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)
Registrants 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 |
Kohls Corp. |
888,955 | ||||||||
42,148 |
Lowes Cos., Inc. |
1,497,097 | ||||||||
19,638 |
McDonalds Corp. |
1,732,268 | ||||||||
20,600 |
Michael Kors Holdings, Ltd.* |
1,051,218 | ||||||||
20,057 |
OReilly 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 |
Moodys 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)
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)
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 |
Carters, 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 |
Dicks 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 |
Pilgrims 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 dAlene 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 |
Brinks 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)
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 |
Chicos FAS, Inc. |
203,060 | ||||||||
7,800 |
Childrens Place Retail Stores (The), Inc.* |
345,462 | ||||||||
75,700 |
Dennys Corp.* |
369,416 | ||||||||
11,375 |
Dillards, Inc. Class A |
952,884 | ||||||||
106,000 |
Foot Locker, Inc. |
3,404,720 | ||||||||
74,180 |
Freds, 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 |
Kirklands, 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 dellEmilia 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)
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)
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 |
Wendys 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 Intl 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 |
Macys Retail Holdings, Inc., 6.65%, due 07/15/24 |
3,436,342 | ||||||||
600,000 |
Macys 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%,
|
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 $1,003,209,471) |
1,051,235,327 | |||||||||
|
|
86 | See accompanying Notes to the Schedule of Investments. |
Mercer Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2012 (Unaudited)
See accompanying Notes to the Schedule of Investments. | 87 |
Mercer Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2012 (Unaudited)
88 | See accompanying Notes to the Schedule of Investments. |
Mercer Core Opportunistic Fixed Income Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2012 (Unaudited)
Par Value** | Description | Value ($) | ||||||||
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
|
Deliver/Receive |
Counterparty |
Units of
|
Value |
Net
|
|||||||||||||||
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
|
Type |
Expiration Date |
Contract
|
Net
|
||||||||||||||
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
|
Bank of America Securities LLC | 1,200,000 | $ | 8,280 | $ | (29,911 | ) | |||||||||||||
PUT OTC 5-Year Interest Rate Swaption
|
Bank of America Securities LLC | 1,200,000 | 28,560 | (374 | ) | |||||||||||||||
PUT OTC 5-Year Interest Rate Swaption
|
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.
|
$ | 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.
|
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.
|
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.
|
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
|
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. Reddys 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)
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
|
Deliver/Receive |
Counterparty |
Units of
|
Value |
Net
|
|||||||||||||||
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
|
Type |
Expiration Date |
Contract
|
Net
|
||||||||||||||
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
|
Reference Entity |
Expiration Date |
Counterparty |
Notional
|
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 |
Lowes 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 |
McDonalds 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)
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
|
Deliver/
|
Counterparty |
Units of
|
Value |
Net
|
|||||||||||||||
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%,
|
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 Funds 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 Funds 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 Funds 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
|
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 Funds 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
|
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 (Moodys 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 countrys 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 Funds 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 Funds net assets. Cash equivalent holdings may be in any currency. When a Fund invests for temporary defensive purposes, such investments may affect the Funds 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 Funds 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 portfolios 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 Funds risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive.
Whether a Funds use of swap agreements or swap options will be successful in achieving the Funds investment objective will depend on the Subadvisors 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 Funds 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 Funds 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 entitys 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 Funds 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 Funds 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 Funds portfolio. Such segregation or earmarking will not limit the Funds 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 Funds 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 Funds 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 contracts 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 Funds 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 Funds 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 Funds 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 Funds 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
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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 Funds 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 Funds sub-custodian will segregate assets in a segregated account of the Fund in an amount not less than the value of the Funds 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 Funds 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.
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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 Funds 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 Funds 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 issuers 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 shareholders 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 REITs 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 Funds 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 markets 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.
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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 Registrants Principal Executive Officer and Principal Financial Officer concluded that the Registrants 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 Registrants 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 Registrants 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 Registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants 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 |