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1 CAN Company Name M Company A A A A O N Corporation A T & T Corp Abbvie Corp Accenture Ltd Adidas Corp Advanced Micro Devices Aflac - Corp. Only Alcon Laboratories Aldi Inc Allergan Inc Allianz Life Insurance Company Allstate Insurance Company American Airlines American Association of Physicians of Indian Origin American Express Co Ametek Amgen Inc Analog Devices Apple Inc Apria Healthcare Aramark Corporation Arbonne International Archer Daniels Midland Company ARI Astrazeneca At Properties Automatic Data Processing (A D P) Avera Health B.P Bacardi Usa Inc Bank Of America Corp Baptist Health South Florida Bausch & Lomb Baxter International Becton Dickinson And Company BI Worldwide Biogen Idec Bloomin Brands Blue Cross Blue Shield Boston Scientific Corporation Braintree Laboratories Bristol-Myers Squibb Broadcom Brown-Forman

2 C B S Broadcasting Inc C V S Cablevision Caesars Entertainment Group Carefusion Corporation CARFAX Carolinas Healthcare System Caterpillar Inc Cb Richard Ellis Group CDK Global Inc Chevron USA Inc Church Of Jesus Christ L D S Cisco Systems Citigroup Citizens Financial Group Cleveland Clinic Foundation Coca-Cola Company Compass Group U S A Division Conoco Phillips Continental General Tire Inc Corning Inc Covidien Cox Enterprises Inc Credit Suisse Asset Mgmt Cumberland Farms Inc Curtiss-Wright Dealertrack Holdings Del Monte Foods Dell Inc Deloitte & Touche Llp Delphi Corporation Deutsche Bank Ag Dow Chemical U S A Dunkin' Brands Inc E M C Corporation E M D Pharmaceuticals Eaton Corp Electronic Arts Emerson Emkay Lease Company Endo Pharmaceuticals Enterprise Rental Ernst & Young Estee Lauder Exxon-Mobil Facebook Farmers Insurance Group

3 Faurecia Holdings Federal Express Ferguson Enterprises Inc Fidelity Investments (Fmr) Fidelity National Financial Fox News Channel Freightliner Freudenberg Geico Ins Co General Electric Company General Mills Inc Genetech Gilead Sciences Glaxo Smithkline Inc Google H S B C Finance Halliburton Company Hartford Financial Service Henkel Of America Henry Schein Inc Hershey Food Corp Hertz Corporation Hewlett-Packard Company Home Depot Honeywell Inc Hubbell Inc Huntington Bancshares Incorporated Intel Corporation International Business Machines Corporation -- Hardware International Flavors Fragrances International Paper J P Morgan Chase J.C. Penney Company Inc J.D. Power and Associates Johnson & Johnson Johnson Controls Inc Kaiser Permanente Kraft Foods Inc Kroger Company Lam Research Corporation Land O'Lakes Inc Latham & Watkins Llp LeasePlan USA Liberty Mutual Insurance Co Limited Brands Lorillard Tobaco Company Lowe'S Companies Inc

4 Lowes Corporation Luxottica Usa Marathon Ashland Petroleum LLC Marriott International Inc Mass Mutual Life Insurance Co Mattel Toys Mcdonalds Corp McKesson Corp Mckinsey & Company Mercedes-Benz Corporate Run Merck & Company Merrill Lynch & Co Inc Merz Pharmaceuticals LLC Met Life Auto & Homeinsurance Co Mgm Grand Hotel Michelin North America Inc Microsoft Corporation Morgan Stanley Motorola Inc Munich Reinsurance America Inc Mylan Laboratories Nationwide Nestle U S A Inc/Mondelez Newell Rubbermaid Inc Next Era Energy/Fpl Group Nike Inc Norfolk Southern Corporation Northrup Grumman Northwestern Mutual Novartis Pharmaceuticals Corp Novo Nordisk Of N A Inc Omnicom Group Inc Oracle Corp P P G Industries Inc Paramount Pictures Corp Parker- Hannifin Corp Peoples Bank Pep Boys Pepsico Inc Pfizer Inc Philips Electronics N A Pimco Investment Group Pinnacle Entertainment Polo Ralph Lauren Corporation Praxiar Inc Pricewaterhouse Coopers Procter & Gamble

5 Purdue Pharma Lp Qiagen Inc Qualcomm Raytheon Red Bull North America Inc Rensselaer Polytechnic Institute Resources Global Professionals Ricoh Corp Rite Aid Corporation Roche Diagnostics Corp Ross Stores Inc Ryder System S A P America Inc S A S Institute Inc Saks Fifth Avenue Enterprises Samsung Telecommunications America Sanford Health Sanofi-Aventis Scripps Health Sempra Energy Sherwin-Williams Co Shire Siemens Shared Services Sirius Satellite Radio Inc Southern Company Southern Wine & Spirits Southwest Airlines/Credit Union Sprint Corporation Stanley Black & Decker Inc Staples Inc Starbucks Corporation State Farm Mutual Automobile Insura State Street Corporation Swedish Medical Center Takeda Pharmaceuticals Inc Target Corporation Tech Data Corporation Teva Pharmaceuticals The Bank Of New York Mellon The Hearst Corporations The Irvine Company The Travelers Indemnity Company Thermo Fisher Scientific Thomas Reuters Holdings Inc Thyssenkrupp USA Tishman Realty And C Onst Tjx Companies Inc

6 T-Mobile Usa Towers Watson Tupperware Corp Turner Broadcasting System Twentieth Century Fox / News Corp Ubs Americas Inc United Airlines United Parcel Service United Technologies Corporation University Hospitals University of Alabama System University of California Vendor Vehicle Incentive Program Verizon Communications Inc Viacom Incorporated Vizio W. B. Mason Walt Disney Corporation Waste Management Inc Wegmans Food Markets Weichert Co Wells Fargo West Penn Alleghany Health System Western Star Trucks Westinghouse Electric Co Weyerhaeuser Company Wheels Ltd Wynn Las Vegas Xerox Corp Yahoo Inc Yum! Brands Restaurants Zurich Insurance Co

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

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