Hilton Worldwide Holdings, Inc. * 862,912 36,000 Las Vegas Sands Corp. 2,908,080 3,300 Wynn Resorts, Ltd. ____________733,095 ____________4,504,087 Machinery - Diversified — 0.2% 4,314 Rockwell Automation, Inc. ____________537,309 Media — 4.0% 19,900 CBS Corp. Class B 1,229,820 53,137 Comcast Corp. Class A 2,657,913 35,800 Liberty Global Plc Series C * 1,457,418 50,122 Nielsen Holdings NV 2,236,945 106,039 Twenty-First Century Fox, Inc. 3,390,067 40,295 Walt Disney Co. (The) ____________3,226,420 ____________14,198,583 Metal Fabricate & Hardware — 1.4% 20,321 Precision Castparts Corp. ____________5,136,336 Miscellaneous - Manufacturing — 3.0% 75,248 Danaher Corp. 5,643,600 31,407 Eaton Corp. Plc 2,359,294 35,200 General Electric Co. 911,328 Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities. Mercer US Large Cap Growth Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) March 31, 2014 _____________________________________________________________________________Shares Description Value ($) Miscellaneous - Manufacturing — continued 21,143 Honeywell International, Inc. ____________1,961,224 ____________10,875,446 Oil & Gas — 2.9% 29,037 Noble Energy, Inc. 2,062,788 17,821 Occidental Petroleum Corp. 1,698,163 3,800 Pioneer Natural Resources Co. 711,132 36,384 Range Resources Corp. 3,018,781 64,400 Southwestern Energy Co. * ____________2,963,044 ____________10,453,908 Oil & Gas Services — 3.7% 18,342 Cameron International Corp. * 1,132,985 40,600 FMC Technologies, Inc. * 2,122,974 31,600 National Oilwell Varco, Inc. 2,460,692 78,845 Schlumberger, Ltd. ____________7,687,388 ____________13,404,039 Pharmaceuticals — 6.1% 27,562 Abbott Laboratories 1,061,413 8,553 Allergan, Inc. 1,061,427 53,071 BioMarin Pharmaceutical, Inc. * 3,619,973 57,816 Bristol-Myers Squibb Co. 3,003,541 37,654 Express Scripts Holding Co. * 2,827,439 67,111 Gilead Sciences, Inc. * 4,755,486 17,991 Perrigo Co. Plc 2,782,488 29,069 Pfizer, Inc. 933,696 16,919 Teva Pharmaceutical Industries, Ltd., Sponsored ADR 894,000 36,300 Zoetis, Inc. ____________1,050,522 ____________21,989,985 Pipelines — 0.3% 38,088 Kinder Morgan, Inc. ____________1,237,479 REITS — 0.4% 19,400 American Tower Corp. REIT ____________1,588,278 Retail — 11.1% 7,820 Chipotle Mexican Grill, Inc. * 4,442,151 38,139 Costco Wholesale Corp. 4,259,363 71,881 CVS Caremark Corp. 5,381,012 20,200 Dollar General Corp. * 1,120,696 12,981 Family Dollar Stores, Inc. 753,028 24,376 Home Depot, Inc. (The) 1,928,873 65,714 Lowe's Cos., Inc. 3,213,415 17,369 McDonald's Corp. 1,702,683 24,941 Michael Kors Holdings, Ltd. * 2,326,247 15,499 Nordstrom, Inc. 967,912 6,883 O'Reilly Automotive, Inc. * 1,021,368 3,814 Panera Bread Co. Class A * 673,057 15,323 Ross Stores, Inc. 1,096,361 95,142 Starbucks Corp. 6,981,520 Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities. Mercer US Large Cap Growth Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) March 31, 2014 _____________________________________________________________________________Shares Description Value ($) Retail — continued 26,336 Ulta Salon Cosmetics & Fragrance, Inc. * 2,567,233 19,406 Wal-Mart Stores, Inc. ____________1,483,201 ____________39,918,120 Semiconductors — 2.8% 48,400 Applied Materials, Inc. 988,328 82,100 ARM Holdings Plc, Sponsored ADR 4,184,637 37,940 ASML Holding NV, ADR 3,542,078 29,226 Texas Instruments, Inc. ____________1,378,006 ____________10,093,049 Software — 6.4% 11,900 athenahealth, Inc. * 1,906,856 61,500 Cerner Corp. * 3,459,375 22,022 Informatica Corp. * 831,991 11,748 Intuit, Inc. 913,172 51,821 Microsoft Corp. 2,124,143 97,443 Oracle Corp. 3,986,393 105,800 Salesforce.com, Inc. * 6,040,122 8,900 ServiceNow, Inc. * 533,288 22,242 VMware, Inc. Class A * 2,402,581 6,975 Workday, Inc. Class A * ____________637,724 ____________22,835,645 Telecommunications — 2.8% 17,669 Crown Castle International Corp. 1,303,619 37,625 Juniper Networks, Inc. * 969,220 56,332 QUALCOMM, Inc. 4,442,341 14,200 SBA Communications Corp. Class A * 1,291,632 39,129 Verizon Communications, Inc. ____________1,861,367 ____________9,868,179 Transportation — 2.3% 4,470 Genesee & Wyoming, Inc. Class A * 435,020 42,200 Union Pacific Corp. ____________7,919,252 ____________8,354,272 TOTAL COMMON STOCKS (COST $264,546,422) ____________351,945,866 _____________________________________________________________________________Par Value ($) Description Value ($) SHORT-TERM INVESTMENTS — 1.3% Bank Deposit — 1.3% 4,741,760 State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14 ____________4,741,760 TOTAL SHORT-TERM INVESTMENTS (COST $4,741,760) ____________4,741,760 Security level holdings are estimated and unaudited. Participants own shares of the respective funds and not the underlying securities. Mercer US Large Cap Growth Equity Fund Schedule of Investments (Continued) (showing percentage of net assets) March 31, 2014 TOTAL INVESTMENTS — 99.4% (COST $269,288,182) 356,687,626 Other Assets and Liabilities (net) — 0.6% ____________2,174,610 NET ASSETS — 100.0% $ 358,862,236 ____________ Notes to Schedule of Investments: ADR – American Depository Receipt REIT – Real Estate Investment Trust * Non-income producing security Security level holdings are estimated and unaudited.