Mercer US Large Cap Equity Fund
Schedule of Investments
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
COMMON STOCKS — 95.8% | ||||||||||
Basic Materials — 2.6% | ||||||||||
43,300 | Alcoa Corp.* | 998,065 | ||||||||
57,552 | Celanese Corp. Class A | 7,478,307 | ||||||||
18,494 | DOW, Inc. | 1,026,417 | ||||||||
193,023 | DuPont de Nemours, Inc. | 13,725,865 | ||||||||
20,000 | Eastman Chemical Co. | 2,005,600 | ||||||||
42,390 | Freeport-McMoRan, Inc. | 1,102,988 | ||||||||
96,700 | Huntsman Corp. | 2,431,038 | ||||||||
52,273 | LyondellBasell Industries NV Class A | 4,791,343 | ||||||||
62,500 | Newmont Corp. | 3,743,125 | ||||||||
|
| |||||||||
37,302,748 | ||||||||||
|
| |||||||||
Communications — 19.1% | ||||||||||
1,673 | Airbnb, Inc. Class A* | 245,596 | ||||||||
8,723 | Alphabet, Inc. Class A* | 15,288,279 | ||||||||
17,176 | Alphabet, Inc. Class C* | 30,090,291 | ||||||||
16,672 | Altice USA, Inc. Class A* | 631,369 | ||||||||
9,069 | Amazon.com, Inc.* | 29,537,098 | ||||||||
18,400 | Arista Networks, Inc.* | 5,346,488 | ||||||||
559,500 | AT&T, Inc. | 16,091,220 | ||||||||
499 | Booking Holdings, Inc.* | 1,111,408 | ||||||||
225,302 | CenturyLink, Inc. | 2,196,694 | ||||||||
5,225 | Charter Communications, Inc. Class A* | 3,456,599 | ||||||||
206,700 | Cisco Systems, Inc. | 9,249,825 | ||||||||
179,694 | Comcast Corp. Class A | 9,415,965 | ||||||||
148,504 | eBay, Inc. | 7,462,326 | ||||||||
157,755 | Facebook, Inc. Class A* | 43,092,356 | ||||||||
265,435 | Liberty Global Plc Class C* | 6,277,538 | ||||||||
71,978 | Match Group, Inc.* | 10,882,354 | ||||||||
53,100 | Motorola Solutions, Inc. | 9,030,186 | ||||||||
25,112 | Netflix, Inc.* | 13,578,812 | ||||||||
64,500 | Omnicom Group, Inc. | 4,022,865 | ||||||||
11,238 | Shopify, Inc. Class A* | 12,720,854 | ||||||||
15,442 | �� | Spotify Technology SA* | 4,858,980 | |||||||
62,129 | Tencent Holdings, Ltd., ADR | 4,466,454 | ||||||||
5,847 | Trade Desk, Inc. (The) Class A* | 4,683,447 | ||||||||
159,787 | Uber Technologies, Inc.* | 8,149,137 | ||||||||
215,930 | Verizon Communications, Inc. | 12,685,887 | ||||||||
59,041 | Walt Disney Co. (The)* | 10,697,048 | ||||||||
|
| |||||||||
275,269,076 | ||||||||||
|
| |||||||||
Consumer, Cyclical — 9.7% | ||||||||||
7,185 | Carvana Co. Class A* | 1,721,095 | ||||||||
2,873 | Chipotle Mexican Grill, Inc. Class A* | 3,984,018 | ||||||||
11,641 | Costco Wholesale Corp. | 4,386,096 | ||||||||
24,393 | Cummins, Inc. | 5,539,650 | ||||||||
27,812 | Delta Air Lines, Inc. | 1,118,320 | ||||||||
46,355 | Dollar General Corp. | 9,748,456 | ||||||||
82,700 | Dollar Tree, Inc.* | 8,934,908 |
See accompanying Notes to the Schedule of Investments.
1
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Consumer, Cyclical — continued | ||||||||||
15,800 | DR Horton, Inc. | 1,088,936 | ||||||||
152,903 | General Motors Co. | 6,366,881 | ||||||||
13,872 | Home Depot, Inc. (The) | 3,684,681 | ||||||||
68,084 | Kering SA, ADR | 4,932,686 | ||||||||
55,200 | Lowe’s Cos., Inc. | 8,860,152 | ||||||||
19,575 | Lululemon Athletica, Inc.* | 6,812,687 | ||||||||
45,794 | LVMH Moet Hennessy Louis Vuitton SE, ADR | 5,711,886 | ||||||||
20,130 | Magna International, Inc. | 1,425,204 | ||||||||
112,504 | NIKE, Inc. Class B | 15,915,941 | ||||||||
32,253 | Peloton Interactive, Inc. Class A* | 4,893,425 | ||||||||
66,300 | PulteGroup, Inc. | 2,858,856 | ||||||||
124,730 | Starbucks Corp. | 13,343,615 | ||||||||
34,695 | Tesla, Inc.* | 24,483,221 | ||||||||
15,600 | Thor Industries, Inc.(a) | 1,450,644 | ||||||||
8,160 | Ulta Beauty, Inc.* | 2,343,226 | ||||||||
10,994 | Walgreens Boots Alliance, Inc. | 438,441 | ||||||||
|
| |||||||||
140,043,025 | ||||||||||
|
| |||||||||
Consumer, Non-cyclical — 20.1% | ||||||||||
157,606 | Abbott Laboratories | 17,256,281 | ||||||||
16,500 | AbbVie, Inc. | 1,767,975 | ||||||||
190,681 | Adyen NV, ADR* | 8,847,598 | ||||||||
17,500 | Alexion Pharmaceuticals, Inc.* | 2,734,200 | ||||||||
18,600 | Align Technology, Inc.* | 9,939,468 | ||||||||
184,879 | Altria Group, Inc. | 7,580,039 | ||||||||
1,560 | Amgen, Inc. | 358,675 | ||||||||
179,500 | Archer-Daniels-Midland Co. | 9,048,595 | ||||||||
23,200 | AstraZeneca Plc, ADR(a) | 1,159,768 | ||||||||
16,422 | Biogen, Inc.* | 4,021,091 | ||||||||
28,500 | Bristol-Myers Squibb Co. | 1,767,855 | ||||||||
165,600 | Cardinal Health, Inc. | 8,869,536 | ||||||||
44,900 | Cigna Corp. | 9,347,282 | ||||||||
245,464 | Conagra Brands, Inc. | 8,900,525 | ||||||||
72,473 | CORTEVA, Inc. | 2,806,155 | ||||||||
188,800 | CVS Health Corp. | 12,895,040 | ||||||||
7,741 | DexCom, Inc.* | 2,862,003 | ||||||||
23,585 | Eli Lilly & Co. | 3,982,091 | ||||||||
18,939 | Estee Lauder Cos., Inc. (The) Class A | 5,041,372 | ||||||||
49,322 | Gartner, Inc.* | 7,900,891 | ||||||||
54,500 | GlaxoSmithKline Plc, ADR | 2,005,600 | ||||||||
11,226 | Guardant Health, Inc.* | 1,446,807 | ||||||||
7,490 | HCA Healthcare, Inc. | 1,231,805 | ||||||||
8,518 | Humana, Inc. | 3,494,680 | ||||||||
19,429 | Illumina, Inc.* | 7,188,730 | ||||||||
40,300 | Ingredion, Inc. | 3,170,401 | ||||||||
11,459 | Intuitive Surgical, Inc.* | 9,374,608 | ||||||||
12,300 | Jazz Pharmaceuticals Plc* | 2,030,115 | ||||||||
81,100 | Johnson & Johnson | 12,763,518 | ||||||||
115,400 | Kroger Co. (The) | 3,665,104 |
See accompanying Notes to the Schedule of Investments.
2
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Consumer, Non-cyclical — continued | ||||||||||
41,421 | McKesson Corp. | 7,203,940 | ||||||||
12,900 | Medtronic Plc | 1,511,106 | ||||||||
110,100 | Merck & Co., Inc. | 9,006,180 | ||||||||
2,413 | Molina Healthcare, Inc.* | 513,197 | ||||||||
47,700 | Molson Coors Beverage Co. Class B | 2,155,563 | ||||||||
153,000 | Mondelez International, Inc. Class A | 8,945,910 | ||||||||
96,564 | PayPal Holdings, Inc.* | 22,615,289 | ||||||||
93,559 | Pfizer, Inc. | 3,443,907 | ||||||||
15,867 | Regeneron Pharmaceuticals, Inc. * | 7,665,506 | ||||||||
7,518 | S&P Global, Inc. | 2,471,392 | ||||||||
20,198 | Square, Inc. Class A* | 4,395,893 | ||||||||
16,224 | Teladoc Health, Inc.* (a) | 3,244,151 | ||||||||
43,000 | TreeHouse Foods, Inc.* | 1,827,070 | ||||||||
59,320 | Tyson Foods, Inc. Class A | 3,822,581 | ||||||||
27,754 | UnitedHealth Group, Inc. | 9,732,773 | ||||||||
651,317 | Viatris, Inc.* | 12,205,681 | ||||||||
12,000 | Zimmer Biomet Holdings, Inc. | 1,849,080 | ||||||||
88,045 | Zoetis, Inc. | 14,571,447 | ||||||||
|
| |||||||||
290,638,474 | ||||||||||
|
| |||||||||
Energy — 1.2% | ||||||||||
113,428 | BP Plc, ADR | 2,327,542 | ||||||||
107,900 | Canadian Natural Resources, Ltd. | 2,594,995 | ||||||||
23,400 | Chevron Corp. | 1,976,130 | ||||||||
251,817 | ConocoPhillips | 10,070,162 | ||||||||
|
| |||||||||
16,968,829 | ||||||||||
|
| |||||||||
Financial — 16.4% | ||||||||||
35,500 | AerCap Holdings NV* | 1,618,090 | ||||||||
98,092 | Allstate Corp. (The) | 10,783,254 | ||||||||
71,443 | Ally Financial, Inc. | 2,547,657 | ||||||||
236,900 | American International Group, Inc. | 8,969,034 | ||||||||
49,331 | Ameriprise Financial, Inc. | 9,586,493 | ||||||||
665,937 | Annaly Capital Management, Inc. REIT | 5,627,168 | ||||||||
683,371 | Banco Santander SA, ADR* (a) | 2,084,282 | ||||||||
312,498 | Bank of America Corp. | 9,471,814 | ||||||||
11,072 | Bank of New York Mellon Corp. (The) | 469,896 | ||||||||
15,300 | Berkshire Hathaway, Inc. Class B * | 3,547,611 | ||||||||
1,100 | BlackRock, Inc. | 793,694 | ||||||||
41,722 | Boston Properties, Inc. REIT | 3,943,981 | ||||||||
20,600 | Charles Schwab Corp. (The) | 1,092,624 | ||||||||
264,462 | Citigroup, Inc. | 16,306,727 | ||||||||
104,470 | Citizens Financial Group, Inc. | 3,735,847 | ||||||||
52,400 | Comerica, Inc. | 2,927,064 | ||||||||
114,723 | Discover Financial Services | 10,385,873 | ||||||||
108,841 | Equitable Holdings, Inc. | 2,785,241 | ||||||||
150,400 | Equity Residential REIT | 8,915,712 | ||||||||
29,630 | Essent Group, Ltd. | 1,280,016 | ||||||||
14,555 | Essex Property Trust, Inc. REIT | 3,455,648 |
See accompanying Notes to the Schedule of Investments.
3
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Financial — continued | ||||||||||
109,547 | Fifth Third Bancorp | 3,020,211 | ||||||||
254,824 | Host Hotels & Resorts, Inc. REIT | 3,728,075 | ||||||||
55,102 | JPMorgan Chase & Co. | 7,001,811 | ||||||||
38,060 | KKR & Co., Inc. | 1,541,049 | ||||||||
4,031 | M&T Bank Corp. | 513,146 | ||||||||
67,442 | Mastercard, Inc. Class A | 24,072,747 | ||||||||
153,262 | MetLife, Inc. | 7,195,651 | ||||||||
105,732 | Morgan Stanley | 7,245,814 | ||||||||
14,261 | PNC Financial Services Group, Inc. (The) | 2,124,889 | ||||||||
37,300 | Popular, Inc. | 2,100,736 | ||||||||
16,717 | Prudential Financial, Inc. | 1,305,096 | ||||||||
160,097 | Regions Financial Corp. | 2,580,764 | ||||||||
40,200 | Ryman Hospitality Properties, Inc. REIT | 2,723,952 | ||||||||
7,803 | Simon Property Group, Inc. REIT | 665,440 | ||||||||
166,730 | SLM Corp. | 2,065,785 | ||||||||
39,721 | State Street Corp. | 2,890,894 | ||||||||
227,990 | Synchrony Financial | 7,913,533 | ||||||||
190,000 | Truist Financial Corp. | 9,106,700 | ||||||||
441,170 | Two Harbors Investment Corp. REIT | 2,810,253 | ||||||||
4,765 | US Bancorp | 222,001 | ||||||||
107,885 | Visa, Inc. Class A | 23,597,686 | ||||||||
19,952 | Vornado Realty Trust REIT | 745,008 | ||||||||
190,100 | Wells Fargo & Co. | 5,737,218 | ||||||||
271,673 | Western Union Co. (The) | 5,960,506 | ||||||||
|
| |||||||||
237,196,691 | ||||||||||
|
| |||||||||
Industrial — 5.1% | ||||||||||
223,008 | Amcor Plc | 2,624,804 | ||||||||
62,244 | Caterpillar, Inc. | 11,329,653 | ||||||||
19,400 | Chart Industries, Inc.* | 2,285,126 | ||||||||
21,700 | Crown Holdings, Inc.* | 2,174,340 | ||||||||
2,446 | CSX Corp. | 221,975 | ||||||||
10,812 | Eaton Corp. Plc | 1,298,954 | ||||||||
3,300 | FedEx Corp. | 856,746 | ||||||||
43,599 | Honeywell International, Inc. | 9,273,507 | ||||||||
84,621 | Howmet Aerospace, Inc. | 2,415,083 | ||||||||
135,230 | Johnson Controls International Plc | 6,300,366 | ||||||||
2,384 | L3Harris Technologies, Inc. | 450,624 | ||||||||
62,988 | Masco Corp. | 3,459,931 | ||||||||
29,500 | Northrop Grumman Corp. | 8,989,240 | ||||||||
126,489 | Raytheon Technologies Corp. | 9,045,228 | ||||||||
39,100 | Textron, Inc. | 1,889,703 | ||||||||
11,404 | Union Pacific Corp. | 2,374,541 | ||||||||
33,393 | Waters Corp.* | 8,262,096 | ||||||||
|
| |||||||||
73,251,917 | ||||||||||
|
| |||||||||
Technology — 20.4% | ||||||||||
56,504 | Accenture Plc Class A | 14,759,410 | ||||||||
67,259 | Adobe, Inc.* | 33,637,571 |
See accompanying Notes to the Schedule of Investments.
4
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Shares | Description | Value ($) | ||||||||
Technology — continued | ||||||||||
196,101 | Apple, Inc. | 26,020,642 | ||||||||
20,803 | Atlassian Corp. Plc Class A* | 4,865,198 | ||||||||
49,030 | Autodesk, Inc.* | 14,970,820 | ||||||||
22,400 | Broadcom, Inc. | 9,807,840 | ||||||||
7,513 | Citrix Systems, Inc. | 977,441 | ||||||||
134,755 | Cognizant Technology Solutions Corp. Class A | 11,043,172 | ||||||||
11,053 | Coupa Software, Inc.* | 3,745,972 | ||||||||
23,653 | Crowdstrike Holdings, Inc. Class A* | 5,010,178 | ||||||||
19,979 | HP, Inc. | 491,284 | ||||||||
187,500 | Intel Corp. | 9,341,250 | ||||||||
3,178 | Lam Research Corp. | 1,500,874 | ||||||||
52,400 | Marvell Technology Group, Ltd. | 2,491,096 | ||||||||
51,920 | Micron Technology, Inc.* | 3,903,346 | ||||||||
177,924 | Microsoft Corp. | 39,573,856 | ||||||||
14,579 | MSCI, Inc. Class A | 6,509,961 | ||||||||
35,888 | NetApp, Inc. | 2,377,221 | ||||||||
19,777 | NVIDIA Corp. | 10,327,549 | ||||||||
236,305 | Oracle Corp. | 15,286,570 | ||||||||
50,919 | QUALCOMM, Inc. | 7,757,001 | ||||||||
19,886 | RingCentral, Inc. Class A* | 7,536,197 | ||||||||
84,394 | salesforce.com, Inc.* | 18,780,197 | ||||||||
115,453 | Seagate Technology Plc | 7,176,559 | ||||||||
32,375 | ServiceNow, Inc.* | 17,820,171 | ||||||||
11,935 | Snowflake, Inc. Class A* (a) | 3,358,509 | ||||||||
10,773 | Splunk, Inc.* | 1,830,225 | ||||||||
13,923 | Teradyne, Inc. | 1,669,229 | ||||||||
28,945 | Twilio, Inc. Class A* | 9,797,883 | ||||||||
4,170 | Zoom Video Communications, Inc. Class A* | 1,406,624 | ||||||||
|
| |||||||||
293,773,846 | ||||||||||
|
| |||||||||
Utilities — 1.2% | ||||||||||
143,600 | Edison International | 9,020,952 | ||||||||
82,100 | FirstEnergy Corp. | 2,513,081 | ||||||||
73,800 | NiSource, Inc. | 1,692,972 | ||||||||
87,200 | PPL Corp. | 2,459,040 | ||||||||
36,900 | UGI Corp. | 1,290,023 | ||||||||
|
| |||||||||
16,976,068 | ||||||||||
|
| |||||||||
TOTAL COMMON STOCKS (COST $1,089,811,186) | 1,381,420,674 | |||||||||
|
|
See accompanying Notes to the Schedule of Investments.
5
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
(showing percentage of net assets)
December 31, 2020 (Unaudited)
Par Value ($) | Description | Value ($) | ||||||||
SHORT-TERM INVESTMENT — 0.3% | ||||||||||
Mutual Fund - Securities Lending Collateral — 0.3% | ||||||||||
3,702,925 | State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.03%(b) (c) | 3,702,925 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENT (COST $3,702,925) | 3,702,925 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 96.1% (Cost $1,093,514,111) | 1,385,123,599 | |||||||||
Other Assets and Liabilities (net) — 3.9% | 56,270,263 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $1,441,393,862 | |||||||||
|
| |||||||||
Notes to Schedule of Investments: | ||||||||||
* | Non-income producing security. | |||||||||
(a) | All or a portion of this security is out on loan. | |||||||||
(b) | The rate disclosed is the 7-day net yield as of December 31, 2020. | |||||||||
(c) | Represents an investment of securities lending cash collateral. |
See accompanying Notes to the Schedule of Investments.
6
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Futures Contracts
Number of | Description | Expiration Date | Notional | Market Value/ | ||||||||||||||||
Buys | ||||||||||||||||||||
211 | S&P 500 E-mini Index | Mar 2021 | $ | 39,549,840 | $ | 880,503 | ||||||||||||||
11 | S&P Mid 400 E-mini Index | Mar 2021 | 2,533,850 | 60,649 | ||||||||||||||||
|
| |||||||||||||||||||
$ | 941,152 | |||||||||||||||||||
|
|
Other Abbreviations
ADR | — American Depository Receipt |
REIT | — Real Estate Investment Trust |
See accompanying Notes to the Schedule of Investments.
7
Mercer US Large Cap Equity Fund
Schedule of Investments (Continued)
December 31, 2020 (Unaudited)
Asset Class Summary (Unaudited) | % of Net Assets | ||||
Common Stocks | 95.8 | ||||
Futures Contracts | 0.1 | ||||
Short-Term Investment | 0.3 | ||||
Other Assets and Liabilities (net) | 3.8 | ||||
|
| ||||
100.0 | % | ||||
|
|
See accompanying Notes to the Schedule of Investments.
8