Jul. 23, 2026

Mercer Core Fixed Income Fund | Mercer Core Fixed Income Fund

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

		Adviser Class				Class I				Class Y-2				Class Y-3
Management Fees⁽¹⁾⁽²⁾			0.27	%			0.27	%			0.27	%			0.27	%
Distribution (12b-1) Fees			0.25	%			None				None				None
Non-Distribution Shareholder Administrative Services Fees			0.25	%			0.25	%			0.15	%			None
Other Expenses⁽³⁾			0.06	%			0.06	%			0.06	%			0.06	%
Total Annual Fund Operating Expenses⁽²⁾			0.83	%			0.58	%			0.48	%			0.33	%
Less Fee Waivers⁽¹⁾			(0.19	%)			(0.19	%)			(0.19	%)			(0.19	%)
Net Annual Fund Operating Expenses			0.64	%			0.39	%			0.29	%			0.14	%

(1)

Mercer Investments LLC (the “Adviser”) has contractually agreed, until at least July 31, 2026, to waive any portion of its management fee that exceeds the aggregate amount of the subadvisory fees that the Adviser is required to pay to the Fund’s subadvisers. This contractual fee waiver agreement may only be changed or eliminated with the approval of the Fund’s Board of Trustees. The fees waived by the Adviser pursuant to this agreement are not subject to reimbursement by the Fund to the Adviser. The amount of the fee waiver has been estimated to reflect the subadvisory fees in effect as of the date of this prospectus.

(2)

The “Management Fees” and “Total Annual Fund Operating Expenses” have been adjusted to reflect the decrease in the management fee payable by the Portfolio from 0.32% to 0.27% effective as of July 1, 2026.

(3)

“Other Expenses” include administrative, custodial, legal, audit, transfer agent and Trustees’ fees and expenses. The “Other Expenses” shown for Adviser Class and Class Y-2 are based on estimated amounts for the Fund’s current fiscal year, as the Adviser Class and Class Y-2 shares of the Fund had not commenced operations prior to the most recent fiscal year end.

Example

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		$	65			$	246			$	442			$	1,008
Class I		$	40			$	167			$	305			$	708
Class Y-2		$	30			$	135			$	250			$	585
Class Y-3		$	14			$	87			$	166			$	400