Mercer US Small/Mid Cap Value Equity Fund Schedule of Investments (showing percentage of net assets) March 31, 2014

Transcription

1 Schedule of Investments COMMON STOCKS 98.1% Aerospace & Defense 1.8% 14,325 AAR Corp. 371,734 6,570 Alliant Techsystems, Inc. 933,925 28,175 Astronics Corp. * 1,786, ,081 Orbital Sciences Corp. * 4,019,860 7,112,096 Airlines 0.5% 225,100 JetBlue Airways Corp. * 1,956,119 Apparel 1.3% 137,810 Ascena Retail Group, Inc. * 2,381,357 33,875 Hanesbrands, Inc. 2,590,760 Auto Parts & Equipment 0.5% 4,972,117 37,175 Allison Transmission Holdings, Inc. 1,113,019 29,850 Tower International, Inc. * 812,517 Banks 4.8% 1,925, ,775 Huntington Bancshares, Inc. 3,636,807 50,900 MB Financial, Inc. 1,575,864 47,806 PrivateBancorp, Inc. 1,458,561 13,459 Prosperity Bancshares, Inc. 890,313 82,650 Regions Financial Corp. 918,241 46,976 Texas Capital Bancshares, Inc. * 3,050,621 51,675 United Community Banks, Inc. * 1,003, ,083 Webster Financial Corp. 3,201, ,505 Western Alliance Bancorp * 2,841,423 Biotechnology 1.2% 18,576,600 24,090 Bio-Rad Laboratories, Inc. Class A * 3,086,411 40,826 Myriad Genetics, Inc. * 1,395,841 Building Materials 0.9% 4,482,252 20,465 Drew Industries, Inc. 1,109, ,105 Louisiana-Pacific Corp. * 2,329,831 Chemicals 1.8% 3,439,034 69,567 American Vanguard Corp. 1,506,126 51,550 Huntsman Corp. 1,258,851 30,754 Innophos Holdings, Inc. 1,743,752 57,638 Intrepid Potash, Inc. * 891,083 63,141 Kraton Performance Polymers, Inc. * 1,650,506 7,050,318

2 Coal 0.5% 51,866 Cloud Peak Energy, Inc. * 1,096,447 59,100 Peabody Energy Corp. 965,694 Commercial Services 5.2% 2,062,141 58,775 ABM Industries, Inc. 1,689,193 88,420 ADT Corp. (The) 2,648,179 74,850 AMN Healthcare Services, Inc. * 1,028, ,688 Convergys Corp. 2,468,994 38,815 Euronet Worldwide, Inc. * 1,614,316 65,249 Geo Group (The), Inc. 2,103,628 62,996 Insperity, Inc. 1,951,616 49,245 Korn/Ferry International * 1,466,024 10,000 Manpower, Inc. 788,300 44,786 Rent-A-Center, Inc. 1,191,308 61,400 RR Donnelley & Sons Co. 1,099,060 19,050 Sotheby's 829,627 53,714 SP Plus Corp. * 1,411,067 Computers 1.0% 20,289,751 10,765 DST Systems, Inc. 1,020,414 16,888 j2 Global, Inc. 845,244 66,750 Logitech International SA 993,908 60,810 Sykes Enterprises, Inc. * 1,208,295 Cosmetics & Personal Care 1.8% 4,067, ,941 Elizabeth Arden, Inc. * 4,719,859 61,209 Inter Parfums, Inc. 2,216,378 Distribution & Wholesale 1.0% 6,936,237 67,120 Owens & Minor, Inc. 2,351,214 20,610 WESCO International, Inc. * 1,715,164 Diversified Financial Services 2.5% 4,066,378 44,784 Blackhawk Network Holdings, Inc. * 1,092,282 52,200 Eaton Vance Corp. 1,991,952 28,470 Outerwall, Inc. * 2,064,075 71,850 Raymond James Financial, Inc. 4,018,570 9,190 Waddell & Reed Financial, Inc. Class A 676,568 Electric 1.7% 9,843,447 72,900 AES Corp. 1,041,012 55,807 Ameren Corp. 2,299,248 28,575 Cleco Corp. 1,445,324 57,125 CMS Energy Corp. 1,672,620 6,458,204

3 Electrical Components & Equipment 1.5% 46,525 Advanced Energy Industries, Inc. * 1,139,862 16,350 EnerSys 1,132,892 40,700 Generac Holdings, Inc. 2,400,079 31,519 Universal Display Corp. * 1,005,771 Electronics 2.6% 5,678,604 59,395 Coherent, Inc. * 3,881,464 36,302 Cubic Corp. 1,853,943 18,250 Dolby Laboratories, Inc. Class A * 812,125 78,475 Stoneridge, Inc. * 881,274 66,885 Woodward, Inc. 2,777,734 10,206,540 Energy-Alternate Sources 0.2% 12,295 First Solar, Inc. * 858,068 Engineering & Construction 0.3% 167,236 McDermott International, Inc. * 1,307,786 Entertainment 1.7% 27,125 Ascent Capital Group, Inc. Class A * 2,049, ,140 International Game Technology 1,661,048 56,867 International Speedway Corp. Class A 1,932,909 20,520 Madison Square Garden, Inc. * 1,165,126 Environmental Control 0.7% 6,808,377 43,923 Nuverra Environmental Solutions, Inc. * 891,198 74,050 Progressive Waste Solutions, Ltd. 1,874,205 Food 2.2% 2,765,403 12,555 Hormel Foods Corp. 618,585 19,621 Industrias Bachoco, S.A.B., Sponsored ADR 856,457 18,263 Ingles Markets, Inc. 435,025 15,300 Pilgrim's Pride Corp. * 320,076 53,780 Pinnacle Foods, Inc. 1,605, ,850 SUPERVALU, Inc. * 1,708,974 30,003 TreeHouse Foods, Inc. * 2,159,916 26,969 Village Super Market, Inc. Class A 711,981 Forest Products & Paper 2.6% 8,416,885 68,427 Clearwater Paper Corp. * 4,288,320 27,714 Deltic Timber Corp. 1,807,784 4,941 Domtar Corp. 554, ,668 Glatfelter 3,339,023 9,989,606

4 Gas 0.7% 55,808 Atmos Energy Corp. 2,630,231 Hand & Machine Tools 0.2% 12,050 Regal-Beloit Corp. 876,156 Health Care - Products 2.6% 131,250 Bruker Corp. * 2,991,188 12,325 ICU Medical, Inc. * 738, ,056 Nordion, Inc. * 3,295,365 35,800 NuVasive, Inc. * 1,375,078 23,920 Orthofix International NV * 721,188 22,432 STERIS Corp. 1,071,128 10,191,968 Health Care - Services 1.4% 22,000 Centene Corp. * 1,369,500 43,839 Ensign Group (The), Inc. 1,913,134 24,425 Universal Health Services, Inc. Class B 2,004,560 5,287,194 Home Builders 0.5% 84,650 D.R. Horton, Inc. 1,832,672 Home Furnishings 1.1% 22,310 Harman International Industries, Inc. 2,373, ,350 TiVo, Inc. * 1,724,530 Insurance 7.3% 4,098,314 4,927 Alleghany Corp. * 2,007,161 78,170 Axis Capital Holdings, Ltd. 3,584,095 5,250 Everest Re Group, Ltd. 803, ,925 Genworth Financial, Inc. Class A * 1,931,240 53,852 HCC Insurance Holdings, Inc. 2,449, ,114 ING US, Inc. 3,667,405 26,590 Lincoln National Corp. 1,347,315 14,742 Navigators Group, Inc. * 905,011 16,521 PartnerRe, Ltd. 1,709,924 57,811 Reinsurance Group of America, Inc. 4,603,490 27,904 Validus Holdings, Ltd. 1,052,260 7,348 White Mountains Insurance Group, Ltd. 4,408,065 28,469,206 Internet 1.3% 20,925 F5 Networks, Inc. * 2,231, ,275 Orbitz Worldwide, Inc. * 1,060,556 54,525 Web.com Group, Inc. * 1,855,486 5,147,274

5 Investment Company 0.4% 45,215 Capital Southwest Corp. 1,569,865 Iron & Steel 0.3% 189,875 Gerdau SA, Sponsored ADR 1,217,099 Leisure Time 0.5% 32,725 Royal Caribbean Cruises, Ltd. 1,785,476 Lodging 0.3% 51,210 MGM Resorts International * 1,324,291 Machinery - Construction & Mining 0.2% 13,800 Terex Corp. 611,340 Machinery - Diversified 0.6% 64,587 Albany International Corp. Class A 2,295,422 Media 1.1% 84,700 Cumulus Media, Inc. Class A * 585,277 82,775 Entravision Communications Corp. 554,592 67,300 Gannett Co., Inc. 1,857,480 55,500 Gray Television, Inc. * 575,535 33,875 New York Times Co. (The) Class A 579,940 Mining 0.5% 4,152, ,931 AuRico Gold, Inc. 795, ,900 Century Aluminum Co. * 1,346,099 Miscellaneous - Manufacturing 3.0% 2,141,849 1,290 Brink's Co. (The) 36, ,148 Griffon Corp. 2,174,847 35,650 ITT Corp. 1,524, ,762 Orkla ASA, Sponsored ADR 4,649,165 18,975 SPX Corp. 1,865,432 45,007 Trimas Corp. * 1,494,232 Office & Business Equipment 0.9% 11,744,900 46,225 Avery Dennison Corp. 2,342,221 50,150 Pitney Bowes, Inc. 1,303,398 Oil & Gas 6.3% 3,645,619 48,177 Carrizo Oil & Gas, Inc. * 2,575,542 34,500 Cimarex Energy Co. 4,109,295 90,200 Comstock Resources, Inc. 2,061, ,607 Denbury Resources, Inc. 3,027,555

6 Oil & Gas continued 210,383 Miller Energy Resources, Inc. * 1,237,052 41,150 Murphy USA, Inc. * 1,670, ,914 Ocean Rig UDW, Inc. * 1,813, ,320 Parker Drilling Co. * 1,172, ,975 PBF Energy, Inc. Class A 2,630, ,550 Vaalco Energy, Inc. * 987,952 24,630 Whiting Petroleum Corp. * 1,709,076 91,654 WPX Energy, Inc. * 1,652,522 Oil & Gas Services 0.6% 24,646,466 36,361 MRC Global, Inc. * 980, ,720 TETRA Technologies, Inc. * 1,532,416 Packaging & Containers 0.5% 2,512, ,335 Graphic Packaging Holding Co. * 1,334,364 22,975 Owens-Illinois, Inc. * 777,244 2,111,608 Pharmaceuticals 1.5% 23,150 Anika Therapeutics, Inc. * 951,465 19,800 Jazz Pharmaceuticals Plc * 2,745,864 31,865 Mallinckrodt Plc * 2,020,560 5,717,889 Pipelines 0.7% 39,698 National Fuel Gas Co. 2,780,448 Real Estate 2.2% 57,950 CBRE Group, Inc. * 1,589,569 85,030 Forest City Enterprises, Inc. Class A * 1,624, ,613 Forestar Group, Inc. * 3,820,111 62,490 Hilltop Holdings, Inc. * 1,486,637 REITS 3.8% 8,520, ,225 BioMed Realty Trust, Inc. REIT 3,119, ,700 Brandywine Realty Trust REIT 2,179, ,994 CBL & Associates Properties, Inc. REIT 2,893,143 91,709 DuPont Fabros Technology, Inc. REIT 2,207,436 83,500 Liberty Property Trust REIT 3,086, ,900 Strategic Hotels & Resorts, Inc. REIT * 1,170,831 Retail 4.0% 14,655,782 54,118 Abercrombie & Fitch Co. Class A 2,083,543 50,070 Big Lots, Inc. * 1,896,151 77,018 Bob Evans Farms, Inc. 3,853,210 18,380 Childrens Place Retail Stores (The), Inc. 915,508 6,920 Dillard's, Inc. Class A 639,408

7 Retail continued 85,630 Pep Boys - Manny, Moe & Jack (The) * 1,089, ,825 Rite Aid Corp. * 1,666,723 42,800 Stage Stores, Inc. 1,046,460 21,440 Texas Roadhouse, Inc. Class A 559, ,313 Wendy's Co. (The) 1,781,254 15,530,626 Savings & Loans 0.3% 59,253 Dime Community Bancshares 1,006,116 Semiconductors 6.4% 77,675 GT Advanced Technologies, Inc. * 1,324, ,250 International Rectifier Corp. * 4,884,050 36,475 Lam Research Corp. * 2,006, ,572 Microsemi Corp. * 5,070,377 59,504 MKS Instruments, Inc. 1,778, ,925 ON Semiconductor Corp. * 2,227,095 92,544 Rovi Corp. * 2,108, ,790 Teradyne, Inc. * 5,306,453 24,705,186 Shipbuilding 0.4% 15,800 Huntington Ingalls Industries, Inc. 1,615,708 Software 1.8% 87,280 CSG Systems International, Inc. 2,272,771 32,875 Electronic Arts, Inc. * 953,704 27,550 PTC, Inc. * 976,096 37,719 Schawk, Inc. 754,003 60,400 VeriFone Systems, Inc. * 2,042,728 Telecommunications 2.6% 6,999,302 17,980 Atlantic Tele-Network, Inc. 1,185,242 82,525 Finisar Corp. * 2,187,738 85,000 JDS Uniphase Corp. * 1,190,000 23,725 Level 3 Communications, Inc. * 928,596 71,245 NeuStar, Inc. Class A * 2,316,175 85,258 Telephone & Data Systems, Inc. 2,234,612 10,042,363 Textiles 0.6% 21,266 UniFirst Corp. 2,337,984 Transportation 4.0% 192,976 Air Transport Services Group, Inc. * 1,514,862 67,125 Arkansas Best Corp. 2,480,269 38,542 Forward Air Corp. 1,777,172 42,300 GasLog, Ltd. 985,167 37,770 Heartland Express, Inc. 857,001 63,588 Marten Transport, Ltd. 1,368,414

8 Transportation continued 99,250 Safe Bulkers, Inc. 944,860 94,275 Swift Transportation Co. * 2,333,306 76,675 Tsakos Energy Navigation, Ltd. 594,998 82,980 UTi Worldwide, Inc. 878,758 65,520 Werner Enterprises, Inc. 1,671,415 Trucking & Leasing 0.6% 15,406,222 70,872 Aircastle, Ltd. 1,373,499 20,750 Greenbrier Cos. (The), Inc. * 946,200 2,319,699 Water 0.6% 86,402 PICO Holdings, Inc. * 2,245,588 TOTAL COMMON STOCKS (COST $345,170,008) 381,445,146 Par Value ($) Description Value ($) SHORT-TERM INVESTMENTS 8.1% Bank Deposit 1.5% 5,717,334 State Street Bank & Trust Euro Time Deposit, 0.01%, due 04/01/14 5,717,334 Securities Lending Collateral 6.6% 25,511,034 State Street Navigator Securities Lending Prime Portfolio *** 25,511,034 TOTAL SHORT-TERM INVESTMENTS (COST $31,228,368) 31,228,368 TOTAL INVESTMENTS 106.2% (COST $376,398,376) 412,673,514 Other Assets and Liabilities (net) (6.2)% (23,961,840) NET ASSETS 100.0% $ 388,711,674 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 year end is $754,003 which represents 0.2% of net assets. The aggregate tax cost of these securities held at was $559,758. *** Represents an investment of securities lending cash collateral.

9 Asset Class Summary (Unaudited) % of Net Assets Common Stocks 98.1 Short-Term Investments 8.1 Other Assets and Liabilities (net) (6.2) 100.0%