MERCER FUNDS
SUPPLEMENT
TO THE
PROSPECTUS
DATED
(each a “Fund” and collectively, the “Funds”)
The date of this Supplement is July 23, 2026.
The following changes are made in the Prospectus
of
The Board of Trustees of Mercer Funds has approved, and the shareholders of each Fund have subsequently approved, an amended Investment Management Agreement for each Fund. Effective as of the date of this Supplement, the following changes are made in the Prospectus to reflect such changes to the Investment Management Agreement.
| 1. | The Annual Fund Operating Expenses table and Expense Example table in the “Fees and Expenses” section on pages 1 and 2 of the Prospectus for the Mercer US Small/Mid Cap Equity Fund are deleted and restated in their entirety and replaced with the following: |
| Adviser Class | Class I | Class Y-2 | Class Y-3 | |||||||||||||
| Management Fees(1)(2) | % | % | % | % | ||||||||||||
| Distribution (12b-1) Fees | % | |||||||||||||||
| Non-Distribution Shareholder Administrative Services Fees | % | % | % | |||||||||||||
| Other Expenses(3) | % | % | % | % | ||||||||||||
| Acquired Fund Fees and Expenses | % | % | % | % | ||||||||||||
| Total Annual Fund Operating Expenses(2)(4) | % | % | % | % | ||||||||||||
| Less Fee Waivers(1) | ( | %) | ( | %) | ( | %) | ( | %) | ||||||||
| Net Annual Fund Operating Expenses(3) | % | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
The example below is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Adviser Class | $ | $ | $ | $ | ||||||||||||
| Class I | $ | $ | $ | $ | ||||||||||||
| Class Y-2 | $ | $ | $ | $ | ||||||||||||
| Class Y-3 | $ | $ | $ | $ | ||||||||||||
| 2. | The Annual Fund Operating Expenses table and Expense Example table in the “Fees and Expenses” section on page 8 of the Prospectus for the Mercer Non-US Core Equity Fund are deleted and restated in their entirety and replaced with the following: |
| Adviser Class | Class I | Class Y-2 | Class Y-3 | |||||||||||||
| Management Fees(1)(2) | % | % | % | % | ||||||||||||
| Distribution (12b-1) Fees | % | |||||||||||||||
| Non-Distribution Shareholder Administrative Services Fees | % | % | % | |||||||||||||
| Other Expenses(3) | % | % | % | % | ||||||||||||
| Total Annual Fund Operating Expenses(2) | % | % | % | % | ||||||||||||
| Less Fee Waivers(1) | ( | %) | ( | %) | ( | %) | ( | %) | ||||||||
| Net Annual Fund Operating Expenses | % | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
The example below is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Adviser Class | $ | $ | $ | $ | ||||||||||||
| Class I | $ | $ | $ | $ | ||||||||||||
| Class Y-2 | $ | $ | $ | $ | ||||||||||||
| Class Y-3 | $ | $ | $ | $ | ||||||||||||
| 3. | The Annual Fund Operating Expenses table and Expense Example table in the “Fees and Expenses” section on pages 16 and 17 of the Prospectus for the Mercer Emerging Markets Equity Fund are deleted and restated in their entirety and replaced with the following: |
| Adviser Class | Class I | Class Y-2 | Class Y-3 | |||||||||||||
| Management Fees(1)(2) | % | % | % | % | ||||||||||||
| Distribution (12b-1) Fees | % | |||||||||||||||
| Non-Distribution Shareholder Administrative Services Fees | % | % | % | |||||||||||||
| Other Expenses(3) | % | % | % | % | ||||||||||||
| Acquired Fund Fees and Expenses | % | % | % | % | ||||||||||||
| Total Annual Fund Operating Expenses(2)(4) | % | % | % | % | ||||||||||||
| Less Fee Waivers(1) | ( | %) | ( | %) | ( | %) | ( | %) | ||||||||
| Net Annual Fund Operating Expenses(4) | % | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
The example below is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Adviser Class | $ | $ | $ | $ | ||||||||||||
| Class I | $ | $ | $ | $ | ||||||||||||
| Class Y-2 | $ | $ | $ | $ | ||||||||||||
| Class Y-3 | $ | $ | $ | $ | ||||||||||||
| 4. | The Annual Fund Operating Expenses table and Expense Example table in the “Fees and Expenses” section on page 25 of the Prospectus for the Mercer Core Fixed Income Fund are deleted and restated in their entirety and replaced with the following: |
| Adviser Class | Class I | Class Y-2 | Class Y-3 | |||||||||||||
| Management Fees(1)(2) | % | % | % | % | ||||||||||||
| Distribution (12b-1) Fees | % | |||||||||||||||
| Non-Distribution Shareholder Administrative Services Fees | % | % | % | |||||||||||||
| Other Expenses(3) | % | % | % | % | ||||||||||||
| Total Annual Fund Operating Expenses(2) | % | % | % | % | ||||||||||||
| Less Fee Waivers(1) | ( | %) | ( | %) | ( | %) | ( | %) | ||||||||
| Net Annual Fund Operating Expenses | % | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
The example below is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Adviser Class | $ | $ | $ | $ | ||||||||||||
| Class I | $ | $ | $ | $ | ||||||||||||
| Class Y-2 | $ | $ | $ | $ | ||||||||||||
| Class Y-3 | $ | $ | $ | $ | ||||||||||||
| 5. | The Annual Fund Operating Expenses table and Expense Example table in the “Fees and Expenses” section on pages 32 and 33 of the Prospectus for the Mercer Opportunistic Fixed Income Fund are deleted and restated in their entirety and replaced with the following: |
| Adviser Class | Class I | Class Y-2 | Class Y-3 | |||||||||||||
| Management Fees(1)(2) | % | % | % | % | ||||||||||||
| Distribution (12b-1) Fees | % | |||||||||||||||
| Non-Distribution Shareholder Administrative Services Fees | % | % | % | |||||||||||||
| Other Expenses(3) | % | % | % | % | ||||||||||||
| Acquired Fund Fees and Expenses(4) | % | % | % | % | ||||||||||||
| Total Annual Fund Operating Expenses(2)(5) | % | % | % | % | ||||||||||||
| Less Fee Waivers(1) | ( | %) | ( | %) | ( | %) | ( | %) | ||||||||
| Net Annual Fund Operating Expenses(5) | % | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
| (5) |
The example below is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Adviser Class | $ | $ | $ | $ | ||||||||||||
| Class I | $ | $ | $ | $ | ||||||||||||
| Class Y-2 | $ | $ | $ | $ | ||||||||||||
| Class Y-3 | $ | $ | $ | $ | ||||||||||||
| 6. | The Annual Fund Operating Expenses table and Expense Example table in the “Fees and Expenses” section on pages 40 and 41 of the Prospectus for the Mercer Short Duration Fixed Income Fund are deleted and restated in their entirety and replaced with the following: |
| Adviser Class | Class I | Class Y-2 | Class Y-3 | |||||||||||||
| Management Fees(1)(2) | % | % | % | % | ||||||||||||
| Distribution (12b-1) Fees | % | |||||||||||||||
| Non-Distribution Shareholder Administrative Services Fees | % | % | % | |||||||||||||
| Other Expenses(3) | % | % | % | % | ||||||||||||
| Total Annual Fund Operating Expenses(2) | % | % | % | % | ||||||||||||
| Less Fee Waivers(1)(4) | ( | %) | ( | %) | ( | %) | ( | %) | ||||||||
| Net Annual Fund Operating Expenses | % | % | % | % | ||||||||||||
| (1) |
| (2) |
| (3) |
| (4) |
The example below is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026).
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Adviser Class | $ | $ | $ | $ | ||||||||||||
| Class I | $ | $ | $ | $ | ||||||||||||
| Class Y-2 | $ | $ | $ | $ | ||||||||||||
| Class Y-3 | $ | $ | $ | $ | ||||||||||||
| 7. | The seventh paragraph of the “Who Manages the Funds – Investment Adviser and the Subadvisers – Mercer Investments LLC” section on page 86 of the Prospectus is deleted in its entirety and replaced as follows: |
The Funds pay the Adviser fees for managing the Funds’ investments that are calculated as a percentage of the Funds’ assets under management. For its investment services, the Adviser receives the annual investment management fees, set forth below as a percentage of the relevant Fund’s average daily net assets:
| Adviser Investment Management Fee* On Net Assets | ||||||||||||
| Funds | Assets up to $750 million |
Assets in excess of $750 million up to $1 billion |
Assets in excess of $1 billion | |||||||||
| Mercer US Small/Mid Cap Equity Fund | 0.62% | 0.60% | 0.55% | |||||||||
| Mercer Non-US Core Equity Fund | 0.59% | 0.57% | 0.52% | |||||||||
| Mercer Emerging Markets Equity Fund | 0.57% | 0.55% | 0.50% | |||||||||
| Mercer Core Fixed Income Fund | 0.30% | 0.28% | 0.23% | |||||||||
| Mercer Opportunistic Fixed Income Fund | 0.57% | 0.55% | 0.50% | |||||||||
| Mercer Short Duration Fixed Income Fund | 0.29% | 0.27% | 0.22% | |||||||||
| * | Consists of the total investment management fee payable by the Funds to the Adviser. The Adviser is responsible for paying the subadvisory fees. |
| 8. | The following paragraph is added to the “Who Manages the Funds – Administrative and Transfer Agency Services” section on page 87 of the Prospectus: |
The Adviser provides certain non-advisory services to the Funds under a Legal and Treasury Administrative Services Agreement (the “Administrative Services Agreement”). In consideration of the services to be rendered by the Adviser pursuant to the Administrative Services Agreement, the Fund will pay the Adviser an amount equal to the Adviser’s reasonable costs and expenses incurred in providing such services, but in no case will such compensation exceed the annual rate of 0.01% (one basis point) of the average daily net assets of the Fund.