# EDGAR Filing Document

**Accession Number:** 0001320615
**File Stem:** 0000930413-23-000270
**Filing Date:** 2023-2
**Character Count:** 9363
**Document Hash:** 7835a2fa02110901e79e9b15d7fa2cdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000270.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000930413-23-000270

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**EFFECTIVENESS DATE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mercer Funds
- **CENTRAL INDEX KEY:** 0001320615
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-123467
- **FILM NUMBER:** 23580389

**BUSINESS ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-747-9525

**MAIL ADDRESS:**
- **STREET 1:** 99 HIGH STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MGI Funds
- **DATE OF NAME CHANGE:** 20050314

## Series and Classes Contracts Data

### Mercer US Large Cap Equity Fund (Series ID: S000010033)

---

|  |  |  |
|:---|:---|:---|
| Class Name    | Ticker Symbol | Class ID   |
| Adviser Class | MLCDX         | C000027742 |
| Class I       | MLCSX         | C000027743 |
| Class Y-2     | MLCYX         | C000027744 |
| Class Y-3     | MLCGX         | C000027745 |

---

## Series and Classes Contracts Data

### Mercer US Large Cap Equity Fund (Series ID: S000010033)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000027742 | Adviser Class | MLCDX           |
| C000027743 | Class I       | MLCSX           |
| C000027744 | Class Y-2     | MLCYX           |
| C000027745 | Class Y-3     | MLCGX           |

**MERCER FUNDS**

**SUPPLEMENT TO**

**THE PROSPECTUS DATED JULY 31, 2022,** 

**AS SUPPLEMENTED DECEMBER 22, 2022**

The date of this Supplement is February 2, 2023.

The following changes are made in the Prospectus of Mercer Funds (the "Prospectus"):

The Board of Trustees of Mercer Funds has approved the adoption of a new expense limitation agreement for Mercer US Large Cap Equity Fund (the "Fund"). Effective immediately, the Prospectus is amended as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. The "Annual Fund Operating Expenses" table for the Fund included in the "Summary of the Funds" section on page 1 of the Prospectus is deleted in its entirety and replaced with the following:*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Adviser<br> Class<sup>(1)</sup>** | **Class I<sup>(1)</sup>** | **Class Y-2<sup>(1)</sup>** | **Class Y-3** |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>(2)(3)</sup> | 0.52% | 0.52% | 0.52% | 0.52% |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) Fees | 0.25% |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Distribution Shareholder Administrative Services Fees | 0.25% | 0.25% | 0.15% |  |
| &nbsp;&nbsp;&nbsp;Other Expenses<sup>(2)(3)</sup> | 0.06% | 0.06% | 0.06% | 0.06% |
| &nbsp;&nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.08% | 0.83% | 0.73% | 0.58% |
| &nbsp;&nbsp;&nbsp;Less Fee Waivers<sup>(2)(4)</sup> | (0.27)% | (0.27)% | (0.27)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;Net Annual Fund Operating Expenses | 0.81% | 0.56% | 0.46% | 0.31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Adviser Class, Class I and Class Y-2 shares of the Fund have not commenced
operations as of the date of this supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mercer Investments LLC (the "Adviser") has contractually agreed,
until at least July 31, 2023, 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 supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Management Fees" and "Other Expenses," which include
custodial, legal, audit, transfer agent and Trustees' fees and expenses, are based on estimates for the Fund's current fiscal
year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Adviser has also contractually agreed, until
at least July 31, 2024, to waive fees and/or reimburse Fund expenses to the extent that total annual fund operating expenses exceed 0.90%
for Adviser Class shares, 0.65% for Class I shares, 0.55% for Class Y-2 shares and 0.40% 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, 2024 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.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *The "Example" table for the Fund also included in the "Summary of the Funds" section on page 1 of the Prospectus is deleted in its entirety and replaced with the following:* 

***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 management fee waiver agreement being in effect for the one-year period ending July 31, 2023).

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 | $83 | $317 | $569 | $1293 |
| Class I | $57 | $238 | $434 | $1000 |
| Class Y-2 | $47 | $206 | $379 | $881 |
| Class Y-3 | $32 | $159 | $297 | $700 |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. The following paragraph is inserted immediately following the seventh paragraph under "Investment Adviser and the Subadvisers and Sub-Subadvisers" in the "Who Manages the Funds" section on page 96 of the Prospectus:*

With respect to Mercer US Large Cap Equity Fund, the Adviser has also contractually agreed, until at least July 31, 2024, to waive fees and/or reimburse Fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Adviser Class shares, 0.65% for Class I shares, 0.55% for Class Y-2 shares and 0.40% 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, 2024 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.

**MERCER FUNDS**

**SUPPLEMENT TO**

**THE STATEMENT OF ADDITIONAL INFORMATION**

**DATED JULY 31, 2022, AS SUPPLEMENTED DECEMBER 22, 2022**

The date of this Supplement is February 2, 2023.

The following changes are made in the Statement of Additional Information of Mercer Funds (the "SAI"):

The Board of Trustees of Mercer Funds has approved the adoption of a new expense limitation agreement for Mercer US Large Cap Equity Fund (the "Fund"). Effective immediately, the SAI is amended as described below.

*The following paragraph is inserted immediately following the fifth paragraph under "Investment Adviser" in the "Investment Advisory, Principal Underwriting, and Other Service Arrangements" section on page 39 of the SAI:*

With respect to Mercer US Large Cap Equity Fund, the Adviser has also contractually agreed, until at least July 31, 2024, to waive fees and/or reimburse Fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Adviser Class shares, 0.65% for Class I shares, 0.55% for Class Y-2 shares and 0.40% 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, 2024 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.