0001320615 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_US_SmallMid_Cap_Equity_FundMember ck0001320615:S000010038Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_US_SmallMid_Cap_Equity_FundMember ck0001320615:S000010038Member ck0001320615:C000027777Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_US_SmallMid_Cap_Equity_FundMember ck0001320615:S000010038Member ck0001320615:C000027778Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_US_SmallMid_Cap_Equity_FundMember ck0001320615:S000010038Member ck0001320615:C000027779Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_US_SmallMid_Cap_Equity_FundMember ck0001320615:S000010038Member ck0001320615:C000027780Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_NonUS_Core_Equity_FundMember ck0001320615:S000010040Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_NonUS_Core_Equity_FundMember ck0001320615:S000010040Member ck0001320615:C000027785Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_NonUS_Core_Equity_FundMember ck0001320615:S000010040Member ck0001320615:C000027786Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_NonUS_Core_Equity_FundMember ck0001320615:S000010040Member ck0001320615:C000027787Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_NonUS_Core_Equity_FundMember ck0001320615:S000010040Member ck0001320615:C000027788Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Emerging_Markets_Equity_FundMember ck0001320615:S000034610Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Emerging_Markets_Equity_FundMember ck0001320615:S000034610Member ck0001320615:C000106515Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Emerging_Markets_Equity_FundMember ck0001320615:S000034610Member ck0001320615:C000106516Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Emerging_Markets_Equity_FundMember ck0001320615:S000034610Member ck0001320615:C000106517Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Emerging_Markets_Equity_FundMember ck0001320615:S000034610Member ck0001320615:C000106518Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Core_Fixed_Income_FundMember ck0001320615:S000010041Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Core_Fixed_Income_FundMember ck0001320615:S000010041Member ck0001320615:C000027789Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Core_Fixed_Income_FundMember ck0001320615:S000010041Member ck0001320615:C000027790Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Core_Fixed_Income_FundMember ck0001320615:S000010041Member ck0001320615:C000027791Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Core_Fixed_Income_FundMember ck0001320615:S000010041Member ck0001320615:C000027792Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Opportunistic_Fixed_Income_FundMember ck0001320615:S000041478Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Opportunistic_Fixed_Income_FundMember ck0001320615:S000041478Member ck0001320615:C000128965Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Opportunistic_Fixed_Income_FundMember ck0001320615:S000041478Member ck0001320615:C000128966Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Opportunistic_Fixed_Income_FundMember ck0001320615:S000041478Member ck0001320615:C000128967Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Opportunistic_Fixed_Income_FundMember ck0001320615:S000041478Member ck0001320615:C000128968Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Short_Duration_Fixed_Income_FundMember ck0001320615:S000082908Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Short_Duration_Fixed_Income_FundMember ck0001320615:S000082908Member ck0001320615:C000246250Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Short_Duration_Fixed_Income_FundMember ck0001320615:S000082908Member ck0001320615:C000246251Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Short_Duration_Fixed_Income_FundMember ck0001320615:S000082908Member ck0001320615:C000246252Member 2026-07-23 2026-07-23 0001320615 ck0001320615:doc_Mercer_Short_Duration_Fixed_Income_FundMember ck0001320615:S000082908Member ck0001320615:C000246249Member 2026-07-23 2026-07-23 pure iso4217:USD 2025-07-31 Mercer US Small/Mid Cap Equity Fund Mercer Non-US Core Equity Fund Mercer Emerging Markets Equity Fund Mercer Core Fixed Income Fund Mercer Opportunistic Fixed Income Fund Mercer Short Duration Fixed Income Fund Mercer Funds Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Adviser Class</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class I</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-2</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-3</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; padding-left: 10pt; text-indent: -10pt">Management Fees(1)(2) </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.59</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.59</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.59</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.59</td> <td style="width: 3%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Distribution (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Non-Distribution Shareholder Administrative Services Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.15</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Other Expenses(3) </td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Acquired Fund Fees and Expenses </td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Total Annual Fund Operating Expenses(2)(4) </td> <td> </td> <td> </td> <td style="text-align: right">1.21</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.96</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.86</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.71</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Less Fee Waivers(1) </td> <td> </td> <td> </td> <td style="text-align: right">(0.21</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.21</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.21</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.21</td> <td>%)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Net Annual Fund Operating Expenses(3) </td> <td> </td> <td> </td> <td style="text-align: right">1.00</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.75</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.65</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.50</td> <td>%</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">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 0.87% to 0.59% effective as of July 1, 2026.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">“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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(4)</td><td style="text-align: justify">Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include Acquired Fund Fees and Expenses, which are included above.</td></tr></table> 0.0059 0.0059 0.0059 0.0059 0.0025 0 0 0 0.0025 0.0025 0.0015 0 0.0005 0.0005 0.0005 0.0005 0.0007 0.0007 0.0007 0.0007 0.0121 0.0096 0.0086 0.0071 -0.0021 -0.0021 -0.0021 -0.0021 0.01 0.0075 0.0065 0.005 2026-07-31 “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. Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include Acquired Fund Fees and Expenses, which are included above. 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 $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">3 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">5 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">10 Years</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Adviser Class </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 6%">102</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">363</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">645</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">1,447</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Class I </td> <td> </td> <td>$</td> <td style="text-align: right">77</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">285</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">510</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,159</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Class Y-2 </td> <td> </td> <td>$</td> <td style="text-align: right">66</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">253</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">456</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,041</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Class Y-3 </td> <td> </td> <td>$</td> <td style="text-align: right">51</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">206</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">374</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">863</td> <td> </td></tr> </table> 102 363 645 1447 77 285 510 1159 66 253 456 1041 51 206 374 863 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Adviser Class</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class I</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-2</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-3</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; padding-left: 10pt; text-indent: -10pt">Management Fees(1)(2) </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.54</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.54</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.54</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.54</td> <td style="width: 3%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Distribution (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Non-Distribution Shareholder Administrative Services Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.15</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Other Expenses(3) </td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.05</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Total Annual Fund Operating Expenses(2) </td> <td> </td> <td> </td> <td style="text-align: right">1.09</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.84</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.74</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.59</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Less Fee Waivers(1) </td> <td> </td> <td> </td> <td style="text-align: right">(0.22</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.22</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.22</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.22</td> <td>%)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Net Annual Fund Operating Expenses </td> <td> </td> <td> </td> <td style="text-align: right">0.87</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.62</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.52</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.37</td> <td>%</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">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 0.70% to 0.54% effective as of July 1, 2026.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">“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. The “Other Expenses” shown for Class I are also based on estimated amounts for the Fund’s current fiscal year.</td></tr></table> 0.0054 0.0054 0.0054 0.0054 0.0025 0 0 0 0.0025 0.0025 0.0015 0 0.0005 0.0005 0.0005 0.0005 0.0109 0.0084 0.0074 0.0059 -0.0022 -0.0022 -0.0022 -0.0022 0.0087 0.0062 0.0052 0.0037 2026-07-31 “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 $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">3 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">5 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">10 Years</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Adviser Class </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 6%">89</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">325</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">580</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">1,309</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Class I </td> <td> </td> <td>$</td> <td style="text-align: right">63</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">246</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">444</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,017</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Class Y-2 </td> <td> </td> <td>$</td> <td style="text-align: right">53</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">214</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">390</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">898</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Class Y-3 </td> <td> </td> <td>$</td> <td style="text-align: right">38</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">167</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">307</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">717</td> <td> </td></tr> </table> 89 325 580 1309 63 246 444 1017 53 214 390 898 38 167 307 717 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Adviser Class</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class I</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-2</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-3</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; padding-left: 10pt; text-indent: -10pt">Management Fees(1)(2) </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.56</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.56</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.56</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.56</td> <td style="width: 3%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Distribution (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Non-Distribution Shareholder Administrative Services Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.15</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Other Expenses(3) </td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.10</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Acquired Fund Fees and Expenses</td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Total Annual Fund Operating Expenses(2)(4) </td> <td> </td> <td> </td> <td style="text-align: right">1.17</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.92</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.82</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.67</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Less Fee Waivers(1) </td> <td> </td> <td> </td> <td style="text-align: right">(0.29</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.29</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.29</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.29</td> <td>%)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Net Annual Fund Operating Expenses(4) </td> <td> </td> <td> </td> <td style="text-align: right">0.88</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.63</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.53</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.38</td> <td>%</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">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 0.79% to 0.56% effective as of July 1, 2026.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">“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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(4)</td><td style="text-align: justify">Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include Acquired Fund Fees and Expenses, which are included above.</td></tr></table> 0.0056 0.0056 0.0056 0.0056 0.0025 0 0 0 0.0025 0.0025 0.0015 0 0.001 0.001 0.001 0.001 0.0001 0.0001 0.0001 0.0001 0.0117 0.0092 0.0082 0.0067 -0.0029 -0.0029 -0.0029 -0.0029 0.0088 0.0063 0.0053 0.0038 2026-07-31 “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. Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include Acquired Fund Fees and Expenses, which are included above. 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 $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">3 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">5 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">10 Years</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Adviser Class </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 6%">90</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">343</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">616</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">1,395</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Class I </td> <td> </td> <td>$</td> <td style="text-align: right">64</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">264</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">481</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1.105</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Class Y-2 </td> <td> </td> <td>$</td> <td style="text-align: right">54</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">233</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">427</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">987</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Class Y-3 </td> <td> </td> <td>$</td> <td style="text-align: right">39</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">185</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">344</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">807</td> <td> </td></tr> </table> 90 343 616 1395 64 264 481 1.105 54 233 427 987 39 185 344 807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Adviser Class</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class I</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-2</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-3</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; padding-left: 10pt; text-indent: -10pt">Management Fees(1)(2) </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.27</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.27</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.27</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.27</td> <td style="width: 3%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Distribution (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Non-Distribution Shareholder Administrative Services Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.15</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Other Expenses(3) </td> <td> </td> <td> </td> <td style="text-align: right">0.06</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.06</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.06</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.06</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Total Annual Fund Operating Expenses(2) </td> <td> </td> <td> </td> <td style="text-align: right">0.83</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.58</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.48</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.33</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Less Fee Waivers(1) </td> <td> </td> <td> </td> <td style="text-align: right">(0.19</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.19</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.19</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.19</td> <td>%)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Net Annual Fund Operating Expenses </td> <td> </td> <td> </td> <td style="text-align: right">0.64</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.39</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.29</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.14</td> <td>%</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">“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.</td></tr></table> 0.0027 0.0027 0.0027 0.0027 0.0025 0 0 0 0.0025 0.0025 0.0015 0 0.0006 0.0006 0.0006 0.0006 0.0083 0.0058 0.0048 0.0033 -0.0019 -0.0019 -0.0019 -0.0019 0.0064 0.0039 0.0029 0.0014 2026-07-31 “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 $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">3 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">5 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">10 Years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Adviser Class </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 6%; text-align: right">65</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">246</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">442</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">1,008</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Class I </td> <td> </td> <td>$</td> <td style="text-align: right">40</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">167</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">305</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">708</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Class Y-2 </td> <td> </td> <td>$</td> <td style="text-align: right">30</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">135</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">250</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">585</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Class Y-3 </td> <td> </td> <td>$</td> <td style="text-align: right">14</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">87</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">166</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">400</td> <td> </td></tr> </table> 65 246 442 1008 40 167 305 708 30 135 250 585 14 87 166 400 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Adviser Class</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class I</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-2</td> <td> </td> <td colspan="3" style="border-bottom: black 1px solid; text-align: center">Class Y-3</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; padding-left: 10pt; text-indent: -10pt">Management Fees(1)(2) </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.53</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.53</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.53</td> <td style="width: 3%">%</td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: right">0.53</td> <td style="width: 3%">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Distribution (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Non-Distribution Shareholder Administrative Services Fees </td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.25</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.15</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Other Expenses(3) </td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.07</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Acquired Fund Fees and Expenses(4) </td> <td> </td> <td> </td> <td style="text-align: right">0.09</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.09</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.09</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.09</td> <td>%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Total Annual Fund Operating Expenses(2)(5) </td> <td> </td> <td> </td> <td style="text-align: right">1.19</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.94</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.84</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.69</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-indent: -10pt">Less Fee Waivers(1) </td> <td> </td> <td> </td> <td style="text-align: right">(0.18</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.18</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.18</td> <td>%)</td> <td> </td> <td> </td> <td style="text-align: right">(0.18</td> <td>%)</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Net Annual Fund Operating Expenses(5) </td> <td> </td> <td> </td> <td style="text-align: right">1.01</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.76</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.66</td> <td>%</td> <td> </td> <td> </td> <td style="text-align: right">0.51</td> <td>%</td></tr> </table><div style="margin-bottom: 6pt; border-bottom: Silver 4px solid"><table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: center; width: 100%"> </td></tr></table></div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"><tr><td style="text-align: left; width: 100%"></td></tr></table></div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">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 0.76% to 0.53% effective as of July 1, 2026.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">“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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(4)</td><td style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other funds, including business development companies. AFFE are based on estimated amounts for the current fiscal year.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(5)</td><td style="text-align: justify">Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include AFFE, which are included above.</td></tr></table> 0.0053 0.0053 0.0053 0.0053 0.0025 0 0 0 0.0025 0.0025 0.0015 0 0.0007 0.0007 0.0007 0.0007 0.0009 0.0009 0.0009 0.0009 0.0119 0.0094 0.0084 0.0069 -0.0018 -0.0018 -0.0018 -0.0018 0.0101 0.0076 0.0066 0.0051 2026-07-31 “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. Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include AFFE, which are included above. 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 $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">3 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">5 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">10 Years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Adviser Class </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 7%; text-align: right">103</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 7%; text-align: right">360</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 7%; text-align: right">637</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 7%; text-align: right">1,427</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Class I </td> <td> </td> <td>$</td> <td style="text-align: right">78</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">282</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">503</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,138</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Class Y-2 </td> <td> </td> <td>$</td> <td style="text-align: right">67</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">250</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">448</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,020</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Class Y-3 </td> <td> </td> <td>$</td> <td style="text-align: right">52</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">203</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">366</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">842</td> <td> </td></tr> </table> 103 360 637 1427 78 282 503 1138 67 250 448 1020 52 203 366 842 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; padding-bottom: 1px; text-indent: -10pt"> </td><td style="padding-bottom: 1px; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Adviser Class</td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Class I</td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Class Y-2</td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">Class Y-3</td><td style="border-bottom: Black 1px solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; width: 46%; text-indent: -10pt">Management Fees(1)(2) </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">0.29</td><td style="width: 1%; text-align: left">%</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">0.29</td><td style="width: 1%; text-align: left">%</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">0.29</td><td style="width: 1%; text-align: left">%</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">0.29</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt">Distribution (12b-1) Fees </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">None</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">None</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">None</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt">Non-Distribution Shareholder Administrative Services Fees </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.25</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.15</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">None</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-indent: -10pt">Other Expenses(3) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.58</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.58</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.58</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.58</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt">Total Annual Fund Operating Expenses(2) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.37</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.12</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.02</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.87</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt">Less Fee Waivers(1)(4) </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.67</td><td style="text-align: left">%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.67</td><td style="text-align: left">%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.67</td><td style="text-align: left">%)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(0.67</td><td style="text-align: left">%)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt">Net Annual Fund Operating Expenses </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.70</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.45</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.35</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.20</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">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.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(2)</td><td style="text-align: justify">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 0.30% to 0.29% effective as of July 1, 2026.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(3)</td><td style="text-align: justify">“Other Expenses” include administrative, custodial, legal, audit, transfer agent and Trustees’ fees and expenses. The “Other Expenses” shown for Adviser Class, Class I and Class Y-2 are based on estimated amounts for the Fund’s current fiscal year, as the Adviser Class, Class I and Class Y-2 shares of the Fund had not commenced operations prior to the most recent fiscal year end.</td></tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 18pt">(4)</td><td style="text-align: justify">The Adviser has also contractually agreed, until at least July 31, 2026, to waive fees and/or reimburse Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described in footnote (1) above, exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-3 shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund’s business. This contractual fee waiver and reimbursement agreement cannot be eliminated prior to July 31, 2026 without 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.</td></tr></table> 0.0029 0.0029 0.0029 0.0029 0.0025 0 0 0 0.0025 0.0025 0.0015 0 0.0058 0.0058 0.0058 0.0058 0.0137 0.0112 0.0102 0.0087 -0.0067 -0.0067 -0.0067 -0.0067 0.007 0.0045 0.0035 0.002 2026-07-31 “Other Expenses” include administrative, custodial, legal, audit, transfer agent and Trustees’ fees and expenses. The “Other Expenses” shown for Adviser Class, Class I and Class Y-2 are based on estimated amounts for the Fund’s current fiscal year, as the Adviser Class, Class I 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 $10,000 in the Fund for the time periods shown, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same as shown above (taking into account the contractual expense limitation being in effect for the one-year period ending July 31, 2026). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">3 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">5 Years</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1px solid; text-align: center">10 Years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Adviser Class </td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 6%; text-align: right">72</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">368</td> <td style="width: 1%"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">686</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 6%; text-align: right">1,588</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td>Class I </td> <td> </td> <td>$</td> <td style="text-align: right">46</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">289</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">552</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,303</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Class Y-2 </td> <td> </td> <td>$</td> <td style="text-align: right">36</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">258</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">498</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,187</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td>Class Y-3 </td> <td> </td> <td>$</td> <td style="text-align: right">20</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">210</td> <td> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">416</td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$</td> <td style="text-align: right">1,011</td> <td> </td></tr> </table> 72 368 686 1588 46 289 552 1303 36 258 498 1187 20 210 416 1011 497 N-1A 0001320615 false 2026-07-23 Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include Acquired Fund Fees and Expenses, which are included above. 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. “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. 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 0.87% to 0.59% effective as of July 1, 2026. 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. “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. The “Other Expenses” shown for Class I are also based on estimated amounts for the Fund’s current fiscal year. 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 0.70% to 0.54% effective as of July 1, 2026. 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 0.79% to 0.56% effective as of July 1, 2026. Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include Acquired Fund Fees and Expenses, which are included above. 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. “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. 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. 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. “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. 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 0.76% to 0.53% effective as of July 1, 2026. 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. “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. Total Annual Fund Operating Expenses and Net Annual Fund Operating Expenses do not correlate to the “total expenses (before reductions and reimbursements/waivers) to average daily net assets” and “net expenses to average daily net assets”, respectively, provided in the Financial Highlights. The information in the Financial Highlights does not include AFFE, which are included above. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other funds, including business development companies. AFFE are based on estimated amounts for the current fiscal year. 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 0.30% to 0.29% effective as of July 1, 2026. 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. “Other Expenses” include administrative, custodial, legal, audit, transfer agent and Trustees’ fees and expenses. The “Other Expenses” shown for Adviser Class, Class I and Class Y-2 are based on estimated amounts for the Fund’s current fiscal year, as the Adviser Class, Class I and Class Y-2 shares of the Fund had not commenced operations prior to the most recent fiscal year end. The Adviser has also contractually agreed, until at least July 31, 2026, to waive fees and/or reimburse Fund expenses to the extent that annual fund operating expenses, net of the management fee waiver described in footnote (1) above, exceed 0.70% for Adviser Class shares, 0.45% for Class I shares, 0.35% for Class Y-2 shares and 0.20% for Class Y-3 shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, 12b-1 fees, non-12b-1 shareholder administrative services fees, brokerage expenses, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund’s business. This contractual fee waiver and reimbursement agreement cannot be eliminated prior to July 31, 2026 without 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.